Document:

EXHIBIT 10.5
                                                                    ------------

DIRECTOR STOCK UNIT PROGRAM

                   NORTH AMERICAN GALVANIZING & COATINGS, INC.

                           DIRECTOR STOCK UNIT PROGRAM

                                      ss. 1

                           PURPOSE AND EFFECTIVE DATE

          The purpose of this Program is to tie a percentage of each Director's
compensation to the long-term value of Stock. This Program was adopted in
connection with the adoption of the 2004 Incentive Stock Plan by the NAGALV
shareholders July 21, 2004 and was amended by unanimous vote of the Board May
25, 2005. This complete amendment and restatement of the Program reflects
additional amendments intended to bring the Program into compliance with Section
409A of the Internal Revenue Code of 1986, as amended. This amended and restated
Program is effective as of the date it is approved by the Board.

                                      ss. 2

                                   DEFINITIONS

          2.1. Account for purposes of this Program shall mean the bookkeeping
account maintained by the Committee to show for each Director as of any date all
Stock Unit Grant credits made for such Director under this Program, the
adjustments to such credits and any distributions to such Director.

          2.2. Automatic Deferral Period for purposes of this Program shall mean
the period described in ss. 3.5(b).

          2.3. Beneficiary for purposes of this Program shall mean for each
Director the person designated as such by the Director on the form provided for
this purpose or, if no such person is so designated or if no such person
survives the Director, the Director's estate.

          2.4. Board for purposes of this Program shall mean the Board of
Directors of NAGALV.

          2.5. Committee for purposes of this Program shall mean the Committee
under the 2004 Incentive Stock Plan.

          2.6. Deferral Period for purposes of this Program shall mean the
period described in ss. 3.5(b) and the period described in ss. 3.5(c) .
<PAGE>

          2.7. Director for purposes of this Program shall mean a member of the
Board.

          2.8. Elective Deferral Period for purposes of this Program shall mean
the period described in ss. 3.5(c).

          2.9. Inside Director for purposes of this Program shall mean a member
of the Board who is an employee of NAGALV.

          2.10. NAGALV for purposes of this Program shall mean North American
Galvanizing & Coatings, Inc. and any successor to such corporation.

          2.11. Outside Director for purposes of this Program shall mean a
member of NAGALV's Board of Directors who is not an employee of NAGALV.

          2.12. Program for purposes of this Program shall mean this North
American Galvanizing & Coatings, Inc. Director Stock Unit Program, as amended
from time to time.

          2.13. Stock for purposes of this Program shall mean Stock under the
2004 Incentive Stock Plan.

          2.14. Stock Unit Grant for purposes of this Program shall mean a Stock
Unit Grant under the 2004 Incentive Stock Plan.

          2.15. 2004 Stock Incentive Plan for purposes of this Program shall
mean the North American Galvanizing & Coatings, Inc. 2004 Stock Incentive Plan,
as amended from time to time.

          2.16 Section 409A for purposes of this Program shall mean Section 409A
of the Internal Revenue Code of 1986, as amended.

                                      ss. 3

                                STOCK UNIT GRANT

          3.1. Outside Directors. Each Outside Director shall be required to
defer at least 50% of his or her director fees each calendar year and shall have
the right under ss. 3.3 to elect to defer 75% or 100% of such fees each calendar
year. The deferrals for each Outside Director will be deducted (if he or she
elects less than a 100% deferral) on a pro-rata basis from his or her director
fees when such fees are otherwise payable in cash, and the deferrals shall be
converted into a Stock Unit Grant at the average of the closing prices for a
share of Stock for the 10 trading days before the date the director fees for
Outside Directors otherwise would have been payable in cash.

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<PAGE>

          3.2. Inside Directors. NAGALV automatically shall defer for each
Inside Director a dollar amount equal to 50% of the director fees for Outside
Directors. Inside Directors shall have the right to elect additional deferrals
which will correspond to an Outside Director's right to elect to defer 75% or
100% of such fees each calendar year. Any automatic deferrals by Inside
Directors shall be matched by the Committee at the same rate that applies to
required deferrals by Outside Directors under Section 3.3, and any additional
deferrals by Inside Directors shall be matched by the Committee at the same rate
that applies to additional deferrals by Outside Directors under ss. 3.3. Inside
Directors wishing to elect any additional deferral shall do so in accordance
with the deferral election procedures described in ss. 3.3(d). The deferrals for
each Inside Director shall be effected to coincide with the deferrals for
Outside Directors, and the deferrals for Inside Directors shall be converted
into a Stock Unit Grant at the same time and in accordance with the same
procedure followed for Outside Directors.

          3.3. Matching Units and Deferral Elections.

          (a)     Fifty Percent. If an Outside Director does not elect to defer
                  more than the required deferral under ss. 3.1, the Committee
                  shall match 25% of his or her deferral in an additional Stock
                  Unit Grant

          (b)     Seventy Five Percent. If an Outside Director elects in
                  accordance with ss. 3.3(d) to defer 75% of his or her director
                  fees, the Committee shall match 50% of his or her deferral in
                  an additional Stock Unit Grant.

          (c)     One Hundred Percent. If an Outside Director elects in
                  accordance with ss. 3.3(d) to defer 100% of his or her
                  director fees, the Committee shall match 75% of his or her
                  deferral in an additional Stock Unit Grant.

          (d)     Deferral Election Rules for Outside Directors.

                  (1)     General Rule. A deferral election under ss. 3.3(b) or
                          ss. 3.3(c) shall be effective for fees paid in any
                          calendar year only if delivered to NAGALV before the
                          beginning of such calendar year, and an election shall
                          be effective only if made on the form provided for
                          this purpose.

                  (2)     Special Rules.

                          (A)     Each Outside Director may make an election
                                  under ss. 3.3(b) or ss. 3.3(c) after NAGALV's
                                  annual shareholder meeting in 2004 if such
                                  shareholders approve this Program at such
                                  meeting and such election is delivered to
                                  NAGALV before the end of the 30 day period
                                  which starts on the date of such meeting. An
                                  election under this ss. 3.3(d)(2)(A) shall be

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<PAGE>

                                  effective for director fees otherwise payable
                                  in 2004 after such election is delivered to
                                  NAGALV.

                          (B)     Each Outside Director may make an election
                                  under ss. 3.3(b) or ss. 3.3(c) with respect to
                                  director fees payable in the calendar year in
                                  which he or she is first elected an Outside
                                  Director if such election is delivered to
                                  NAGALV before the end of the 30 day period
                                  which starts on the date he or she is first
                                  elected an Outside Director. An election under
                                  this ss. 3.3(d)(2)(B) shall be effective for
                                  directors' fees otherwise payable in such
                                  calendar year for services rendered starting
                                  with the first full month after such election
                                  is delivered to NAGALV.

                  (3)     Irrevocable. An election under this ss. 3.3(d) shall
                          be irrevocable for the calendar year for which the
                          election is made when the election is delivered to
                          NAGALV.

          (e)     Conversion to a Stock Unit Grant. A Director's match under
                  this ss. 3.3 will be converted into a Stock Unit Grant at the
                  same time and under the same procedure as his or her deferrals
                  are converted into a Stock Unit Grant.

          3.5. Deferral Periods.

          (a)     General. All deferrals under this Program shall be paid in the
                  calendar year immediately following the end of an Automatic
                  Deferral Period or, if a Director so elects in accordance with
                  this ss. 3.5, the end of an additional Elective Deferral
                  Period.

          (b)     Automatic Deferral Period. The Automatic Deferral Period for a
                  Director for deferrals effected in any calendar year shall be
                  the five calendar year period starting on the immediately
                  following January 1. There will be separate Automatic Deferral
                  Period for deferrals effected in each calendar year.

          (c)     Elective Deferral Period. If a Director delivers an election
                  on the form provided for this purpose to NAGALV at least one
                  full year before the end of any Automatic Deferral Period, the
                  payment of the deferrals subject to such Automatic Deferral
                  Period shall be deferred for an additional five calendar
                  years. Any such election shall be irrevocable when delivered
                  to NAGALV.

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<PAGE>

          (d)     Special Payment Rules.

                  (1)     Termination. All deferrals (whether subject to an
                          Automatic Deferral Period or an Elective Deferral
                          Period) shall be payable as of the date a Director's
                          service as such ends or the date his or her employment
                          with NAGALV ends, whichever comes last. No payment
                          shall be made under this paragraph unless the Director
                          has "separated from service", by death or otherwise,
                          as that term is defined for purposes of Section 409A.
                          If the Director is also a "key employee", as defined
                          for purposes of Section 409A, and if the stock of
                          NAGALV is publicly traded on an established securities
                          market or otherwise at the time of the Director's
                          separation from service, the distribution on account
                          of the Director's separation from service shall be
                          made as soon as is practical six months after the date
                          of the Director's separation from service. If
                          separation from service occurs as a result of the
                          Director's death, however, the distribution shall be
                          made as soon as is practical after the Director's
                          death.

                  (2)     Unforseeable Emergency. If a Director can demonstrate
                          to a majority of the other members of the Board that
                          he or she has an extreme financial hardship as a
                          result of an unforeseeable emergency and that access
                          to his or her deferrals under this Program is more
                          appropriate under the circumstances than using any of
                          his or her other assets to meet the emergency, the
                          Board (acting by a majority vote with the affected
                          Director not voting) may authorize the payment of all
                          or a portion of his or her deferrals to meet the
                          emergency. The term "unforeseeable emergency" means a
                          severe financial hardship resulting from an illness or
                          accident of the Director, the Director's spouse, or a
                          dependent of the Director, loss of the Director's
                          property due to casualty, or other similar
                          extraordinary and unforeseeable circumstances arising
                          as a result of events beyond the control of the
                          Director. The amounts distributed under this paragraph
                          may not exceed the amount necessary to meet the
                          emergency plus the amount necessary to pay taxes
                          reasonably anticipated to result from the
                          distribution.

                  (3)     Payment of Employment Taxes. The Board (acting by a
                          majority vote with the affected Director not voting)
                          may authorize the payment of all or a portion of a
                          Director's deferrals if the Board determines that the
                          payment is required in order to provide the Director
                          with funds to pay the Federal Insurance Contribution
                          Act (FICA) tax imposed on

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                          the deferred compensation (the "FICA Amount") as well
                          as funds required to pay income taxes on the FICA
                          Amount, but only to the extent provided in IRS
                          regulations or other guidance under Section 409A.

          3.6. Payment. When any deferrals become payable at the end of a
Deferral Period or become payable under ss. 3.5(d), payment shall be made
(subject to applicable withholdings) in whole shares of Stock (and cash in lieu
of a fractional share) based on the average of the closing prices for a share of
Stock for the 10 trading days before the date as of which payment is made.
NAGALV shall make a payment as soon as practicable after a deferral becomes
payable; provided, however, NAGALV may defer any payment to a future date if
making a payment before such future date could result in the violation of any
securities or other laws.

          3.7. Non-Forfeitable Account and Account Adjustments. A Director's
interest in his or her Account shall be non-forfeitable. The number of shares
described in a Stock Unit Grant credited to a Director's Account shall be
adjusted at the same time and in the same manner as other Stock Unit Grants made
under the 2004 Incentive Stock Plan, and such number shall be reduced to reflect
any cash payments made or shares of Stock issued to a Director.

                                      ss. 4

                                 ADMINISTRATION

          4.1. Powers. This Program shall be administered by the Committee, and
the Committee shall have the absolute and complete authority, duty and power to
interpret and construe the provisions of this Program as the Committee deems
appropriate, including the final authority to determine a Director's benefits
under this Program, and to take any other action in connection with the
operation or administration of this Program which the Committee deems fair and
appropriate under the circumstances. All interpretations, determinations,
regulations and calculations shall be final and binding on all affected persons.

          4.2. Statements. NAGALV shall furnish individual statements of Account
balances to each Director in such form and as of such dates as determined by the
Committee.

          4.3. Information Reporting. All deferrals under this Program shall be
separately reported on a Form 1099 or Form W-2 as required by Section 6041(g)(1)
and Section 6051(a)(13) of the Internal Revenue Code of 1986, as amended,
regardless of whether the related compensation income is includible in gross
income for the year.

          4.4. Withholding. Appropriate amounts shall be withheld from the
deferred amounts to satisfy the tax withholding requirements of the Internal
Revenue Code of 1986, as amended.

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<PAGE>

                                      ss. 5

                            AMENDMENT AND TERMINATION

          NAGALV reserves the right to amend or terminate this Program at any
time by action of the Board. No amendment or termination shall directly or
indirectly reduce the balance of any Account as of the effective date of such
amendment or termination. No amendment or termination of the Program shall cause
the payment of a deferred amount to be accelerated or further deferred in
violation of Section 409A.

                                      ss. 6

                                  MISCELLANEOUS

          6.1. General Assets. All cash distributions to, or on behalf of, a
Director under this Program shall be made from NAGALV's general assets and all
shares of Common Stock issued shall be issued under the 2004 Stock Incentive
Plan, and any claim by a Director or by his or her Beneficiary against NAGALV
for any cash distribution or stock issuance under this Program shall be treated
the same as a claim of any general and unsecured creditor of NAGALV.

          6.2. No Liability. No Director and no Beneficiary shall have the right
to look to, or have any claim whatsoever against, any officer, director,
employee or agent of NAGALV in his or her individual capacity for the
distribution of any Account.

          6.3. No Assignment; Binding Effect. No Director or Beneficiary shall
have the right to alienate, assign, commute or otherwise encumber an Account for
any purpose whatsoever, whether through a domestic relations order or otherwise,
and any attempt to do so shall be disregarded as completely null and void. The
provisions of this Program shall be binding on each Director and Beneficiary and
on NAGALV.

          6.4. Construction. This Program shall be construed in accordance with
the laws of the State of Delaware except to the extent such laws are preempted
by federal law. Headings and subheadings have been added only for convenience of
reference and shall have no substantive effect whatsoever. All references to
sections (ss.) shall be to sections (ss.) in this Program. All references to the
singular shall include the plural and all references to the plural shall include
the singular. All definitions in this Program shall apply exclusively to this
Program.

          6.5. No Contract of Employment. A Director's participation in this
Program shall not constitute a contract of employment by NAGALV or a right to be
nominated to serve on, or serve on, the Board.

          6.6. 2004 Incentive Stock Plan. The terms of the 2004 Incentive Stock
Plan are incorporated by this ss. 6.6 in the Program, and the Program is subject
to the terms of such plan. This Program shall not confer on any Director any
rights with respect to a Stock Unit Grant which are superior to his or her
rights under the 2004 Incentive Stock Plan with respect to such Stock Unit
Grant.

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<PAGE>

          IN WITNESS WHEREOF, the Company has caused its duly authorized officer
to execute this Program to evidence its adoption of this Program.

                                       North American Galvanizing &
                                       Coatings, Inc.

                                       By: Ronald J. Evans
                                           -------------------------
                                       President and Chief Executive Officer

                                       Date: July 25, 2005

                                       8EXHIBIT 10.6
                                                                    ------------

TRUST UNDER THE NORTH AMERICAN GALVANIZING & COATINGS, INC. DIRECTOR STOCK UNIT
PROGRAM

                   TRUST UNDER THE NORTH AMERICAN GALVANIZING
                  & COATINGS, INC. DIRECTOR STOCK UNIT PROGRAM

           THIS AGREEMENT is made this 25th day of July, 2005 by and between
North American Galvanizing and Coatings, Inc. ("Company") and Earl Williams, Jr.
and Beth B. Hood (each a "Trustee" and together the "Trustees"). This Agreement
is an amendment and complete restatement of the trust agreement entered into as
of the 2nd day of February 2005 between the Company and the Trustees named in
that trust agreement;

           WHEREAS, Company has adopted the North American Galvanizing and
Coatings, Inc. Director Stock Unit Program (the "Plan"), as amended and
restated.

           WHEREAS, Company has incurred or expects to incur liability under the
terms of such Plan with respect to individuals participating in such Plan;

           WHEREAS, Company wishes to establish a trust (hereinafter called
"Trust") and to contribute to the Trust assets that shall be held therein,
subject to the claims of Company's creditors in the event of Company's
Insolvency, as herein defined, until paid to Plan participants and their
beneficiaries in such manner and at such times as specified in the Plan;

           WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan maintained for the purpose of providing deferred
compensation for directors and a select group of, management or highly
compensated employees for purposes of Title I of the Employee Retirement Income
Security Act of 1974;

           WHEREAS, it is the intention of Company to make contributions to the
Trust to provide itself with a source of funds to assist it in the meeting of
its liabilities under the Plan;

           NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

Section 1.    ESTABLISHMENT OF TRUST

           (a) Company hereby deposits with Trustees in trust 250,000 shares of
common stock of Company, which shall become the principal of the Trust to be
held, administered and disposed of by Trustees as provided in this Trust
Agreement.

           (b) The Trust hereby established is revocable by the Company; it
shall become irrevocable upon a change of control as defined herein.
<PAGE>

           (c) The Trust is intended to be a grantor trust, of which Company is
the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1,
subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.

           (d) The principal of the Trust, and any earnings thereon shall be
held separate and apart from other funds of Company and shall be used
exclusively for the uses and purposes of Plan participants and general creditors
as herein set forth. Plan participants and their beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the
Trust. Any rights created under the Plan and this Trust Agreement shall be mere
unsecured contractual rights of Plan participants and their beneficiaries
against Company. Any assets held by the Trust will be subject to the claims of
Company's general creditors under federal and state law in the event of
Insolvency, as defined in Section 3(a) herein.

           (e) Company, in its sole discretion, may at any time, or from time to
time, make additional deposits of cash or other property in trust with Trustees
to augment the principal to be held, administered and disposed of by Trustees as
provided in this Trust Agreement. Neither Trustees nor any Plan participant or
beneficiary shall have the right to compel such additional deposits.

           (f) Upon a change of control, as defined herein, Company shall, as
soon as possible, but in no event more than 10 days following the change of
control, make an irrevocable contribution to the trust in an amount that is
sufficient to pay each Plan participant or beneficiary the benefits to which
Plan participants or their beneficiaries would be entitled pursuant to the terms
of the Plan as of the date on which the change of control occurred. Except as
provided in Section 3 hereof, after the trust has become irrevocable, Company
shall have no right or power to direct Trustee to return to Company or to divert
to others any of the Trust assets before all payments of benefits have been made
to Plan participants and their beneficiaries pursuant to the terms of the Plan.

Section 2.    PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES.

           (a) Company shall deliver to Trustees a schedule (the "Payment
Schedule") that indicates the amounts payable in respect of each Plan
participant (and his or her beneficiaries), that provides a formula or other
instructions acceptable to Trustees for determining the amounts so payable, the
form in which such amount is to be paid (as provided for or available under the
Plan), and the time of commencement for payment of such amounts. The Payment
Schedule shall be updated as required to reflect Company's obligations under the
Plan. Except as otherwise provided herein, Trustees shall make payments to the
Plan participants and their beneficiaries in accordance with such Payment
Schedule. The Trustees shall make provision for the reporting and withholding of
any federal, state or local taxes that may be required to be withheld with
respect to the payment of benefits pursuant to the terms of the Plan and shall
pay amounts withheld to the appropriate taxing authorities or determine that
such amounts have been reported, withheld and paid by Company.

           (b) The entitlement of a Plan participant or his or her beneficiaries
to benefits under the Plan shall be determined by Company or such party as it
shall designate under the Plan, and any claim for such benefits shall be
considered and reviewed under the procedures set out in the Plan.

                                       2
<PAGE>

           (c) Company may make payment of benefits directly to Plan
participants or their beneficiaries as they become due under the terms of the
Plan. Company shall notify Trustees of its decision to make payment of benefits
directly prior to the time amounts are payable to participants or their
beneficiaries. In addition, if the principal of the Trust, and any earnings
thereon, are not sufficient to make payments of benefits in accordance with the
terms of the Plan, Company shall make the balance of each such payment as it
falls due. Trustees shall notify Company where principal and earnings are not
sufficient.

           (d) The Plan is required to comply with the requirements of Section
409A of the Internal Revenue Code of 1986, as amended, governing non-qualified
deferred compensation. ("Section 409A"). Distributions by the Trustees will be
subject to Section 409A. The Company is, therefore, required to ensure that the
Payment Schedule supplied to the Trustees conforms to the provisions of the Plan
and Section 409A. The Trustees are required to follow the terms of the Payment
Schedule.

Section 3.    TRUSTEES' RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY
WHEN COMPANY IS INSOLVENT.

           (a) Trustees shall cease payment of benefits to Plan participants and
their beneficiaries if the Company is Insolvent. Company shall be considered
"Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay
its debts as they become due, or (ii) Company is subject to a pending proceeding
as a debtor under the United States Bankruptcy Code.

           (b) At all times during the continuance of this Trust, as provided in
Section 1(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of Company under federal and state law as set forth
below.

                     (1) The Board of Directors and the Chief Executive Officer
           of Company shall have the duty to inform Trustees in writing of
           Company's Insolvency. If a person claiming to be a creditor of
           Company alleges in writing to Trustees that Company has become
           Insolvent, Trustees shall determine whether Company is Insolvent and,
           pending such determination, Trustees shall discontinue payment of
           benefits to Plan participants or their beneficiaries.

                     (2) Unless Trustees have actual knowledge of Company's
           Insolvency, or have received notice from Company or a person claiming
           to be a creditor alleging that Company is Insolvent, Trustees shall
           have no duty to inquire whether Company is Insolvent. Trustees may in
           all events rely on such evidence concerning Company's solvency as may
           be furnished to Trustees and that provides Trustees with a reasonable
           basis for making a determination concerning Company's solvency.

                     (3) If at any time Trustees have determined that Company is
           Insolvent, Trustees shall discontinue payments to Plan participants
           or their beneficiaries and shall hold the assets of the Trust for the
           benefit of Company's general creditors. Nothing in this Trust
           Agreement shall in any way diminish any rights of Plan participants
           or their beneficiaries to pursue their rights as general creditors of
           Company with respect to benefits due under the Plan or otherwise.

                                       3
<PAGE>

                     (4) Trustees shall resume the payment of benefits to Plan
           participants or their beneficiaries in accordance with Section 2 of
           this Trust Agreement only after Trustees have determined that Company
           is not Insolvent (or is no longer Insolvent).

           (c) Provided that there are sufficient assets, if Trustees
discontinue the payment of benefits from the Trust pursuant to Section 3(b)
hereof and subsequently resume such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan
participants or their beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to Plan
participants or their beneficiaries by Company in lieu of the payments provided
for hereunder during any such period of discontinuance.

Section 4.    INVESTMENT AUTHORITY.

           Trustees may invest in securities (including stock or rights to
acquire stock) or obligations issued by Company. All rights associated with the
assets of the Trust shall be exercised by Trustees or the person designated by
Trustees, and shall in no event be exercisable by or rest with Plan
participants, except that voting rights with respect to Trust assets, if any,
will be exercised by Company and dividend rights with respect to Trust assets,
if any, will rest with Company. Company shall have the right at any time, and
from time to time in its sole discretion, to substitute assets of equal fair
market value for any asset held by the trust. This right is exercisable by
Company in a non-fiduciary capacity without the approval or consent of any
person in a fiduciary capacity.

Section 5.    DISPOSITION OF INCOME.

           During the term of this Trust, all income received by the Trust, net
of expenses and taxes, shall be accumulated and reinvested.

Section 6.    RESPONSIBILITY OF TRUSTEES.

           (a) Trustees shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided however, that
Trustees shall incur no liability to any person for an action taken pursuant to
a direction, request or approval given by the Company which is contemplated by,
and in conformity with, the terms of the Plan or this Trust and is given in
writing by Company. In the event of a dispute between Company and a party,
Trustees may apply to a court of competent jurisdiction to resolve the dispute.

           (b) If Trustees undertake any litigation arising in connection with
this Trust, Company agrees to indemnify Trustees against Trustees' costs,
expenses and liabilities (including without limitation, attorneys' fees and
expenses) relating thereto and to be primarily liable for such payments. If the
Company does not pay such costs, expenses and liabilities in a reasonably timely
manner, Trustees may obtain payment from the Trust.

           (c) Trustees may consult with legal counsel (who may also be counsel
for the Company generally) with respect to any of its duties or obligations
hereunder.

                                       4
<PAGE>

           (d) Trustees shall have, without exclusion, all powers conferred on
Trustees by applicable law, unless expressly provided otherwise herein,
provided, however, that if an insurance policy is held as an asset of the Trust,
Trustees shall have no power to name a beneficiary of the policy other than the
Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor trustee, or to loan to any person the
proceeds of any borrowing against such policy.

           (e) However, notwithstanding the provisions of Section 6(d) above,
Trustees may loan to Company the proceeds of any borrowing against an insurance
policy held as an asset of the Trust.

           (f) Notwithstanding any powers granted to Trustees pursuant to this
Trust Agreement or to applicable law, Trustees shall not have any power that
could give this Trust the objective of carrying on a business and dividing the
gains therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.

Section 7.    COMPENSATION AND EXPENSES OF TRUSTEES.

           Company shall pay all administrative and trustees' fees and expenses.
If not so paid, the fees and expenses shall be paid from the Trust.

Section 8.    RESIGNATION AND REMOVAL OF TRUSTEES.

           (a) Either Trustee may resign at any time by written notice to
Company, which shall be effective ten (10) days after receipt of such notice
unless Company and such Trustee agree otherwise.

           (b) Either Trustee may be removed by Company on ten (10) days notice
or upon shorter notice accepted by such Trustee. Upon a change of control, as
hereafter defined, however, a Trustee may not be removed until all amounts
deferred under the Plan have been distributed to Plan participants or their
beneficiaries.

           (c) If either Trustee resigns or is removed, the remaining Trustee
shall continue to serve as Trustee, either alone or together with one or more
successor trustees.

           (d) Upon resignation or removal of both Trustees and appointment of a
successor trustee, all assets shall subsequently be transferred to the successor
trustee. The transfer shall be completed within ten (10) days after receipt of
notice of resignation, removal or transfer, unless Company extends the time
limit.

           (e) Successor trustees shall be appointed in accordance with Section
9 hereof, by the effective date of the resignation or removal of both Trustees
under paragraphs (a) or (b) of this section. If no such appointment has been
made, Trustees may apply to a court of competent jurisdiction for appointment of
a successor or for instructions. All expenses of Trustees in connection with the
proceeding shall be allowed as administrative expenses of the Trust.

Section 9.    APPOINTMENT OF SUCCESSOR OR ADDITIONAL TRUSTEE.

           (a) Company may appoint any third party, such as a bank, trust
department or other party that may be granted corporate trustee powers under
state law, as a successor

                                       5
<PAGE>

or additional trustee. The appointment shall be effective when accepted in
writing by the successor or additional trustee, who shall have all of the rights
and powers of the Trustees or former trustees, as applicable, including
ownership rights in the Trust assets. The Trustees or former trustees shall
execute any instrument necessary or reasonably requested by the Company or the
new trustee to effect the appointment of the successor or additional trustee.

           (b) Successor or additional trustees need not examine the records and
acts of any prior trustee and may retain or dispose of existing Trust assets
subject to the provisions of Section 6 hereof. The successor or additional
trustees shall not be responsible for and Company shall indemnify and defend the
successor or additional trustees from any claim or liability resulting from any
action or inaction of any prior trustees of from any other past event, or any
condition existing at the time they become successor or additional trustees.

Section 10.   AMENDMENT OR TERMINATION.

           (a) This Trust Agreement may be amended by a written instrument
executed by Trustees and Company. Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Plan or shall make the Trust
revocable after it has become irrevocable in accordance with Section 1(b)
hereof.

           (b) The Trust shall not terminate until the date on which Plan
participants and their beneficiaries are no longer entitled to benefits pursuant
to the terms of the Plan unless sooner revoked in accordance with Section 1(b)
hereof. Upon termination of the Trust any assets remaining in the Trust shall be
returned to Company.

Section 11.   MISCELLANEOUS.

           (a) Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

           (b) Benefits payable to Plan participants and their beneficiaries
under this Trust Agreement may not be anticipated, assigned (either at law or in
equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.

           (c) This Trust Agreement shall be governed by and construed in
accordance with the laws of Oklahoma.

           (d) For purposes of this trust, "change of control" shall mean the
purchase or other acquisition by any person, entity or group of persons, within
the meaning of section 13(d) or 14(d) of the Securities Exchange Act of 1934
(the "Act") or any comparable successor provisions, of beneficial ownership
within the meaning of Rule 13d-3 promulgated under the Act) of thirty per cent
(30%) or more of either the outstanding shares of common stock or the combined
voting power of Company's then outstanding voting securities entitled to vote
generally, or the approval of the Stockholders of Company of a reorganization,
merger or consolidation, in each case, with respect to which persons who were
stockholders of Company immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own more than fifty per cent (50%)
of the combined voting power entitled to vote generally in the election of
directors of the reorganized, merged or consolidated Company's then outstanding
securities, or a liquidation or dissolution of Company or the sale or of all or
substantially all of Company's assets.

                                       6
<PAGE>

Section 12.   EFFECTIVE DATE.

           The effective date of this Trust Agreement amendment and complete
restatement shall be as of July 25, 2005. North American Galvanizing & Coatings,
Inc.

                                       By: Ronald J. Evans
                                           -------------------------
                                       President and Chief Executive Officer

                                       By: Beth B. Hood
                                           -------------------------
                                       Trustee
                                       By: Earl Williams, Jr.
                                           -------------------------
                                       Trustee

                                       7

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