Document:

Exhibit 4.2

DESCRIPTION OF COMMON STOCK 
This section describes the general terms and provisions of the shares of Haynes International, Inc.’s ("Haynes" or the "Company") common stock, par value $0.001 per share.  This description is only a summary.  Our Second Restated Certificate of Incorporation, as amended ("Certificate of Incorporation"), and our Amended and Restated By-Laws, as amended ("By-Laws"), have been filed with the U.S. Securities and Exchange Commission ("SEC").  For a more thorough understanding of the terms of our common stock, we refer you to our Certificate of Incorporation and our By-Laws.
General.  Our Certificate of Incorporation provides that we may issue up to forty million (40,000,000) shares of stock, consisting of twenty million (20,000,000) shares of common stock, par value $0.001 per share, and twenty million (20,000,000) shares of preferred stock, par value $0.001 per share, which may be issued from time to time in one or more series.
Voting Rights.  The holders of our common stock are entitled to one vote for each share held of record on all matters with respect to which stockholders are entitled to vote under applicable law, the Certificate of Incorporation or the By-Laws of the Company, in each case as amended from time to time, or upon which a vote of stockholders is otherwise called for by the Company, including the election of directors, and do not have cumulative voting rights.  Accordingly, the holders of a majority of the shares of common stock entitled to vote in the election of directors can elect all of the directors standing for election, if they so choose. 
Dividends.  Subject to the provisions of the Certificate of Incorporation, holders of shares of common stock are entitled to receive such dividends and other distributions in cash, stock or property of the Company when, as and if declared thereon by the Board of Directors of the Company from time to time out of assets or funds of the Company legally available therefor.
Other Rights.  Upon our liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in all assets remaining after payment of all liabilities and the liquidation preferences of any outstanding preferred stock.  Holders of common stock have no preemptive or subscription rights.  There are no redemption or sinking fund provisions applicable to our common stock.  All outstanding shares of common stock are fully paid and nonassessable.
Certain Provisions of Delaware Law and our Certificate of Incorporation and By-laws
The provisions of Delaware law and our Certificate of Incorporation and our By-laws described below may have the effect of delaying, deferring or discouraging another party from acquiring control of us.
Delaware Law
Section 203 of the Delaware General Corporation Law (the "DGCL") provides that, subject to certain exceptions specified therein, a corporation shall not engage in any "business 

Exhibit 4.2

combination" with any "interested stockholder" for a three-year period following the time that such stockholder becomes an interested stockholder unless: 
(i)  prior to such time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; 
(ii)  upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding certain shares); or 
(iii)  on or subsequent to such time the business combination is approved by the board of directors of the corporation and authorized at any annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder. 

Section 203 of the DGCL generally defines an "interested stockholder" to include (x) any person that is the owner of 15% or more of the outstanding voting stock of the corporation, or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the relevant date and (y) the affiliates and associates of any such person. 
Section 203 of the DGCL generally defines a "business combination" to include (1) any merger or consolidation involving the corporation and the interested stockholder; (2) any merger, sale or other disposition of 10% or more of the assets of the corporation with or to an interested stockholder; (3) subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; (4) any transaction which would result in increasing the proportionate share of the stock of the corporation or its subsidiaries owned by the interested stockholder; and (5) the receipt by the interested stockholder of the benefit (except proportionately as a stockholder) of any loans, advances, guarantees, pledges, or other financial benefits. 
Under certain circumstances, Section 203 of the DGCL makes it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period, although a certificate of incorporation or stockholder-adopted by-laws may exclude a corporation from the restrictions imposed thereunder. Neither our Certificate of Incorporation nor our By-Laws exclude the Company from the restrictions imposed upon Section 203 of the DGCL. It is anticipated that the provisions of Section 203 of the DGCL may encourage companies interested in acquiring the Company to negotiate in advance with the Board of Directors, since the stockholder approval requirement would be avoided if the Board of Directors approves, prior to the time the stockholder becomes an interested stockholder, either the business combination or the transaction which results in the stockholder becoming an interested stockholder.

Exhibit 4.2

Certificate of Incorporation
Our Certificate of Incorporation authorizes our Board of Directors to provide for series of preferred stock and, with respect to each such series, to fix the number of shares constituting such series and the voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions, of the shares of such series. 
We believe that the ability of the Board of Directors to issue one or more series of preferred stock provides Haynes with flexibility in structuring possible future financings and acquisitions, and in meeting other corporate needs that might arise. The authorized shares of the preferred stock, as well as shares of common stock, will be available for issuance without further action by our stockholders, unless action is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded. The NASDAQ Global Market currently requires stockholder approval as a prerequisite to listing shares in several instances, including in some cases where the sale, issuance or potential issuance of shares, alone or together with sales by officers, directors or substantial shareholders of a company, equals 20% or more of the common stock or 20% or more of the voting power outstanding before issuance. If the approval of Haynes stockholders is not required for the issuance of shares of preferred stock or common stock, the Board of Directors may determine not to seek stockholder approval. 
The Board of Directors could also issue a series of preferred stock that could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. The Board of Directors will make any determination to issue such shares based on its judgment as to the best interests of the Company and its stockholders. The Board of Directors, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt through which an acquirer may be able to change the composition of the Board of Directors, including a tender offer or other transaction that some, or a majority, of the stockholders of the Company might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then current market price of such stock. We will indemnify our officers and directors against losses that they may incur in investigations and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures.
Our Certificate of Incorporation does not permit action by our stockholders by written consent. This provisions could have the effect of delaying stockholder actions that are favored by the holders of a majority of our outstanding voting securities until the next annual stockholders’ meeting, particularly because special meetings of the stockholders may only be called by a resolution adopted by a majority of the Board of Directors, the Chairman of the Board of Directors or the President of Haynes. Our Certificate of Incorporation also provides that the ability of the stockholders to call a special meeting of the stockholders is specifically denied. This provision may also discourage another person or entity from making a tender offer for our stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be 

Exhibit 4.2

able to take action as a stockholder (such as election of new directors or approving a merger) only at a duly called stockholders meeting.
By-Laws
Our By-Laws provide that any stockholder desiring to propose business or nominate a person to the Board of Directors at a stockholders meeting must give notice of any proposals or nominations within specified time frames and in proper form and substance.  In addition, as indicated above, our By-Laws provide that we will hold a special meeting of stockholderExhibit 10.22

RESTRICTED STOCK
AWARD AGREEMENT
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This Restricted Stock Award Agreement is entered into by and between Haynes International, Inc., a Delaware corporation ("Company"), and «Participant», a member of the Company's Board of Directors ("Grantee"), effective as of DATE OF GRANT ("Effective Date").
Background
The Company wishes to provide incentives to recognize and reward the Grantee, whose performance, contributions and skills will be critical to the Company's success, by aligning his/her interests more closely with those of the Company's stockholders.  For this purpose, the Compensation Committee of the Company's Board of Directors ("Committee") has granted the Grantee restricted shares of common stock of Company, subject to the terms and conditions provided in this Restricted Stock Award Agreement ("Agreement") and the Haynes International, Inc. 2020 Incentive Compensation Plan (the "Plan"). All capitalized terms not herein defined shall have the meaning set forth in the Plan.  In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms, conditions and provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly.
In consideration of the premises, the Company and the Grantee agree as follows:
Agreement
1.Grant.  The Company hereby grants the Grantee «Grant_Amount» shares of common stock of the Company ("Award Shares"), which Award Shares shall be subject to the terms, conditions and restrictions specified in this Agreement and the Plan.  Although the Compensation Committee awarded the Grantee the Award Shares as of the Effective Date, the Grantee has elected to defer «Grant_Amount» of such Award Shares ("Deferred Shares") pursuant to the terms of the Haynes International, Inc. Deferred Compensation Plan ("Deferred Compensation Plan") and the Grantee's deferral election under such Deferred Compensation Plan.  The Award Shares that are not Deferred Shares are referred to herein as "Restricted Shares".  The right to receive the Deferred Shares shall be subject to the same vesting and forfeiture provisions that otherwise apply (or would apply in the case where all of the Award Shares are Deferred Shares) to the Restricted Shares herein as if the Deferred Shares were granted as Restricted Shares on the date hereof.  The Deferred Shares will be settled at the time provided for under the Deferred Compensation Plan (and the applicable deferral election) in the form of shares of the Company's common stock issued under the Plan.  The Committee has determined that (disregarding restrictions imposed by this Agreement and the Plan that lapse upon the Grantee's interest becoming vested) the Award Shares have a per-share fair market value of $FMV as of the Effective Date. 

Exhibit 10.22

2.Closing.  The transfer of the Restricted Shares ("Closing") shall occur simultaneously with the execution of this Agreement.  Concurrently with the execution of this Agreement, (i) the Company shall deliver to the Grantee a certificate, registered in the Grantee's name, representing the Restricted Shares, and (ii) the Grantee shall deliver to the Company a duly executed stock power, endorsed in blank, relating to the Restricted Shares.
3.Custody.  The Grantee understands that, although the certificates representing the Restricted Shares shall be registered in the Grantee's name, all such certificates (other than for Restricted Shares that have vested) shall be deposited, together with the stock power executed by the Grantee, in proper form for transfer, with the Company.  The Company is hereby authorized to effectuate the transfer into its name of all certificates representing the Restricted Shares that are forfeited to the Company pursuant to Section 6 of this Agreement.  Following the vesting of all Restricted Shares subject to this Agreement, or earlier, if requested by the Grantee, the Company shall issue an appropriate certificate for those Restricted Shares that have become vested. 
4.Nontransferability of Restricted Shares.  Until such time as the Restricted Shares become vested, the Grantee shall not have any right to sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares.  The Grantee represents and warrants to the Company that he/she shall not sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares in violation of applicable securities laws, the Plan or the provisions of this Agreement.
5.Vesting.  The Grantee's interest in the Restricted Shares shall vest and become nonforfeitable as follows:  Except as otherwise provided herein or in the Plan, the Grantee's interest in the Restricted Shares shall vest upon the earlier of (a) the first anniversary of the Effective Date, or (b) the failure of the Grantee to be re-elected at an annual meeting of the stockholders of the Company as a result of being excluded from the nominations for any reason other than Cause.

Notwithstanding the preceding paragraph of this Section 5, the Grantee's interest in the Restricted Shares not previously vested or forfeited shall become 100% vested upon (x) the occurrence of a Change in Control or (y) the cessation of Grantee’s service on the Board of Directors by reason of the Grantee’s death or Disability.
6.Forfeiture.  Except as set forth herein or in the Plan, if the Grantee should cease to be a director of the Company for any reason (other than that described in Section 5(b)) before becoming 100% vested in the Restricted Shares, the Restricted Shares shall not vest, and the Grantee's interest in the unvested portion of the Restricted Shares shall be immediately forfeited (effective as of the date of such termination of service).
7.Voting and Other Rights.  The Grantee shall have absolute beneficial ownership of the Restricted Shares, including the right to vote any and all Restricted Shares and to receive dividends or other distributions thereon, subject to the vesting restrictions set forth in Section 5, until the earlier of the date on which such Restricted Shares shall be forfeited as provided herein or the date on which the Grantee ceases to own such shares. 
8.Grantee Representations.  The Grantee represents and warrants to the Company that he/she has not (a) directly or indirectly rendered services to or for an organization, or engaged in 

Exhibit 10.22

a business, that is, in the judgment of the Committee, in competition with the Company or (b) disclosed to anyone outside of the Company, or used for any purpose other than the Company's business, any confidential or proprietary information or material relating to the Company. 
9.Adjustments for Changes in Capitalization of the Company.  In the event of any merger, reorganization, consolidation, recapitalization, separation, split-up, liquidation or other change affecting the Shares, an adjustment shall be made to the Restricted Shares to the extent provided under the terms of the Plan.  
10.Securities Laws.  The Grantee understands that applicable securities laws may restrict the right of the Grantee to dispose of any Restricted Shares which the Grantee may acquire hereunder and govern the manner in which such Restricted Shares may be sold.  The Grantee shall not offer, sell or otherwise dispose of any of the Restricted Shares in any manner which would (a) require the Company to file any registration statement with the Securities Exchange Commission (the "SEC"), (b) require the Company to amend or supplement any registration statement which the Company may at any time have on file with the SEC, or (c) violate the 1933 Act or any other state or federal law.
11.Withholding Taxes.  If the grant or other transfer of the Restricted Shares, or the vesting of the Restricted Shares, results in taxable compensation income to the Grantee the Grantee agrees to make direct payment of the applicable taxes to the applicable taxing authority.
12.Integration.  This Agreement supersedes any and all prior and/or contemporaneous agreements, either oral or in writing, between the parties hereto, with respect to the subject matter hereof.  Each party to this Agreement acknowledges that no representations, inducements, promises, or other agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, pertaining to the subject matter hereof, which are not embodied herein, and that no prior and/or contemporaneous agreement, statement or promise pertaining to the subject matter hereof that is not contained in this Agreement shall be valid or binding on either party.
13.Impact of Agreement on Service. Nothing contained in this Agreement, the Deferred Compensation Plan or the Plan shall restrict the right of the Company or any of its Subsidiaries to terminate the Grantee’s service at any time with or without Cause.
14.Acknowledgments by Grantee. By signing this Agreement, the Grantee acknowledges that he/she (a) has received a copy of the Plan and is familiar with the terms and provisions of the Plan and the Agreement, and (b) agrees to accept as binding, conclusive and final all decisions and interpretations of the Company’s Board of Directors and Committee upon any questions arising under the Plan or this Agreement.
15.Successors.  This Agreement shall be binding upon and inure to the benefit of any successor of the Company and any successors, assigns or estate of the Grantee, including his/her executors, administrators and trustees.
16.Amendment.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is in writing and signed by the party against whom such modification, waiver or discharge is sought to be enforced.

Exhibit 10.22

17.Governing Law.  The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the State of Indiana, without giving effect to the principles of conflict of laws of such State.

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IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement, effective on the date specified in the first paragraph hereof.
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GRANTEEHaynes International, INC.
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​ ​​ ​​ ​​ ​​ ​​ ​By:  ​ ​​ ​​ ​​ ​​ ​​ ​
	«Participant»
	«Company Officer»​
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Exhibit 10.22

STOCK POWER
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For Value Received, the undersigned hereby sells, assigns and transfers unto Haynes International, Inc., «Grant_Amount» («Typed_Grant_Amount») shares of common stock, $0.001 par value, of Haynes International, Inc. (the "Company"), standing in his/her name on the books of the Company and does hereby irrevocably constitute and appoint the Secretary of the Company attorney-in-fact to transfer those shares on the books of the Company with full power of substitution in the premises.
Dated and effective as of the               day of   ​ ​​ ​    ,      .
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By:_______________________________________
 «Participant»​
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In the presence of:
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Witness Signature
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Witness Printed

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