Document:

EX-10.3

 Exhibit 10.3 
 PERFORMANCE/RESTRICTED STOCK AGREEMENT 
 This
Performance/Restricted Stock Agreement (the “Agreement”) made as of the 22nd day of February 2012 by and between ALLEGHENY TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Corporation”) and [NAME] (the “Employee”). 

WHEREAS, the Corporation sponsors and maintains the Allegheny Technologies Incorporated Stock 2007 Incentive Plan (the “Incentive
Plan”); 
 WHEREAS, the Corporation desires to encourage the Employee to remain an employee of the Corporation and, during
such employment, to contribute substantially to the financial performance of the Corporation and, to provide that incentive, the Corporation has awarded, subject to the performance and employment restrictions described herein, the Employee an
aggregate of [NUMBER OF SHARES] shares of the common stock of the Corporation, $0.10 par value per share (“Common Stock”); 
 WHEREAS, half of the Shares Subject to Restrictions are subject to the Corporation’s attainment of the performance requirements set forth in Paragraph 3(b) (the “Performance Criteria”); and
half of the Shares Subject to Restrictions are subject to the Employee’s remaining an Employee (except in instances of death, disability or Retirement as described below) during the Restriction Period set forth in Paragraph 3(c), subject to
accelerated termination of the Restriction in the event of attainment of the Performance Criteria; and 
 WHEREAS, the
Corporation and the Employee desire to evidence the award of the Shares Subject to Restrictions and the terms and conditions applicable thereto in this Restricted Stock Agreement. 

NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and intending to be legally bound, the Corporation
and the Employee agree as follows: 
 1. Grant of Shares Subject to Restrictions. The Corporation hereby grants to the
Employee, as of the date first written above, the Shares Subject to Restrictions subject to the restrictions and other terms and conditions set forth herein. Simultaneously with the execution and delivery of this Agreement, the Employee shall
deliver to the Corporation a stock power endorsed in blank relating to the Shares Subject to Restrictions (including in such power any increases or adjustments to the Shares Subject to Restrictions). As soon as practicable after the Date of Grant,
the Corporation shall direct that the Shares Subject to Restrictions be registered in the name of and issued to the Employee and initially bearing the legend described in Paragraph 6. The Shares Subject to Restrictions and any certificate or
certificates representing the Shares Subject to Restrictions shall be held in the custody of the Corporation or its designee until the expiration of the applicable Restrictions. Upon any forfeiture in accordance with Paragraph 4 of the Shares
Subject to Restrictions, the forfeited 

 
shares and any certificate or certificates representing the forfeited Shares Subject to Restrictions shall be canceled. 
 2. Restrictions. Employee shall have all rights and privileges of a stockholder of the Corporation with respect to the Shares Subject to Restrictions, except that the following restrictions shall
apply: 
 (a) None of the Shares Subject to Restrictions may be sold, transferred, assigned, pledged or otherwise encumbered or
disposed of during the “Restriction Period” as defined below, except to the extent of the Corporation’s earlier attainment of the Performance Criteria, as defined below. 

(b) The Shares Subject to Restrictions are subject to forfeiture during the Restriction Period in accordance with Paragraph 4 of this
Agreement. 
 (c) The Shares Subject to Restrictions and any certificate representing the Shares Subject to Restrictions shall
be held in custody by the Corporation or its designee until such time as either the Performance Criteria are attained or the Restriction Period shall have been completed. 
 (d) Dividends paid with respect to the Shares Subject to Restrictions during the Restriction Period shall not be paid to the Employee and, instead, shall be converted into additional shares of Restricted
Stock at the price at which shares of common stock of the Corporation are purchased under the Corporation’s outstanding dividend reinvestment program and on the date such purchases are made and such shares of Restricted Stock shall be additions
to the shares subject to the Restrictions hereunder. 
 3. Term of Restriction. 

(a) Subject to the forfeiture provisions of Paragraph 4 of this Agreement, the Restrictions shall lapse (i) with respect to half of
the Shares Subject to Restrictions on the earlier of (x) February 23, 2017 if the Employee is an employee of the Corporation on February 23, 2017, unless the Employee’s cessation of employment was due to the Employee’s
death, disability or Retirement (as defined below), or (y) as soon after the completion of the audit of the Corporation for the 2014 fiscal year as it may be determined that the Performance Criteria have been attained and (ii) with respect
to half of the Shares Subject to Restrictions, as soon after the completion of the audit of the Corporation for the 2014 fiscal year as it may be determined that the Performance Criteria have been. With respect to the half of the Shares Subject to
Restrictions subject only to the Performance Criteria, if the Corporation does not attain the Performance Criteria on or before the three year measurement period ending December 31, 2014, such half of the Shares Subject to Restrictions shall be
forfeited immediately upon the completion of that three-year measurement period. 

  
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 (b) For purposes of this Agreement, the “Performance Criteria” shall mean that the
net income of the Corporation, measured under GAAP, shall exceed $350 million, in the aggregate, for the 2012, 2013 and 2014 fiscal years of the Corporation. The period for measuring the Performance Criteria shall end as of December 31,
2014 and the Personnel and Compensation Committee shall as promptly as possible following the completion of the audit of the Corporation for the 2014 fiscal year determine whether the Performance Criteria have been met. 

(c) The period from the Date of Grant until the lapse of the applicable Restrictions with respect to the Shares Subject to Restrictions
is the “Restriction Period” for purposes of this Agreement. 
 (d) As soon as administratively practicable following
the lapse of the Restrictions without a forfeiture of the applicable Shares Subject to Restrictions, and upon the satisfaction of all other applicable conditions as to such Shares Subject to Restrictions, including, but not limited to, the payment
by the Employee of all applicable withholding taxes, if any, the Corporation shall deliver or cause to be delivered to the Employee shares of Common Stock, which may be in the form of a certificate or certificates for such shares, equal in number to
the applicable Shares Subject to Restrictions, which shall not be subject to the transfer restrictions set forth above and shall not bear the legend described in Paragraph 6. Without limiting the foregoing, (i) if the Performance Criteria are
met, all Shares Subject to Restrictions shall become non-forfeitable and such Shares or the certificate representing such non-forfeitable shares of common stock of the Corporation shall be delivered as described above and (ii) if the
Performance Criteria are not met, (x) half of the Shares Subject to Restrictions shall be forfeited immediately after the end of the measurement period for such Performance Criteria and (y) the remaining half of the Shares Subject to
Restrictions shall be non-forfeitable, if at all, at the end of the Restriction Period. 
 4. Forfeiture of Shares Subject to
Restrictions. If Employee’s employment with the Corporation and all of its direct or indirect subsidiaries is terminated by either party for any reason, including, but not limited to, the involuntary termination of the Employee’s
employment with the Corporation for any reason, with or without cause, other than the Employee’s death, disability or retirement with the consent of the Corporation when the Employee is at least 55 years of age with at least five years of
service (“Retirement”), (i) all rights of the Employee to the Shares Subject to Restrictions which remain subject to the Restrictions shall terminate immediately and be forfeited in their entirety, and (ii) the forfeited Shares
Subject to Restrictions and any stock certificate or certificates representing the forfeited Shares Subject to Restrictions shall be canceled. If the Employee dies or becomes disabled during the Restriction Period, the Shares Subject to Restrictions
will immediately vest. If the Employee retires with the consent of the Corporation when the Employee is at least 55 years of age with at least five years of service, the Employee (or the Employee’s beneficiary) shall receive the Shares Subject
to Restrictions when, if and to the extent, the Restrictions lapse under Paragraph 3. 

  
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 5. Change of Control. All Shares Subject to Restrictions shall fully vest in the
event of a Change of Control as defined in the Incentive Plan. 
 6. Legend. During the Restriction Period, the shares of
Restricted Stock and any share certificate or certificates evidencing the Shares Subject to Restrictions shall be endorsed with the following legend (in addition to any legend required under applicable securities laws or any agreement by which the
Corporation is bound): 
 THE TRANSFERABILITY OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND
CONDITIONS OF A RESTRICTED STOCK AGREEMENT ENTERED INTO BY AND BETWEEN ALLEGHENY TECHNOLOGIES INCORPORATED AND THE HOLDER OF THIS CERTIFICATE. A COPY OF SUCH AGREEMENT IS ON FILE AT THE OFFICE OF THE CORPORATION. 

7. Withholding. The Corporation or its direct or indirect subsidiary may withhold from the number of Shares Subject to
Restrictions or from any cash amount payable hereunder or any other cash payments due to Employee all taxes, including social security taxes, which the Corporation or its direct or indirect subsidiary is required or otherwise authorized to withhold
with respect to the Shares Subject to Restrictions. 
 8. Adjustments to Number of Shares. Any shares issued to Employee
with respect to the Shares Subject to Restrictions in the event of any change in the number of outstanding common stock of the Corporation through the declaration of a stock dividend or a stock split or combination of shares or any other similar
capitalization change shall be deemed to be Shares Subject to Restrictions subject to all the terms set forth in this Agreement. 
 9. No Right to Continued Employment; Effect on Benefit Plans. This Agreement shall not confer upon Employee any right with respect to continuance of his or her employment or other relationship, nor
shall it interfere in any way with the right of the Corporation or its direct or indirect subsidiary to terminate his or her employment or other relationship at any time. Income realized by Employee pursuant to this Agreement shall not be included
in Employee’s earnings for the purpose of any benefit plan in which Employee may be enrolled or for which Employee may become eligible unless otherwise specifically provided for in such plan. 

10. Employee Representations. In connection with the issuance of the Shares Subject to Restrictions, Employee represents the
following: 
 (a) Employee has reviewed with Employee’s own tax advisors, the federal, state, local and foreign tax
consequences of this Agreement and the transactions contemplated hereby. Employee is relying solely on such advisors and not on any statements or representations of the Corporation or any of its agents. Employee understands that

  
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Employee (and not the Corporation) shall be responsible for Employee’s own tax liability that may arise as a result of this Agreement and the transactions contemplated hereby. 

(b) Employee has received, read and understood this Agreement and the Incentive Plan and agrees to abide by and be bound by their
respective terms and conditions. 
 11. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed and construed in accordance with the domestic laws of the Commonwealth of
Pennsylvania without regard to such Commonwealth’s principles of conflicts of laws. 
 (b) Successors and Assigns.
The provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. Neither this Agreement nor any rights hereunder shall be assignable or
otherwise subject to hypothecation without the consent of all parties hereto. 
 (c) Entire Agreement; Amendment. This
Agreement contain the entire understanding between the parties hereto with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied,
oral or written, with respect to the subject matter of this Agreement. This Agreement may not be amended or modified without the written consent of the Corporation and Employee. 

(d) Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which when so executed and
delivered shall be taken to be an original and all of which together shall constitute one document. 

  
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 (e) Definitions. Initially capitalized terms not otherwise defined in this Restricted
Stock Agreement shall have the meanings ascribed thereto in the Incentive Plan. 
 IN WITNESS WHEREOF, the parties have executed
this Shares Subject to Restrictions Agreement as of the date first written above. 
  

			
	ALLEGHENY TECHNOLOGIES INCORPORATED
		
	By:	 	/s/ Elliot S. Davis
	Name:	 	Elliot S. Davis
	Title:	 	 Senior Vice President, General Counsel,
 Chief Compliance Officer
 and Corporate Secretary

  

					
	PARTICIPANT	 		 	WITNESS
			
	  	 		 	  

  
 6EX-10.4

 Exhibit 10.4 
 TOTAL SHAREHOLDER RETURN INCENTIVE COMPENSATION PROGRAM 
 AWARD AGREEMENT

 This Total Shareholder Return Incentive Compensation Program Award Agreement (the “Agreement”) effective as of
January 1, 2012 by and between ALLEGHENY TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Company”) and [NAME] (the “Employee”). 
 WHEREAS, the Company has adopted the Allegheny Technologies Incorporated 2007 Incentive Plan (the “Plan”) and, in accordance with the Plan, has adopted Administrative Rules for the Total
Shareholder Return Incentive Compensation Program, as amended (the “TSRP”) as a portion of the Plan to (i) assist the Company retain and motivate key management employees; (ii) reward key management employees for the overall
success of the Company; and (iii) provide a means of encouraging key management employees to acquire and hold shares of Company Common Stock. 
 WHEREAS, the TSRP provides that each TSR Target Award made under the TSRP shall be evidenced by an Award Agreement between the Company and the key management employee who receives a TSR Target Award under
the TSRP setting forth the terms and conditions of such TSR Target Award; 
 WHEREAS, the Company desires to make a TSR Target
Award to the Participant and evidence such TSR Target Award by this Award Agreement and the Participant, having read and understood the Plan and the TSRP, is willing to enter into this Award Agreement on the terms and conditions set forth herein.

 NOW THEREFORE, in consideration of the covenants and agreements herein contained and intending to be legally bound, the
parties hereto agree with each other as follows: 
 Subject to the attainment of the Performance Levels described below and to
the terms and conditions of the Plan, the TSRP and the Terms and Conditions of Award attached hereto and incorporated herein by reference, by which Participant agrees to be bound, the Company awards to Participant the Award described below, with
respect to the Performance Period described below: 
 PERFORMANCE PERIOD: January 1, 2012 through December 31, 2014

 TSR TARGET AWARD: [NUMBER OF SHARES] of Company Common Stock, equals applicable base salary times [PERCENTAGE] (which is the
Participant’s target award opportunity as a percent of salary) divided by $46.92 (which is the average of the high and low trading prices of stock for the 30 trading days prior to January 1, 2012). 

 PERFORMANCE LEVELS: The following table shows the performance award relationship under the
TSRP for the 2012-2014 performance period: 
  

							
	 	  	Outcome Relative to Peer Group TSR	 
	 Level of Performance
	  	Three-Year Percentile
Ranking in TSR	 	Percent of Target
Award Earned	 
	 Below Threshold
	  	Below 25th percentile	 	 	0	% 
	 Threshold
	  	25th percentile	 	 	50	% 
	 Target
	  	50th percentile	 	 	100	% 
	 Outstanding
	  	90th percentile	 	 	200	% 

 Note: Interpolation between points will be made on a straight line basis on
each scale. Below the 25th percentile and above the
90th percentile, there will be no extrapolation.

 THE ACTUAL AWARD UNDER THE TSRP WILL EQUAL THE TSR TARGET AWARD TIMES THE APPLICABLE PERCENT OF TARGET AWARD EARNED.

 IN WITNESS WHEREOF, the parties hereto have executed this Total Shareholder Return Incentive Compensation Program Award
Agreement effective the day and year first above written. 
  

			
	ALLEGHENY TECHNOLOGIES INCORPORATED
		
	By:	 	/s/ Elliot S. Davis
	Name:	 	Elliot S. Davis
	Title:	 	Senior Vice President, General Counsel,
		 	Chief Compliance Officer
		 	and Corporate Secretary

  

					
	PARTICIPANT	 		  	WITNESS
			
	 	 		  	 

  
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 TERMS AND CONDITIONS OF TSRP AWARD 

Section 1: Definitions 

Capitalized words used but not defined below or elsewhere in these Terms and Conditions shall have the meanings ascribed to them in the Plan.

 “Administrative Rules” or “TSRP” shall mean the Administrative Rules for the TSRP adopted by the
Committee effective January 1, 2001, as amended effective February 24, 2005 and as amended effective February 21, 2008 and as further amended effective December 9, 2011, as the same may be amended from time to time.

 “Award” shall mean the grant of a TSR Target Award evidenced by this Award Agreement. 

“Committee” means the Personnel and Compensation Committee of the Board of Directors. 

“Common Stock” shall mean the common stock, $0.10 par value per share, of Allegheny Technologies Incorporated. 

“Company” shall mean Allegheny Technologies Incorporated and its subsidiaries, unless the context requires otherwise. 

“Disability” shall mean the total and permanent disability of Participant as determined by the Committee in its sole discretion.

 “Outstanding” shall mean a relative standing of the Company’s TSR as against the TSR for the Peer Group, in each case
for the TSR Performance Period, equal to or greater than 90%. 
 “Peer Group” shall mean the corporations listed on Exhibit 1
to this Award Agreement, subject to the adjustments to such group as permitted under the Administrative Rules. 
 “Retirement”
means a termination of employment with the Company and each of its subsidiaries, with the consent of the Company, at or after (i) attaining age 55 and (ii) completing five years of employment with the Company and/or any subsidiary of the
Company. 
 “Target” shall mean a relative standing of the Company’s TSR as against the TSR of the Peer Group, in each
case for the TSR Performance Period, of equal to or greater than 50% but less than 75%. 
 “Threshold” shall mean a relative
standing of the Company’s TSR as against the TSR of the Peer Group, in each case for the TSR Performance Period, of equal to or greater than 25% but less than 50%. 
 “TSR Performance Level” means the measure of Company TSR performance relative to the Peer Group, as set forth on page 2 of this Award Agreement. In determining the final Performance
Level, the Committee shall use straight-line interpolation between Threshold and Target, and between Target and Outstanding. No TSR Reward will be earned for a Performance 

  
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Level less than Threshold. No additional TSR Reward above Outstanding will be earned for a Performance Level greater than Outstanding. 
 Section 2: TSRP Award 
 2.1 Subject to the attainment of the TSR Performance Levels and
to the terms and conditions otherwise set forth in the Plan, the TSRP and this Award Agreement, the Company awards to Participant the TSRP Award described in the first two pages of this Award Agreement with respect to the Performance Period
described therein. 
 Section 3: Payment 
 3.1 Subject to the withholding obligations and any requirements of Section 4 then applicable, the Company shall deliver to the Participant certificates representing the TSR Rewards, if any, for the
TSR Performance Period within 75 days after the end of the TSR Performance Period. 
 3.2 If the Participant terminates employment with the
Company and each subsidiary of the Company during a then uncompleted TSR Performance Period for reasons other than death, Disability or Retirement, any TSR Target Award for any then uncompleted TSR Performance Period shall be forfeited automatically
and the shares represented by such TSR Target Awards shall again be eligible for awards under the Rules. 
 3.3 If the Participant terminates
employment with the Company and each Subsidiary of the Company during a then uncompleted TSR Performance Period due to the Participant’s death, Disability, or Retirement, a pro rata award based on the number of full months worked by the
Participant during that Performance Period will be calculated, based on goal achievement over the entire performance period. Any award determined to be payable shall be paid after the end of the applicable Performance Period. 

Section 4: Miscellaneous 
 4.1
General Restriction. To the extent any TSR Target Award is denominated in Common Stock under this Award Agreement, it shall be subject to the requirement that if at any time the Committee shall determine that any listing or registration of
the shares of Common Stock or any consent or approval of any governmental body or any other agreement or consent is necessary or desirable as a condition of the issuance of shares of Common Stock or cash in satisfaction thereof, such issuance of
shares of Common Stock may not be consummated unless such requirement is satisfied in a manner acceptable to the Committee. The Company shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as the same
shall be in effect from time to time) or to take any other affirmative action to cause the issuance of shares pursuant to the distribution of TSR Rewards to comply with any law or regulation of any governmental authority. 

4.2 Non-Assignability. No TSR Target Award granted under this Award Agreement shall be assignable or transferable by the Participant, except by
will or by the laws of descent and distribution. During the life of the Participant, any TSR Rewards shall be payable only to the Participant. No assignment or transfer of a TSR Target Award or of the rights represented thereby, whether voluntary or
involuntary, by operation of law or otherwise (except by will or 

  
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the laws of descent and distribution), shall vest in the assignee or transferee any interest or right herein whatsoever, and immediately upon such purported assignment or transfer, the TSR Target
Awards shall terminate and become of no further effect. 
 4.3 Withholding Obligations. Whenever the Company makes delivery under the
Plan, in whole or in part, the Company shall notify the Participant of the amount of withholding for tax, if any, which must be paid under federal and, where applicable, state and local law. The Company shall, in the discretion of the Company, but
with the consent of the Committee, arrange for payment for such withholding for taxes in any one or combination of the following ways: (i) acceptance of an amount in cash paid by the Participant; or (ii) reduction in the number of shares
to be issued by that number of shares which, in aggregate, have a value equal to such withholding amount. If the full amount of the required withholding is not recovered in the above manner, the Participant shall, forthwith upon receipt of notice,
remit the deficiency to the Company. No shares of Common Stock shall be issued or delivered to the Participant (and/or the Participant’s designee) until all applicable withholding obligations shall have been satisfied in full. 

4.4 Delivery of Certificates. As soon as practicable after compliance by the Participant with all applicable conditions including, but not limited
to, the satisfaction of the Withholding Obligations described in Section 4.3 hereof, the Company will issue and deliver by mail, or cause delivery by mail, to the Participant at the address of the Company’s records, certificates registered
in the name of the Participant (and/or the Participant’s designee) for the number of shares of Common Stock which the Participant is entitled to receive (subject to reduction for withholding as provided in Section 4.3 hereof) under the
provisions of this Award Agreement. 
 4.5 No Right to Employment. Nothing in the Plan or in this Award Agreement shall confer upon the
Participant the right to continue in the employ of the Company or any subsidiary or affect any right that the Company or a subsidiary may have to terminate the employment of the Participant. 
 4.6 Amendment or Termination of the Plan. The Plan, or any part thereof (including the TSRP and/or Administrative Rules) may be terminated or may, from time to time, be amended, each in accordance
with the Plan, TSRP or Administrative Rules, as applicable, provided, however, the termination or amendment of the Plan, the Administrative Rules or TSRP shall not, without the consent of the Participant, affect Participant’s rights under this
Award Agreement. 
 4.7 Investment Representation. Under the federal and/or state securities laws, the Participant may be required to
deliver, and, if so, shall deliver, to the Committee, upon demand by the Committee, at the time of any payment of Common Stock, a written representation that the shares to be acquired are to be acquired for investment and not for resale or with a
view to the distribution thereof. Upon such demand, delivery of such representation prior to delivery of any shares shall be a condition precedent to the right of the Participant to receive any shares. 

4.8 No Rights as Shareholder. The Participant shall have no rights as a stockholder of the Company with respect to shares of Common Stock subject
to the Award evidenced this Award 

  
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Agreement unless and until a certificate for shares of Common Stock is issued to the Participant. 
 4.9 Adjustment of Award. In the event of any change or changes in the outstanding Common Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger,
consolidation, split-up, combination or exchange of shares or any rights offering to purchase a substantial amount of Common Stock at a price substantially below fair market value or of any similar change affecting the Common Stock, any of which
takes effect after the first grant of a TSR Target Award under this Award Agreement, the Committee may, in its discretion, appropriately adjust the number of shares of Common Stock which may be issued under this Award Agreement, the number of shares
of Common Stock subject to TSR Target Awards under this Award Agreement and any and all other adjustments deemed appropriate by the Committee to prevent substantial dilution or enlargement of the rights granted to the Participant in such manner as
the Committee shall deem appropriate. Any adjustment so made shall be final and binding upon the Participant. 
 4.10 Awards Not a Bar to
Corporate Event. The existence of the TSR Target Awards granted hereunder shall not affect in any way the right or the power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or
other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Common Stock or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

4.11 Not Income for Qualified Plans. No amounts of income received by a Participant pursuant to this Award Agreement shall be considered
compensation for purposes of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or any of its affiliates. 
 4.12 Meaning of Participant. Whenever the word “Participant” is used in any provision of this Award Agreement under circumstances where the provision should logically be construed to
apply to the executors, the administrators, or the person or persons to whom the TSR Target Awards may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or
persons. 
 4.13 Determinations of Committee. The actions taken and determinations of the Committee made pursuant to this Award Agreement
and of the Committee pursuant to the Plan, the TSRP and the Administrative Rules shall be final, conclusive and binding upon the Company and upon the Participant. No member of the Committee shall be liable for any action taken or determination made
relating to this Award Agreement, the Plan, the TSRP, or the Administrative Rules if made in good faith. 

  
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 Exhibit 1: List of Peer Companies (2012-2014 Performance Period) 

Alcoa Inc. 
 AK Steel Holding Corp. 

Carpenter Technology Corp. 
 Castle (A
M) & Co. 
 Commercial Metals 

Kennametal Inc. 
 Materion Corp. 

Nucor Corp. 
 Precision Castparts Corp.

 Reliance Steel & Aluminum Co. 
 RTI International Metals Inc. 
 Schnitzer Steel Industries, Inc. 

Steel Dynamics Inc. 
 Timken Co. 

Titanium Metals Corp. 
 United States Steel Corp.

 Universal Stainless & Alloy Products 
 Worthington Industries 

  
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