Document:

EX-4.1

EXHIBIT 4.1

AMENDMENT NO. 3

TO

SECOND AMENDED AND RESTATED PRECIOUS METALS AGREEMENT

THIS AMENDMENT NO. 3 TO SECOND AMENDED AND RESTATED PRECIOUS METALS AGREEMENT (this
“Amendment”) is made as of October 2, 2009, by and among THE BANK OF NOVA SCOTIA, a
Canadian chartered bank (the “Metal Lender”); BRUSH ENGINEERED MATERIALS INC., an Ohio
corporation (“BEM”); WILLIAMS ADVANCED MATERIALS INC., a New York corporation
(“WAM”); TECHNICAL MATERIALS, INC., an Ohio corporation (“TMI”); BRUSH WELLMAN
INC., an Ohio corporation (“BWI”); ZENTRIX TECHNOLOGIES INC., an Arizona corporation
(“ZTI”); WILLIAMS ACQUISITION, LLC, a New York limited liability company d/b/a Pure Tech
(“Pure Tech”); THIN FILM TECHNOLOGY, INC., a California corporation (“TFT”),
TECHNI-MET, LLC, a Delaware limited liability company (“Techni-Met”) and such other
Subsidiaries of BEM who may from time to time become parties by means of their execution and
delivery with the Metal Lender of a Joinder Agreement under the Precious Metals Agreement (as
defined below). BEM, WAM, TMI, BWI, ZTI, Pure Tech, TFT, Techni-Met and such Subsidiaries are
herein sometimes referred to collectively as the “Customers” and each individually as a
“Customer”.

WITNESSETH:

WHEREAS, the Metal Lender and the Customers are parties to a certain Second Amended and
Restated Precious Metals Agreement, dated as of December 28, 2007, as amended by a certain
Amendment No. 1 to Second Amended and Restated Precious Metals Agreement, dated as of March 3,
2008, and a certain Amendment No. 2 to Second Amended and Restated Precious Metals Agreement, dated
as of June 25, 2008 (as amended, the “Precious Metals Agreement”); and

WHEREAS, the parties hereto desire to amend certain provisions of the Precious Metals
Agreement as hereinafter provided;

NOW, THEREFORE, for value received and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto hereby amend the Precious Metals
Agreement and agree, effective as of the date first written above, as follows:

1. The definition of “Aggregate Secured Precious Metal Limit” appearing in Article 1
of the Precious Metals Agreement is hereby amended and restated in its entirety to read as follows:

“Aggregate Secured Precious Metal Limit” means the maximum
aggregate value of all Consigned Precious Metal (as defined in the
Metal Intercreditor Agreement) permitted to be outstanding at any
particular time pursuant to Section 4.8 of the Metal Intercreditor
Agreement.

2. Section 9.24(c) is hereby amended and restated in its entirety to read as follows:

(c) The Customers shall ensure that at all times the Aggregate
Secured Precious Metal Facility Indebtedness does not exceed the
Aggregate Secured Precious Metal Limit.

3. To induce the Metal Lender to enter into this Amendment, each Customer hereby represents
and warrants to the Metal Lender that: (a) such Customer has full power and authority, and has
taken all action necessary, to execute and deliver this Amendment and to fulfill its obligations
hereunder and to consummate the transactions contemplated hereby; (b) the making and performance by
such Customer of this Amendment do not and will not violate any law or regulation of the
jurisdiction of its organization or any other law or regulation applicable to it; (c) this
Amendment has been duly executed and delivered by such Customer and constitutes the legal, valid
and binding obligation of such Customer, enforceable against it in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally and except as the same may be subject to general
principles of equity; and (d) on and as of the date hereof, no Default or Event of Default exists
under the Precious Metals Agreement.

4. This Amendment shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and performed in such State.

5. The Precious Metals Agreement, as amended hereby, together with the other Precious Metal
Documents, is intended by the parties as the final, complete and exclusive statement of the
transactions evidenced by the Precious Metals Agreement. All prior or contemporaneous promises,
agreements and understandings, whether oral or written, are deemed to be superseded by the Precious
Metals Agreement, as amended hereby, and no party is relying on any promise, agreement or
understanding not set forth in the Precious Metals Agreement, as amended hereby. The Precious
Metals Agreement, as amended hereby, may not be amended or modified except by a written instrument
describing such amendment or modification executed by the Customers and the Metal Lender. The
parties hereto agree that this Amendment shall in no manner affect or impair the liens and security
interests evidenced or granted by the Precious Metals Agreement or in connection therewith.

6. Except as amended hereby, the Precious Metals Agreement shall remain in full force and
effect and is in all respects hereby ratified and affirmed.

7. The Customers covenant and agree jointly and severally to pay all out-of-pocket expenses,
costs and charges incurred by the Metal Lender (including reasonable fees and disbursement of
counsel) in connection with the review and implementation of this Amendment, up to a maximum of
$500.

8. This Amendment may be executed by the parties hereto in several counterparts hereof and by
the different parties hereto on separate counterparts hereof, each of which shall be an original
and all of which shall together constitute one and the same agreement. Delivery of an executed
signature page of this Amendment by electronic transmission shall be effective as an in hand
delivery of an original executed counterpart hereof.

IN WITNESS WHEREOF, the undersigned parties have caused this Amendment to be executed by
their duly authorized officers as of the date first written above.

	 	 	 
	CUSTOMERS:	 	 
	BRUSH ENGINEERED MATERIALS INC.

By: s/s Michael C. Hasychak

Name: Michael C. Hasychak

	 	WILLIAMS ADVANCED MATERIALS INC.

By: s/s Michael C. Hasychak

Name: Michael C. Hasychak

Title: VP, Treasurer & Secretary
	 

	 	

	Title: VP, Treasurer & Secretary

	 	

	TECHNICAL MATERIALS, INC.

By: s/s Michael C. Hasychak

Name: Michael C. Hasychak

Title: VP, Treasurer & Secretary

	 	BRUSH WELLMAN INC.

By: s/s Michael C. Hasychak

Name: Michael C. Hasychak

Title: VP, Treasurer & Secretary

	ZENTRIX TECHNOLOGIES INC.

By: s/s Michael C. Hasychak

Name: Michael C. Hasychak

Title: CFO & Secretary

	 	WILLIAMS ACQUISITION, LLC

By: s/s Michael C. Hasychak

Name: Michael C. Hasychak

—

Title: Treasurer
	THIN FILM TECHNOLOGY, INC.

By: s/s Gary W. Schiavoni

Name: Gary W. Schiavoni

Title: Treasurer

	 	TECHNI-MET, LLC

By: s/s Gary w. Schiavoni

Name: Gary W. Schiavoni

Title: Asst. Secretary & Asst. Treasurer

	 

	 	 
	METAL LENDER:

	 	

	 

	 	

	THE BANK OF NOVA SCOTIA

By: s/s Timothy P. Dinneny

Name: Timothy P. Dinneny

Title: Managing Director

	 	

	By: s/s Sangeeta Shah

	 	

	 

	 	

	Name: Sangeeta Shah

	 	

	 

	 	

	Title: Associate DirectorEX-10.1

EXHIBIT 10.1

CONSIGNMENT AGREEMENT

THIS CONSIGNMENT AGREEMENT is entered into as of October 2, 2009 by and among CANADIAN IMPERIAL

BANK OF COMMERCE, a Canadian chartered bank (the “Gold Lender”), CIBC WORLD MARKETS INC.,

an Ontario corporation and subsidiary of the Gold Lender (the “Copper Lender”); and BRUSH

ENGINEERED MATERIALS INC., an Ohio corporation (“BEM”), WILLIAMS ADVANCED MATERIALS INC., a

New York corporation (“WAM”), TECHNICAL MATERIALS, INC., an Ohio corporation

(“TMI”), BRUSH WELLMAN INC., an Ohio corporation (“BWI”), ZENTRIX TECHNOLOGIES

INC., an Arizona corporation (“ZTI”), WILLIAMS ACQUISITION, LLC, a New York limited

liability company d/b/a Pure Tech (“Pure Tech”), THIN FILM TECHNOLOGY, INC., a California

corporation (“TFT”), TECHNI-MET, LLC, a Delaware limited liability company (“TML”)

and such

other Subsidiaries (as hereinafter defined) of BEM who may from time to time become parties
hereto by means of their execution and delivery with the Metal Lenders (as hereinafter defined) of
a Joinder Agreement (as hereinafter defined) (BEM, WAM, TMI, BWI, ZTI, Pure Tech, TFT, TML and such
Subsidiaries are herein sometimes referred to collectively as the “Customers” and
individually as a “Customer”).

W I T N E S S E T H:

WHEREAS, the Customers and the Metal Lenders desire to enter into this Consignment Agreement
(as the same may be amended, supplemented, extended, restated or otherwise modified from time to
time, this “Agreement”) pursuant to which the Gold Lender will extend to the Customers a
gold consignment facility and the Copper Lender will extend to the Customers a copper consignment
facility, in either case, on the terms and conditions, and in reliance upon the covenants,
representations and warranties of the Customers hereinafter set forth;

NOW, THEREFORE, in consideration of the premises and of the mutual promises hereinafter
contained, and for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

	1.	 	DEFINITIONS.

When used herein, the terms set forth below shall be defined as follows:

“Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

“Aggregate Secured Metal Facility Indebtedness” means the value (as determined in
accordance with Section 2.2 hereof as it relates to Gold and Copper) of all precious and
base metals outstanding on consignment, loan, conditional sale or lease from all Approved
Consignors to the Customers under Permitted Metal Agreements with Approved Consignors plus
any unpaid purchase price for such precious and base metals that have been withdrawn and are
required to be purchased and paid for in full under such Permitted Metal Agreements.

“Aggregate Secured Metals Limit” means the maximum aggregate value of all Consigned
Precious Metal (as defined in the Metal Intercreditor Agreement) permitted to be outstanding at any
particular time pursuant to Section 4.8 of the Metal Intercreditor Agreement.

“Agreement” has the meaning set forth in the Whereas Clause.

“Approved Consignor” means a Person who supplies gold, silver, platinum, palladium,
rhodium, copper and/or other precious or base metals to any of the Customers on a secured basis
(whether styled as a consignment, loan, conditional sale, lease or other secured financing) and who
is a party to the Metal Intercreditor Agreement.

“Approved Domestic Location(s)” means the Premises of any of the Customers located in
the continental United States and listed under the appropriate heading on Schedule 1
attached hereto, as it may be amended by the parties from time to time, and each other location
located in the continental United States approved by the applicable Metal Lender (or the Collateral
Agent) in writing from time to time.

“Approved Foreign Location(s)” means locations located outside of the continental
United States and listed under the appropriate heading on Schedule 1 attached hereto, as it
may be amended by the parties from time to time, and each other location located outside of the
continental United States approved by the applicable Metal Lender (or the Collateral Agent) in
writing from time to time.

“Approved Locations” means, collectively (a) the Approved Domestic Locations, (b) the
Approved Foreign Locations, (c) the locations of the Approved Refiners/Fabricators, and (d) the
Approved Subconsignee Locations.

“Approved Refiners/Fabricators” means the refiners and fabricators listed under the
appropriate heading on Schedule 1 attached hereto, as it may be amended by the parties from
time to time, and such other fabricators and refiners as may be approved by the applicable Metal
Lender (or the Collateral Agent) in writing from time to time; provided, however,
such Metal Lender together with the Collateral Agent shall have the right, in their reasonable
discretion, to give written notice that a fabricator or refiner, whether now, or hereafter
approved, is no longer an Approved Refiner/Fabricator.

“Approved Subconsignee Locations” means, collectively, the locations described in
Schedule 1 attached hereto, as it may be amended by the parties from time to time, and each
other location approved by the applicable Metal Lender in writing from time to time, where
Consigned Metal may be located while in the possession of Approved Subconsignees.

“Approved Subconsignee Metal” means all Consigned Metal outstanding on sub-consignment
from the Customers to Approved Subconsignees; provided, however, that the value of
all Approved Subconsignee Metal shall not at any time exceed Five Million Dollars ($5,000,000).

“Approved Subconsignees” means the subconsignees listed under the appropriate heading
on Schedule 1 attached hereto, as it may be amended by the parties from time to time, and
each other subconsignee approved by the applicable Metal Lender (or the Collateral Agent) in
writing from time to time.

“Authorized Representatives” means all person(s) who are authorized in writing by and
on behalf of the Customer Agent or the Customers under this Agreement, including, without
limitation, (a) to transact Consignment and purchase and sale transactions with the applicable
Metal Lender under the Consignment Facility, and (b) to request that a Consignment under the
Consignment Facility be continued as such or converted to a Consignment of another Type.

“Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. § 101 et
seq.) as amended from time to time, and any rule or regulation promulgated thereunder.

“Beryllium Contracts” means any and all agreements or other arrangements (however
styled) for the purchase, procurement or other acquisition of beryllium, in whatever form, entered
into from time to time by any Customer (including, without limitation, Beryl Ore, Copper Beryllium
Master Alloy, Vacuum Cast Beryllium Ingot and Vacuum Hot Pressed Beryllium Billet), but only to the
extent that the US Dollar equivalent of any Indebtedness related thereto does not exceed
$20,000,000 during any consecutive twelve-month period.

“Business Day” means a day on which commercial banks settle payments in (a) London, if
the payment obligation is calculated by reference to any pricing period or pricing mechanism
relating to London, or (b) New York, New York, for all other payment obligations; an adjustment
will be made if a date would otherwise fall on a day that is not a Business Day so that the date
will be the first following day that is a Business Day except as otherwise set forth herein.

“Capital Expenditures” means, without duplication, any expenditure by any Customer for
any purchase or other acquisition or development of any asset which would be classified as a fixed
or capital asset on a consolidated balance sheet of BEM and its Subsidiaries prepared in accordance
with GAAP.

“Capitalized Lease” means, for any Person, any lease of property by such Person as
lessee which would be capitalized on such Person’s balance sheet in accordance with GAAP.

“Category” means, with respect to any Metal, its nature as either Gold or Copper.

“Changed Tax Base” means any tax imposed by the United States of America payable by
the applicable Metal Lender, the imposition of which results directly from a change in law after
the Closing that changes the basis of federal income taxation in such a way that results in the
applicable Metal Lender becoming subject thereto after the Closing to the extent attributable to
the transactions contemplated by the Metal Documents; provided that a Changed Tax Base
shall not include any (a) change in the rate of taxes already imposed by the United States of
America as of the Closing or (b) imposition of taxes by the United States of America on the
applicable Metal Lender resulting from any (i) change in lending office by any applicable Metal
Lender or (ii) change in the actions or business practices of any applicable Metal Lender.

“Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the
date hereof), of equity interests representing more than 20% of the aggregate ordinary voting power
represented by the issued and outstanding equity interests of BEM; (b) occupation of a majority of
the seats (other than vacant seats) on the board of directors of BEM by Persons who were neither
(i) nominated by the board of directors of BEM nor (ii) appointed by directors so nominated; or (c)
the occurrence of a change in control, or other similar provision, as defined in any agreement or
instrument evidencing any Material Indebtedness (triggering a default or mandatory prepayment,
which default or mandatory prepayment has not been waived in writing).

“Client” means any third-party customer or client of a Customer that delivers (whether
by physical delivery or by means of entries in any “pool account”, “toll account”, or similar
arrangement) Client Metal to such Customer pursuant to an arrangement (each, a “Client-Customer
Arrangement”) whereby, in the ordinary course of such Customer’s business, it (a) refines such
Client Metal for such third-party customer or client, or (b) uses such Client Metal to manufacture
or fabricate one or more products or provide other services for such third-party customer or
client.

“Client-Customer Arrangement” has the meaning set forth in the definition of “Client”.

“Client Metal” means any Metal or other property owned or held by any Client, and any
Metal or other property consigned, loaned or provisionally sold to any Client by any Person other
than a Customer.

“Closing Date” means the date of this Agreement.

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise
modified from time to time, and any rule or regulation issued thereunder.

“Collateral” means any collateral securing payment of all or any portion of the
Obligations, including, without limitation, Consigned Metal.

“Collateral Access Agreement” means any landlord waiver or other similar agreement in
favor of the Metal Lenders from any third party (including any bailee or consignee) in possession
of any Collateral or any landlord of any Customer for any leased Premises where any Collateral is
located, as any such waiver or similar agreement may be amended, restated or otherwise modified
from time to time.

“Collateral Agent” means The Bank of Nova Scotia, in its capacity as Collateral Agent
for itself and for the Approved Consignors pursuant to the Metal Intercreditor Agreement.

“Collateral Compliance Certificate” shall have the meaning set forth in
Section 9.1(e) hereof.

“Consigned Metal” means Metal that has been consigned to a Customer pursuant to the
Consignment Facility.

“Consignment” means a either consignment of Gold by the Gold Lender or a consignment
of Copper by the Copper Lender under the Consignment Facility, as the context requires.

“Consignment Facility” means the facility established pursuant to Section 2
hereof, whereby a Customer may request Consignments of Gold from the Gold Lender and Consignments
of Copper from the Copper Lender.

“Consolidated” or “consolidated” means, wherever used in conjunction with a
financial statement, covenant or definition, such financial statement, covenant or definition shall
(unless otherwise specifically stated) refer to BEM and its Subsidiaries on a consolidated basis
determined, calculated or applied in accordance with GAAP.

“Consolidated EBITDA” means, with reference to any period, Consolidated Net Income
plus, to the extent deducted from revenues in determining Consolidated Net Income,
(a) Consolidated Interest Expense, (b) Consolidated Tax Expense, (c) depreciation,
(d) amortization, (e) depletion expense, and (f) nonrecurring losses incurred other than in the
ordinary course of business, minus, to the extent included in Consolidated Net Income, nonrecurring
gains realized other than in the ordinary course of business, all calculated for BEM and its
Subsidiaries on a consolidated basis.

“Consolidated Fixed Charges” means, with reference to any period, without duplication,
Consolidated Interest Expense to the extent paid in cash during such period, plus scheduled
principal payments on Indebtedness made during such period, plus Capitalized Lease payments
made during such period, all calculated for BEM and its Subsidiaries on a Consolidated basis.

“Consolidated Funded Debt” means all Indebtedness for borrowed money and Capitalized
Leases, including, without limitation, current, long-term and Subordinated Indebtedness, for BEM
and its Subsidiaries on a Consolidated basis, provided that for purposes of this definition,
obligations under the following will not be considered in calculating Consolidated Funded Debt:
(a) obligations under Swap Agreements, (b) obligations under this Agreement and obligations under
other Permitted Metals Agreements, (c) obligations under the Beryllium Contracts, and
(d) Indebtedness under any sale and leaseback transaction.

“Consolidated Interest Expense” means, with reference to any period, the interest
expense of BEM and its Subsidiaries calculated on a Consolidated basis for such period (but not
including any up-front fees paid in connection with this Agreement, any Permitted Metals Agreement
subject to the Metal Intercreditor Agreement or the Senior Credit Agreement).

“Consolidated Net Income” means, with reference to any period, the net income (or
loss) of BEM and its Subsidiaries calculated on a Consolidated basis for such period.

“Consolidated Net Worth” means, on any date, all amounts that would be included under
stockholders’ equity on a consolidated balance sheet of BEM and its consolidated Subsidiaries, as
determined on a consolidated basis in accordance with GAAP.

“Consolidated Tax Expense” means, with reference to any period, the tax expense of BEM
and its Subsidiaries calculated on a Consolidated basis for such period.

“Consolidated Total Assets” means, as of the date of any determination thereof, total
assets of BEM and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of
such date.

“Constituent Documents” means, for any entity, its constituent or organizational
documents, including: (a) in the case of any partnership, joint venture, trust or other form of
business entity, the partnership, joint venture or other applicable agreement of formation and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation
with the secretary of state or other department in the state of its formation, in each case as
amended from time to time; (b) in the case of any limited liability company, the articles or
certificate of formation and its operating agreement or limited liability company agreement; and
(c) in the case of a corporation, the certificate or articles of incorporation and its bylaws.

“Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto.

“Copper” means, except as provided in, and for the purposes of, Section 2.1(b)
hereof, copper meeting the London Market Exchange Grade A Specifications. The Copper initially
Consigned hereunder shall consist of the Copper purchased by the Copper Lender from BWI on the
Closing Date pursuant to the Copper Purchase and Sale Agreement.

“Copper Consignment Limit” means the lesser of (a) Twenty-Five Million Dollars
($25,000,000), and (b) the value (as determined in accordance with Section 2.2 hereof) of
the Customers’ Inventory of Copper (including any Copper obtained or, at the time of determination,
proposed to be obtained, by a Customer pursuant to this Agreement) at Approved Locations or in
transit between any Approved Locations which is (i) not outstanding on consignment, loan or lease
to the Customers from other Approved Consignors under Permitted Metals Agreements, and (ii) is free
and clear of all Liens other than Permitted Metal Liens; provided, however, that,
to the extent such Inventory of Copper is comprised of Equity Copper, only the Copper Lender’s
Pro-Rata Share of such Equity Copper shall be included for the purpose of this clause (b).

“Copper Indebtedness” means the value (as determined in accordance with Section
2.2 hereof) of Copper consigned hereunder plus any unpaid purchase price for such
consigned Copper that has been withdrawn from Consignment and is required to be purchased under the
Consignment Facility.

“Copper Lender” has the meaning set forth in the Preamble.

“Copper Purchase and Sale Agreement” means that certain LME Copper Purchase and Sale
Agreement, dated as of the Closing Date, pursuant to which the Copper Lender purchased Copper from
the BWI on the Closing Date and may from time to time thereafter purchase additional Copper from
BWI.

“Customer(s)” shall have the meaning set forth in the Preamble, including any other
direct or indirect wholly-owned Subsidiary of BEM which, upon BEM’s request and with the consent of
the Metal Lenders (which shall not be unreasonably withheld or delayed), becomes a party hereto by
executing and delivering a Joinder Agreement.

“Customer Agent” means BEM, in its capacity as agent of the Customers and each of
them.

“Customer’s Account” means any demand deposit accounts of a Customer with a Metal
Lender which may be charged for payments to be made by the Customers in accordance with the
provisions of this Agreement.

“Default” means (a) an Event of Default or (b) an event or condition that, but for the
requirement that time elapse or notice be given or both, would constitute an Event of Default.

“Dollars” and “$” means lawful currency of the United States.

“Drawdown Date” means the date on which any Consignment under the Consignment Facility
is made or is to be made and the date on which any Consignment under the Consignment Facility is
converted or continued in accordance with Section 2.5 hereof.

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions or binding agreements issued, promulgated or entered into by any
governmental authority, relating in any way to the environment, preservation or reclamation of
natural resources or the management, release or threatened release of any Hazardous Material.

“Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Customers directly or indirectly resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

“Equity Copper” means Copper owned by the Customers (excluding therefrom, however,
(i) the aggregate amount of all Copper which is on consignment, loan or conditional sale from any
other Approved Consignor, and (ii) all Approved Subconsignee Metal), which is free and clear of all
Liens (other than Permitted Metal Liens) and which is located at one or more of the Customers’
Premises which are also Approved Domestic Locations (or in transit between Approved Domestic
Locations) and which Premises are either (a) owned by a Customer or (b) are the subject of a valid
and effective Collateral Access Agreement.

“Equity Gold” means Gold owned by the Customers (excluding therefrom, however, (i) the
aggregate amount of all Gold which is on consignment, loan or conditional sale from any other
Approved Consignor, and (ii) all Approved Subconsignee Metal), which is free and clear of all Liens
(other than Permitted Metal Liens) and which is located at one or more of the Customers’ Premises
which are also Approved Domestic Locations (or in transit between Approved Domestic Locations) and
which Premises are either (a) owned by a Customer or (b) are the subject of a valid and effective
Collateral Access Agreement.

“Event of Default” means each and every event specified in Section 10.1 of
this Agreement.

“Excluded Taxes” means, with respect to a Metal Lender, or any other recipient of any
payment to be made by or on account of any Obligation of any Customer hereunder, (a) taxes imposed
on or measured by, in whole or in part, its revenue, net income (however denominated), net assets,
capital or net worth and franchise taxes imposed on it in lieu thereof, by the jurisdiction (or any
political subdivision thereof) (i) under the laws of which such recipient is organized, (ii) in
which its principal office is located, (iii) in which it is doing business (other than solely as a
result of entering into any of the Metal Documents or taking any action thereunder), (iv) in which
it has a present or former connection (other than solely as a result of entering into any of the
Metal Documents or taking any action thereunder) or (iv) in which its applicable lending office is
located, (b) any branch profits taxes or branch interest taxes imposed by the United States of
America or any similar tax imposed by any other jurisdiction in which Borrower is located, (c) any
withholding tax that (i) is imposed on amounts payable to a Metal Lender at the time such Metal
Lender becomes a party hereto (other than the initial Metal Lenders party hereto) or (ii) arises
because any Metal Lender designates a new or different lending office and (d) any withholding that
is attributable to a Metal Lender’s failure or inability (other than as a result of a change in
law) to comply with Section 2.15(f).

“Financial Statements” means (a) the audited consolidated balance sheet of BEM as at
December 31, 2008 and the statements of income and retained earnings of BEM for the year ended on
such date prepared and certified by independent certified public accountants; and (b) a balance
sheet of BEM as at July 3, 2009, and combined profit and loss and surplus statements of BEM for the
period then ended, together with supporting schedules, prepared on a review basis by independent
certified public accountants.

“Fiscal Month” means any of the monthly accounting periods of BEM.

“Fiscal Quarter” means any of the quarterly accounting periods of BEM.

“Fiscal Year” means any of the annual accounting periods of BEM ending on December 31
of each year.

“Fixed Charge Coverage Ratio” means the ratio, determined as of the end of each Fiscal
Quarter of BEM for the then most-recently ended four (4) Fiscal Quarters of (a) Consolidated
EBITDA, minus cash taxes paid, minus the unfinanced portion of Consolidated Capital
Expenditures, minus cash dividends, plus cash tax refunds, to (b) Consolidated
Fixed Charges, all calculated for BEM and its Subsidiaries on a Consolidated basis.

“Fixed Consignment Fee” means a consignment fee calculated in accordance with the
provisions of Section 2.3(d) hereof.

“Fixed Copper Rate” means, with respect to any Fixed Rate Period, the nominal copper
rate per year as reasonably determined by the Copper Lender.

“Fixed Gold Rate” means, with respect to any Fixed Rate Period, (a) the arithmetic
mean rate for such Fixed Rate Period as shown on Reuters LIBO screen at 10:00 a.m. London, England
time two (2) Business Days prior to the first day of such Fixed Rate Period, less (b) the
arithmetic mean rate for such Fixed Rate Period as shown on the Reuters Gold Forward page as at
12:00 a.m. London, England time two (2) Business Days prior to the first day of such Fixed Rate
Period.

“Fixed Rate Consignment” means a Consignment bearing a Fixed Consignment Fee.

“Fixed Rate Period” means the period beginning on the Drawdown Date and ending one (1)
month, two (2) months, three (3) months, six (6) months, nine (9) months, twelve (12) months or (if
approved by the applicable Metal Lender) twenty-four (24) months, after such Drawdown Date (or such
other period as the applicable Metal Lender and the Customer shall agree upon from time to time
thereafter), as the Customer may select in its relevant notice pursuant to Sections 2.4 or
2.5; provided, however, that, if such Fixed Rate Period would otherwise end
on a day which is not a London Banking Day, such Fixed Rate Period shall end on the next following
London Banking Day; provided, however, that if such next following London Banking
Day is the first London Banking Day of a calendar month, such Fixed Rate Period shall end on the
next preceding London Banking Day; and no Fixed Rate Period may end on a date later than ten (10)
Business Days prior to the Maturity Date.

“Floating Consignment Fee” means a consignment fee calculated in accordance with the
provisions of Section 2.3(c) hereof.

“Floating Rate Consignment(s)” means a Consignment bearing a Floating Consignment Fee.

“Fraudulent Transfer Laws” shall have the meaning set forth in Section 16.17
hereof.

“GAAP” means generally accepted accounting principles in the United States of America,
including any successor to such principles.

“Gold” means, except as provided in, and for the purposes of, Section 2.1(b)
hereof, gold having a minimum degree of fineness of ninety-nine and 50/100 percent (99.50%), in
bars of approximately four hundred (400) troy ounces, one hundred (100) troy ounces or in bottles
of one (1) kilo (32.150 troy ounces) each, or in bags of gold grain of approximately one hundred
(100) troy ounces each, in form available to the Gold Lender, or in such other degree of fineness
or form as the parties may agree upon from time to time.

“Gold Consignment Limit” means the least of: (a) Twenty-Five Million Dollars
($25,000,000); (b) the value (as determined in accordance with Section 2.2 hereof) of
Thirty-Six Thousand troy ounces (36,000 oz.) of Gold; and (c) the value (as determined in
accordance with Section 2.2 hereof) of the Customers’ Inventory of Gold (including any Gold
obtained or, at the time of determination, proposed to be obtained, by a Customer pursuant to this
Agreement) at Approved Locations or in transit between any Approved Locations which is (i) not
outstanding on consignment, loan or lease to the Customers from other Approved Consignors under
Permitted Metals Agreements, and (ii) is free and clear of all Liens other than Permitted Metal
Liens; provided, however, that, to the extent such Inventory of Gold is comprised
of Equity Gold, only the Gold Lender’s Pro-Rata Share of such Equity Gold shall be included for the
purpose of this clause (c).

“Gold Indebtedness” means the value (as determined in accordance with Section
2.2 hereof) of Gold consigned hereunder plus any unpaid purchase price for such
consigned Gold that has been withdrawn from Consignment and is required to be purchased under the
Consignment Facility.

“Gold Lender” has the meaning set forth in the Preamble.

“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, beryllium, radon
gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law.

“Indebtedness” of a Person means, without duplication, such Person’s (a) obligations
for borrowed money, (b) obligations representing the deferred purchase price of property or
services (other than accounts payable arising in the ordinary course of such Person’s business
payable on terms customary in the trade), (c) obligations, whether or not assumed, secured by Liens
or payable out of the proceeds or production from property now or hereafter owned or acquired by
such Person, (d) obligations which are evidenced by notes, acceptances, or other similar
instruments, (e) obligations of such Person to purchase securities or other property arising out of
or in connection with the sale of the same or substantially similar securities or property or any
other off-balance sheet liabilities, (f) obligations under Capitalized Leases, (g) contingent
obligations for which the underlying transaction constitutes Indebtedness under this definition,
(h) the stated face amount of all letters of credit or bankers’ acceptances issued for the account
of such Person and, without duplication, all reimbursement obligations with respect to such issued
letters of credit, (i) any and all obligations, contingent or otherwise, whether now existing or
hereafter arising, under or in connection with Swap Agreements, including, without limitation, Net
Mark-to-Market Exposure, and (j) obligations of such Person under any sale and leaseback
transaction.

“Indemnified Liabilities” shall have the meaning set forth in Section 16.15
hereof.

“Indemnified Parties” shall have the meaning set forth in Section 16.15
hereof.

“Intercreditor Agreements” means (a) the Lender Intercreditor Agreement, and (b) the
Metal Intercreditor Agreement, as each may be amended from time to time.

“Inventory” shall have the meaning set forth in Article 9 of the Uniform Commercial
Code.

“Joinder Agreement” means a Joinder Agreement in a form reasonably acceptable to the
parties hereto pursuant to which each operating Subsidiary of BEM which holds Consigned Metal may
become a Customer and a party to this Agreement.

“Lender Intercreditor Agreement” means the Intercreditor Agreement between the
Collateral Agent on behalf of the Metal Lenders and the other Approved Consignors and the Agent on
behalf of the Lenders under the Senior Credit Agreement, as amended, restated or supplemented from
time to time.

“Letter of Credit” means an irrevocable stand-by letter of credit in favor of the
Collateral Agent for the benefit of the Approved Consignors, reasonably acceptable to the
Collateral Agent in form and substance, issued and delivered to the Collateral Agent by JPMorgan
Chase Bank, N.A. or any other domestic bank reasonably acceptable to the Collateral Agent.

“Letter of Credit Locations” means, collectively, the Approved Foreign Locations, the
Approved Subconsignee Locations, and from and after the date that is ninety (90) days after the
Closing, any leased Approved Domestic Locations that are not then or thereafter the subject of a
valid and effective Collateral Access Agreement.

“Leverage Ratio” means the ratio, determined as of the last day of each Fiscal Quarter
of BEM for the then most-recently ended four (4) Fiscal Quarters of (a) Consolidated Funded Debt to
(b) Consolidated EBITDA.

“Lien” means any lien (statutory or other), mortgage, security interest, consignment
interest, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference,
priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, the interest of a vendor or lessor under any conditional sale,
Capitalized Lease or other title retention agreement).

“London Banking Day” means any day on which commercial banks are open for
international business (including dealings in dollar deposits) in London.

“Material Adverse Effect” means a material adverse effect on (a) the business,
property, condition (financial or otherwise), or results of operations of BEM and its Subsidiaries
taken as a whole, (b) the ability of any Customer to perform its material obligations under this
Agreement or the other Metal Documents to which it is a party, (c) a material portion of the
Collateral subject to this Agreement, or the Metal Lenders’ Liens on the Collateral, or the
priority of any such Liens, or (d) the validity or enforceability of any of the Metal Documents or
the rights or remedies of the Metal Lenders thereunder.

“Material Indebtedness” means any Indebtedness (other than the Obligations), or
obligations in respect of one or more Swap Agreements, of any one or more of the Customers in an
aggregate principal amount exceeding $10,000,000 (or the equivalent thereof in currencies other
than dollars). For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of the Customers in respect of any Swap Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that the Customer would be required to
pay if such Swap Agreement were terminated at such time.

“Maturity Date” means September 30, 2010. Any obligations of the Customers under this
Agreement which are not paid when due on or before the Maturity Date shall remain subject to the
provisions of this Agreement until all Obligations are paid and performed in full.

“Metal” means Gold and/or Copper as the context requires.

“Metal Documents” means this Agreement, the Copper Purchase and Sale Agreement, the
Security Documents and all agreements, instruments and documents relating thereto which have been
executed or delivered by or on behalf of a Customer.

“Metal Intercreditor Agreement” has the meaning set forth in Section 9.21
hereof.

“Metal Lenders” means both the Gold Lender and the Copper Lender, and “Metal
Lender” means (a) with respect to Consignments comprised of Gold, the Gold Lender, (b) with
respect to Consignments comprised of Copper, the Copper Lender, and (c) with respect to all other
matters, either the Gold Lender or the Copper Lender, in each case, as the context requires.

“Metal Lender’s Address” means with respect to either Metal Lender, c/o Canadian
Imperial Bank of Commerce, 161 Bay Street, 5th Floor, Toronto, Ontario, Canada M5J 2S8,
or such other address as the applicable Metal Lender shall designate from time to time in
accordance with the provisions hereof.

“More Restrictive Provision” shall have the meaning set forth in Section 9.26
hereof

“Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the
excess (if any) of all unrealized losses over all unrealized profits of such Person arising from
Swap Agreements. As used in this definition, “unrealized losses” means the fair market value of
the cost to such Person of replacing such Swap Agreement as of the date of determination (assuming
the Swap Agreement were to be terminated as of that date), and “unrealized profits” means the fair
market value of the gain to such Person of replacing such Swap Agreement as of the date of
determination (assuming such Swap Agreement were to be terminated as of that date).

“Obligations” means any and all Indebtedness, obligations and liabilities of the
Customers to the Metal Lenders of every kind and description, direct or indirect, joint or several,
absolute or contingent, due or to become due, whether for payment or performance, now existing or
hereafter arising under this Agreement or any other Metal Document, including, without limitation,
all Indebtedness (including any Indebtedness arising from payments by the Metal Lenders to any
Customer required under the Bankruptcy Code) and obligations of the Customer under the Consignment
Facility, and all interest, taxes, fees, charges, expenses and attorneys’ fees chargeable to the
Customers hereunder or thereunder.

“Other Taxes” means all present or future stamp or documentary taxes or any other
license, use, excise, sales, or property taxes, similar charges or similar levies arising from any
payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect
to, this Agreement.

“Participant” shall have the meaning set forth in Section 14.2(a) hereof.

“Permitted Liens” shall have the meaning set forth in Section 9.14 hereof.

“Permitted Metal Liens” shall have the meaning set forth in Section 9.14
hereof.

“Permitted Metals Agreements” means gold, silver, platinum, palladium, rhodium or
other precious metal and/or copper or other base metal consignment, loan, conditional sale or lease
agreements or arrangements entered into from time to time by BEM or any of its Subsidiaries. The
term “Permitted Metals Agreements” shall not include Client-Customer Arrangements.

“Person” means an individual, corporation, partnership, limited liability company,
joint venture, trust, or unincorporated organization.

“Physical Metal Deficiency” shall have the meaning set forth in Section
9.24(c) hereof.

“Premises” means any real estate owned, used or leased by a Customer or an Affiliate
of a Customer.

“Pro-Rata Share” has the meaning set forth in the Metal Intercreditor Agreement.

“Refining Reserve” means one hundred five percent (105%) of the value (as determined
in accordance with Section 2.2 hereof) of (without duplication) (i) all Consigned Metal, in
each case, located at any Letter of Credit Location, and (ii) all Approved Subconsignee Metal;
provided, however, that the foregoing percentage may be adjusted by the Metal
Lenders from time to time in its reasonable discretion.

“Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any equity interests in any Customer, or any payment
(whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
such equity interests in any Customer or any option, warrant or other right to acquire any such
equity interests in a Customer.

“Security Documents” means the Intercreditor Agreements and all agreements delivered
in connection with the foregoing, and any other agreements now or hereafter securing the
Obligations of the Customers to the Metal Lenders.

“Senior Credit Agreement” means that certain Credit Agreement, dated as of November 7,
2007, among BEM, Williams Advanced Materials (Netherlands), B.V., the other foreign Subsidiary
borrowers party thereto from time to time, certain lenders party thereto from time to time, and
JPMorgan Chase, National Association, as administrative agent, as amended, refinanced or otherwise
replaced from time to time. If the Senior Credit Agreement is hereafter amended, refinanced or
otherwise replaced (including, without limitation, with an unsecured credit facility), the parties
hereto shall negotiate in good faith to make appropriate modifications to this Agreement acceptable
to the parties hereto, such that the applicable representations, warranties, agreements, covenants
and Events of Default herein conform to their corresponding provisions of such amended, refinanced
or replaced credit facility; provided, however, that the Metal Lenders will not be
required to make any such modifications to the extent they would cause the Collateral Agent or the
Metal Lenders to surrender, release or otherwise compromise their security interest in the
Collateral.

“Subordinated Indebtedness” means Indebtedness of the Customer which is subordinated
in writing to all Obligations of the Customer to the Metal Lenders on terms satisfactory to the
Metal Lenders.

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more Subsidiaries of the parent or by
the parent and one or more Subsidiaries of the parent.

“Swap Agreement” means any transaction (including an agreement with respect thereto)
now existing or hereafter entered into by any Customer which is a rate swap, basis swap, forward
rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity
index option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, forward transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions) or any combination thereof, whether linked to
one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures.

“Taxes” means all present and future taxes (including income taxes), levies, imposts,
duties, deductions, withholdings, assessments, similar fees or similar charges imposed by any
governmental authority in the United States of America, any State therein, and any subdivision of
any of the foregoing other than any Excluded Tax; provided, that Taxes shall not include
any income taxes or franchise taxes imposed by any governmental authority in Canada, any Province
therein, or any subdivision of any of the foregoing.

“Type” means as to any Consignment under the Consignment Facility, its nature as a
Fixed Rate Consignment or a Floating Rate Consignment.

“Uniform Commercial Code” or “UCC” means the Uniform Commercial Code in effect
or the date hereof in the State of New York, or such other jurisdiction if otherwise required by
applicable law.

To the extent not defined in this Section l, unless the context otherwise requires,
accounting and financial terms used in this Agreement shall have the meanings attributed to them by
GAAP, and all other terms contained in this Agreement shall have the meanings attributed to them by
Article 9 of the Uniform Commercial Code in force in the State of New York, as of the date hereof
to the extent the same are used or defined therein.

	2.	 	CONSIGNMENT FACILITY.

	 	 	 	Section 2.1 Consigned Metal; Insurance; Title.

(a) Subject to the terms and conditions herein set forth and provided that no Default has
occurred and is then continuing, the Metal Lenders hereby agree that they will consign Metal to the
Customers from time to time in such amounts as are requested by the Customers or the Customer Agent
on behalf of the Customers in the manner set forth herein on any Business Day during the period
from the date hereof until the Maturity Date; provided, however, that no
Consignment shall be made if, after giving effect thereto, the Gold Indebtedness would exceed the
Gold Consignment Limit or the Copper Indebtedness would exceed the Copper Consignment Limit.

(b) The commodities to be consigned to the Customers by the Metal Lenders under the
Consignment Facility will consist of Gold and Copper; provided, however, that
notwithstanding anything in this Agreement to the contrary, unless the parties otherwise agree, the
fineness of Gold shall, subject to Section 2.1(h) below, be ninety-nine and 99/100 percent
(99.99%). EXCEPT FOR THE FINENESS OF THE CONSIGNED METAL AND THE QUANTITY THEREOF WITH RESPECT TO
EACH CONSIGNMENT, THE METAL LENDERS MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR
IMPLIED, WITH RESPECT TO THE GOLD OR COPPER CONSIGNED OR TO BE CONSIGNED OR SOLD HEREUNDER, WHETHER
AS TO MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER MATTER, AND THE METAL LENDERS
HEREBY DISCLAIM ALL SUCH WARRANTIES.

(c) Metal shall be consigned to the Customers by the Metal Lenders in amounts as requested by
a Customer or the Customer Agent on behalf of the Customers from time to time in accordance, and in
compliance, with the terms and provisions hereof. Subject to Section 2.9 below, it is
understood that at no time shall the Gold Indebtedness exceed the Gold Consignment Limit or the
Copper Indebtedness exceed the Copper Consignment Limit.

(d) All deliveries of Metal requested by the Customers or the Customer Agent on behalf of the
Customers shall be made at the Customers’ expense and risk by a recognized reputable carrier of the
applicable Metal Lender’s reasonable selection or, at the request of the applicable Customer or the
Customer Agent, by the applicable Metal Lender crediting the account of a Customer with a third
party designated by the parties for such purpose. Following such request for Consigned Metal to be
delivered to a Customer in accordance with Customer’s instructions, the Customers shall insure the
Consigned Metal, including all Consigned Metal which is in transit between Approved Locations, in
an amount not less than the value thereof (as determined in accordance with Section 2.2),
at all locations on an all risk form, including flood and earthquake and such other insurance
(including but not limited to, fraud insurance and / or fidelity insurance for all employees,
including officers) as may from time to time be reasonably required by the applicable Metal Lender.
The Customers shall, as between the Metal Lenders and the Customers, accept all risk of loss to
the Consigned Metal upon delivery of such Consigned Metal to or for the account of any Customer in
accordance with the provisions hereof until its return to the applicable Metal Lender as
hereinafter provided. All insurance provided for in this Subsection (d) shall be effected under
valid and enforceable policies, issued by financially sound and responsible insurance companies
which are admitted in the jurisdiction in which the Consigned Metal is located, or are approved
under the applicable states’ surplus lines insurance laws. At least fifteen (15) days prior to the
expiration dates of all insurance policies required under this Subsection (d) or if otherwise
reasonably requested by the applicable Metal Lender, the Customers or the Customer Agent shall
deliver to such Metal Lender an Acord Form 27 Certificate of Personal Property Insurance or other
similar forms satisfactory to such Metal Lender evidencing the insurance coverage required hereby
and indicating that such Metal Lender is an additional insured and a loss payee as its interests
may appear under such policy. All such insurance policies shall provide at least thirty (30) days’
prior written notice to the applicable Metal Lender of any cancellation or alteration thereof and
shall insure all Consigned Metal wherever it is located. At the applicable Metal Lender’s request,
the Customers will furnish the Metal Lender with a true and complete copy of all insurance policies
evidencing the satisfaction of the Customers’ insurance obligations hereunder. Notwithstanding the
foregoing, neither Metal Lender shall be under any duty either to ascertain the existence of or to
examine any such policy or certificate or to advise the Customers in the event such policy shall
not comply with the requirements hereof.

(e) Title to Consigned Metal shall remain in the applicable Metal Lender until such Consigned
Metal is purchased and withdrawn from consignment by a Customer, and Consigned Metal shall for the
purposes of this Agreement be deemed to be outstanding on Consignment until paid for in full,
whereupon title to such purchased Consigned Metal shall pass to the Customer to whom such Metal was
consigned, or until such Consigned Metal is returned or redelivered by the Customer as provided in
Section 2.3(g) or 2.9(a)(ii) hereof. Each Customer hereby authorizes each Metal
Lender to file financing statements against such Customer with respect to the Consigned Metal, and
each Customer agrees, upon request of a Metal Lender, to execute and deliver such other documents
as may be reasonably requested by the Metal Lender to further evidence or perfect the Metal
Lender’s interests as consignor and a secured party under the Uniform Commercial Code.

(f) Until Consigned Metal is purchased and withdrawn from Consignment and paid for in full,
such Consigned Metal and Inventory containing such Consigned Metal shall at all times be physically
located (i) at one or more Approved Locations, or (ii) in transit between any Approved Locations.

(g) The Customers shall pay all license fees, assessments and sales, use, excise, property and
other taxes now or hereafter imposed by any governmental body or authority with respect to the
possession, use, sale, transfer, consignment, delivery or ownership of all Metal consisting of
Consigned Metal (exclusive, however, of any Excluded Taxes imposed on a Metal Lender).

(h) Neither Metal Lender shall be liable for any delay in delivery or for any inability to
deliver Metal hereunder directly or indirectly resulting from any unavailability or scarcity of
Metal, foreign or domestic embargoes, seizure, acts of God, insurrections, acts of terrorism,
strikes, war, the adoption or enactment of any law, ordinance, regulation, ruling or order directly
or indirectly interfering with the production, sale, consignment or delivery of Metal generally,
lack of transportation, fire, flood, explosions or other accidents, events or contingencies beyond
the reasonable control of a Metal Lender.

	 	 	 	Section 2.2 Valuation.

For the purpose of this Agreement, (a) the value of Gold shall be determined on the basis of
the second fixing price for Gold on the valuation date as customarily set by certain members of the
London Bullion Market Association, or if no such price is available for such date, then on the
basis of said second fixing price on the next previous day for which such price was available, and
(b) the value of Copper shall be determined on the basis of the Official Price for a Cash Buyer of
Copper on the valuation date as customarily set by the London Market Exchange, or if no such price
is available for such date, then on the basis of said Official Price on the next previous day for
which such price was available. In the event that the London Bullion Market Association or the
London Market Exchange shall discontinue or alter in any material respect its usual practice of
quoting a price for Gold or Copper, as applicable, on any day for which such a price is necessary
for the purposes of this Agreement, the applicable Metal Lender shall so notify the Customers, and
the Metal Lender, using its reasonable discretion, shall announce a substituted index or mechanism
which shall thereupon become the method of valuation hereunder until the London Bullion Market
Association or London Market Exchange shall resume its usual practices of quoting such prices.

	 	 	 	Section 2.3 Consignment Fees; Payments by the Customers.

(a) During such time as Metal is consigned to any Customer hereunder and until the same is
withdrawn from consignment and returned to the applicable Metal Lender or paid for in full by the
Customer as hereinafter provided, the Customers will pay to the applicable Metal Lender, a fee
computed daily on the value of such Consigned Metal as hereinafter set forth. Such fee shall be
accrued on a daily basis and, in the case of Floating Rate Consignments, shall be paid monthly in
arrears, not later than the fifth (5th) Business Day following the receipt of invoice,
and in the case of Fixed Rate Consignments, shall be paid monthly in arrears, not later than the
fifth (5th) Business Day following the receipt of invoice, and on the last day of the
Fixed Rate Period with respect thereto. All fees payable under this Section 2 shall be
computed on the basis of a 360-day year, counting the actual number of days elapsed.

(b) The Customer may elect to pay either a Floating Consignment Fee or, provided that no
Default has occurred and is then continuing, a Fixed Consignment Fee with respect to each
Consignment of Metal under the Consignment Facility, subject to the terms and conditions
hereinafter set forth.

(c) Each Floating Consignment Fee will be calculated for the period commencing with the
Drawdown Date and shall be at the rate per annum calculated by the applicable Metal Lender and
specified by the Metal Lender from time to time in writing delivered to the Customer Agent at least
seven (7) days prior to the effective date of such rate.

(d) Each Fixed Consignment Fee shall be calculated for the applicable Fixed Rate Period at a
rate per annum equal to (i) the Fixed Gold Rate for Consignments consisting of Gold, plus a
margin above such Fixed Gold Rate (if any) agreed upon by the applicable Customer, or (ii) the
Fixed Copper Rate for Consignments consisting of Copper, in each case, as set forth in the
confirmation evidencing such Fixed Rate Consignment. The quantity and form of Metal, and the Fixed
Rate Period shall be selected by the Customer Agent or the Customer requesting the Consignment, and
consented to by the applicable Metal Lender. Once the specific quantity and Category of Metal and
the specific Fixed Rate Period have been selected and the Fixed Consignment Fee determined and
agreed to by the Customer Agent or applicable Customer and the applicable Metal Lender, such
selections shall be irrevocable and binding on the Customers and the Metal Lender and shall
obligate the Customers to accept the Consignment requested from the Metal Lender, and the Metal
Lender to make such Consignment, in the amount, in the Category and at the Fixed Consignment Fee
for the Fixed Rate Period specified.

(e) [Reserved].

(f) At such time as the Customer shall request the Consignment and delivery of Metal under the
Consignment Facility, it shall become obligated to pay to the applicable Metal Lender a market
premium announced by the Metal Lender at the time of such Consignment (which amount shall include a
premium for providing Metal of the higher percentage of fineness required by Section 2.1(b)
hereof). Such payment is to be made within five (5) Business Days of the Customers’ receipt of an
invoice therefor.

(g) At such time as a Customer shall purchase and withdraw Consigned Metal from Consignment
under the Consignment Facility, it shall become obligated to (i) pay to the applicable Metal Lender
(x) a purchase price computed in accordance with Section 2.2 hereof if such purchase is
effected by the Customer (and the Customer has notified the Metal Lender) prior to 2:30 p.m.,
London Time, on any London Banking Day, plus any applicable premium (provided that the
Customer shall not be required to pay any premium to the extent such premium was paid with respect
to such Metal pursuant to Section 2.3(f) above), or (y) such other purchase price as shall
be mutually agreed upon by the Metal Lender and the Customer, or (ii) deliver Metal to the
applicable Metal Lender’s pool accounts, loco London, free and clear of all Liens (other than Liens
in favor of a Metal Lender) a quantity of Metal equal to the Metal purchased. All payments of
purchase price for Consigned Metal or deliveries of Metal are to be made within two (2) London
Banking Days, provided, however, title to such Consigned Metal shall not pass to
the Customer until the payment in full of such purchase price. Consigned Metal shall be deemed to
have been purchased and withdrawn from Consignment, and payment of the purchase price shall become
due, at the earlier of (A) such time as a Customer shall notify the applicable Metal Lender that it
elects to purchase such Consigned Metal, or (B) such time as a Customer shall sell and deliver such
Consigned Metal to its customers in the ordinary course of its business.

(h) Each Customer hereby authorizes the applicable Metal Lender to charge such Customer’s
account at any time and from time to time for the purpose of paying any amounts which are at any
time payable by the Customers under this Section 2.3. Accordingly, all payments to be made
by the Customers under this Section 2.3 may be automatically debited to any Customer’s
account.

(i) All payments (other than payments in the form of Metal) shall be made by the Customers at
the applicable Metal Lender’s Address herein set forth or such other place as the applicable Metal
Lender may from time to time specify in writing, or by bank wire sent in accordance with the Metal
Lender’s instructions, in lawful currency of the United States of America in immediately available
funds, without counterclaim or setoff and free and clear of, and without any deduction or
withholding for, any taxes or other payments.

(j) All payments shall be applied first to the payment of all reasonable, out-of-pocket fees,
expenses and other amounts then due and payable to the applicable Metal Lender under this
Section 2 (excluding purchase price for Consigned Metal and consignment fees), then to
accrued consignment fees and the balance on account of outstanding purchase price for Consigned
Metal; provided, however, that after the occurrence and during the continuance of
an Event of Default, payments will be applied to the Obligations of the Customers to the Metal
Lenders as the Metal Lenders determine in their sole discretion.

	 	 	 	Section 2.4 Requests for Consignments under the Consignment Facility.

(a) The Customers may request Consignments from the Metal Lenders from time to time by
telephone (if confirmed in writing), e-mail, facsimile or any other means approved by the Metal
Lenders. Upon receipt of any such request for Consignment, the applicable Metal Lender and the
applicable Customer(s) shall agree upon the terms of such Consignment (including the Drawdown Date,
the Category, amount and fineness of Metal to be consigned, the market premium (if any), the Type
of Consignment, the fees and margins to be charged with respect thereto and, if a Fixed Rate
Consignment, the Fixed Rate Period with respect thereto), and upon reaching such agreement, if any,
the applicable Metal Lender shall provide such Customer(s) with written confirmation thereof.

(b) Requests for any Floating Rate Consignments shall be furnished to the applicable Metal
Lender no later than 2:00 p.m. (New York time) one (1) Business Day prior to the proposed Drawdown
Date. Each such notice shall specify (i) the amount and form of Metal requested, and (ii) the
proposed Drawdown Date of such Consignment.

(c) Requests for any Fixed Rate Consignments shall be furnished to the applicable Metal Lender
by 3:00 p.m. (New York time) three (3) London Banking Days prior to the proposed Drawdown Date.
Each such notice shall specify (i) the amount and form of Metal requested, (ii) the proposed
Drawdown Date of such Consignment, and (iii) the Fixed Rate Period for such Consignment.

(d) The Customers irrevocably authorize the applicable Metal Lender to make or cause to be
made, at or about the time of the Drawdown Date of any Consignment of Metal or at the time of
receipt of any payment of purchase price for Consigned Metal or any redelivery of Consigned Metal,
an appropriate notation on the Metal Lender’s books and records reflecting the making of such
Consignment of Metal or (as the case may be) the receipt of such purchase price for Consigned
Metal, or any redelivery of Consigned Metal. The amounts of Gold Indebtedness and Copper
Indebtedness set forth in the applicable Metal Lender’s books and records shall be prima
facie evidence of the amounts owing and unpaid to the Metal Lender, but the failure to
record, or any error in so recording, any such amount on the Metal Lender’s books and records shall
not limit or otherwise affect the obligations of the Customers hereunder to make payments and
perform their obligations under the Consignment Facility.

	 	 	 	Section 2.5 Conversion Options.

(a) Subject to the provisions hereof, the Customers may elect from time to time to convert an
outstanding Floating Rate Consignment to a Fixed Rate Consignment and to convert an outstanding
Fixed Rate Consignment to a Floating Rate Consignment, provided that (i) with respect to
any such conversion of a Fixed Rate Consignment into a Floating Rate Consignment, such conversion
shall only be made on the last day of the Fixed Rate Period with respect thereto; (ii) with respect
to any such conversion of a Floating Rate Consignment to a Fixed Rate Consignment, the Customers
shall give the applicable Metal Lender at least three (3) London Banking Days’ prior written notice
of the day on which such election is effective; and (iii) no Consignment may be converted into a
Fixed Rate Consignment when a Default has occurred and is continuing hereunder. All or any part of
outstanding Consignments under the Consignment Facility may be converted as provided herein.

(b) Subject to the provisions hereof, Fixed Rate Consignments may be continued as such upon
the expiration of a Fixed Rate Period with respect thereto by giving to the applicable Metal Lender
notice of the Customers’ decision to continue an outstanding Consignment as such at least three (3)
London Banking Days’ prior to the day on which such expiration is effective; provided that
no Fixed Rate Consignment may be continued as such while a Default has occurred and is continuing,
but shall be automatically converted to a Floating Rate Consignment on the last day of the first
Fixed Rate Period relating thereto ending during the first occurrence of such Default.

	 	 	 
	Section 2.6

	 	[Reserved].
	
 
	 	 
	Section 2.7

	 	Illegality.
	
 
	 	 

Notwithstanding any other provisions herein, if any present or future law, governmental
regulation, treaty or directive or reasonable interpretation or application thereof shall make it
unlawful for a Metal Lender to make or maintain Fixed Rate Consignments, such Metal Lender shall
forthwith give notice of any such circumstances to the Customers and thereupon (a) the agreement of
the Metal Lender to make Fixed Rate Consignments shall forthwith be suspended, and (b) the Fixed
Rate Consignments then outstanding shall be converted automatically to Floating Rate Consignments
on the last day of each Fixed Rate Period applicable to such Fixed Rate Consignments or within such
earlier period as may be required by law. The Customers shall promptly pay the applicable Metal
Lender any additional amounts necessary to compensate the Metal Lender for any reasonable
out-of-pocket costs incurred by the Metal Lender in making any conversion in accordance with this
Section, including any interest or fees payable by the Metal Lender to lenders of funds obtained by
them in order to make or maintain its Fixed Rate Consignments hereunder.

	 	 	 	Section 2.8 Indemnity.

The Customers shall indemnify the Metal Lenders and hold the Metal Lenders harmless from and
against any loss, cost or expense (including loss of anticipated profits) that the Metal Lenders
have sustained or incurred as a consequence of (a) default by any Customer in payment of any Fixed
Rate Consignments as and when due and payable (including, without limitation, as a result of
prepayment or late payment of the purchase price for the Consigned Metal or the acceleration of the
Consignment Facility Indebtedness pursuant to the terms of this Agreement), which expenses shall
include any such loss or expense arising from interest or fees payable by a Metal Lender to lenders
of funds obtained by it in the ordinary course of business in order to maintain its Fixed Rate
Consignments; (b) default by any Customer in taking a Consignment or conversion after a Customer
had given (or pursuant to Section 2.5 is deemed to have given) its request therefor; and
(c) the purchase of Consigned Metal bearing a Fixed Consignment Fee or the making of any conversion
of any such Consignment to a Floating Rate Consignment on a day that is not the last day of the
applicable Fixed Rate Period with respect thereto, including interest or fees payable by a Metal
Lender to lenders of funds obtained by it in the ordinary course of business in order to maintain
any such Consignments.

	 	 	 	Section 2.9 Maintenance of Consignment Limits.

(a) If the Gold Indebtedness at any time exceeds the Gold Consignment Limit or if the Copper
Indebtedness at any time exceeds the Copper Consignment Limit, then the Customers will promptly,
without further notice or demand by either Metal Lender:

	 	(i)	 	make payment to the applicable Metal Lender, as
provided in Section 2.3(g) hereof, for Consigned Metal having
an aggregate value sufficient to result in (A) the remaining Gold
Indebtedness being not more than the Gold Consignment Limit or (B) the
remaining Copper Indebtedness being not more than the Copper
Consignment Limit, as applicable;

	 	(ii)	 	deliver to the applicable Metal Lender, either
physically (only in such form as agreed to by the Metal Lender) to a
mutually-agreed upon location or to the Metal Lender’s pool accounts,
loco London or through a recognized third party, Gold or Copper, as
applicable, free and clear of all Liens (other than Liens in favor of a
Metal Lender) having an aggregate value (as determined in accordance
with Section 2.2 hereof) sufficient to result in (A) the
remaining Gold Indebtedness being not more than the Gold Consignment
Limit or (B) the remaining Copper Indebtedness being not more than the
Copper Consignment Limit, as applicable; or

	 	(iii)	 	engage in any combination of the actions in
clauses (i) and (ii) above such that (A) the remaining Gold
Indebtedness does not exceed the Gold Consignment Limit or (B) the
remaining Copper Indebtedness does not exceed the Copper Consignment
Limit, as applicable.

(b) Any physical delivery of Metal by a Customer to a mutually-agreed upon location shall be
at the Customers’ expense and risk and shall only be credited to the Customers’ account upon the
applicable Metal Lender’s assaying the value thereof, which assay shall be undertaken by the Metal
Lender as soon as practicable following physical receipt of such Metal.

(c) Each Customer hereby authorizes the applicable Metal Lender to charge such Customer’s
account at any time and from time to time for the purpose of paying any amounts which are at any
time payable by the Customer under this Section 2.9.

	 	 	 	Section 2.10 True Consignment; Grant of Security Interest.

(a) The parties hereto acknowledge their intention that Section 2 of this Agreement
shall provide for a true consignment and that all transactions under this Section 2 shall
constitute true consignments of the Consigned Metal.

(b) To secure the prompt and punctual payment and performance of all Obligations, whether now
existing or hereafter incurred, each Customer hereby grants to the each Metal Lender a continuing
security interest in all of such Customer’s right, title and interest, if any, in (i) the Consigned
Metal, whether now or hereafter existing, (ii) all Inventory of such Customer that contains
Consigned Metal, whether now or hereafter existing, and (iii) all proceeds and products of the
foregoing. Nothing contained in the foregoing grant is intended to conflict with the true
consignment nature of this Agreement with respect to the Consigned Metal.

(c) All Obligations under this Section 2 are also entitled to the benefits of, and are
subject to, the Security Documents.

	 	 	 	Section 2.11 Late Fee.

If the entire amount of a required purchase price payment and/or consignment fee payment under
the Consignment Facility is not paid in full within ten (10) Business Days after the same is due,
the Customers shall pay to the applicable Metal Lender, to the extent permitted by applicable law,
by bank wire to a bank of the Metal Lender’s choice, a late fee equal to five percent (5.0%) of the
required payment.

	 	 	 	Section 2.12 Default Rate.

Upon the occurrence and during the continuance of an Event of Default, the then applicable
rates at which Floating Consignment Fees and Fixed Consignment Fees are calculated and charged
hereunder shall, to the extent permitted by applicable law, at the applicable Metal Lender’s
option, increase by two percentage points (2.0%).

	 	 	 	Section 2.13 Termination; Return of Consigned Metal.

(a) The Consignment Facility shall terminate on the Maturity Date. ALL SUMS OUTSTANDING AND
ALL OBLIGATIONS OUTSTANDING UNDER THE CONSIGNMENT FACILITY WILL BE DUE AND PAYABLE UPON THE EARLIER
OF (I) THE OCCURRENCE OF AN EVENT OF DEFAULT AND THE METAL LENDERS’ ACCELERATION OF THE OBLIGATIONS
AS A RESULT THEREOF, OR (II) THE MATURITY DATE. Upon termination of the Consignment Facility, the
Metal Lenders may credit any amounts then held by them to reduce the amount of the Consignment
Facility Indebtedness in accordance with the provisions of Section 13 hereof. Termination
of the Consignment Facility shall not affect the Customers’ duty to pay and perform their
Obligations to the Metal Lenders under the Consignment Facility in full. Notwithstanding
termination, until all Obligations have been fully satisfied, the Metal Lenders shall retain the
consignment interests and security interests granted under this Agreement and under the Security
Documents, and, except for those specific covenants and conditions dealing with the consigning of
Metal, all terms and conditions of this Agreement shall remain in full force and effect.

(b) Upon termination of the Consignment Facility for any reason, the Customer shall
immediately upon the effective date of termination (i) deliver to a mutually-agreed upon location
any Consigned Metal theretofore consigned to but not purchased and paid for in full by the
Customers under the Consignment Facility (except in the case of a termination of the Consignment
Facility as the result of an Event of Default where in such case, the Customers shall follow the
Metal Lenders’ instructions with respect to delivery); or (ii) make payment for all Consigned Metal
theretofore consigned to but not purchased and paid for in full by the Customers under the
Consignment Facility, the purchase price thereof to be determined in accordance with Section
2.3(g) hereof; or (iii) deliver to the applicable Metal Lender, to such Metal Lender’s pool
accounts, loco London or through a recognized third party, any Consigned Metal theretofore
consigned to but not purchased and paid for in full by the Customers under the Consignment
Facility; or (iv) any combination of the foregoing. Any physical delivery of Consigned Metal by a
Customer to a mutually-agreed upon location shall be at the Customers’ expense and risk and shall
only be credited to the Customers’ account upon the applicable Metal Lender’s assaying the value
thereof, which assay shall be undertaken by the Metal Lender as soon as practicable following
physical receipt of such Metal.

	 	 	 	Section 2.14 Commingling.

Subject to the continuing security interests therein granted by Section 2.10(b)
hereof, the Customers and the Metal Lenders agree that the Customers, in the ordinary course of
their business, shall be permitted to commingle Consigned Metals with any other metals or
metal-containing alloys or other alloys owned or held by the Customers.

	 	 	 	Section 2.15 Taxes.

(a) Any and all payments by or on account of any Obligation of any Customer hereunder shall be
made free and clear of and without reduction or withholding for any Taxes or Other Taxes,
provided that if any Customer shall be required by applicable law to deduct any Taxes
(including any Other Taxes) from such payments, then: (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.15(a)), the applicable Metal Lender receives
an amount equal to the sum it would have received had no such deductions been made; (ii) such
Customer shall make such deductions; and (iii) such Customer shall timely pay the full amount
deducted to the relevant governmental authority in accordance with applicable law

(b) Without limiting the provisions of Section 2.15(a) above, each Customer shall
timely pay any Other Taxes to the relevant governmental authority in accordance with applicable
law.

(c) Each Customer shall indemnify the applicable Metal Lender, within ten (10) days after
demand therefor, for the full amount of any (i) Taxes (including Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section 2.15(c)), (ii) Other
Taxes (including Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this Section 2.15(c)), and (iii) any taxes resulting from a Changed Tax Base, in each
case, as paid by the Metal Lender and including any penalties, interest and reasonable expenses
arising therefrom or with respect thereto (other than any interest or penalties attributable to the
negligence or willful misconduct of a Metal Lender), whether or not such Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant governmental authority. A certificate as
to the amount of such payment or liability delivered to a Customer by the Metal Lender shall be
conclusive absent manifest error.

(d) As soon as practicable after any payment of Taxes or Other Taxes by a Customer to a
governmental authority, such Customer shall deliver to the applicable Metal Lender the original or
a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Metal Lender.

(e) If a Metal Lender determines, in its reasonable discretion, that it has received a refund
or credit of any Taxes or Other Taxes as to which it has been indemnified by a Customer or with
respect to which a Customer has paid additional amounts pursuant to this Section 2.15, it
shall pay to such Customer an amount equal to such refund or credit (but only to the extent of
indemnity payments made, or additional amounts paid, by such Customer under this Section
2.15 with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses of the applicable Metal Lender and without interest (other than any interest
paid by the relevant governmental authority with respect to such refund); provided that
such Customer, upon the request of the Metal Lender agrees to repay the amount paid over to such
Customer to the Metal Lender in the event the Metal Lender is required to repay such refund to such
governmental authority. This subsection shall not be construed to require a Metal Lender to make
available its tax returns (or any other information relating to its taxes that it deems
confidential) to any Customer or any other Person.

(f) The applicable Metal Lender shall execute and deliver to the Customer Agent one or more
(as the Customer Agent may reasonably request) United States Internal Revenue Service Forms W-8ECI,
W-8BEN, W-8IMY (as applicable) and other applicable forms, certificates or documents prescribed by
the United States Internal Revenue Service or reasonably requested by the Customer Agent certifying
as to the Metal Lender’s entitlement to a complete exemption from withholding or deduction of
Taxes. No Customer shall be required to pay additional amounts to the Metal Lender pursuant to
this Section 2.15 with respect to United States withholding and income Taxes to the extent
that the obligation to pay such additional amounts would not have arisen but for the failure of the
Metal Lender to comply with this subsection other than as a result of a change in law.

	3.	 	[RESERVED].

	4.	 	[RESERVED].

	5.	 	[RESERVED].

	6.	 	CONDITIONS.

	 	 	 	Section 6.1 Conditions to the Metal Lenders’ Obligations Hereunder.

The obligation of the Metal Lenders to make the initial Consignments of Metal hereunder is
subject to the satisfaction (or Metal Lenders’ waiver) of all of the following conditions precedent
on the Closing Date:

(a) the delivery of resolutions of the governing body of each Customer then in full force and
effect authorizing the execution, delivery and performance of this Agreement and each other Metals
Document to be executed by such Customer hereunder;

(b) the delivery of true and complete copies of the Constituent Documents of each Customer;

(c) the delivery of the incumbency and signatures of the officers of each Customer authorized
to act with respect to this Agreement and each other Metals Document executed by such Customer;

(d) the initial closing under the Copper Purchase and Sale Agreement shall have occurred;

(e) the Customers shall have approved the form of Uniform Commercial Code financing statements
on Form UCC-1 naming the Customers as consignees/debtors and the Metal Lenders as consignor/secured
party, or other similar instruments or documents, to be filed under the Uniform Commercial Code in
all jurisdictions as may be necessary or, in the opinion of the Metal Lenders, desirable to perfect
the interest of the Metal Lenders pursuant to the terms of this Agreement;

(f) the delivery of an opinion of Jones Day as counsel for the Customers (other than ZTI) in
form and substance acceptable to the Metal Lenders, and the delivery of an opinion of local counsel
to ZTI in form and substance acceptable to the Metal Lenders;

(g) the delivery of an amendment to each of the Lender Intercreditor Agreement and the Metals
Intercreditor Agreement in form and substance acceptable to the Metal Lenders;

(h) The representations and warranties set forth in Section 8 hereof shall be true and
correct in all material respects on and as of the date hereof and the date that such Consignment is
requested and is to occur or be issued;

(i) There shall have been no material adverse change in the Customers’ financial condition or
their financial or business prospects, from those represented in the Financial Statements or other
information (other than projections) submitted to the Metal Lenders by or on behalf of a Customer,
which could reasonably be expected to have a Material Adverse Effect;

(j) The Customer shall have delivered (i) evidence of insurance required by this Agreement,
and (ii) the initial Monthly Collateral Certificate as of the Closing Date, which shall be
acceptable to the Metal Lenders (or the Collateral Agent) in its sole discretion; and

(k) No Default or Event of Default, shall have occurred and be continuing.

	 	 	 	Section 6.2 Conditions to Subsequent Transactions.

The obligation of the Metal Lenders to make any subsequent Consignments is subject to the
following conditions precedent:

(a) All warranties and representations set forth in this Agreement (except those made as of a
specific date) shall be true and correct in all material respects as of the date such Consignment
is requested to be made.

(b) After giving effect to such requested Consignment (as of the proposed date thereof and, on
a pro forma basis as of the last day of the most recent Fiscal Quarter for which
financial statements have been delivered to the Metal Lenders), no Event of Default and no Default
shall have occurred and be continuing or shall result from the requested transaction.

(c) No Customer is the subject of any voluntary or involuntary petition under any chapter of
the Bankruptcy Code, or any proceeding seeking the appointment of a receiver, trustee or custodian
of any of its property or business.

(d) No event(s) shall have occurred, and no circumstance(s) shall exist, which individually or
in the aggregate with other such circumstances or events, has had, or could reasonably be expected
to have, a Material Adverse Effect.

	 	 	 	Section 6.3 Customers’ Confirmation.

Each request by a Customer or the Customer Agent to a Metal Lender for the delivery of Metal
under the Consignment Facility shall be deemed to be a representation and warranty to the Metal
Lender that the respective conditions specified in Section 6.2 for such Consignment have
been satisfied.

	 	 	 	Section 6.4 Authorized Representatives.

The Metal Lenders shall have no responsibility or obligation to ascertain whether any person
identifying himself or herself as a representative of a Customer is in fact an Authorized
Representative of the Customer or is, in fact, authorized to effect the transaction. At their
option, the Metal Lenders may verify any telephonic or telegraphic request for a transaction by
calling an Authorized Representative, and where more than one Authorized Representative is so
authorized, by calling an Authorized Representative or other individual other than the caller or
the individual initiating the transaction. The Customers hereby authorize the Metal Lenders at
their option to record electronically all telephonic requests for transactions that the Metal
Lenders may receive from a Customer or any other person purporting to act on behalf of a Customer.

	7.	 	SECURITY; SUBORDINATION.

	 	 	 	Section 7.1 Collateral.

Except as specified in Schedule 7.1 hereto, the Obligations of the Customers under
this Agreement shall be secured at all times by a security interest in, and each Customer hereby
grants to the Metal Lenders a security interest in, all right, title and interest (if any) of each
Customer in (a) all Metal of each Customer whether such Metal is now or hereafter owned by,
consigned to or loaned to such Customers, or any of them, or in which each such Customer now or
hereafter holds or acquires an interest, (b) all Inventory of each Customer which contains or
consists of Metal, and (c) all proceeds of all of the foregoing, including all accounts arising
from the sale of such Metal and Inventory.

	 	 	 	Section 7.2 Identification of Collateral.

For the purpose of identifying the Collateral, so long as Metal of a particular Category is
subject to any Consignment, all Metal of such Category in the possession or control of each
Customer, or Metal of such Category held by a third party for the account of a Customer, shall
constitute Collateral notwithstanding that (i) such Metal is in alloyed form or is contained in raw
materials, work-in-process, or finished goods, (ii) such Metal was delivered to, or credited to the
account of, a Customer by a third party in exchange for or in consideration of Metal delivered by a
Metal Lender to such third party, (iii) such Metal was sold by a Customer to a Metal Lender and
then consigned or loaned back to such Customer pursuant to this Agreement, (iv) such Metal has been
commingled with other Inventory of the Customers, or (v) such Metal is otherwise demonstrably not
the actual Metal physically delivered by a Metal Lender.

	 	 	 	Section 7.3 Supporting Letters of Credit.

As continuing security for the prompt and punctual payment and performance of all Obligations,
the Customer Agent shall cause one or more Letters of Credit to be issued for the benefit of the
Metal Lenders (or to the Collateral Agent for the benefit of the Metal Lenders and the other
Approved Consignors) to the extent required by Section 9.22 hereof, and maintain such
Letters of Credit at all times until payment in full of the Obligations and termination of the
Metal Lenders’ obligations hereunder.

	 	 	 	Section 7.4 Intercreditor Agreements.

Notwithstanding any provision contained herein to the contrary, as among the Metal Lenders,
the lenders under the Senior Credit Agreement and the Approved Consignors, the priority of security
interests and consignment interests of the Metal Lenders under this Agreement shall be subject to,
and evidenced and confirmed by, the Intercreditor Agreements.

	 	 	 	Section 7.5 Security Documents.

Each Customer agrees to execute and deliver any and all Security Documents, in form and
substance reasonably satisfactory to the Metal Lenders, and take such action as the Metal Lenders
may reasonably request from time to time in order to cause the Metal Lenders to be secured at all
times as described in this Agreement.

	8.	 	REPRESENTATIONS AND WARRANTIES.

As a material inducement to the Metal Lenders to enter into this Agreement and to provide
Metal and financial accommodations contemplated hereby, each Customer hereby represents and
warrants to the Metal Lenders (which representations and warranties shall survive the execution of
this Agreement and the Consignments of Metal) that:

	 	 	 	Section 8.1 Existence and Standing.

Each Customer is a corporation or a limited liability company (as applicable) duly and
properly incorporated or organized, validly existing and (to the extent such concept applies to
such entity) in good standing or full force and effect under the laws of its jurisdiction of
incorporation or organization (as applicable) and has all requisite corporate or limited liability
company (as applicable) authority to conduct its business in each jurisdiction in which its
business is conducted.

	 	 	 	Section 8.2 Authorization and Validity.

Each Customer has the power and authority and legal right to execute and deliver the Metal
Documents to which it is a party and to perform its obligations thereunder. The execution and
delivery by each Customer of the Metal Documents to which it is a party and the performance of its
obligations thereunder have been duly authorized by proper proceedings, and the Metal Documents to
which such Customer is a party constitute legal, valid and binding obligations of such Customer
enforceable against such Customer in accordance with their terms, except as enforceability may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally and except as the same may be subject to general principles of equity.

	 	 	 	Section 8.3 No Conflict; Government Consent.

Neither the execution and delivery by any Customer of the Metal Documents to which it is a
party, nor the consummation of the transactions therein contemplated, nor compliance with the
provisions thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction,
decree or award binding on such Customer or (ii) any Customer’s Constituent Documents, or (iii) the
provisions of any indenture, instrument or agreement to which any Customer is a party or is
subject, or by which it, or its property, is bound, or conflict with or constitute a default
thereunder, or result in, or require, the creation or imposition of any Lien (other than Permitted
Metal Liens) in, of or on the property of such Customer pursuant to the terms of any such
indenture, instrument or agreement. No order, consent, adjudication, approval, license,
authorization, or validation of, or filing (other than the filing of the appropriate Security
Documents), recording or registration with, or exemption by, or other action in respect of any
governmental or public body or authority, or any subdivision thereof, which has not been obtained
by a Customer, is required to be obtained by any Customer in connection with the execution and
delivery of the Metal Documents, the transactions under this Agreement, the payment and performance
by the Customer of the Obligations or the legality, validity, binding effect or enforceability of
any of the Metal Documents.

	 	 	 	Section 8.4 Security Interest in Collateral.

The provisions of this Agreement and the other Metal Documents (once delivered hereunder) will
create legal and valid Liens on all the Collateral in favor of the Metal Lenders, and provided that
the Metal Lenders do what is required to continue the perfection of such Liens under the UCC, such
Liens will constitute perfected and continuing Liens on the Collateral, securing the Obligations,
enforceable against the applicable Customer, and having priority over all other Liens on the
Collateral except in the case of (a) Permitted Metal Liens, to the extent any such Permitted Metal
Liens would have priority over the Liens in favor of a Metal Lender pursuant to any applicable law
or agreement, (b) Liens perfected only by possession (including possession of any certificate of
title) to the extent a Metal Lender has not obtained or does not maintain possession of such
Collateral, and (c) an alteration of such priorities pursuant to the Intercreditor Agreements.

	 	 	 	Section 8.5 Financial Statements.

The audited consolidated financial statements of BEM and its Subsidiaries for the period
ending on December 31, 2008 heretofore delivered to the Metal Lenders and each of the other
financial statements now or hereafter delivered pursuant to Section 9.1 were prepared in
accordance with GAAP (as in effect on the date such statements were prepared) and fairly present
the consolidated financial condition and operations of BEM and its Subsidiaries at such date and
the consolidated results of their operations for the period then ended. The unaudited consolidated
financial statements of BEM and its Subsidiaries for the Fiscal Quarter ended July 3, 2009
heretofore delivered by BEM to the Metal Lenders were prepared in accordance with GAAP (as in
effect on the date such statements were prepared except for the presentation of footnotes and for
applicable normal year-end audit adjustments) and fairly present the consolidated financial
condition and operations of BEM and its Subsidiaries at such date and the consolidated results of
their operations for the period then ended.

	 	 	 	Section 8.6 Material Adverse Change.

Since the date of the most recent financial statements delivered pursuant to Section
9.1 hereof, there has been no change in the business, property, condition (financial or
otherwise) or results of operations of the Customers which could reasonably be expected to have a
Material Adverse Effect.

	 	 	 	Section 8.7 Taxes.

The Customers have filed all U.S. federal, state and local tax returns and all other tax
returns which are required to be filed and have paid all taxes due pursuant to said returns or
pursuant to any assessment received by any Customer, except such taxes, if any, that are being
contested in good faith by appropriate proceedings and for which the applicable Customer has set
aside on its books adequate reserves.

	 	 	 	Section 8.8 Litigation and Environmental Matters.

(a) There are no actions, suits, proceedings or investigations by or before any arbitrator or
governmental authority pending against or, to the knowledge of any Customer, threatened against or
affecting the Customers (i) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect or (ii) that question the validity of this
Agreement or the transactions contemplated hereby. There are no labor controversies pending
against or, to the knowledge of any Customer, threatened against or affecting any Customer (i)
which could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect, or (ii) that question the validity of this Agreement or the transactions
contemplated hereby.

(b) Except with respect to any matters that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, no Customer (i) has failed to comply
with any Environmental Law or to obtain, maintain or comply with any permit, license or other
approval required under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability.

	 	 	 	Section 8.9 Compliance With Laws.

Each Customer is in compliance with all laws, regulations and orders of any governmental
authority applicable to it or its property and all indentures, agreements and other instruments
binding upon it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

	 	 	 	Section 8.10 Investment Company Act.

No Customer is an “investment company” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as amended.

	 	 	 	Section 8.11 Solvency.

(a) Immediately after the making of each Consignment and after giving effect thereto, (i) the
fair value of the assets of each Customer, at a fair valuation, will exceed the debts and
liabilities, subordinated, contingent or otherwise, of each Customer; (ii) the present fair
saleable value of the property of each Customer will be greater than the amount that will be
required to pay the probable liability of each Customer on its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (iii) each Customer will be able to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) each
Customer will not have unreasonably small capital with which to conduct the businesses in which it
is engaged as such businesses are now conducted and are proposed to be conducted after the date
hereof.

(b) The Customers do not intend to and do not believe that they will, incur debts beyond their
ability to pay such debts as they mature, taking into account the timing of and amounts of cash to
be received by them and the timing of the amounts of cash to be payable on or in respect of its
Indebtedness.

	 	 	 	Section 8.12 Shared Benefits of Agreement.

Each Customer expects to derive benefit (and its board of directors or other governing body
has determined that it may reasonably be expected to derive benefit), directly and indirectly, from
the Metal supplied, and financial accommodations extended, by the Metal Lenders to any of the
Customers pursuant to this Agreement. Each Customer has determined that execution, delivery, and
performance of this Agreement and any other Metal Documents to be executed by such Customer is
within its purpose, will be of direct and indirect benefit to such Customer, and is in its best
interest.

	 	 	 	Section 8.13 Specifically Designated National and Blocked Persons.

No Customer or any of its Affiliates is a country, individual, or entity named on the
Specifically Designated National and Blocked Persons (SDN) list issued by the Office of Foreign
Asset Control of the Department of the Treasury of the United States of America.

	9.	 	AFFIRMATIVE AND NEGATIVE COVENANTS.

From the date hereof and until (a) the Obligations have been paid and performed in full, and
(b) the Metal Lenders’ commitments and obligations, have been terminated, each Customer jointly and
severally agrees that:

	 	 	 	Section 9.1 Financial and Collateral Reporting.

Each Customer will maintain a system of accounting established and administered in accordance
with GAAP, and will furnish to the Metal Lenders:

(a) within ninety (90) days after the close of each Fiscal Year of BEM, its audited
consolidated balance sheet and related statements of operations, stockholders’ equity and cash
flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous Fiscal Year, all reported on by Ernst & Young LLP or other independent
public accountants of recognized national standing (without a “going concern” or like qualification
or exception and without any qualification or exception as to the scope of such audit) to the
effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of BEM and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied;

(b) within forty-five (45) days after the end of each of the first three Fiscal Quarters of
each Fiscal Year of BEM, its consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such Fiscal Quarter and the then
elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for
the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the
previous Fiscal Year, all certified by one of its executive officers as presenting fairly in all
material respects the financial condition and results of operations of BEM and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes and any matters;

(c) concurrently with any delivery of financial statements under Section 9.1(a) or
9.1(b) above, a certificate of an executive officer of BEM certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto;

(d) concurrently with any delivery of financial statements under Section 9.1(a) or
9.1(b) above, a certificate of the accounting firm that reported on such financial
statements stating whether they obtained knowledge during the course of their examination of such
financial statements of any Default (which certificate may be limited to the extent required by
accounting rules or guidelines);

(e) as soon as available but in any event within twenty (20) days after the close of each
Fiscal Month, a certificate as of the last day of such Fiscal Month (each a “Collateral
Compliance Certificate”) detailing on a consolidating basis, in form reasonably acceptable to
the Metal Lenders, the quantity and location of all Metal owned or otherwise held by the Customers
(including all Metal outstanding under Permitted Metals Agreements and all Client Metal subject to
any Client-Customer Arrangement) accompanied by a listing of the total insurance coverage with
respect to Consigned Metal at each location as well as Collateral supporting the Refining Reserves,
each of which Collateral Compliance Certificates shall serve as the basis for determining the
Customers’ eligibility for additional Consignments until such time as the Metal Lenders receive an
updated Collateral Compliance Certificate;

(f) as soon as available, but in any event not more than thirty (30) days prior to the end of
each Fiscal Year of BEM, a copy of the plan and forecast (including a projected consolidated and
consolidating balance sheet, income statement and funds flow statement) of BEM for the upcoming
Fiscal Year; and

(g) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Customers, or compliance with the terms of this
Agreement, as the Metal Lenders may reasonably request.

	 	 	 	Section 9.2 Use of Consignments.

Each Customer will use the Consigned Metal for general corporate purposes of the Customers not
otherwise prohibited by this Agreement.

	 	 	 	Section 9.3 Notices.

Each Customer through the Customer Agent, will give prompt notice in writing to the Metal
Lenders of: (a) the occurrence of any Default; (b) the filing or commencement of any action, suit
or proceeding by or before any arbitrator or governmental authority against or affecting any
Customer that, if adversely determined, could reasonably be expected to result in a Material
Adverse Effect; (c) any other development that results in, or could reasonably be expected to
result in, a Material Adverse Effect; and (d) any amendment, supplement or restatement of the
Senior Credit Agreement, together with a copy thereof. Each notice delivered under this
Section 9.3 shall be accompanied by a statement of an executive officer of BEM setting
forth the details of the event or development requiring such notice and any action taken or
proposed to be taken with respect thereto.

	 	 	 	Section 9.4 Conduct of Business.

Each Customer will:

(a) carry on and conduct its business in substantially the same manner and in substantially
the same or related fields of enterprise as is conducted as of the Closing Date;

(b) do all things necessary to remain duly incorporated or organized, validly existing and (to
the extent such concept applies to such entity) in good standing as a domestic corporation or
limited liability company, in its jurisdiction of incorporation or organization as of the date
hereof and maintain all requisite authority to conduct its business in each jurisdiction in which
its business is conducted; and

(c) keep adequate books and records with respect to its business activities in which proper
entries, reflecting all financial transactions, are made in accordance with GAAP and on a basis
consistent with the financial statements delivered to the Metal Lenders pursuant to Section
8.5.

	 	 	 	Section 9.5 Payment of Obligations and Taxes.

Each Customer will pay its obligations (excluding tax liabilities) that, if not paid, could
result in a Material Adverse Effect, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, and (b) such Customer has set aside on its
books adequate reserves with respect thereto in accordance with GAAP. In addition, each Customer
will pay its tax liabilities before the same shall become delinquent, except where (i) the validity
or amount thereof is being contested in good faith by appropriate proceedings, and (ii) such
Customer has set aside on its books adequate reserves with respect thereto in accordance with GAAP.

	 	 	 	Section 9.6 Compliance with Laws and Material Contractual Obligations.

Each Customer will (a) comply with all laws, rules, regulations and orders of any governmental
authority applicable to it or its property (including without limitation Environmental Laws) and
(b) perform in all material respects its obligations under agreements to which it is a party, in
each case except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

	 	 	 	Section 9.7 Inspections; Field Exams.

Each Customer will permit each Metal Lender, by its respective employees, representatives and
agents, from time to time during normal business hours and without disruption to the Customers’
normal business operations to (a) inspect any of the Metal, the Collateral, and the books and
financial records of such Customer, (b) examine, audit and make extracts or copies of the books of
accounts and other financial records of such Customer, (c) have access to its properties,
facilities, the Collateral and its advisors, officers, directors and employees to discuss the
affairs, finances and accounts of such Customer, and (d) review, evaluate and make test
verifications and counts of the Collateral of each Customer, and (e) on not less than forty-eight
(48) hours’ notice conduct field exams of each Customer at the sole cost and expense of each
Customer. If a Default has occurred and is continuing, each Customer shall provide such access to
each Metal Lender at all times and without notice and without regard to whether such access will
disrupt the Customers’ normal business operations. During any inspection conducted at a Customer’s
Premises, each Metal Lender will, and will cause its employees, representatives and agents to,
comply with all health, safety and security requirements of general application in effect at any
such property or location where Collateral or books and records are located.

	 	 	 	Section 9.8 Communications with Accountants.

Each Customer executing this Agreement authorizes the Metal Lenders to communicate directly
with its independent certified public accountants and authorizes and shall instruct those
accountants and advisors to communicate to the Metal Lenders information relating to any Customer
with respect to the business, results of operations and financial condition of any Customer. In
addition, to the extent not otherwise contemplated by Section 9.10(b), each Customer agrees
to, execute and deliver, or cause to be executed and delivered, to the Metal Lenders such other
documents and agreements, and shall take or cause to be taken such actions as the Metal Lenders
may, from time to time, reasonably request to carry out the terms and conditions of this
Section 9.8.

	 	 	 	Section 9.9 Collateral Access Agreements.

Each Customer shall use commercially reasonable efforts to obtain and deliver to the Metal
Lenders within ninety (90) days after the Closing Date (and if obtained with respect to a leased
location, shall thereafter maintain in effect at all times), a Collateral Access Agreement from the
lessor of each leased property or bailee or consignee with respect to any warehouse, processor or
converted facility or other location where Metal or Inventory containing Metal is stored or
located, which Collateral Access Agreement shall be reasonably satisfactory in form and substance
to the Metal Lenders (or the Collateral Agent). The Customers’ failure to obtain any Collateral
Access Agreement will not be deemed a Default or Event of Default hereunder and, for the avoidance
of doubt, at all times when effective Collateral Access Agreements are not in place where required,
the Customers shall be required to satisfy the requirements of Section 9.22 hereof. Each
Customer shall timely and fully pay and perform in all material respects its obligations under all
leases and other agreements with respect to each leased location or third party warehouse where any
Collateral is or may be located.

	 	 	 	Section 9.10 Additional Collateral; Further Assurances.

(a) Subject to applicable law, each Customer shall, unless the Metal Lenders otherwise
consent, (i) cause each operating Subsidiary of BEM which holds Consigned Metal to become or remain
a Customer and become a party to this Agreement by executing a Joinder Agreement.

(b) Without limiting the foregoing, each Customer shall, and shall cause each of BEM’s
Subsidiaries which is required to become a Customer pursuant to the terms of this Agreement to,
execute and deliver, or cause to be executed and delivered, to the Metal Lenders such other
documents and agreements, and shall take or cause to be taken such actions as the Metal Lenders
may, from time to time, reasonably request to carry out the terms and conditions of this Agreement
and the other Metal Documents.

	 	 	 	Section 9.11 Restricted Payments.

No Customer will declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, except (a) BEM may declare and pay dividends with respect to its equity
interests payable solely in additional shares of its common stock, (b) except during the existence
of any Default or Event of Default, Subsidiaries of BEM may declare and pay dividends ratably with
respect to their equity interests; (c) BEM may make Restricted Payments pursuant to and in
accordance with stock option plans or other benefit plans for management or employees of BEM or its
Subsidiaries and (d) BEM and its Subsidiaries may make any other Restricted Payment so long as no
Default or Event of Default has occurred and is continuing prior to making such Restricted Payment
or would arise after giving effect (including pro forma effect) thereto and the aggregate amount of
such Restricted Payments does not exceed 10% of Consolidated Net Worth as of the most recently
ended Fiscal Quarter of BEM for which Financials have been delivered; provided that the
foregoing aggregate limitation for Restricted Payments shall not apply as long as the Leverage
Ratio does not exceed 2.50 to 1.00 immediately prior to and immediately after giving effect to any
such Restricted Payment.

	 	 	 	Section 9.12 Indebtedness.

The Customers will not, nor will they permit any other Customer to, create, incur or suffer to
exist any Indebtedness, except:

(a) the Obligations;

(b) Indebtedness existing on the date hereof and set forth in Schedule 9.12 and
extensions, renewals and replacements of any such Indebtedness with Indebtedness of a similar type
that does not increase the outstanding principal amount thereof;

(c) Indebtedness of any Customer to any other Customer or to any Subsidiary of BEM;

(d) Guarantees by BEM of Indebtedness of any of its Subsidiaries and by any such Subsidiary of
Indebtedness of BEM or any other such Subsidiary;

(e) Indebtedness of any Customer incurred to finance the acquisition, construction or
improvement of any fixed or capital assets, including Capitalized Lease Obligations and any
Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on
any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any
such Indebtedness that do not increase the outstanding principal amount thereof; provided
that the aggregate principal amount of Indebtedness incurred in any Fiscal Year pursuant to this
clause (e) shall not exceed $25,000,000;

(f) contingent obligations (i) by endorsement of instruments for deposit or collection in the
ordinary course of business, (ii) consisting of the reimbursement obligations in respect of letter
of credit obligations permitted by the Senior Credit Agreement, (iii) consisting of the guarantees
of Indebtedness incurred for the benefit of any Subsidiary of BEM if the primary obligation is
expressly permitted elsewhere in this Section 9.12, and (iv) under the Beryllium Contracts;

(g) Indebtedness arising under Swap Agreements having a Net Mark-to-Market Exposure not
exceeding $50,000,000, which amount shall include the Swap Agreements in existence on the Closing
Date;

(h) Indebtedness arising under this Agreement and all other Permitted Metals Agreements in an
aggregate principal amount not to exceed the Aggregate Secured Metal Limit; and

(i) Indebtedness arising under or permitted by the Senior Credit Agreement.

	 	 	 	Section 9.13 Fundamental Changes and Asset Sales.

(a) No Customer will merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in
one transaction or in a series of transactions) any of its assets, (including pursuant to a sale
and leaseback transaction), or any of the equity interests of any of its Subsidiaries (in each
case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the
time thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing:

	 	(i)	 	any Person may merge into BEM in a transaction
in which BEM is the surviving corporation;

	 	(ii)	 	any Customer may merge into any other Customer
(provided that any such merger involving BEM must result in BEM as the
surviving entity);

	 	(iii)	 	any Customer may sell, transfer, lease or
otherwise dispose of its assets to any other Customer;

	 	(iv)	 	each Customer may (A) sell inventory in the
ordinary course of business, (B) effect sales, trade-ins or
dispositions of equipment that is obsolete or no longer useful in any
meaningful way in its business, (C) enter into licenses of technology
in the ordinary course of business, and (D) make any other sales,
transfers, leases or dispositions that, together with all other
property of the Customers previously leased, sold or disposed of as
permitted by this clause (D) during any Fiscal Year of BEM, does not
represent property with a book value that (1) is greater than 10% of
the Consolidated Total Assets of BEM or (2) is responsible for more
than 10% of the consolidated net sales or of the Consolidated Net
Income of BEM, in each case, as would be shown in the consolidated
financial statements of BEM as at the beginning of the four-quarter
period ending with the quarter in which such determination is made (or
if financial statements have not been delivered hereunder for that
quarter which begins the four quarter period, then the financial
statements delivered hereunder for the quarter ending immediately prior
to that quarter); and

	 	(v)	 	any Customer may liquidate or dissolve if (A)
BEM determines in good faith that such liquidation or dissolution is in
the best interests of BEM and is not materially disadvantageous to the
Metal Lenders, and (B) possession of any Collateral hereunder is
transferred to one or more other Customers in connection with such
liquidation or dissolution.

(b) No Customer will engage to any material extent in any business other than businesses of
the type conducted by the Customers on the Closing Date and businesses reasonably related thereto.

(c) No Customer will change its Fiscal Year from the basis in effect on the Closing Date.

	 	 	 	Section 9.14 Liens.

No Customer will create, incur, or suffer to exist any Lien in, of, or on any of the
Collateral of such Customer, except the following (collectively, “Permitted Liens”):

(a) Liens created pursuant to any Metals Document;

(b) Liens arising in connection with Permitted Metals Agreements;

(c) Liens arising in connection with the Senior Credit Agreement subject to the Lender
Intercreditor Agreement;

(d) any Lien on any property or asset of any Customer existing on the date hereof and set
forth in Schedule 9.14; provided that (i) such Lien shall not apply to any other
property or asset of a Customer and (ii) such Lien shall secure only those obligations which it
secures on the date hereof and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof;

(e) any Lien existing on any property or asset prior to the acquisition thereof by any
Customer or existing on any property or asset of any Person that becomes a Customer after the date
hereof prior to the time such Person becomes a Customer; provided that (i) such Lien is not
created in contemplation of or in connection with such acquisition or such Person becoming a
Customer, as the case may be, (ii) such Lien shall not apply to any other property or assets of a
Customer and (iii) such Lien shall secure only those obligations which it secures on the date of
such acquisition or the date such Person becomes a Customer, as the case may be, and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof;

(f) Liens on fixed or capital assets acquired, constructed or improved by any Customer;
provided that (i) such security interests secure Indebtedness permitted by Section
9.12(e), (ii) the Indebtedness secured thereby does not exceed the cost of acquiring,
constructing or improving such fixed or capital assets and (iii) such security interests shall not
apply to any other property or assets of the Customer;

(g) Liens for taxes, fees, assessments, or other governmental charges or levies on the
property of any Customer if such Liens (i) shall not at the time be delinquent or (ii) subject to
the provisions of Section 9.5, do not secure obligations in excess of $10,000,000 and a
stay of enforcement of such Lien is in effect;

(h) Liens imposed by law, such as carrier’s, warehousemen’s, and mechanic’s Liens and other
similar Liens arising in the ordinary course of business which secure payment of obligations not
more than ten days past due or which are being contested in good faith by appropriate proceedings
diligently pursued and for which adequate reserves shall have been provided on the Customer’s
books;

(i) statutory Liens in favor of landlords of real property leased by a Customer;
provided that, the Customer is current with respect to payment of all rent and other
material amounts due to such landlord under any lease of such real property;

(j) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar
legislation or to secure the performance of bids, tenders, or contracts (other than for the
repayment of Indebtedness) or to secure indemnity, performance, or other similar bonds for the
performance of bids, tenders, or contracts (other than for the repayment of Indebtedness) or to
secure statutory obligations (other than liens arising under ERISA or Environmental Laws) or surety
or appeal bonds, or to secure indemnity, performance, or other similar bonds;

(k) the equivalent of the types of Liens discussed in clauses (g) through (j) above,
inclusive, in any jurisdiction in which the Customer is engaged in business or owns property or
assets;

(l) Liens arising from judgments or orders under circumstances that do not constitute an Event
of Default under Section 10.1(k);

(m) Liens in favor of or asserted by any Client in Client Metals under or in connection with
any Client-Customer Arrangement; and

(n) other Liens not otherwise permitted above so long as the aggregate principal amount of the
obligations subject to such Liens does not at any time exceed $10,000,000.

The Permitted Liens referred to in this Section 9.14, excluding those referred to in
clauses (e), (g) and (n) above, are referred to in this Agreement as “Permitted Metal
Liens”.

	 	 	 	Section 9.15 Change of Name or Location.

No Customer shall (a) change its name as it appears in official filings in the state of its
incorporation or organization, (b) change its chief executive office, principal place of business,
mailing address, corporate offices or warehouses or locations at which Collateral is held or
stored, or the location of its records concerning the Collateral, (c) change the type of entity
that it is, (d) change its organization identification number, if any, issued by its state of
incorporation or other organization, or (e) change its state of incorporation or organization, in
each case, without at least fifteen (15) Business Days’ prior written notice to the Metal Lenders
and the Metal Lenders shall have either (i) determined that such event or occurrence will not
adversely affect the validity, perfection or priority of their security interest in the Collateral,
or (ii) after the Metal Lenders’ written acknowledgement that any reasonable action requested by
the Metal Lenders in connection therewith, including to continue the perfection of any Liens in
favor of the Metal Lenders in any Collateral, has been completed or taken, and, provided that, with
respect to any Customer, any new location shall be in continental U.S.

	 	 	 	Section 9.16 Amendments to Agreements.

No Customer will amend or terminate its Constituent Documents in any manner that could
reasonably be expected to materially and adversely affect the Metal Lenders’ Liens on the
Collateral.

	 	 	 	Section 9.17 Financial Covenants.

(a) Maximum Leverage Ratio. BEM will not permit the Leverage Ratio, determined as of
the end of each of its Fiscal Quarters for the then most-recently ended four Fiscal Quarters, to be
greater than 3.50 to 1.00.

(b) Minimum Fixed Charge Coverage Ratio. BEM will not permit the Fixed Charge
Coverage Ratio, determined as of the end of each of its Fiscal Quarters for the then most-recently
ended four Fiscal Quarters, to be less than 1.50 to 1.00.

	 	 	 	Section 9.18 Subordination of Intercompany Notes.

All Indebtedness evidenced by an intercompany note, together with all accrued interest
thereon, and any other indebtedness for borrowed money now owing or which hereafter may become
owing by or from a Customer to any other Customer, howsoever such indebtedness may be hereafter
created, extended, renewed or evidenced, together with all accrued interest thereon and any and all
other obligations and liabilities of any kind owing by or from a Customer to any other Customer
shall at all times and in all respects be subordinate and junior in right of payment to any and all
obligations, liabilities and indebtedness of any kind of the Customers to the Metal Lenders
including, without limitation, the Obligations, and any extensions, renewals, modifications, and
amendments thereof and all accrued interest thereon and any fees owing by the Customers to the
Metal Lenders; provided, however, that the Customers may make payments in respect
of intercompany notes as long as (a) no Default has occurred and is continuing and (b) such payment
will not result in a Default.

	 	 	 	Section 9.19 Accounting Methods.

No Customer shall modify or change its method of accounting (other than as may be required to
conform to GAAP) or enter into, modify, or terminate any agreement currently existing, or at any
time hereafter entered into with any third party accounting firm or service bureau for the
preparation or storage of the Customers’ accounting records without such accounting firm or service
bureau agreeing to provide to the Metal Lenders information relating to (a) the Customers’
financial condition and (b) the Collateral.

	 	 	 	Section 9.20 Metal.

No Customer shall grant any security interest or ownership rights to any of its customers with
respect to any of the Consigned Metal whether or not such customers have prepaid orders for the
Consigned Metal or any products or property which does or will include the Consigned Metal.
Notwithstanding the foregoing, the parties agree that any Client may file financing statements or
other public notices with respect to any Client Metal subject to any Client-Customer Arrangement.

	 	 	 	Section 9.21 Metal Intercreditor Agreement.

Notwithstanding anything to the contrary contained in this Agreement or elsewhere, the
relative rights, priorities and interests of the Metal Lenders and the other Approved Consignors in
the Collateral are and shall be exclusively controlled by the terms of that certain Amended and
Restated Intercreditor and Collateral Agency Agreement, dated as of December 28, 2007, with the
Collateral Agent, as collateral agent thereunder (as may be amended, restated or supplemented from
time to time, the “Metal Intercreditor Agreement”), to which the Metal Lenders became a
party by executing and delivering a joinder agreement effective as of the Closing Date. In
addition, the Metal Lenders and each Customer agrees that, notwithstanding any provision of this
Agreement to the contrary, the Customers (or any of them) shall provide security, certificates of
insurance, Letters of Credit, Collateral Access Agreements, appraisals, reports, notices or any
other items directly to the Collateral Agent for the benefit of all of the Approved Consignors, and
upon so doing, will be deemed to have provided such items directly to the Metal Lenders in
satisfaction of the Customers’ obligations under this Agreement, including, without limitation,
with respect to each of the following: (i) insurance coverage and certificates of insurance as
contemplated by Section 2.1(d) hereof; (ii) supporting Letters of Credit as contemplated by
Section 7.3 hereof; (iii) financial reports and certifications as contemplated by
Section 9.1 hereof; (iv) any notices contemplated by Section 9.3 hereof; (v) any
Collateral Access Agreement as contemplated by Section 9.9 hereof; and (vi) notices with
respect to Permitted Metals Agreements and Client-Customer Arrangements as contemplated by
Section 9.24 hereof. The Customers will provide copies of the foregoing to the Metal
Lenders to evidence compliance with this Section 9.21. For the avoidance of doubt, the
Metal Lenders shall be entitled to conduct inspections and field examinations in accordance with
Section 9.7 regardless of whether such inspections or field examinations may also be
conducted by the Collateral Agent.

	 	 	 	Section 9.22 Refining Reserves; Letters of Credit.

The Customers shall at all times maintain the sum of each Metal Lender’s Pro-Rata Share of:
(a) Equity Gold and Equity Copper, plus (b) the available undrawn face amount of all
Letters of Credit which secure the Customers’ Obligations, plus (c) such other Collateral
provided by the Customers (other than Gold or Copper) as the Metal Lenders may approve from time to
time and in which the Metal Lenders and/or the Collateral Agent holds for the benefit of all the
Approved Consignors a first priority perfected security interest, in an amount equal to or greater
than the Refining Reserve. If at any time, the Customers fail to satisfy the requirements of this
Section 9.22, then the Customers shall promptly (i) cause an amount of Consigned Metal to
be returned to the applicable Metal Lender or purchased and paid for, in each case in accordance
with Section 2.9, or (ii) cause an amount of such Consigned Metal (other than Approved
Subconsignee Metal) to be moved to one or more Approved Domestic Locations that are either (x)
owned by a Customer or (y) subject to a valid and effective Collateral Access Agreement, or (iii)
amend one or more Letters of Credit or cause additional Letters of Credit to be issued, or (iv)
purchase or otherwise acquire Equity Gold or Equity Copper, as applicable, or (v) provide
additional Collateral meeting the requirements of clause (c) above, or (vi) engage in any
combination of the foregoing, such that the Customers are in compliance with the covenant set forth
in the first sentence of this Section 9.22.

	 	 	 	Section 9.23 Location of Metal.

(a) The Customers shall at all times maintain one hundred percent (100%) of the Consigned
Metal physically located at (i) one or more Approved Locations, (ii) in transit between any
Approved Locations, or (iii) in transit to a Metal Lender.

(b) The Customers shall not permit the value (as determined pursuant to Section 2.2
hereof) of all Consigned Metal of the Customers in the possession of, or in transit to, Approved
Refiners/Fabricators to exceed $10,000,000 at any time.

(c) The Customers shall not permit the value (as determined pursuant to Section 2.2
hereof) of all Consigned Metal of the Customers in the possession of, or in transit to, Approved
Subconsignees to exceed $5,000,000 at any time.

	 	 	 	Section 9.24 Permitted Metals Agreements.

(a) The Customers shall provide the Metal Lenders with (i) prompt written notice of each
Permitted Metals Agreement and Client-Customer Arrangement entered into by any Customer from time
to time, (ii) a copy of each Permitted Metals Agreement and each agreement entered into to evidence
any Client-Customer Arrangement, (iii) notice of any Lien filed in connection with a Permitted
Metals Agreement or a Client-Customer Arrangement, and (iv) such additional information as the
Metal Lenders may reasonably request from time to time with respect to all Permitted Metals
Agreements and all Client-Customer Arrangements.

(b) The Customers shall ensure that (A) the sum of: (1) the aggregate value (determined in
accordance with Section 2.2 hereof) of all Metal held by the Customers (which may include
Metal obtained or held by any Customer pursuant to this Agreement, any Permitted Metal Agreement
and any Client-Customer Arrangement) at one or more Approved Locations, plus (2) the
aggregate undrawn face amount of any Letters of Credit in excess of the Refining Reserve, at all
times equals or exceeds (B) the sum of: (1) the aggregate value (determined in accordance with
Section 2.2 hereof) of Consigned Metal consigned or loaned to the Customers under this
Agreement, plus (2) the aggregate value (determined in accordance with Section 2.2
hereof) of Metal outstanding to the Customers under all Permitted Metals Agreements (other than
this Agreement), plus (3) the aggregate value (determined in accordance with Section
2.2 hereof) of Metal outstanding to the Customers under any Client-Customer Arrangement.

(c) If it is determined that a Physical Metal Deficiency (as defined below) exists, then
within 45 days of any Authorized Representative becoming aware of such Physical Metal Deficiency,
the Customers shall (A) purchase or otherwise acquire Equity Gold or Equity Copper, or (B) amend
one or more Letters of Credit or cause additional Letters of Credit to be issued, or (C) provide a
Collateral Compliance Certificate evidencing a reduction in such Physical Metal Deficiency, or
(D) engage in any combination of the foregoing, to the extent necessary to cure such Physical Metal
Deficiency. During such 45-day period, the Customer’s failure to comply with Section
9.24(b) shall not be deemed to be a Default under this Agreement. As used in this Agreement,
the term “Physical Metal Deficiency” means the amount, if any, by which (i) the amount
determined pursuant to Section 9.24(b)(i)(B), exceeds (ii) the amount determined pursuant
to Section 9.24(b)(i)(A).

(d) The Customers shall ensure that the Aggregate Secured Metal Facility Indebtedness is at
all times less than the Aggregate Secured Metal Limit.

	 	 	 	Section 9.25 Consigned Gold Location Limit.

No Customer shall, at any time, maintain Gold at any particular Approved Domestic Location
having an aggregate value (as determined in accordance with Section 2.2 hereof) in excess
of the coverage limit of the insurance policy covering such Gold with respect to that particular
Approved Domestic Location.

	 	 	 	Section 9.26 Most Favored Approved Consignor.

The Customers represent and warrant to Metal Lenders that they have provided Metal Lenders
with true and correct copies of all existing Permitted Metals Agreements with Approved Consignors,
except where pricing information may have been redacted therefrom. If after the date of this
Agreement, the Customers enter into a new Permitted Metals Agreement (or amend, supplement or
restate any of the existing Permitted Metals Agreements) with any Approved Consignor that reflects
representations, warranties, covenants, indemnities or events of default (ignoring pricing terms)
that are in addition to or otherwise more restrictive with respect to the Customers than the
comparable provisions set forth in this Agreement (each, a “More Restrictive Provision”),
then effective as of the time the Customers become subject to such More Restrictive Provision, such
More Restrictive Provision shall automatically be deemed to be incorporated into this Agreement for
the benefit of Metal Lenders. The Customers agree to promptly deliver a copy of any such Permitted
Metals Agreement with an Approved Consignor to the Metal Lenders (with pricing terms redacted) and,
at no expense to the Metal Lenders, to promptly enter into an amendment to this Agreement to
reflect the More Restrictive Provisions. Notwithstanding the foregoing, if any More Restrictive
Provision is amended, supplemented, restated or deleted from the Permitted Metals Agreement from
which it was originally selected, then simultaneously therewith such amendment, supplement,
restatement or deletion shall automatically be deemed to be incorporated into this Agreement, and
the parties hereto, at no expense to the Metal Lenders, agree to promptly enter into an amendment
to this Agreement to reflect the same.

	10.	 	EVENTS OF DEFAULT AND ACCELERATION.

	 	 	 	Section 10.1 Events of Default.

In each case of the occurrence of any one or more of the following events (each of which is
herein called an “Event of Default”):

(a) any representation or warranty made or deemed made by or on behalf of a Customer herein or
in any of the Metal Documents or in any certificate, statement or agreement furnished in writing by
the Customers in connection with this Agreement or any Metal Document shall prove to be false or
misleading in any material respect; or

(b) default in the payment of any Obligation, when the same shall become due and payable,
whether at the due date thereof or at a date fixed for payment or by acceleration or otherwise and
continuation thereof for a period of two (2) Business Days; or

(c) default by any Customer in the due observance or performance of, or compliance with, any
covenant or agreement contained in Section 9.2, 9.3, 9.4 (with respect to a
Customer’s existence), any of Sections 9.10 through 9.22, inclusive, or Section
9.24(b); or (ii) default by any Customer in the due observance or performance of, or compliance
with, any covenant or agreement contained in Section 9.23 and continuance of such default
for five (5) Business Days after occurrence; or

(d) default by any Customer (other than a default which constitutes an Event of Default under
another subsection of this Section 10.1) in the due observance or performance of, or
compliance with, any other covenant, condition or agreement to be observed or performed pursuant to
the terms of this Agreement or pursuant to the terms of any other Metal Document and which default
shall continue unremedied for thirty (30) days after Customer Agent’s receipt of written notice
thereof from the Metal Lenders; or

(e) any Customer shall (i) make an assignment for the benefit of creditors; or (ii) file or
suffer the filing of any voluntary or involuntary petition under any chapter of the Bankruptcy Code
by or against any Customer; provided, however, that the involuntary filing of a
petition in bankruptcy against a Customer shall not constitute an Event of Default unless such
Customer fails to object and the petition is not stayed or discharged within sixty (60) days after
the filing thereof; or (iii) apply for or permit the appointment of a receiver, trustee or
custodian of any of the property or business of any Customer; or (iv) become insolvent or suffer
the entry of an order for relief under the Bankruptcy Code; or (v) make an admission in writing of
its inability to pay its debts as they become due; or

(f) the occurrence of any loss, theft, destruction of or damage to any of the Consigned Metal
which is not either adequately covered by insurance payable to a Metal Lender or paid for by the
Customer as provided in this Agreement within fifteen (15) days of such occurrence; or

(g) the occurrence of any attachment of any Lien (other than a Permitted Metal Lien) on any of
the Consigned Metal; or

(h) the occurrence of any attachment of any Lien (other than a Permitted Metal Lien) on any
other Collateral and such attachment shall not be discharged within thirty (30) days of the date
such attachment was made; or

(i) (i) an “Event of Default” shall occur under and as defined in the Senior Credit Agreement;
(ii) an “Event of Default” shall occur under and as defined in any Permitted Metals Agreement that
is subject to the Metal Intercreditor Agreement; or a default shall occur with respect to any
evidence of Material Indebtedness of any Customer, if the effect of such default is to accelerate
the maturity of such Material Indebtedness or to permit the holder thereof to cause such Material
Indebtedness to become due prior to the stated maturity thereof; or if any Material Indebtedness of
any Customer is not paid, when due and payable, whether at the due date thereof or a date fixed for
prepayment or otherwise; or

(j) any Change in Control shall occur; or

(k) one or more judgments for the payment of money in an aggregate amount in excess of
$5,000,000 (or the equivalent thereof in currencies other than dollars) shall be rendered against
any Customer and the same shall remain undischarged for a period of thirty (30) consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to attach or levy upon any assets of the Customer to enforce any such judgment;
or

(l) any Security Document or this Agreement shall for any reason (other than a Metal Lender’s
negligence) fail to create a valid and perfected first priority security interest in any material
portion of the Collateral purported to be covered thereby, except as permitted by the terms of any
Metal Document, or (ii) any Security Document shall fail to remain in full force or effect or any
action shall be taken by a Customer or other party thereto (other than a Metal Lender) to
discontinue or to assert the invalidity or unenforceability of any Security Document; or

(m) any material provision of any Metal Document for any reason ceases to be valid, binding
and enforceable in accordance with its terms, or any Customer shall challenge the enforceability of
any Metal Document (including, without limitation, any Intercreditor Agreement) or shall assert in
writing, or engage in any action or inaction based on any such assertion, that any provision of any
of the Metal Documents has ceased to be or otherwise is not valid, binding and enforceable in
accordance with its terms; or

(n) the Customers shall fail to renew or replace any Letter of Credit securing this Agreement,
or any extension(s) or replacement(s) therefor, at least ten (10) Business Days prior to its
scheduled expiry date, if any, unless the Customers have demonstrated to each of the Collateral
Agent’s and the Metal Lenders’ reasonable satisfaction that the loss of such Letter of Credit is
adequately offset by other existing Letters of Credit and other Collateral and will not result in
an Event of Default with respect to Section 9.22 hereof; or the issuer of any Letter of
Credit shall seek to modify, revoke or terminate its liability under a Letter of Credit, or any
governmental agency shall seek to limit, defer, postpone or terminate the Collateral Agent’s or
Metal Lenders’ rights or the issuer’s liability under a Letter of Credit, unless the Customers have
replaced such Letter of Credit with a substitute Letter of Credit within ten (10) Business Days or
have demonstrated to each of the Collateral Agent’s and Metal Lenders’ reasonable satisfaction that
the loss of such Letter of Credit is adequately offset by other Collateral and will not result in
an Event of Default under Section 9.22 hereof;

then in any such event, immediately upon the occurrence of the Event of Default set forth in
subparagraph (e) above, and during the continuance of such Event of Default, at the option of the
Metal Lenders in all other cases (i) the obligations of the Metal Lenders hereunder shall
terminate, (ii) the Customers shall promptly return to the applicable Metal Lender all Consigned
Metal theretofore consigned to but not purchased and paid for by the Customers, (iii) all the
Customers’ obligations to the Metal Lenders (including, without limitation, those under the
Consignment Facility) shall become immediately due and payable without presentment, demand or
notice, all of which are hereby expressly waived, notwithstanding any credit or time allowed to the
Customers or any instrument evidencing the Customers’ Obligations to the Metal Lenders; and (iv)
the Metal Lenders may draw against any and all Letters of Credit securing this Agreement. The
Metal Lenders shall in addition have all of the rights and remedies of a secured party under the
Uniform Commercial Code with respect to any Collateral now or hereafter securing the Customer’s
Obligations hereunder. The Customers shall, at the Metal Lenders’ request, immediately assemble
all such Collateral, and the Metal Lenders may go upon the Customer’s Premises to take immediate
possession thereof.

	 	 	 	Section 10.2 Waiver.

No failure or delay on the Metal Lenders’ part to exercise or to enforce any of their rights
hereunder or under any other instruments or agreement evidencing the Customers’ Obligations to the
Metal Lenders or to require strict compliance with the terms hereof or thereof in any one or more
instances and no course of conduct on the Metal Lenders’ part shall constitute or be deemed to
constitute a waiver or relinquishment of any such rights hereunder unless it shall have signed a
waiver thereof in writing and no such waiver, unless expressly stated therein, shall be effective
as to any transaction which occurs after the date of such waiver or as to any continuance of a
breach after such waiver. The Metal Lenders’ rights hereunder shall continue unimpaired
notwithstanding any extension of time, compromise or other indulgence granted by the Metal Lenders
to the Customers with respect to the Customers’ Obligations to the Metal Lenders or any instrument
given the Metal Lenders in connection therewith, and each Customer hereby waives notice of any such
extension, compromise or other indulgence and consent to be bound thereby as if they had expressly
agreed thereto in advance.

	11.	 	AMENDMENTS/WAIVERS.

This Agreement (including the Exhibits and Schedules hereto) and the other Metal Documents
constitute the entire agreement of the parties herein and supersede any and all prior agreements,
written or oral, as to the matters contained herein, and no modification or waiver of any provision
hereof or of any Metal Document, nor consent to the departure by the Customers therefrom, shall be
effective unless the same is in writing, and then such waiver or consent shall be effective only in
the specific instance, and for the purpose, for which given.

	12.	 	INDEMNIFICATION.

The Customers, jointly and severally, agree to indemnify and hold harmless the Metal Lenders
from and against any and all claims, actions and suits whether groundless or otherwise, and from
and against any and all liabilities, losses, damages and expenses of every nature and character
arising out of this Agreement, the Security Documents or any other Metal Documents executed or
delivered in connection herewith and any related documents or the transactions contemplated hereby
other than to the extent that such liability, claim, action, suit, loss, damages or expense is the
result of gross negligence or willful misconduct of a Metal Lender as determined by a court of
competent jurisdiction in a final, non-appealable judgment, and excluding any of the foregoing
which arise out of claims, actions, and suits brought by the Customers or any of their Affiliates
including, without limitation, (a) any actual or proposed use by the Customers of the Consignment
Facility, (b) the Customers or any of their Affiliates entering into or performing this Agreement
or any of the other documents or agreements executed or delivered in connection herewith and any
related documents, or (c) with respect to the Customers and their Affiliates and their respective
properties and assets, in each case including, without limitation, the reasonable fees and
disbursements of counsel and allocated costs of internal counsel incurred in connection with any
such investigation, litigation or other proceeding. In litigation, or the preparation therefor,
the Metal Lenders shall be entitled to select a single firm of outside counsel to represent them
and, in addition to the foregoing indemnity, the Customers agree to pay promptly the reasonable
fees and expenses of such counsel. If, and to the extent that the obligations of the Customers
under this Section are unenforceable for any reason, the Customers hereby agree to make the maximum
contribution to the payment in satisfaction of such obligations which is permissible under
applicable law. The provisions of this Section shall survive the repayment of the Obligations and
the termination of the obligations of the Metal Lenders hereunder.

	13.	 	SETOFF.

Each Customer hereby grants to the Metal Lenders, a continuing Lien and right of setoff as
security for all liabilities and obligations to the Metal Lenders, whether now existing or
hereafter arising, upon and against all deposits, credits, collateral and property, now or
hereafter in the possession, custody, safekeeping or control of a Metal Lender. At any time upon
the occurrence and during the continuance of an Event of Default, without demand or notice (any
such notice being expressly waived by the Customer), but without any duplication in recovery, the
Metal Lenders may setoff the same or any part thereof and apply the same to any liability or
obligation of any Customer even though unmatured and regardless of the adequacy of any other
Collateral. ANY AND ALL RIGHTS TO REQUIRE A METAL LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH
RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF
SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE CUSTOMER, ARE HEREBY
KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

	14.	 	ASSIGNMENTS.

	 	 	 	Section 14.1 Assignment by Customers.

The rights and obligations of the parties under this Agreement may not be assigned without the
prior written consent of the other parties to this Agreement; provided that a Metal Lender
may assign all or any portion of its rights and obligations under this Agreement without the
consent of the Customers to (a) one or more then-existing Approved Consignors, (b) any Affiliate of
the Metal Lender, (c) any Person that acquires the Metal Lender’s business as an entirety and such
Person expressly agrees to be bound by the terms of this Agreement as the “Gold Lender” or “Copper
Lender,” as applicable, or (d) any Person if an Event of Default has occurred and is continuing.
In addition, the Copper Lender may not assign any portion of its rights or obligations under this
Agreement with respect to Copper without also assigning to the same assignee the Copper Lender’s
rights and obligations under the Copper Purchase and Sale Agreement. All covenants and agreements
of the parties contained herein shall bind such parties and their respective successors and
permitted assigns, and shall inure to the benefit of the parties and their respective successors
and permitted assigns.

	 	 	 	Section 14.2 Participations.

(a) Subject to Section 14.2(b), each Metal Lender shall have the right from time to
time to grant to one or more banks or other financial institutions (each, a “Participant”)
participating interests in the Metal Lender’s obligations under this Agreement and/or any or all of
the commitments held by the Metal Lender under this Agreement. In the event of any such grant by a
Metal Lender of a participating interest to a Participant, the Metal Lender shall remain
responsible for the performance of its obligations hereunder and the Customers shall continue to
deal solely and directly with the Metal Lender in connection with the Metal Lender’s rights and
obligations hereunder. Subject to the terms and provisions of any Metal Document, a Metal Lender
may furnish any information concerning the Customers in its possession from time to time to
prospective Participants, provided that the Metal Lender shall require any such prospective
Participant to agree in writing to maintain the confidentiality of such information.

(b) A Metal Lender may sell participations to a Participant in all or a portion of such Metal
Lender’s rights and obligations under this Agreement (including all or a portion of its commitment
to consign Metal) only with the prior written consent of the Customers (which consent will may not
be unreasonably withheld or delayed); provided that no consent of the Customers will be
required in connection with the sale of any participations (i) where the Participant is a
then-existing Approved Consignor, (ii) where the Participant is an Affiliate of the Metal Lender,
or (iii) if an Event of Default has occurred and is continuing.

(c) In addition, any sale of a participation shall provide that (i) such Metal Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Metal Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, and (iii) the
Customers shall continue to deal solely and directly with the Metal Lender in connection with the
rights and obligations of the parties under this Agreement. Any agreement or instrument pursuant
to which a Metal Lender sells such a participation shall provide that the Metal Lender shall retain
the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement.

	 	 	 	Section 14.3 Pledges.

A Metal Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release the Metal Lender from any of its obligations
hereunder or substitute any such assignee for such Metal Lender as a party hereto.

	15.	 	EXPENSES.

The Customers shall pay upon demand all reasonable out-of-pocket expenses of the Metal Lenders
in connection with the preparation, administration, collection, waiver or amendment of credit
terms, or in connection with the Metal Lenders’ exercise, preservation or enforcement of any of its
rights or remedies hereunder and under the Security Documents, including, without limitation,
reasonable fees of outside legal counsel or the allocated costs of in-house legal counsel,
accounting, consulting, brokerage or other costs relating to any appraisals or examinations
conducted in connection with the loan and consignment or any Collateral therefor, and the amount of
all such expenses shall, until paid, bear interest at the rate applicable to principal hereunder
(including any applicable default rate specified in this Agreement) and be an obligation secured by
any Collateral.

	16.	 	GOVERNING LAW; JURY TRIAL WAIVER; CONSENT TO JURISDICTION; MISCELLANEOUS.

	 	 	 	Section 16.1 Governing Law.

This Agreement and the rights and obligations of the parties hereunder shall be construed and
interpreted in accordance with the laws of the State of New York (excluding the laws applicable to
conflicts or choice of law). Any provision of this Agreement which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

	 	 	 	Section 16.2 Forum; Waiver of Jury Trial.

EACH CUSTOMER HEREBY IRREVOCABLY AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR
ANY OF THE OTHER METAL DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF RHODE ISLAND OR NEW
YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH
COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON CUSTOMER BY MAIL AT THE CUSTOMER’S
ADDRESS SET FORTH IN THIS AGREEMENT. EACH CUSTOMER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT FORUM. EACH CUSTOMER AND EACH METAL LENDER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED ON, OR ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER METAL DOCUMENTS AT ANY TIME EXECUTED IN
CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS OR ACTIONS OF THE METAL LENDERS RELATING TO THE ADMINISTRATION OF THE
CONSIGNMENTS OR ENFORCEMENT OF THE METAL DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO
CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN
WAIVED. EXCEPT AS PROHIBITED BY LAW, EACH CUSTOMER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR
RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES
OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH CUSTOMER CERTIFIES THAT NO REPRESENTATIVE OF A
METAL LENDER OR ATTORNEY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE METAL LENDER WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A
MATERIAL INDUCEMENT FOR THE METAL LENDERS TO ACCEPT THIS AGREEMENT AND EXTENDS THE FACILITIES
HEREUNDER.

	 	 	 	Section 16.3 Usury.

All agreements between the Customers and the Metal Lenders are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the
Indebtedness or Obligations evidenced hereby or otherwise, shall the amount paid or agreed to be
paid to the applicable Metal Lender for the use or the forbearance of the Indebtedness or
Obligations evidenced hereby exceed the maximum permissible under applicable law. As used herein,
the term “applicable law” shall mean the law in effect as of the date hereof provided, however that
in the event there is a change in the law which results in a higher permissible rate of interest,
then this Agreement shall be governed by such new law as of its effective date. In this regard, it
is expressly agreed that it is the intent of the Customers and the Metal Lenders in the execution,
delivery and acceptance of this Agreement to contract in strict compliance with the laws of the
State of New York from time to time in effect. If, under or from any circumstances whatsoever,
fulfillment of any provision hereof or of any of the other Metal Documents at the time of
performance of such provision shall be due, shall involve transcending the limit of such validity
prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to
the limits of such validity, and if under or from circumstances whatsoever a Metal Lender should
ever receive as interest and amount which would exceed the highest lawful rate, such amount which
would be excessive interest shall be applied to the reduction of the non-interest portion of the
Obligations evidenced hereby and not to the payment of interest. This provision shall control
every other provision of all agreements between the Customers and the Metal Lenders.

	 	 	 	Section 16.4 Additional Costs.

If any present or future applicable law, which expression, as used herein, includes statutes,
rules and regulations thereunder and interpretations thereof by any competent court or by any
governmental or other regulatory body or official charged with the administration or the
interpretation thereof and requests, directives, instructions and notices at any time or from time
to time hereafter made upon or otherwise issued to a Metal Lender by any central bank or other
fiscal, monetary or other authority (whether or not having the force of law), shall:

(a) subject a Metal Lender to any Tax (except for any Excluded Tax), levy, impost, duty,
charge, fee, deduction or withholding of any nature with respect to the making of Fixed Rate
Consignments, or

(b) materially change the basis of taxation (except for changes in Excluded Taxes) of payments
to a Metal Lender of the principal of or the interest on Fixed Rate Consignments or any other
amounts payable to a Metal Lender under this Agreement for Fixed Rate Consignments, or

(c) impose or increase or render applicable (other than to the extent specifically provided
for elsewhere in this Agreement) any special deposit, reserve, assessment, liquidity, capital
adequacy or other similar requirements (whether or not having the force of law) against assets held
by, or deposits in or for the account of, or loans by, or commitments of a Metal Lender as they
relate to this Agreement, or

(d) impose on a Metal Lender any other conditions or requirements with respect to Fixed Rate
Consignments or any class of commitments of which any of Fixed Rate Consignments form a part;

(e) and the result of any of the foregoing is:

	 	(i)	 	to increase the cost to the Metal Lender of
making, funding, issuing, renewing, extending or maintaining any of the
Fixed Rate Consignments, or

	 	(ii)	 	to reduce the amount of principal, interest or
other amount payable to the Metal Lender hereunder on account of any of
the Fixed Rate Consignments, or

	 	(iii)	 	to require the Metal Lender to make any
payment or to forego any interest or other sum payable hereunder, the
amount of which payment or foregone interest or other sum is calculated
by reference to the gross amount of any sum receivable or deemed
received by the Metal Lender for the Customers hereunder,

then, and in each such case, the Customers will, upon demand by the applicable Metal Lender, at any
time and from time to time and as often as the occasion therefor may arise, pay to the Metal Lender
such additional amounts as will be sufficient to compensate the Metal Lender (on an after tax
basis, but without duplication of any amounts paid pursuant to Section 2.15) for such
additional cost, reduction, payment or foregone interest or other sum.

	 	 	 	Section 16.5 Capital Adequacy.

If any present or future law, governmental rule, regulation, policy, guideline or directive
(whether or not having the force of law) or the interpretation thereof by a court or governmental
authority with appropriate jurisdiction affects the amount of capital required or expected to be
maintained by a Metal Lender or any corporation controlling a Metal Lender and the Metal Lenders
determine that the amount of capital required to be maintained by them, or any of them, is
increased by or based upon the existence of Fixed Rate Consignments made or deemed to be made
pursuant hereto or the commitments of a Metal Lender hereunder, then the Metal Lenders may notify
the Customer of such fact, and the Customers shall pay to the applicable Metal Lender from time to
time upon demand, as an additional fee payable hereunder, such amount as the Metal Lender shall
determine and certify in a notice to the Customers to be an amount that will adequately compensate
the Metal Lender in light of these circumstances for its increased costs of maintaining such
capital. The Metal Lender shall allocate such cost increases among its customers in good faith and
on an equitable basis.

	 	 	 	Section 16.6 Certificate.

A certificate setting forth any additional amounts payable pursuant to Sections 16.4
and 16.5 and a brief explanation of such amounts which are due, submitted by the Metal
Lenders to the Customers, shall be prima facie evidence that such amounts are due
and owing.

	 	 	 	Section 16.7 Survival of Representations and Covenants.

This Agreement and all covenants, agreements, representations and warranties made herein and
in the certificates delivered pursuant hereto, shall survive the consigning of Consigned Metal by
the Metal Lenders to the Customers and the execution and delivery to the Metal Lenders of this
Agreement, and shall continue in full force and effect so long as any Obligation is outstanding and
unpaid. Whenever in this Agreement any of the parties hereto is referred to, such reference shall
be deemed to include the successors and assigns of such party; and all covenants, promises and
agreements contained in this Agreement by or on behalf of the Customers shall inure to the benefit
of the successors and permitted assigns of a Metal Lender.

	 	 	 	Section 16.8 Notices.

All notices, requests, demands and other communications provided for hereunder shall be in
writing (including telecopied communication) and mailed or telecopied or delivered to the
applicable party at the addresses indicated below; provided that, given their Affiliation with each
other, any notice, request, demand or other communication provided by the Customer Agent or any
Customer to the Gold Lender shall be deemed to have been provided to the Copper Lender, and
vice versa.

If to either Metal Lender:

c/o Canadian Imperial Bank of Commerce

161 Bay Street, 5th Floor

Toronto, Ontario, Canada M5J 2S8

Attention: Ali Namazi and Marty Reszetnik

Telecopy No.: (416) 594-8399 / (416) 594-8307

in each case (except for routine communications) with a copy to:

Canadian Imperial Bank of Commerce

199 Bay Street CCW 11

Toronto, Ontario, Canada M5L 1A2

Attention: Frank Vivacqua

Telecopy No.: (416) 304-4573

If to the Customers:

c/o Brush Engineered Materials Inc.

6070 Parkland Blvd.

Mayfield Heights, Ohio 44124

Attention: Michael C. Hasychak, Vice President, Treasurer and

Secretary

Telecopy No.: (216) 481-2523

in each case (except for routine communications) with a copy to:

Jones Day

325 John H. McConnell Blvd., Suite 600

Columbus, Ohio 43215

Attention: Jeffrey D. Litle, Esq.

Telecopy No.: 614-461-4198

or, as to each party, at such other address as shall be designated by such parties in a written
notice to the other party complying as to delivery with the terms of this Section. All such
notices, requests, demands and other communication shall be deemed given upon receipt by the party
to whom such notice is directed.

	 	 	 	Section 16.9 Lost Documents.

Upon receipt of an affidavit of an executive officer of a Metal Lender as to the loss, theft,
destruction or mutilation of this Agreement or any Security Document which is not of public record,
and, in the case of any such loss, theft, destruction or mutilation, the Customers will execute and
deliver, in lieu thereof, a replacement Agreement or Security Document.

	 	 	 	Section 16.10 Waiver.

Neither any failure nor any delay on the part of the Metal Lenders in exercising any right,
power or privilege hereunder or under any other instrument given as security therefor, shall
operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or
future exercise, or the exercise of any right, power or privilege.

	 	 	 	Section 16.11 Severability.

Any provision of this Agreement or any of the Security Documents or other Credit Documents
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof or affecting the validity or enforceability of such provision in any
other jurisdiction.

	 	 	 	Section 16.12 Section Headings, Etc.

Any Article and Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose.

	 	 	 	Section 16.13 Counterparts.

This Agreement may be executed by the parties hereto in several counterparts hereof and by the
different parties hereto on separate counterparts hereof, each of which shall be an original and
all of which counterparts shall together constitute one and the same agreement. Delivery of an
executed signature page of this Agreement by facsimile transmission shall be effective as an
in-hand delivery of an original executed counterpart hereof.

	 	 	 	Section 16.14 Disclaimer of Reliance.

Neither Metal Lender nor any of the Customers have relied on any oral representations
concerning any of the terms or conditions of this Agreement or any of the Security Documents in
entering into the same. Each party acknowledges and agrees that none of the officers of any other
party has made any representations that are inconsistent with the terms and provisions of this
Agreement and the Security Documents, and no party has relied on any oral promises or
representations in connection therewith.

	 	 	 	Section 16.15 Environmental Indemnification.

In consideration of the execution and delivery of this Agreement by the Metal Lenders and the
making of consignments and other extensions of credit, each Customer hereby indemnifies, exonerates
and holds the Metal Lenders and each of their officers, directors, employees and agents
(collectively, the “Indemnified Parties”) free and harmless from and against any and all
actions, causes of action, suits, losses, costs, liabilities and damages, and expenses incurred in
connection therewith (irrespective of whether any such Indemnified Party is a party to the action
for which indemnification hereunder is sought), including reasonable attorneys’ fees and
disbursements (collectively, the “Indemnified Liabilities”), incurred by the Indemnified
Parties or any of them as a result of, or arising out of, or relating to:

(a) any investigation, litigation or proceeding related to any environmental cleanup, audit,
compliance or other matter relating to the protection of the environment or the release by the
Customers of any Hazardous Material; or

(b) the presence on or under, or the escape, seepage, leakage, spillage, discharge, emission,
discharging or releases from, any real property owned or operated by any Customer of any Hazardous
Material (including any losses, liabilities, damages, injuries, costs, expense or claims asserted
or arising under any Environmental Law), regardless of whether caused by, or within the control of,
a Customer;

except, in each case arising by reason of a Metal Lender’s gross negligence or willful misconduct
as determined by a court of competent jurisdiction in a final, non-appealable judgment. If and to
the extent that the foregoing undertaking may be unenforceable for any reason, the Customer agrees
to make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law. Notwithstanding anything to the contrary
herein contained, the obligations and liabilities under this Section shall survive and continue in
full force and effect and shall not be terminated, discharged or released in whole or in part
irrespective of whether all the Obligations have been paid in full or the Metal Lenders’ commitment
to consign Metal has been terminated.

	 	 	 	Section 16.16 Joint and Several Obligations; Suretyship Waivers and Consents.

(a) Each covenant, agreement, obligation, indemnity, representation and warranty of the
Customers contained herein constitutes the joint and several undertaking of each Customer.

(b) Each Customer acknowledges that the Obligations of such Customer undertaken herein might
be construed to consist, at least in part, of the guaranty of Obligations of the other Customer
and, in full recognition of that fact, each Customer consents and agrees that the Metal Lenders
may, at any time and from time to time, without notice or demand, whether before or after any
actual or purported termination, repudiation or revocation of this Agreement by any Customer, and
without affecting the enforceability or continuing effectiveness hereof as to such Customer: (i)
with the written consent of the other Customers, supplement, restate, modify, amend, increase,
decrease, extend, renew or otherwise change the time for payment or the terms of this Agreement or
any part thereof, including any increase or decrease of the rate(s) of interest thereon; (ii)
supplement, restate, modify, amend, increase, decrease or waive, or enter into or give any
agreement, approval or consent with respect to, this Agreement or any part thereof, or any of the
Security Documents, or any condition, covenant, default, remedy, right, representation or term
thereof or thereunder; (iii) accept partial payments; (iv) release, reconvey, terminate, waive,
abandon, fail to perfect, subordinate, exchange, substitute, transfer or enforce any security or
guarantees, and apply any security and direct the order or manner of sale thereof as the Metal
Lenders in their sole and absolute discretion may determine; (v) release any Person from any
personal liability with respect to this Agreement or any part thereof; (vi) settle, release on
terms satisfactory to the Metal Lenders or by operation of applicable law or otherwise liquidate or
enforce any security or guaranty in any manner, consent to the transfer of any security and bid and
purchase at any sale; or (vii) consent to the merger, change or any other restructuring or
termination of the corporate or partnership existence of any Customer or any other Person, and
correspondingly restructure the Obligations evidenced hereby, and any such merger, change,
restructuring or termination shall not affect the liability of any Customer or the continuing
effectiveness hereof, or the enforceability hereof with respect to all or any part of the
Obligations evidenced hereby.

(c) The Metal Lenders may enforce this Agreement independently as to each Customer and
independently of any other remedy or security the Metal Lenders at any time may have or hold in
connection with the Obligations evidenced hereby, and it shall not be necessary for the Metal
Lenders to marshal assets in favor of any Customer or any other Person or to proceed upon or
against or exhaust any security or remedy before proceeding to enforce this Agreement. Each
Customer expressly waives any right to require the Metal Lenders to marshal assets in favor of any
Customer or any other Person or to proceed against any other Customer or any Collateral provided by
any Person, and agrees that the Metal Lenders may proceed against Customers or any Collateral in
such order as it shall determine in its sole and absolute discretion.

(d) The Metal Lenders’ rights hereunder shall be reinstated and revived, and the
enforceability of this Agreement shall continue, with respect to any amount at any time paid on
account of the Customers’ Obligations to the Metal Lenders which thereafter shall be required to be
restored or returned by a Metal Lender, all as though such amount had not been paid.

(e) To the maximum extent permitted by applicable law, and to the extent that the Obligations
of a Customer are deemed to be a guaranty of the Obligations of another Customer, each Customer
expressly waives any and all suretyship defenses now or hereafter arising or asserted by reason of
(i) any disability or other defense of the other Customers with respect to the Obligations
evidenced hereby, (ii) the unenforceability or invalidity of any security or guaranty for the
Obligations evidenced hereby or the lack of perfection or continuing perfection or failure of
priority of any security for the Obligations evidenced hereby, (iii) the cessation for any cause
whatsoever of the liability of the other Customers (other than by reason of the full payment and
performance of all Obligations), (iv) any failure of the Metal Lenders to comply with applicable
law in connection with the sale or other disposition of any Collateral or other security for any
Obligation, (v) any act or omission of the Metal Lenders or others that directly or indirectly
results in or aids the discharge or release of any Customer or the Obligations evidenced hereby or
any security or guaranty therefor by operation of law or otherwise, (vi) the avoidance of any Lien
in favor of the Metal Lenders for any reason, or (vii) any action taken by the Metal Lenders that
is authorized by this Section or any other provision hereof or of any Security Document. Until
such time, if any, as all of the Obligations have been paid and performed in full and no portion of
any commitments of the Metal Lenders to consign Metal to the Customers under any agreement remains
in effect, no Customer shall have any right of subrogation, contribution, reimbursement or
indemnity from any other Customer, and each Customer (only in its capacity as a guarantor or
surety) expressly waives any right to enforce any remedy that the Metal Lenders now have or
hereafter may have against any other Person and waives the benefit of, or any right to participate
in, any Collateral now or hereafter held by the Metal Lenders.

	 	 	 	Section 16.17 Fraudulent Conveyance.

Anything contained in this Agreement to the contrary notwithstanding, the Obligations of the
Customer shall be limited to a maximum aggregate amount equal to the greatest amount that would not
render such Obligations subject to avoidance as a fraudulent transfer or conveyance under the
Bankruptcy Code or any provisions of applicable state law (collectively, the “Fraudulent
Transfer Laws”), in each case after giving effect to all other liabilities of the Customers,
contingent or otherwise, that are relevant under the Fraudulent Transfer Laws and after giving
effect to the value of assets (as determined under the applicable provisions of the Fraudulent
Transfer Laws) and any rights to subrogation, contribution, reimbursement, indemnity or similar
rights of the Customers pursuant to (a) applicable law or (b) any agreement providing for an
equitable allocation among the Customers and other Affiliates of the Customers of obligations
arising under guarantees by such parties.

*The next page is a signature page*

IN WITNESS WHEREOF, the Metal Lenders and the Customers have caused this Agreement to
be duly executed and delivered by their respective duly authorized representatives as of the day
and year first above written.

	 	 	 
	CUSTOMERS:	 	 
	BRUSH ENGINEERED MATERIALS INC.

By: s/s Michael C. Hasychak

	 	ZENTRIX TECHNOLOGIES INC.

By: s/s Michael C. Hasychak
	 

	 	 
	Name: Michael C. Hasychak

Title: VP, Treasurer & Secretary

	 	Name: Michael C. Hasychak

—

Title: CFO & Secretary
	WILLIAMS ADVANCED MATERIALS INC.

By: s/s Michael C. Hasychak

	 	WILLIAMS ACQUISITION, LLC

By: s/s Michael C. Hasychak
	 

	 	 
	Name: Michael C. Hasychak

	 	Name: Michael C. Hasychak
	 

	 	 
	Title: VP, Treasurer & Secretary

	 	Title: Treasurer
	TECHNICAL MATERIALS, INC.

By: s/s Michael C. Hasychak

	 	THIN FILM TECHNOLOGY, INC.

By: s/s Gary W. Schiavoni
	 

	 	

	Name: Michael C. Hasychak

Title: VP, Treasurer & Secretary

	 	Name: Gary W. Schiavoni

Title: Treasurer
	BRUSH WELLMAN INC.

By: s/s Michael C. Hasychak

	 	TECHNI-MET, LLC

By: s/s Gary W. Schiavoni
	
 
	 	 
	Name: Michael C. Hasychak

	 	Name: s/s Gary W. Schiavoni
	
 
	 	 
	Title: VP, Treasurer & Secretary

	 	Title: Asst. Secretary & Asst. Treasurer
	
 
	 	 
	GOLD LENDER:

	 	COPPER LENDER:
	 

	 	 
	CANADIAN IMPERIAL BANK OF COMMERCE

By: s/s Martin Reszetnik

	 	CIBC WORLD MARKETS INC.

	 

	 	

	Name: Martin Reszetnik

	 	By: s/s Timothy Carrington
	
 
	 	 
	Title: Executive Director

	 	Name: Timothy Carringon

Title: Managing Director

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