Document:

EX-10.2

 

EXHIBIT 10.2

WORTHINGTON INDUSTRIES, INC.

2006 EQUITY INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS

NONQUALIFIED STOCK OPTION AWARD AGREEMENT ISSUED TO

[GRANTEE’S NAME]

Worthington Industries, Inc. (“Company”) and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional compensation based on the
growth of the Company’s business. To this end, you have been granted a nonqualified stock option
purchase 5,000 common shares, without par value (“Shares”), of the Company (“NSO”), subject to the
terms and conditions described in the Worthington Industries, Inc. 2006 Equity Incentive Plan for
Non-Employee Directors (“Plan”) and this Nonqualified Stock Option Award Agreement (“Award
Agreement”).

This Award Agreement describes many features of your NSO and the conditions you must meet before
you may purchase the Shares underlying the NSO. Any capitalized terms not otherwise defined in
this Award Agreement have the same meanings as in the Plan.

To ensure you fully understand the terms and conditions of your NSO, you should:

	 	Ÿ 	 	 Read the Plan and this Award Agreement carefully; and
	 
	 	Ÿ	 	Contact Dale Brinkman at 614-438-3001if you have any questions about your NSO.

Also, no later than [Date that is 30 Days After Grant Date], you must return a signed copy of the
Award Agreement to:

Dale T. Brinkman, Esq.

Worthington Industries, Inc.

200 Old Wilson Bridge Road

Columbus, OH 43085

Nature of Your NSO

You have been granted an NSO to purchase 5,000 Shares if you satisfy the conditions described in
the Plan and this Award Agreement and pay the Exercise Price specified below prior to the
Expiration Date specified below.

Grant Date: Your NSO was granted on [Grant Date].

Number of Shares Underlying Your NSO: You have been granted an NSO to purchase 5,000 Shares.

Exercise Price: $[Exercise Price] per Share

Expiration Date: Your NSO will expire on [Expiration Date no later than the 10th
anniversary of the Grant Date].

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When You May Exercise Your NSO

Normal Vesting Date: You may not exercise your NSO until it vests. Normally, your NSO will vest
(and become exercisable) if you are serving as a Board member on Vesting Date].

This does not mean that you must exercise your NSO on the Normal Vesting Date; this is merely the
first date that you may do so. However, your NSO will expire unless it is exercised before the
Expiration Date ([Expiration Date]).

How Your NSO Might Vest (and Be Exercisable) Earlier Than The Normal Vesting Date: Upon a Business
Combination or a Change in Control, your NSO will become fully vested and exercisable.

How Termination Will Affect Your NSO:

Death, Disability or Retirement. If you Terminate due to death, Disability or Retirement,
your NSO will become fully vested and exercisable on the Termination date and may be
exercised at any time before the earlier of [i] the Expiration Date or [ii] the third
anniversary of the Termination date.

Cause. If you are Terminated for Cause, your NSO (whether or not then exercisable) will be
forfeited on the Termination date.

Termination for Any Other Reason. If you Terminate for any reason not described above and
[i] your NSO is not vested, your NSO will be forfeited on the Termination date, or [ii] your
NSO is vested, your NSO may be exercised at any time before the earlier of [a] the
Expiration Date or [b] the first anniversary of the Termination date.

Other Ways in Which Your NSO May Be Forfeited: Your NSO will be forfeited if, prior to exercising
the NSO, you:

	 	[1] 	 	Without the Board’s written consent, which may be withheld for any reason or
for no reason, serve (or agree to serve) as an officer, director, consultant or
employee of any proprietorship, partnership, corporation, limited liability company or
other entity or become the owner of a business or a member of a partnership that
competes with the Company or a Related Entity or render any service to entities that
compete with the Company or a Related Entity; or
	 
	 	[2] 	 	Deliberately engage in any action that the Board concludes could harm the
Company or any Related Entity.

Exercising Your NSO

     To exercise your NSO, you must:

	 	[1] 	 	Complete a copy of a Nonqualified Stock Option Exercise Notice, which is
available from Dale Brinkman at 614-438-3001; and

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	 	[2]	 	Pay the Exercise Price ([Exercise Price]) for each Share being purchased
through the exercise of the NSO.

When you buy a Share by exercising all or a portion of the NSO, the exercised NSO (or a portion
thereof) is cancelled and no more Shares may be bought through the cancelled NSO (or portion
thereof). The NSO may be exercised with respect to whole Shares only.

If you do not exercise your NSO before the Expiration Date, your NSO will expire and may not be
exercised at a later date.

Procedures for Exercising Your NSO: When you exercise your NSO (or a portion thereof), you may pay
the Exercise Price:

	 	[1] 	 	Through cash or its equivalent. If you elect this alternative, you must pay
the amount of the Exercise Price per Share multiplied by the number of Shares
underlying the NSO being purchased in cash or its equivalent through a check made
payable to “Worthington Industries, Inc.” When the transaction is complete, as soon as
administratively practicable, the Company will issue to you a number of Shares equal to
the portion of the NSO you are exercising;
	 
	 	[2] 	 	Through a cashless exercise. If you elect this alternative, you will receive a
number of Shares with the Fair Market Value equal to the difference between the Fair
Market Value of the Shares being purchased and the aggregate Exercise Price of the
Shares being purchased. You will not have to spend any cash to exercise your NSO, but
you will receive fewer Shares than if you pay the Exercise Price in cash; or
	 
	 	[3]	 	 Through an exchange. If you elect this alternative, you will be deemed to have
simultaneously exercised the NSO and to have sold a number of other Shares (owned by
you for at least six months) with a value equal to the NSO’s aggregate exercise price.
When the transaction is complete, the balance of the Shares subject to the NSO you
exercised will be transferred to you.

If you intend to use either the cashless exercise or exchange method to exercise your NSO, you
should contact Dale Brinkman at 614-438-3001when you complete the Nonqualified Stock Option
Exercise Notice to be sure you understand the effect of these forms of exercise.

Other Rules Affecting Your NSO

Rights Before Your NSO is Exercised: You will have no voting or dividend rights with respect to
Shares underlying an unexercised NSO.

Beneficiary Designation: You may name a beneficiary or beneficiaries to receive or to exercise any
vested NSO that is unexercised at your death. This may be done only on a Beneficiary Designation
Form, which is available from Dale Brinkman at 614-438-3001, and by following the rules described
in that form. This form need not be completed now and is not required as a condition of receiving
your NSO. If you die without completing a Beneficiary Designation Form

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or if you do not complete that form correctly, your beneficiary will be your surviving spouse or,
if you do not have a surviving spouse, your estate.

Transferring Your NSO: Normally, your NSO may not be sold, transferred, pledged, assigned or
otherwise alienated or hypothecated. However, as described above, you may complete a Beneficiary
Designation Form to name a beneficiary or beneficiaries to receive any portion of the NSO that may
be exercised after you die. Also, the Board may allow you to transfer your NSO to certain
Permissible Transferees. Contact Dale Brinkman at the address or number given above if you are
interested in transferring your NSO to a Permissible Transferee.

Governing Law: This Award Agreement will be construed in accordance with and governed by the laws
(other than laws governing conflicts of laws) of the State of Ohio.

Other Agreements: Your NSO will be subject to the terms of any other written agreements between
you and the Company to the extent that those other agreements do not directly conflict with the
terms of the Plan or this Award Agreement.

Adjustments to Your NSO: Your NSO will be adjusted, if appropriate, to reflect any change to the
Company’s capital structure after the Grant Date (e.g., the number of Shares underlying your NSO
will be adjusted to reflect a Share split).

Other Rules: Your NSO is subject to more rules described in the Plan. You should read the Plan
carefully to ensure you fully understand all the terms and conditions of this NSO. In the event of
a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the
Plan will govern.

*****

Your Acknowledgment of NSO Conditions

By signing below, you acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to you; and
	 
	 	•	 	You understand and accept the terms and conditions placed on your NSO and
understand what you must do to exercise your NSO.

	 	 	 	 	 	 	 
	[INSERT GRANTEE’S NAME]	 	WORTHINGTON INDUSTRIES, INC.
	 
	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 
	(signature)
	 	 	 	 	 	 

	 	 	 	 	 	 	 
	Date signed:

	 	 	 	Date signed:	 	 
	 

	 	 
	 	 	 	 

After a signed copy of your Award Agreement is received, the Board will acknowledge receipt of it.

*****

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Board’s Acknowledgment of Receipt

A signed copy of the Award Agreement issued to [Grantee’s Name] was received on ___.

	 	 	 	 	 
	Worthington Industries, Inc. Board of Directors
	By:
	 	 	 	 
	 

	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 

Note: Send a copy of this completed form to the Participant and keep a copy as part of the Plan’s
permanent records.

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EXHIBIT 10.3

WORTHINGTON INDUSTRIES, INC.

2006 EQUITY INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS

RESTRICTED STOCK AWARD AGREEMENT ISSUED TO

[INSERT GRANTEE’S NAME]

Worthington Industries, Inc. (“Company”) and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional compensation based on the
growth of the Company’s business. To this end, you have been granted restricted common shares,
without par value (“Shares”), of the Company (“Restricted Stock”), subject to the terms and
conditions described in the Worthington Industries, Inc. 2006 Equity Incentive Plan for
Non-Employee Directors (“Plan”) and this Restricted Stock Award Agreement (“Award Agreement”).

This Award Agreement describes many features of your Restricted Stock and the conditions you must
meet before the restrictions on your Restricted Stock will lapse. Any capitalized terms not
otherwise defined in this Award Agreement have the same meanings as in the Plan.

To ensure you fully understand the terms and conditions of your Restricted Stock, you should:

	 	•	 	Read the Plan and this Award Agreement carefully; and
	 
	 	•	 	Contact Dale T. Brinkman at 614-438-3001 if you have any questions about your Restricted Stock.

Also, no later than [Insert Date that is 30 Days After Grant Date], you must return a signed copy
of the Award Agreement to:

Dale T. Brinkman, Esq.

Worthington Industries, Inc.

200 Old Wilson Bridge Road

Columbus, OH 43085

Nature of Your Restricted Stock

You have been granted Restricted Stock. If you satisfy the conditions described in the Plan and
this Award Agreement, the restrictions imposed on your Restricted Stock will lapse.

Grant Date: Your Shares of Restricted Stock were granted on [Insert Grant Date].

Number of Shares of Restricted Stock: You have been granted 1,300 Shares of Restricted Stock.

When Your Restricted Stock Will Be Settled

Until the dates shown below or the events described below, your Shares of Restricted Stock will be
held in escrow by the Company and, except as described below, may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated. At the end of the Restriction Period (as
described below), these Shares either will be distributed to you or forfeited, depending on

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whether or not you satisfy the conditions described in this Award Agreement and in the Plan. Any
fractional Share of Restricted Stock will be settled in cash.

Normal Restriction Period: Normally, and subject to your continued service as a Director, the
restrictions on your Restricted Stock will lapse and the Shares of Restricted Stock will become
fully vested on the earlier to occur of (1) the first anniversary of the Grant Date or (2) if the
Restricted Stock was granted as of the date of an Annual Meeting, the date on which the next Annual
Meeting is held.

How Your Restricted Stock Might Be Settled Before the Last Day of the Normal Restriction Period:
Upon a Business Combination or a Change in Control, the restrictions on your Restricted Stock will
lapse and the Shares of Restricted Stock will become fully vested.

How Termination Will Affect Your Restricted Stock:

	 	 	 	Death, Disability or Retirement (With the Board’s Consent). If you Terminate due to death,
Disability or Retirement (with the Board’s consent), the Restricted Stock will become fully
vested on the Termination date.
	 
	 	 	 	Termination for Any Reason Other than Death, Disability or Retirement (With the Board’s
Consent). If you Terminate for any reason other than death, Disability or Retirement (with
the Board’s consent), the Restricted Stock will be forfeited on the Termination date.

Other Ways in Which Your Restricted Stock May Be Forfeited: Your Restricted Stock will be
forfeited if you:

	 	[1] 	 	Without the Board’s written consent, which may be withheld for any reason or
for no reason, serve (or agree to serve) as an officer, director, consultant or
employee of any proprietorship, partnership, corporation, limited liability company or
other entity or become the owner of a business or a member of a partnership that
competes with the Company or a Related Entity or render any service to entities that
compete with the Company or a Related Entity; or
	 
	 	[2] 	 	Deliberately engage in any action that the Board concludes could harm the
Company or any Related Entity.

Settling Your Restricted Stock

If all applicable conditions have been met, your Restricted Stock will be released from escrow and
distributed to you as soon as administratively feasible after the last day of the Restriction
Period.

Other Rules Affecting Your Restricted Stock

Rights During the Restriction Period: During the Restriction Period (and even though the Shares of
Restricted Stock are held in escrow until they are settled), you may exercise any voting rights
associated with your Restricted Stock. Any dividends or other distributions paid with

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respect to your Restricted Stock will be held by the Company as escrow agent during the Restriction
Period and will be subject to the same restrictions on transferability and forfeitability as the
Shares of Restricted Stock with respect to which they were paid. At the end of the Restriction
Period, such dividends or other distributions will be distributed to you or forfeited as provided
above with respect to the Restricted Stock as to which they were paid.

Beneficiary Designation: You may name a beneficiary or beneficiaries to receive any Restricted
Stock that is settled after you die. This may be done only on the attached Beneficiary Designation
Form and by following the rules described in that form. This form need not be completed now and is
not required as a condition of receiving your Restricted Stock. If you die without completing a
Beneficiary Designation Form or if you do not complete that form correctly, your beneficiary will
be your surviving spouse or, if you do not have a surviving spouse, your estate.

Transferring Your Restricted Stock: Normally, your Restricted Stock may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated. However, as described above, you may
complete a Beneficiary Designation Form to name a beneficiary or beneficiaries to receive any
Restricted Stock that is settled after you die. Also, the Board may allow you to transfer your
Restricted Stock to certain Permissible Transferees. Contact Dale T. Brinkman at the address or
number given above if you are interested in transferring your Restricted Stock to a Permissible
Transferee.

Governing Law: This Award Agreement will be construed in accordance with and governed by the laws
(other than laws governing conflicts of laws) of the State of Ohio.

Other Agreements: Your Restricted Stock will be subject to the terms of any other written
agreements between you and the Company to the extent that those other agreements do not directly
conflict with the terms of the Plan or this Award Agreement.

Adjustments to Your Restricted Stock: Your Restricted Stock will be adjusted, if appropriate, to
reflect any change to the Company’s capital structure after the Grant Date (e.g., the number of
Shares of Restricted Stock will be adjusted to reflect a Share split).

Other Rules: Your Restricted Stock is subject to more rules described in the Plan. You should
read the Plan carefully to ensure you fully understand all the terms and conditions of this
Restricted Stock. In the event of a conflict between the terms of the Plan and the terms of this
Award Agreement, the terms of the Plan will govern.

*****

Your Acknowledgment of Restricted Stock Conditions

By signing below, you acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to you; and
	 
	 	•	 	You understand and accept the terms and conditions placed on your Restricted Stock.

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	[INSERT GRANTEE’S NAME]	 	WORTHINGTON INDUSTRIES, INC.
	 
	 
	 	 	By:	 	 
	(signature)

	 	 
	 	 	 
	 
	Date signed:

	 	 	 	Date signed:	 
	 

	 	 
	 	 	 	 

After a signed copy of your Award Agreement is received, the Board will acknowledge receipt of it.

*****

Board’s Acknowledgment of Receipt

A signed copy of the Award Agreement issued to [Insert Grantee’s Name] was received on
____________.

	 	 	 	 	 
	Worthington Industries, Inc. Board of Directors	 	 
	 
	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 

Note: Send a copy of this completed form to the Participant and keep a copy as part of the Plan’s
permanent records.

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