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                                                                   EXHIBIT 10.14

                       REPUBLIC ENGINEERED PRODUCTS, INC.

                              AMENDED AND RESTATED

                           2004 EQUITY INCENTIVE PLAN

         This Amended and Restated 2004 Equity Plan is intended to amend and
restate and replace in its entirety all previous arrangements of the Company (as
defined below) as they relate to the matters set forth herein.

1.       Purpose.

         This plan shall be known as the Republic 2004 Equity Incentive Plan
(the "Plan"). The purpose of the Plan shall be to promote the long-term growth
and profitability of Republic Engineered Products, Inc. (the "Company") and its
Subsidiaries by (i) providing certain directors, officers and employees of, and
certain other individuals who perform services for, or to whom an offer of
employment has been extended by, the Company and its Subsidiaries with
incentives to maximize stockholder value and otherwise contribute to the success
of the Company and (ii) enabling the Company to attract, retain and reward the
best available persons for positions of responsibility. Grants of incentive or
non-qualified stock options, stock appreciation rights ("SARs"), restricted
stock, performance awards, or any combination of the foregoing may be made under
the Plan. This Plan supercedes any prior plans, and any grant hereunder
supercedes any prior written agreement pursuant to which such grant is made.

2.       Definitions.

         (a) "Board of Directors" and "Board" mean the board of directors of the
Company.

         (b) "Cause" means the occurrence of one or more of the following
events:

                  (i) conviction of a felony or any crime or offense lesser than
a felony involving the property of the Company or a Subsidiary or commission of
an act involving fraud or dishonesty; or, in the case of any of the foregoing, a
plea of nolo contendere with respect thereto

                  (ii) conduct that has caused demonstrable and serious injury
to the Company or a Subsidiary, reputational, monetary or otherwise;

                  (iii) willful refusal to perform or substantial disregard of
duties properly assigned, as determined by the Company;

                  (iv) willful misrepresentation or material non-disclosure to
the Board;

                  (v) the failure to devote substantially all of one's working
time to the business of the Company and its Subsidiaries;

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                  (vi) engaging willfully in misconduct in connection with the
performance of any of one's duties, including, without limitation, the
misappropriation of funds or securing or attempting to secure personally any
profit in connection with any transaction entered into on behalf of the Company
or its Subsidiaries or affiliates;

                  (vii) willful breach of duty of loyalty to the Company or, if
applicable, a Subsidiary or any other active disloyalty to the Company or, if
applicable, any Subsidiary, including, without limitation, willfully aiding a
competitor or, without duplication of clause (viii), improperly disclosing
confidential information;

                  (viii) willful breach of any confidentiality or non-disclosure
agreement with the Company or any Subsidiary; or

                  (ix) material violation of any code or standard of behavior
generally applicable to employees (or executive employees in the case of an
executive of the Company or any Subsidiary) of the Company or any Subsidiary.

         (c) "Change in Control" means the occurrence of one of the following
events:

                  (i) if any "person" or "group" as those terms are used in
Sections 13(d) and 14(d) of the Exchange Act or any successors thereto, other
than an Exempt Person, is or becomes the "beneficial owner" (as defined in Rule
13d-3 under the Exchange Act or any successor thereto), directly or indirectly,
of securities of the Company representing more than 50% of the combined voting
power of the Company's then outstanding securities; or

                  (ii) during any twelve-month period, individuals who at the
beginning of such period constitute the Board and any new directors whose
election by the Board or nomination for election by the Company's stockholders
was approved by at least a majority of the directors then still in office who
either were directors at the beginning of the period or whose election was
previously so approved, cease for any reason to constitute a majority thereof;
or

                  (iii) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation, other than a merger or
consolidation (A) which would result in all or a portion of the voting
securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) 50% or more of the combined voting power of
the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation or (B) by which the corporate
existence of the Company is not affected and following which the Company's chief
executive officer and directors retain their positions with the Company (and
constitute at least a majority of the Board).

                  (iv) the stockholders of the Company approve an agreement for
the sale of all or substantially all the assets of the Company.

         (d) "Code" means the Internal Revenue Code of 1986, as amended.

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         (e) "Committee" means the Compensation Committee of the Board, which
shall consist solely of two or more members of the Board at least one of which
shall be appointed by Perry Partners, L.P.; provided that if the Company is
publicly held, the Compensation committee shall consist solely of two or more
members of the Board who are "outside directors" within the meaning of Section
162(m) of the Code and the regulations issued thereunder.

         (f) "Common Stock" means the Common Stock, par value $.01 per share, of
Holdings, and any other shares into which such stock may be changed by reason of
a recapitalization, reorganization, merger, consolidation or any other change in
the corporate structure or capital stock of Holdings.

         (g) "Competition" is deemed to occur if a person whose employment with
the Company or its Subsidiaries has terminated obtains a position as a full-time
or part-time employee of, as a member of the board of directors of, or as a
consultant or advisor with or to, or acquires an ownership interest in excess of
5% of, a corporation, partnership, firm or other entity that engages in any of
the businesses of the Company or any Subsidiary with which the person was
involved in a management role at any time during his or her last five years of
employment with or other service for the Company or any Subsidiaries.

         (h) "Disability" means a disability that would entitle an eligible
participant to payment of monthly disability payments under any Company
disability plan or as otherwise determined by the Committee; provided that in
any instance where a grant to a participant is treated as "deferred
compensation" within the meaning of Section 409A of the Code, whether a
participant has a "Disability" shall be determined under Section 409A(a)(2)(C)
of the Code and guidance issued thereunder.

         (i) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

         (j) "Exempt Person" means (i) Perry Partners L.P. and Perry Partners
International, Inc., (ii) any affiliate of any party included in clause (i), or
(iii) any employee benefit plan of the Company or a trustee or other
administrator or fiduciary holding securities under an employee benefit plan of
the Company.

         (k) "Family Member" has the meaning given to such term in General
Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended,
and any successor thereto.

         (l) "Fair Market Value" of a share of Common Stock means, as of the
date in question, the officially-quoted closing selling price of the stock (or
if no selling price is quoted, the bid price) on the principal securities
exchange or market on which the Common Stock is then listed for trading
(including for this purpose the Nasdaq National Market) (the "Market") for the
applicable trading day or, if the Common Stock is not then listed or quoted in
the Market, the Fair Market Value shall be the fair value of the Common Stock
determined in good faith by the Board using any reasonable method; provided,
however, that when shares received upon exercise of an option are immediately
sold in the open market, the net sale price received may be used to determine
the Fair Market Value of any shares used to pay the exercise price or applicable
withholding taxes and to compute the withholding taxes.

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         (m) "Holdings" means PAV Republic, Inc., the parent of the Company and
a Delaware corporation.

         (n) "Incentive Stock Option" means an option conforming to the
requirements of Section 422 of the Code and any successor thereto.

         (o) "Initial Public Offering" means an underwritten initial public
offering and sale of any shares of Common Stock pursuant to an effective
registration statement under the Securities Act.

         (p) "Non-Employee Director" has the meaning given to such term in Rule
16b-3 under the Exchange Act and any successor thereto.

         (q) "Non-qualified Stock Option" means any stock option other than an
Incentive Stock Option.

         (r) "Other Securities" mean securities of Holdings other than Common
Stock, which may include, without limitation, debentures, preferred stock,
warrants and securities convertible into or exchangeable for Common Stock or
other property.

         (s) "Retirement" means retirement as defined under any Company pension
plan or retirement program or termination of one's employment on retirement with
the approval of the Committee; provided that in any instance where a grant to a
participant is treated as "deferred compensation" within the meaning of Section
409A of the Code, "Retirement" shall be interpreted consistently with Section
409A(a)(2)(A)(i) of the Code and the guidance issued thereunder.

         (t) "Specified Employee" has the meaning given to that term in Section
409A(a)(2)(B)(i) of the Code and any guidance issued thereunder.

         (u) "Subsidiary" means a corporation or other entity of which
outstanding shares or ownership interests representing 50% or more of the
combined voting power of such corporation or other entity entitled to elect the
management thereof, or such lesser percentage as may be approved by the
Committee, are owned directly or indirectly by the Company.

3.       Administration.

         The Plan shall be administered by the Committee. Subject to the
provisions of the Plan, the Committee shall be authorized to (i) select persons
to participate in the Plan, (ii) determine the form and substance of grants made
under the Plan to each participant, and the conditions and restrictions, if any,
subject to which such grants will be made, (iii) certify that the conditions and
restrictions applicable to any grant have been met, (iv) modify the terms of
grants made under the Plan in accordance with the provisions of Sections 15, 16,
or 17 hereof, (v) interpret the Plan and grants made thereunder, (vi) make any
adjustments necessary or desirable in connection with grants made under the Plan
to eligible participants located outside the United States and (vii) adopt,
amend, or rescind such rules and regulations, and make such other
determinations, for carrying out the Plan as it may deem appropriate. Decisions
of the Committee on all matters relating to the Plan shall be in the Committee's
sole discretion and shall be conclusive and binding on all parties. The
validity,

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construction, and effect of the Plan and any rules and regulations relating to
the Plan shall be determined in accordance with applicable federal and state
laws and rules and regulations promulgated pursuant thereto. No member of the
Committee and no officer of the Company shall be liable for any action taken or
omitted to be taken by such member, by any other member of the Committee or by
any officer of the Company in connection with the performance of duties under
the Plan, except for such person's own willful misconduct or as expressly
provided by statute.

         The expenses of the Plan shall be borne by the Company. The Plan shall
not be required to establish any special or separate fund or make any other
segregation of assets to assume the payment of any award under the Plan, and
rights to the payment of such awards shall be no greater than the rights of the
Company's general creditors.

4.       Shares Available for the Plan.

         Subject to adjustments as provided in Section 15, an aggregate of 5,556
shares of Common Stock (the "Shares") may be issued pursuant to the Plan. Such
Shares may be in whole or in part authorized and unissued or held by Holdings as
treasury shares. If any grant under the Plan expires or terminates unexercised,
becomes unexercisable or is forfeited as to any Shares, or is tendered or
withheld as to any shares in payment of the exercise price of the grant or the
taxes payable with respect to the exercise, then such unpurchased, forfeited,
tendered or withheld Shares shall thereafter be available for further grants
under the Plan.

         Without limiting the generality of the foregoing provisions of this
Section 4 or the generality of the provisions of Sections 3, 6 or 17 or any
other section of this Plan, the Committee may, at any time or from time to time,
and on such terms and conditions (that are consistent with and not in
contravention of the other provisions of this Plan) as the Committee may, in its
sole discretion, determine, enter into agreements (or take other actions with
respect to the options) for new options containing terms (including exercise
prices) more (or less) favorable than the outstanding options.

5.       Participation.

         Participation in the Plan shall be limited to those directors
(including Non-Employee Directors), officers (including non-employee officers)
and employees of, and other individuals performing services for, or to whom an
offer of employment has been extended by, the Company and its Subsidiaries
selected by the Committee (including participants located outside the United
States). Nothing in the Plan or in any grant thereunder shall confer any right
on a participant to continue in the employ as a director or officer of or in the
performance of services for the Company or shall interfere in any way with the
right of the Company to terminate the employment or performance of services or
to reduce the compensation or responsibilities of a participant at any time. By
accepting any award under the Plan, each participant and each person claiming
under or through him or her shall be conclusively deemed to have indicated his
or her acceptance and ratification of, and consent to, any action taken under
the Plan by the Company, the Board or the Committee.

         Incentive Stock Options or Non-qualified Stock Options, SARs,
restricted stock awards, performance awards, or any combination thereof, may be
granted to such persons and for such number of Shares as the Committee shall
determine (such individuals to whom grants are made

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being sometimes herein called "optionees" or "grantees," as the case may be).
Determinations made by the Committee under the Plan need not be uniform and may
be made selectively among eligible individuals under the Plan, whether or not
such individuals are similarly situated. A grant of any type made hereunder in
any one year to an eligible participant shall neither guarantee nor preclude a
further grant of that or any other type to such participant in that year or
subsequent years.

6.       Incentive and Non-qualified Options.

         The Committee may from time to time grant to eligible participants
Incentive Stock Options, Non-qualified Stock Options, or any combination
thereof; provided that the Committee may grant Incentive Stock Options only to
eligible employees of the Company or its subsidiaries (as defined for this
purpose in Section 424(f) of the Code or any successor thereto). The options
granted shall take such form as the Committee shall determine, subject to the
following terms and conditions.

         It is the Company's intent that Non-qualified Stock Options granted
under the Plan not be classified as Incentive Stock Options, that Incentive
Stock Options be consistent with and contain or be deemed to contain all
provisions required under Section 422 of the Code or and any successor thereto,
that neither any Non-qualified Stock Option nor any Incentive Stock Option be
treated as a payment of deferred compensation for the purposes of Section 409A
of the Code and any successor thereto, and that any ambiguities in construction
be interpreted in order to effectuate such intent. If an Incentive Stock Option
granted under the Plan does not qualify as such for any reason, then to the
extent of such non-qualification, the stock option represented thereby shall be
regarded as a Non-qualified Stock Option duly granted under the Plan, provided
that such stock option otherwise meets the Plan's requirements for Non-qualified
Stock Options.

         (a) Price. The price per Share deliverable upon the exercise of each
option ("exercise price") shall be established by the Committee, except that in
the case of (i) the grant of any Option to any employee possibly covered by
Section 162(m) of the Code or any successor thereof, (ii) the grant of any
Incentive Stock Options, or (iii) the grant of any Non-Qualified Stock Option
unless the terms of such Non-Qualified Stock Option are intended to comply with
the provisions of Section 409A of the Code and the guidance issued there under,
the exercise price may not be less than 100% of the Fair Market Value of a share
of Common Stock as of the date of grant of the option, and in the case of the
grant of any Incentive Stock Option to an employee who, at the time of the
grant, owns more than 10% of the total combined voting power of all classes of
stock of the Company or any of its Subsidiaries, the exercise price may not be
less than 110% of the Fair Market Value of a share of Common Stock as of the
date of grant of the option, in each case unless otherwise permitted by Section
422 of the Code or any successor thereto.

         (b) Payment. Options may be exercised, in whole or in part, upon
payment of the exercise price of the Shares to be acquired. Unless otherwise
determined by the Committee, payment shall be made (i) in cash (including check,
bank draft, money order or wire transfer of immediately available funds), (ii)
by simultaneous sale through a broker reasonably acceptable to the Committee of
Shares acquired on exercise, as permitted under Regulation T of the Federal
Reserve Board, or (iii) by authorizing the Company to withhold from issuance a
number of Shares issuable upon exercise of the options which, when multiplied by
the Fair Market Value of a share of Common

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Stock on the date of exercise, is equal to the aggregate exercise price payable
with respect to the options so exercised or (iv) by any combination of the
foregoing.

         In the event a grantee elects to pay the exercise price payable with
respect to an option pursuant to clause (iii) above, only a whole number of
Share(s) (and not fractional Shares) may be withheld in payment. When payment of
the exercise price is made by withholding of Shares, the difference, if any,
between the aggregate exercise price payable with respect to the option being
exercised and the Fair Market Value of the Shares withheld in payment (plus any
applicable minimum statutory taxes) shall be paid in cash. No grantee may
authorize the withholding of Shares having a Fair Market Value exceeding the
aggregate exercise price payable with respect to the option being exercised
(plus any applicable minimum statutory taxes). Any withheld Shares shall no
longer be issuable under this Plan.

         (c) Terms of Options; Vesting. The term during which each option may be
exercised shall be determined by the Committee, but if required by the Code and
except as otherwise provided herein, no option shall be exercisable in whole or
in part more than ten years from the date it is granted, and no Incentive Stock
Option granted to an employee who at the time of the grant owns more than 10% of
the total combined voting power of all classes of stock of the Company or any of
its Subsidiaries shall be exercisable more than five years from the date it is
granted. All rights to purchase Shares pursuant to an option shall, unless
sooner terminated, expire at the date designated by the Committee. The Committee
shall determine the date on which each option shall become exercisable and may
provide that an option shall become exercisable in installments. In the absence
of a contrary provision contained in any grant, an option shall be exercisable
only upon and to the extent the option has vested. Absent any provision in any
grant to the contrary, options shall vest and become exercisable as to 33 1/3%
of the underlying Shares on the date of the grant and thereafter in three equal
installments on each of the first three successive anniversaries of the date of
grant provided that the participant remains a director or employee on such
anniversary. The Shares constituting each installment may be purchased in whole
or in part at any time after such installment becomes exercisable, subject to
such minimum exercise requirements as may be designated by the Committee. Prior
to the exercise of an option and delivery of the Shares represented thereby, the
optionee shall have no rights as a stockholder with respect to any Shares
covered by such outstanding option (including any dividend or voting rights).

         (d) Limitations on Grants. If required by the Code, the aggregate Fair
Market Value (determined as of the grant date) of Shares for which an Incentive
Stock Option is exercisable for the first time during any calendar year under
all equity incentive plans of the Company and its Subsidiaries (as defined in
Section 422 of the Code or any successor thereto) may not exceed $100,000.

         (e)      Termination; Forfeiture; Repurchase.

                  (i) Death or Disability. If a participant ceases to be a
director, officer or employee of, or to perform other services for, the Company
and any Subsidiary due to death or Disability, the exercisable portion of all of
the participant's options shall remain so until the expiration date of the
options or such other date as provided in an option grant. Notwithstanding the
foregoing, if the Disability giving rise to the termination of employment is not
within the meaning of

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Section 22(e)(3) of the Code or any successor thereto, Incentive Stock Options
not exercised by such participant within 90 days after the date of termination
of employment will cease to qualify as Incentive Stock Options and will be
treated as Non-qualified Stock Options under the Plan if required to be so
treated under the Code.

                  (ii) Retirement. If a participant ceases to be a director,
officer or employee of, or to perform other services for, the Company and any
Subsidiary upon the occurrence of his or her Retirement, (A) all of the
participant's options that were exercisable on the date of Retirement shall
remain exercisable for, and shall otherwise terminate at the end of, a period of
90 days after the date of Retirement or such other date as provided in an option
grant, but in no event after the expiration date of the options; provided that
the participant does not engage in Competition during such period, and (B) all
of the participant's options that were not vested on the date of Retirement
shall be forfeited immediately upon such Retirement. Notwithstanding the
foregoing, Incentive Stock Options not exercised by such participant within 90
days after Retirement will cease to qualify as Incentive Stock Options and will
be treated as Non-qualified Stock Options under the Plan if required to be so
treated under the Code.

                  (iii) Discharge for Cause. If a participant ceases to be a
director, officer or employee of, or to perform other services for, the Company
or a Subsidiary due to Cause, or if a participant does not become a director,
officer or employee of, or does not begin performing other services for, the
Company or a Subsidiary for any reason, all of the participant's options shall
expire and be forfeited immediately upon such cessation or non-commencement,
whether or not then exercisable.

                  (iv) Other Termination. Unless otherwise determined by the
Committee or as provided in clause (v), if a participant ceases to be a
director, officer or employee of, or to otherwise perform services for, the
Company or a Subsidiary for any reason other than death, Disability, Retirement
or Cause, (A) all of the participant's options that were vested on the date of
such cessation shall remain exercisable for, and shall otherwise terminate at
the end of, a period of 30 days after the date of such cessation or such other
date as provided in an option grant, but in no event after the expiration date
of the options; provided that the participant does not engage in Competition
during such period, and (B) all of the participant's options that were not
vested on the date of such cessation shall be forfeited immediately upon such
cessation.

                  (v) Notwithstanding anything contained in subparagraphs (i),
(ii), and (iv) of this paragraph (e), if (A) a participant is a Specified
Employee and (B) the exercise of that participant's options would constitute
"deferred compensation" as such term is defined under Section 409A of the Code,
then on such participant's death, Disability, Retirement or other termination
other than for Cause, that participant's options may not be exercised before the
date that is six months and one day after that person's death, Disability,
Retirement or other termination.

                  (vi) Change in Control. If there is a Change in Control of the
Company and a participant is involuntarily terminated from being a director,
officer or employee of, or from performing other services for, the Company (or
its successor in the case of an asset sale) or a subsidiary within one year
after such Change in Control, all of the participant's options shall become
fully vested and exercisable upon such termination and shall remain so for up to
one year after the

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date of termination, but in no event after the expiration date of the options.
In addition, the Committee shall have the authority to grant options that become
fully vested and exercisable automatically upon a Change in Control, whether or
not the grantee is subsequently terminated.

                  (vii) Repurchase. Unless otherwise determined by the Committee
and provided in the applicable Option grant, upon termination of a participant
for Cause or voluntary resignation by a participant, the Company shall be
entitled, at any time within 12 months of such termination or resignation, to
repurchase options which are not expired or forfeit in accordance with this
Section 6 and/or any Common Stock acquired by a participant pursuant to any
option granted hereunder for a purchase price equal to the lower of cost or Fair
Market Value thereof. Unless otherwise determined by the Committee and provided
in the applicable Option grant, upon any other termination or resignation, the
Company shall be entitled, within 12 months thereof, to repurchase options which
are not expired or forfeit in accordance with this Section 6 and/or any Common
Stock acquired by a participant pursuant to any option granted hereunder for a
purchase price equal to the Fair Market Value thereof. The right of the Company
to repurchase Option Shares pursuant to this Section 6 shall terminate upon the
consummation of an Initial Public Offering.

7.       Stock Appreciation Rights.

         Provided that the Company's stock is traded on an established
securities market, the Committee shall have the authority to grant SARs under
this Plan, subject to such terms and conditions specified in this paragraph 7
and any additional terms and conditions as the Committee may specify.

         No SAR may be issued unless (a) the exercise price of the SAR may never
be less than the Fair Market Value of the underlying Shares on the date of grant
and (b) the SAR does not include any feature for the deferral of compensation
income other than the deferral of recognition of income until the exercise of
the SAR.

         No SAR may be exercised unless the Fair Market Value of a share of
Common Stock of the Company on the date of exercise exceeds the exercise price
of the SAR. Prior to the exercise of the SAR and delivery of the Shares
represented thereby, the participant shall have no rights as a stockholder with
respect to Shares covered by such outstanding SAR (including any dividend or
voting rights).

         Upon the exercise of an SAR, the participant shall be entitled to a
distribution in an amount equal to the difference between the Fair Market Value
of a share of Common Stock on the date of exercise and the exercise price of the
SAR, multiplied by the number of Shares as to which the SAR is exercised. Such
distribution shall be made in Shares having a Fair Market Value equal to such
amount.

         All SARs will be exercised automatically on the last day prior to the
expiration date of the SAR so long as the Fair Market Value of a share of Common
Stock on that date exceeds the exercise price of the SAR or any related option,
as applicable.

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         The provisions of Subsections 6(c) shall apply to all SARs except to
the extent that the Award Agreement pursuant to which such Grant is made
expressly provides otherwise.

         It is the Company's intent that no SAR shall be treated as a payment of
deferred compensation for purposes of Section 409A of the Code and that any
ambiguities in construction be interpreted in order to effectuate such intent.

         8.       Restricted Stock.

         The Committee may at any time and from time to time grant Shares of
restricted stock under the Plan to such participants and in such amounts as it
determines. Each grant of restricted stock shall specify the applicable
restrictions on such Shares, the duration of such restrictions (which shall be
at least six months except as otherwise determined by the Committee or provided
in the third paragraph of this Section 8), and the time or times at which such
restrictions shall lapse with respect to all or a specified number of Shares
that are part of the grant.

         The participant will be required to pay the Company the aggregate par
value of any Shares of restricted stock (or such larger amount as the Board may
determine to constitute capital under Section 154 of the Delaware General
Corporation Law, as amended, or any successor thereto) within ten days of the
date of grant, unless such Shares of restricted stock are treasury shares.
Unless otherwise determined by the Committee, certificates representing Shares
of restricted stock granted under the Plan will be held in escrow by the Company
on the participant's behalf during any period of restriction thereon and will
bear an appropriate legend specifying the applicable restrictions thereon, and
the participant will be required to execute a blank stock power therefor. Except
as otherwise provided by the Committee, during such period of restriction the
participant shall have all of the rights of a holder of Common Stock, including
but not limited to the rights to receive dividends and to vote, and any stock or
other securities received as a distribution with respect to such participant's
restricted stock shall be subject to the same restrictions as then in effect for
the restricted stock.

         Except as otherwise provided by the Committee, immediately prior to a
Change in Control or at such time as a participant ceases to be a director,
officer or employee of, or to otherwise perform services for, the Company and
its Subsidiaries due to death, Disability or Retirement during any period of
restriction, all restrictions on Shares granted to such participant shall lapse.
At such time as a participant ceases to be, or in the event a participant does
not become, a director, officer or employee of, or otherwise performing services
for, the Company or its Subsidiaries for any other reason, all Shares of
restricted stock granted to such participant on which the restrictions have not
lapsed shall be immediately forfeited to the Company. The provisions of
Subsections 6(c) and (e) shall apply to Restricted Stock except to the extent
that the grant in relation thereto expressly provides otherwise.

         It is the Company's intent that Restricted Stock shall not be treated
as a payment of deferred compensation for purposes of Section 409A of the Code
and that any ambiguities in construction be interpreted in order to effectuate
such intent.

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         9.       Performance Awards.

         Performance awards may be granted to participants at any time and from
time to time as determined by the Committee. The Committee shall have complete
discretion in determining the size and composition of performance awards granted
to a participant. The appropriate period over which performance is to be
measured (a "performance cycle") shall commence on the date specified by the
Committee and shall end on the last day of a fiscal year specified by the
Committee. A performance award shall be paid no later than the fifteenth day of
the third month following the completion of a performance cycle. Performance
awards may include (i) specific dollar-value target awards (ii) performance
units, the value of each such unit being determined by the Committee at the time
of issuance, and/or (iii) performance Shares, the value of each such Share being
equal to the Fair Market Value of a share of Common Stock. In any one calendar
year, the Committee shall not grant to any one participant performance awards in
excess of 10% of the total number of Shares authorized under the Plan pursuant
to Section 4.

         The value of each performance award may be fixed or it may be permitted
to fluctuate based on a performance factor (e.g., return on equity) selected by
the Committee. It is the company's intent that no performance award be treated
as the payment of deferred compensation for purposes of Section 409A of the Code
and that any ambiguities in construction be interpreted in order to effectuate
such intent.

         The Committee shall establish performance goals and objectives for each
performance cycle on the basis of such criteria and objectives as the Committee
may select from time to time, including, without limitation, the performance of
the participant, the Company, one or more of its Subsidiaries or divisions or
any combination of the foregoing. During any performance cycle, the Committee
shall have the authority to adjust the performance goals and objectives for such
cycle for such reasons as it deems equitable.

         The Committee shall determine the portion of each performance award
that is earned by a participant on the basis of the Company's performance over
the performance cycle in relation to the performance goals for such cycle. The
earned portion of a performance award may be paid out in Shares, cash, Other
Securities, or any combination thereof, as the Committee may determine.

         A participant must be a director, officer or employee of, or otherwise
perform services for, the Company or its Subsidiaries at the end of the
performance cycle in order to be entitled to payment of a performance award
issued in respect of such cycle; provided, however, that except as otherwise
determined by the Committee, if a participant ceases to be a director, officer
or employee of , or to otherwise perform services for, the Company and its
Subsidiaries upon his or her death, Retirement, or Disability prior to the end
of the performance cycle, the participant shall earn a proportionate portion of
the performance award based upon the elapsed portion of the performance cycle
and the Company's performance over that portion of such cycle.

         In the event of a Change in Control, a participant shall earn no less
than the portion of the performance award that the participant would have earned
if the applicable performance cycle(s) had terminated as of the date of the
Change in Control.

                                       11
<PAGE>

         10.      Withholding Taxes.

         (a) Participant Election. Unless otherwise determined by the Board, a
participant may elect to deliver shares of Common Stock (or have the Company
withhold shares acquired upon exercise of an option or SAR or deliverable upon
grant or vesting of restricted stock, as the case may be) to satisfy, in whole
or in part, the amount the Company is required to withhold for minimum statutory
taxes in connection with the exercise of an option or SAR or the delivery of
restricted stock upon grant or vesting, as the case may be. Such election must
be made on or before the date the amount of tax to be withheld is determined.
Once made, the election shall be irrevocable. The fair market value of the
shares to be withheld or delivered will be the Fair Market Value as of the date
the amount of tax to be withheld is determined. In the event a participant
elects to deliver or have the Company withhold shares of Common Stock pursuant
to this Section 10(a), such delivery or withholding must be made subject to the
conditions and pursuant to the procedures set forth in Section 6(b) with respect
to the delivery or withholding of Common Stock in payment of the exercise price
of options.

         (b) Company Requirement. The Company may require, as a condition to any
grant or exercise under the Plan or to the delivery of certificates for Shares
issued hereunder, that the grantee make provision for the payment to the
Company, either pursuant to Section 10(a) or this Section 10(b), of federal,
state or local taxes of any kind required by law to be withheld with respect to
any grant or delivery of Shares. The Company, to the extent permitted or
required by law, shall have the right to deduct from any payment of any kind
(including salary or bonus) otherwise due to a grantee, an amount equal to any
federal, state or local taxes of any kind required by law to be withheld with
respect to any grant or delivery of Shares under the Plan.

         11.      Written Agreement.

         Each employee to whom a grant is made under the Plan shall enter into a
written agreement with the Company that shall contain such provisions consistent
with the provisions of the Plan, as may be approved by the Committee. Unless the
Committee determines otherwise and except as otherwise provided in Sections 6,
7, 8 and 9 in connection with a Change of Control or certain occurrences of
termination, no grant under this Plan may be exercised, and no restrictions
relating thereto may lapse, within six months of the date such grant is made.

         12.      Transferability.

         Unless the Committee determines otherwise, no option, SAR, performance
award or restricted stock granted under the Plan shall be transferable by a
participant other than by will or the laws of descent and distribution or to a
participant's Family Member by gift or a qualified domestic relations order as
defined by the Code. Unless the Committee determines otherwise, an option, SAR
or performance award may be exercised only by the optionee or grantee thereof;
by his or her Family Member if such person has acquired the option, SAR or
performance award by gift or qualified domestic relations order; by his or her
executor or administrator, the executor or administrator of the estate of any of
the foregoing, or any person to whom the Option is transferred by will or the
laws of descent and distribution; or by his or her guardian or legal
representative; or the guardian or legal representative of any of the foregoing;
provided that Incentive Stock Options may be exercised by

                                       12
<PAGE>

any Family Member, guardian or legal representative only if permitted by the
Code and any regulations thereunder. All provisions of this Plan and any
agreement referred to in Section 11 shall in any event continue to apply to any
option, SAR, performance award or restricted stock granted under the Plan and
transferred as permitted by this Section 12, and any transferee of any such
option, SAR, performance award or restricted stock shall be bound by all
provisions of this Plan and any agreement referred to in Section 11 as and to
the same extent as the applicable original grantee.

         13.      Listing, Registration and Qualification.

         If the Committee determines that the listing, registration or
qualification upon any securities exchange or under any law of Shares subject to
any option, SAR, performance award or restricted stock grant is necessary or
desirable as a condition of, or in connection with, the granting of same or the
issue or purchase of Shares thereunder, no such option or SAR may be exercised
in whole or in part, no such performance award may be paid out, and no Shares
may be issued, unless such listing, registration or qualification is effected
free of any conditions not acceptable to the Committee.

         14.      Transfer of Employee.

         The transfer of an employee from the Company to a Subsidiary, from a
Subsidiary to the Company, or from one Subsidiary to another shall not be
considered a termination of employment; nor shall it be considered a termination
of employment if an employee is placed on military or sick leave or such other
leave of absence which is considered by the Committee as continuing intact the
employment relationship.

         15.      Adjustments.

         In the event of a reorganization, recapitalization, stock split, stock
dividend, combination of shares, the Committee shall make such adjustment as it
deems appropriate in the number and kind of Shares or other property available
for issuance under the Plan (including, without limitation, the total number of
Shares available for issuance under the Plan pursuant to Section 4), in the
number and kind of options, SARs, Shares or other property covered by grants
previously made under the Plan, and in the exercise price of outstanding options
and SARs. Any such adjustment shall be effected in a manner intended to comply
with relevant guidance issued under Section 409A of the Code and shall be final,
conclusive and binding for all purposes of the Plan. In the event of any merger,
consolidation or other reorganization in which the Parent or the Company is not
the surviving or continuing corporation or in which a Change in Control is to
occur, all of the Parent's or the Company's obligations regarding options, SARs,
performance awards, and restricted stock that were granted hereunder and that
are outstanding on the date of such event shall, on such terms as may be
approved by the Committee prior to such event, be (a) assumed by the surviving
or continuing corporation or (b) canceled in exchange for cash or property;
provided that, in the case of clause (b), either (i) such reorganization,
recapitalization or other change in the corporate structure of the Company
constitutes a "change in ownership or control" of the Company or a "change in
the ownership of a substantial portion" of the Company's assets within the
meaning of Section 409A(a)(2)(A)(v) of the Code and the guidance issued
thereunder or (ii) the payment of

                                       13
<PAGE>

cash, securities or other property is not treated as a payment of "deferred
compensation" under Section 409A of the Code.

         Without limitation of the foregoing, in connection with any transaction
of the type described in the last sentence of the preceding paragraph, the
Committee may, in its discretion, (i) cancel any or all outstanding options
under the Plan in consideration for payment to the holders thereof of an amount
equal to the portion of the consideration that would have been payable to such
holders pursuant to such transaction if their options had been fully exercised
immediately prior to such transaction, less the aggregate exercise price that
would have been payable therefor, or (ii) if the amount that would have been
payable to the option holders pursuant to such transaction if their options had
been fully exercised immediately prior thereto would be equal to or less than
the aggregate exercise price that would have been payable therefor, cancel any
or all such options for no consideration or payment of any kind. Payment of any
amount payable pursuant to the preceding sentence may be made in cash or, in the
event that the consideration to be received in such transaction includes
securities or other property, in cash and/or securities or other property in the
Committee's discretion.

         16.      Amendment and Termination of the Plan.

         The Board of Directors or the Committee, without approval of the
stockholders, may amend or terminate the Plan, except that no amendment shall
become effective without prior approval of the stockholders of the Company if
stockholder approval would be required by applicable law or regulations,
including if required for continued compliance with the performance-based
compensation exception of Section 162(m) of the Code or any successor thereto,
under the provisions of Section 409A of the Code or any successor thereto, under
the provisions of Section 422 of the Code or any successor thereto, or by any
listing requirement of the principal stock exchange on which the Common Stock is
then listed.

         17.      Amendment or Substitution of Awards under the Plan.

         The terms of any outstanding award under the Plan may be amended from
time to time by the Committee in its discretion in any manner that it deems
appropriate (including, but not limited to, acceleration of the date of exercise
of any award and/or payments thereunder or of the date of lapse of restrictions
on Shares (but, in the case of an award that is or would be treated as "deferred
compensation" for purposes of Section 409A of the Code, only to the extent
permitted by guidance issued under Section 409A(a)(3) of the Code)); provided
that, except as otherwise provided in Section 15, no such amendment shall
adversely affect in a material manner any right of a participant under the award
without his or her written consent, and further provided that the Committee
shall not reduce the exercise price of any options or SARs awarded under the
Plan. The Committee may, in its discretion, permit holders of awards under the
Plan to surrender outstanding awards in order to exercise or realize rights
under other awards, or in exchange for the grant of new awards, or require
holders of awards to surrender outstanding awards as a condition precedent to
the grant of new awards under the Plan, but only if such surrender, exercise,
realization, exchange or grant (a) is not treated as a payment of, and does not
cause an award to be treated as, deferred compensation for the purposes of
Section 409A of the Code or (b) is permitted under guidance issued pursuant to
Section 409A(a)(3) of the Code.

                                       14
<PAGE>

         18.      Commencement Date; Termination Date.

         The date of commencement of the Plan shall be January 1, 2004 subject
to approval by the shareholders of the Company. If required by the Code, the
Plan will also be subject to reapproval by the shareholders of the Company prior
to January 1, 2014.

         Unless previously terminated upon the adoption of a resolution of the
Board terminating the Plan, the Plan shall terminate at the close of business on
January 1, 2014. No termination of the Plan shall materially and adversely
affect any of the rights or obligations of any person, without his or her
written consent, under any grant of options or other incentives theretofore
granted under the Plan.

         19.      Severability.

         Whenever possible, each provision of the Plan shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of the Plan is held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition
or invalidity, without invalidating the remainder of the Plan.

         20.      Governing Law.

         The Plan shall be governed by the corporate laws of the State of
Delaware, without giving effect to any choice of law provisions that might
otherwise refer construction or interpretation of the Plan to the substantive
law of another jurisdiction.

         21.      Compliance Amendments.

         Notwithstanding any of the foregoing provisions of the Plan, and in
addition to the powers of amendment set forth in Sections 16 and 17 hereof, the
provisions hereof and the provisions of any award made hereunder may be amended
unilaterally by the Board from time to time to the extent necessary (and only to
the extent necessary) to prevent, in the Board's good faith determination, the
implementation, application or existence (as the case may be) of any such
provision from (i) requiring the inclusion of any compensation deferred pursuant
to the provisions of the Plan (or an award thereunder) in a participant's gross
income pursuant to Section 409A of the Code, and the regulations or other
guidance issued thereunder from time to time and/or (ii) inadvertently causing
any award hereunder to be treated as providing for the deferral of compensation
pursuant to such Code section and regulations.

                                       15<PAGE>

                                                                   EXHIBIT 10.15

                        REPUBLIC ENGINEERED PRODUCTS LLC
                           DEFERRED COMPENSATION PLAN

                         EFFECTIVE AS OF AUGUST 1, 2003

<PAGE>

                                                      Deferred Compensation Plan

                        REPUBLIC ENGINEERED PRODUCTS LLC
                           DEFERRED COMPENSATION PLAN

                              W I T N E S S E T H:

      WHEREAS, REPUBLIC ENGINEERED PRODUCTS LLC (the "Company") desires to
adopt, effective as of August 1, 2003, on behalf of itself and its participating
affiliates the REPUBLIC ENGINEERED PRODUCTS LLC DEFERRED COMPENSATION PLAN (the
"Plan") for the benefit of eligible employees;

      NOW, THEREFORE, effective as of August 1, 2003, the Plan is hereby adopted
as set forth in this document:

                                       -i-

<PAGE>

                                                      Deferred Compensation Plan

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      PAGE
                                                                                                      ----
<S>                                                                                                   <C>
ARTICLE I DEFINITIONS AND CONSTRUCTION

1.1 Definitions..................................................................................      1
     (1)  Account................................................................................      1
     (2)  Base Salary............................................................................      1
     (3)  Base Salary Deferral Account...........................................................      1
     (4)  Board..................................................................................      1
     (5)  Bonus..................................................................................      1
     (6)  Bonus Deferral Account.................................................................      1
     (7)  Cause..................................................................................      1
     (8)  CEO....................................................................................      2
     (9)  Change of Control......................................................................      2
     (10) Code...................................................................................      2
     (11) Committee..............................................................................      2
     (12) Company................................................................................      2
     (13) Company Credits........................................................................      2
     (14) Company Fixed Credits..................................................................      2
     (15) Company Fixed Credits Account..........................................................      2
     (16) Company Fixed Discretionary Credits....................................................      2
     (17) Company Fixed Discretionary Credits Account............................................      2
     (18) Company Non-Fixed Discretionary Credits................................................      2
     (19) Company Non-Fixed Discretionary Credits Account........................................      3
     (20) Compensation...........................................................................      3
     (21) Compensation Deferrals.................................................................      3
     (22) Deferred Payment Date..................................................................      3
     (23) Effective Date.........................................................................      3
     (24) Election Date..........................................................................      3
     (25) Eligible Employees.....................................................................      3
     (26) Employer...............................................................................      3
     (27) ERISA..................................................................................      3
     (28) Participant............................................................................      3
     (29) Participating Company..................................................................      3
     (30) Plan...................................................................................      3
     (31) Plan Year..............................................................................      3
     (32) Related Company........................................................................      3
     (33) Unforeseeable Financial Emergency......................................................      3
     (34) Vested Interest........................................................................      3
1.2  Number and Gender...........................................................................      4
1.3  Headings....................................................................................      4
1.4  Top Hat Plan................................................................................      4
1.5  Unfunded Nature of Plan/Rabbi Trust.........................................................      4

ARTICLE II PARTICIPATION

2.1  Participation...............................................................................      4
2.2  Termination of Participation................................................................      4
2.3  Resumption of Participation.................................................................      5
</TABLE>

                                      -ii-

<PAGE>

                                                      Deferred Compensation Plan

<TABLE>
<S>                                                                                                   <C>
ARTICLE III DEFERRALS AND CREDITS

3.1  Participant Compensation Deferrals..........................................................      5
3.2  Company Credits.............................................................................      6
3.3  Earnings....................................................................................      6

ARTICLE IV ESTABLISHMENT AND MAINTENANCE OF ACCOUNTS

4.1  Establishment of Plan Year Accounts.........................................................      6
4.2  Selection of Deferred Payment Date for Each Plan Year's Accounts............................      6
4.3  Selection of Form of Benefit Payment for Each Plan Year's Accounts..........................      8
4.4  Debiting and Crediting of Accounts..........................................................      8
4.5  Statement of Accounts.......................................................................      9

ARTICLE V VESTING OF ACCOUNTS

5.1  Vesting of Base Salary Deferral Accounts and Bonus Deferral Accounts........................      9
5.2  Vesting of Company Fixed Credits Account and Company Fixed Discretionary Credits Accounts...      9
5.3  Vesting of Non-Fixed Discretionary Credits Accounts.........................................      9
5.4  Accelerated Vesting Upon Change of Control..................................................     10
5.5  Forfeiture Upon Termination.................................................................     10

ARTICLE VI INVESTMENT OF ACCOUNTS

6.1  Deemed Investment of Accounts...............................................................     10
6.2  Designation of Investment Funds.............................................................     10
6.3  Default Investment..........................................................................     10

ARTICLE VII PAYMENT OF PLAN BENEFITS

7.1  Plan Benefit................................................................................     10
7.2  Events Triggering Payment of Benefit........................................................     11
7.3  Time and Form of Payment of Benefit.........................................................     11
7.4  Payee of Benefits...........................................................................     11
7.5  Designation of Beneficiaries................................................................     11
7.6  Unclaimed Benefits..........................................................................     12
7.7  Minors or Incapacitated Persons.............................................................     12

ARTICLE VIII WITHDRAWALS AND LOANS

8.1  Early Withdrawals...........................................................................     12
8.2  No Loans....................................................................................     12

ARTICLE IX ADMINISTRATION OF PLAN

9.1  The Committee...............................................................................     13
9.2  Committee Powers and Duties.................................................................     13
9.3  Claims Review...............................................................................     14
9.4  Employer to Supply Information..............................................................     15
9.5  Payment of Expenses.........................................................................     15
9.6  Indemnity...................................................................................     15
</TABLE>

                                      -iii-

<PAGE>

                                                      Deferred Compensation Plan

<TABLE>
<S>                                                                                                   <C>
ARTICLE X AMENDMENT AND TERMINATION OF PLAN

10.1 Amendment of Plan...........................................................................     16
10.2 Termination of Plan.........................................................................     16

ARTICLE XI PARTICIPATING COMPANIES

11.1 Designation of Participating Companies......................................................     16
11.2 Termination of Participating Company's Participation........................................     17

ARTICLE XII MISCELLANEOUS

12.1 Not Contract of Employment..................................................................     17
12.2 Assignment Forbidden........................................................................     17
12.3 Withholding.................................................................................     17
12.4 Severability................................................................................     17
12.5 Governing Laws..............................................................................     18
</TABLE>

                                      -iv-

<PAGE>

                                                      Deferred Compensation Plan

                                       I.
                          DEFINITIONS AND CONSTRUCTION

      1.1 DEFINITIONS. Where the following capitalized words and phrases appear
in the Plan, each has the respective meaning set forth below, unless the context
clearly indicates to the contrary.

(1)   ACCOUNT(S): A Participant's Base Salary Deferral Account(s), Bonus
      Deferral Account(s), Company Fixed Credits Account(s), Company Fixed
      Discretionary Credits Account(s), and/or Company Non-Fixed Discretionary
      Credits Account(s).

(2)   BASE SALARY: The gross amount of all wages, salaries, fees, and other
      amounts payable in cash (but excluding any Bonus) to or for the benefit of
      a Participant for services actually rendered or labor performed for the
      Employer by such Participant, after ensuring that there is a sufficient
      amount remaining to provide for all of the following: (i) all applicable
      federal and state taxes required to be withheld, (ii) the maximum amount
      of elective deferrals that may be contributed by such Participant to any
      Employer-sponsored qualified 401(k) Plan for the calendar year under
      section 402(g) of the Code (notwithstanding that such Participant may not
      have elected to defer such amount), (iii) all amounts elected by such
      Participant to be contributed under any Employer-sponsored plan by reason
      of section 125 of the Code, (iv) all other amounts elected by such
      Participant to be paid as participant contributions to any
      Employer-sponsored plan, and (v) all other deductions authorized or
      consented to by such Participant.

(3)   BASE SALARY DEFERRAL ACCOUNT: A hypothetical account for each Participant
      to which are credited (i) such Participant's Base Salary Compensation
      Deferrals elected pursuant to Section 3.1 and (ii) such Account's
      allocation of earnings as provided in Section 3.3.

(4)   BOARD: The Board of Managers of the Company.

(5)   BONUS: The bonus or bonuses, if any, payable to or for the benefit of a
      Participant under any Employer bonus or incentive plan in cash for
      services actually rendered or labor performed for the Employer by such
      Participant, after ensuring that there is a sufficient amount remaining to
      provide for all of the following to the extent not provided out of such
      Participant's Base Salary: (i) all applicable federal and state taxes
      required to be withheld, (ii) the maximum amount of elective deferrals
      that may be contributed by such Participant to any Employer-sponsored
      qualified 401(k) plan for the calendar year under section 402(g) of the
      Code (notwithstanding that such Participant may not have elected to defer
      such amount), (iii) all amounts elected by such Participant to be
      contributed under any Employer-sponsored plan by reason of section 125 of
      the Code, (iv) all other amounts elected by such Participant to be paid as
      participant contributions to any Employer-sponsored plan, and (v) all
      other deductions authorized or consented to by such Participant.

(6)   BONUS DEFERRAL ACCOUNT: A hypothetical account for each Participant to
      which are credited (i) such Participant's Bonus Compensation Deferrals
      elected pursuant to Section 3.1 and (ii) such Account's allocation of
      earnings as provided in Section 3.3.

(7)   CAUSE: A determination by the Committee that a Participant has (i) engaged
      in gross negligence or willful misconduct in the performance of his duties
      with respect to the Employer; (ii) been convicted of any felony or a
      misdemeanor involving moral turpitude; (iii) willfully refused without
      proper legal reason to perform his duties and responsibilities to the
      Employer faithfully and to the best of his abilities; (iv) breached any
      material provision of a written employment agreement or corporate policy
      established by the Employer; or (v) willfully engaged in conduct that he
      knows or should know is materially injurious to the Employer.

                                       -1-

<PAGE>

                                                      Deferred Compensation Plan

(8)   CEO: The Chief Executive Officer of the Company.

(9)   CHANGE OF CONTROL: A determination by the Board in place immediately prior
      to any such event that one or more of the following events has occurred:

      (i)   Any "person," including a "syndication" or "group" as those terms
            are used in section 13(d)(3) of the Securities Exchange Act of 1934,
            other than an existing shareholder or an employee stock ownership,
            stock purchase, or similar plan, is or becomes the beneficial owner,
            directly or indirectly, of securities of the Company representing
            51% or more of the combined voting power of the Company's then
            outstanding voting securities;

      (ii)  The Company is merged or consolidated with another corporation and,
            immediately after giving effect to the merger or consolidation, less
            than 51% of the outstanding voting securities of the surviving or
            resulting entity are then beneficially owned in the aggregate by (a)
            the stockholders of the Company immediately prior to such merger or
            consolidation, or (b) if a record date has been, set to determine
            the stockholders of the Company entitled to vote on such merger or
            consolidation, the stockholders of the Company as of such record
            date;

      (iii) If at any time during the calendar year a majority of the members of
            the Board are not persons who were members at the beginning of the
            calendar year (unless the lack of majority is the result of the
            death of one or more members); or

      (iv)  The Company transfers substantially all of its assets to another
            corporation, which is a less than 50% owned subsidiary of the
            Company.

(10)  CODE: The Internal Revenue Code of 1986, as amended.

(11)  COMMITTEE: The administrative committee appointed to administer the Plan
      in accordance with Article IX.

(12)  COMPANY: Republic Engineered Products LLC.

(13)  COMPANY CREDITS: Company Fixed Credits, Company Fixed Discretionary
      Credits, and Company Non-Fixed Discretionary Credits.

(14)  COMPANY FIXED CREDITS: Amounts, if any, credited to a Participant's
      Company Fixed Credits Account pursuant to Subsection 3.2.1.

(15)  COMPANY FIXED CREDITS ACCOUNT: A hypothetical account for each Participant
      to which are credited (i) such Participant's Company Fixed Credits, if
      any, allocated pursuant to Subsection 3.2.1 and (ii) such Account's
      allocation of earnings as provided in Section 3.3.

(16)  COMPANY FIXED DISCRETIONARY CREDITS: Amounts, if any, credited to a
      Participant's Company Fixed Discretionary Credits Account pursuant to
      Subsection 3.2.2.

(17)  COMPANY FIXED DISCRETIONARY CREDITS ACCOUNT: A hypothetical account for
      each Participant to which are credited (i) such Participant's Company
      Fixed Discretionary Credits, if any, allocated pursuant to Subsection
      3.2.2 and (ii) such Account's allocation of earnings as provided in
      Section 3.3.

(18)  COMPANY NON-FIXED DISCRETIONARY CREDITS: Amounts, if any, credited to a
      Participant's Company Non-Fixed Discretionary Credits Account pursuant to
      Subsection 3.2.3.

                                       -2-

<PAGE>

                                                      Deferred Compensation Plan

(19)  COMPANY NON-FIXED DISCRETIONARY CREDITS ACCOUNT: A hypothetical account
      for each Participant to which are credited (i) such Participant's Company
      Non-Fixed Discretionary Credits, if any, allocated pursuant to Subsection
      3.2.3 and (ii) such Account's allocation of earnings as provided in
      Section 3.3.

(20)  COMPENSATION: Base Salary and/or Bonus.

(21)  COMPENSATION DEFERRALS: Compensation deferred by a Participant pursuant to
      Section 3.1.

(22)  DEFERRED PAYMENT DATE: The date designated by (or deemed to have been
      designated by) a Participant in accordance with Section 4.2 for payment or
      commencement of payment, as applicable) of each of such Participant's
      Accounts.

(23)  EFFECTIVE DATE: August 1, 2003.

(24)  ELECTION DATE: The first day of each Plan Year.

(25)  ELIGIBLE EMPLOYEES: Each employee of the Employer who is one of a select
      group of management or highly compensated employees.

(26)  EMPLOYER: The Company and each Participating Company.

(27)  ERISA The Employee Retirement Income Security Act of 1974, as amended.

(28)  PARTICIPANT: Each Eligible Employee (i) who has been selected for
      participation in the Plan by the CEO or the Board, (ii) who has become a
      Participant pursuant to Section 2.1, and (iii) whose participation has not
      been terminated pursuant to Section 2.2.

(29)  PARTICIPATING COMPANY: Each eligible organization designated to
      participate in the Plan in accordance with the provisions of Article XI.

(30)  PLAN: This Republic Engineered Products LLC Deferred Compensation Plan, as
      amended from tune to time.

(31)  PLAN YEAR: The period commencing on the Effective Date and ending on
      December 31,2003, and, thereafter, the twelve-consecutive-month period
      commencing January 1 of each year.

(32)  RELATED COMPANY: Each trade or business (whether or not incorporated)
      that, together with the Company, would be deemed to be a "single employer"
      within the meaning of subsection (b) or (c) of section 414 of the Code
      determined by substituting a "more than 50%" rather than an "80%"
      ownership test.

(33)  UNFORESEEABLE FINANCIAL EMERGENCY: All unexpected need of the Participant
      for cash, which (i) arises from an illness, casualty loss, sudden
      financial reversal, or such other unforeseeable occurrence caused by an
      event beyond the control of the Participant, (ii) would result in severe
      financial hardship to the Participant if this Compensation Deferral
      election was not canceled pursuant to Subsection 3.1.4 and/or if a
      withdrawal pursuant to Subsection 8.1.2 was not permitted, and (iii)
      cannot reasonably be satisfied from other resources of the Participant.
      Cash needs arising from foreseeable events, such as the purchase of a
      house or education expenses for children, will not be considered to be the
      result of an Unforeseeable Financial Emergency.

(34)  VESTED INTEREST: The percentage of a Participant's Accounts that, pursuant
      to Article V, is vested.

                                       -3-

<PAGE>

                                                      Deferred Compensation Plan

      1.2 NUMBER AND GENDER. Wherever appropriate herein, words used in the
singular will be considered to include the plural, and words used in the plural
will be considered to include the singular. The masculine gender, where
appearing in the Plan, will be deemed to include the feminine gender.

      1.3 HEADINGS. The headings of Articles and Sections herein are included
solely for convenience, and if there is any conflict between such headings and
the text of the Plan, the text will control. All references to Articles,
Sections, and Subsections are to this document unless otherwise stated.

      1.4 TOP HAT PLAN. The Plan is intended to constitute an unfunded,
unsecured plan of deferred compensation for a select group of management or
highly compensated employees of the Employer within the meaning of sections
201(2), 30l(a)(3), and 401(a)(1) of ERlSA, and all provisions of the Plan are to
be construed in accordance with such intent.

      1.5 UNFUNDED NATURE OF PLAN/RABBI TRUST. The Plan is intended to be
"unfunded" for purposes of the Code and Title I of ERISA. The Plan constitutes a
mere promise by the Employer to make benefit payments in the future. Plan
benefits herein provided are to be paid out of the Employer's general assets,
and Participants will have the status of general unsecured creditors of the
Employer. The preceding notwithstanding, the Board in its discretion may
establish a "rabbi trust" to assist the Employer in meeting its obligations
under the Plan. The Employer may transfer money or other property to the trustee
of such trust, and such trustee will pay Plan benefits to Participants and their
beneficiaries out of the trust assets unless otherwise paid by the Employer. In
such event, the Employer will remain the owner of all assets in the trust, and
the assets will be subject to the claims of the creditors of any Employer that
becomes insolvent. If a trust is established, no Participant or beneficiary will
have any preferred claim to, or any beneficial ownership interest in, any assets
of the trust.

                                       II.
                                  PARTICIPATION

      2.1 PARTICIPATION.

            2.1.1 Prior to each Election Date, the CEO or the Board, in his or
its discretion, will select and notify those Eligible Employees who are newly
eligible to become Participants as of such date. Any such Eligible Employee may
become a Participant on such Election Date, or on any subsequent Election Date,
by executing and filing with the Committee a Compensation Deferral election on
the form and within the time period provided in Section 3.1.

            2.1.2 Notwithstanding Subsection 2.1.1, if an Eligible Employee is
initially selected to become a Participant following an Election Date, such
Eligible Employee may, if he so elects within 30 days of the notification of his
selection, become a Participant prior to the next succeeding subsequent Election
Date by executing and filing with the Committee a Compensation Deferral election
on the form and within the time period provided in Section 3.1.

            2.1.3 Once a Participant commences participation in the Plan, he
will remain a Participant until his participation is terminated in accordance
with Section 2.2.

      2.2 TERMINATION OF PARTICIPATION. Notwithstanding any provision herein to
the contrary, an Eligible Employee who has become or is entitled to become a
Participant in the Plan will cease to be, or be entitled to be, a Participant
effective as of the earliest to occur of (1) the date of termination of the
Plan, (2) the date such individual is no longer an Eligible Employee, or (3) any
earlier date designated by the CEO or the Board and communicated to the affected
individual prior to the effective date of such action; provided, however, that
any Participant who ceases to be a Participant will be considered a
"Participant" for purposes of receiving a distribution of his Accounts until all
his Accounts have been distributed under the terms of the Plan.

                                       -4-

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                                                      Deferred Compensation Plan

      2.3 RESUMPTION OF PARTICIPATION. A Participant whose participation (or
right to participate) terminates in whole or in part in accordance with Section
2.2 and who subsequently is either hired or rehired by the Employer or otherwise
again becomes an Eligible Employee will not be entitled to commence or continue
participation in the Plan unless and until he has again been selected and is
eligible to become a Participant in accordance with Section 2.1.

                                      III.
                              DEFERRALS AND CREDITS

      3.1 PARTICIPANT COMPENSATION DEFERRALS.

            3.1.1 Each Plan Year each Participant may elect to defer receipt of
(1) an integral percentage (from 1% to 50%) of his Base Salary for such Plan
Year and/or (2) an integral percentage (from 1% to 100%) of his Bonus as
"Compensation Deferrals" for such Plan Year (or portion of such Plan Year if he
is a Participant for less than the full Plan Year") in accordance with the
following Subsections of this Section 3.1; provided, however, that the amount so
deferred under this Subsection will be reduced to the extent such deferred
amount would cause the taxable amount reported on such Participant's Form W-2
for the calendar year of deferral to be below the amount needed to prevent the
contributions allocated to all qualified plans of the Employer on behalf of such
Participant from exceeding the limits imposed by section 415 of the Code.
Compensation not so deferred by a Participant will be received by such
Participant in cash.

            3.1.2 A Participant's election under Subsection 3.1.1 to defer
Compensation for any Plan Year must be made (1) on or prior to the applicable
Election Date and (2) on the form and within the time period required by the
Committee. A Participant's election to make Compensation Deferrals will become
effective as of the applicable Election Date coincident with or next following
the date such Participant executes and files with the Committee the form
described in Subsection 3.1.1. Notwithstanding the foregoing, if a Participant
is selected as initially eligible under the Plan following any applicable
Election Date and such Participant executes and files with the Committee such
form within 30 days of notification of such selection, such Participant's
election to make Compensation Deferrals will become effective as of the first
day of the first administratively practicable payroll period coincident with or
next succeeding the receipt by the Committee of such form. A Participant who
does not make Compensation Deferrals for any given Plan Year (or portion
thereof, as applicable) may elect to make Compensation Deferrals under
Subsection 3.1.1 as of (and only as of) any subsequent applicable Election Date
by complying with the procedures set forth in this Subsection 3.1.2.

            3.1.3 Except as provided in Subsection 3.1.4, a Participant's
Compensation Deferral election will be irrevocable for the Plan Year (or
remainder of the Plan Year, as applicable) as long as he remains a Participant.
A Participant's Compensation Deferral election for a Plan Year will expiree at
the end of such Plan Year and will not carry over to any subsequent Plan Year.

            3.1.4 Upon application by the Participant, in the event that the
Committee determines that the Participant has suffered an Unforeseeable
Financial Emergency, the Participant's Compensation Deferral election then in
effect will be canceled prospectively as soon as administratively practicable
after such determination. If the Participant's Compensation Deferral election is
so canceled, the Participant may again elect to defer a percentage of his
Compensation effective as of (and no earlier than) any subsequent applicable
Election Date that is at least twelve months after the effective date of such
cancellation by complying with the procedural requirements set forth in
Subsections 3.1.1 and 3.1.2.

            3.1.5 Each Participant's Compensation Deferral election will be
effected by deductions from such Participant's Compensation as follows: (1) Base
Salary Compensation Deferrals will be deducted from such Participant's Base
Salary in equal amounts each pay period of the Plan Year (or portion of the Plan
Year, if applicable), and (2) the full amount of a Participant's Bonus
Compensation Deferrals will be

                                       -5-

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                                                      Deferred Compensation Plan

deducted from such Participant's Bonus when the Bonus for which such election
was made would otherwise be paid. The preceding notwithstanding, at the end of
each Plan Year or, if earlier, the termination of a Participant's Plan
participation pursuant to Section 2.2, the Committee may adjust such reductions
as it deems appropriate to effect accurately the Participant's Compensation
Deferral elections and carry out the terms of the Plan.

      3.2 COMPANY CREDITS.

            3.2.1 As of the last day of the Plan Year, the Employer will credit
each "eligible Participant" with Company Fixed Credits for that Plan Year. An
"eligible Participant" for purposes of receiving an allocation of Company Fixed
Credits for the Plan Year is each Participant who either is employed on the last
day of the Plan Year or terminated employment with the Employer during the Plan
Year other than by reason of a voluntary termination of employment. The amount
of the Company Fixed Credits for each such eligible Participant will be a
percentage (established for the Participant by the Board for that Plan Year) of
the Participant's Base Salary for such Plan Year. The percentage may vary for
different Participants or groups of Participants as the Board determines in its
discretion. If the Board does not specify a different percentage for a
Participant for a Plan Year, the percentage for such Plan Year will be (1) 15%
for the CEO (as long as he is an eligible Participant) and (2) 10% for each
other eligible Participant.

            3.2.2 Earnings. As of the last day of the Plan Year, (1) the Board
may, in its discretion, credit the CEO (if a Participant) with Company Fixed
Discretionary Credits for that Plan Year, and (2) the CEO may, in its
discretion, credit any other Participant with Company Fixed Discretionary
Credits for that Plan Year. Company Fixed Discretionary Credits for any Plan
Year may be made on behalf of one or some Participants but not others. The
amount of the Company Fixed Discretionary Credits for a Participant who has been
selected to receive such credits will be a percentage (established for the
Participant by the Board for that Plan Year) of the Participant's Base Salary
for such Plan Year, except that if the Board does not specify a different
percentage for a Participant for a Plan Year, the percentage will be 5%.

            3.2.3 As of any date or dates selected by the Board or the CEO, the
Board or the CEO in its or his discretion may credit a Participant with Company
Non-Fixed Discretionary Credits. The amount of any Company Non-Fixed
Discretionary Credits for any Participant will be an amount, if any, that the
Board or the CEO in its or his discretion determines. Company Non-Fixed
Discretionary Credits may be made on behalf of one or some Participants and not
others, and such credits may vary in amount among individual Participants.
Company Non-Fixed Discretional-Y Credits may be made at any time during the Plan
Year.

            3.3 EARNINGS. As of each day of the Plan Year on which the New York
Stock Exchange is open, each Account will be credited with earnings and losses
in accordance with the investment designation applicable to such Account in
accordance with Article VI. So long as there is any balance in any Account, such
Account will continue to receive allocations of earnings and losses pursuant to
this Section.

                                       IV.
                    ESTABLISHMENT AND MAINTENANCE OF ACCOUNTS

      4.1 ESTABLISHMENT OF PLAN YEAR ACCOUNTS. Each Plan Year, a Base Salary
Deferral Account, a Bonus Deferral Account, a Company Fixed Credits Account, a
Company Fixed Discretionary Credits Account, and a Company Non-Fixed
Discretionary Credits Account will be established for each Participant.

      4.2 SELECTION OF DEFERRED PAYMENT DATE FOR EACH PLAN YEAR'S ACCOUNTS.

            4.2.1 Prior to each Election Date, each Participant must select a
Deferred Payment Date for the amounts credited to his Base Salary Deferral
Account for that Plan Year and indicate the elected Deferred Payment Date on the
applicable Base Salary Compensation Deferral election form for the Plan

                                       -6-

<PAGE>

                                                      Deferred Compensation Plan

Year within the time period required by the Committee. The Deferred Payment Date
for a Base Salary Deferral Account must be a date that is at least one year from
the end of the Plan Year for which such Plan Year's Base Salary Deferral Account
was established. A Participant who fails to timely designate a Deferred Payment
Date for his Base Salary Deferral Account for a Plan Year will be deemed to have
designated the date of termination of his employment with the Employer.

            4.2.2 Prior to each Election Date, each Participant must select a
Deferred Payment Date for the amount credited to his Bonus Deferral Account for
that Plan Year and indicate the elected Deferred Payment Date on the applicable
Bonus Compensation Deferral election form for such Plan Year within the time
period required by the Committee. The Deferred Payment Date for a Bonus Deferral
Account must be a date that is at least one year from the end of the Plan Year
for which such Plan Year's Bonus Deferral Account was established. A Participant
who fails to timely designate a Deferred Payment Date for his Bonus Deferral
Account for a Plan Year will be deemed to have designated the date of
termination of his employment with the Employer,

            4.2.3 Prior to each Election Date, each Participant must select a
Deferred Payment Date for the amounts credited to his Company Fixed Credits
Account for that Plan Year on the form and within the time period required by
the Committee. The Deferred Payment Date for a Company Fixed Credits Account
must be a date that is on or after the date the Participant has a 100% Vested
Interest in that Account. A Participant who fails to timely designate a Deferred
Payment Date for his Company Fixed Credits Account for a Plan Year will be
deemed to have designated the date of termination of his employment with the
Employer,

            4.2.4 A Participant with amounts credited to his Company Fixed
Discretionary Credits Account for a Plan Year will not be eligible to select a
Deferred Payment Date specifically for such Account, but the Deferred Payment
Date for such Account will be the Deferred Payment Date elected (or deemed
elected) for such Participant's Company Fixed Credits Account for such Plan
Year.

            4.2.5 A Participant with amounts credited to his Company Non-Fixed
Discretionary Credits Account for a Plan Year will not be eligible to select a
Deferred Payment Date specifically for such Account. The Deferred Payment Date
for deferrals allocated to a Participant's Company Non-Fixed Discretionary
Credits Account for a Plan Year will be a date set by the Board or the CEO, as
applicable, at the time such credit is allocated to such Account and will not be
sooner than the date in which the Participant has a 100% Vested Interest in such
Account.

            4.2.6 At the time (and only at such time) a Participant selects the
Deferred Payment Dates for his Accounts for a Plan Year, the Participant may
elect that the selected Deferred Payment Dates for all (but not less than all)
of his Accounts for the Plan Year will be accelerated by a Change of Control or
a termination of his employment with the Employer for any reason.

            4.2.7 A Participant may elect a single change of the Deferred
Payment Date originally selected (by the Participant, the Board, or the CEO, as
applicable) for each Account under the following conditions: (1) there has been
no prior change of the Deferred Payment Date for the affected Account and (2)
the new Deferred Payment Date is (i) a date that is at least two years after the
original Deferred Payment Date, (ii) communicated in writing to the Committee
within the time period and on the form required by the Committee, (iii)
requested by the Participant at least one year prior to the original Deferred
Payment Date, and (iv) approved by the Committee. The preceding notwithstanding,
(I) a Participant who has begun to receive a distribution of an Account in
installments may not change the Deferred Payment Date with respect to such
Account, and (II) a Participant may not separately change the Payment Date for
his Company Fixed Discretionary Credits Account for Ii Plan Year, but if a
Participant changes the Deferred Payment Date for his Company Fixed Credits
Account for a Plan Year, the Deferred Payment Date will be correspondingly
changed for his Company Fixed Discretionary Credits Account for the same Plan
Year.

                                       -7-

<PAGE>

                                                      Deferred Compensation Plan

      4.3 SELECTION OF FORM OF BENEFIT PAYMENT FOR EACH PLAN YEAR'S ACCOUNTS.

            4.3.1 Prior to each Election Date, a Participant must elect, on the
form and within the time period required by the Committee, one of the forms of
payment listed in Subsection 4.3.4 for all amounts credited to his Base Salary
Deferral Account, Bonus Deferral Account, and Company Fixed Credits Account for
that Plan Year. A separate form of benefit may be elected for each such Account,
or the Participant may elect the same form of benefit for all such Accounts.
Except as provided in Subsection 4.3.5, such election of benefit form will be
irrevocable by the Participant. In the event a Participant fails to elect, or to
timely elect, the form in which his benefit payments are to be made for any Plan
Year, such benefit payments will be deemed to have been elected by such
Participant to be in the form of a single lump sum payment.

            4.3.2 A Participant with amounts credited to his Company Fixed
Discretionary Credits Account for a Plan Year will not be eligible to select a
form of payment specifically for such Account, but the form of payment for such
Account will be the form of payment elected (or deemed elected) for such
Participant's Company Fixed Credits Account for such Plan Year.

            4.3.3 A Participant with amounts credited to his Company Non-Fixed
Discretionary Credits Account for a Plan Year will not be eligible to select a
form of payment specifically for such Account, but the form of payment for such
Account will be selected by the Board or the CEO, as applicable, at the time
amounts are credited to such Account.

            4.3.4 The following alternative forms of payment are available under
the Plan:

                  (1) A single lump sum cash payment; or

                  (2) Annual installment cash payments for a term certain of
      either five years or ten years payable to such Participant and, in the
      event of such Participant's death prior to the end of such term certain,
      the remainder of such Participant's benefit to the Participant's
      beneficiary designated in accordance with Section 7.5 in a single lump sum
      cash payment.

            4.3.5 A Participant may elect a single change of the form of benefit
payment originally selected (by the Participant, the, Board, or the CEO, as
applicable) for any Base Salary Deferral Account, Bonus Deferral Account, or
Company Fixed Credits Account if, at the same time, and under the same
conditions he has a right to change his Deferred Payment Date for such Account
in accordance with Subsection 4.2.7. If a Participant changes the form of
benefit payment for his Company Fixed Credits Account, the form of benefit
payment will be correspondingly changed for his Company Fixed Discretionary
Credits Account for the same Plan Year.

            4.3.6 The preceding Subsections notwithstanding, the Committee in
its sole discretion may elect to distribute such Account(s) in a single lump sum
cash payment notwithstanding any alternative form elected by the Participant.

      4.4 DEBITING AND CREDITING OF ACCOUNTS. Each Plan Year the Accounts
established for each Participant will be debited and credited as follows: 4.4.1
A Participant's Base Salary Deferral Account established for such Plan Year will
be credited with the Base Salary Compensation Deferrals elected by such
Participant for that Plan Year as soon as administratively practicable after,
but as of, the last day of the month in which the amounts are deducted from the
Participant's Base Salary.

            4.4.2 A Participant's Bonus Deferral Account established for such
Plan Year will be credited with the Bonus Compensation Deferrals elected by such
Participant for such Plan Year as soon as

                                       -8-

<PAGE>

                                                      Deferred Compensation Plan

administratively practicable after, but as of, the last day of the month in
which the amounts are deducted from the Participant's Bonus.

            4.4.3 A Participant's Company Fixed Credits Account established for
such Plan Year will be credited with the Company Fixed Credits, if any,
allocated on behalf of such Participant for that Plan Year as soon as
administratively practicable after, but as of, the last day of the Plan Year.

            4.4.4 A Participant's Company Fixed Discretionary Credits Account
established for such Plan Year will be credited with the Company Fixed
Discretionary Credits, if any, allocated on behalf of such Participant for that
Plan Year as soon as administratively practicable after, but as of, the last day
of the Plan Year.

            4.4.5 A Participant's Company Non-Fixed Discretionary Credits
Account established for such Plan Year will be credited with the Company
Non-Fixed Discretionary Credits, if any, allocated on behalf of such Participant
for that Plan Year as soon as administratively practicable after, but as of, the
last day of the month in which the amounts are so allocated.

            4.4.6 All the Accounts of a Participant will be credited with
earnings and losses allocated pursuant to Section 4.3 on a daily valuation basis
each day the New York Stock Exchange is open.

            4.4.7 Each Account of a Participant will be debited for any
distribution made from such Account pursuant to Article VII or VIII as of the
date any such distribution is made from any such Account.

            4.4.8 Each Participant's Base Salary Deferral Account and/or Bonus
Deferral Account, as applicable, will be debited or credited for any adjustment
made pursuant to Subsection 3.1.5 as of the date such adjustment is made.

      4.5 STATEMENT OF ACCOUNTS. Each Participant will receive at least annually
a statement setting forth (1) the debits and credits to such Participant's
Accounts during the statement period, (2) the balance of such Participant's
Accounts as of the last day of the statement period, and (3) the Participant's
Vested Interest in each such Account as of the last day of the statement period.

                                       V.
                               VESTING OF ACCOUNTS

      5.1 VESTING OF BASE SALARY DEFERRAL ACCOUNTS AND BONUS DEFERRAL ACCOUNTS.
Each Participant will have a 100% Vested Interest in his Base Salary Deferral
Accounts and Bonus Deferral Accounts at all times.

      5.2 VESTING OF COMPANY FIXED CREDITS ACCOUNT AND COMPANY FIXED
DISCRETIONARY CREDITS ACCOUNTS. Each Participant will have (1) a 0% Vested
Interest in each of his Company Fixed Credits Account and Company Fixed
Discretionary Credits Account until the completion of two consecutive Plan Years
of continuous employment with the Employer following the last day of the Plan
Year for which credits are allocated to such Account and (2) a 100% Vested
Interest in each such Account upon the completion of two consecutive Plan Years
of continuous employment with the Employer following the last day of the Plan
Year for which credits are allocated to such Account.

      5.3 VESTING OF NON-FIXED DISCRETIONARY CREDITS ACCOUNTS. Each Participant
will acquire a Vested Interest in his Company Non-Fixed Discretionary Credits
Account for a Plan Year under the vesting schedule established by the Board or
the CEO, as applicable, at the time Company Non-Fixed Discretionary Credits are
allocated to such Account.

                                       -9-

<PAGE>

                                                      Deferred Compensation Plan

      5.4 ACCELERATED VESTING UPON CHANGE OF CONTROL. The preceding Sections
notwithstanding, in the event of a Change of Control, a Participant will have a
100% Vested Interest in all of his Company Fixed Credits Accounts, Company Fixed
Discretionary Credits Accounts, and Company Non-Fixed Discretionary Credits
Accounts effective immediately prior to, but contingent upon the occurrence of,
the Change of Control; provided, however, that such accelerated Vested Interest
will be reduced or eliminated to the extent necessary to prevent such
accelerated vesting from triggering, when considered with all other payments
paid or payable to or on behalf of the Participant on account of the same Change
of Control, the excess parachute sanctions under sections 280G and 4999 of the
Code.

      5.5 FORFEITURE UPON TERMINATION.

            5.5.1 The preceding Sections notwithstanding, in the event the
Committee determines that a Participant's employment with the Employer is
terminated for Cause (notwithstanding that Cause may not be cited by the
Employer as a reason for such termination), such Participant will have a 0%
Vested Interest in his Company Fixed Credits Accounts, Company Fixed
Discretionary Credits Accounts, and Company Non-Fixed Discretionary Credits
Accounts effective immediately prior to the date of such termination.

            5.5.2 If a Participant terminates employment with the Employer and
its Related Companies with a Vested Interest in any Account that is less than
100%, the nonvested portion of such Account will be forfeited to the Employer as
of the date of such termination.

                                       VI.
                             INVESTMENT OF ACCOUNTS

      6.1 DEEMED INVESTMENT OF ACCOUNTS. The Committee from time to time select,
add, and/or delete investment funds for purposes of the deemed investment of
Participants' Accounts. For purposes of allocating earnings and losses and
valuation of each Participant's Accounts, the Participant's Accounts will be
deemed to be invested in the investment funds. The Committee will designate
which investment fund or funds the Participant's Accounts are deemed to be
invested. The preceding notwithstanding, the Committee may, in its discretion,
permit one or more Participants or any group of Participants to direct the
deemed investment of all or any portion of their Accounts in accordance with
Section 6.2.

      6.2 DESIGNATION OF INVESTMENT FUNDS. If the Committee permits a
participant to direct the deemed investment of his Account(s), such Participant
may designate, in accordance with the procedures established from time to time
by the Committee, the manner in which the amounts allocated to his Accounts over
which he has been given investment discretion by the Committee will be deemed to
be invested from among the investment funds made available from time to time for
such purpose by the Committee. Such Participant may change such investment
designation in accordance with rules and procedures established by the Committee
from time to time.

      6.3 DEFAULT INVESTMENT. In the event that the Committee does not make
investment funds available for an Account, or if a Participant does not select
an investment fund for all or part of any of his Accounts, such Account(s) will
be deemed to be invested in the investment fund or funds designated by the
Committee from time to time.

                                      VII.
                            PAYMENT OF PLAN BENEFITS

      7.1 PLAN BENEFIT. A Participant's Plan benefit will be such Participant's
Vested Interest (determined as of the date of the Section 7.2 event triggering
payment of his benefit) in the value of each of his Accounts (determined as of
the date that is administratively practicable preceding payment of any such
Account).

                                      -10-
<PAGE>

                                                      Deferred Compensation Plan

      7.2 EVENTS TRIGGERING PAYMENT OF BENEFIT. Payment of a Participant's Plan
benefit from his Account or Accounts, as applicable, will be triggered by the
earliest to occur of the following events:

            (1) The death of the Participant (for all Accounts of the
      Participant);

            (2) The occurrence of the Deferred Payment Date (for the particular
      Account(s) of the Participant to which the Deferred Payment Date applies);
      or

            (3) Any date designated by the Committee in its discretion (for the
      Account(s) of the Participant specified by the Committee).

      7.3 TIME AND FORM OF PAYMENT OF BENEFIT. Payment of a Participant's
benefit from his Account(s) will be made or commence as soon as administratively
practicable following notice to the Committee that a Section 7.2 event
triggering payment of such benefit has occurred. The Participant's benefit will
be paid in the form elected or deemed elected by the Participant in accordance
with Section 4.3.

      7.4 PAYEE OF BENEFITS. The Participant's Plan benefit will be paid to the
Participant himself, Unless the Section 7.2 triggering event is the death of the
Participant or the Participant dies prior to receipt of his full benefit, in
which case the Participant's Plan benefit (or remainder of such benefit, if
applicable) will be paid to the Participant's beneficiary designated in
accordance with Section 7.5.

      7.5 DESIGNATION OF BENEFICIARIES.

            7.5.1 Each Participant will have the right to designate the
beneficiary or beneficiaries to receive payment of his Plan benefit in the event
of his death. Each such designation will be made by executing the beneficiary
designation form prescribed by the Committee and filing such form with the
Committee during the lifetime of such Participant. Any such beneficiary
designation may be changed by the Participant during his life at any time by
execution and filing of a new designation in accordance with this Subsection.
The preceding notwithstanding, (1) if a Participant has designated his spouse as
his beneficiary, such designation will be void and of no effect upon the divorce
of the Participant and such spouse, unless the Participant notifies the
Committee to the contrary in writing after the date of such divorce, and (2) if
a Participant who is married on the date of his death has designated an
individual or entity other than his surviving spouse as his beneficiary, such
designation will not be valid unless (i) such surviving spouse has consented
thereto in writing, and such consent (a) acknowledges the effect of such
specific designation, (b) either consents to the specific designated beneficiary
(which designation may not subsequently be changed by the Participant without
spousal consent) or expressly permits such designation by the Participant
without the requirement of further consent by such spouse, and (c) is witnessed
by a Plan representative (other than the Participant) or a notary public or (ii)
the consent of such spouse cannot be obtained because such spouse cannot be
located or because of other circumstances that tile Committee in its discretion
determines warrants a waiver of such consent. Any such consent by such surviving
spouse will be irrevocable.

            7.5.2 If, at the time of the death of the Participant, no
beneficiary designation is on file with the Committee or such beneficiary
designation is not valid or effective for any reason as determined by the
Committee, then the designated beneficiary or beneficiaries of such Participant
will be as follows:

            (1) If a Participant has a surviving spouse at the time of his
      death, his designated beneficiary will be such surviving spouse; and

            (2) If a Participant has no surviving spouse at the time of his
      death, his designated beneficiary will be such Participant's executor or
      administrator acting on behalf of such Participant's estate or, if there
      is no administration of such Participant's estate, the Participant's heirs
      at law.

                                      -11-

<PAGE>

                                                      Deferred Compensation Plan

      7.6 UNCLAIMED BENEFITS. In the case of a Plan benefit payable to or on
behalf of a Participant, if the Committee after a reasonable search is unable to
locate the Participant or beneficiary to whom such benefit is payable, upon the
Committee's determination thereof, such benefit will be forfeited to the
Employer. Notwithstanding the foregoing, if subsequent to any such forfeiture
the Participant or beneficiary to whom such benefit is payable makes a valid
claim for such benefit within a reasonable (as determined by and in the
discretion of the Committee) period of time following the date such Plan benefit
became payable, such forfeited benefit will be payable pursuant to the Plan
provisions.

      7.7 MINORS OR INCAPACITATED PERSONS. If a Participant, or beneficiary
entitled to receive a Plan benefit is a minor, is determined by the Committee in
its discretion to be incompetent, or is adjudged by a court of competent
jurisdiction to be legally incapable of giving valid receipt and discharge for a
benefit provided under the Plan, the Committee may pay such benefit to the duly
appointed guardian or conservator of such Participant or beneficiary for the
account of such Participant or beneficiary. If no guardian or conservator has
been appointed for such Participant or beneficiary, the Committee may pay such
benefit to any third party who is determined by the Committee, in its sole
discretion, to be authorized to receive such benefit for the account of such
Participant or beneficiary. Such payment will operate as a full discharge of all
liabilities and obligations of the Committee, the Employer, the Board, and any
fiduciary of the Plan with respect to such benefit.

                                      VIII.
                              WITHDRAWALS AND LOANS

      8.1 EARLY WITHDRAWALS.

            8.1.1 Except as provided in Subsections 8.1.2 and 8.1.3, a
Participant is not permitted to make withdrawals from any Account prior to his
entitlement to a distribution of such Account in accordance with Article VII.

            8.1.2 In the event that the Committee, upon written petition of the
Participant, determines in its sole discretion that the Participant has suffered
an Unforeseeable Financial Emergency, the Participant will be entitled to
withdraw from his Base Salary Deferral Account(s) and Bonus Deferral Account(s)
(but not from his other Accounts) an amount not to exceed the lesser of (1) the
amount determined by the Committee as necessary to meet the Participant's needs
created by tile Unforeseeable Financial Emergency or (2) the then total value of
such Base Salary Deferral Account(s) and Bonus Deferral Account(s). If approved
by the Committee, such withdrawal will be paid in a single lump sum payment as
soon as administratively practicable after the Committee has made its
determination with respect to the availability and amount of such withdrawal.

            8.1.3 Each Participant may withdraw from his Base Salary Deferral
Account(s) and Bonus Deferral Account(s) (but not from his other Accounts) prior
to the time any such Account becomes payable under Section 7.2 or, if such
Account is in pay status, prior to the time it is fully paid out, subject to the
following restrictions: (1) a withdrawal from any Base Salary Deferral Account
or Bonus Deferral Account may not be made prior to the last day of the Plan Year
following the Plan Year for which the Compensation Deferrals were made; (2) a
withdrawal from any Account must be for the full balance of such Account as of
the date of such withdrawal; (3) for each withdrawal from an Account, such
Participant will forfeit 20% of the Account balance as of the date of the
withdrawal; (4) each such withdrawal must be requested on the form and within
the time period prescribed by the Committee, and (5) the withdrawal must be
approved by the Committee. Such withdrawal will be paid in a single lump sum
payment as soon as administratively practicable after the Committee has received
and approved the request for such withdrawal.

      8.2 NO LOANS. Participants will not, at any time, be permitted to borrow
from their Accounts.

                                      -12-

<PAGE>

                                                      Deferred Compensation Plan

                                       IX.
                             ADMINISTRATION OF PLAN

      9.1 THE COMMITTEE.

            9.1.1 The general administration of the Plan which will be vested in
the Committee, which will be the "administrator" for purposes of ERISA. The
Committee will be appointed by the CEO and will consist of one or more persons.
Any individual, whether or not an Employee, is eligible to become a member of
the Committee.

            9.1.2 Each member of the Committee will serve until he resigns,
dies, or is removed by the CEO. At any time during his term of office, a member
of the Committee may resign by giving written notice to the CEO and the
Committee, such resignation to become effective upon the appointment of a
substitute member or, if earlier, the lapse of thirty days after such notice is
given as herein provided. At any time during his term of office, and for any
reason, a member of the Committee may be removed by the CEO with or without
cause, and the CEO may in his or its discretion fill any vacancy that may result
therefrom. Any member of the Committee who is an Employee or a member of the
Board will automatically cease to be a member of the Committee as of the date he
ceases to be an Employee or a member of the Board.

            9.1.3 No member of the Committee will have any right to vote or
decide upon any matter relating solely to himself under the Plan or to vote in
any case in which his individual right to claim any benefit under the Plan is
particularly involved. In any case in which a Committee member is so
disqualified to act and a majority of the remaining members cannot agree, the
CEO will appoint a temporary substitute member to exercise all the powers of the
disqualified member concerning the matter in which he is disqualified.

      9.2 COMMITTEE POWERS AND DUTIES. The Committee will administer and enforce
the Plan according to the terms and provisions hereof and, except as otherwise
provided in the Plan, will have all powers necessary to accomplish these
purposes, including, but not by way of limitation, all powers specifically
granted it under the Plan and the complete and absolute discretion to construe
all provisions of the Plan and make all factual determinations and the right,
power, authority, and duty:

            (1) To make rules, regulations, and bylaws for the administration of
      the Plan that are not inconsistent with the terms and provisions hereof,
      and to enforce the terms of the Plan and the rules and regulations
      promulgated thereunder by the Committee;

            (2) To construe in its sole discretion all terms, provisions,
      conditions, and limitations of the Plan;

            (3) To correct any defect or to supply any omission or to reconcile
      any inconsistency that may appear in the Plan in such manner and to such
      extent as it will deem in its discretion expedient to effectuate the
      purposes of the Plan;

            (4) To employ and compensate such accountants, attorneys, investment
      advisors, and other agents, employees, and independent contractors as the
      Committee may deem necessary or advisable for the proper and efficient
      administration of the Plan;

            (5) To determine in its sole discretion all questions relating to
      eligibility;

            (6) To determine whether and when there has been a termination of a
      Participant's employment with the Employer, and the reason for such
      termination; and

                                      -13-

<PAGE>

                                                      Deferred Compensation Plan

            (7) To make a determination in its sole discretion as to the right
      of any person to a benefit under the Plan and to prescribe procedures to
      be followed by distributees in obtaining benefits hereunder.

      9.3 CLAIMS REVIEW.

            9.3.1 In the event an individual (1) does not receive a benefit but
believes he is entitled to one or (2) receives a benefit but believes he is
entitled to a greater amount, such individual may file with the Committee a
written claim for such benefit, which must be filed within 60 days of either the
date upon which the individual received a benefit that he felt was insufficient
or, if later, the date upon which occurred the event that he believes entitled
him to a benefit. In connection with the submission of such claim, the
individual may examine the Plan and any other relevant documents relating to the
claim and may submit Written comments relative to the claim to the Committee
coincident with the filing of the claim, and the Committee may require
additional information to be furnished in connection with such claim.

            9.3.2 In any case in which a claim for Plan benefits of a
Participant or his beneficiary is denied or modified, the Committee will furnish
written notice to the Participant, beneficiary, or representative of the
Participant or his beneficiary (the "claimant") within 90 days after such claim
is filed with the Committee; provided, however, that if the need for additional
information relating to such claim necessitates an extension of the 90-day
period, the claimant will be informed in writing prior to the end of the initial
90-day period of the need for an extension of time, and written notice of the
disposition of such claim will be provided to the claimant within 180 days after
the date the claim is filed with the Committee. The extension notice will
indicate the special circumstances requiring the extension of time and the date
by which a decision will be made. If the extension is due to the claimant's
failure to submit information necessary to review the claim, the notice of
extension will afford the claimant 45 days to provide the required information,
and the Committee's deadline to provide notice of the claim's disposition will
be tolled from the date the Committee sends the notice of extension to the
earlier of (1) the date the Committee receives the requested information or (2)
the expiration of the 45-day period afforded to the claimant to provide the
requested information. If the claimant fails to provide the requested
information by the expiration of such 45-day period, the benefit determination
will be made without regard to the requested information.

            9.3.3 The notice of a claim's disposition provided to the claimant
will contain the following:

            (1) The specific reason or reasons for the denial or modification;

            (2) Specific reference to pertinent Plan provisions on which the
      denial or modification is based;

            (3) A description of any additional material or information
      necessary for the claimant to perfect the claim and an explanation of why
      such material or information is necessary; and

            (4) All explanation of how the claimant may perfect his claim and
      obtain a full and fair review of such denial or modification pursuant to
      Subsection 9.3.4, including the time limits applicable to such review and
      a statement of the claimant's right to bring a civil action under section
      502(a) of ERISA following an adverse determination on review.

            9.3.4 In the event a claim for benefits is denied or modified, if
the claimant desires to have such denial or modification reviewed, he must,
within 60 days following receipt of the notice of such denial or modification,
submit a written request for a review to the Committee. A claimant will be
provided, upon request and free of charge, access to and copies of all
documents, records, and other information relevant to the claim for benefits,
including (1) documents, records, or other information relied upon for the

                                      -14-

<PAGE>

                                                      Deferred Compensation Plan

benefit determination, (2) documents, records, or other information submitted,
considered or generated without regard to whether such document, record, or
other information was relied upon in making the benefit determination, and (3)
documents, records, or other information that demonstrates compliance with the
standard claims procedure. A claimant will be entitled to submit written
comments, documents, records, all other information relating to the claim for
benefits. The review will take into account all comments, documents, records,
and other information submitted by the claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial
benefit determination.

            9.3.5 Within 60 days following such request for a review, the
Committee will, after providing a full and fair review, render its final
decision in writing to the claimant. The written decision will: (1) state
specific reasons for such decision, (2) provide specific reference to the
specific plan provisions on which the decision is based, (3) inform the claimant
that he is entitled to receive, upon request and free of charge, reasonable
access to and copies of all documents, records, and other information relevant
to the claim for benefits, including (i) documents, records, or other
information relied upon for the benefit determination, (ii) documents, records,
or other information submitted, considered, or generated without regard to
whether such document, record, or other information was relied upon in making
the benefit determination, and (iii) documents, records, or other information
that demonstrates compliance with the standard claims procedure, and (4) inform
the claimant of his right to bring an action under section 502(a) of ERISA. If
special circumstances require an extension of such 60-day period, the
Committee's decision will be rendered as soon as possible, but not later than
120 days after receipt of the request for review. If such an extension of time
for review is required, written notice of the extension will be furnished to the
claimant prior to the commencement of the extension period, indicating the
special circumstances requiring an extension of time and the date by which the
determination will be made. If the extension is required due to the claimant's
failure to submit information necessary to review the claim, the extension
notice will afford the claimant 45 days to provide the required information, and
the Committee's deadline to provide notice of the benefit determination on
review will be tolled from the date the Committee sends the notice of extension
to the earlier of (I) the date the Committee receives the requested information
or (II) the expiration of the 45-day period afforded to the claimant to provide
the requested information. If the claimant fails to provide the requested
information by the expiration of such 45-day period, the benefit determination
will be made without regard to the requested information. The decision on review
by the Committee will be binding and conclusive upon all persons.

            9.3.6 Completion of the claims review procedures described in this
Section 9.3 will be a condition precedent to the commencement of any legal or
equitable action in connection with a claim for benefits under the Plan by a
Participant, a beneficiary, or any other person or entity claiming rights
through such Participant or beneficiary; provided, however, that the Committee
may, in its sole discretion, waive compliance with such claims review procedures
as a condition precedent to any such action.

      9.4 EMPLOYER TO SUPPLY INFORMATION. The Employer will supply full and
timely information to the Committee, including, but not limited to, information
relating to each Participant's compensation, age, retirement, death, or
termination of employment and such other pertinent facts as the Committee may
require. When making a determination in connection with the Plan, the Committee
will be entitled to rely upon the aforesaid information furnished by or at the
direction of the Employer.

     9.5 PAYMENT OF EXPENSES. All expenses incident to the administration of the
Plan, including, but not limited to, legal, accounting, and administrative, will
be paid by the Employer. Expenses will be allocated among the Employers as
determined by the Committee in its discretion.

      9.6 INDEMNITY. To the extent permitted by applicable law, the Employer
will indemnify and hold harmless each current and former member of the Committee
and each other current and former employee of the Employer or Related Company to
whom Plan administrative or fiduciary functions have been delegated by the
Committee or under the Plan against any and all expenses and liabilities arising
out of such individual's administrative functions or fiduciary responsibilities
under or incident to the Plan

                                      -15-

<PAGE>

                                                      Deferred Compensation Plan

including any expenses and liabilities that are caused by or result from all act
or omission constituting the negligence of such individual in the performance of
such functions or responsibilities, but excluding expenses and liabilities that
are caused by or result from such individual's own gross negligence or willful
misconduct. Expenses against which such individual will be indemnified hereunder
will include, without limitation, the amounts of any settlement or judgment,
costs, counsel fees, and related charges reasonably incurred in connection with
a claim asserted or a proceeding brought or settlement thereof.

                                       X.
                        AMENDMENT AND TERMINATION OF PLAN

      10.1 AMENDMENT OF PLAN. Notwithstanding anything to the contrary, the
Company has the absolute and unconditional right to amend the Plan at any time,
in whole or in part, on behalf of the Company and each Participating Company;
provided, however, that no amendment may be made that would reduce a
Participant's Vested Interest in the amounts credited to his Accounts as of the
date of adoption of such amendment except as provided under the Plan prior to
such amendment. All amendments to the Plan must be in writing, signed by an
authorized officer of the Company, and approved by the Board (which Board action
may be prior to the effective date of the amendment or subsequent to the
effective date of the amendment by ratification). Any oral statements or
representations made by the Employer, the Committee, or any other individual or
entity that alter, modify, amend, or are inconsistent with the written terms of
the Plan are invalid and unenforceable and may not be relied upon by any
Employee or by any other individual or entity.

      10.2 TERMINATION OF PLAN. Notwithstanding anything to the contrary, the
Company has the absolute and unconditional right to terminate the Plan at any
time on behalf of the Company and each Participating Company. However, no
termination will reduce the amount of any accrued and vested benefit for any
Participant to which he is entitled under the Plan on or prior to the effective
date of such termination, except to the extent such benefit could be reduced
under the terms of the Plan prior to such termination. Any termination of the
Plan must be approved by the Board (which Board action may be prior to the
effective date of the termination or subsequent to the effective date of the
termination by ratification). In the event that the Plan is terminated,
notwithstanding any other form of benefit elected by the Participant, the
balance of each Participant's Accounts will be paid to such Participant or his
designated beneficiary in the manner selected by the Committee in its
discretion, which may include the payment of a single lump sum cash payment, in
full satisfaction of all of such Participant's or beneficiary's benefits
hereunder.

                                       XI.
                             PARTICIPATING COMPANIES

      11.1 DESIGNATION OF PARTICIPATING COMPANIES.

            11.1.1 The CEO or the Board may designate any Related Company to
participate in the Plan as a "Participating Company" by written instrument
delivered to the Secretary of the Company, the Committee, and the designated
Participating Company. Such written instrument will specify the effective date
of such designated participation, may incorporate specific provisions relating
to the operation of the Plan that apply to the Participating Company only, and
will become, as to such Participating Company and its employees, a part of the
Plan. Each Participating Company will be conclusively presumed to have consented
to its designation and to have agreed to be bound by the terms of the Plan and
any and all amendments thereto upon its submission of any information required
by the terms of or with respect to the Plan; provided, however, that the terms
of the Plan may be amended so as to increase the obligations of a Participating
Company only with the consent of such entity, which consent will be conclusively
presumed to have been given by such Participating Company upon its submission,
after receipt of notice of any such amendment, of any information required by
the terms of, or with respect to, the Plan.

                                      -16-

<PAGE>

                                                      Deferred Compensation Plan

            11.1.2 Except as modified by the CEO or the Board in the written
instrument described in Subsection 11.1.1, the provisions of the Plan will be
applicable with respect to each Participating Company separately, and amounts
payable hereunder, for or on behalf of a Participant will be paid by the
Participating Company that employs such Participant.

      11.2 TERMINATION OF PARTICIPATING COMPANY'S PARTICIPATION.

            11.2.1 Any Participating Company, by appropriate action of its board
of directors or noncorporate counterpart, may terminate its participation in the
Plan by giving prior written notice of such termination to the CEO or the Board.
Moreover, the CEO or the Board may, in its discretion, terminate a Participating
Company's Plan participation at any time by giving prior written notice to such
Participating Company. In addition, a Participating Company will cease
participation in the Plan immediately upon its no longer being a Related
Company.

            11.2.2 Upon termination of a Participating Company's participation
in the Plan, the Company will transfer to such Participating Company, as soon as
administratively practicable after such termination, sponsorship of the portion
of the Plan attributable to the participation of the employees of such
Participating Company.

                                      XII.
                                  MISCELLANEOUS

      12.1 NOT CONTRACT OF EMPLOYMENT. The adoption and maintenance of the Plan
will not be deemed to be a contract between the Employer and any person or to be
consideration for the employment of any person. Nothing contained herein will be
deemed to give any person the right to be retained in the employ of the Employer
or as a member of the Board or to restrict the right of the Employer to
discharge any person at any time, nor will the Plan be deemed to give the
Employer the right to require any person to remain in the employ of the Employer
or as a member of the Board or to restrict any person's right to terminate his
employment or Board membership at any time.

      12.2 ASSIGNMENT FORBIDDEN. The interest of a Participant or his
beneficiary or beneficiaries hereunder may not be sold, transferred, assigned,
or encumbered in any manner, either voluntarily or involuntarily, and any
attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber, or
charge the same will be null and void, nor will the benefits hereunder be liable
for or subject to the debts, contracts, liabilities, engagements, or torts of
any person to whom such benefits or funds are payable, nor will they be an asset
in bankruptcy or subject to garnishment, attachment, or other legal or equitable
proceedings. The preceding notwithstanding, the Committee will comply with the
terms and provisions of an order that contains the elements of a "qualified
domestic relations order" as defined in section 206(d) of ERISA.

      12.3 WITHHOLDING. All Compensation Deferrals, Company Credits, earnings
allocations, and benefit payments provided for hereunder will be subject to
applicable withholding and other deductions required of the Employer under any
applicable local, state, or federal law as such laws are interpreted by the
Employer.

      12.4 SEVERABILITY. If any provision of the Plan is held to be illegal or
invalid for any reason, said illegality or invalidity will not affect the
remaining provisions hereof; instead, each provision will be fully severable,
and the Plan will be construed and enforced as if said illegal or invalid
provision had never been included herein.

                                      -17-

<PAGE>

                                                      Deferred Compensation Plan

      12.5 GOVERNING LAWS. All provisions of the Plan will be construed in
accordance with the laws of the state of Ohio except to the extent preempted by
federal law.

      EXECUTED this 31st day of July, 2003.

                                        REPUBLIC ENGINEERED PRODUCTS LLC

                                        By: /s/ Joseph F. Lapinsky
                                            ------------------------------------
                                            Printed Name: Joseph F. Lapinsky

                                      -18-

<PAGE>

                                                      Deferred Compensation Plan

                        ACTION BY CHIEF EXECUTIVE OFFICER

                         DESIGNATION OF PARTICIPATION IN
          REPUBLIC ENGINEERED PRODUCTS, INC. DEFERRED COMPENSATION PLAN

      WHEREAS, Republic Engineered Products, Inc. (the "Company") has
established the Republic Engineered Products, Inc. Deferred Compensation Plan
(the "Plan"); and

      WHEREAS, the Plan provides that the Chief Executive Officer of the Company
("CEO") in his discretion may select from time to time eligible employees of the
Company to be "Participants" (as defined in the Plan) in the Plan; and

      WHEREAS, the CEO wishes to designate certain key employees of the Company
as Participants in the Plan;

      NOW, THEREFORE:

      1. The CEO hereby designates George F. Strickler, a key employee of the
Company, to be a Participant in the Plan, effective as of February 18, 2004:

      2. The Participant's participation in, and entitlement to benefits under,
the Plan shall be governed by all the terms, conditions, and restrictions of the
Plan.

      EXECUTED this nineteenth day of February 2004.

                                         CHIEF EXECUTIVE OFFICER

                                         /s/ Joseph  F. Lapinsky
                                         ---------------------------------------
                                         Joseph Lapinsky

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