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                                                                     EXHIBIT 4.3

                           GENEVA STEEL HOLDINGS CORP.
                              STOCK OPTION PLAN FOR
                              NONEMPLOYEE DIRECTORS

        1. PURPOSE. The purpose of the Geneva Steel Holdings Corp. Stock Option
Plan for Nonemployee Directors (the "Plan") is to promote the interests of
Geneva Steel Holdings Corp. (the "Company") and its shareholders by helping it
attract and retain members of its board of directors (the "Board") who are not
employees of the Company ("Nonemployee Directors") by providing them with an
equity interest in the Company.

        2. PARTICIPATION. Each Nonemployee Director shall be eligible to
participate in the Plan, provided that the Board shall have the discretion to
determine which, if any, Nonemployee Director shall receive a grant of options
hereunder (each participant who receives such a grant shall be an "Optionee").

        3. ADMINISTRATION.

                The Plan shall be administered by the Corporate Governance
Committee of the Board (the "Committee") which shall have the authority and
discretion to adopt, alter and repeal such administrative rules, guidelines and
practices governing the Plan as it deems advisable or appropriate; to interpret
and construe the terms and provisions of the Plan; to establish, amend and
rescind any rules and regulations relating to the Plan and any agreement
evidencing a grant; and otherwise to supervise the administration of the Plan.
The Committee may, in its sole and absolute discretion, delegate to any proper
officer of the Company, or more than any one of them, any or all of its
administrative duties under this Plan.

        4. STOCK SUBJECT TO THE PLAN.

                (a) The total number of shares of Stock for which Options may be
granted under this Plan shall be 200,000 (the "Shares"), subject to adjustment
as provided herein. Such Shares may consist of authorized but unissued shares or
shares held in the Company's treasury. Any shares subject to an option hereunder
that cease to be subject thereto may again be the subject of Options hereunder.

                (b) In the event of a merger, reorganization, consolidation,
sale of substantially all assets, recapitalization, stock dividend, stock split,
spin-off, split-off, distribution of assets or other change in corporate
structure affecting the Stock, a substitution or adjustment, as determined by
the Committee, shall be made in the aggregate number of shares reserved for

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issuance under the Plan, the number and type of shares subject to outstanding
awards and the amounts to be paid by award holders or the Company, as the case
may be, with respect to outstanding awards, provided that no such adjustment
shall increase the aggregate value of any outstanding award.

        5. TERMS OF OPTIONS AND SHARES.

                (a) Exercise Price. The exercise price of an Option shall be one
hundred percent of the fair market value of a Share as of the date the Option is
granted, provided that the Committee or the Board, as applicable, in its sole
discretion, may grant Options above or below fair market value. The Board shall
determine fair market value of a share on any date using whatever criteria it
deems appropriate.

                (b) Term. Subject to the discretion of the Committee to vary the
term, the term of an Option shall be ten (10) years from its initial Grant Date.

                (c) Number of Options. The Committee shall have the discretion
to determine the number of Options to be granted any Nonemployee Director, and
to determine the terms and conditions of any such grant, all as embodied in an
option agreement between the Company and the Nonemployee Director (the "Option
Agreement").

                (d) Exercisability. Each Option shall be fully vested and
exercisable as of the date on which it is granted.

                (e) Method of Exercise. Options may be exercised in whole or in
part at any time during the Term by delivery of a written notice (in person or
by first class mail to the Secretary of the Company at the Company's principal
executive office), of exercise to the Company specifying the number of shares to
be purchased, accompanied by full payment thereof and otherwise in accordance
with the Option Agreement. Payment of the exercise price shall be made, (i) in
cash, (ii) by delivery of shares of Stock, (iii) by a broker-assisted "cashless
exercise" effected in accordance with rules adopted by the Committee, provided
that the Stock is then publicly traded, or (iv) any combination of the
foregoing. Any Shares transferred to the Company as payment of the Exercise
Price shall be valued at their fair market value (as defined herein) on the day
preceding the date of exercise of such Option.

                (f) No Stockholder Rights. An Optionee shall not have rights to
dividends or other rights or privileges of a stockholder with respect to shares
subject to an Option until the Option shall have been exercised in accordance
with the terms hereof and the Company shall have issued the shares to the
Optionee.

                (g) Transferability of Options. (i) Options and all other
rights thereunder and hereunder may be assigned or transferred for
consideration by an Optionee one time only. After one such transfer for
consideration, Options and all other rights thereunder shall not be further
transferable or assignable. Options may be exercised or surrendered during the
Optionee's lifetime only by him or his guardian or legal representative. The
estate of a deceased holder of an Option may be permitted to exercise such
Option.

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               (ii) Notwithstanding the foregoing, the Board may in the
applicable option certificate or at any time after the date of grant by an
instrument amending terms provided for in the option certificate provide that
Options may be transferred by an Optionee without consideration, subject to such
rules as the Board may adopt consistent with the terms of the applicable option
certificate to preserve the purposes of the Plan, to:

                    (A) any person who is a "family member" of the Optionee as
                        such term is used in the instructions to Form S-8
                        (collectively, the "Immediate Family Members");

                    (B) a trust solely for the benefit of the Optionee and his
                        or her Immediate Family Members;

                    (C) a partnership or limited liability company whose only
                        partners or shareholders are the Optionee and his or her
                        Immediate Family Members; or

                    (D) any other transferee as may be approved either (a) by
                        the Board in its sole discretion, or (b) as provided in
                        the terms of the applicable option certificate;

(each transferee described in sections g(i) and in clauses (A), (B), (C) and (D)
above is hereinafter referred to as a "Permitted Transferee"); PROVIDED that
the Optionee gives the Board advance written notice describing the terms and
conditions of the proposed transfer and the Board notifies the Optionee in
writing that such a transfer would comply with the requirements of the Plan and
the terms of any applicable option certificate.

               (iii) The terms of any Option transferred in accordance with
sections (g)(i) and g(ii) shall apply to the Permitted Transferee and any
reference in the Plan or in an option certificate to a Optionee shall be deemed
to refer to the Permitted Transferee, except that (a) Permitted Transferees
shall not be entitled to transfer any Options, other than by will or the laws
of descent and distribution; (b) Permitted Transferees shall not be entitled
to exercise any transferred Options unless there shall be in effect a
registration statement on an appropriate form covering the shares to be
acquired pursuant to the exercise of such Option if the Board determines,
consistent with the terms of any applicable option certificate, that such a
registration statement is necessary or appropriate, (c) the Board or the
Company shall not be required to provide any notice to a Permitted Transferee,
whether or not such notice is or would otherwise have been required to be given
to the Optionee under the Plan or otherwise, and (d) the consequences, if any,
of termination of the Optionee's services as a member of the Board under the
terms of the Plan and the applicable option certificate shall continue to be
applied with respect to the Optionee, following which the Options shall be
exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in the Plan and the terms of the applicable option
certificate.

                (h) Option Agreement. Options shall be granted pursuant to a
written Option Agreement, which shall be executed by the Optionee and an
authorized officer of the Company and shall contain such terms and conditions as
the Committee shall determine, consistent with the Plan.

        6. OTHER PROVISIONS.

                (a) Amendment and Termination. The Board or the Committee may
amend, modify or suspend the Plan at any time or from time to time, provided
that no amendment shall adversely affect any Option previously granted without
the Optionee's written consent. The Board may terminate the Plan at any time.

                (b) Regulations and other Approvals. Each award under the Plan
shall be subject to the requirement that, if at any time the Committee shall
determine that (i) the listing, registration or qualification of the Stock
subject or related thereto upon any securities exchange or under any state or
federal law, (ii) the consent or approval of any government regulatory body or
(iii) an agreement by an Optionee with respect to the disposition of Stock is
necessary or desirable (in connection with any requirement or interpretation of
any federal or state securities law, rule or regulation) as a condition of, or
in connection with, the granting of such award or the issuance, purchase or
delivery of Stock thereunder, such award shall not be granted or exercised, in
whole or in part, unless such listing, registration, qualification, consent,
approval or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee.

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                (c) Withholding: Each Optionee shall, no later than the date as
of which the value of an award first becomes includable in his gross income for
applicable tax purposes, pay to the Company, or make arrangements satisfactory
to the Company regarding payment of, any federal, state, local or other taxes of
any kind required by law to be withheld with respect to the award. The
obligations of the Company under the Plan shall be conditional on such payment
or arrangements, and the Company shall, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to the
Optionee. In its discretion, the Committee may permit to satisfy the withholding
obligation by having the Company withhold shares of Stock otherwise deliverable
to such Optionee with respect to the award or by delivering previously owned
Shares.

                (d) Effective Date. The Plan shall be effective as of February
21, 2001 and shall remain in force and effect until and unless it is terminated
by the Board as provided herein.

                (e) Titles: Construction. Titles are provided herein for
convenience only and are not to serve as a basis for interpretation or
construction of the Plan. The masculine pronoun shall include the feminine and
neuter, and singular shall include the plural, when the context so indicates.

                (f) Governing Law. The Plan and the rights of all persons
claiming hereunder shall be construed and determined in accordance with the laws
of the State of New York without giving effect to the choice of laws principles
thereof.

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                                                                     EXHIBIT 4.4

                         FORM OF STOCK OPTION AGREEMENT

                THIS AGREEMENT, dated as of __________________, is made by and
between Geneva Steel Holdings Corp., a Delaware corporation (the "Company") and
________________ (the "Optionee").

                WHEREAS, the Optionee has been selected by the Committee to
receive a grant of stock options under the Geneva Steel Holdings Corp. Stock
Option Plan for Nonemployee Directors (the "Plan").

                NOW, THEREFORE, in consideration of the Optionee's agreement to
serve on the Board, the Company and the Optionee agree as follows:

        1. Definitions.

                Any capitalized term not defined herein shall have the meaning
set forth in the Plan.

        2. Grant of Option.

                (a) Grant; Grant Date. Subject to the terms and conditions
hereof, the Company hereby grants to the Optionee as of _____________ (the
"Grant Date") an Option to purchase ________ Shares at an exercise price equal
to _____________ (the "Option").

                (b) Adjustments in Option. In the event that the outstanding
Shares subject to the Option are changed into or exchanged for a different
number or kind of shares or securities of the Company, or of another
corporation, by reason of reorganization, merger or other subdivision,
consolidation, recapitalization, reclassification, stock split, issuance of
warrants, stock dividend or combination of shares or similar event, the Board
may make an appropriate and equitable adjustment in the Option so that the
Optionee's proportionate interest shall be maintained as before the occurrence
of such event, provided that any such adjustment shall be consistent with the
provisions of the Optionee's employment agreement, if applicable.

                (c) Form of Option. The Option is intended to be a Nonqualified
Stock Option, and not an Incentive Stock Option.

                (d) Term. The Option shall expire on the tenth anniversary of
the Grant Date.

                (e) Vesting and Exercisability. The Option shall be fully vested
and exercisable as of the Grant Date.

                (f) Exercise. The Optionee may exercise an Option in whole or in
part at any time by delivering written notice of such exercise to the Secretary
of the Company of the number of Shares as to which the Option is being
exercised, and enclosing full payment for the Shares with respect to which the
Option is being exercised. Such payment shall be in cash or by check, by the

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delivery of Shares previously owned by the Optionee, duly endorsed for transfer
to the Company, with a Fair Market Value on the date of delivery equal to the
aggregate purchase price of the Shares with respect to which the Option is being
exercised, or, at a time when the Company is publicly traded, pursuant to a
"cashless exercise," or any combination of the foregoing approved by the
Committee, in its sole discretion. Partial exercise shall be for whole Shares
only and shall not be for less than one hundred (100) Shares unless the number
of Shares purchased constitutes the total number of Shares then remaining
subject to the Option or the Committee permits such smaller exercise in its sole
discretion.

                (g) Exercise Following Termination of Service as a Director. If
the Optionee dies while a member of the Board or thereafter or incurs a
Disability, he or his personal representative or beneficiary (as appropriate)
shall be entitled to execute the Option for the remainder of the Option Term.

                (h) Nontransferability. The Option shall not be transferable
other than by will or the laws of descent and distribution or to a Permitted
Transferee (as defined below), and no transfer so effected shall be effective to
bind the Company unless the Company has been furnished with written notice
thereof and a copy of the will and/or such other evidence as the Committee may
deem necessary to establish the validity of the transfer and the acceptance by
the transferee or transferees of the terms and conditions of the Option,
provided, however, that, in the discretion of the Committee, Options may be
transferred pursuant to a Qualified Domestic Relations Order (within the meaning
of the Internal Revenue Code of 1986). A Permitted Transferee shall be (A) any
revocable trust created for the benefit of an Optionee during the lifetime of
the Optionee under which the Optionee has voting or dispositive control over the
assets of such trust; (B) any irrevocable trust created for the benefit of the
Optionee and/or the Optionee's spouse or descendant (including adopted children
or stepchildren) of which the Optionee is a trustee having voting or dispositive
control; (C) a custodianship for the benefit of a minor who is a descendant of
the Optionee (including adopted children or stepchildren) to which any transfer
is made pursuant to and which is valid under the Uniform Transfer to Minors Act,
the Uniform Gift to Minors Act or a substantially similar act, and of which the
Optionee is a custodian having voting or dispositive control over the assets
held pursuant to such custodianship; (D) any partnership, limited liability
company, or similar entity all of the ownership interests in which are held by
the Optionee and/or any person referred to in clauses (A) to (C) above and which
is controlled by the Optionee; and (E) any corporation (including any direct or
indirect subsidiary of such corporation) which is wholly-owned directly or
indirectly by the Optionee or by the Optionee and any one or more persons
referred to in clauses (A) to (D) above and which is controlled by the Optionee.
For purposes of the preceding sentence, "control" means the power to direct the
management and policies of a person or entity, directly or indirectly, whether
through the ownership of voting securities or other beneficial interest, or by
contract or otherwise.

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                (i) Conditions to Issuance of Stock Certificates.

                        (1) The Shares deliverable upon the exercise of the
                Option, or any portion thereof, may be either previously
                authorized but unissued Shares or issued Shares which have been
                reacquired by the Company. Such Shares shall be fully paid and
                non-assessable. The stock certificates evidencing the Shares
                shall bear such legends restricting transferability as the
                Committee deems necessary or advisable.

                        (2) The Company shall not be required to issue or
                deliver any certificate or certificates for Shares deliverable
                upon any exercise of the Option prior to fulfillment of all of
                the following conditions:

                                (A) The completion of any registration or other
                        qualification of such Shares under any state or federal
                        law or under rulings or regulations of the Securities
                        and Exchange Commission or of any other governmental
                        regulatory body, or the obtaining of approval or other
                        clearance from any state or federal governmental agency
                        which the Board shall, in its sole discretion, deem
                        necessary or advisable.

                                (B) If, in its sole discretion, the Board deems
                        it necessary or advisable, the execution by the Employee
                        of a written representation and agreement, in a form
                        satisfactory to the Board, in which the Optionee
                        represents that the Shares acquired by him upon exercise
                        are being acquired for investment and not with a view to
                        distribution thereof.

                (j) Rights as Stockholder. The Optionee shall not be, nor have
any of the rights or privileges of, a stockholder of the Company in respect of
any Shares purchasable upon the exercise of the Option unless and until
certificates representing such Shares have been issued by the Company.

        3. Miscellaneous.

                (a) Administration. The Committee shall administer the Plan and
shall have the power to interpret the Plan and this Agreement, and to adopt such
rules for the administration, interpretation and application of the Plan as are
consistent therewith and to interpret or revoke any such rules. All actions
taken and all interpretations and determinations made by the Committee shall be
final and binding upon the Optionee, the Company, and all other interested
persons.

                (b) Withholding of Taxes. No later than the date as of which an
amount first becomes includible in the gross income of the Optionee for federal
income tax purposes with respect to the grant of the Option under this
Agreement, the Optionee shall pay to the Company, or the Optionee (or his
Designated Beneficiary) shall make arrangements satisfactory to the Company
regarding the payment of, any federal, state, or local taxes of any kind
required by law or the

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Company to be withheld with respect to such amount. The obligations of the
Company under this Agreement shall be conditioned on such payment or
arrangements, and the Company shall, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to the
Optionee.

                (c) No Right to Continued Board Status. Nothing in this
Agreement or in the Plan shall confer upon the Optionee any right to continue as
a member of the Board.

                (d) Entire Agreement; Amendment. This Agreement, and the Plan,
constitute the entire agreement between the parties with respect to the subject
matter hereof, and supersedes all prior agreements and understandings between
the parties with respect to such subject matter. Any term or provision of this
Agreement may be waived at any time by the party which is entitled to the
benefits thereof, and any term or provision of this Agreement may be amended or
supplemented at any time by the mutual consent of the parties hereto, except
that any waiver of any term or condition, or any amendment, of this Agreement
must be in writing.

                (e) Governing Law. The laws of the State of New York shall
govern the interpretation, validity and performance of the terms of this
Agreement regardless of the law that might be applied under principles of
conflict of laws.

                (f) Successors. This Agreement shall be binding upon and inure
to the benefit of the successors, assigns and heirs of the respective parties.

                (g) Notices. All notices or other communications made or given
in connection with this Agreement shall be in writing and shall be deemed to
have been duly given when delivered or mailed by registered or certified mail,
return receipt requested, to those listed below at their following respective
addresses or at such other address as each may specify by notice to the others:

                   To the Optionee:

                   --------------------

                   --------------------

                   --------------------

                   To the Company:
                   Geneva Steel Holdings Corp.
                   10 South Geneva Road
                   Vineyard, Utah 84058
                   Attention:

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                   Copy to:
                   Kaye Scholer, LLP
                   425 Park Avenue
                   New York, New York 10022
                   Attention: Emanuel Cherney, Esq.

                (h) Waiver. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered
a waiver thereof or deprive that party of the right thereafter to insist upon
strict adherence to that term or any other term of this Agreement.

                (i) Conflict with the Plan. In the event of any conflict or
inconsistency between the provisions of this Agreement and the Plan, the
provisions of the Plan shall control.

                (j) Titles; Construction. Titles are provided herein for
convenience only and are not to serve as a basis for interpretation or
construction of the Agreement. The masculine pronoun shall include the feminine
and neuter and the singular shall include the plural, when the context so
indicates.

                IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                                       Geneva Steel Holdings Corp.

                                       By
                                           -------------------------------------
                                           Name:
                                           Title:

                                       OPTIONEE

                                       -----------------------------------------

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