Document:

FY 2015 Q1 Exhibit 10.4

Exhibit 10.4

	
	
	ALLEGHENY TECHNOLOGIES INCORPORATED
DEFINED CONTRIBUTION RESTORATION PLAN
As Amended and Restated as of 
January 1, 2015

PURPOSE

The purpose of the Allegheny Technologies Incorporated Defined Contribution Restoration Plan is to restore to certain non-bargaining employees of Allegheny Technologies Incorporated and its subsidiaries and affiliates (collectively defined below as the “Company”) who participate in the Company’s Annual Incentive Plan (“AIP”) the value of the Company contributions and earnings thereon that would have been made to the qualified defined contribution plan in which the respective employees participate except for the limitations imposed on qualified defined contribution plans by Sections 401(a)(17), 401(k), 401(m), 402(g) or 415, or any other or successor section, of the Internal Revenue Code of 1986, as amended, by supplementing, on an unfunded basis, amounts payable under such qualified plans with amounts to be paid under this Plan.  

Certain affiliates of the Company sponsored and maintained the Allegheny Technologies Incorporated Benefit Restoration Plan (defined below as the “Prior Plan”) for several years with regard to certain affiliates’ defined benefit and defined contribution plans (as defined in the Prior Plan, the “Defined Benefit Portion” and the “Defined Contribution Portion,” respectively).  Effective December 31, 2014, with respect to all employees who are not members of collective bargaining units, the Company (i) froze accruals for all participants under the qualified defined benefit pension plans and (ii) standardized Company defined contribution formulas. 

In addition, the Company took affirmative action to freeze defined benefit accruals under the Prior Plan and to clarify that the Defined Benefit Portion prohibits distributions in the form of a lump sum if the lump sum is an amount greater than $1,000.  Otherwise, the Prior Plan shall remain in effect to the extent necessary to govern accrued but unpaid benefit obligations under the Defined Benefit Portion as well as payment times and forms of such accrued but unpaid defined benefit obligations.    

From and after January 1, 2015, this Plan document governs the terms and conditions of the restoration for eligible participants of amounts that could not, prior to January 1, 2015, or cannot thereafter be contributed under the qualified defined contribution plans.  As amended and restated, this Plan continues without change the timing and form of distribution of the Defined Contribution Portion of the Prior Plan and continues that timing and form of distribution for accruals on or after January 1, 2015. 

     As amended and restated, the eligible participants are those who had a balance under the Defined Contribution Portion of the Prior Plan and, on and after January 1, 2015, are employees who are not members of a collective bargaining unit and who participate in the Company’s AIP.  For each eligible individual who is affected by the limitations, his or her benefit under this Plan shall be the sum of (i) that individual’s benefit under the Defined Contribution Portion of the Prior Plan as of December 31, 2014, (ii) the sum of any Company contributions which cannot be made on or after January 1, 2015 because of the limitations and (iii) earnings on and after January 1, 2015 on (i) and (ii) above.       

        

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ARTICLE I.  DEFINITIONS

1.01.    “Account” shall mean, with regard to the defined contribution amounts for each Participant, the unfunded bookkeeping account established by the Administrator to record the sum of all contributions made and earnings credited, including undistributed amounts credited under the Defined Contribution Portion of the Prior Plan, with respect to that Participant due to the Limitations as applied from time to time on the applicable Defined Contribution Plan.

1.02.    “Administrator” shall mean the person or committee appointed by the Company for such purpose under Article VI. 

1.03.    “AIP” shall mean the Company’s Annual Incentive Plan, that is, the Company’s bonus plan that calculates bonuses based on achievements of predetermined goals and measured over a period of one year or its successor plan as may be in effect from time to time.  

1.04.    “Code” shall mean the Internal Revenue Code of 1986, as the same shall be amended from time to time.

1.05.    “Company” shall mean, collectively, Allegheny Technologies Incorporated and its subsidiaries and affiliates.

1.06.    “Company Retirement Contribution” shall mean the periodic contribution made to a Participant’s account under the applicable Defined Contribution Plan whether or not the Participant defers any Compensation or otherwise contributes to the Plan determined by multiplying the percentage specified in the Defined Contribution Plan by the Participant’s Compensation.  

1.07.    “Compensation” shall mean compensation as defined in the applicable Defined Contribution Plan without regard to the Limitations.  

1.08.    “Defined Contribution Plan” shall mean, with respect to a particular Employee, the qualified defined contribution plan sponsored by the Company or any of its subsidiaries or affiliates in which the Employee participants at a relevant time.

1.09.    “Deferrals” shall mean the amount of pre-tax (or Roth after-tax) contributions determined by multiplying a Participant’s Compensation for a relevant period by the percentage of deferral authorized for that period by the Participant as a deferral under the applicable Defined Contribution Plan.

1.10.    “Disability” shall mean a Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

1.11.    “Employee” shall mean any employee of the Company or of any subsidiary or affiliate of the Company who, as of the time he or she is affected by the Limitations, participates in the Company’s Annual Incentive Plan and is not a member of a collective bargaining unit.

 1.12.    “Limitations” shall mean any limitation with respect to a qualified defined contribution plan, within the meaning of Section 401(a) of the Code, sponsored by the Company or any subsidiary or affiliate on the amount of contributions or the accrual or payment of benefits to or on behalf of a Participant as imposed under Section 401(a)(17), Section 401(k), Section 401(m), Section 402(g), Section 415 and/or under any other or successor Section of the Code.

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1.13.    “Matching Contributions” shall mean the contributions made by the Company on the condition and to the extent the Employee makes contributions to the qualified defined contribution plan.  

1.14.    “Participant” shall mean any Employee who meets the conditions for participation set forth in Article III and has a balance to his or her credit under the Plan.
        
1.15.    “Plan” shall mean this Allegheny Technologies Incorporated Defined Contribution Restoration Plan, as amended and restated effective January 1, 2015.  

1.16.    “Prior Plan” shall mean the Allegheny Technologies Incorporated Benefit Restoration Plan as in effect December 31, 2014.  The provisions of the Prior Plan shall survive this amendment and restatement to the extent necessary to govern the amount and payment of benefits accrued under the terms of the Prior Plan on or before December 31, 2014.  

1.17.    “Separation from Service” shall mean, with respect to a particular Employee, his or her death, Disability, retirement or termination of employment.  For purposes of this definition, a Participant shall be deemed to have a termination of employment if his or her circumstances indicate that that the employer and employee reasonably anticipate that no further services would be performed after a certain date or that the level of bona fide services the employee would perform after that date would permanently decrease to no more than 20% of the average level of bona fide services provided over the previous thirty-six (36) months. 

1.18.    “Specified Employee” shall mean a person who is a key employee of the Company, as defined in Section 416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with the regulations thereunder and disregarding Section 416(i)(5)), and which generally includes the fifty (50) highest paid employees of the Company, at any time during the twelve (12) month period preceding his or her Separation from Service.  

        

ARTICLE II.  EFFECTIVE DATE OF AMENDMENT AND RESTATEMENT; SURVIVAL OF PROVISIONS OF THE PRIOR PLAN

2.01.    Effective Date of Amendment and Restatement.  The Effective Date of this Plan as amended and restated is January 1, 2015.  As amended and restated, this Plan document shall govern the accrual, credit and distribution of the sum of (i) the Defined Contribution Portion as defined in the Prior Plan and in effect on December 31, 2014 and (ii) the amount credited to each Participant’s Account on or after January 1, 2015.  

2.02.    Survival of Prior Plan.  The terms, conditions and provisions of the Prior Plan shall remain in effect to the extent of the Defined Benefit Portion (as defined in the Prior Plan) and to the extent necessary to determine the amount of any benefit accrued as of 
December 31, 2014 and the times and forms of payment of those benefits, provided, however, if an Employee is a Specified Person, as defined in Section 409A of the Code, at the time for distribution from this Plan or the Prior Plan even if not a Specified Person at the time of the benefit was accrued, such Employee shall not receive such distribution until the end of the month which is six months after the end of the month in which the distribution would otherwise have been made and, provided further, in no event shall any distribution of the Defined Benefit Portion of the Prior Plan be made in a lump sum if it has a lump sum value greater than $1,000.  

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ARTICLE III.  PARTICIPATION

3.01.    Individuals Eligible to Participate.  To be eligible to participate and receive contribution credits under this Plan, an individual is required to be, at the time he or she is affected by the Limitations:

(a)    employed by the Company or a subsidiary or affiliate of the Company;

(b)    a participant in the Company’s Annual Incentive Plan or its successor; and

		
	(c)
	not be a member of a collective bargaining unit.  

3.02.    Contributions by Participants.  Participants shall not be permitted to make contributions in any form to this Plan.

ARTICLE IV.  RESTORATION OF BENEFITS

4.01.    Restoration.  The applicable, if any, of the following amounts shall be credited to a Participant's Account:

		
	(a)
	Restoration of Matching Contributions. For each calendar year beginning on or after the Effective Date, the Company will credit to the Account of a Participant the difference between (i) the amount the Company would have contributed as Matching Contributions at the rate of deferrals elected by the Participant and actually in effect without regard to the Limitations and (ii) the amount the Company actually contributed as Matching Contributions at the rate of deferral actually elected by the Participant after giving effect to the Limitations. For purposes of determining the amount of restoration under this Section 4.01(a), the Administrator shall take into account changes in the rate of deferrals and the resulting effect on the rate of Matching Contributions both before and after the effect of the Limitations during the calendar year.  

		
	(c) 
	Restoration of Company Retirement Contributions.  For each calendar year, the Company will credit to the Account of a Participant the difference between (i) the amount that the Company would have contributed as Company Retirement Contributions based on the Participant’s Compensation without regard to the Limitations and (ii) the amount the Company actually contributed as Company Retirement Contributions based on the Participant’s Compensation after giving effect to the Limitations.  

4.02.    Earnings.  Balances in a Participant's Account shall be credited with earnings as of the last day of each calendar year at the rate then in effect under the Stable Value Fund option in the Defined Contribution Plan, or a similar, alternative fund as elected by the Administrator from time to time after thirty (30) days’ notice to then Participants.  

4.03.    Accounting.  The Administrator shall establish on its records, for bookkeeping purposes, an account for each Participant receiving credits to record the amount credited as contributions under each subsection of Section 4.01 and earnings, if any, pursuant to Section 4.02.  The Administrator shall post any contributions and earnings to such bookkeeping Account as soon as reasonable but no later than the March 15th of the calendar year next following the calendar year in which the Limitations affected contributions to the Participants accounts in the Defined Contribution Plan.  The Administrator shall 

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respond to any inquiry of any Participant concerning the status of his account within thirty (30) days of receipt thereof.

4.05.    No Withdrawals or Loans.  No withdrawals of or loans against any balance in an Account under the Plan may be made at any time by a Participant.

ARTICLE V.   PAYMENT OF ACCOUNT

5.01.    Payment of Account.  

		
	(a)
	Death.  Except for Specified Employees, in the event of a Participant's death, the then balance in his or her Account (including any Company contributions for such calendar year pursuant to Section 4.01, whether or not then actually made, net of withholding of applicable federal, state and local taxes) shall be distributed in a single cash payment to his beneficiary designated pursuant to the applicable Defined Contribution Plan, as soon as administratively feasible after the Administrator receives notice of such death but in no event later than the March 15th of the calendar year following the end of the calendar year in which such death occurred.

		
	(b)
	Disability, Retirement or Other Severance from Service.  Except for Specified Employees, in the event of the Participant's Disability, Retirement or other severance from service, the then balance in his or her Account (including Company contributions for such calendar year pursuant to Section 4.01, whether or not then actually made, net of withholding or applicable federal, state and local income tax) shall be distributed in a single cash payment to the Participant as soon as administratively feasible after the Administrator receives notice of such event but in no event later than the March 15th of the calendar year next following the calendar year in which such Disability, retirement or other separation from service occurred.  

		
	(c)
	Specified Employees.  Notwithstanding the foregoing, no distribution shall be made to any Participant who, at the time the distribution is otherwise due a Specified Employee until the date that is six (6) months after the date described in the applicable of subsections (a) and (b) above. 

ARTICLE VI.  ADMINISTRATION

The Plan shall be administered by the Administrator appointed for such purpose by the Company who shall have the power and duty to interpret the Plan and to make such rules and regulations as the Administrator, in its discretion, shall deem appropriate.  The Administrator may retain such experts, consultants, or advisors as it, in its discretion deems necessary or appropriate to the administration of the Plan and/or may delegate to the Company or to employees of the Company such duties as it may deem necessary or appropriate.  Any determination of the Administrator shall be final, conclusive and binding for all parties.

ARTICLE VII.  AMENDMENT AND TERMINATION

 The Company or its designee shall have the right to amend or terminate this Plan at any time, provided, however, that no amendment shall be made which would have the effect of decreasing the amount payable to any Participant hereunder.

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ARTICLE VIII.  ASSIGNMENT

No benefit or other right under or created by this Plan shall be assignable by any Participant or the Participant's beneficiary by pledge or otherwise.  Any attempt to assign, pledge or otherwise dispose of or anticipate benefits under this Plan shall be void.

ARTICLE IX.  BENEFITS UNFUNDED

The benefits provided under this Plan shall be unfunded.  All payments of benefits hereunder shall be made by the Company from general assets and the Company will not be obligated to establish any special or separate fund or make other segregation of assets to assure the payment of any benefits hereunder.  In the event the Company establishes any fund or segregation, no party who is or becomes entitled to receive amounts hereunder shall have any right to assert any claim, levy or lien thereon or assert any right thereto unless such right is specifically set forth in writing.  The rights of any party to receive payments of any benefits hereunder shall be no greater than the rights of an unsecured creditor of the Company.

ARTICLE X.  ERISA

The Plan is an unfunded, non-qualified deferred compensation plan that benefits a select group of highly compensated employees, within the meaning of DOL Reg. 2520.  As such, it is exempt from the reporting and disclosure rules of ERISA.  The Administrator shall promptly distribute to each Participant who inquires a copy of this Plan document (and the Prior Plan, to if the Participant has a balance under the Prior Plan not taken into Account).  The Administrator shall also follow the claims and appeals process set forth in this Section.

ARTICLE XI.  MISCELLANEOUS

11.01.    Applicable Law.  This Plan shall be governed by, and construed in accordance with, the law of the Commonwealth of Pennsylvania, except with regard to its principles of conflicts of laws or to the extent that the law of the Commonwealth of Pennsylvania shall have been specifically preempted by federal law.

11.02.    Incapacity of Recipient of Benefits.  If any person entitled to receive benefits hereunder shall be physically or mentally incapable of receiving or acknowledging receipt of any payment of benefits, the Company, upon the receipt of satisfactory evidence that such incapacitated person is so incapacitated and that another person or institution is maintaining him or her and that no guardian or committee has been appointed for him or her, may provide for such payment of benefits hereunder to such person or institution maintaining him or her, and such payments so made shall be deemed for every purpose to have been made to such incapacitated person.

11.03.    Liability of Officers and Directors of the Company.  No past, present or future officer or director of the Company shall be personally liable to any Participant, beneficiary or other person under any provision of this Plan.

11.04.   Assets Owned by the Company.  Nothing contained herein shall be deemed to give any Participant or his beneficiary any interest in any specific property of the Company or any right except to receive such distributions as are expressly provided for in this Plan.

11.05.    Withholding.  The payment of any benefits under this Plan shall be net of any federal, state and local taxes which the Company is required to withhold.

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11.06.    Meaning of Certain Words.  As used herein any gender shall include all other genders and the singular shall include the plural and the plural shall include the singular in all cases where such meaning would be appropriate.  The terms “herein”, “hereto”, “hereunder”, and the like shall be deemed to refer to this Plan as a whole and not to any particular paragraph or other subdivision of this Plan.

8FY 2015 Q1 Exhibit 10.5

Exhibit 10.5

ALLEGHENY TECHNOLOGIES INCORPORATED
2015 INCENTIVE PLAN
ADMINISTRATIVE RULES FOR THE
NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PROGRAM
Effective as of May 1, 2015

Article I. Adoption and Purpose of the Program 
1.01 Adoption. These administrative rules were initially adopted by the Nominating and Governance Committee of the Board of Directors as a part of the Allegheny Technologies Incorporated 2015 Incentive Plan, as amended (the “Plan”) pursuant to the authority reserved in Section 3.1 of the Plan. This Non-Employee Director Restricted Stock Program (the “Non-Employee Director Restricted Stock Program”) is part of the Non-Employee Director Compensation Program, as approved by the Board of Directors on December 5, 2014 and effective January 1, 2015, (the “Non-Employee Director Compensation Program”) and shall be the guidelines for making certain automatic grants of Restricted Stock under Article VII of the Plan and administering the grants once made. 
1.02 Purpose. The purposes of the Non-Employee Director Restricted Stock Program are (i) to assist the Company in retaining non-employee Directors of the Company who will contribute independent judgment and business experience to the success of the Company, (ii) to provide a means of encouraging non-employee Directors to acquire and hold shares of Company Common Stock and (iii) provide an opportunity to non-employee Directors to share in the growth of the Company achieved during their respective tenures as Directors. 
Article II. Definitions 
For purposes of these administrative rules, the capitalized terms set forth below shall have the following meanings. Capitalized terms used but not defined in these administrative rules shall have the same meanings as in the Plan. 
2.01 Award Agreement means a written agreement between the Company and a Participant or a written acknowledgment from the Company specifically setting forth the terms and conditions of a Restricted Stock Award granted to a Participant pursuant to Article VI of these administrative rules, which terms and conditions may be set forth by incorporation of these administrative rules. 
2.02 Board means the Board of Directors of the Company. 
2.03 Business Day means any day on which the New York Stock Exchange shall be open for trading. 
2.04 Cause means a determination by the Committee that a Participant has engaged in conduct that is dishonest or illegal, involves moral turpitude or jeopardizes the Company’s right to operate its business in the manner in which it is now operated. 
2.05 Change in Control means Change in Control as defined in the Plan. 
2.06 Committee means the Nominating and Governance Committee of the Board. 
2.07 Company means Allegheny Technologies Incorporated, a Delaware corporation, and its successors. 
2.08 Company Voting Securities means the combined voting power of all outstanding voting securities of the Company entitled to vote generally in the election of the Board. 
2.09 Date of Grant means the Business Day as of which a Restricted Stock Award is granted in accordance with Article VI of these administrative rules. 
2.10 Disability means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months or is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. 

2.11 Effective Date means May 1, 2015, upon approval by the stockholders of the Company of the Plan. 
2.12 Exchange Act means the Securities Exchange Act of 1934, as amended. 
2.13 Fair Market Value means, on any date, the average of the high and low quoted sales prices of a share of Common Stock, as reported on the Composite Tape for the New York Stock Exchange Listed Companies, on such date or, if there were no sales on such date, on the last date preceding such date on which a sale was reported. 
2.14 Non-Employee Director Compensation Program shall have the meaning set forth in Section 1.01 of these administrative rules. 
2.15 Non-Employee Director Restricted Stock Program shall have the meaning set forth in Section 1.01 of these administrative rules. 
2.16 Outstanding Stock means, at any time, the issued and outstanding Common Stock. 
2.17 Participant means all persons elected and qualified as non-employee Directors eligible to participate in and receive Restricted Stock Awards under Articles V and VI of these administrative rules. 
2.18 Plan means the Allegheny Technologies Incorporated 2015 Incentive Plan, as may be amended from time to time. 
2.19 Retirement means a cessation of membership on the Company’s Board of Directors for reasons other than Cause with the consent of the Board after rendering no less than one term of service as a non-employee Director. 
2.20 Restricted Period means absent a different period set forth by the Committee with respect to a Restricted Stock Award, the period beginning on the Date of Grant and ending on the third anniversary of the Date of Grant. 
2.21 Restricted Stock means shares of Common Stock subject to the restrictions set forth in these administrative rules or in an Award Agreement. 
2.22 Restricted Stock Award means a grant of Restricted Stock under Article VI of these administrative rules. 
2.23 Common Stock means Common Stock, par value $0.10 per share, of the Company. 
2.24 Withholding Obligations means the amount of federal, state and local income and payroll taxes if any the Company determines in good faith must be withheld with respect to the vesting of a Restricted Stock Award. Withholding Obligations may be settled by the Participant, as permitted by the Committee in its discretion, in shares of Common Stock, cash, previously owned shares of Stock or any combination of the foregoing. 
Article III. Administration 
In addition to any power reserved to the Committee under Article III of the Plan, the Non-Employee Director Restricted Stock Program shall be administered by the Committee, which shall have exclusive and final authority and discretion in each determination, interpretation or other action affecting the Non-Employee Director Restricted Stock Program and its Participants. The Committee shall have the sole and absolute authority and discretion to interpret the Non-Employee Director Restricted Stock Program, to modify these administrative rules for the Non-Employee Director Restricted Stock Program under and make such other determinations in connection with the Non-Employee Director Restricted Stock Program as it may deem necessary or advisable. It is the intent of these administrative rules and of the Committee in adopting these administrative rules to have the Non-Employee Director Restricted Stock Program to operate as automatically and without exercise of discretion except to the extent necessary to supplement the administrative rules. 
Article IV. Stock Issuable under the Non-Employee Director Compensation Program 
4.01 Number of Shares of Stock Issuable. The Stock to be offered under the Non-Employee Director Restricted Stock Program shall be authorized and unissued Stock, or Stock which shall have been reacquired by the Company and held in its treasury. 
4.02 Shares Subject to Terminated Awards. Shares of Restricted Stock forfeited as provided in Section 6.03 of these administrative rules may again be issued under the Non-Employee Director Restricted Stock Program. 
Article V. Participation 
5.01 Participants. Participants in the Non-Employee Director Restricted Stock Program shall be non-employee Directors of the Company. Each non-employee Director shall be automatically eligible for participation in this Non-Employee Director Restricted Stock Program immediately upon such person’s election and qualification as a non-employee Director. No designation shall be required in order for a non-employee Director to be or become eligible for participation or to participate in 

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this Non-Employee Director Restricted Stock Program. Each Participant shall be eligible for grants of Restricted Stock as of the next scheduled grant date as provided by the Non-Employee Director Restricted Stock Program. Upon a person’s election and qualification as a non-employee Director, the Committee shall promptly provide to each such person these administrative rules and confirm the person’s eligibility to participate in the Non-Employee Director Restricted Program.
Article VI. Grants under the Non-Employee Director Compensation Program 
6.01 Automatic Grants. Participants shall be automatically entitled to grants of shares of Restricted Stock as determined under these administrative rules. The Committee (or its designee, who may be an employee of the Company) shall promptly document each automatic grant in an Award Agreement and/or shares of Common Stock bearing a legend limiting the sale thereof. However, any delay in the documentation of an automatic grant shall not diminish the Participants rights thereto. 
6.02 Determination of Grants. Each Participant shall be entitled to and shall receive a grant of a Restricted Stock Award with a value, determined using the Fair Market Value on the Date of Grant, equal to $100,000 (or such other amount as the Board may determine from time to time) in each calendar year. 
(a) For continuing non-employee directors, grants shall be made once annually on the second Business Day after the date on which the annual meeting of stockholders is held, or if no such meeting is held, at such other time as the Board or the Committee may determine. The number of shares granted shall be determined by dividing $100,000 (or the rate then in effect) by the Fair Market Value on the Date of Grant, rounded to the next greater whole number share. 
(b) For a non-employee director who joins the Board, the value of the Restricted Stock Award to be granted to such director shall be $100,000 (or the rate then in effect) multiplied by the fraction consisting of the number of months to be served in that calendar year divided by twelve. The number of shares granted shall be determined by dividing such amount by the Fair Market Value on the Date of Grant, rounded to the next greater whole number share. In this instance, the Date of Grant shall be the later of the date that the non-employee director joins the Board or the second Business Day after the date of the annual meeting for the then-current calendar year. 
Article VII. Determination of Performance Reward Criteria and Delivery of Stock 
7.01 Restrictions. Unless the Committee provides for additional restrictions: 
(a) None of the Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period and any attempt to sell, transfer, assign, pledge or otherwise encumber or dispose of the shares of Restricted Stock shall automatically and without further action by the Committee cause the Restricted Stock Award and shares of Restricted Stock evidenced thereby to be forfeited; (b) the shares of Restricted Stock shall be forfeited without further action of the Committee or the Company if the Participant ceases to be a member of the Board of Directors for reasons other than those permitted under Section 7.02 of these administrative rules and (c) the Restricted Stock shall be held in the custody of the Company or its designee until such time as the Restricted Period shall have been completed. The shares of Restricted Stock shall bear the following legend: 
THE TRANSFERABILITY OF THESE SHARES IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT IN ADMINISTRATIVE RULES FOR THE NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PROGRAM PROMULGATED UNDER THE ALLEGHENY TECHNOLOGIES INCORPORATED 2015 INCENTIVE PLAN. A COPY OF THOSE ADMINISTRATIVE RULES IS ON FILE AT THE OFFICE OF THE COMPANY. 
7.02 Vesting of Restricted Stock. The Restricted Period will end and shares of Restricted Stock shall vest and become the property of each Participant at the end of the Restricted Period of that Restricted Stock Award, provided the Participant is then a member of the Board of Directors or if earlier upon the death, Disability or Retirement of the Participant. 
7.03 Delivery of Shares. Except as may be provided by the Committee or elected by a Participant pursuant to this Section 7.03, shares without restrictive legends shall be delivered to the Participant as promptly as possible after the end of the Restricted Period with respect to a restricted Stock Award. If, in the reasonable judgment of the Committee or its designee, the Company has Withholding Obligations with respect to a particular Restricted Stock Award, the shares without the restrictive legend shall not be delivered to the Participant unless or until the Withholding Obligations are satisfied in a manner acceptable to the Committee. All shares without restrictive legends shall be delivered to the Participant by placing such shares or causing such shares to be placed in the U.S. mail, postage prepaid, to the address indicated by the Participant. 
Article VIII. Miscellaneous 
8.01 Application of Provisions of Plan. Except as set forth in these administrative rules, the provisions of the Plan shall apply to these administrative rules and are incorporated herein as if set forth at length. 

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8.02 Change in Control. In the event of a Change in Control, all then uncompleted Restricted Periods shall end and the Restricted Stock shall vest immediately coincident with the Change in Control. In addition, shares for which a Participant elected a deferral of delivery under Section 7.03 shall be delivered to the Participant coincident with the Change in Control. The intent of this provision is to permit and facilitate the Participant’s ability to deliver shares for sale or exchange in connection with that Change in Control. 
8.03 Securities Laws Restrictions. Any Restricted Stock Award denominated in Common Stock shall be subject to the requirement that if at any time the Committee shall determine that any listing or registration of the shares of Common Stock or any consent or approval of any governmental body or any other agreement or consent is necessary or desirable as a condition to the granting of a Restricted Stock Award or issuance of shares of Common Stock or cash in satisfaction thereof, such grant of an award or issuance of shares of Common Stock may not be consummated unless such requirement is satisfied in a manner acceptable to the Committee. It is intended, unless the Committee determines otherwise, that the Non-Employee Director Restricted Stock Program complies with Rule 16b-3 as issued by the Securities and Exchange Commission. All interpretations of the Non-Employee Director Restricted Stock Program relating to Statutory Insiders shall be consistent with that Rule 16b-3 and the Exchange Act. In order to maintain compliance with any of Rule 16b-3 or the Exchange Act, the Committee may adopt such other administrative rules or provide restrictions on outstanding Restricted Stock Awards as it in its discretion shall deem necessary and such administrative rules or restrictions shall apply to outstanding Restricted Stock Awards as if set forth in these administrative rules or an applicable Award Agreement. 
8.04 Investment Representation. By accepting a Restricted Stock Award, each Participant shall agree that the shares acquired in connection with that Restricted Stock Award are acquired for investment and not for resale or with a view to the distribution thereof and, upon demand, each Participant shall deliver to the Committee a written representation to that effect in a form and substance satisfactory to the Committee. Upon demand, delivery of such representation prior to the delivery of shares of Stock shall be a condition precedent to the Participant’s right to receive such shares of Stock. 
8.05 Rights as Stockholders.  Participants shall have all of the rights of stockholders of the Company with respect to all shares subject to an Award Agreement except for the right to receive dividends, whether in cash or Common Stock, when paid to other stockholders prior to the lapse of all restrictions on the Restricted Shares, provided, however, that any cash or Common Stock distributed as a dividend or otherwise with respect to any Restricted Shares as to which restrictions have not then lapsed shall be subject to the same restrictions as described in Section 7.02 and held or restricted as provided in Section 7.01 until such restrictions lapse. 
8.06 Non-Uniform Determinations. The actions and determinations of the Committee need not be uniform and may be taken or made by the Committee selectively among employees or Participants, whether or not similarly situated. 
8.07 Amendment and Termination of Administrative Rules. The Committee shall have complete power and authority to amend or terminate these administrative rules at any time it is deemed necessary or appropriate. No termination or amendment of the administrative rules may, without the consent of the Participant to whom any award shall theretofore have been granted under the Non-Employee Director Compensation Program, adversely affect the right of such individual under such award; provided, however, that the Committee may, in its sole discretion, make such provision in the Award Agreement for amendments which, in its sole discretion, it deems appropriate. 
* * * * * * * * * * * * * *

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