Document:

<PAGE>

                                                                   EXHIBIT 10.20

                           FOURTH AMENDMENT AND WAIVER
                              (TERM LOAN AGREEMENT)

          FOURTH AMENDMENT AND WAIVER, dated as of March 10, 2006 (this
"Amendment"), to the Term Loan Agreement, dated as of July 31, 2003 (as amended,
supplemented or otherwise modified from time to time, the "Term Loan
Agreement"), among Wheeling-Pittsburgh Corporation, a Delaware corporation
("Holdings"), Wheeling-Pittsburgh Steel Corporation, a Delaware corporation (the
"Borrower"), the Lenders party to the Term Loan Agreement, the Documentation
Agent and Syndication Agent named therein, Royal Bank of Canada, as
administrative agent (in such capacity, the "Administrative Agent"), the
Emergency Steel Loan Guarantee Board (the "Federal Guarantor") and the West
Virginia Housing Development Fund (the "State Guarantor").

                              WITNESSETH:

          WHEREAS, Holdings, the Borrower, the Lenders, the Administrative
Agent, the Federal Guarantor and the State Guarantor are parties to the Term
Loan Agreement;

          WHEREAS, the Borrower has requested that the Lenders and the Federal
Guarantor agree to make certain amendments relating to the Term Loan Agreement
as set forth herein;

          WHEREAS, in consideration of the making of such amendments, the
Borrower will obtain a letter of credit issued in favor of the Administrative
Agent for the benefit of the Lenders under the Term Loan Agreement in the amount
of $12,500,000 as set forth herein; and

          WHEREAS, the Lenders and the Federal Guarantor are willing to agree to
such amendments, in each case subject to the terms and conditions set forth
herein.

          NOW, THEREFORE, the parties hereto agree as follows:

     1. Defined Terms. Terms defined in the Term Loan Agreement and used herein
shall have the meanings given to them in the Term Loan Agreement.

     2. Prepayment. The Borrower hereby agrees to make an optional prepayment of
the Loans in the amount of $6,250,000, representing the principal due on
September 30, 2006, on the date on which the principal installment of the Loans
with respect to the June 30, 2006 payment is due.

     3. Waiver of Inverse Application of Prepayments. Each of the Lenders and
the Federal Guarantor hereby waives the requirement for an inverse application
of optional prepayments in Section 2.12(a) with respect to the prepayment
contemplated by Section 2 of this Amendment, and hereby agrees that such
prepayment shall be applied to prepay the Loans pro

<PAGE>

                                                                               2

rata among the Tranche A Loans, the Tranche B Loans and the Tranche C Loans and,
within each tranche, with respect to the principal amount due on or about
September 30, 2006.

     4. Amendment to Section 1.1. Section 1.1 of the Term Loan Agreement is
hereby amended by:

          (a) amending and restating in their respective entireties the
following definitions:

          "Borrowing Availability": as defined under the Revolving Loan
     Agreement on the date hereof (as such definition and the terms used therein
     may be amended or otherwise modified from time to time, except that if any
     such amendment or other modification is not satisfactory to the Required
     Lenders, such definition, for purposes of this Agreement, shall be subject
     to such adjustments as the Administrative Agent may reasonably require in
     order for the calculation of the Borrowing Availability to be as consistent
     as practicable with the calculation thereof prior to such amendment or
     other modification); provided that after the Commitment Termination Date
     (subject to the satisfaction of the Required Lenders with the relevant
     defined terms and, in the absence of such satisfaction, subject to such
     adjustments as the Administrative Agent may reasonably require in order for
     the following calculation to be as consistent as practicable with the
     calculation of Borrowing Availability under the Revolving Loan Agreement
     prior to the Commitment Termination Date (with such adjustments thereto as
     may have been made as provided above)), "Borrowing Availability" shall
     mean, with respect to the revolving credit facility which replaces or
     refinances the Revolving Loan Agreement, an amount equal to the excess of
     (a) the lesser of (i) the total revolving commitment then in effect
     thereunder and (ii) the borrowing base, if any, then in effect, in each
     case after giving effect to reserves taken by the applicable agent under
     such replacement facility, over (b) an amount equal to the sum of (i) the
     aggregate principal amount of all revolving loans then outstanding
     thereunder, (ii) the aggregate then undrawn and unexpired amount of any
     letters of credit then outstanding thereunder, (iii) the aggregate amount
     of drawings under letters of credit thereunder that have not then been
     reimbursed by the Borrower and (iv) the aggregate principal amount of any
     swing line loans then outstanding thereunder.

          "Consolidated Fixed Charge Coverage Ratio": as defined under the
     Revolving Loan Agreement on the date hereof (as such definition and the
     terms used therein may be amended or otherwise modified from time to time,
     or may be replaced in connection with any refinancing, extension or renewal
     of the Revolving Loan Agreement, except that if any such amendment, other
     modification or any such replacement is not satisfactory to the Required
     Lenders, such definition, for purposes of this Agreement, shall be subject
     to such adjustments as the Administrative Agent may reasonably require in
     order for the calculation of the Consolidated Fixed Charge Coverage Ratio
     to be as consistent as practicable with the calculation thereof prior to
     such amendment or other modification or such replacement); provided that on
     September 30, 2007 this amended definition shall cease to apply, and
     Consolidated Fixed Charge Coverage Ratio shall be as defined in the

<PAGE>

                                                                               3

     Third Amendment to the Term Loan Agreement, dated as of September 29, 2005.

          "Excess Cash Flow": for any fiscal quarter of the Borrower, the
     excess, if any, of (a) the sum, without duplication, of (i) Consolidated
     Net Income for such fiscal quarter, (ii) the amount of all non-cash charges
     (including depreciation and amortization and items (d) through (j) in the
     definition of Consolidated EBITDA) deducted in arriving at such
     Consolidated Net Income, (iii) cash decreases in Consolidated Operating
     Working Capital, (iv) to the extent not included in (ii) above, the cash
     impact of increases in post-petition employee benefits or post-petition
     "Other Liabilities" (as reflected in the non-current section of Holdings'
     balance sheet) and (v) the aggregate amount of payments received during
     such fiscal quarter on account of the principal of loans, and the returned
     capital in Investments, made as contemplated by Sections 6.8(i) and (j)
     over (b) the sum, without duplication, of (i) the amount of all non-cash
     credits included in arriving at such Consolidated Net Income, (ii) cash
     increases in Consolidated Operating Working Capital, (iii) the aggregate
     amount actually paid or committed to be paid (such committed amounts to be
     excluded from the computation of Excess Cash Flow in future quarters) by
     the Borrower and its Subsidiaries in cash during such fiscal quarter on
     account of Capital Expenditures (excluding expenditures to the extent (x)
     funded by drawings on the Cash Collateral Account or the Capital
     Expenditure Deposit Account (y) financed with the proceeds of any
     Reinvestment Deferred Amount or (z) reimbursed by the Coke Plant Joint
     Venture), (iv) reductions in Funded Debt, it being understood that the
     prepayment of the Loans required by Section 2 of the Fourth Amendment and
     Waiver shall be deemed to have been made as of the date of the principal
     installment with respect to the third quarter of 2006 was originally due,
     (v) the cash impact of decreases in post-petition employee benefits or
     post-petition "Other Liabilities" (as reflected in the non-current section
     of Holdings' balance sheet), (vi) the aggregate net amount of non-cash gain
     on the Disposition of property by the Borrower and its Subsidiaries during
     such fiscal quarter (other than sales of inventory in the ordinary course
     of business), to the extent included in arriving at such Consolidated Net
     Income and (vii) the aggregate amount of loans and investments made during
     such fiscal quarter as contemplated by Sections 6.8(i) and (j).

          "Required Stated Amount": $7,500,000, provided that the Administrative
     Agent is by this proviso instructed, from time to time after the Fourth
     Amendment Effective Date, (a) to consent to an amendment to the Interest
     Reserve Letter of Credit (including any replacement Interest Reserve Letter
     of Credit) that provides for the Required Stated Amount (as it is reflected
     in the Interest Reserve Letter of Credit) to be promptly conformed to the
     relevant percentage of the then outstanding Tranche A Loans and Tranche B
     Loans as set forth below opposite the then most recent date set forth
     below, upon the issuer thereof receiving a notice from the Administrative
     Agent, to the effect that (i) all interest required to be paid on the Loans
     on or prior to the date of such notice has been paid and (ii) the Borrower
     has made all deposits required to be made on or prior to such date pursuant
     to Section 5.15, and (b) to provide the notice as contemplated in clause
     (a) above, upon a request by the Borrower to do so, so long as the
     statements in such notice are then true and correct.

<PAGE>

                                                                               4

<TABLE>
<CAPTION>
    REFERENCE DATE          PERCENTAGE
    --------------          ----------
<S>                         <C>
       Current                3.29%
     3/31/2006                3.32%
     6/30/2006                3.36%
     9/30/2006                3.40%
    12/31/2006                3.43%
     3/31/2007                3.47%
     6/30/2007                3.50%
     9/30/2007                3.54%
    12/31/2007                3.58%
     3/31/2008                3.61%
     6/30/2008                3.65%
     9/30/2008                3.69%
    12/31/2008                3.72%
     3/31/2009                3.76%
     6/30/2009                3.79%
     9/30/2009                3.83%
    12/31/2009                3.87%
     3/31/2010                3.90%
     6/30/2010                3.94%
     9/30/2010                3.98%
12/31/2010 and thereafter     4.01%
</TABLE>

          (b) inserting the following new definitions in the appropriate
alphabetical order:

          "Fourth Amendment and Waiver": the Amendment, dated as of March [__],
     2006, to this Agreement among Holdings, the Borrower, the Lenders party
     thereto, the Administrative Agent and the Federal Guarantor.

          "Fourth Amendment Effective Date": the date on which the conditions
     precedent set forth in Section 8 of the Fourth Amendment and Waiver shall
     have been satisfied or waived.

     5. Amendment to Section 5.2. Section 5.2 of the Term Loan Agreement is
hereby amended by:

          (a) restating paragraph (c) thereof to read in its entirety as
     follows:

               (c) to the Administrative Agent and each Lender, as soon as
          available, but not later than the start of each fiscal year of
          Holdings, an annual operating plan for Holdings and its Subsidiaries,
          approved by the board of directors of Holdings, for the following
          fiscal year, which (i) includes a statement of all of the material
          assumptions on which such plan is based, (ii) includes quarterly
          balance

<PAGE>

                                                                               5

          sheets and a quarterly budget for the following year and (iii)
          integrates sales, gross profits, operating expenses, operating profit,
          cash flow projections and Borrowing Availability projections, all
          prepared on the same basis and in similar detail as that on which
          operating results are reported (and in the case of cash flow
          projections, representing management's good faith estimates of future
          financial performance based on historical performance), and including
          plans for personnel (which shall be limited to disclosure of the head
          count of Holdings and its Subsidiaries for such period), Capital
          Expenditures and facilities (collectively, the "Projections"), which
          Projections shall in each case be accompanied by a certificate of a
          Responsible Officer stating that such Projections are based on
          reasonable estimates, information and assumptions and that as of such
          date such Responsible Officer has no reason to believe that such
          Projections are incorrect or misleading in any material respect.

          (b) restating paragraph (h) thereof to read in its entirety as
follows:

               (h) to the Administrative Agent, (i) concurrently with the
          delivery of the same, copies of each Borrowing Base Certificate (as
          defined in the Revolving Loan Agreement) sent to any agent or lender
          under the Revolving Loan Agreement, and (ii) within 30 days after the
          end of each fiscal month until and including September 30, 2007, a
          certificate of a Responsible Officer of Holdings to the effect that
          Holdings expects the Borrower to have Borrowing Availability at all
          times in the three months following such fiscal month of at least
          $50,000,000 (or, if Holdings does not expect the Borrower to have such
          Borrowing Availability, describing the Borrowing Availability it does
          expect the Borrower to have for such period).

     6. Amendment to Section 6.1. Section 6.1 of the Term Loan Agreement is
hereby amended by:

          (a) restating paragraph (a) thereof to read in its entirety as
follows:

               (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage
          Ratio as at the last day of any period of four consecutive fiscal
          quarters of Holdings ending with any fiscal quarter set forth below to
          exceed the ratio set forth below opposite such fiscal quarter:

<TABLE>
<CAPTION>
                                            Consolidated
          Fiscal Quarter                   Leverage Ratio
          --------------                   --------------
<S>                                        <C>
March 31, 2005 and June 30, 2005             4.00 to 1.0
September 30, 2005 and December 31, 2005     3.50 to 1.0
September 30, 2007 and thereafter            3.50 to 1.0
</TABLE>

          To the extent that the Borrower is not in compliance with the
          Consolidated Leverage Ratio as of December 31, 2005, the Lenders and
          Federal Guarantor shall, without further action by any party, be
          deemed to have irrevocably waived

<PAGE>

                                                                               6

          compliance with this ratio with respect to the December 31, 2005
          testing date.

          (b) restating paragraph (b) thereof to read in its entirety as
follows:

               (b) Consolidated Interest Coverage Ratio. Permit the Consolidated
          Interest Coverage Ratio for any period of four consecutive fiscal
          quarters of Holdings ended on or after March 31, 2005 to and including
          December 31, 2005 and ending on and after September 30, 2007 to be
          less than 3.00 to 1.0. To the extent that the Borrower is not in
          compliance with the Consolidated Interest Coverage Ratio as of
          December 31, 2005, the Lenders and Federal Guarantor shall, without
          further action by any party, be deemed to have irrevocably waived
          compliance with this ratio with respect to the December 31, 2005
          testing date.

          (c) restating paragraph (c) thereof to read in its entirety as
follows:

               (c) Consolidated Fixed Charge Coverage Ratio. Permit the
          Consolidated Fixed Charge Coverage Ratio for any period of four
          consecutive fiscal quarters of Holdings ending with any fiscal quarter
          set forth below to be less than the ratio set forth below opposite
          such fiscal quarter:

<TABLE>
<CAPTION>
                                           Consolidated Fixed Charge
            Fiscal Quarter                     Coverage Ratio
            --------------                 -------------------------
<S>                                        <C>
March 31, 2005 through December 31, 2005        1.20 to 1.0
September 30, 2007 and thereafter               1.30 to 1.0
</TABLE>

          provided that if on any date after December 31, 2005 to and including
          September 30, 2007, the Borrowing Availability shall be less than
          $50,000,000, then the Consolidated Fixed Charge Coverage Ratio for the
          period of the four fiscal quarters most recently completed shall be at
          least 1.0 to 1.0. To the extent that the Borrower is not in compliance
          with the Consolidated Fixed Charge Coverage Ratio as of December 31,
          2005, the Lenders and Federal Guarantor shall, without further action
          by any party, be deemed to have irrevocably waived compliance with
          this ratio with respect to the December 31, 2005 testing date.

     7. Amendment to Exhibit B. Exhibit B to the Term Loan Agreement is hereby
amended, effective for the fiscal quarter of Holdings ended December 31, 2005
and thereafter, or at the option of the Borrower, March 31, 2006 and thereafter,
in accordance with Section 6.1 to read in its entirety as set forth in Annex I
to the Fourth Amendment.

     8. Conditions to Effectiveness. This Amendment shall become effective as of
and on the date (such date, the "Fourth Amendment Effective Date") on which the
Administrative Agent shall have received the following:

          (a) counterparts hereof duly executed by Holdings, the Borrower, the
     Administrative Agent, the Required Lenders and the Federal Guarantor;

<PAGE>

                                                                               7

          (b) such corporate resolutions, incumbency certificates and other
     authorizations as the Administrative Agent may reasonably request;

          (c) to the extent invoiced, payment or reimbursement of all
     out-of-pocket expenses of the Administrative Agent incurred in connection
     with this Amendment, including the reasonable fees, charges and
     disbursements of respective counsel for the Administrative Agent and the
     Federal Guarantor; and

          (d) an irrevocable standby letter of credit issued under the Revolving
     Loan Agreement (or successor revolving credit facility) in favor of the
     Administrative Agent for the benefit of the Lenders in the amount of
     $12,500,000, which letter of credit shall be substantially in the form of
     Annex II to this Amendment and shall (i) be renewable on an annual basis,
     (ii) be drawable at any time and from time to time, in whole or in part,
     upon a notice of non-renewal or when an Event of Default shall be in
     existence, by the Administrative Agent in its discretion or at the
     direction of the Required Lenders or the Federal Guarantor in order to pay
     amounts then owing by the Borrower under any of the Loan Documents, to make
     an optional prepayment of the Loans or to fund a cash collateral account in
     the name of the Administrative Agent and under its sole control to secure
     the Obligations (and the Borrower hereby authorizes the Administrative
     Agent to make each such drawing and to so use the proceeds thereof), and
     (iii) be released upon demonstrated compliance with the financial covenants
     in effect as permitted in this Amendment as of September 30, 2007.

     9. Representations and Warranties; No Default. Each of Holdings and the
Borrower hereby confirms that after giving effect to this Amendment each of the
representations and warranties set forth in the Loan Documents is true and
correct. Each of Holdings and the Borrower represents and warrants that, after
giving effect to this Amendment, no Default or Event of Default has occurred and
is continuing.

     10. No Change. Except as expressly provided herein, no term or provision of
the Term Loan Agreement shall be amended, modified, supplemented or waived, and
each term and provision of the Term Loan Agreement shall remain in full force
and effect.

     11. Counterparts. This Amendment may be executed by the parties hereto in
any number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument

     12. Governing Law. This Amendment and the rights and obligations of the
parties hereunder shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York.

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                                        WHEELING-PITTSBURGH CORPORATION

                                        By: /s/ John W. Testa
                                            ------------------------------------
                                        Name: John W. Testa
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        WHEELING-PITTSBURGH STEEL CORPORATION

                                        By: /s/ Michael P. DiClemente
                                            ------------------------------------
                                        Name: Michael P. DiClemente
                                              ----------------------------------
                                        Title: Treasurer
                                               ---------------------------------

                                        ROYAL BANK OF CANADA, as Administrative
                                        Agent

                                        By: /s/ David Wheatley
                                            ------------------------------------
                                        Name: David Wheatley
                                              ----------------------------------
                                        Title: Manager, Agency
                                               ---------------------------------

                                        EMERGENCY STEEL LOAN GUARANTEE BOARD,
                                        as Federal Guarantor

                                        By: /s/ Marguerite S. Owen
                                            ------------------------------------
                                        Name: Marguerite S. Owen
                                              ----------------------------------
                                        Title: General Counsel
                                               ---------------------------------

          Annexes have been omitted and will be furnished upon request.

<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        ALLIED IRISH BANKS PLC
                                        ----------------------------------------

                                        By: /s/ Joseph S. Augustini
                                            ------------------------------------
                                        Name: Joseph S. Augustini
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        By: /s/ Margaret Brennan
                                            ------------------------------------
                                        Name: Margaret Brennan
                                              ----------------------------------
                                        Title: Senior Vice President
                                               ---------------------------------
<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        ALLSTATE LIFE INSURANCE COMPANY
                                        ----------------------------------------

                                        By: /s/ JEFFREY CANNON
                                            ------------------------------------
                                        Name: JEFFREY CANNON
                                              ----------------------------------
                                        Title: SENIOR PORTFOLIO MANAGER
                                               ---------------------------------

                                        By: /s/ JERRY D. ZINKULA
                                            ------------------------------------
                                        Name: JERRY D. ZINKULA
                                              ----------------------------------
                                        Title: MANAGING DIRECTOR
                                               ---------------------------------
<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        AUSTRALIA AND NEW ZEALAND
                                        BANKING GROUP LIMITED
                                        ----------------------------------------

                                        By: /s/ John D. Wade
                                            ------------------------------------
                                        Name: John D. Wade
                                              ----------------------------------
                                        Title: Director
                                               ---------------------------------

<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        BANK OF AMERICA LEASING CAPITAL LLC
                                        (successor to Fleet Capital Corporation)
                                        ----------------------------------------

                                        By: /s/ George C. Markowsky
                                            ------------------------------------
                                        Name:  George C. Markowsky
                                              ----------------------------------
                                        Title: SVP
                                               ---------------------------------

<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        BANK HAPOALIM B.M.
                                        ----------------------------------------

                                        By: /s/ James P. Surless
                                            ------------------------------------
                                        Name: James P. Surless
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------

<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        BAYERISCHE LANDESBANK
                                        ----------------------------------------

                                        By: /s/ Nikolai Von Mengden
                                            ------------------------------------
                                        Name: Nikolai Von Mengden
                                              ----------------------------------
                                        Title: Senior Vice President
                                               ---------------------------------

                                        By: /s/ Norman McClave
                                            ------------------------------------
                                        Name: Norman McClave
                                              ----------------------------------
                                        Title: First Vice President
                                               ---------------------------------
<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        J.P. MORGAN CHASE BANK, NA
                                        ----------------------------------------

                                        By: /s/ Michael F. McCullough
                                            ------------------------------------
                                        Name: Michael F. McCullough
                                              ----------------------------------
                                        Title: Senior Vice President
                                               ---------------------------------

<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        LLOYDS TSB BANK PLC
                                        ----------------------------------------

                                        By: /s/ Michelle White
                                            ------------------------------------
                                        Name: Michelle White
                                              ----------------------------------
                                        Title: Assistant Vice President,
                                               Structured Finance
                                               ---------------------------------

                                        By: /s/ John O'Connell
                                            ------------------------------------
                                        Name: John O'Connell
                                              ----------------------------------
                                        Title: Assistant Vice President,
                                               Structured Finance
                                               ---------------------------------
<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        ROYAL BANK OF CANADA
                                        ----------------------------------------

                                        By: /s/ Dustin Craven
                                            ------------------------------------
                                        Name: Dustin Craven
                                              ----------------------------------
                                        Title: Attorney-in-fact
                                               ---------------------------------

<PAGE>

SIGNATURE PAGE TO THE FOURTH AMENDMENT AND WAIVER, DATED AS OF MARCH 10,
2006 TO THE TERM LOAN AGREEMENT, DATED AS OF JULY 31, 2003, AMONG
WHEELING-PITTSBURGH CORPORATION, WHEELING-PITTSBURGH STEEL CORPORATION, THE
LENDERS FROM TIME TO TIME PARTIES THERETO, ROYAL BANK OF CANADA, AS
ADMINISTRATIVE AGENT, THE EMERGENCY STEEL LOAN GUARANTEE BOARD, THE WEST
VIRGINIA HOUSING DEVELOPMENT FUND AND THE OTHER AGENTS PARTIES THERETO.

                                        NAME OF INSTITUTION:

                                        US BANK NATIONAL ASSOCIATION
                                        ----------------------------------------

                                        By: /s/ Jeffrey A. Kessler
                                            ------------------------------------
                                        Name: Jeffrey A. Kessler
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------EX-10.21

 

Exhibit 10.21

WHEELING-PITTSBURGH CORPORATION

2003 MANAGEMENT STOCK INCENTIVE PLAN

As Amended and Restated Effective March 10, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	1.

	 	Purpose
	 	 	1	 
	 
	 	 	 	 	 	 
	2.

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	3.

	 	Term of the Plan
	 	 	4	 
	 
	 	 	 	 	 	 
	4.

	 	Stock Subject to the Plan
	 	 	4	 
	 
	 	 	 	 	 	 
	5.

	 	Administration
	 	 	4	 
	 
	 	 	 	 	 	 
	6.

	 	Authorization and Eligibility
	 	 	5	 
	 
	 	 	 	 	 	 
	7.

	 	Specific Terms of Awards
	 	 	5	 
	 
	 	 	 	 	 	 
	8.

	 	Adjustment Provisions
	 	 	11	 
	 
	 	 	 	 	 	 
	9.

	 	Settlement of Awards
	 	 	13	 
	 
	 	 	 	 	 	 
	10.

	 	Reservation of Stock
	 	 	15	 
	 
	 	 	 	 	 	 
	11.

	 	No Special Employment or Other Rights
	 	 	15	 
	 
	 	 	 	 	 	 
	12.

	 	Nonexclusivity of the Plan
	 	 	15	 
	 
	 	 	 	 	 	 
	13.

	 	Termination and Amendment of the Plan
	 	 	15	 
	 
	 	 	 	 	 	 
	14.

	 	Notices and Other Communications
	 	 	16	 
	 
	 	 	 	 	 	 
	15.

	 	Governing Law
	 	 	16	 

 

 

WHEELING-PITTSBURGH CORPORATION

2003 MANAGEMENT STOCK INCENTIVE PLAN

As Amended and Restated Effective March 10, 2006

1. PURPOSE

This Plan is intended to encourage ownership of Common Stock by employees, consultants and
directors of the Company and its Affiliates and to provide additional incentive for them to promote
the success of the Company’s business. The Plan is intended to be an incentive stock option plan
within the meaning of Section 422 of the Code, but not all Awards are required to be Incentive
Options. The Plan was originally adopted and effective as of August 1, 2003. The Plan, as amended
and restated, has been approved by the Board to be effective as of March 10, 2006 (the “Restated
Effective Date”).

2. DEFINITIONS

As used in this Plan, the following terms shall have the following meanings:

     2.1. Accelerate, Accelerated, and Acceleration, when used with respect to an Option, means
that as of the time of reference the Option will become exercisable with respect to some or all of
the shares of Common Stock for which it was not then otherwise exercisable by its terms, and, when
used with respect to Restricted Stock or Stock Units, means that the Risk of Forfeiture otherwise
applicable to the such Awards shall expire with respect to some or all of the shares underlying or
otherwise issuable with respect to such Award then still otherwise subject to the Risk of
Forfeiture.

     2.2. Acquisition means a merger or consolidation of the Company with or into another person
or the sale, transfer, or other disposition of all or substantially all of the Company’s assets to
one or more other persons in a single transaction or series of related transactions, unless
securities possessing more than 50% of the total combined voting power of the survivor’s or
acquiror’s outstanding securities (or the securities of any parent thereof) are held by a person or
persons who held securities possessing more than 50% of the total combined voting power of the
Company immediately prior to that transaction.

     2.3. Affiliate means any corporation, partnership, limited liability company, business trust,
or other entity controlling, controlled by or under common control with the Company.

     2.4. Award means any grant or sale pursuant to the Plan of Options, Restricted Stock, Stock
Grants or Stock Units.

     2.5. Award Agreement means an agreement between the Company and the recipient of an Award,
setting forth the terms and conditions of the Award.

     2.6. Board means the Company’s Board of Directors.

 

 

     2.7. Change of Control means the occurrence of either of the following:

(a) any person or group of persons (within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended and in effect from time to time), other than the Company or
an Affiliate, directly or indirectly acquires beneficial ownership (determined pursuant to
Securities and Exchange Commission Rule 13d-3 promulgated under the said Exchange Act) of
securities possessing more than 50% of the total combined voting power of the Company’s
outstanding securities pursuant to a tender or exchange offer made directly to the Company’s
stockholders that the Board does not recommend such stockholders to accept, or

(b) over a period of 36 consecutive months or less, there is a change in the composition of
the Board such that a majority of the Board members (rounded up to the next whole number, if
a fraction) ceases, by reason of one or more proxy contests for the election of Board
members, to be composed of individuals who either (A) have been Board members continuously
since the beginning of that period, or (B) have been elected or nominated for election as
Board members during such period by at least a majority of the Board members described in
the preceding clause (A) who were still in office at the time that election or nomination
was approved by the Board.

     2.8. Code means the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute thereto, and any regulations issued from time to time thereunder.

     2.9. Committee means any committee of the Board delegated responsibility by the Board for the
administration of the Plan, as provided in Section 5 of the Plan. For any period during which no
such committee is in existence “Committee” shall mean the Board and all authority and
responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the
Board.

     2.10. Common Stock or Stock means common stock, par value $0.01 per share, of the Company.

     2.11. Company means Wheeling-Pittsburgh Corporation, a corporation organized under the laws
of the State of Delaware.

     2.12. Fair Market Value of a share of Common Stock as of a particular date (the
“Determination Date”) means:

(a) If the principal trading market for the Common Stock is a securities exchange or The
Nasdaq National Market, the average of the closing prices of the Common Stock as reported on
such exchange or The Nasdaq National Market, as applicable, for each of the five (5)
business days immediately preceding the Determination Date; or

(b) If the Common Stock is principally traded over-the-counter, the average of the closing
bid prices for each of the twenty (20) business days immediately preceding the Determination
Date; or

- 2 -

 

(c) If there is no public market for the Common Stock, the fair market value thereof, as
determined in good faith by the Committee.

     2.13. Grant Date means the date as of which an Option is granted, as determined under Section
7.1(a).

     2.14. Incentive Option means an Option which by its terms is to be treated as an “incentive
stock option” within the meaning of Section 422 of the Code.

     2.15. Nonstatutory Option means any Option that is not an Incentive Option.

     2.16. Option means an option to purchase shares of Common Stock.

     2.17. Optionee means a Participant to whom an Option shall have been granted under the Plan.

     2.18. Participant means any holder of an outstanding Award under the Plan.

     2.19. Plan means this 2003 Management Stock Incentive Plan of the Company, as amended from
time to time, and including any attachments or addenda hereto.

     2.20. Restricted Stock means a grant or sale of shares of Common Stock to a Participant
subject to a Risk of Forfeiture.

     2.21. Restriction Period means the period of time, established by the Committee in connection
with an Award of Restricted Stock or Stock Units, during which the shares of Restricted Stock or
Stock Units are subject to a Risk of Forfeiture described in the applicable Award Agreement.

     2.22. Risk of Forfeiture means a limitation on the right of the Participant to retain an
Award, including a right in the Company to reacquire from the Participant any shares underlying or
otherwise issuable with respect to such Award at less than their then Fair Market Value, arising
because of the occurrence or non-occurrence of specified events or conditions.

     2.23. Stock Grant means the grant of shares of Common Stock not subject to restrictions or
other forfeiture conditions.

     2.24. Stock Unit Award means the grant of the right to receive shares of Common Stock in the
future subject to such terms, conditions and restrictions as the Committee shall establish and
otherwise in accordance with the terms of Section 7.4.

     2.25 Ten Percent Owner means a person who owns, or is deemed within the meaning of Section
422(b)(6) of the Code to own, stock possessing more than 10% of the total combined voting power of
all classes of stock of the Company (or any parent or subsidiary corporations of the Company, as
defined in Sections 424(e) and (f), respectively, of the Code). Whether a

- 3 -

 

person is a Ten Percent Owner shall be determined with respect to an Option based on the facts
existing immediately prior to the Grant Date of the Option.

3. TERM OF THE PLAN

     Unless the Plan shall have been earlier terminated by the Board, Awards may be granted under
this Plan at any time in the period commencing on the date of approval of the Plan by the Board and
ending immediately prior to the tenth anniversary of the original effective date of the Plan.
Awards granted pursuant to the Plan within that period shall not expire solely by reason of the
termination of the Plan.

4. STOCK SUBJECT TO THE PLAN

     At no time shall the number of shares of Common Stock issued pursuant to or subject to
outstanding Awards granted under the Plan exceed 1,000,000 shares of Common Stock; subject,
however, to the provisions of Section 8 of the Plan. For purposes of applying the foregoing
limitation, if any Option expires, terminates, or is cancelled for any reason without having been
exercised in full, or if any Award of Restricted Stock or Stock Units is forfeited by the
recipient, the shares not purchased by the Optionee or forfeited by the recipient, as the case may
be, shall again be available for Awards to be granted under the Plan. Shares of Common Stock
issued pursuant to the Plan may be either authorized but unissued shares or shares held by the
Company in its treasury.

5. ADMINISTRATION

     The Plan shall be administered by the Committee; provided, however, that at any time and on
any one or more occasions the Board may itself exercise any of the powers and responsibilities
assigned the Committee under the Plan and when so acting shall have the benefit of all of the
provisions of the Plan pertaining to the Committee’s exercise of its authorities hereunder; and
provided further, however, that the Committee may delegate to an executive officer or officers the
authority to grant Awards hereunder to employees who are not officers, and to consultants, in
accordance with such guidelines as the Committee shall set forth at any time or from time to time.
Subject to the provisions of the Plan, the Committee shall have complete authority, in its
discretion, to make or to select the manner of making all determinations with respect to each Award
to be granted by the Company under the Plan including the employee, consultant or director to
receive the Award and the form of Award. In making such determinations, the Committee may take
into account the nature of the services rendered by the respective employees, consultants, and
directors, their present and potential contributions to the success of the Company and its
Affiliates, and such other factors as the Committee in its discretion shall deem relevant. Subject
to the provisions of the Plan, the Committee shall also have complete authority to interpret the
Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms
and provisions of the respective Award Agreements (which need not be identical), and to make all
other determinations necessary or advisable for the administration of the Plan. The Committee’s
determinations made in good faith on matters referred to in the Plan shall be final, binding and

- 4 -

 

conclusive on all persons having or claiming any interest under the Plan or an Award made
pursuant to hereto.

     The Committee intends that all Options granted under the Plan not be considered to provide for
the deferral of compensation under Section 409A of the Code and that any other Award that does
provide for such deferral of compensation shall comply with the requirements of Section 409A of the
Code and, accordingly, this Plan shall be so administered and construed. Further, the Committee
may modify the Plan and any Award to the extent necessary to fulfill this intent.

6. AUTHORIZATION AND ELIGIBILITY

     The Committee may grant from time to time and at any time prior to the termination of the Plan
one or more Awards, either alone or in combination with any other Awards, to any employee of or
consultant to one or more of the Company and its Affiliates or to non-employee members of the Board
or of any board of directors (or similar governing authority) of any Affiliate. However, only
employees of the Company, and of any parent or subsidiary corporations of the Company, as defined
in Sections 424(e) and (f), respectively, of the Code, shall be eligible for the grant of an
Incentive Option. Further, in no event shall the number of shares of Common Stock covered by
Options or other Awards granted to any one person in any one calendar year exceed 25% of the
aggregate number of shares of Common Stock subject to the Plan.

     Each grant of an Award shall be subject to all applicable terms and conditions of the Plan
(including but not limited to any specific terms and conditions applicable to that type of Award
set out in the following Section), and such other terms and conditions, not inconsistent with the
terms of the Plan, as the Committee may prescribe. No prospective Participant shall have any
rights with respect to an Award, unless and until such Participant has executed an agreement
evidencing the Award, delivered a fully executed copy thereof to the Company, and otherwise
complied with the applicable terms and conditions of such Award.

7. SPECIFIC TERMS OF AWARDS

     7.1. Options.

(a) Date of Grant. The granting of an Option shall take place at the time specified in the
Award Agreement. Only if expressly so provided in the applicable Award Agreement shall the
Grant Date be the date on which the Award Agreement shall have been duly executed and
delivered by the Company and the Optionee.

(b) Exercise Price. The price at which shares of Common Stock may be acquired under each
Incentive Option shall be not less than 100% of the Fair Market Value of Common Stock on the
Grant Date, or not less than 110% of the Fair Market Value of Common Stock on the Grant Date
if the Optionee is a Ten Percent Owner. The price at which shares may be acquired under
each Nonstatutory Option shall not be so limited solely by reason of this Section.

- 5 -

 

(c) Option Period. No Incentive Option may be exercised on or after the tenth anniversary
of the Grant Date, or on or after the fifth anniversary of the Grant Date if the Optionee is
a Ten Percent Owner. The Option period under each Nonstatutory Option shall not be so
limited solely by reason of this Section.

(d) Exercisability. An Option may be immediately exercisable or become exercisable in such
installments, cumulative or non-cumulative, as the Committee may determine. In the case of
an Option not otherwise immediately exercisable in full, the Committee may Accelerate such
Option in whole or in part at any time; provided, however, that in the case of an Incentive
Option, any such Acceleration of the Option would not cause the Option to fail to comply
with the provisions of Section 422 of the Code or the Optionee consents to the Acceleration.

(e) Termination of Association with the Company. Unless the Committee shall provide
otherwise with respect to any Option, if the Optionee’s employment or other association with
the Company and its Affiliates ends for any reason, including because of the Optionee’s
employer ceasing to be an Affiliate, any outstanding Option of the Optionee shall cease to
be exercisable in any respect not later than 90 days following that event and, for the
period it remains exercisable following that event, shall be exercisable only to the extent
exercisable at the date of that event. Military or sick leave or other bona fide leave
shall not be deemed a termination of employment or other association, provided that it does
not exceed the longer of ninety (90) days or the period during which the absent Optionee’s
reemployment rights, if any, are guaranteed by statute or by contract.

(f) Transferability. Except as otherwise provided in this subsection (f), Options shall not
be transferable, and no Option or interest therein may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the laws of
descent and distribution. All of a Participant’s rights in any Option may be exercised
during the life of the Participant only by the Participant or the Participant’s legal
representative. However, the Committee may, at or after the grant of a Nonstatutory Option,
provide that such Option may be transferred by the recipient to a family member; provided,
however, that any such transfer is without payment of any consideration whatsoever and that
no transfer of an Option shall be valid unless first approved by the Committee, acting in
its sole discretion. For this purpose, “family member” means any child, stepchild,
grandchild, parent, stepparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, any person sharing the employee’s household (other than a
tenant or employee), a trust in which the foregoing persons have more than fifty (50)
percent of the beneficial interests, a foundation in which the foregoing persons (or the
Participant) control the management of assets, and any other entity in which these persons
(or the Participant) own more than fifty (50) percent of the voting interests.

- 6 -

 

(g) Method of Exercise. An Option may be exercised by the Optionee giving written notice,
in the manner provided in Section 14, specifying the number of shares with respect to which
the Option is then being exercised. The notice shall be accompanied by payment in the form
of cash or check payable to the order of the Company in an amount equal to the exercise
price of the shares to be purchased or, if the Committee had so authorized on the grant of
an Incentive Option or on or after grant of a Nonstatutory Option (and subject to such
conditions, if any, as the Committee may deem necessary to avoid adverse accounting effects
to the Company) by delivery to the Company of

(i) shares of Common Stock having a Fair Market Value equal to the exercise price of
the shares to be purchased, or

(ii) the Optionee’s executed promissory note in the principal amount equal to the
exercise price of the shares to be purchased and otherwise in such form as the
Committee shall have approved, provided however that such note shall provide that
the Company shall not be required to maintain, extend or arrange credit for the
Optionee if and when prohibited by applicable law.

If the Stock becomes traded on an established market, payment of any exercise price may also
be made through and under the terms and conditions of any formal cashless exercise program
authorized by the Company entailing the sale of the Stock subject to an Option in a brokered
transaction (other than to the Company). Receipt by the Company of such notice and payment
in any authorized or combination of authorized means shall constitute the exercise of the
Option. Within thirty (30) days thereafter but subject to the remaining provisions of the
Plan, the Company shall deliver or cause to be delivered to the Optionee or his agent a
certificate or certificates for the number of shares then being purchased. Such shares
shall be fully paid and nonassessable.

(h) Limit on Incentive Option Characterization. An Incentive Option shall be considered to
be an Incentive Option only to the extent that the number of shares of Common Stock for
which the Option first becomes exercisable in a calendar year do not have an aggregate Fair
Market Value (as of the date of the grant of the Option) in excess of the “current limit”.
The current limit for any Optionee for any calendar year shall be $100,000 minus the
aggregate Fair Market Value at the date of grant of the number of shares of Common Stock
available for purchase for the first time in the same year under each other Incentive Option
previously granted to the Optionee under the Plan, and under each other incentive stock
option previously granted to the Optionee under any other incentive stock option plan of the
Company and its Affiliates. Any shares of Common Stock which would cause the foregoing
limit to be violated shall be deemed to have been granted under a separate Nonstatutory
Option, otherwise identical in its terms to those of the Incentive Option.

(i) Notification of Disposition. Each person exercising any Incentive Option granted under
the Plan shall be deemed to have covenanted with the Company to report to the Company any
disposition of such shares prior to the expiration of the holding periods specified by
Section 422(a)(1) of the Code and, if and to the extent that the realization of

- 7 -

 

income in such a disposition imposes upon the Company federal, state, local or other
withholding tax requirements, or any such withholding is required to secure for the Company
an otherwise available tax deduction, to remit to the Company an amount in cash sufficient
to satisfy those requirements.

(j) Rights Pending Exercise. No person holding an Option shall be deemed for any purpose to
be a stockholder of the Company with respect to any of the shares of Stock issuable pursuant
to his Option, except to the extent that the Option shall have been exercised with respect
thereto and, in addition, a certificate shall have been issued therefor and delivered to
such holder or his agent.

     7.2. Restricted Stock.

(a) Purchase Price. Shares of Restricted Stock shall be issued under the Plan for such
consideration, in cash, other property or services, or any combination thereof, as is
determined by the Committee.

(b) Issuance of Certificates. Each Participant receiving an Award, subject to subsection
(c) below, shall be issued one or more stock certificates in respect of such shares of
Restricted Stock. Such certificate shall be registered in the name of such Participant,
and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to such Award substantially in the following form:

The transferability of this certificate and the shares represented by this
certificate are subject to the terms and conditions of the
Wheeling-Pittsburgh Corporation 2003 Management Stock Incentive Plan and an
Award Agreement entered into by the registered owner and the
Wheeling-Pittsburgh Corporation. Copies of such Plan and Agreement are on
file in the offices of the Company.

(c) Escrow of Shares. The Committee may require that the stock certificates evidencing
            shares of Restricted Stock be held in custody by a designated escrow agent (which may but
need not be the Company) until the restrictions thereon shall have lapsed, and that the
Participant deliver a stock power, endorsed in blank, relating to the Stock covered by such
Award.

(d) Restrictions and Restriction Period. During the Restriction Period applicable to shares
of Restricted Stock, such shares shall be subject to limitations on transferability and a
Risk of Forfeiture arising on the basis of such conditions related to the performance of
services, Company or Affiliate performance or otherwise as the Committee may determine and
provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived or
terminated, or the Restriction Period shortened, at any time by the Committee on such basis
as it deems appropriate.

(e) Rights Pending Lapse of Risk of Forfeiture or Forfeiture of Award. Except as otherwise
provided in the Plan or the applicable Award Agreement, at all times prior to

- 8 -

 

lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted
Stock, the Participant shall have all of the rights of a stockholder of the Company,
including the right to vote, and the right to receive any dividends with respect to, the
            shares of Restricted Stock. At any time and from time to time, the Committee may permit or
require the payment of any cash dividends otherwise due in respect of an Award of Restricted
Stock to be deferred and, if the Committee so determines, reinvested in additional
Restricted Stock (at its then Fair Market Value) to the extent shares are available under
Section 4.

(f) Termination of Association with the Company. Unless the Committee shall provide
otherwise for any Award of Restricted Stock, upon termination of a Participant’s employment
or other association with the Company and its Affiliates for any reason during the
Restriction Period, including because of the Participant’s employer ceasing to be an
Affiliate during the Restriction Period, all shares of Restricted Stock still subject to
Risk of Forfeiture shall be forfeited or otherwise subject to return to or repurchase by the
Company on the terms specified in the Award Agreement; provided, however, that military or
sick leave or other bona fide leave shall not be deemed a termination of employment or other
association, if it does not exceed the longer of ninety (90) days or the period during which
the absent Participant’s reemployment rights, if any, are guaranteed by statute or by
contract.

(g) Lapse of Restrictions. If and when the Restriction Period expires without a prior
forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to
the Participant promptly if not theretofore so delivered.

     7.3. Stock Grants. Stock Grants shall be awarded in recognition of significant contributions
to the success of the Company or its Affiliates, in lieu of compensation and in such other
circumstances as the Committee deems appropriate. Stock Grants shall be made without forfeiture
conditions of any kind.

     7.4. Stock Units.

(a) Awards of Stock Units. The Committee may grant Stock Units representing the right to
receive shares of Common Stock in the future subject to such terms, conditions, restrictions
or Risk of Forfeiture, whether based on performance standards, periods of service, retention
by the Participant of ownership of specified shares of Common Stock or other criteria, as
the Committee shall establish. The terms of any Stock Unit Award granted under this Plan
shall be set forth in an Award Agreement which shall contain provisions determined by the
Committee and not inconsistent with this Plan.

(b) Settlement of Stock Units. Payments shall be made to Participants with respect to their
Stock Unit Awards as soon as practicable after the Committee has determined that the terms
and conditions applicable to such Award have been satisfied. Payments to Participants with
respect to Stock Units shall be made in the form of Common Stock, or cash or a combination
of both, as the Committee may determine. The amount of any cash to be paid in lieu of
Common Stock shall be determined on the basis of the Fair Market

- 9 -

 

Value of the Common Stock on the date any such payment is processed. As to shares of Common
Stock which constitute all or any part of such payment, the Committee may impose such
restrictions concerning their transferability and/or their forfeiture as may be provided in
the applicable Award Agreement or as the Committee may otherwise determine, provided such
determination is made on or before the date certificates for such shares are first delivered
to the applicable Participant.

(c) Stockholder Rights. Until the lapse of the Restriction Period or release of all Risks
of Forfeiture or other restrictions applicable to a Stock Unit Award, no shares of Common
Stock shall be issued in respect of such Awards and no Participant shall have any rights as
a stockholder of the Company with respect to the shares of Common Stock covered by such
Stock Unit Award. Notwithstanding the foregoing, at any time and from time to time, the
Committee may, with respect to any cash dividends otherwise payable with respect to the
shares underlying a Stock Unit Award, permit or require the payment of such dividends to the
Participant or the reinvestment of such dividends in additional Stock Units (at its then
Fair Market Value) to the extent shares are available under Section 4.

(d) Waiver of Forfeiture Period. Notwithstanding anything contained in this Section 7.4 to
the contrary, the Committee may, in its sole discretion, waive the Restriction Period and
any other forfeiture conditions set forth in any Award Agreement under appropriate
circumstances (including the death, disability or retirement of the Participant or a
material change in circumstances arising after the date of an Award) and subject to such
terms and conditions (including forfeiture of a proportionate number of shares issuable upon
settlement of the Stock Unit Award) as the Committee shall deem appropriate.

(e) Termination of Association with the Company. Unless the Committee shall provide
otherwise for any Stock Unit Award, upon termination of a Participant’s employment or other
association with the Company and its Affiliates for any reason during the Restriction
Period, including because of the Participant’s employer ceasing to be an Affiliate during
the Restriction Period, all Stock Units still subject to a Risk of Forfeiture with respect
to such Award shall be forfeited; provided, however, that military or sick leave or other
bona fide leave shall not be deemed a termination of employment or other association, if it
does not exceed the longer of ninety (90) days or the period during which the absent
Participant’s reemployment rights, if any, are guaranteed by statute or by contract.

     7.5. Provisions Applicable to Performance-Based Awards. To the extent any Award granted
under the Plan is subject to performance-based targets, goals or criteria with respect to vesting,
payment or any other term or condition of such Award, such performance-based targets, goals or
criteria may include such goals related to the performance of the Company or, where relevant, any
one or more of its Affiliates or divisions and/or the performance of a Participant as may be
established by the Committee in its discretion. The performance targets established by the
Committee may vary from Award to Award and need not be the same for each Participant receiving a
particular type of Award at any given time or with respect to any particular

- 10 -

 

Restriction Period. Notwithstanding any provision of the Plan to the contrary, the Committee
shall have the authority to adjust any performance goal, performance target or other
performance-based criteria established with respect to any Award under the Plan if circumstances
occur (including, but not limited to, unusual or nonrecurring events, changes in tax laws or
accounting principles or practices or changed business or economic conditions) that cause any such
performance goal, performance target or performance-based criteria to be inappropriate in the
judgment of the Committee.

     7.6 Awards to Participants Outside the United States. The Committee may modify the terms of
any Award under the Plan granted to a Participant who is, at the time of grant or during the term
of the Award, resident or primarily employed outside of the United States in any manner deemed by
the Committee to be necessary or appropriate in order that the Award shall conform to laws,
regulations, and customs of the country in which the Participant is then resident or primarily
employed, or so that the value and other benefits of the Award to the Participant, as affected by
foreign tax laws and other restrictions applicable as a result of the Participant’s residence or
employment abroad, shall be comparable to the value of such an Award to a Participant who is
resident or primarily employed in the United States. An Award may be modified under this Section
7.6 in a manner that is inconsistent with the express terms of the Plan, so long as such
modifications will not contravene any applicable law or regulation.

8. ADJUSTMENT PROVISIONS

     8.1. Adjustment for Corporate Actions. All of the share numbers set forth in the Plan
reflect the capital structure of the Company as of the effective date of the Company’s Plan of
Reorganization in 2003. If subsequent to that date the outstanding shares of Common Stock (or any
other securities covered by the Plan by reason of the prior application of this Section) are
increased, decreased, or exchanged for a different number or kind of shares or other securities, or
if additional shares or new or different shares or other securities are distributed with respect to
shares of Common Stock or other securities, through merger, consolidation, sale of all or
substantially all the property of the Company, reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split, or other distribution with respect to such shares
of Common

     Stock, or other securities, an appropriate and proportionate adjustment will be made in (i)
the maximum numbers and kinds of shares provided in Section 4, (ii) the numbers and kinds of shares
or other securities subject to the then outstanding Awards, (iii) the exercise price for each share
or other unit of any other securities subject to then outstanding Options (without change in the
aggregate purchase price as to which such Options remain exercisable), and (iv) the repurchase
price of each share of Restricted Stock then subject to a Risk of Forfeiture in the form of a
Company repurchase right.

     8.2. Treatment in the Event of an Acquisition.

     Subject to any provisions of then outstanding Awards granting greater rights to the holders
thereof, the Committee shall have the discretion, exercisable in advance of, at the time of, or
(except to the extent otherwise provided below) at any time after, an Acquisition, to

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provide for any or all of the following (subject to and upon such terms as the Committee may
deem appropriate): (A) the Acceleration of any or all outstanding Options (including Options that
are assumed or replaced pursuant to clause (C) below) that are not exercisable in full at the time
the Acquisition, such Acceleration to become effective at the time of the Acquisition, or at such
time following the Acquisition that the employment, consultancy or directorship or other
association of the applicable Optionee or Optionees terminates, or at such other time or times as
the Committee shall determine; (B) the termination of any or all of the Company’s repurchase rights
with respect to Restricted Stock Awards, such termination to become effective at the time of the
Acquisition, or at such time following the Acquisition that the employment, consultancy,
directorship or other association of the Participant or Participants that hold such Restricted
Stock Awards terminates, or at such other time or times as the Committee shall determine; (C) the
assumption of outstanding Options, or the substitution of outstanding Options with equivalent
options, by the acquiring or succeeding corporation or entity (or an affiliate thereof); or (D) the
termination of all Options (other than Options that are assumed or substituted pursuant to clause
(C) above) that remain outstanding at the time of the consummation of the Acquisition, provided
that, the Committee shall have made the determination to effect such termination prior to the
consummation of the Acquisition and the Committee shall have given, or caused to be given, to all
Optionees written notice of such potential termination at least five business days prior to the
consummation of the Acquisition. The provisions of this Section 8.2 shall not be construed as to
limit or restrict in any way the Committee’s general authority under Sections 7.1(d) or 7.2(d)
hereof to Accelerate Options in whole or in part at any time or to waive or terminate at any time
any Risk of Forfeiture applicable to shares of Restricted Stock. Each outstanding Option that is
assumed in connection with an Acquisition, or is otherwise to continue in effect subsequent to an
Acquisition, will be appropriately adjusted, immediately after the Acquisition, as to the number
and class of securities and the price at which it may be exercised in accordance with Section 8.1.

     8.3. Treatment in the Event of a Change of Control. Subject to any provisions of then
outstanding Awards granting greater rights to the holders thereof, upon the occurrence of a Change
of Control, each outstanding Option not then exercisable in full and each Restricted Stock Award
still then subject to a Risk of Forfeiture shall be automatically Accelerated. Notwithstanding the
foregoing, with respect to any Award granted on or after the Restated Effective Date, the Committee
shall have the discretion to establish in the applicable Award Agreement what, if any, effect a
Change in Control would have on such Award.

     8.4. Dissolution or Liquidation. Upon dissolution or liquidation of the Company, other than
as part of an Acquisition or similar transaction, each outstanding Option shall terminate, but the
Optionee (if at the time in the employ of or otherwise associated with the Company or any of its
Affiliates) shall have the right, immediately prior to the dissolution or liquidation, to exercise
the Option to the extent exercisable on the date of dissolution or liquidation.

     8.5. Related Matters. Any adjustment in Awards made pursuant to this Section 8 shall be
determined and made, if at all, by the Committee and shall include any correlative modification of
terms, including of Option exercise prices, rates of vesting or exercisability, Risks of Forfeiture
and applicable repurchase prices for Restricted Stock, which the Committee may deem necessary or
appropriate so as to ensure the rights of the Participants in their respective Awards are not
substantially diminished nor enlarged as a result of the adjustment and

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corporate action other than as expressly contemplated in this Section 8. No fraction of a
share shall be purchasable or deliverable upon exercise, but in the event any adjustment hereunder
of the number of shares covered by an Award shall cause such number to include a fraction of a
share, such number of shares shall be adjusted to the nearest smaller whole number of shares. No
adjustment of an Option exercise price per share pursuant to this Section 8 shall result in an
exercise price which is less than the par value of the Stock.

9. SETTLEMENT OF AWARDS

     9.1. Violation of Law. Notwithstanding any other provision of the Plan or the relevant Award
Agreement, if, at any time, in the reasonable opinion of the Company, the issuance of shares of
Common Stock covered by an Award may constitute a violation of law, then the Company may delay such
issuance and the delivery of a certificate for such shares until (i) approval shall have been
obtained from such governmental agencies, other than the Securities and Exchange Commission, as may
be required under any applicable law, rule, or regulation and (ii) in the case where such issuance
would constitute a violation of a law administered by or a regulation of the Securities and
Exchange Commission, one of the following conditions shall have been satisfied:

(a) the shares are at the time of the issue of such shares effectively registered under the
Securities Act of 1933; or

(b) the Company shall have determined, on such basis as it deems appropriate (including an
opinion of counsel in form and substance satisfactory to the Company) that the sale,
transfer, assignment, pledge, encumbrance or other disposition of such shares or such
beneficial interest, as the case may be, does not require registration under the Securities
Act of 1933, as amended or any applicable State securities laws.

     The Company shall make all reasonable efforts to bring about the occurrence of said events.

     9.2. Corporate Restrictions on Rights in Stock. Any Stock to be issued pursuant to Awards
granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be
now or hereafter imposed by the charter, certificate or articles, and by-laws, of the Company.

     9.3. Investment Representations. The Company shall be under no obligation to issue any
shares covered by any Award unless the shares to be issued pursuant to Awards granted under the
Plan have been effectively registered under the Securities Act of 1933, as amended, or the
Participant shall have made such written representations to the Company (upon which the Company
believes it may reasonably rely) as the Company may deem necessary or appropriate for purposes of
confirming that the issuance of such shares will be exempt from the registration requirements of
that Act and any applicable state securities laws and otherwise in compliance with all applicable
laws, rules and regulations, including but not limited to that the Participant is acquiring the
shares for his or her own account for the purpose of investment and not with a view to, or for sale
in connection with, the distribution of any such shares.

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     9.4. Registration. If the Company shall deem it necessary or desirable to register under the
Securities Act of 1933, as amended or other applicable statutes any shares of Stock issued or to be
issued pursuant to Awards granted under the Plan, or to qualify any such shares of Stock for
exemption from the Securities Act of 1933, as amended or other applicable statutes, then the
Company shall take such action at its own expense. The Company may require from each recipient of
an Award, or each holder of shares of Stock acquired pursuant to the Plan, such information in
writing for use in any registration statement, prospectus, preliminary prospectus or offering
circular as is reasonably necessary for that purpose and may require reasonable indemnity to the
Company and its officers and directors from that holder against all losses, claims, damage and
liabilities arising from use of the information so furnished and caused by any untrue statement of
any material fact therein or caused by the omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the
circumstances under which they were made. In addition, the Company may require of any such person
that he or she agree that, without the prior written consent of the Company or the managing
underwriter in any public offering of shares of Stock, he or she will not sell, make any short sale
of, loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose
of, any shares of Common Stock during the 180 day period commencing on the effective date of the
registration statement relating to the underwritten public offering of securities. Without
limiting the generality of the foregoing provisions of this Section 9.4, if in connection with any
underwritten public offering of securities of the Company the managing underwriter of such offering
requires that the Company’s directors and officers enter into a lock-up agreement containing
provisions that are more restrictive than the provisions set forth in the preceding sentence, then
(a) each holder of shares of Stock acquired pursuant to the Plan (regardless of whether such person
has complied or complies with the provisions of clause (b) below) shall be bound by, and shall be
deemed to have agreed to, the same lock-up terms as those to which the Company’s directors and
officers are required to adhere; and (b) at the request of the Company or such managing
underwriter, each such person shall execute and deliver a lock-up agreement in form and substance
equivalent to that which is required to be executed by the Company’s directors and officers.

     9.5. Placement of Legends; Stop Orders; etc. Each share of Common Stock to be issued
pursuant to Awards granted under the Plan may bear a reference to the investment representation
made in accordance with Section 9.3 in addition to any other applicable restriction under the Plan
and the terms of the Award and to the fact that no registration statement has been filed with the
Securities and Exchange Commission in respect to such shares of Common Stock. All certificates for
shares of Common Stock or other securities delivered under the Plan shall be subject to such stock
transfer orders and other restrictions as the Committee may deem advisable under the rules,
regulations, and other requirements of any stock exchange upon which the Common Stock is then
listed, and any applicable federal or state securities law, and the Committee may cause a legend or
legends to be put on any such certificates to make appropriate reference to such restrictions.

     9.6. Tax Withholding. Whenever shares of Stock are issued or to be issued pursuant to Awards
granted under the Plan, or when a Risk of Forfeiture lapses with respect to any Restricted Stock
granted under the Plan, the Company shall have the right to require the recipient

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to remit to the Company an amount sufficient to satisfy federal, state, local or other
withholding tax requirements if, when, and to the extent required by law (whether so required to
secure for the Company an otherwise available tax deduction or otherwise) prior to the delivery of
any certificate or certificates for such shares. The obligations of the Company under the Plan
shall be conditional on satisfaction of all such withholding obligations 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 recipient of an Award.

10. RESERVATION OF STOCK

     The Company shall at all times during the term of the Plan and any outstanding Options granted
hereunder reserve or otherwise keep available such number of shares of Stock as will be sufficient
to satisfy the requirements of the Plan (if then in effect) and the Options and shall pay all fees
and expenses necessarily incurred by the Company in connection therewith.

11. NO SPECIAL EMPLOYMENT OR OTHER RIGHTS

     Nothing contained in the Plan or in any Award Agreement shall confer upon any recipient of an
Award any right with respect to the continuation of his or her employment or other association with
the Company (or any Affiliate), or interfere in any way with the right of the Company (or any
Affiliate), subject to the terms of any separate employment or consulting agreement or provision of
law or corporate charter, certificate or articles, or by-laws, to the contrary, at any time to
terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust,
the other terms and conditions of the recipient’s employment or other association with the Company
and its Affiliates.

12. NONEXCLUSIVITY OF THE PLAN

     Neither the adoption of the Plan by the Board nor, if any, the submission of the Plan to the
stockholders of the Company shall be construed as creating any limitations on the power of the
Board to adopt such other incentive arrangements as it may deem desirable, including without
limitation, the granting of stock options and restricted stock other than under the Plan, and such
arrangements may be either applicable generally or only in specific cases.

13. TERMINATION AND AMENDMENT OF THE PLAN

     The Board may at any time terminate the Plan or make such modifications of the Plan as it
shall deem advisable. Unless the Board otherwise expressly provides, no amendment of the Plan
shall affect the terms of any Award outstanding on the date of such amendment. In any case, no
termination or amendment of the Plan may, without the consent of any recipient of an Award granted
hereunder, adversely affect the rights of the recipient under such Award.

     The Committee may amend the terms of any Award theretofore granted, prospectively or
retroactively, provided that the Award as amended is consistent with the terms of the Plan, but no
such amendment shall impair the rights of the recipient of such Award without his or her consent.

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14. NOTICES AND OTHER COMMUNICATIONS

     Any notice, demand, request or other communication hereunder to any party shall be deemed to
be sufficient if contained in a written instrument delivered in person or duly sent by first class
registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by
regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the
recipient of an Award, at his or her residence address last filed with the Company and (ii) if to
the Company, at its principal place of business, addressed to the attention of its Treasurer, or to
such other address or telecopier number, as the case may be, as the addressee may have designated
by notice to the addressor. All such notices, requests, demands and other communications shall be
deemed to have been received: (i) in the case of personal delivery, on the date of such delivery;
(ii) in the case of mailing, when received by the addressee; and (iii) in the case of facsimile
transmission, when confirmed by facsimile machine report.

15. GOVERNING LAW

     The Plan and all Award Agreements and actions taken thereunder shall be governed, interpreted
and enforced in accordance with the laws of the State of Delaware, without regard to the conflict
of laws principles thereof.

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