Document:

Form of Amended and Restated Investors Rights Agreement

 Exhibit 10.11 
 FORM OF AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT 
 This AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT, dated as of [—], 2010 (this “Agreement”), by and among METALS USA HOLDINGS CORP., a Delaware corporation (the
“Company”), and the HOLDERS that are parties hereto (the “Holders,” and together with the Company, the “Parties”), amends and restates that certain Investors Rights Agreement, dated as of
May 17, 2005 (the “Original Agreement”), by and among the Parties. 
 WHEREAS, the Holders and the
Company desire to amend and restate the Original Agreement in connection with the initial public offering of Common Stock (as defined below) of the Company (the “IPO”). 
 WHEREAS, pursuant to Section 9(f) of the Original Agreement, the Original Agreement may be amended with the written consent of
the Company and the Holders having the Required Voting Percentage (as defined in the Original Agreement). 
 WHEREAS, the
Company and Holders having the Required Voting Percentage (as defined in the Original Agreement) have, by executing and delivering this Agreement, provided such written consent. 
 NOW, THEREFORE, in consideration of the premises and of the mutual consents and obligations hereinafter set forth, the Parties hereto
hereby agree as follows: 
 Section 1. Definitions. 
 As used in this Agreement: 
 “Adoption” has the meaning ascribed to such term in Exhibit A. 
 “Affiliate”
of the Company or the Apollo Group means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company or the Apollo Group, as applicable. As used in this
definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the
direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person. The term “Affiliate” shall not include at any time any portfolio companies
of Apollo Management V, L.P. or its Affiliates, other than Flag Intermediate Holdings Corporation, Metals USA, Inc. and their respective subsidiaries. 
 “Affiliate” of a Holder (other than the Apollo Group) means: (a) any member of the immediate family of an individual Holder, including parents, siblings, spouse and children
(including those by adoption); the parents, siblings, spouse, or children (including those by adoption) of such immediate family member, and in any such case any trust whose primary beneficiary is such individual Holder or one or more members of
such immediate family and/or such Holder’s lineal descendants; (b) the legal representative or guardian of such individual Holder or of any such immediate family member in the event such individual Holder or any such immediate family
member becomes mentally incompetent; and (c) any Person controlling,

 
controlled by or under common control with a Holder. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by”
and “under common control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by
contract or otherwise) of a Person. The term “Affiliate” shall not include at any time any portfolio companies of Apollo Management V, L.P. or its Affiliates, other than Flag Intermediate Holdings Corporation, Metals USA, Inc. and their
respective subsidiaries. 
 “Agreement” has the meaning ascribed to such term in the preamble. 
 “Apollo Group” means Apollo Investment Fund V, L.P., a Delaware limited partnership, Apollo Overseas Partners V, L.P. and
each of their respective Affiliates. 
 “Apollo Registration Demand” has the meaning ascribed to such term in
Section 4(a)(i). 
 “Bankruptcy Event” means, with respect to any Management Holder: (a) such holder
shall voluntarily be adjudicated as bankrupt or insolvent; (b) such holder shall consent to or not contest the appointment of a receiver or trustee for himself, herself or itself or for all or any part of his, her or its property; (c) such
holder shall file a petition seeking relief under the bankruptcy, rearrangement, reorganization or other debtor relief laws of the United States or any state or any other competent jurisdiction; (d) such holder shall make a general assignment
for the benefit of his, her or its creditors; (e) a petition shall have been filed against such Management Holder seeking relief under the bankruptcy, rearrangement, reorganization or other debtor relief laws of the United States or any state
or other competent jurisdiction; or (f) a court of competent jurisdiction shall have entered an order, judgment or decree appointing a receiver or trustee for such Management Holder, or for any part of his, her or its property, and such
petition, order, judgment or decree shall not be and remain discharged or stayed within a period of sixty (60) days after its entry. 
 “Board” means the Board of Directors of the Company and any duly authorized committee thereof. All determinations by the Board required pursuant to the terms of this Agreement to be made
by the Board shall be binding and conclusive. 
 “Cause” means, with respect to the termination of employment
of any Management Holder by the Company or any of its subsidiaries: (a) if such Management Holder is at the time of termination a party to an employment agreement with the Company or any of its subsidiaries that defines such term, the meaning
given to such term therein; (b) otherwise if such Management Holder is at the time of termination a party to an Award Agreement under the 2005 Metals USA, Inc. Stock Option Plan, the meaning given to such term therein; and (c) in all other
cases, the termination by the Company or any of its subsidiaries of a Management Holder’s employment based on such Management Holder’s (i) commission of a felony or an act of moral turpitude; (ii) a willful commission or omission
of an act of dishonesty involving the Company; (iii) a material non-curable breach of such Management Holder’s obligations hereunder or under any other agreement entered into between such Management Holder and the Company or any of its
subsidiaries or Affiliates, including any willful misconduct that can be expected to cause material harm to the Company or its business reputation; or (iv) a failure by a Management

  

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Holder to cure a material breach of his obligations hereunder or any other agreement entered into between a Management Holder and the Company or any of its Affiliates within 30 days after such
breach. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Common Stock” means the common stock of the Company, par value $.01 per share. 
 “Company” has the meaning ascribed to such term in the preamble. 
 “Control Disposition” means a Disposition by the Apollo Group that would have the effect of transferring to a Person or
Group that is not an Affiliate of the Apollo Group or a portfolio company of any members of the Apollo Group (other than Flag Intermediate Holdings Corporation, Metals USA, Inc. or their respective subsidiaries), a number of shares of Common Stock
or common stock of Metals USA, Inc. such that, following the consummation of such Disposition, such Person or Group possesses the voting power to elect a majority of the Board (whether by merger, consolidation or sale or transfer of Common Stock).

 “Demand Notice” has the meaning ascribed to such term in Section 4(a)(i). 
 “Disability” means, with respect to each Management Holder, that the Management Holder: (a) is unable to engage
in any substantial gainful activity by reason of any medically determinable physical of mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (b) is, by
reason of any medically determinable physical of mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident or health plan covering employees of the Company. 
 “Disposition”
means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance, or any other disposition, of Common Stock (or any interest therein or right thereto) or of all or part of the voting power (other than the
granting of a revocable proxy) associated with the Common Stock (or any interest therein) whatsoever, or any other transfer of beneficial ownership of Common Stock whether voluntary or involuntary, including, without limitation (a) as a part of
any liquidation of a Management Holder’s assets, or (b) as a part of any reorganization of a Management Holder pursuant to the United States or other bankruptcy law or other similar debtor relief laws. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Fair Market Value” means, with respect to each share of Common Stock or other capital stock held by any
Management Holder: (a) if such Management Holder is a party to any agreement with the Company that defines such term, the meaning given therein, and (b) in all other cases: 
 (i) With respect to any series or class of capital stock, the per share fair market value as determined by the Board in such
manner as it deems appropriate

  

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(such determination will be made in good faith (as required by Section 422(c)(1) of the Code, may be based on the advice of an independent investment banker or appraiser recognized to be an
expert in making such valuations, will take into consideration the factors listed in 26 C.F.R. § 20.2031-2, but will not take into account any reduction in value of the Common Stock because the Common Stock (A) represents a minority
position; (B) is subject to restrictions on transfer and resale; or (C) lacks liquidity). 
 (ii)
Notwithstanding anything to the contrary contained in clause (i) above, if any securities of the Company are publicly traded or quoted at the time of determination, then the per share fair market value of such securities shall be the most
recent closing trading price, during regular trading hours, of such securities on the business day immediately prior to the date of determination as determined by the Board in good faith. 
 (iii) At any time as of which the Board is permitted to determine the Fair Market Value of any security in accordance with
clause (i) above, neither the Company nor any officer, director, employee or agent of the Company shall have any liability with respect to the valuation of such securities that are bought or sold at such Fair Market Value even though the Fair
Market Value, as so determined, may be more or less than the actual fair market value. Each of the Company and its officers, directors, employees and agents shall be fully protected in relying in good faith upon the records of the Company and upon
information, opinions, reports or statements presented to the Company by any Person as to matters that the Company or such director, officer, employee or agent reasonably believes are within such other Person’s professional or expert competence
and who has been selected with reasonable care by or on behalf of the Company in determining such Fair Market Value. 
 “Good Reason” means the voluntary resignation of a Management Holder’s employment: (a) if the Management Holder is at the time of resignation a party to an employment agreement with the Company or any of its
subsidiaries that defines such term, the meaning given to such term in the employment agreement; (b) otherwise if the Management Holder is at the time of resignation a party to an Award Agreement pursuant to the 2005 Metal USA, Inc.
Stock Option Plan that defines such term, the meaning given to such term in the Award Agreement; and (c) in all other cases, a resignation by the Management Holder within 30 days of (i) a reduction of greater than 10% in the
Management Holder’s annual base salary or target bonus, unless such reduction is applied to all other similarly situated employees, directors or consultant of the Company; or (ii) any material adverse change in the Management Holder’s
title, authority, duties, or responsibilities or the assignment to the Management Holder of any duties or responsibilities inconsistent in any material respect with those customarily associated with the position of the Management Holder. 

“Group” shall have the meaning ascribed thereto in Section 13(d)(3) of the Exchange Act. 
 “Holders” has the meaning ascribed to such term in the preamble. 
  

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 “Indebtedness” means, with respect to any Person: (a) all indebtedness
of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness of such Person for the deferred purchase price of property or services represented by a note, bond, debenture or similar instrument and
any other obligation or liability represented by a note, bond, debenture or similar instrument, (c) all indebtedness of such Person created or arising under any conditional sale or other title retention agreement with respect to property
acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (d) all indebtedness of such Person secured by a purchase
money mortgage or other lien to secure all or part of the purchase price of the property subject to such mortgage or lien, (e) all obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under generally accepted accounting principles in the United
States of America (“GAAP”) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP, (f) all unpaid
reimbursement obligations of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, (g) all obligations of such Person under any forward contract, futures contract,
swap, option or other financing agreement or arrangement (including caps, floors, collars and similar agreements), the value of which is dependent upon interest rates, currency exchange rates, commodities or other indices, (h) all interest,
fees and other expenses owed with respect to the indebtedness referred to above (and any prepayment penalties or fees or similar breakage costs or other fees and costs required to be paid in order for such Indebtedness to be satisfied and discharged
in full), and (i) all indebtedness referred to above that is directly or indirectly guaranteed by such Person or that such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise
assured a creditor against loss. 
 “IPO” has the meaning ascribed to such term in the recitals. 
 “IRA” has the meaning ascribed to such term in Section 3.2(c). 
 “Management Holder” means a Holder who is employed by, or serves as a consultant, to the Company or any of its
subsidiaries. 
 “Maximum Number” has the meaning ascribed to such term in Section 4(c). 
 “Non-Compete Period” has the meaning ascribed to such term in Section 7(c)(ii). 
 “Offer” has the meaning ascribed to such term in Section 3.1. 
 “Offeror” has the meaning ascribed to such term in Section 3.1. 
 “Original Agreement” has the meaning ascribed to such term in the preamble. 
 “Option” means an option issued to Holders pursuant to the Company’s 2005 Stock Option Plan, as it is amended,
supplemented, restated or otherwise modified from time to time, or any other option plan or equity plan approved by the Company. 
  

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 “Original Cost” means (a) if such share of Common Stock (including any
shares of Common Stock received upon a distribution from any deferred compensation plan or any Common Stock issuable upon exercise of any Options held by such Management Holder) was purchased in connection with the consummation of the transactions
contemplated by the Agreement and Plan of Merger, dated as of May 18, 2005, by and among the Company, Flag Acquisition Corporation and Metals USA, Inc., the price per share paid by the Apollo Group for its shares of Common Stock on the date of
the consummation of the transactions contemplated by such Agreement and Plan of Merger, subject to appropriate adjustment by the Board for stock splits, stock dividends or other distributions, combinations and similar transactions or (b) if
such share of Common Stock (including any shares of Common Stock received upon a distribution from any deferred compensation plan or any Common Stock issuable upon exercise of any Options held by such Management Holder) was purchased after
May 18, 2005, the price per share paid by such Management Holder for such share of Common Stock, subject to appropriate adjustment by the Board for stock splits, stock dividends or other distributions, combinations and similar transactions.

 “Original Issue Date” means with respect to any share of Common Stock issued to the Apollo Group or a
Management Holder, the date of issuance of such share of Common Stock to the Apollo Group or such Management Holder, as applicable. 
 “Parties” has the meaning ascribed to such term in the preamble. 
 “Person” shall be
construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental
entity or any department, agency or political subdivision thereof. 
 “Piggyback Notice” has the meaning
ascribed to such term in Section 4(b)(i). 
 “Piggyback Registration Right” has the meaning ascribed to
such term in Section 4(b)(i). 
 “Public Sale” means any sale of Common Stock to the public pursuant to an
offering registered under the Securities Act or to the public in the manner described by the provisions of Rule 144(f) promulgated thereunder, other than an offering relating to employee incentive plans. 
 “Purchase Price” means: (a) in the case where a Management Holder (i) experiences a Bankruptcy Event;
(ii) resigns other than for Good Reason as an employee of the Company or any of its subsidiaries during the 12-month period commencing on the Original Issue Date; or (iii) is terminated for Cause, the lower of the Original Cost or the Fair
Market Value; and (b) in all other cases, the Fair Market Value. 
 “Registration Statement” means any
registration statement of the Company filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related prospectus, amendments and supplements to such registration statement,
including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 
  

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 “Required Voting Percentage” means (a) for so long as the Apollo Group
owns at least 10% of the outstanding Common Stock, the vote of the shares of Common Stock owned by the Apollo Group, and (b) only for matters that adversely affect any rights or obligations of Management Holders under this Agreement, a majority
of the shares of Common Stock outstanding owned by the Management Holders as of the date the vote is taken. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities” means, with
respect to any Person, such Person’s “securities” as defined in Section 2(1) of the Securities Act and includes such Person’s capital stock or other equity interests or any options, warrants or other securities that are
directly or indirectly convertible into, or exercisable or exchangeable for, such Person’s capital stock or other equity or equity-linked interests, including phantom stock and stock appreciation rights. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 
 “Senior Management” has the meaning ascribed to such term in Section 9(a). 
 “Subject Employee” has the meaning ascribed to such term in Section 3.2(c). 
 “Underwritten Offering” has the meaning ascribed to such term in Section 4(h)(i). 
 Section 2. [Reserved.] 
 Section 3. Transfers; Additional Parties. 
 3.1 Restrictions;
Permitted Dispositions. 
 Without the consent of the Company, no Management Holder shall make any Disposition, directly or
indirectly, through an Affiliate or otherwise. The preceding sentence shall apply with respect to all shares of Common Stock held directly or indirectly as of the date of this Agreement by a Management Holder (including, without limitation, all
shares of Common Stock acquired upon the exercise of any Option held directly or indirectly by such Management Holder as of the date of this Agreement), regardless of the manner in which such Management Holder initially acquired such shares of
Common Stock. Notwithstanding the foregoing, the following Dispositions by a Management Holder shall be permitted at any time: 
 (a) (i) in the case of shares of Common Stock, with respect to a Public Sale in connection with the exercise of Piggyback Registration Rights in accordance with Section 4; or (ii) subject to Section 4(d), any other Public
Sale of Common Stock; 
 (b) to: (i) a guardian of the estate of such Management Holder; (ii) an inter vivos trust
primarily for the benefit of such Management Holder; (iii) an inter vivos trust whose primary beneficiary is one or more of such Management Holder’s lineal descendants (including lineal descendants by adoption); (iv) the spouse of
such Management Holder during marriage and not incident to divorce; or (v) one or more of such Management Holder’s Affiliates; 
  

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 (c) to any individual Management Holder by: (i) a guardian of the estate of such
Management Holder; (ii) an inter vivos trust whose primary beneficiary is such Management Holder or one or more of such Management Holder’s lineal descendants (including lineal descendants by adoption); (iii) the spouse of such
Management Holder during marriage and not incident to divorce; or (iv) such Management Holder’s lineal descendants; 
 (d) with the consent of the Company, by any Management Holder to a qualified retirement plan sponsored by the Management Holder (including with respect to a qualified retirement plan referred to in this paragraph 3.1(d), to participants,
alternate payees and beneficiaries to the extent required by law and the provisions of such plan); 
 (e) to a trust, to any
successor trust or successor trustee; 
 (f) with the consent of the Company, by any Management Holder to other Persons for tax
planning purposes; and 
 (g) at any time after the Apollo Group has disposed of more than 90% of the securities that it
received in connection with its original investment in the Company; provided that such Disposition complies with the applicable securities rules and regulations in effect at the time of the Disposition. 
 In the event of any transaction by a Management Holder involving a change of ownership interest or voting power of a Management Holder not specifically
prohibited by this Section 3.1 or otherwise authorized by (a) through (g) of this Section 3.1, such transaction shall be deemed a Disposition by such Management Holder and an irrevocable “Offer.” Such Management Holder
(“Offeror”) shall promptly notify the Company of such event and offer (the “Offer”), by written notice to the Company, to sell all securities subject to the Offer to the Company and/or the Apollo Group for the
Purchase Price. Offers under this Section 3.1 shall (A) be in writing; (B) be irrevocable for 90 days following the date of the Offer; (C) be sent by the Offeror to the Company; and (D) contain a description of the proposed
transaction and change of ownership interest or voting power. The Company shall, within five (5) business days from receipt thereof (or, if no such written notice is delivered to the Company by the Management Holder, within five
(5) business days from the Company’s receipt of evidence, satisfactory to it, of such a Disposition by the Offeror), deliver written notice of the Offer to the Company and the Apollo Group stating that all Common Stock registered in the
name of such Management Holder are securities subject to an Offer pursuant to this Section 3.1. The date of such Offer shall be deemed to be the date such written notice of the Offer is so delivered by the Company. 
 Section 3.2 Additional Parties. 
 (a) As a condition to the Company’s obligation to effect a transfer of shares of Common Stock by a Management Holder permitted by this Agreement on the books and records of the Company (other than
(i) a transfer to the Apollo Group or any of the Apollo Group’s Affiliates, the Company or any subsidiary of the Company or (ii) a permitted Disposition pursuant to Section 3.1(a)(i) or 3.1(a)(ii)), the transferee shall be
required to become a party to this Agreement by executing (together with such Person’s spouse, if applicable) an Adoption

  

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Agreement in substantially the form of Exhibit A or in such other form that is reasonably satisfactory to the Company. 
 (b) In the event that any Person acquires shares of Common Stock from (i) a Management Holder or any Affiliate or member of such
Management Holder’s Group or (ii) any direct or indirect transferee of a Management Holder, such Person shall be subject to any and all obligations and restrictions of such Management Holder hereunder (other than the provisions of
Section 7), as if such Person was such Management Holder named herein. Additionally, whenever a Management Holder makes a transfer of shares of Common Stock, such shares of Common Stock shall contain a legend so as to inform any transferee that
such shares of Common Stock were held originally by a Management Holder and are subject to repurchase pursuant to, and to the extent required by, Section 5 below or the last paragraph of Section 3.1, based on the employment of or events
relating to such Management Holder. Notwithstanding the foregoing, this Section 3.2(b) shall not apply to (A) any transfers of Common Stock to the Company, any subsidiary thereof, the Apollo Group or any Affiliate of the Apollo Group or
(B) any permitted Disposition pursuant to Section 3.1(a). 
 (c) Any shares of Common Stock acquired by an individual
retirement account (“IRA”) on behalf of an employee of the Company or any of its subsidiaries (the “Subject Employee”) shall be deemed to be acquired by a Management Holder. Additionally, such Subject Employee shall
be deemed to be a Management Holder and his or her IRA shall be deemed to have acquired all shares of Common Stock it holds from such Subject Employee pursuant to a transfer that is subject to Section 3.2(b) above. 
 (d) In the event that any Person that is an Affiliate of the Apollo Group acquires shares of Common Stock from the Apollo Group or any other
Affiliate of the Apollo Group, such Person shall be subject to and have the benefit of any and all rights, obligations and restrictions of the Apollo Group hereunder, as if such Person were the Apollo Group. 
 Section 3.3 Securities Restrictions; Legends. 
 (a) No shares of Common Stock covered by this Agreement shall be transferable except upon the conditions specified in this Section 3.3, which conditions are intended to insure compliance with the
provisions of the Securities Act. 
 (b) Each certificate representing shares of Common Stock covered by this Agreement shall
(unless otherwise permitted by the provisions of paragraph (d) below) be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS.
THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY

  

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THIS CERTIFICATE ARE ALSO SUBJECT TO AN INVESTORS RIGHTS AGREEMENT DATED AS OF MAY 17, 2005, AS AMENDED AND RESTATED ON [—], 2010, AMONG THE
ISSUER OF SUCH SECURITIES (THE “COMPANY”), AND THE OTHER PARTIES NAMED THEREIN. THE TERMS OF SUCH INVESTORS RIGHTS AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (c) The holder of any shares of Common Stock covered
by this Agreement by acceptance thereof agrees, prior to any transfer of any such shares, to give written notice to the Company of such holder’s intention to effect such transfer and to comply in all other respects with the provisions of this
Section 3.3. Each such notice shall describe the manner and circumstances of the proposed transfer. Upon request by the Company, the holder delivering such notice shall deliver a written opinion, addressed to the Company, of counsel for the
holder of such shares, stating that in the opinion of such counsel (which opinion and counsel shall be reasonably satisfactory to the Company) such proposed transfer does not involve a transaction requiring registration or qualification of such
shares under the Securities Act. Such holder of such shares shall be entitled to transfer such shares in accordance with the terms of the notice delivered to the Company, if the Company does not reasonably object to such transfer and request such
opinion within fifteen (15) days after delivery of such notice, or, if it requests such opinion, does not reasonably object to such transfer within fifteen (15) days after delivery of such opinion. Each certificate or other instrument
evidencing any such transferred shares of Common Stock shall bear the legend set forth in paragraph (b) above unless (i) such opinion of counsel to the holder of such shares (which opinion and counsel shall be reasonably acceptable to the
Company) states that registration of any future transfer is not required by the applicable provisions of the Securities Act or (ii) the Company shall have waived the requirement of such legends. 
 (d) Notwithstanding the foregoing provisions of this Section 3.3, the restrictions imposed by this Section 3.3 upon the
transferability of any shares of Common Stock covered by this Agreement shall cease and terminate when (i) any such shares are sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act or
(ii) the holder of such shares has met the requirements for transfer of such shares pursuant to Rule 144 under the Securities Act. Whenever the restrictions imposed by this Section 3.3 shall terminate, the holder of any shares as to which
such restrictions have terminated shall be entitled to receive from the Company, without expense, a new certificate not bearing the restrictive legend set forth in paragraph (b) above and not containing any other reference to the restrictions
imposed by this Section 3.3. 
 Section 4. Piggyback Registration Rights; Apollo Registration Rights.

 (a) Apollo Registration Rights. 
  

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 (i) Subject to the provisions of this Section 4, at any time and from time to time
after the date of this Agreement, the Apollo Group may make one or more written demands (“Apollo Registration Demand”) to the Company requiring the Company to register, under and in accordance with the provisions of the Securities
Act, all or part of their shares of Common Stock. All Apollo Registration Demands made pursuant to this Section 4 will specify the aggregate amount of shares of Common Stock to be registered, the intended methods of disposition thereof and the
registration procedures to be undertaken by the Company in connection therewith (a “Demand Notice”). Subject to Section 4(a)(ii), promptly upon receipt of any such Demand Notice, the Company will file the applicable
Registration Statement as soon as reasonably practicable and will use its best efforts to, in accordance with the terms set forth in the Demand Notice, effect within 90 days such registration under the Securities Act (including, without limitation,
filing post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with the applicable regulations promulgated under the Securities Act) of the shares of Common Stock that
the Company has been so required to register. 
 (ii) If the Company receives an Apollo Registration Demand and the Company
furnishes to the Apollo Group a copy of a resolution of the Board certified by the secretary of the Company stating that in the good faith judgment of the Board it would be materially adverse to the Company for a Registration Statement to be filed
on or before the date such filing would otherwise be required hereunder, the Company shall have the right to defer such filing for a period of not more than thirty (30) days after receipt of the demand for such registration from the Apollo
Group. The Company shall not be permitted to provide such notice more than twice in any 360-day period. If the Company shall so postpone the filing of a registration statement, the Apollo Group may withdraw the Apollo Registration Demand by so
advising the Company in writing within thirty (30) days after receipt of the notice of postponement. 
 (iii)
Registrations under this Section 4(a) shall be on such appropriate registration form of the SEC (A) as shall be selected by the Company and as shall be reasonably acceptable to the Apollo Group and (B) as shall permit the disposition
of such shares in accordance with the intended method or methods of disposition specified in the Demand Notice. If, in connection with any registration under this Section 4 that is proposed by the Company to be on Form S-3 or any successor
form, the managing underwriter, if any, shall advise the Company in writing that in its opinion the use of another permitted form is of material importance to the success of the offering, then such registration shall be on such other permitted form.

 (iv) The Company shall use its best efforts to keep any Registration Statement filed in response to an Apollo Registration
Demand effective for as long as is necessary for the Apollo Group to dispose of the covered securities. 
 (v) In the case of
an Underwritten Offering in connection with an Apollo Registration Demand, the Apollo Group shall select the underwriters; provided that the managing underwriter shall be a nationally recognized investment banking firm. The Apollo Group shall
determine the pricing of the Registrable Securities offered pursuant to any such Registration Statement in connection with an Apollo Registration Demand, the applicable underwriting discount and other financial terms (including the material terms of
the applicable

  

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underwriting agreement) and determine the timing of any such registration and sale, subject to Section 4(a)(ii). 
 (vi) The Company represents and warrants that it has not granted and is not a party to any proxy, voting trust or other agreement that is
inconsistent with or conflicts with this Section 4. The Company shall not hereafter enter into any agreement with respect to its securities that is inconsistent with or conflicts with the rights granted under this Section 4. 
 (vii) The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act (or, if
the Company is not required to file such reports, it will make publicly available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take any such
further action as reasonably requested, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
(A) Rules 144, 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (B) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of a Holder, the Company will
deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 (b) Piggyback Rights. 
 (i) Subject to Section 4(c), if at any time after the date hereof the Company
files a Registration Statement in connection with an Apollo Registration Demand, the exercise of any demand rights by any other holder of Company securities possessing any demand rights, or otherwise (other than in connection with a dividend
reinvestment plan or a rights offering or a registration on Form S-4 or S-8 or any successor form to such forms or any registration of securities as it relates to an offering and sale to management of the Company pursuant to any employee stock plan
or other employee benefit plan arrangement), in each case with respect to an offering that includes any shares of Common Stock, then the Company shall give prompt notice (the “Piggyback Notice”) to the Holders and the Holders shall
be entitled to include in such Registration Statement the Registrable Securities held by them. The Piggyback Notice shall offer the Holders the right, subject to Section 4(c) (the “Piggyback Registration Right”), to register
such number of shares of Registrable Securities as each Holder may request and shall set forth (X) the anticipated filing date of such Registration Statement and (Y) the number of shares of Common Stock that are proposed to be included in
such Registration Statement. Subject to Section 4(c), the Company shall include in such Registration Statement such shares of Registrable Securities for which it has received written requests to register such shares within fifteen
(15) days after the Piggyback Notice has been given. 
 (ii) The Company may decline to file a Registration Statement
after giving the Piggyback Notice, or withdraw a Registration Statement after filing and after such Piggyback Notice, but prior to the effectiveness of the Registration Statement; provided that the Company shall promptly notify each Holder in
writing of any such action; provided, further, that the Company shall bear all reasonable expenses incurred by such Holder or otherwise in connection with such withdrawn Registration Statement. 
  

 12 

 (c) Underwriters’ Cutback. Notwithstanding the foregoing, if a registration
pursuant to this Section 4 involves an Underwritten Offering and the managing underwriter or underwriters of such proposed Underwritten Offering in good faith advises the Company that the total or kind of securities that such Holders and any
other persons or entities intend to include in such offering would be reasonably likely to adversely affect the price, timing or distribution of the securities offered in such offering in any material respect, then the Company shall register only
such number of securities as the managing underwriter advises in good faith would not cause such adverse effects (the “Maximum Number”) and such Maximum Number shall be allocated among the Company, the selling Apollo Group and
Holders and any other applicable holders in the following order: 
 (i) In the event of an Apollo Registration
Demand or an exercise of any demand rights by any holders of Company securities possessing such rights: 
 (A)
first, the securities held by the Persons exercising such demand right or held by the Apollo Group pursuant to the Apollo Registration Demand, as applicable; and 
 (B) second, if the number of securities to be registered pursuant to clause (A) is less than the applicable
Maximum Number (the difference being the “Available Number”), the Available Number shall be allocated among the Holders exercising Piggyback Registration Rights and any other holders of Company securities exercising rights to be
included in such registration, pro rata based upon the number of securities requested to be included in such registration by each such Person at the time of such registration. 
 (ii) In the event of any other registration: 
 (A) first, the securities to be issued and sold by the Company in such registration; and 
 (B) second, if the number of securities to be registered pursuant to clause (A) is less than the applicable
Maximum Number, the Available Number shall be allocated among the Holders exercising Piggyback Registration Rights and any other holders of Company securities exercising rights to be included in such registration, pro rata based upon the number of
securities requested to be included in such registration by each such Person at the time of such registration. 
 Notwithstanding anything to
the contrary set forth in this Section 4(c), in connection with a registration pursuant to an Apollo Registration Demand, the Apollo Group shall be entitled to determine, in its sole discretion, the Maximum Number applicable to such
registration. 
 (d) Lock-up. If the Company at any time shall register shares of Common Stock under the Securities Act
for sale to the public, no Management Holder shall sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any capital stock of the Company without the prior written consent of the Company, for
the period of time in which the Apollo Group has similarly agreed not to sell publicly, make any

  

 13 

 
short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any capital stock of the Company. 
 (e) Participation in Underwritten Offerings; Cooperation. 
 (i) No Person may participate in any Underwritten Offering hereunder unless such Person (A) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements reasonably approved by the Company (subject to the rights of the Apollo Group pursuant to Section 4(a)(v)) and (B) executes any questionnaires, powers of attorney,
indemnities, underwriting agreements, lock-ups and other documents required for such underwriting arrangements. Nothing in this Section 4(e)(i) shall be construed to create any additional rights regarding the piggyback registration of
Registrable Securities in any Person otherwise than as set forth herein. 
 (ii) Each Holder exercising Piggyback Registration
Rights shall reasonably cooperate with the Company in connection with any applicable registration, including, without limitation, by providing information with respect to itself to the Company for inclusion in the applicable Registration Statement.

 (f) Expenses. The Company will pay all registration expenses in connection with each registration of Registrable
Securities requested pursuant to this Section 4; provided that each Holder shall pay all applicable underwriting fees, discounts and similar charges. 
 (g) Indemnification. 
 (i) Indemnification by the Company. The
Company agrees to indemnify and hold harmless, to the full extent permitted by law, each selling Holder, its officers, directors and employees and each Person who controls (within the meaning of the Securities Act) such selling Holder against any
losses, claims, damages, liabilities and expenses caused by any untrue or alleged untrue statement of a material fact contained in any Registration Statement, prospectus or preliminary prospectus or any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statement therein not misleading, except insofar as the same may be caused by or contained in any information furnished in writing to the Company by such selling Holder for use
therein; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in any such preliminary prospectus if (A) such selling Holder failed to deliver or cause to be delivered a copy of the prospectus to the Person asserting such loss, claim, damage, liability or expense after the
Company has furnished such selling Holder with a sufficient number of copies of the same and (B) the prospectus completely corrected in a timely manner such untrue statement or omission; provided, further, that the Company shall
not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission in the prospectus, if such untrue
statement or alleged untrue statement, omission or alleged omission is completely corrected in an amendment or supplement to the prospectus and the selling Holder thereafter fails to deliver such prospectus as so amended or supplemented prior to or
concurrently with the sale of the securities to the Person asserting

  

 14 

 
such loss, claim, damage, liability or expense after the Company had furnished such selling Holder with a sufficient number of copies of the same. The Company will also indemnify underwriters,
selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act) to the same extent as
provided above with respect to the indemnification of the selling Holder, if requested. 
 (ii) Indemnification by Selling
Holders. Each selling Holder agrees to indemnify and hold harmless, to the full extent permitted by law, the Company, its directors and officers and each Person who controls the company (within the meaning of the Securities Act) against any
losses, claims, damages or liabilities and expenses caused by any untrue or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in any information or affidavit so furnished by such selling Holder to the Company
for inclusion in such Registration Statement, prospectus or preliminary prospectus and has not been corrected in a subsequent writing prior to or concurrently with the sale of the securities to the Person asserting such loss, claim, damage,
liability or expense. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such selling Holder upon the sale of the securities giving rise to such indemnification
obligation. The Company and the selling Holders shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as
provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any prospectus or Registration Statement. 
 (iii) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (A) give prompt (but in any event within 30 days after such Person has actual knowledge of
the facts constituting the basis for indemnification) written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (B) permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party; provided, however, that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it
is prejudiced by reason of such delay or failure; provided, further, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of
such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (1) the indemnifying party has agreed in writing to pay such fees or expenses, (2) the indemnifying party shall have failed to assume the
defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person or (3) in the reasonable judgment of any such
Person, based upon advice of counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to
employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying party, the
indemnifying party will not be subject to any liability for any settlement made without its

  

 15 

 
consent (but such consent will not be unreasonably withheld); provided that an indemnified party shall not be required to consent to any settlement involving the imposition of equitable
remedies or involving the imposition of any material obligations on such indemnified party other than financial obligations for which such indemnified party will be indemnified hereunder. No indemnifying party will be required to consent to entry of
any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. Whenever the
indemnified party or the indemnifying party receives a firm offer to settle a claim for which indemnification is sought hereunder, it shall promptly notify the other of such offer. If the indemnifying party refuses to accept such offer within 20
business days after receipt of such offer (or of notice thereof), such claim shall continue to be contested and, if such claim is within the scope of the indemnifying party’s indemnity contained herein, the indemnified party shall be
indemnified pursuant to the terms hereof. If the indemnifying party notifies the indemnified party in writing that the indemnifying party desires to accept such offer, but the indemnified party refuses to accept such offer within 20 business days
after receipt of such notice, the indemnified party may continue to contest such claim and, in such event, the total maximum liability of the indemnifying party to indemnify or otherwise reimburse the indemnified party hereunder with respect to such
claim shall be limited to and shall not exceed the amount of such offer, plus reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) to the date of notice that the indemnifying party desires to
accept such offer; provided that this sentence shall not apply to any settlement of any claim involving the imposition of equitable remedies or to any settlement imposing any material obligations on such indemnified party other than financial
obligations for which such indemnified party will be indemnified hereunder. An indemnifying party who is not entitled to, or elects not to, assume the defense or a claim will not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim in any one jurisdiction, unless in the written opinion of counsel to the indemnified party, reasonably satisfactory to the indemnifying party, use of one counsel would be
expected to give rise to a conflict of interest between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of each
additional counsel. 
 (iv) Other Indemnification. Indemnification similar to that specified in this Section 4(g)
(with appropriate modifications) shall be given by the Company and each selling Holder with respect to any required registration or other qualification of securities under federal or state law or regulation of governmental authority other than the
Securities Act. 
 (v) Contribution. If for any reason the indemnification provided for in the preceding clauses (g)(i)
and (g)(ii) is unavailable to an indemnified party or insufficient to hold it harmless as contemplated by the preceding clauses (g)(i) and (g)(ii), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party
as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the indemnified party and the indemnifying party, but also the relative fault of the indemnified party
and the indemnifying party, as well as any other relevant equitable considerations; provided that no selling Holder shall be required to contribute in an amount greater than the dollar amount of the proceeds received by such selling Holder
with respect to the sale of any securities under this Section 4. No Person guilty of fraudulent misrepresentation

  

 16 

 
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (h) Certain Definitions. For purposes of this Section 4: 
 (i) “Registrable Securities” shall mean shares of Common Stock; provided that any Registrable
Securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such Registrable Securities has been declared effective under the Securities Act and such Registrable Securities have been
disposed of in accordance with the plan of distribution set forth in such registration statement, (B) such Registrable Securities are distributed pursuant to Rule 144 (or any similar provision then in force) under the Securities Act or
(C) such Registrable Securities shall have been otherwise transferred and new certificates for them not bearing a legend restricting further transfer under the Securities Act shall have been delivered by the Company; provided,
further, that any securities that have ceased to be Registrable Securities shall not thereafter become Registrable Securities and any security that is issued or distributed in respect of securities that have ceased to be Registrable
Securities is not a Registrable Security. Notwithstanding any other provision of this Section 4(h)(i), with respect to any Registration Statement that registers shares of Common Stock, “Registrable Securities” shall only include
shares of Common Stock. 
 (ii) “Underwritten Offering” means a sale of shares of Common Stock
to an underwriter for reoffering to the public. 
 Section 5. Repurchase Rights. 
 (a) Company Repurchase Right. Notwithstanding anything contained herein to the contrary, in the event (i) a Management Holder
materially breaches the terms of this Agreement (including Section 7 hereof), any employment agreement or similar agreement between the Management Holder and the Company or any of its subsidiaries, any award agreement under the Company’s
2005 Stock Incentive Plan or other equity incentive award plan of the Company or any subscription agreement between the Management Holder and the Company or (ii) a Management Holder’s employment is terminated by the Company for Cause, then
the Company and its subsidiaries shall have the right, but not the obligation, to repurchase all or any portion of the shares of Common Stock held by such holder (including any shares of Common Stock received upon a distribution from any deferred
compensation plan or any Common Stock issuable upon exercise of any Options held by such Management Holder) in accordance with this Section 5 for 85% of the Fair Market Value. The determination date for purposes of determining the Fair Market
Value shall be the closing date of the purchase of the applicable shares. 
 (b) The Apollo Group Repurchase Right. The
Company or a subsidiary thereof shall give written notice to the Apollo Group stating whether the Company or any subsidiary will exercise such purchase rights pursuant to clause (a) above. If such notice states that the Company and its
subsidiaries will not exercise their purchase rights for all or a portion of the shares of Common Stock then subject thereto, the Apollo Group shall have the right to purchase such shares of Common Stock not purchased by the Company or its
subsidiaries on the

  

 17 

 
same terms and conditions as the Company and its subsidiaries until the later of (i) the 30th day following the receipt of such notice or (ii) the repurchase date (in the case of a
repurchase pursuant to clause (a)(i) above). 
 (c) Closing. The closing of any purchase of shares of Common Stock,
pursuant to this Section 5 or the last paragraph of Section 3.1, as applicable, shall take place on a date designated by the Company, one of its subsidiaries, or the Apollo Group, as applicable, in accordance with the applicable provisions
of this Section 5 or the last paragraph of Section 3.1; provided that the closing will be deferred until such time as the applicable Management Holder has held the shares of Common Stock for a period of at least six months and one
day. The Company, one of its subsidiaries, or the Apollo Group, as applicable, will pay for the shares of Common Stock purchased by it pursuant to this Section 5 or the last paragraph of Section 3.1, as applicable, by delivery of a check
or wire transfer of funds, in exchange for the delivery by the Management Holder of the certificates representing such shares of Common Stock, duly endorsed for transfer to the Company, such subsidiary or the Apollo Group, as applicable. The Company
shall have the right to record such purchase on its books and records without the consent of the applicable Management Holder. 
 (d) Restrictions on Repurchase. Notwithstanding anything to the contrary contained in this Agreement, all purchases of shares of Common Stock by the Company shall be subject to applicable restrictions contained in federal law and the
Delaware General Corporation Law. Notwithstanding anything to the contrary contained in this Agreement, if any such restrictions prohibit or otherwise delay any purchase of shares of Common Stock that the Company is otherwise entitled or required to
make pursuant to this Section 5, then the Company shall have the option to make such purchases pursuant to this Section 5 within thirty (30) days of the date that it is first permitted to make such purchase under the laws and/or
agreements containing such restrictions. Notwithstanding anything to the contrary contained in this Agreement, the Company and its subsidiaries shall not be obligated to effectuate any transaction contemplated by this Section 5 if such
transaction would violate the terms of any restrictions imposed by agreements evidencing the Company’s (or any of its subsidiaries’) Indebtedness. In the event that any shares of Common Stock are sold by a Management Holder pursuant to
this Section 5, the Management Holder, and such Management Holder’s successors, assigns or representatives, will take all reasonable steps necessary and desirable to obtain all required third-party, governmental and regulatory consents and
approvals with respect to such Management Holder and take all other actions necessary and desirable to facilitate consummation of such sale in a timely manner. 
 Section 6. Board of Directors. 
 (a) Nomination of Directors.
The Apollo Group shall have the right to nominate for election to the Board up to: 
 (i) four directors, so long
as the Apollo Group collectively beneficially owns at least 30% of the outstanding Common Stock of the Company but less than 50% of the outstanding Common Stock of the Company; 
 (ii) three directors, so long as the Apollo Group collectively

  

 18 

 
beneficially owns at least 20% of the outstanding Common Stock of the Company but less than 30% of the outstanding Common Stock of the Company; or 
 (iii) two directors, so long as the Apollo Group collectively beneficially owns at least 10% of the outstanding Common Stock
of the Company but less than 20% of the outstanding Common Stock of the Company. 
 Within one hundred eighty (180) days of this Agreement,
the Apollo Group shall have the right to nominate for election to the Board two directors, and if the Apollo Group exercises such right, the Company shall increase the size of the Board to nine (9) directors and appoint such nominees to the
Board. In each of clauses (i) through (iii) in this Section 6(a), the number of shares of Common Stock beneficially owned by the Apollo Group shall include shares of Common Stock issuable under the terms of any exchangeable or
convertible securities issued by the Company and beneficially owned by the Apollo Group and any director deemed “independent” by the Board for New York Stock Exchange purposes shall not be included as one of the directors. In the event the
Board increases its size beyond nine (9) members, the Apollo Group’s nomination rights under this Section 6(a) shall be proportionately increased, rounded up to the nearest whole number. 
 (b) Election of Directors. The Company shall take all action within their respective power to cause all nominees nominated pursuant
to Section 6(a) to be included in the slate of nominees recommended by the Board to the Company’s stockholders for election as directors at each annual meeting of the stockholders of the Company (and/or in connection with any election by
written consent) and the Company shall use all reasonable best efforts to cause the election of each such nominee, including soliciting proxies in favor of the election of such nominees. 
 (c) Replacement Directors. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or
removal (with or without cause) of a director nominated pursuant to Section 6(a) or designated pursuant to this Section 6(c) or in the event of the failure of any such nominee to be elected, the Apollo Group shall have the right to
designate a replacement to fill such vacancy. The Company shall take all action within its power to cause such vacancy to be filled by the replacement so designated, and the Board shall promptly elect such designee to the Board. Upon the written
request of the Apollo Group, the Company shall take all actions necessary to remove, with or without cause, any director previously nominated pursuant to Section 6(a) or designated pursuant to this Section 6(c), and to elect any
replacement director designated by the Apollo Group as provided in the first sentence of this Section 6(c). 
 (d)
Committees. So long as the Apollo Group collectively beneficially owns at least 15% of the outstanding Common Stock of the Company, the Company shall take all action within their respective power to cause any committee of the Board to include
in its membership at least one of the Apollo Group’s nominees, except to the extent that such membership would violate applicable securities laws or stock exchange or stock market rules. 
 (e) No Limitation. The provisions of this Section 6 are intended to provide the Apollo Group with the minimum Board
representation rights set forth herein. Nothing in this

  

 19 

 
Agreement shall prevent the Company from having a greater number of Apollo Group nominees or designees on the Board than otherwise provided herein. 
 (f) Laws and Regulations. Nothing in this Section 6 shall be deemed to require that any party hereto, or any Affiliate thereof,
act or be in violation of any applicable provision of law, legal duty or requirement or stock exchange or stock market rule. 
 Section 7. Non-Solicitation; Non-Competition. 
 (a) Each Management Holder shall be bound by the
non-competition and non-solicitation provisions contained in this Section 7, unless any Management Holder is a party to an employment or other similar agreement with the Company or any of its subsidiaries which contains non-compete and
non-solicitation provisions, in which event such Management Holder shall only be bound by the non-compete and non-solicitation provisions contained in such employment or other agreement and shall not be bound by the provisions of this
Section 7. 
 (b) During the period commencing on the date of the Original Agreement and ending on the first anniversary of
the date on which the Management Holder ceases to receive any payments related to salary, bonus or severance from the Company or any of its Affiliates, the Management Holder shall not directly or indirectly through another Person (i) induce or
attempt to induce any employee of the Company or any Affiliate of the Company to leave the employ of the Company or such Affiliate, or in any way interfere with the relationship between the Company or any such Affiliate, on the one hand, and any
employee thereof, on the other hand, (ii) hire any person who was an employee of the Company or any Affiliate of the Company until twenty four (24) months after such individual’s employment relationship with the Company or such
Affiliate has been terminated or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any Affiliate of the Company to cease doing business with the Company or such Affiliate, or in any
way interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand, and the Company or any such Affiliate, on the other hand. 
 (c) Each Management Holder acknowledges that, in the course of his employment with the Company and/or its Affiliates and their predecessors,
he has become familiar, or will become familiar, with the Company’s and its Affiliates’ and their predecessors’ trade secrets and with other confidential information concerning the Company, its Affiliates and their respective
predecessors and that his services have been and will be of special, unique and extraordinary value to the Company and its Affiliates. Therefore, each Management Holder agrees that, during the period commencing on the date of the Original Agreement
and ending on the date on which the Management Holder ceases to receive any payments related to salary, bonus or severance from the Company or any of its Affiliates (or in the case (i) that the Management Holder receives any severance in a lump
sum; or (ii) of a termination by the Company of the Management Holder’s employment for Cause or a termination by the Management Holder of his or her employment without Good Reason, the second anniversary of the date on which the Management
Holder ceases to receive such payments) (the “Non-Compete Period”), such Management Holder shall not directly or indirectly, engage in the fabrication, sale or distribution of any product fabricated, sold or distributed by the
Company or its subsidiaries as of the date of the Original Agreement or during the Non-Compete Period anywhere in the world

  

 20 

 
in which the Company or its subsidiaries is doing business. For purposes of this Section 7(c), the phrase “directly or indirectly engage in” shall include any direct or indirect
ownership or profit participation interest in such enterprise, whether as an owner, stockholder, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant, licensor of
technology or otherwise; provided, however, that nothing in this Section 7 shall prohibit any Management Holder from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is
publicly traded, so long as such Management Holder has no active participation in the business of such corporation. 
 Section 8 Directors’ & Officers’ Insurance. The Company shall maintain directors’ and officers’ liability insurance (including Side A coverage) covering the Company’s and its subsidiaries’
directors’ and officers’ and issued by reputable insurers, with appropriate policy limits, terms and conditions. The provisions of this Section 8 are intended to be for the benefit of, and will be enforceable by, each indemnified
party, his or her heirs and his or her representatives and are in addition to, and not in substitution for, any other rights to indemnification or contribution that any such person may have by contract or otherwise. 
 Section 9 Information. For so long as the Apollo Group owns 10% of the outstanding Common Stock or any other equity securities
of the Company, the Apollo Group will be entitled to the following contractual management rights with respect to the Company and its subsidiaries: 
 (a) The Apollo Group shall be entitled to routinely consult with and advise senior management of the Company (defined as the Company’s Senior Vice Presidents and above and, collectively, “Senior
Management”) with respect to the Company’s business and financial matters, including management’s proposed annual operating plans, and, upon request, members of Senior Management will meet regularly (on a quarterly basis) during each
year with representatives of the Apollo Group (the “Representatives”) at the Company’s and/or its subsidiaries facilities (or such other locations as the Company may designate) at mutually agreeable times for such consultation
and advice, including to review progress in achieving said plans. The Company agrees to give due consideration to the advice given and any proposals made by the Apollo Group; 
 (b) The Apollo Group may inspect all books and records and facilities and properties of the Company at reasonable times and intervals. The
Company shall furnish the Apollo Group with such available financial and operating data and other information with respect to the business and properties of the Company and its subsidiaries as the Apollo Group may reasonably request and at the
Apollo Group’s expense. The Company shall permit the Representatives to discuss the affairs, finances and accounts of the Company and its subsidiaries with, and to make proposals and furnish advice to, Senior Management; and 
 (c) The Company shall, after receiving notice from the Apollo Group as to the identity of any Representative: (i) permit such
Representative to attend all meetings of the Board of the Company, as an observer; (ii) provide such Representative advance notice of each such meeting, including such meeting’s time and place, at the same time and in the same manner as
such notice is provided to the members of the Board; (iii) provide, with the Apollo Group’s consent, the Representative with copies of all materials, including notices, minutes, consents and

  

 21 

 
regularly compiled financial and operating data distributed to the members of the Board at the same time as such materials are distributed to such Board, and shall permit the Representative to
have the same access to information concerning the business and operations of the Company; and (iv) permit the Representative to discuss the affairs, finances and accounts of the Company with, and to make proposals and furnish advice with
respect thereto to, the Board, without voting, and the Board and the Company’s officers shall give due consideration thereto (recognizing that the ultimate discretion with respect to all such matters shall be retained by the Board). 

The Company agrees to consider, in good faith, the recommendations of the Apollo Group in connection with the matters on which it is consulted as
described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 
 Section 10 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be delivered to the respective parties in person, by courier service, by registered or certified mail or
by facsimile transmission at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10): 
 If to the Company: 
 Metals USA Holdings Corp. 
 2400 East Commercial Blvd. 
 Suite 905 
 Fort
Lauderdale, FL 33308 
 Facsimile: (954) 202-0271 
 Attention: President and CEO 
                   General Counsel 
 with a copy (which shall not constitute notice) to: 
 Wachtell, Lipton,
Rosen & Katz 
 51 West 52nd Street 
 New York, NY 10019 
 Facsimile: (212) 403-2000 
 Attention: Andrew J. Nussbaum, Esq. 
 If to the Apollo Group: 
 The Apollo Group 
 9 West 57th Street 
 New York, NY 10019 
 Facsimile: (212) 515-3264 
 Attention: Matthew Michelini 
  

 22 

 with a copy (which shall not constitute notice) to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, NY 10019 
 Facsimile: (212) 403-2000 
 Attention: Andrew J. Nussbaum, Esq. 
 If to any Management Holder, to the address
set forth with respect to such Management Holder in the Company’s records. 
 Any such notice shall be effective and deemed received three
(3) days after proper deposit in the mails, but actual notice shall be effective however and whenever received. The Company, any Holder or any spouse or legal representative of a Holder may effect a change of address for purposes of this
Agreement by giving notice of such change to the Company, and the Company shall, upon the request of any party hereto, notify such party of such change in the manner provided herein. Until such notice of change of address is properly given, the
addresses set forth above or on the Company’s record shall be effective for all purposes. 
 Section 11.
Miscellaneous Provisions. 
 (a) Each Management Holder that is an entity that was formed for the sole purpose of
acquiring shares of Common Stock or that has no substantial assets other than the shares of Common Stock or interests in shares of Common Stock agrees that (i) certificates of shares of its common stock or other instruments reflecting equity
interests in such entity (and the certificates for shares of common stock or other equity interests in any similar entities controlling such entity) will note the restrictions contained in this Agreement on the transfer of Common Stock as if such
common stock or other equity interests were shares of Common Stock and (ii) no such shares of common stock or other equity interests may be transferred to any Person other than in accordance with the terms and provisions of this Agreement as if
such shares or equity interests were shares of Common Stock. 
 (b) No Holder shall enter into any stockholder agreements or
arrangements of any kind with any Person with respect to any Securities of the Company on terms inconsistent with the provisions of this Agreement (whether or not such agreements or arrangements are with other Holders or with Persons that are not
parties to this Agreement), including agreements or arrangements with respect to the acquisition or disposition of any Securities of the Company in a manner inconsistent with this Agreement. 
 (c) All questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. 
 (d) Whenever the context requires, the gender of all words used herein shall
include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. 
  

 23 

 (e) This Agreement shall be binding upon the Company, the Apollo Group, the Management
Holders, any spouses of the Management Holders and their respective heirs, executors, administrators and permitted successors and assigns. 
 (f) This Agreement may be amended or waived from time to time by an instrument in writing signed by the Company and the Holders having the Required Voting Percentage; provided, however, that
(i) for so long as the Apollo Group owns any Registrable Securities, Section 4 may not be amended without the prior written consent of the Apollo Group; (ii) Section 8 may not be amended without the prior written consent of the
Apollo Group; (iii) for so long as the Apollo Group owns at least 10% of the outstanding Common Stock, Section 6 may not be amended without the prior written consent of the Apollo Group; and (iv) for so long as the Apollo Group owns
at least 10% of the outstanding Common Stock, Section 9 may not be amended without the prior written consent of the Apollo Group. 
 (g) This Agreement shall terminate automatically upon: (i) the dissolution of the Company upon the determination of Holders having the Required Voting Percentage, or (ii) the consummation of a Control Disposition; provided,
however, that (A) for so long as the Apollo Group owns any Registrable Securities, Section 4 may not be terminated without the prior written consent of the Apollo Group, (B) for so long as the Apollo Group owns at least 10% of
the outstanding Common Stock, Section 6 may not be terminated without the prior written consent of the Apollo Group, (C) the indemnification provisions of Section 4 and the covenants in Section 8 shall survive any termination,
and (D) for so long as the Apollo Group owns at least 10% of the outstanding Common Stock, Section 9 shall survive any termination. 
 (h) Any Holder who disposes of all of his, her or its Common Stock in conformity with the terms of this Agreement shall cease to be a party to this Agreement and shall have no further rights hereunder;
provided, however, that the provisions of Section 7 shall survive any termination. 
 (i) The spouses of the
individual Management Holders are fully aware of, understand and fully consent and agree to the provisions of this Agreement and its binding effect upon any community property interests or similar marital property interests in the Common Stock they
may now or hereafter own, and agree that the termination of their marital relationship with any Management Holder for any reason shall not have the effect of removing any Common Stock of the Company otherwise subject to this Agreement from the
coverage of this Agreement and that their awareness, understanding, consent and agreement are evidenced by their signing this Agreement. Furthermore, each individual Management Holder agrees to cause his or her spouse (and any subsequent spouse) to
execute and deliver, upon the request of the Company, a counterpart of this Agreement. 
 (j) Any Disposition or attempted
Disposition in breach of this Agreement shall be void and of no effect. In connection with any attempted Disposition in breach of this Agreement, the Company may hold and refuse to transfer any Common Stock or any certificate therefor, in addition
to and without prejudice to any and all other rights or remedies which may be available to it or the Holders. Each party to this Agreement acknowledges that a remedy at law for any breach or attempted breach of this Agreement will be inadequate,
agrees that each other party to this Agreement shall be entitled to specific performance and injunctive and other

  

 24 

 
equitable relief in case of any such breach or attempted breach and further agrees to waive (to the extent legally permissible) any legal conditions required to be met for the obtaining of any
such injunctive or other equitable relief (including posting any bond in order to obtain equitable relief). 
 (k) This
Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same agreement. It shall not be
necessary in making proof of this Agreement to produce or account for more than one such counterpart. The failure of any Holder to execute this Agreement does not make it invalid as against any other Holder. 
 (l) Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or
any other jurisdiction, and such invalid, illegal or otherwise unenforceable provisions shall be null and void as to such jurisdiction. It is the intent of the parties, however, that any invalid, illegal or otherwise unenforceable provisions be
automatically replaced by other provisions which are as similar as possible in terms to such invalid, illegal or otherwise unenforceable provisions but are valid and enforceable to the fullest extent permitted by law. 
 (m) Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver
all such other agreements, certificates, instruments and other documents as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated hereby.

 (n) The parties to this Agreement agree that jurisdiction and venue in any action brought by any party hereto pursuant to
this Agreement shall exclusively and properly lie in the Delaware State Chancery Court located in Wilmington, Delaware, or (in the event that such court denies jurisdiction) any federal or state court located in the State of Delaware. By execution
and delivery of this Agreement each party hereto irrevocably submits to the jurisdiction of such courts for himself and in respect of his property with respect to such action. The parties hereto irrevocably agree that venue for such action would be
proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action. The parties further agree that the mailing by certified or registered mail, return receipt requested, of any
process required by any such court shall constitute valid and lawful service of process against them, without necessity for service by any other means provided by statute or rule of court. 
 (o) No course of dealing between the Company, or its subsidiaries, and the Holders (or any of them) or any delay in exercising any rights
hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of
such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  

 25 

 (p) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OR ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHT OR
REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS ENTERED INTO IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREIN. 
 (q) This Agreement sets forth the entire agreement of the parties hereto as to the subject matter hereof and supersedes all previous agreements among all or some of the parties hereto, whether written,
oral or otherwise, as to such subject matter, including, without limitation, the Original Agreement from and after the completion of the IPO. Unless otherwise provided herein, any consent required by the Company may be withheld by the Company in its
sole discretion. 
 (r) Except as otherwise expressly provided herein, no Person not a party to this Agreement, as a third party
beneficiary or otherwise, shall be entitled to enforce any rights or remedies under this Agreement. 
 (s) If, and as often as,
there are any changes in the Common Stock by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in
the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Common Stock as so changed. 
 (t) No director of the Company shall be personally liable to the Company or any Holder as a result of any acts or omissions taken under this
Agreement in good faith. 
 (u) In the event additional shares of Common Stock are issued by the Company to a Holder at any time
during the term of this Agreement, either directly or upon the exercise or exchange of securities of the Company exercisable for or exchangeable into shares or Common Stock, such additional shares of Common Stock, as a condition to their issuance,
shall become subject to the terms and provisions of this Agreement. 
 (v) Notwithstanding anything to the contrary contained
herein, but subject to Section 3.2, the Apollo Group may assign its rights or obligations, in whole or in part, under this Agreement to one or more of its Affiliates and may assign its registration rights and obligations under Section 4,
in whole or in part, to any party to whom it transfers any shares of Common Stock. 
 (w) In the event that any member of the
Apollo Group becomes an owner of Common Stock of the Company, such member shall automatically become party to this

  

 26 

 
Agreement and this Agreement shall be amended and restated to provide that the Apollo Group or a designee of the Apollo Group shall have all of the rights and obligations of the Apollo Group
hereunder. 
 (x) This Agreement shall become effective subject to and upon consummation of the IPO. 
 * * * * * 
  

 27 

 IN WITNESS WHEREOF, the undersigned has duly executed this Agreement to reflect approval of
the Company to be effective as of the date first above written. 
  

					
	METALS USA HOLDINGS CORP.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Accepted and agreed by: 
  

					
	
	APOLLO INVESTMENT FUND V, L.P.
	By:	 	Apollo Advisors V, L.P., its general partner
	By:	 	Apollo Capital Management V, Inc., its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	APOLLO OVERSEAS PARTNERS V, L.P.
	By:	 	Apollo Advisors V, L.P., its managing general partner
	By:	 	Apollo Capital Management V, Inc., its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT] 

					
	
	APOLLO NETHERLANDS PARTNERS (A)V, L.P.
	By:	 	Apollo Advisors V, L.P., its general partner
	By:	 	Apollo Capital Management V, Inc., its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	APOLLO NETHERLANDS PARTNERS (B)V, L.P.
	By:	 	Apollo Advisors V, L.P., its general partner
	By:	 	Apollo Capital Management V, Inc., its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	APOLLO GERMAN PARTNERS V GMBH KG & CO.
	By:	 	Apollo Advisors V, L.P., its special limited partner
	By:	 	Apollo Capital Management V, Inc., its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	MANAGEMENT HOLDERS
		
	By:	 	  

		 	Name:	 	
		 	Title	 	

 [SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT] 

 EXHIBIT A 
 ADOPTION AGREEMENT 
 This Adoption Agreement
(“Adoption”) is executed pursuant to the terms of the Amended and Restated Investors Rights Agreement, dated as of [—], 2010 (as amended from time to time, the “Investors
Rights Agreement”), by the transferee (“Transferee”) executing this Adoption. By the execution of this Adoption, the Transferee agrees as follows (terms used but not defined in this Adoption have the meanings set forth in
the Investors Rights Agreement): 
  

	 	1.	Acknowledgement. Transferee acknowledges that Transferee is acquiring certain shares of Common Stock of the Company, subject to the terms and conditions of the
Investors Rights Agreement, among the Company and the Holders party thereto. 

  

	 	2.	Agreement. Transferee (i) agrees that the shares of Common Stock acquired by Transferee, and certain other shares of Common Stock that may be acquired by
Transferee in the future, shall be bound by and subject to the terms of the Investor Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Investor Rights Agreement with the same force and effect as if he, she or it were
originally a party thereto. 

  

	 	3.	Notice. Any notice required as permitted by the Investor Rights Agreement shall be given to Transferee at the address listed beside Transferee’s signature
below. 

  

	 	4.	Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption to acknowledge its fairness and that it is in such spouse’s best
interest, and to bind such spouse’s community interest, if any, in the shares of Common Stock and other securities referred to above and in the Investor Rights Agreement, to the terms of the Investor Rights Agreement.

	
	Signature:
	
	  

	  

	
	Address:2010 Long-Term Incentive Plan

 Exhibit 10.23 
 METALS USA HOLDINGS CORP. 
 2010 LONG-TERM INCENTIVE
PLAN 
 Section 1. Purpose; Definitions 
 The purpose of the Plan is (i) to further the growth and success of the Company and its Subsidiaries (as hereinafter defined) by enabling directors, employees, consultants and other service providers
of the Company and/or its Subsidiaries to acquire Shares (as hereinafter defined), thereby increasing their personal interest in such growth and success, and (ii) to provide a means of rewarding outstanding performance by such persons to the
Company and/or its Subsidiaries. 
 Certain terms used herein have definitions given to them in the first place in which they
are used. In addition, for purposes of the Plan, the following terms are defined as set forth below: 
 (a)
“Affiliate” means with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with, such Person and/or one or more Affiliates
thereof. As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies (whether through the ownership of securities or any partnership or other ownership interests, by contract or otherwise) of a Person. The term “Affiliate” shall not
include at any time any portfolio companies of Apollo Management V, L.P. or any of its Affiliates, other than Metals USA Holdings Corp. and its Subsidiaries. 
 (b) “Applicable Exchange” means The New York Stock Exchange, or, in the event the Common Stock is not listed on such exchange, such other national securities exchange on which the Shares
are principally listed or quoted. 
 (c) “Award” means an Option, Restricted Stock, Stock Appreciation Right,
Restricted Stock Unit, or other stock-based award granted pursuant to the terms of the Plan. 
 (d) “Award
Agreement” means a written or electronic agreement, contract or other instrument or document evidencing the grant of an Award that has been duly authorized and approved by the Board or the Committee. 
 (e) “Board” means the Board of Directors of the Company. 
 (f) “Business Combination” has the meaning set forth in Section 9(b)(iii). 
 (g) “Cause” means, with respect to a Participant’s Termination of Employment: (i) if the applicable Award
Agreement defines such term, the meaning given in the Award Agreement; (ii) if the applicable Award Agreement does not define such term, and the Participant is at the time of the grant of the Award party to an Individual Agreement with the
Company or any of its Subsidiaries which defines such term, the meaning given in such

 
Individual Agreement; and (iii) in all other cases, a Termination of Employment by the Company or any of its Subsidiaries or Affiliates based on such Participant’s (A) commission
of a felony or a crime of moral turpitude; (B) commission of a willful and material act of dishonesty involving the Company or any of its Subsidiaries; (C) breach of any fiduciary duty owed to the Company; (D) material breach of
Participant’s obligations under any material agreement, including the Company’s Code of Conduct, entered into between the Participant and the Company or any of its Subsidiaries or Affiliates which is non-curable or, if curable, not cured
within 30 days of written notice of such breach; (E) willful breach of the Company’s policies or procedures that causes material harm to the Company or its business reputation; or (F) willful misconduct which causes material harm to
the Company or its business reputation. 
 (h) “Change in Control” has the meaning set forth in
Section 9(b). 
 (i) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto. Reference to any specific section of the Code shall be deemed to include such regulations and guidance issued in respect thereof, as well as any successor provision of the Code. 
 (j) “Commission” means the Securities and Exchange Commission or any successor agency. 
 (k) “Committee” has the meaning set forth in Section 2(a). 
 (l) “Common Stock” means common stock, par value $0.01 per share, of the Company. 
 (m) “Company” means Metals USA Holdings Corp., a Delaware corporation. 
 (n) “Corporate Transaction” has the meaning set forth in Section 3(c). 
 (o) “Disability” means, with respect to a Participant: (i) if the applicable Award Agreement defines such term, the
meaning given in the Award Agreement; (ii) if the applicable Award Agreement does not define such term, and the Participant is at the time of the grant of the Award party to an Individual Agreement with the Company or any of its Subsidiaries
which defines such term, the meaning given in such Individual Agreement; and (iii) in all other cases, that the Participant (A) 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 12 months, or (B) 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 12 months, receiving income replacement benefits for a period of not less than three months under an accident or health plan covering employees of the Company.
Notwithstanding the above, with respect to an Incentive Stock Option, Disability shall mean Permanent and Total Disability as defined in Section 22(e)(3) of the Code, and, with respect to each Award that constitutes a “nonqualified
deferred compensation plan” within the meaning of Section 409A of the Code, the foregoing definition shall apply for purposes of vesting of such Award, provided that such Award shall not be settled until the earliest of: (1) the
Participant’s “disability” within the meaning of Section 409A of the Code, (2) the Participant’s “separation from service” within the

  

 2 

 
meaning of Section 409A of the Code, and (3) the date such Award otherwise would be settled pursuant to the terms of the Award Agreement. 
 (p) “Disaffiliation” of a Subsidiary or Affiliate means the Subsidiary’s or Affiliate’s ceasing to be a
Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate) or a sale of a division of the Company and its Affiliates.

 (q) “Effective Date” shall have the meaning set forth in Section 13(o). 
 (r) “Eligible Individuals” means directors, employees, consultants and other service providers of the Company or any of its
Subsidiaries or Affiliates on the date of the grant. 
 (s) “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time, and any successor thereto. 
 (t) “Fair Market Value” means the closing
price of a share of the Common Stock on the Applicable Exchange on the date of measurement, or if Shares were not traded on the Applicable Exchange on such measurement date, then on the next preceding date on which Shares were traded on the
Applicable Exchange, all as reported by such source as the Committee may select. If the Common Stock is not listed on a national securities exchange, but is listed on another established securities market on the date of measurement and the Common
Stock is readably tradable, Fair Market Value shall be the closing price of a share of the Common Stock on the established securities market on the date of measurement, or if Shares were not traded on the established securities market on such
measurement date, then on the next preceding date on which Shares were traded on the established securities market, all as reported by such source as the Committee may select. If the Common Stock is not listed on a national securities exchange or
another established securities market on which the Shares are readily tradable, Fair Market Value shall be determined by the Committee in its good faith discretion, taking into account, to the extent appropriate, the requirements of
Section 409A of the Code. 
 (u) “Free-Standing SAR” has the meaning set forth in Section 5(b).

 (v) “Grant Date” means (i) the date on which the Committee by resolution selects an Eligible Individual
to receive a grant of an Award and determines the number of Shares to be subject to such Award or the formula for earning a number of shares or cash amount, or (ii) such later date as the Committee shall provide in such resolution. 

(w) “Incentive Stock Option” means any Option designated as, and qualified as, an “incentive stock option”
within the meaning of Section 422 of the Code. 
 (x) “Incumbent Board” has the meaning set forth in
Section 9(b)(ii). 
 (y) “Individual Agreement” means an employment, consulting, severance or similar
written agreement between a Participant and the Company or one of its Subsidiaries or Affiliates. 
  

 3 

 (z) “Non-Qualified Stock Option” means any Option that is not an Incentive
Stock Option. 
 (aa) “Option” means an Award granted under Section 5. 
 (bb) “Outstanding Voting Securities” has the meaning set forth in Section 9(b)(i). 
 (cc) “Parent” has the definition set forth in Section 424(e) of the Code. 
 (dd) “Participant” shall have the meaning set forth in Section 4. 
 (ee) “Person” shall have the meaning set forth in Section 9(b)(i). 
 (ff) “Plan” means the Metals USA Holdings Corp. 2010 Long-Term Incentive Plan, as set forth herein and as hereinafter
amended from time to time. 
 (gg) “Restricted Stock” means an Award granted under Section 6. 

(hh) “Restricted Stock Units” means an Award granted under Section 7. 
 (ii) “Retirement” means retirement from active employment with the Company, a Subsidiary or Affiliate at or after the
Participant’s attainment of age 65. 
 (jj) “Rule 16b-3” means Rule 16b-3, as promulgated by the
Commission under Section 16(b) of the Exchange Act, as amended from time to time. 
 (kk) “Section 409A”
means Section 409A of the Code and any guidance or regulations with respect thereto. 
 (ll) “Share
Change” has the meaning set forth in Section 3(c). 
 (mm) “Shares” means shares of Common Stock.

 (nn) “Stock Appreciation Right” means an Award granted under Section 5. 
 (oo) “Subsidiary” means any corporation or other entity of which the Company owns securities or interests having a
majority, directly or indirectly, of the ordinary voting power in electing the board of directors, managers, general partners or similar governing Persons thereof, provided that with respect to Incentive Stock Options, Subsidiary has the same
meaning as set forth in Section 424(f) of the Code. 
 (pp) “Tandem SAR” has the meaning set forth in
Section 5(b). 
 (qq) “Term” means the maximum period during which an Option or Stock Appreciation Right
may remain outstanding, subject to earlier termination upon Termination of Employment or otherwise, as specified in the applicable Award Agreement. 
 (rr) “Termination Date” shall have the meaning set forth in Section 11(a). 
  

 4 

 (ss) “Termination of Employment” means the termination of the applicable
Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, if a Participant’s employment with, or membership on a board of directors
of the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee director capacity or as an employee, as applicable, such change in status shall not be deemed a
Termination of Employment. A Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates shall be deemed to incur a Termination of Employment if, as a result of a Disaffiliation,
such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case may be, and the Participant does not immediately thereafter become an employee of (or service provider for), or member of the board of directors
of, the Company or another Subsidiary or Affiliate. Temporary absences from employment because of illness, vacation or leave of absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of
Employment. Notwithstanding the foregoing, with respect to any Award that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, “Termination of Employment” shall mean a
“separation from service” as defined under Section 409A of the Code. 
 Section 2. Administration 
 (a) The Plan shall be administered by the Board or the Compensation Committee of the Board or such other committee of the Board as the Board
may from time to time designate (the “Committee”), which shall be appointed by and serve at the pleasure of the Board. Unless otherwise provided by the Board, the Committee shall be composed of not less than two (2) directors
(or such greater number as may be required by applicable law or the rules of an Applicable Exchange), each of whom shall be a “non-employee director” within the meaning of Rule 16b-3 or any successor rule of similar import and, to the
extent required by an Applicable Exchange, an “independent director” within the meaning of such Applicable Exchange. The Committee shall have plenary authority to grant Awards pursuant to the terms of the Plan to Eligible Individuals.
Among other things, the Committee shall have the authority, subject to the terms and conditions of the Plan: 
 (i) to select the Eligible Individuals to whom Awards may from time to time be granted; 
 (ii) to
determine whether and to what extent Incentive Stock Options, Nonqualified Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, other stock-based awards, or any combination thereof, are to be granted hereunder; 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 
 (iv) to determine the terms and conditions of each Award granted hereunder, based on such factors as the Committee shall
determine; 
  

 5 

 (v) subject to Section 11, to modify, amend or adjust the terms and
conditions of any Award; 
 (vi) to adopt, alter and repeal such administrative rules, guidelines and practices
governing the Plan as it shall from time to time deem advisable; 
 (vii) to accelerate the vesting or lapse of
restrictions of any outstanding Award, based in each case on such considerations as the Committee in its sole discretion determines; 
 (viii) to increase or to reduce the exercise price of any or all outstanding Awards, provided such increase or reduction does not violate Section 409A of the Code; 
 (ix) to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating
thereto) and to make any determinations of fact required in connection with interpreting the terms and provisions of the Plan or any Award; 
 (x) to establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable; 
 (xi) to determine whether, to what extent, and under what circumstances cash, Shares, and other property and other amounts
payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; 
 (xii) to decide all other matters that must be determined in connection with an Award; and 
 (xiii) to otherwise administer the Plan. 
 (b) Procedures. 
 (i) The Committee may act only by a majority of its members then in office, except that the Committee may, except to the
extent prohibited by applicable law or the listing standards of the Applicable Exchange and subject to Section 13(j), allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any
part of its responsibilities and powers to any person or persons selected by it. 
 (ii) Any authority granted to
the Committee may also be exercised by the full Board. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. 
 (c) Discretion of Committee. Any determination made by the Committee or by an appropriately delegated officer pursuant to delegated
authority under the provisions of the Plan with respect to any Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any
time thereafter. All decisions made by the Committee or any appropriately delegated officer pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company, Participants, and Eligible Individuals. 

 

 6 

 (d) Award Agreements. The terms and conditions of each Award, as determined by the
Committee, shall be set forth in an Award Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The effectiveness of an Award shall not be
subject to the Award Agreement’s being signed by the Company and/or the Participant receiving the Award unless specifically so provided herein or in the Award Agreement. Award Agreements may be amended only in accordance with Section 11
hereof. For purposes of Section 409A of the Code, each Award Agreement shall be deemed a separate “plan” for purposes of Treasury Regulation 1.409A-1(c). 
 Section 3. Common Stock Subject to Plan 
 (a) Plan Maximums. The
maximum number of Shares that may be delivered to Participants and their beneficiaries under the Plan shall be 1,500,000. The maximum number of Shares that may be delivered pursuant to Options intended to be Incentive Stock Options shall be
1,500,000 Shares. The limits set forth in this Section 3(a) shall be subject to the provisions of Sections 3(b) and 3(c). 
 (b) Rules for Calculating Shares Delivered. 
 (i) To the extent that any Award is forfeited, or
any Option and the related Tandem SAR (if any) or Free-Standing SAR terminates, expires or lapses without being exercised, or any Award is settled for cash, the Shares subject to such Awards not delivered as a result thereof shall again be available
for Awards under the Plan. 
 (ii) If the exercise price of any Option and/or the tax withholding obligations
relating to any Award are satisfied by delivering Shares to the Company (by either actual delivery or by attestation), only the number of Shares issued net of the Shares delivered or attested to shall be deemed delivered for purposes of the limits
set forth in Section 3(a). To the extent any Shares subject to an Award are withheld to satisfy the exercise price (in the case of an Option) and/or the tax withholding obligations relating to such Award, such Shares shall not be deemed to have
been delivered for purposes of the limits set forth in Section 3(a). 
 (c) Adjustment Provision. In the event of a
merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, Disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the
Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (ii) the various
maximum limitations set forth in Section 3(a) upon certain types of Awards, (iii) the number and kind of Shares or other securities subject to outstanding Awards; and (iv) the exercise price of outstanding Options and Stock
Appreciation Rights. In the event of a stock dividend, stock split, reverse stock split, separation, spin-off, reorganization, extraordinary dividend of cash or other property, share combination, or recapitalization or similar event affecting the
capital structure of the Company (each, a “Share Change”), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of Shares or other
securities

  

 7 

 
reserved for issuance and delivery under the Plan, (ii) the various maximum limitations set forth in Section 3(a) upon certain types of Awards, (iii) the number and kind of Shares
or other securities subject to outstanding Awards; and (iv) the exercise price of outstanding Options and Stock Appreciation Rights. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the
cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being
understood that in the case of a Corporate Transaction with respect to which stockholders of Common Stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee
that the value of an Option or Stock Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such
Option or Stock Appreciation Right conclusively shall be deemed valid); (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the
Shares subject to outstanding Awards; and (3) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation,
other securities of the Company and securities of entities other than the Company), by the affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as
any corresponding adjustments to Awards that remain based upon Company securities). Any adjustment under this Section 3(c) need not be the same for all Participants. 
 (d) Section 409A. Notwithstanding anything in this Section 3 to the contrary: (i) any adjustments made pursuant to this Section 3 to Awards that constitute a “nonqualified
deferred compensation plan” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; and (ii) any adjustments made pursuant to this Section 3 to Awards
that do not constitute a “nonqualified deferred compensation plan” subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to
Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code. 
 Section 4. Eligibility 

 Awards may be granted under the Plan to Eligible Individuals. Each such person to whom an Award is granted under the Plan is
referred to herein as a “Participant.” 
 Section 5. Options and Stock Appreciation Rights 
 (a) Types of Options. Options may be of two types: Incentive Stock Options and Non-Qualified Options. The Award Agreement for an
Option shall indicate whether the Option is intended to be an Incentive Stock Option or a Non-Qualified Option. 
 (b) Types
and Nature of Stock Appreciation Rights. Stock Appreciation Rights may be “Tandem SARs,” which are granted in conjunction with an Option, or “Free-Standing SARs,” which are not granted in conjunction with an
Option. Upon the exercise of a Stock Appreciation Right, the Participant shall be entitled to receive an amount in cash, Shares, or

  

 8 

 
both, in value equal to the product of (i) the excess of the Fair Market Value of one Share over the exercise price of the applicable Stock Appreciation Right, multiplied by (ii) the
number of Shares in respect of which the Stock Appreciation Right has been exercised. The applicable Award Agreement shall specify whether such payment is to be made in cash or Common Stock or both, or shall reserve to the Committee or the
Participant the right to make that determination prior to or upon the exercise of the Stock Appreciation Right. 
 (c) Tandem
SARs. A Tandem SAR may be granted at the Grant Date of the related Option. A Tandem SAR shall be exercisable only at such time or times and to the extent that the related Option is exercisable in accordance with the provisions of this
Section 5, and shall have the same exercise price as the related Option. A Tandem SAR shall terminate or be forfeited upon the exercise or forfeiture of the related Option, and the related Option shall terminate or be forfeited upon the
exercise or forfeiture of the Tandem SAR. 
 (d) Exercise Price. The exercise price per Share subject to an Option or
Free-Standing SAR shall be determined by the Committee and set forth in the applicable Award Agreement, and shall not be less than the Fair Market Value of a share of the Common Stock on the applicable Grant Date, or in the event of any change in
the exercise price of such Option or Free-Standing SAR, on the date the repricing becomes effective. 
 (e) Exchange and
Buyout of Options or Free-Standing SARs. The Committee may, at any time or from time to time, authorize the grant of new Options or Free-Standing SARs under this Plan in exchange for the surrender and cancellation of any or all outstanding
Options or Free-Standing SARs. The Committee may at any time buy from a Participant an Option or Free-Standing SAR previously granted with payment in cash, securities of the Company or other consideration, based on such terms and conditions as the
Committee and the Participant may agree. 
 (f) Term. The Term of each Option and each Free-Standing SAR shall be fixed
by the Committee, but shall not exceed ten years from the Grant Date. 
 (g) Vesting and Exercisability. Except as
otherwise provided herein, Options and Free-Standing SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. If the Committee provides that any Option or Free-Standing SAR
will become exercisable only in installments, the Committee may at any time waive such installment exercise provisions, in whole or in part, based on such factors as the Committee may determine. In addition, the Committee may at any time accelerate
the exercisability of any Option or Free-Standing SAR. 
 (h) Method of Exercise. Subject to the provisions of this
Section 5, Options and Free-Standing SARs may be exercised, in whole or in part, at any time during the applicable Term by giving written notice of exercise to the Company or through the procedures established with the Company’s appointed
third-party Option administrator specifying the number of Shares as to which the Option or Free-Standing SAR is being exercised; provided, however, that, unless otherwise permitted by the Committee, any such exercise must be with
respect to a portion of the applicable Option or Free-Standing SAR relating to no less than the lesser of the number of Shares then subject to such Option or Free-Standing SAR or 100 Shares. In the case of the exercise of an Option, such notice
shall be accompanied by payment in full of the purchase price (which shall equal the product of such number of Shares multiplied by the applicable exercise price) by certified or bank check or such other instrument as the Company may accept. If
approved by the Committee, payment, in full or in part, may also be made as follows: 
  

 9 

 (i) Payments may be made in the form of unrestricted Shares (by delivery of
such Shares or by attestation) based on the Fair Market Value of the Common Stock on the date the Option is exercised; provided, however, that, in the case of an Incentive Stock Option, the right to make a payment in the form of
already owned Shares may be authorized only at the time the Option is granted. 
 (ii) To the extent permitted by
applicable law, payment may be made by delivering a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to
pay the purchase price, and, if requested, the amount of any federal, state, local or foreign withholding taxes. To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated
procedures with one or more brokerage firms. To the extent permitted by applicable law, the Committee may also provide for Company loans to be made for purposes of the exercise of Options. 
 (iii) Payment may be made by instructing the Company to withhold a number of Shares having a Fair Market Value (based on the
Fair Market Value of the Common Stock on the date the applicable Option is exercised) equal to the product of (A) the exercise price multiplied by (B) the number of Shares in respect of which the Option shall have been exercised.

 (i) Delivery; Rights of Stockholders. No Shares shall be delivered pursuant to the exercise of an Option until the
exercise price therefor has been fully paid and applicable taxes have been withheld. The applicable Participant shall have all of the rights of a stockholder of the Company holding the class or series of Common Stock that is subject to the Option or
Stock Appreciation Right (including, if applicable, the right to vote the applicable Shares and the right to receive dividends), when the Participant (i) has given written notice of exercise, (ii) if requested, has given the representation
described in Section 13(a), and (iii) in the case of an Option, has paid in full for such Shares. 
 (j) Terminations of Employment. A Participant’s Options and Stock Appreciation Rights shall be forfeited upon such Participant’s Termination of Employment, except as set forth below: 
 (i) Upon a Participant’s Termination of Employment by reason of death, any Option or Stock Appreciation Right held by
the Participant that was exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of (A) the first anniversary of the date of such death and (B) the expiration of the Term thereof;

 (ii) Upon a Participant’s Termination of Employment by reason of Disability or Retirement, any Option or
Stock Appreciation Right held by the Participant that was exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of (A) the first anniversary of such Termination of Employment and
(B) the expiration of the Term thereof; 
  

 10 

 (iii) Upon a Participant’s Termination of Employment for Cause, any
Option or Stock Appreciation Right held by the Participant shall be forfeited, effective as of such Termination of Employment; 
 (iv) Upon a Participant’s Termination of Employment for any reason other than death, Disability, Retirement or for Cause, any Option or Stock Appreciation Right held by the Participant that was
exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of (A) (1) in the case of a Non-Qualified Stock Option or Stock Appreciation Right, the 180th day following such Termination of Employment, and (2) in the
case of an Incentive Stock Option, the 90th day following
such Termination of Employment, and (B) expiration of the Term of such Option or Stock Appreciation Right; and 
 (v) Notwithstanding the above provisions of this Section 5(j), if a Participant dies after such Participant’s Termination of Employment but while any Option or Stock Appreciation Right remains exercisable as set forth above, such
Option or Stock Appreciation Right may be exercised at any time until the later of (A) the earlier of (1) the first anniversary of the date of such death and (2) expiration of the Term thereof and (B) the last date on which such
Option or Stock Appreciation Right would have been exercisable, absent this Section 5(j)(v). 
 Notwithstanding the foregoing, the
Committee shall have the power, in its discretion, to apply different rules concerning the consequences of a Termination of Employment; provided, however, that if such rules are less favorable to the Participant than those set forth
above, such rules are set forth in the applicable Award Agreement. If an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the Code, such Option will thereafter be treated
as a Non-Qualified Option. 
 (k) Nontransferability of Options and Stock Appreciation Rights. No Option or Free-Standing
SAR shall be transferable by a Participant other than (i) by will or by the laws of descent and distribution, or (ii) in the case of a Non-Qualified Option or Free-Standing SAR, pursuant to a qualified domestic relations order or as
otherwise expressly permitted by the Committee including, if so permitted, pursuant to a transfer to the Participant’s family members or to a charitable organization, whether directly or indirectly or by means of a trust or partnership or
otherwise. For purposes of this Plan, unless otherwise determined by the Committee, “family member” shall have the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and
any successor thereto. A Tandem SAR shall be transferable only with the related Option as permitted by the preceding sentence. Any Option or Stock Appreciation Right shall be exercisable, subject to the terms of this Plan, only by the applicable
Participant, the guardian or legal representative of such Participant, or any person to whom such Option or Stock Appreciation Right is permissibly transferred pursuant to this Section 5(k), it being understood that the term
“Participant” includes such guardian, legal representative and other transferee; provided, however, that the term “Termination of Employment” shall continue to refer to the Termination of Employment of the original
Participant. 
  

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 Section 6. Restricted Stock 
 (a) Awards and Certificates. Shares of Restricted Stock are actual shares issued to a Participant, and shall be evidenced by an Award
Agreement and in such other manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of shares of Restricted Stock shall be registered in the
name of such Participant and 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 of stock represented hereby are subject to the terms, conditions, and
restrictions (including forfeiture) set forth in the Metals USA Holdings Corp. 2010 Long-Term Incentive Plan (the “Plan”) and the applicable Award Agreement, if applicable. Copies of such Plan and Agreement are on file at the offices of
the Company.” 
 The Committee may require that the certificates evidencing such shares be held in custody by the Company until the
restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 
 (b) Terms and Conditions. Shares of Restricted Stock shall be subject to the following terms and conditions: 
 (i) The Committee shall, prior to or at the time of grant, condition the vesting or transferability of an Award of Restricted
Stock upon the continued service of the applicable Participant or the attainment of performance goals, or the attainment of performance goals and the continued service of the applicable Participant. The conditions for grant, vesting, or
transferability and the other provisions of Restricted Stock Awards (including without limitation any applicable performance goals) need not be the same with respect to each Participant. 
 (ii) Subject to the provisions of the Plan and the applicable Award Agreement, during the period, if any, set by the
Committee, commencing with the Grant Date of such Restricted Stock Award and until the date of satisfaction of all applicable vesting conditions (such period, the “Restriction Period”), the Participant shall not be permitted to
sell, assign, transfer, pledge or otherwise encumber shares of Restricted Stock. 
 (iii) Except as provided in
this Section 6 and in the applicable Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock that is the subject
of the Restricted Stock, including, if applicable, the right to vote the shares and the right to receive any cash dividends. If so determined by the Committee in the applicable Award Agreement and subject to Section 13(e) of the Plan,
(A) cash dividends on the class or series of Common Stock that is the subject of the Restricted Stock Award automatically shall be reinvested in additional Restricted Stock, held

  

 12 

 
subject to the vesting of the underlying Restricted Stock, and (B) subject to any adjustment pursuant to Section 3(c), dividends payable in Common Stock shall be paid in the form of
Restricted Stock, held subject to the vesting of the underlying Restricted Stock. 
 (iv) Except to the extent
otherwise provided in the applicable Award Agreement, upon a Participant’s Termination of Employment for any reason during the Restriction Period, all shares still subject to restriction shall be forfeited by the Participant; provided,
however, that the Committee shall have the discretion to waive, in whole or in part, any or all remaining restrictions with respect to any or all of such Participant’s shares of Restricted Stock. 
 (v) If and when any applicable performance goals are satisfied and the Restriction Period expires without a prior forfeiture
of the Restricted Stock for which legended certificates have been issued, unlegended certificates for such shares shall be delivered to the Participant upon surrender of the legended certificates. 
 Section 7. Restricted Stock Units 
 (a) Nature of Award. Restricted Stock Units are Awards denominated in Shares that will be settled, subject to the terms and conditions of the Restricted Stock Units, either by delivery of Shares to
the Participant or by the payment of cash based upon the Fair Market Value of a specified number of Shares. 
 (b) Terms and
Conditions. Restricted Stock Units shall be subject to the following terms and conditions: 
 (i) The
Committee shall, prior to or at the time of grant, condition the grant, vesting, or transferability of Restricted Stock Units upon the continued service of the applicable Participant or the attainment of performance goals, or the attainment of
performance goals and the continued service of the applicable Participant. The conditions for grant, vesting or transferability and the other provisions of Restricted Stock Units (including without limitation any applicable performance goals) need
not be the same with respect to each Participant. 
 (ii) Subject to the provisions of the Plan and the
applicable Award Agreement, during the period, if any, set by the Committee, commencing with the Grant Date of such Restricted Stock Units and until the date of satisfaction of all applicable vesting conditions (the “Restriction
Period”), the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Restricted Stock Units. 
 (iii) The Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the applicable Participant shall be entitled to receive current or deferred
payments of cash, Common Stock or other property corresponding to the dividends payable on the Common Stock (subject to Section 13(e)). 
  

 13 

 (iv) Except as otherwise set forth in the applicable Award Agreement, upon a
Participant’s Termination of Employment for any reason during the Restriction Period, all Restricted Stock Units still subject to restriction shall be forfeited by such Participant; provided, however, that the Committee shall have
the discretion to waive, in whole or in part, any or all remaining restrictions with respect to any or all of such Participant’s Restricted Stock Units. 
 (v) Except to the extent otherwise provided in the applicable Award Agreement, an award of Restricted Stock Units shall be
settled as and when the Restricted Stock Units vest (but in no event later than two and a half months after the end of the fiscal year in which the Restricted Stock Units vest). 
 Section 8. Other Stock-Based Awards 
 Other Awards of Common Stock and
other Awards that are valued in whole or in part by reference to, or are otherwise based upon, Common Stock, including (without limitation) unrestricted stock, performance units, dividend equivalents and convertible debentures, may be granted either
alone or in conjunction with other Awards granted under the Plan. 
 Section 9. Change in Control Provisions 
 (a) Impact of Event. The Committee may, in its discretion, provide for the acceleration of vesting or exercisability of Awards either
(i) upon a Change in Control, (ii) upon a specified date following a Change in Control, or (iii) upon specified Terminations of Employment following a Change in Control. The Committee may provide for such treatment as a term of the
Award or may provide for such treatment following the granting of the Award. 
 (b) Definition of Change in Control. For
purposes of the Plan, unless otherwise provided in the applicable Award Agreement, a “Change in Control” shall mean the happening of any of the following events: 
 (i) An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) that results in beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) by such Person of 50% or more of the combined voting power of the then outstanding voting
securities of the Company (the “Outstanding Company Voting Securities”); excluding, however, the following: (A) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion
privilege unless the security being so converted was itself acquired directly from the Company, (B) any acquisition by the Company or Apollo Investment Fund V, L.P. (“Apollo”) or any Affiliate of the Company or Apollo,
(C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Subsidiaries, or (D) any acquisition pursuant to a transaction which complies with clauses (A), (B) and
(C) of subsection (iii) of this Section 9(b); or 
 (ii) There occurs a change in the composition
of the Board such that the individuals who, as of the Effective Date, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at

  

 14 

 
least a majority of the Board; provided, however, for purposes of this Section 9(b), that any individual who becomes a member of the Board subsequent to the Effective Date, whose
election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant
to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided, further, that any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board;
or 
 (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Company (a “Business Combination”); excluding, however, such a Business Combination pursuant to which (A) all or substantially all of the individuals and entities who are the beneficial
owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Business Combination (or their Affiliates) will beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding
voting securities (or the voting interests of a non-corporate entity) resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries), (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) will
beneficially own, directly or indirectly, 50% or more of the combined voting power of the outstanding voting securities of such corporation (or the voting interests of a non-corporate entity) except to the extent that such ownership existed prior to
the Business Combination, and (C) at least a majority of the members of the board of directors of such corporation resulting from such Business Combination (or the equivalent body of a non-corporate entity resulting from such Business
Combination) were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
 (iv) The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
 Section 10. Forfeiture of Awards 
 Notwithstanding anything in the Plan to the contrary, the Committee shall have the authority under the Plan to provide in any Award Agreement (or to require a Participant to agree by separate written
instrument) that in the event of serious misconduct by a Participant (including, without limitation, any misconduct prejudicial to or in conflict with the Company or its Subsidiaries or Affiliates, or any Termination of Employment for Cause), or any
activity of a Participant in competition with the business of the Company or any Subsidiary or Affiliate, (a) any outstanding Options or Stock Appreciation Rights, both vested and unvested, granted to a Participant shall be cancelled,
(b) all Awards with respect to which restrictions have not lapsed shall be forfeited, (c) any proceeds, gains or other economic benefit actually or constructively

  

 15 

 
received by the Participant upon any receipt or exercise of the Award, must be paid to the Company and (d) any portion of an Award that has been deferred, whether or not vested, shall be
forfeited. The determination of whether a Participant has engaged in serious misconduct or any activity in competition with the business of the Company or any Subsidiary or Affiliate shall be determined by the Committee in good faith and in its sole
discretion. 
 Section 11. Term, Amendment and Termination 
 (a) Termination Date. The Plan will terminate on the tenth (10th) anniversary (the “Termination Date”) of the Effective Date. No Awards may be
granted after such Termination Date. Under the Plan, any Awards outstanding as of such date of termination of the Plan shall not be affected or impaired by the termination of the Plan and such outstanding Awards shall remain in effect and the terms
of the Plan will apply until such Awards terminate as provided in the applicable Award Agreement. 
 (b) Amendment of
Plan. The Board may amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would materially impair the rights of the Participant with respect to a previously granted Award without such
Participant’s consent, except such an amendment made to comply with applicable law, including without limitation Section 409A of the Code, stock exchange rules or accounting rules. In addition, no such amendment shall be made without the
approval of the Company’s stockholders to the extent such approval is required by applicable law or the listing standards of the Applicable Exchange. 
 (c) Amendment of Awards. Subject to Section 5(d), the Committee may unilaterally amend the terms of any Award theretofore granted, but no such amendment shall without the Participant’s
consent materially impair the rights of any Participant with respect to an Award, except such an amendment made to cause the Plan or Award to comply with applicable law, stock exchange rules or accounting rules. 
 Section 12. Unfunded Status of Plan 
 The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any
Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Subsidiary or Affiliate. 
 Section 13. General Provisions 
 (a) Representation. The Committee may require each person
purchasing or receiving shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to the distribution thereof. The certificates for such shares may include any legend
which the Committee deems appropriate to reflect any restrictions on transfer. Notwithstanding any other provision of the Plan or any Award Agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or
certificates for Shares under the Plan prior to fulfillment of all of the following conditions: 
  

 16 

 (i) Listing or approval for listing upon notice of issuance, of such shares
on The New York Stock Exchange, or such other securities exchange as may at the time be the principal market for the Common Stock; 
 (ii) Any registration or other qualification of such shares of the Company under any state or federal law or regulation, or the maintaining in effect of any such registration or other qualification which
the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and 
 (iii) Obtaining any other consent, approval or permit from any state or federal governmental agency which the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable.

 (b) No Limit of Other Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary or
Affiliate from adopting other or additional compensation arrangements for its employees. 
 (c) No Contract of
Employment. Nothing contained in the Plan or in any Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her employment by or service with the Company or any of its Subsidiaries or interfere in
any way with the right of the Company or any such Subsidiary, in its sole discretion, at any time to terminate such employment or service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the
grant of an Award. 
 (d) Required Taxes. No later than the date as of which an amount first becomes includible in the
gross income of a Participant for federal, state, local or foreign income or employment or other tax purposes with respect to any Award under the Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. If determined by the Company, withholding obligations may be settled with Common Stock, including Common
Stock that is part of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment otherwise due to such Participant. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding
obligations with Common Stock. 
 (e) Dividends. Reinvestment of dividends in additional Restricted Stock at the time of
any dividend payment, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient Shares are available under Section 3 for such reinvestment or payment
(taking into account then outstanding Awards). In the event that sufficient Shares are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock Units equal in number to the
Shares that would have been obtained by such payment or reinvestment, the terms of which Restricted Stock Units shall provide for settlement in cash and 
  

 17 

 for dividend equivalent reinvestment in further Restricted Stock Units on the terms contemplated by this
Section 13(e). 
 (f) Death Beneficiary. The Committee shall establish such procedures as it deems appropriate for a
Participant to designate a beneficiary to whom any amounts payable in the event of the Participant’s death are to be paid or by whom any rights of the Participant, after the Participant’s death, may be exercised. 
 (g) Subsidiary Employees. In the case of a grant of an Award to any employee of a Subsidiary of the Company, the Company may, if the
Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the
employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All Shares underlying Awards that are forfeited or canceled shall revert to the Company. 
 (h) Governing Law. All questions concerning the construction, interpretation and validity of the Plan and the instruments evidencing
the Awards granted hereunder shall be governed by and construed and enforced in accordance with the domestic laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware will control the interpretation and construction of
this Plan, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 
 (i) Nontransferability. Unless otherwise provided by the Committee, no Award granted under this Plan shall be assignable or otherwise transferable by the Participant, except by designation of a
beneficiary, by will or by the laws of descent and distribution. 
 (j) Section 16 Compliance. The provisions of
this Plan are intended to ensure that no transaction under the Plan is subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition of the
Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3) from Section 16(b), and no delegation of authority by the Committee shall be
permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b). 
 (k)
Section 409A of the Code. It is the intention of the Company that no Award shall be “deferred compensation” subject to Section 409A of the Code, unless and to the extent that the Committee specifically determines otherwise
as provided in the immediately following sentence, and the Plan and the terms and conditions of all Awards shall be interpreted accordingly. The terms and conditions governing any Awards that the Committee determines will be subject to
Section 409A of the Code, including any rules for elective or mandatory deferral of the delivery of cash or Shares pursuant thereto and any rules regarding treatment of such Awards in the event of a Change in Control, shall be set forth in the
applicable Award Agreement, and shall comply in all respects with Section 409A of the Code. Notwithstanding

  

 18 

 
any other provision of the Plan to the contrary, with respect to any Award that constitutes a “nonqualified deferred compensation plan” subject to Section 409A of the Code, any
payments (whether in cash, Shares or other property) to be made with respect to the Award upon the Participant’s Termination of Employment shall be delayed until the first day of the seventh month following the Participant’s Termination of
Employment if the Participant is a “specified employee” within the meaning of Section 409A of the Code. 
 (l)
Foreign Employees and Foreign Law Considerations. The Committee may grant Awards to Eligible Individuals who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United
States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as
may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or sub-plans as
may be necessary or advisable to comply with such legal or regulatory provisions. 
 (m) No Restriction of Corporate Action.
Nothing contained in the Plan or in any Award Agreement will be construed to prevent the Company or any Subsidiary or Affiliate of the Company from taking any corporate action which is deemed by the Company or by its Subsidiaries and Affiliates
to be appropriate or in its best interest, whether such action would have an adverse effect on the Plan or any Award made under the Plan. No Participant or beneficiary of a Participant will have any claim against the Company or any Affiliate as a
result of any corporate action. 
 (n) No Right to an Award or Grant. Neither the adoption of the Plan nor any action of
the Board or the Committee shall be deemed to give an employee, director or consultant any right to be granted an Option to purchase Common Stock or receive an Award under the Plan except as may be evidenced by an Award Agreement duly executed on
behalf of the Company, and then only to the extent of and on the terms and conditions expressly set forth in the Award Agreement. 
 (o) Effective Date of Plan. The Plan shall be effective as of the date (the “Effective Date”) it is adopted by the Board, provided that it has been approved or is thereafter approved by the stockholders of the
Company in accordance with all applicable laws, regulations and stock exchange rules and listing standards. 
 * * * * * *

 As adopted by the Board on March 19, 2010. 
  

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