Document:

EX-10.58

 Exhibit 10.58 

AMENDMENT NO. 16 TO RECEIVABLES PURCHASE AGREEMENT 

THIS AMENDMENT NO. 16 TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of May 23, 2014, is
entered into among WORTHINGTON RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the “Seller”), WORTHINGTON INDUSTRIES, INC., an Ohio corporation, as Servicer (the “Servicer”), THE MEMBERS OF THE VARIOUS
PURCHASER GROUPS FROM TIME TO TIME PARTY TO THE AGREEMENT (as defined below) (each, a “Purchaser Group” and collectively, the “Purchaser Groups”), and PNC BANK, NATIONAL ASSOCIATION, as Administrator (the
“Administrator”). 
 RECITALS 

The Seller, the Servicer, each member of each of the Purchaser Groups and the Administrator are parties to the Receivables
Purchase Agreement, dated as of November 30, 2000 (as amended, supplemented or otherwise modified through the date hereof, the “Agreement”); and 

The parties hereto desire to amend the Agreement as hereinafter set forth. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: 
 1. Certain Defined Terms. Capitalized terms that are used herein
without definition and that are defined in Exhibit I to the Agreement shall have the same meanings herein as therein defined. 

2. Amendment to Agreement. Schedule II to the Agreement is hereby amended and restated in its entirety as set
forth on Schedule II hereto. 
 3. Representations and Warranties. The Seller and the Servicer each hereby
represents and warrants to the Administrator and each member of the various Purchaser Groups from time to time party to the Agreement as follows: 

(a) Representations and Warranties. Its representations and warranties contained in Exhibit III
of the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date); 

(b) Enforceability. The execution and delivery by each of the Seller and the Servicer of this Amendment,
and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are within each of its corporate powers and have been duly authorized by all necessary corporate action on each of its parts. This Amendment
and the Agreement, as amended hereby, are each of the Seller’s and the Servicer’s valid and legally binding obligations, enforceable in accordance with its terms; and 

  
 1 

 (c) No Default. Both before and immediately after giving
effect to this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist. 

4. Effect of Amendment. All provisions of the Agreement, including as expressly amended and modified by this Amendment,
shall remain in full force and effect and are hereby ratified. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “this Agreement”, “hereof”, “herein” or
words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the
Agreement other than as set forth herein. 
 5. Effectiveness. This Amendment shall become effective as of the date
hereof upon receipt by the Administrator of counterparts of: (a) this Amendment and (b) that certain Blocked Account Control Agreement, dated as of the date hereof, among the Administrator, the Servicer, the Seller and JPMorgan Chase Bank,
N.A., in each case (whether by facsimile or otherwise) executed by each of the parties hereto or thereto, as applicable. 

6. Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. 

7. Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for
the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable
in any other jurisdiction. 
 8. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the internal laws of the State of New York (without regard to any otherwise applicable principles of conflicts of law other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

9. Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the
meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof. 
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BLANK] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first
written above. 
  

			
	 WORTHINGTON RECEIVABLES

	 CORPORATION, as Seller

		
	 By:
	 	 /s/ Marcus Rogier

	 Name: Marcus Rogier

	 Title: Treasurer

	
	 WORTHINGTON INDUSTRIES, INC.,

as Servicer

		
	 By:
	 	 /s/ Marcus Rogier

	 Name: Marcus Rogier

	 Title: Treasurer

  

					
		  	S-1	  	 Amendment No. 16 to Receivables

Purchase Agreement (Worthington)

 
			
	 PNC BANK, NATIONAL ASSOCIATION,

	 as Administrator

		
	 By:
	 	 /s/ Robyn Reeher

	 Name: Robyn Reeher

	 Title: Vice President

	
	 PNC BANK, NATIONAL ASSOCIATION,

as a Purchaser Agent and a Related Committed

Purchaser

		
	 By:
	 	 /s/ Robyn Reeher

	 Name: Robyn Reeher

	 Title: Vice President

  

					
		  	S-2	  	 Amendment No. 16 to Receivables

Purchase Agreement (Worthington)

 SCHEDULE II 

SCHEDULE II 
 LOCK-BOX
BANKS AND LOCK-BOX ACCOUNTS 
  

					
	 Lock-Box Bank
	  	Lock-Box	  	Account
	 PNC Bank, National Association
	  	xxxxxx	  	xxxxxxxxxx
		  	xxxxxx	  	xxxxxxxxxx
		  	xxxxxx	  	xxxxxxxxxx
	 JPMorgan Chase
	  	xxxxx	  	xxxxxxxxx
	 Bank, N.A.
	  	xxxxx	  	xxxxxxxxx

  
 Schedule IIEX-10.69

 Exhibit 10.69 

ANNUAL BASE SALARIES APPROVED FOR NAMED EXECUTIVE OFFICERS 

OF 
 WORTHINGTON
INDUSTRIES, INC. 
 On June 23, 2015, the Compensation and Stock Option Committee of the Board of Directors of
Worthington Industries, Inc. (the “Registrant”) approved the base salaries for the named executive officers identified below, which base salaries will become effective September 2015. 

 

					
	 Name and Principal Position
	  	Base Salary	 
		
	 John P. McConnell

Chairman of the Board and Chief Executive Officer of the Registrant
	  	$	643,750	  
		
	 Mark A. Russell

President and Chief Operating Officer of the Registrant
	  	$	530,500	  
		
	 B. Andrew Rose

Executive Vice President and Chief Financial Officer of the Registrant
	  	$	479,500	  
		
	 Andrew J. Billman

President, Worthington Cylinder Corporation
	  	$	371,315	  
		
	 Geoffrey G. Gilmore

President, The Worthington Steel Company
	  	$	425,000EX-10.74

 Exhibit 10.74 

SUMMARY OF ANNUAL CASH INCENTIVE BONUS AWARDS, 

LONG-TERM PERFORMANCE AWARDS, STOCK OPTIONS AND RESTRICTED COMMON 

SHARES GRANTED IN FISCAL 2016 FOR NAMED EXECUTIVE OFFICERS 

Annual Cash Incentive Bonus Awards Granted In Fiscal 2016 

The following table sets forth the annual cash incentive bonus awards granted to the following named executive officers
(“NEOs”) of Worthington Industries, Inc. (the “Company”) under the Worthington Industries, Inc. Annual Incentive Plan for Executives for the twelve-month performance period ending May 31, 2016: 

Annual Cash Incentive Bonus Awards Granted for Fiscal 2016 
  

													
	 Name
	  	Annual Cash Incentive Bonus Awards for Twelve-Month
Performance Period Ending May 31, 
2016 (1)	 
	 	  	Threshold ($)	 	  	Target ($)	 	  	Maximum ($)	 
	 John P. McConnell
	  	 	442,900	  	  	 	885,800	  	  	 	1,771,600	  
	 B. Andrew Rose
	  	 	251,835	  	  	 	503,670	  	  	 	1,007,340	  
	 Mark A. Russell
	  	 	318,270	  	  	 	636,540	  	  	 	1,273,080	  
	 Andrew J. Billman
	  	 	185,658	  	  	 	371,315	  	  	 	742,630	  
	 Geoffrey G. Gilmore
	  	 	225,000	  	  	 	450,000	  	  	 	900,000	  

  

	(1)	 Payouts which can be earned under these annual cash incentive bonus awards are generally tied to achieving specified levels (threshold, target and
maximum) of corporate EVA and EPS for the twelve-month performance period with each performance measure carrying a 50% weighting. For Mr. Billman and Mr. Gilmore, business unit executives, the corporate EPS measure carries a 20% weighting,
the applicable business unit EOI carries a 30% weighting, and the business unit EVA carries a 50% weighting. For all calculations, restructuring charges and non-recurring items are excluded and EPS and the Steel Processing business unit EOI results
are adjusted to eliminate the impact of FIFO gains and losses. If the performance level falls between threshold and target or between target and maximum, the award is prorated. If threshold levels are not reached for any performance measure, no
annual cash incentive bonus will be paid. Annual cash incentive bonus award payouts earned will be made within a reasonable time following the end of the performance period. In the event of a change in control of the Company (followed by actual or
constructive termination of an NEO’s employment during the performance period), the annual cash incentive bonus award would be considered to be earned at target and payable as of the date of termination of employment. 

  
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 Long-Term Performance Awards, Option Awards and Restricted Common Share Awards Granted in Fiscal 2016 

The following table sets forth the long-term performance awards (consisting of cash performance awards and performance share
awards) for the three-fiscal-year period ending May 31, 2018 and the option and restricted common share awards granted to the NEOs in the fiscal year ending May 31, 2016 (“Fiscal 2016). 

Long-Term Performance Awards, Option Awards and Restricted Common Share Awards Granted in Fiscal 2016 

 

																																					
	 Name
	 	Long-Term Cash Performance Awards for 
Three-
Fiscal-Year Period Ending May 31, 2018 (1)	 	 	Long-Term Performance Share Awards 
for Three-Fiscal-
Year Period Ending May 31, 2018 (1)	 	 	Option
Awards:
Number of
Common
Shares
Underlying
Options (2)	 	 	Exercise
or Base
Price of
Option
Awards
($/Share) (2)	 	 	Restricted
Common
Share
Awards	 
	 	Threshold
($)	 	 	Target
($)	 	 	Maximum
($)	 	 	Threshold
(# of
Common
Shares)	 	 	Target
(# of
Common
Shares)	 	 	Maximum
(# of
Common
Shares)	 	 	 	 
	 John P. McConnell
	 	 	500,000	  	 	 	1,000,000	  	 	 	2,000,000	  	 	 	10,000	  	 	 	20,000	  	 	 	40,000	  	 	 	35,000	  	 	 	30.92	  	 	 	30,000	(3) 
	 B. Andrew Rose
	 	 	300,000	  	 	 	600,000	  	 	 	1,200,000	  	 	 	5,000	  	 	 	10,000	  	 	 	20,000	  	 	 	17,000	  	 	 	30.92	  	 	 	16,000	(3) 
	 Mark A. Russell
	 	 	300,000	  	 	 	600,000	  	 	 	1,200,000	  	 	 	5,000	  	 	 	10,000	  	 	 	20,000	  	 	 	17,000	  	 	 	30.92	  	 	 	16,000	(3) 
	 Andrew J. Billman
	 	 	150,000	  	 	 	300,000	  	 	 	600,000	  	 	 	2,500	  	 	 	5,000	  	 	 	10,000	  	 	 	8,500	  	 	 	30.92	  	 	 	8,000	(3) 
	 Geoffrey G. Gilmore
	 	 	150,000	  	 	 	300,000	  	 	 	600,000	  	 	 	2,500	  	 	 	5,000	  	 	 	10,000	  	 	 	8,500	  	 	 	30.92	  	 	 	8,500	(3) 

  

	(1)	 These columns show the potential payouts under the long-term cash performance awards and the long-term performance share awards granted to the NEOs
under the 1997 LTIP for the three-fiscal-year performance period from June 1, 2015 to May 31, 2018. Payouts of long-term cash performance awards and long-term performance share awards for corporate executives are tied to achieving
specified levels (threshold, target and maximum) of cumulative corporate EVA for the three-fiscal-year performance period and EPS growth over that performance period, with each performance measure carrying a 50% weighting. For Mr. Gilmore, a
Steel Processing business unit executive, and for Mr. Billman, a Pressure Cylinders business unit executive, the cumulative corporate EVA and EPS growth measures together carry a 50% weighting, and the applicable business unit EOI targets are
weighted 50%. In all calculations, restructuring charges and non-recurring items are excluded, and EPS and Steel Processing business unit EOI results are adjusted to eliminate the impact of FIFO gains or losses. No awards are paid or distributed if
none of the three-fiscal-year threshold financial measures are met. If the performance levels fall between threshold and target or between target and maximum, the award is prorated. 

	(2)	 Effective June 26, 2015, under the 2010 Stock Option Plan, the NEOs were granted non-qualified stock options with respect to the number of
common shares shown, with an exercise price equal to $30.92, the fair market value of the underlying common shares on the date of grant. The options become exercisable over three years in increments of 33% per year on each anniversary of their
grant date. 

	(3)	 These annual time-vested restricted common share awards were granted effective June 26, 2015 under the 1997 LTIP. 

  
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