Document:

Asset Purchase Agreement dated as of 09/10/2004

 Exhibit 10.9 
  
 EXECUTION VERSION 
  
 ASSET PURCHASE AGREEMENT 
  
 BETWEEN 
  
 WHITESELL INTERNATIONAL CORPORATION 
  
 -AND- 
  
 FABRISTEEL PRODUCTS
INCORPORATED 
 PROFILE STEEL AND WIRE, INC. 
  
 Dated as of September 10, 2004 
  

  
 TABLE OF CONTENTS

  

							
	 	 	 	  	 	  	Page

	1.	 	Sale and Delivery of the Assets	  	1
				
	 	 	1.1.	  	 Delivery of the Assets
	  	1
				
	 	 	1.2.	  	 Further Assurances
	  	4
				
	 	 	1.3.	  	 Assumption of Liabilities
	  	4
				
	 	 	1.4.	  	 Purchase Price
	  	6
				
	 	 	1.5.	  	 The Closing
	  	6
				
	 	 	1.6.	  	 Allocation of Purchase Price
	  	6
				
	 	 	1.7.	  	 Closing Statement; Adjustment to Purchase Price
	  	6
			
	2.	 	Representations of FabriSteel	  	9
				
	 	 	2.1.	  	 Organization
	  	9
				
	 	 	2.2.	  	 Authorization
	  	9
				
	 	 	2.3.	  	 Ownership of the Assets
	  	10
				
	 	 	2.4.	  	 Financial Statements
	  	10
				
	 	 	2.5.	  	 Litigation
	  	11
				
	 	 	2.6.	  	 Insurance
	  	11
				
	 	 	2.7.	  	 Inventory
	  	11
				
	 	 	2.8.	  	 Leases
	  	11
				
	 	 	2.9.	  	 Change in Financial Condition
	  	12
				
	 	 	2.10.	  	 Accounts Receivable
	  	12
				
	 	 	2.11.	  	 Books and Records
	  	12
				
	 	 	2.12.	  	 Contracts and Commitments
	  	12
				
	 	 	2.13.	  	 Compliance With Laws
	  	14
				
	 	 	2.14.	  	 Employee Relations
	  	14
				
	 	 	2.15.	  	 Absence of Certain Changes or Events
	  	15
				
	 	 	2.16.	  	 Customers
	  	16
				
	 	 	2.17.	  	 Suppliers
	  	16
				
	 	 	2.18.	  	 Intellectual Property
	  	16
				
	 	 	2.19.	  	 Employee Benefit Plans
	  	17
				
	 	 	2.20.	  	 Real Estate
	  	18
				
	 	 	2.21.	  	 Taxes
	  	19
				
	 	 	2.22.	  	 Environmental Laws
	  	20

  

 -i- 

  
 TABLE OF CONTENTS

  

							
	 	 	 	  	 	  	Page

				
	 	 	2.23.	  	 No Insolvency
	  	23
				
	 	 	2.24.	  	 Product Liability
	  	23
				
	 	 	2.25.	  	 Third Party Rights
	  	23
				
	 	 	2.26.	  	 Transactions With Related Parties
	  	23
				
	 	 	2.27.	  	 Finders’ Fees
	  	23
				
	 	 	2.28.	  	 Union Contract
	  	23
			
	3.	 	Representations of Whitesell	  	23
				
	 	 	3.1.	  	 Organization and Authority
	  	23
				
	 	 	3.2.	  	 Authorization
	  	24
				
	 	 	3.3.	  	 Regulatory Approvals
	  	24
				
	 	 	3.4.	  	 Investigation
	  	24
			
	4.	 	Confidentiality	  	24
			
	5.	 	Public Announcements	  	25
			
	6.	 	Reserved	  	25
			
	7.	 	Sellers’ Closing Deliveries	  	25
			
	8.	 	Whitesell’s Closing Deliveries	  	26
			
	9.	 	Post-Closing Agreements	  	27
				
	 	 	9.1.	  	 Proprietary Information
	  	27
				
	 	 	9.2.	  	 Non-Competition Agreement
	  	27
				
	 	 	9.3.	  	 Employment of Rick Ward and other Employees
	  	28
				
	 	 	9.4.	  	 Sharing of Data
	  	28
				
	 	 	9.5.	  	 Employee Benefits Matters
	  	29
				
	 	 	9.6.	  	 Steel Allocation
	  	30
				
	 	 	9.7.	  	 Midwest Accounts Receivable
	  	30
				
	 	 	9.8.	  	 Miscellaneous
	  	31
			
	10.	 	Indemnification and Reimbursement	  	31
				
	 	 	10.1.	  	 Survival
	  	31
				
	 	 	10.2.	  	 Indemnification
	  	31
				
	 	 	10.3.	  	 Notice and Defense of Claims
	  	33
				
	 	 	10.4.	  	 Other Limitations
	  	34
				
	 	 	10.5.	  	 Cooperation
	  	35

  

 -ii- 

  
 TABLE OF CONTENTS

							
	 	 	 	  	 	  	Page

				
	 	 	10.6.	  	 Confidentiality
	  	35
				
	 	 	10.7.	  	 Affiliates as Beneficiaries
	  	35
				
	 	 	10.8.	  	 Environmental
	  	35
				
	 	 	10.9.	  	 No Willful Actions
	  	36
			
	11.	 	Construction	  	36
			
	12.	 	Transfer and Sales Tax	  	37
			
	13.	 	Brokers	  	37
				
	 	 	13.1.	  	 For Whitesell
	  	37
				
	 	 	13.2.	  	 For FabriSteel
	  	37
			
	14.	 	Notices	  	37
			
	15.	 	Successors and Assigns	  	38
			
	16.	 	Entire Agreement; Amendments; Incorporation of Attachments	  	38
			
	17.	 	Expenses	  	38
			
	18.	 	Governing Law	  	39
			
	19.	 	Section Headings	  	39
			
	20.	 	Severability	  	39
			
	21.	 	Counterparts	  	39
			
	22.	 	Facsimiles of Signature	  	39
			
	23.	 	Passage of Title and Risk of Loss	  	39
			
	24.	 	Time is of the Essence	  	39
			
	25.	 	Dispute Resolution	  	39

  

 -iii- 

  
 SCHEDULES 

 

					
	 1.1(a)(vii)
	  	-	  	 Motor Vehicles and Rolling Stock

	 1.1(b)
	  	-	  	 Excluded Assets

	 2.2
	  	-	  	 FabriSteel’s Consents and Approvals

	 2.3(b)
	  	-	  	 Condition of Assets

	 2.3(c)
	  	-	  	 List of Fixed Assets (9/30/03)

	 2.3(d)
	  	-	  	 Fixed Asset Acquisitions and Dispositions

	 2.3(e)
	  	-	  	 List of Fixed Assets (7/31/04)

	 2.5
	  	-	  	 Litigation

	 2.6
	  	-	  	 Insurance

	 2.8
	  	-	  	 Leases

	 2.9
	  	-	  	 Adverse Change

	 2.12(a)
	  	-	  	 Contracts and Agreements

	 2.12(b)
	  	-	  	 Contracts to be Assumed

	 2.13
	  	-	  	 Compliance with Laws; Permits

	 2.14
	  	-	  	 Employee Relations

	 2.15
	  	 	  	 No Changes

	 2.17
	  	-	  	 Suppliers

	 2.18
	  	-	  	 Intellectual Property Issues

	 2.19
	  	-	  	 Employee Benefit Plans

	 2.20(a)
	  	-	  	 Real Estate - Leased Premises

	 2.20(b)
	  	-	  	 Real Estate - Permitted Lease Encumbrances

	 2.20(c)
	  	-	  	 Real Estate - Written Claim

	 2.21
	  	-	  	 Taxes

	 2.22
	  	-	  	 Environmental Laws

	 2.26
	  	-	  	 Transactions with Affiliates

  
 EXHIBITS

  

			
	Exhibit A	  	 Form of Bill of Sale and Assignment and Assumption Agreement

		
	Exhibit B	  	 Form of Assignment of Intellectual Property

		
	Exhibit C	  	 Form of Legal Opinion of Sellers’ Counsel

		
	Exhibit D	  	 Reserved

		
	Exhibit E	  	 Form of Assignment of Collective Bargaining Agreement

		
	Exhibit F	  	 Form of Transitional Services Agreement

		
	Exhibit G	  	 Form of Legal Opinion of Whitesell’s Counsel

		
	Exhibit H	  	 Landlord Waiver and Estoppel Certificate

		
	Exhibit I	  	 Form of Supply Agreement

  

 -iv- 

  
 DEFINITIONS

  

			
	 2003 EBITDA
	  	10
	 Accounts Payable and Accrued Expenses
	  	4
	 Accounts Receivable
	  	2
	 Accountant’s Report
	  	7
	 Affiliate
	  	25
	 Arbiter
	  	8
	 Asserted Liability
	  	33
	 Assets
	  	1
	 Assignments
	  	4
	 Assumed Liabilities
	  	4
	 Benefit Plan
	  	17
	 Bill of Sale
	  	4
	 Books and Records
	  	2
	 Business
	  	1
	 CERCLA
	  	20
	 Claims Notice
	  	33
	 Closing
	  	1
	 Closing Date
	  	6
	 Closing Statement
	  	6
	 Closing Working Capital
	  	6
	 COBRA
	  	17
	 Code
	  	17
	 Competitive Business
	  	27
	 Contracts
	  	3
	 Damages
	  	31
	 Disclosing Party
	  	25
	 Disposal
	  	21
	 EBITDA
	  	10
	 Environmental Laws
	  	20
	 ERISA
	  	17
	 ERISA Affiliate
	  	17
	 Excluded Assets
	  	3
	 FabriSteel
	  	1
	 FabriSteel Indemnified Parties
	  	32
	 FabriSteel Indemnified Party
	  	32
	 FastenTech
	  	10
	 Final Adjustment Amount
	  	9
	 Final Closing Statement
	  	8
	 Final Working Capital
	  	9
	 Financial Statements
	  	10
	 Fixed Assets
	  	2
	 GAAP
	  	6
	 GAAP Consistently Applied
	  	6
	 Government Regulations
	  	19

  

 -v- 

			
	 Hazardous Substances
	  	21
	 Income Taxes
	  	5
	 Indemnified Party
	  	33
	 Indemnifying Party
	  	32
	 Indemnifying Persons
	  	33
	 Independent Accountant
	  	7
	 Information
	  	24
	 Insurance Policies
	  	11
	 Intellectual Property
	  	3
	 Inventory
	  	1
	 Knowledge
	  	11
	 Lease Encumbrances
	  	18
	 Leased Premises
	  	11
	 Leases
	  	3
	 Midwest
	  	7
	 Midwest Accounts Receivable
	  	31
	 Motor Vehicles
	  	2
	 Notice of Disagreement
	  	7
	 Permitted Encumbrances
	  	10
	 Permitted Lease Encumbrances
	  	18
	 Pre-Closing Environmental Liabilities
	  	5
	 Prepaid Expenses
	  	2
	 Products
	  	1
	 Profile
	  	1
	 Purchase Price
	  	6
	 RCRA
	  	20
	 Release
	  	21
	 Remediation
	  	22
	 Retained Liabilities
	  	5
	 Sellers
	  	1
	 Sellers’ Deductible
	  	32
	 Sellers’ Employees
	  	5
	 Storage
	  	21
	 Suppliers
	  	16
	 Taxes
	  	19
	 Taxing Authority
	  	19
	 Tax Returns
	  	19
	 Treatment
	  	21
	 Warranties
	  	2
	 Working Capital
	  	7
	 Whitesell
	  	1
	 Whitesell Deductible
	  	32
	 Whitesell Indemnified Party
	  	31
	 Whitesell’s Plans
	  	29

  

 -vi- 

  
 ASSET PURCHASE
AGREEMENT 
  
 ASSET PURCHASE AGREEMENT dated as of
September 10, 2004, among Whitesell International Corporation, an Alabama corporation, the buyer hereafter referred to as “Whitesell”, FabriSteel Products Incorporated, a Michigan corporation, hereafter referred to as
“FabriSteel” and Profile Steel and Wire, Inc., a Delaware corporation and a wholly-owned subsidiary of FabriSteel, hereafter referred to as “Profile.” FabriSteel and Profile are hereafter referred to as
“Sellers.” 
  
 RECITAL 

 
 Whitesell desires to purchase, and the Sellers desire to sell, certain of
FabriSteel’s Assets (as defined in Section 1.1) and business activity and all of Profile’s Assets and business activity (such business activity being collectively, the “Business”) for the consideration set forth below and
the assumption of certain of the Sellers’ liabilities set forth below, subject to the terms of this Agreement. The Assets of the Sellers being sold relate to those Assets that are referenced in Section 1.1 that are used or are available for use
by the Sellers in the manufacture or sale of Products (as defined below). For purposes of this Agreement, the term “Products” means pierce nuts, other pierce form fasteners (including fasteners formed after installation in
pre-formed apertures, non-threaded locating studs, single and double-ended threaded or non-threaded studs), related installation tooling and equipment, custom cold-rolled products, all other such products historically sold in the Business since
March 1998, and any and all additional products designed, developed, or under research or development by Sellers. 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the parties agree as follows: 
  
 1. Sale and
Delivery of the Assets 
  
 1.1.
Delivery of the Assets. (a) Subject to the conditions and upon the terms set forth in this Agreement, except as specifically provided in Section 1.1(b), at the closing of the transactions contemplated by this Agreement (the
“Closing”), FabriSteel shall sell, transfer, convey, assign and deliver to Whitesell, and shall cause Profile to sell, transfer, convey, assign and deliver to Whitesell, and Whitesell shall purchase from the Sellers, free and clear
of all liens, liabilities, security interests, leasehold interests and encumbrances of any nature, except Permitted Encumbrances (as hereafter defined), all of the properties, assets and other claims, rights and interests of the Sellers, whether
used or available for use in the manufacture or sale of the Products or otherwise in connection with the Business (the “Assets”) including but not limited to: 
  
 (i) All inventories of raw materials, work in process, goods in transit (i.e., inventories purchased by, but
not delivered to, FabriSteel or Profile), and finished goods (collectively, the “Inventory”), office supplies, maintenance supplies, packaging materials, spare parts and similar items of the Sellers relating to the Business;

  

 (ii) All accounts receivable and notes (including any security held by the Sellers for
the payment thereof) of the Sellers relating to the Business (collectively, the “Accounts Receivable”); 
  
 (iii) All prepaid expenses of the Sellers relating to the Business, other than prepaid expenses in respect of insurance policies
(collectively, the “Prepaid Expenses”); 
  
 (iv) All rights under the contracts, agreements, leases, licenses, purchase orders, supplier commitments, steel allocations and allotments (if any), customer sales agreements and other agreements, documents and
instruments including but not limited to those set forth on Schedule 2.8 and Schedule 2.12(b) (collectively, the “Contracts”), to the extent assignable; 
  
 (v) All books, payment records, accounts, customer lists, environmental reports or studies, asset
appraisals, correspondence, production records, technical, accounting, manufacturing and procedural manuals, development and design data, plans, blueprints, specifications and drawings, employment and personnel records, and other Business records,
including electronic media, and any confidential or other information which has been reduced to writing, in each case to the extent utilized in the conduct of or relating to the Business or the Assets (as defined in Section 1.1(c)), subject to
Sellers’ right to retain such copies thereof that Sellers reasonably require for their ongoing operation, winding up or dissolution and other than such documents maintained at locations of Sellers’ Affiliates of which Sellers maintains
originals or copies thereof and other than data that has been provided to Sellers’ Affiliates that has been compiled or consolidated with such Affiliates’ data (collectively, the “Books and Records”); 
  
 (vi) All rights of the Sellers under express or implied
warranties from the manufacturers or suppliers of the Assets to the extent such rights are transferable (but excluding such rights insofar as the same pertain to liabilities retained by any Seller hereunder) (collectively, the
“Warranties”); 
  
 (vii) The
motor vehicles and other rolling stock listed on Schedule 1.1(vii) (collectively, the “Motor Vehicles”); 
  
 (viii) All of the machinery, equipment, tools, tooling, production fixtures, maintenance machinery and equipment, prototypes, models,
molds, dies, works in progress, computers, telecommunication systems, fittings, office equipment, furniture, leasehold improvements whether or not reflected as capital assets in the Sellers’ accounting records which are used in or related to
the Business (collectively, the “Fixed Assets”); 
  
 (ix) All right, title and interest of the Sellers in and to all intellectual or intangible property rights, in any country, owned by or licensed to the Sellers, or which the Sellers have a legal and enforceable right
to own or use, and utilized in or related to the Business or Products, used in the manufacture or sale, to the extent assignable, including but not limited to any inventions, discoveries, trade secrets, 

  

 -2- 

 
processes, methods, ideas, formulas, know-how, patents and patent applications, invention disclosures, process secrets, trade names, trademarks, service
marks, trademark registrations, applications for trademark registrations, copyrights, copyright registrations, works of authorship, certification marks, industrial designs, mask works, internet domain name registrations, technical expertise,
specifications, drawings, product information and data, software (including source code, object code, and data), and research data in each case owned by the Sellers or used in the Business, including but not limited to those included in a list of
intellectual property previously delivered to Buyer, and including rights to sue for past infringements of the foregoing (collectively, the “Intellectual Property”) and Sellers reserve no rights to the Intellectual Property after
Closing; 
  
 (x) All transferable approvals,
authorizations, certifications, consents, variances, permissions, licenses, registrations and permits to or from, or filings, notices or recordings to or with, federal, state and local governmental authorities as held or effected by the Sellers in
connection with the Business or the Assets; 
  
 (xi) The names “FabriSteel Products,” “Profile Steel and Wire,” “Multifastener”; 
  
 (xii) Any contract, agreements or arrangements, if any, to purchase steel to the extent it is assignable and part of the Sellers allocated
usage related to the Business; and 
  
 (xiii)
Except as specifically provided in Section 1.1(b), all other Assets, properties, claims, rights and interests of the Sellers which relate to the Business and are utilized in generating the Products and in each case to the extent in existence and
owned by the Sellers on the Closing Date, of every kind, nature and description, whether tangible or intangible, real, personal or mixed. 
  
 (b) Notwithstanding the provisions of Section 1.1(a), the assets to be transferred to Whitesell under this Agreement shall not include (i)
any assets that are not used in connection with the Business which are listed on Schedule 1.1(b), (ii) any cash or cash equivalents of the Sellers; (iii) any of the Sellers’ rights or obligations under this Agreement; (iv) assets of any
person or entity that, directly or indirectly, controls, is controlled by, or is under common control with, the Sellers which are not used in the Business; (v) all rights to refunds of Income Taxes; (vi) all Tax Returns of the Sellers; (vii) any
capital stock of any subsidiaries of the Sellers, (viii) any rights or benefits pursuant to any of the Sellers’ insurance policies (intercompany, self-insurance, key man or otherwise); (ix) any books or records (A) relating to the corporate
affairs of the Sellers, including, but not limited to, minute books and shareholder registers or (B) which relate to the Excluded Assets or the Retained Liabilities; (x) any money owed to either of the Sellers by an affiliate of FabriSteel; and
specifically excluded are (xi) those assets listed on Schedule 1.1(b) (collectively, the “Excluded Assets”). 
  
 (c) The Inventory, Accounts Receivable, Prepaid Expenses, Leases, Contracts, Books and Records, Warranties, Motor Vehicles, Fixed Assets,
Intellectual Property and other properties, assets and Business of the Sellers described in Section 1.1(a), other than the Excluded Assets, shall be referred to collectively as the “Assets”. 
  

 -3- 

 1.2. Further Assurances. (a) At the Closing, the Sellers shall execute and deliver
a Bill of Sale and Assignment and Assumption Agreement (the “Bill of Sale”) in substantially the form attached hereto as Exhibit A, and one or more Assignments of Intellectual Property (the “Assignments”) in
substantially the form attached hereto as Exhibit B. At any time and from time to time after the Closing Date, at Whitesell’s request and without further consideration, the Sellers (or their respective successors and assigns) promptly
shall execute and deliver such assignments of leases and other instruments of sale, transfer, conveyance, assignment and confirmation, and take such other actions, as Whitesell may reasonably request to more effectively transfer, convey and assign
to Whitesell, and to confirm Whitesell’s title to, all of the Assets and to put Whitesell in actual possession and operating control thereof, and otherwise to carry out the purpose and intent of this Agreement. 
  
 (b) FabriSteel and Whitesell each will use commercially
reasonable efforts to obtain as promptly as practicable written consents to the transfer, assignment or sublicense to Whitesell of the Contracts where the approval or other consent of any other person is required. If any such approval or consent
cannot be obtained, or if the parties hereafter agree in writing that it is not in their respective best interests to obtain any such approval or other consent, FabriSteel will cooperate with Whitesell in any commercially reasonable arrangement
designed to provide Whitesell with substantially the same economic benefits as if such approval or other consent had been obtained and the transfer effected on or before the Closing Date. 
  
 1.3. Assumption of Liabilities. (a) At the Closing,
Whitesell and the Sellers shall execute and deliver the Bill of Sale pursuant to which the Sellers shall assign and Whitesell shall assume and agree to fully (i) perform, pay and discharge all trade accounts payable and accrued liabilities which
were incurred in the ordinary course of business of the Business and are accrued or outstanding on the Closing Date (“Accounts Payable and Accrued Expenses”) up to a maximum amount not to exceed $4,675,000; (ii) perform and
discharge in accordance with their terms those obligations outstanding as of the Closing Date in respect of Contracts to the extent such obligations do not arise from the pre-Closing breach, default or violation under any such Contracts; and (iii)
perform and discharge in accordance with their terms those liabilities directly arising after the Closing Date in connection with any contracts which Whitesell has requested be transferred to it pursuant to Section 1.1(a) but which have not been so
transferred due to the failure to obtain the consent or approval required for such transfer, provided that Whitesell has requested and received the same economic benefit of such contract pursuant to Section 1.2(b) and such liability shall not have
arisen as a result of the Sellers’ breach, default or violation under any such contract (the obligations set forth in (i), (ii) and (iii), collectively, the “Assumed Liabilities”). 
  
 (b) Except as otherwise provided in this Agreement,
Whitesell shall not assume any other of the liabilities of the Sellers and Whitesell shall not be or become liable for any claims, demands, liabilities or obligations to the extent that such liability arises out of or is related to the conduct of
the Business by the Sellers or the ownership or operation of the Assets on or prior to the Closing Date. Without limiting the foregoing, Whitesell shall not at the Closing assume or agree to perform, pay or discharge any liabilities of the Business
arising from the operation of the Business prior to Closing other than the Assumed Liabilities and liabilities arising as a result of the breach of the terms of this Agreement by Whitesell, and the Sellers shall remain unconditionally liable for,
all obligations, liabilities and commitments, fixed or 

  

 -4- 

 
contingent, of the Sellers that are not Assumed Liabilities to the extent such obligations, liabilities and commitments arise out of or relate to the conduct
of the Business on or prior to the Closing Date (other than liabilities arising as a result of the breach of the terms of this Agreement by Whitesell) (the “Retained Liabilities”), including but not limited to: 
  
 (i) Severance, termination or other payments or benefits
(including but not limited to post-retirement benefits or accrued vacation pay unless included as part of Accounts Payable and Accrued Expenses assumed under Section 1.3(a)) owing under any severance policy, union contract or employment agreement to
any employees (union or non-union), sales agents, distributors or independent contractors employed by the Sellers prior to the Closing (collectively, “Sellers’ Employees”), liabilities arising under any federal, state or local
“plant closing law” including without limitation under the federal WARN Act, liabilities accruing under the Sellers’ employee benefit plans (except as provided in Section 9.5), retirement plans, pension plans or savings or profit
sharing plans and liabilities for any Employee Benefit Plan (as defined in Section 2.19), including but not limited to any obligations under Section 601 through 608 of ERISA or under COBRA (each as defined in Section 2.19); 
  
 (ii) Liabilities for Workers’ compensation claims or
audit adjustment premiums; 
  
 (iii) Liabilities
for any federal, state, local or foreign income Taxes (including interest, penalties or additions to such taxes), whether assessed, audited, or billed or not at Closing or any deferred income taxes or any Michigan single business taxes owed by or
asserted against the Sellers (“Income Taxes”); 
  
 (iv) Liabilities which arose from any actions, events, or incidents which occurred prior to the Closing Date in connection with violations of or liability under Environmental Laws (as defined in Section 2.22) and
environmental liabilities imposed by the Leases listed on Schedule 2.8 (as such Leases are in effect as of the date hereof), if any, except to the extent such violations or liabilities result from activities subsequent to the Closing Date including
the action or inaction of Whitesell after the Closing Date, but excluding the action of the Sellers after the Closing Date that gives rise to liability under Environmental Laws (“Pre-Closing Environmental Liabilities”); 

 
 (v) Liabilities which arose from actions, assessments
pending or for any actions, events, or incidents incurred prior to the Closing Date in connection with violations of occupational safety, wage, health, welfare or employee benefit laws, except to the extent such violations result from the action or
inaction of Whitesell subsequent to the Closing Date; 
  
 (vi) Liabilities primarily arising out of or relating to the Excluded Assets; 
  
 (vii) Except to the extent such taxes are the responsibility of Whitesell pursuant to Section 12, any tax (including but not limited to
any federal, state, 

  

 -5- 

 
or local income, franchise, single business, value added, excise, customs, intangible, sales, transfer, recording, documentary or other tax) imposed upon, or
incurred in connection with, the transfer of motor vehicles in connection with the sale of the Assets; 
  
 (viii) Liabilities or debts owed to any sales representatives, agents, contractors, whether in oral or written agreements, other than
those specifically listed and included in the Assumed Liabilities; 
  
 (ix) Liabilities for borrowed money of the Sellers; 
  
 (x) Liabilities arising by reason of any action, inaction, or otherwise of the Sellers prior to the Closing Date that constituted either
an infringement of the intellectual property rights of a third party, liabilities arising from product liability, or warranty claims for products manufactured or sold by Sellers prior to the Closing Date; and 
  
 (xi) Liabilities for Accounts Payable and Accrued Expenses
in excess of $4,675,000. 
  
 1.4. Purchase
Price. (a) Subject to Section 1.7, the purchase price (the “Purchase Price”) for the Assets shall be Fifty Million Dollars ($50,000,000). 
  

1.5. The Closing. Subject to the satisfaction of the conditions set forth in this Agreement, the Closing shall take place at the
offices of Dickinson Wright PLLC at 500 Woodward Ave., Detroit, Michigan, on the date this Agreement is executed, or at such other place, time or date as may be mutually agreed upon in writing by Whitesell and FabriSteel. The transfer of the Assets
by the Sellers to Whitesell shall be deemed to occur at 11:59 p.m. Detroit, Michigan, time, on the date of the Closing (the “Closing Date”). 
  

1.6. Allocation of Purchase Price. The aggregate amount of the Purchase Price, together with any Assumed Liabilities taken into
account for tax purposes, shall, for tax purposes only, be allocated among the Assets and Assumed Liabilities substantially in accordance with the allocation method previously established among Buyer and Sellers. Such allocation shall be subject to
adjustment to the extent that the Purchase Price is adjusted pursuant to Section 1.7 in the manner specified in such Section. Whitesell and FabriSteel agree that they will not take any position which is inconsistent with the allocations provided for
in this Agreement in preparing income, capital, franchise or other tax returns. 
  
 1.7. Closing Statement; Adjustment to Purchase Price. (a) Within sixty (60) days after the Closing Date, Whitesell shall cause to
be prepared and shall deliver to Sellers a statement (the “Closing Statement”) setting forth in reasonable detail closing Working Capital as of the Closing Date (“Closing Working Capital”), which shall have been
prepared in accordance with GAAP Consistently Applied. For purposes hereof, the term “GAAP” means United States generally accepted accounting principles and the term “GAAP Consistently Applied” means GAAP (A) using
the same accounting methods, policies, practices and procedures, with consistent classification, judgments and estimation methodology, as were used by the Sellers, to the extent such methods, policies, practices and procedures were applied in a
manner consistent with GAAP, in the preparation of the Financial Statements, and (B) not taking into account any 

  

 -6- 

 
changes in circumstances or events occurring after the close of business on the Closing Date, except to the extent such changes provide indications of
conditions existing on the Closing Date. The Closing Statement shall be accompanied by an independent accountant’s report issued by BDO Seidman (the “Independent Accountant”) to the effect that the Closing Statement has been
prepared in accordance with the requirements of GAAP Consistently Applied (the “Accountant’s Report”). For purposes of this Agreement, “Working Capital”, as of a given date, shall mean (i) the sum of the book
value of (X) net Inventory (i.e., net of inventory reserves and LIFO reserves), (Y) net Accounts Receivable (i.e., net of the allowance for doubtful accounts), and (Z) Prepaid Expenses, minus (ii) the amount of Accounts Payable
and Accrued Expenses not to exceed $4,675,000; provided, that the book value of net Accounts Receivable (i.e., net of the allowance for doubtful accounts) for this purpose shall not include any netting of such amount specifically
reserved for in the allowance for doubtful accounts reserve in respect of accounts receivable of Midwest Manufacturing Company with a business location at 101 High Street, Kellogg, Iowa 50135 (“Midwest”). 
  
 (b) A physical inventory shall be conducted by Whitesell
utilizing its employees under the auditing and testing procedures of the Independent Accountants within three (3) days of the Closing Date for the purpose of preparing the Closing Statement, and Sellers and their accountants will be given an
opportunity to observe such inventory. Upon completion of the physical inventory, Whitesell shall deliver the results to Sellers, and Whitesell shall use such results in the preparation of the Closing Statement. 
  
 (c) Each of Whitesell and Sellers agree that it will, and it
will use commercially reasonable efforts to cause its respective agents and representatives to, cooperate and assist in the preparation of the Closing Statement and the calculation of the Closing Working Capital and in the conduct of the reviews and
dispute resolution process referred to in this Section 1.7. 
  
 (d) During the thirty (30) day period following Sellers’ receipt of the Closing Statement, Sellers and their independent accountants shall at Sellers’ expense be permitted to review the working papers of
Whitesell and the Independent Accountant relating to the Closing Statement and to ask questions, receive answers and request such other data and information from each of them as shall be reasonable under the circumstances. The Closing Statement
shall become final and binding upon the parties on the business day following the 30th day following delivery thereof, unless Sellers give written notice of their disagreement with the Closing Statement (“Notice of Disagreement”) to
Whitesell prior to such date, which notice shall comply with this Section 1.7. Any Notice of Disagreement shall (i) specify in reasonable detail the nature of any disagreement so asserted, and include all supporting schedules, analyses, working
papers and other documentation, and (ii) only include disagreements based on mathematical errors or based on Closing Working Capital not being calculated in accordance with Section 1.7. Sellers shall be deemed to have agreed with all items and
amounts included in the calculation of the Closing Working Capital delivered pursuant to Section 1.7(a), except such items that are specifically disputed in the Notice of Disagreement. 
  
 (e) During the fifteen (15) day period following the delivery of a Notice of Disagreement that complies with
the preceding paragraph, Sellers and Whitesell shall seek in good faith to resolve in writing any differences that they may have with respect to the 

  

 -7- 

 
matters specified in the Notice of Disagreement. If, at the end of such fifteen (15) day period (or such longer period as mutually agreed upon by Sellers and
Whitesell), Sellers and Whitesell have not so resolved such differences, the parties shall submit the dispute for resolution to the accounting firm of KMPG LLP provided that in the event such accounting firm is not available, then to a mutually
acceptable internationally recognized independent public accounting firm agreed upon by Sellers and Whitesell in writing, (the “Arbiter”) for review and resolution of any and all matters which remain in dispute and which were
properly included in the Notice of Disagreement in accordance with this Section 1.7. The parties shall use reasonable efforts to cause the Arbiter to render a decision resolving the matters in dispute within thirty (30) days following the submission
of such matters to the Arbiter, or such longer period as the parties shall mutually agree in writing. Sellers and Whitesell agree that the determination of the Arbiter shall be final and binding upon the parties and that judgment may be entered upon
the determination of the Arbiter in any court having jurisdiction over the party against which such determination is to be enforced. The Arbiter shall determine, based solely on presentations by Sellers and Whitesell and their respective
representatives, and not by independent review, only those issues in dispute specifically set forth on the Notice of Disagreement and shall prepare the Final Closing Statement and render a written report as to the dispute and the resulting
calculation of Closing Working Capital which shall be conclusive and binding upon the parties. In resolving any disputed item, the Arbiter: (w) shall be bound by the principles set forth in Section 1.7 hereof, (x) shall limit its review to matters
specifically set forth in the Notice of Disagreement, (y) shall further limit its review to whether the Closing Statement contained mathematical errors and whether Closing Working Capital was calculated in accordance with this Section 1.7 and (z)
shall not assign a value to any item greater than the greatest value for such item claimed by any party or less than the smallest value for such item claimed by any party. The fees, costs, and expenses of the Arbiter (i) shall be borne by Sellers in
the proportion that the aggregate dollar amount of such disputed items so submitted that are unsuccessfully disputed by Sellers (as finally determined by the Arbiter) bears to the aggregate dollar amount of such items so submitted and (ii) shall be
borne by Whitesell in the proportion that the aggregate dollar amount of such disputed items so submitted that are successfully disputed by Sellers (as finally determined by the Arbiter) bears to the aggregate dollar amount of such items so
submitted. Whether any dispute is resolved by agreement among the parties or by the Arbiter, changes to the Closing Statement shall be made hereunder only for items as to which Sellers have taken exception in the Notice of Disagreement. The fees and
expenses of Sellers’ independent accountants incurred in connection with their review of the Closing Statement and preparation of any Notice of Disagreement shall be borne by Sellers, and the fees and expenses of Whitesell’s independent
accountants incurred in connection with the preparation of the Closing Statement and review of any Notice of Disagreement shall be borne by Whitesell. For the purposes of this Agreement, “Final Closing Statement” shall mean (x) the
Closing Statement if no Notice of Disagreement with respect thereto is duly and timely delivered pursuant to Section 1.7(a) or (y) if such a Notice of Disagreement is so delivered, the Closing Statement as agreed by the parties pursuant to Section
1.7 or (z) if such Notice of Disagreement is so delivered and in the absence of such agreement, the Final Closing Statement as prepared by the Arbiter pursuant to Section 1.7. 
  
 (f) In the event the Final Working Capital is equal to or greater than $6,715,000, the Purchase Price shall
not be adjusted. In the event the Final Working Capital is less than $6,715,000, the Purchase Price shall be decreased dollar for dollar by the amount of 

  

 -8- 

 
such difference. For the purposes of this Agreement, “Final Working Capital” shall mean the Closing Working Capital as shown in the Final
Closing Statement. 
  
 (g) The cumulative net
adjustment to the Purchase Price pursuant to Section 1.7 above is the “Final Adjustment Amount.” Within ten (10) business days after the Closing Statement becomes final and binding upon the parties, if the net effect pursuant hereto
is a decrease in the Purchase Price, FabriSteel shall make payment to Whitesell to an account designated in writing by Whitesell. 
  
 Representations of FabriSteel 
  
 2. Representations of FabriSteel. Except as disclosed in the Schedules to this Agreement, Sellers represent and warrant to Whitesell as
follows: 
  
 2.1. Organization. FabriSteel
is duly incorporated, validly existing and in good standing under the laws of the State of Michigan and Profile is duly incorporated, validly existing and in good standing under the laws of the State of Delaware. FabriSteel and Profile have all
requisite corporate power and authority to own their properties, to carry on their Business as now being conducted to deliver and perform this Agreement and the other agreements and documents executed in connection herewith, and to consummate the
transactions contemplated hereby. 
  
 2.2.
Authorization. The execution, delivery and performance of this Agreement (and all other agreements and documents executed in connection herewith) by the Sellers, and the consummation of all transactions contemplated hereby, has been duly
authorized by all requisite corporate action. This Agreement and all such other agreements and obligations entered into by the Sellers constitute the valid and legally binding obligations of the Sellers, enforceable against them in accordance with
their respective terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, and by principles of equity (whether applied in a proceeding at law or in
equity). The execution, delivery and performance by the Sellers of this Agreement and the agreements and obligations contemplated hereby, and the consummation of the transactions contemplated hereby by the Sellers, will not, with or without the
giving of notice or the passage of time or both, (a) violate the provisions of any law, rule or regulation applicable to the Sellers; (b) violate the provisions of the Articles of Incorporation or Bylaws of the Sellers; (c) violate any judgment,
decree, order or award of any court, governmental body or arbitrator that is applicable to the Sellers; or (d) conflict with or result in the breach or termination of any term or provision of, constitute a default under, cause or permit any
acceleration under, or cause the creation of any encumbrance upon the properties or assets of the Sellers pursuant to, any indenture, mortgage, deed of trust or other instrument or agreement to which they are a party or by which they or their
properties is or may be bound, other than with respect to obligations of the Sellers which will be discharged at or prior to the Closing Date. Schedule 2.2 sets forth a true, correct and complete list of all consents, approvals, permissions,
licenses, authorizations and other requirements prescribed by law, rule, regulation, contract or otherwise in connection with the consummation by the Sellers of the transactions contemplated by this Agreement. 
  

 -9- 

 2.3. Ownership of the Assets. (a) The Sellers are, and at the Closing will be, the
true and lawful owner of or have rights to the Assets, and will have the right to sell and transfer to Whitesell good and marketable title to or have rights to all Assets, free and clear of all liens and encumbrances except for Permitted
Encumbrances. The delivery to Whitesell of the instruments of transfer of ownership contemplated by this Agreement will vest good and marketable title or rights to all Assets in Whitesell, free and clear of all encumbrances except for Permitted
Encumbrances. “Permitted Encumbrances” means non-monetary imperfections in title and minor encroachments which, individually or in the aggregate, do not interfere with conducting the Business or with using the Assets and do not
affect the value of the Assets, individually or collectively. Except for the Excluded Assets and rights contemplated by the Shared Services Agreement, the Assets to be conveyed to Whitesell hereunder constitute all properties, assets, rights and
claims which are necessary to, or currently used in, the conduct of the Business currently conducted by FabriSteel and Profile. 
  
 (b) Except as reflected in the Financial Statements (as hereinafter defined) or as set forth on Schedule 2.3(b), the tangible
assets of the Fixed Assets, taken as a whole, are in good condition and repair, subject to normal wear and tear, and are generally suitable for the uses for which they are intended. Schedule 2.3(c) is a true and correct listing of Fixed
Assets of Sellers as capitalized on the Financial Statements as of September 30, 2003. Schedule 2.3(d) summarizes all Fixed Asset acquisitions and dispositions by Sellers capitalized on the books and records of Sellers during the period from
September 30, 2003 to July 31, 2004. Schedule 2.3(e) is a true and correct listing of Fixed Assets of Sellers capitalized on the books and records of Sellers as of July 31, 2004. Sellers shall provide Whitesell notice of any acquisitions of
Fixed Assets by Sellers capitalized on the books and records of Sellers with a transaction value in excess of $250,000 that occur from July 1, 2004 until Closing. Sellers shall provide Whitesell notice of any dispositions by Sellers of Fixed Assets
capitalized on the books and records of Sellers that occur from July 31, 2004 until Closing. 
  
 2.4. Financial Statements. On or before the date hereof, Sellers have provided to Buyer the unaudited balance sheets of the
Business as of September 30, 2003, 2002, 2001 and July 31, 2004, and the related statements of income for the twelve months ended September 30, 2003, 2002 and 2001 and the ten months ended July 31, 2004 (collectively, the “Financial
Statements”). The annual Financial Statements are included in the consolidated financial statements of FastenTech, Inc. (“FastenTech”). The consolidated financial statements of FastenTech at and as of September 30, 2003,
2002, and 2001 were subject to an audit conducted in accordance with United States generally accepted auditing standards (“GAAS”), and the audit opinions issued in connection therewith were unqualified. The Financial Statements (i)
are consistent in all material respects with the books and records of the Business, (ii) have been prepared in accordance with GAAP Consistently Applied, and (iii) fairly represent in all material respects the financial position and results of
operations of the Business as of the dates and for the periods indicated. Sellers have previously provided to Buyer the calculation of earnings before interest, income taxes, depreciation and amortization (“EBITDA”) of the Business
for the twelve months ended September 30, 2003 (the “2003 EBITDA”). The 2003 EBITDA is mathematically accurate and the components to such calculation are consistent with the books and records of the Business. 
  

 -10- 

 2.5. Litigation. Except as set forth on Schedule 2.5, and except for such
issues as Buyer, Sellers, and their respective Affiliates may have among themselves, the Sellers are not a party to, or, to their Knowledge, threatened with, and none of the Assets are subject to, any litigation, suit, action, investigation,
grievance, arbitration, proceeding, or controversy or claim before any court, administrative agency, governmental authority or arbitrator relating to or affecting the Assets or the Business. The Sellers are not in violation of or in default with
respect to any judgment, order, award, writ, injunction, decree or rule of any court, governmental authority, arbitrator or any regulation of any administrative agency or governmental authority. Except as set forth in Schedule 2.5, the
Sellers have not received notice of any product liability claim or warranty claim which is reasonably likely to be adversely determined. 
  
 For the purposes of this Agreement, the term “Knowledge” shall mean the actual knowledge of Dave Salkowski, Rick Ward, Harold Woods, John
Vrana, Jorge Gonzalez, Matthew Pollard, Ron Kalich, and Cathy Tinnelly, after due inquiry. 
  
 2.6. Insurance. Schedule 2.6 sets forth a true, correct and complete list of all amounts of coverage for fire, theft,
casualty, general liability, workers’ compensation, business interruption, environmental impairment, product liability, automobile and other insurance policies, if any, insuring the Assets or the Business and of all life insurance policies
maintained for any officers or employees of the Business, specifying the type of coverage, the amount of coverage, the premium, the deductible, the insurer/carrier, and the expiration date of each such policy (collectively, the “Insurance
Policies”), and all claims made under such Insurance Policies since December 31, 2002. True, correct and complete copies of all of the Insurance Policies and claims reports since December 31, 2002, have been delivered by FabriSteel to
Whitesell. The Insurance Policies are in full force and effect. All premiums due on the Insurance Policies or renewals thereof have been paid and there is no default under any of the Insurance Policies. Except as set forth on Schedule 2.6,
FabriSteel has not received any notice or other communication from any issuer of the Insurance Policies canceling or amending any of the Insurance Policies, increasing any annual or other premiums, deductibles or retained amounts there under, and to
FabriSteel’s Knowledge, no such cancellation, amendment or increase of premiums, deductibles or retained amounts is threatened. 
  
 2.7. Inventory. On or before the date hereof, Sellers have delivered to Buyer a true, correct and complete list of the Inventory as
of July 31, 2004. 
  
 2.8. Leases.
Schedule 2.8 sets forth a true, correct and complete list of all leases of real estate, identifying separately each ground lease, to which the Sellers are a party as lessee or tenant and which will be assigned to Whitesell pursuant to this
Agreement (the “Leases”). True, correct and complete copies of the Leases, and all amendments, modifications and supplements thereto, have previously been delivered by FabriSteel to Whitesell. The Leases are in full force and effect, are
binding and enforceable against each of the parties thereto in accordance with their respective terms. Except as set forth on Schedule 2.8, FabriSteel has not sent, and to FabriSteel’s Knowledge no other party to any Lease has sent,
written notice to the other claiming that such party is in default thereunder. Except as set forth on Schedule 2.8, there is no breach of or default in the performance of any covenant, agreement or condition contained in any Lease by any
party thereto. Except as set forth on Schedule 2.8, FabriSteel is not obligated to pay any leasing or brokerage commissions relating to any Lease and will not have 

  

 -11- 

 
any obligation to pay any leasing or brokerage commissions upon the renewal or extension of any Lease. None of the Leases imposes any restrictions that would
interfere with the continued operation of the Business as currently conducted. FabriSteel has received no written notice of the commencement of any eminent domain or condemnation proceeding with respect to any of the properties that are the subject
of the Leases (the “Leased Premises”). 
  
 2.9. Change in Financial Condition. Except as set forth on Schedule 2.9, from July 31, 2004, to the Closing Date, there has been no change in the financial condition of the Business which has had or
could reasonably be expected to have a material adverse effect on the financial condition or results of operations of the Business taken as a whole. 
  
 2.10. Accounts Receivable. All Accounts Receivable (a) arose out of the sales of Inventory or services in the ordinary course of
Business, (b) are not subject to any defenses, counterclaims or offsets other than defenses, counterclaims or offsets arising in the ordinary course of the Business, and (c) have been billed and are generally due within thirty (30) days after such
billing. 
  
 2.11. Books and Records. The
general ledgers of the Sellers with respect to the Business through the Closing Date have been prepared in accordance with GAAP Consistently Applied. All other books and records of the Sellers with respect to the Business and the Assets are in all
respects complete and correct and have been maintained in all respects in accordance with good business practices and all procedures required under applicable laws and regulations. 
  
 2.12. Contracts and Commitments. (a) Schedule 2.12(a) contains a true, complete and correct
list of the following contracts and agreements, whether written or oral, of the Sellers which relate to the Business: 
  
 (i) All conditional sale or title retention agreements, personal property leases and lease purchase agreements which relate to the
Business; 
  
 (ii) All contracts, agreements,
commitments, purchase orders (other than merchandise deliveries to customers in the normal course of business upon standard terms) or other understandings or arrangements to which the Sellers are a party or by which any of their assets are bound in
either case which are related to the Business under which full performance (including payment) has not been rendered by all parties thereto or which may reasonably be expected. 
  
 (iii) All collective bargaining agreements, employment, sales representative, and consulting agreements,
non-competition agreements, trust agreements, executive compensation plans, and group life, health and accident insurance and other employee benefit plans, agreements, memoranda of understanding, arrangements or commitments to which the Sellers are
a party or any of the Assets are bound in either case which are related to the Business; 
  
 (iv) All employment contracts and letters of intent to current employees, perspective employees or past employees still valid in any way;

  

 -12- 

 (v) All exclusive dealing, sourcing, agency, distributor, sales representative and
similar agreements which relate to the Business; 
  
 (vi) All contracts, agreements or other understandings or arrangements, whether written or oral, between the Sellers and any shareholder, employee, officer or director of the Sellers or any its affiliates; 
  
 (vii) All leases (other than real estate), whether
operating, capital or otherwise, under which the Sellers are lessor or lessee which are related to the Business which are not reflected on Schedule 2.8; 
  

(viii) All contracts, agreements, purchase orders, sales orders, license agreements, and other documents or information relating to
past disposal by the Sellers of waste (whether or not hazardous); 
  
 (ix) All written return policies and product warranties relating to products or goods manufactured or distributed by the Sellers as the same are currently in effect and all cooperative advertising arrangements and all
rebate, discount or allowance arrangements; 
  
 (x) All contracts related to operation, maintenance or management of the Leased Premises other than (A) contracts which do not constitute a part of the Assumed Liabilities or (B) those contracts reflected on Schedule 2.8; 

 
 (xi) All warranties and guaranties related to the Leased
Premises or any fixtures, equipment or improvements thereon which are included in the Assets; and 
  
 (xii) Any professional agreements, contractual service agreements, licensing agreements, covenants not to sue, joint development
agreements, franchise agreements, restrictive marketing agreements, non-compete agreements, price restrictions or pricing limiting agreements or controls, and other agreements or contracts with a cost greater than $10,000 per year related to the
Business. 
  
 There are no loan agreements, indentures, mortgages
and guaranties to which the Sellers are a party or by which the Sellers or any of their assets are bound in either case which are related to the Business and which will not be released as of Closing. 
  
 (b) Schedule 2.12(b) sets forth a true, correct and
complete list of the contracts and agreements, whether written or oral, which are to be assigned by the Sellers to Whitesell at the Closing. Except as set forth on Schedule 2.12(b): 
  
 (i) Each Contract is a valid, binding and enforceable
agreement of the Sellers, enforceable against the Sellers in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, and by general
principles of equity (whether considered in a proceeding at law or in equity), and Sellers have no Knowledge 

  

 -13- 

 
that any Contract is not a valid, binding and enforceable agreement of any of the other parties thereto; 
  
 (ii) The Sellers have fulfilled all obligations required
pursuant to each Contract to have been performed by it; 
  
 (iii) The Sellers are not in breach of or default under any Contract, and no event has occurred which with the passage of time or giving of notice or both would constitute such a default, result in a loss of rights
under any Contract or result in the creation of any encumbrance; and 
  
 (iv) To the Knowledge of the Sellers, there is no existing breach or default by any other party to any Contract, and no event has occurred which with the passage of time or giving of notice or both would constitute
such a default, result in a loss of rights under any Contract or result in the creation of any Encumbrance. 
  
 (c) True, correct and complete copies of all of the Contracts have been delivered by FabriSteel to Whitesell. 
  
 2.13. Compliance With Laws. Except with respect to
environmental liabilities, which are exclusively covered in Section 2.22, the Sellers have all licenses, registrations, permits and certificates from federal, state and local authorities necessary to conduct the Business as presently conducted and
to own and operate the Assets (collectively, the “Permits”). Schedule 2.13 sets forth a true, correct and complete list of all such Permits (including any pending new Permits or Permits for which the Sellers are seeking
renewal), copies of which previously have been delivered by FabriSteel to Whitesell. The Sellers have not engaged in any activity which would cause or permit revocation or suspension of any such Permit and no action or proceeding seeking or
contemplating the revocation or suspension of any such Permit is pending or, to the Knowledge of Sellers, threatened. Except as set forth on Schedule 2.13, the consummation of the transactions contemplated by this Agreement will not affect
the continuation, validity or effectiveness of the Permits or require the consent of any third party under any such Permit. The Sellers are not in violation of any law, rule, regulation or ordinance (excluding any Environmental Laws (which matters
are exclusively governed in Section 2.22) or any other laws, regulations or ordinances relating to building, zoning, land use or similar matters) relating to their properties. The Business as currently conducted does not violate any federal, state
or local laws, regulations or orders. Except as set forth on Schedule 2.13, during the past twelve months, the Sellers have not received any notice or communication from any federal, state or local governmental or regulatory authority or
otherwise of any such violation or noncompliance that has not been cured. 
  
 2.14. Employee Relations. (a) Except as set forth on Schedule 2.14: 
  
 (i) None of the Sellers’ Employees are represented by any labor union or other collective bargaining unit; 
  
 (ii) There is no pending or, to the Knowledge of the
Sellers, threatened, strike, walkout, work stoppage, unfair labor practice complaint or labor organizing campaign or other similar concerted activity with respect to the Business; and 
  

 -14- 

 (iii) There is no pending question concerning representation respecting the Sellers or
their Employees. 
  
 (b) The Sellers have
provided Whitesell with a true, correct, and complete list of the Seller’s employees, their position, hiring date, and pay rate as of May 6, 2004, and as of the Closing Date. 
  
 (c) To the Knowledge of the Sellers, (i) as of the Closing Date, no employee has been promised employment by
an Affiliate of the Sellers, and (ii) no employee has given oral or written notice to FastenTech or the Sellers of their plans to terminate employment with the Sellers (other than for the purpose of accepting employment with Whitesell following the
Closing) or to not accept employment with Whitesell. 
  
 2.15. Absence of Certain Changes or Events. Except as set forth on Schedule 2.15, since April 30, 2004, the Sellers have operated the Business in the ordinary course of business and have not entered into any transaction which
is not in the usual and ordinary course of business. Without limiting the generality of the foregoing, the Sellers have not, with respect to the Assets or the Business: 
  
 (a) Mortgaged, pledged or subjected to any encumbrance any of the Assets or the Business; 
  
 (b) Sold or purchased, assigned or transferred any of its
Intellectual Property or any other Assets outside the ordinary course of its Business except for excess and obsolete Inventory or equipment sold as scrap to parties other than customers and competitors of the Business; 
  
 (c) Made any amendment to or terminated any Contract or
Lease or taken any action or omitted to take any action which would cause the breach or permit the termination of any Contract or Lease prior to expiry; 
  
 (d) Suffered any casualty losses or condemnation proceedings, whether insured or uninsured, and whether or not in the control of the
Sellers, or waived any rights of any value unless such loss or waiver is reflected in the Financial Statements; 
  
 (e) Authorized or issued recall notices for any of its products relating to the Business or initiated any safety investigations relating
to the Business; 
  
 (f) Except for normal salary
and benefits adjustments for Employees in the ordinary course of business, increased the compensation payable or to become payable by Sellers to any of the Employees, altered the terms, status, or funding condition of any Employee Benefit Plan, or
increased any bonus, insurance, pension or other employee benefit plan, payment or arrangement made by Sellers, for or with any such Employees, or entered into any new collective bargaining agreement; 
  
 (g) Entered into any joint venture or partnership agreement,
or any other similar agreement for the conduct of the Business; or 
  

 -15- 

 (h) Failed to use commercially reasonable efforts to (i) keep in service the officers and
key employees of the Business, or (ii) preserve the goodwill of its customers, suppliers and others having business relations with it as to the Business. 
  
 2.16. Customers. The Sellers are not a party to any requirements contract relating to the sale of inventory, finished goods or
other property primarily used in the conduct of the Business. Since April 30, 2004, through the date hereof, none of the Business’ customers who accounted for more than 1/2% of sales during the twelve-month period ended April 30, 2004 has
notified the Sellers that it intends to discontinue its business relationship with the Sellers. 
  
 2.17. Suppliers. Schedule 2.17 sets forth a true, correct and complete list of the names of suppliers to the Business
(“Suppliers”) who accounted for more than $75,000 of purchases by the Business during the twelve-month period ended April 30, 2004. The Sellers are not a party to any requirements contract relating to the purchase of inventory,
finished goods or other property used in the conduct of the Business. Since April 30, 2004, no Supplier listed on Schedule 2.17 has notified the Sellers that it intends to discontinue its business relationship with FabriSteel. 
  
 2.18. Intellectual Property. (a) On or before the
date hereof, Sellers have delivered to Buyer (i) a true and correct list of all patents and patent applications, registrations and applications for registration of copyrights, trademarks, service marks, trade names, trade dress and domain names that
are owned by or licensed to the Sellers, or which Sellers have a legal and enforceable right to own or use, and utilized in or related to the Business or Products, or used in the manufacture or sale of Products, and (ii) a list of all written
agreements and written invention disclosures pertaining to the Intellectual Property. It is understood that there are other Intellectual Property assets that are not listed because they are not readily or easily identifiable, including but not
limited to assets such as know how, concept products, and product designs. The Sellers have no Knowledge of any default or alleged default or state of facts which with notice or lapse of time or both would constitute a default on the part of any
party in the performance of any obligation to be performed by any party under any such written agreement. Other than as set forth on Schedule 2.18, during the past six years, the Sellers have not been known by or used any other corporate or
assumed name. 
  
 (b) Except as otherwise
disclosed on Scheduled 2.18, the Sellers have no Knowledge of a claim against it that any of its operations, activities, products or publications infringes on any patent, trademark, trade name, copyright or other intellectual property right
of a third party, or that it is illegally or improperly using the trade secrets, formulae or property rights of a third party. Except as otherwise disclosed on Schedule 2.18 and except for such issues as Buyer, Sellers, and their respective
Affiliates may have among themselves, the Sellers (i) have no pending disputes with or claims against any third party for infringement by such third party of any Intellectual Property of the Sellers, and (ii) is not obligated or under any liability
whatsoever to share ownership or to make any payments by way of royalties, fees or otherwise to any owner or licensee of, or other claimant to, any patent, trademark, trade names, copyright or other property right, with respect to the use thereof or
in connection with the conduct of the Business, and (iii) is not aware of a claim by a third party that any of the Intellectual Property is invalid, unenforceable, or not solely owned by the Sellers. The Sellers have taken all steps reasonably

  

 -16- 

 
necessary to protect its right, title and interest in and to the Intellectual Property, including the payment of maintenance fees, annuity taxes, and the
filing of affidavits or other documents necessary to preserve the enforceability of the Intellectual Property due prior to the date of the Closing. The Sellers have not disclosed to a third party any of the Intellectual Property comprising trade
secrets or confidential information, except in the ordinary course of business and under customary confidentiality arrangements. Except as set forth in Schedule 2.18, the consummation of the transactions contemplated by this Agreement will
not adversely affect the continuation, validity or effectiveness of the Intellectual Property or require the consent of any third party with respect to the Intellectual Property. 
  
 2.19. Employee Benefit Plans. (a) As used in this Section 2.19 and otherwise in this Agreement, the
following terms shall have the following meanings: 
  
 (i) “Benefit Plan” means each deferred compensation, pension, profit sharing and retirement plan, each plan, arrangement or policy for the provision of bonuses and/or severance benefits, each “employee benefit
plan” (as defined in ERISA Section 3(3)), and each fringe benefit plan (including without limitation, a hospitalization, insurance, stock option or stock purchase plan), “multiemployer plan” (as defined in ERISA Section 3(37)) that an
ERISA Affiliate maintains, contributes to, has liability with respect to, or has an obligation to contribute to or that covers any employee leased by FabriSteel or any “leased employee”, as defined in Code Section 414(n) with respect to an
ERISA Affiliate. 
  
 (ii)
“COBRA” means the Consolidated Budget Reconciliation Act of 1985, as amended. 
  
 (iii) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (iv) “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended. 
  
 (v)
“ERISA Affiliate” means each other person or entity required to be aggregated with FabriSteel under Code Section 414(b), (c), (m), or (o). 
  
 (b) No ERISA Affiliate has directly or indirectly acted in any manner or incurred any obligation or liability, and will not directly or
indirectly act in any manner in the future or incur any obligation or liability in the future with respect to any Benefit Plan which has or could give rise to any liens on any of the Assets, or which could result in any liability or obligation to
Whitesell, whether arising out of establishing, operating, administering, or terminating such Benefit Plans or the transactions contemplated by this Agreement. 
  

(c) FabriSteel has provided Whitesell with copies of all Benefit Plans that the Sellers, directly or indirectly, sponsored, maintained,
or contributed to immediately prior to the Closing with respect to the Business, all amendments thereto, and all summary plan descriptions. 
  

 -17- 

 (d) Except as may be disclosed on Schedule 2.19: 
  
 (i) none of the assets comprising the Business which is to
be acquired by Whitesell pursuant to this Agreement is subject to any lien under Code section 401(a)(29), ERISA Section 302(f) or Code section 412(n), ERISA Section 4068 or arising out of any action filed under ERISA Section 4301(b) 
  
 (ii) Neither the Sellers nor any ERISA Affiliate has
incurred any liability which could subject Whitesell or the Assets to liability under Section 4062, 4063, 4064 or 4069 of ERISA. 
  
 (iii) Neither the Sellers nor any ERISA Affiliate, while an ERISA Affiliate, has incurred any withdrawal liability, within the meaning of
Section 4201 of ERISA, or any contingent withdrawal liability under Section 4204 of ERISA, to any multiemployer pension plan, which liability has not been fully paid as of the date hereof. All contributions which FabriSteel or any ERISA Affiliate
are required to have made to any such multiemployer plan have been timely made. 
  
 (iv) Each Benefit Plan complies with the requirements of the Code and ERISA and has been administered in compliance with the Code and
ERISA. 
  
 2.20. Real Estate. (a)
Schedule 2.20 contains a true, correct and complete list of the address and legal description of all Leased Premises. The Sellers do not own any real estate utilized in the Business. Schedule 2.20 sets forth a true, correct and
complete list of all liabilities or other obligations evidenced or secured by liens or encumbrances on the applicable land records with respect to the Leased Premises (collectively, the “Lease Encumbrances”). 
  
 (b) The Sellers have a good and valid leasehold interest in
the Leased Premises, free and clear of all Lease Encumbrances, other than as set forth on Schedule 2.20 (the “Permitted Lease Encumbrances”). 
  
 (c) Other than as set forth on Schedule 2.20, no party has made a written claim to the Sellers for
labor performed or materials furnished to or for the benefit of the Leased Premises for all periods prior to the Closing Date, and at the Closing Date any such party providing such labor or materials will have been paid in full. 
  
 (d) (i) There are no taxes or assessments other than
ordinary real estate taxes, and/or special assessments payable in installments, pending or payable against the Leased Premises and there are no contingencies existing under which any assessment for real estate taxes may be retroactively filed
against the Leased Premises. 
  
 (e) The Sellers
have no Knowledge from any authority that the Leased Premises do not comply with any applicable building, zoning, subdivision, and all other applicable statutes, laws, codes, ordinances, rules, orders, regulations and decrees (except with respect to
any environmental matters or compliance with Environmental Laws, which matters are solely governed by Section 2.22) (collectively, the “Government Regulations”) of any and all authorities. FabriSteel has obtained and provided to
Whitesell true, correct and complete copies of all consents, permits, registrations, licenses and approvals required by such Government Regulations, such consents, permits, registrations, licenses and approvals are in full force and effect, have
been properly and validly issued, and on or prior to the Closing Date will be 

  

 -18- 

 
assigned to Whitesell by FabriSteel. There is no uncured breach of any condition or requirement imposed by, or pursuant to, any permit, registration or
license issued with respect to the Leased Premises. 
  
 (f) To Sellers’ Knowledge, the structural components of all of the buildings located on the Leased Premises are in sufficient condition to conduct the Business as currently conducted. 
  
 (g) To Sellers’ Knowledge, there are no agreements of
sale (other than this Agreement), options or other rights of third parties to acquire the Leased Premises or any other agreement that would otherwise prohibit any disposition of the Leased Premises. 
  
 (h) The last paragraph of Section 9 of the Business Property
Lease dated March 1, 2001 by and between KASAMA L.L.C. and FabriSteel for the property at 7845 Middlebelt Road, Romulus, Michigan 48174 as in effect as of the Closing Date (the “Romulus Lease”), which requires the tenant to “cause an
Environmental Site Assessment of the property” prior to the termination of the Romulus Lease in order to provide an assessment “which assessment results “shall [not] differ in any material way from the [prior] Environmental Site
Assessment and Subsurface Sampling Report,” does not require subsurface sampling or testing in the area of the former fuel oil underground storage tank. If the landlord makes a claim that the Romulus Lease requires sampling or testing in such
area, Sellers may, at their sole discretion, defend such claim. If the landlord prevails in such claim, or if Sellers waive or fail to assert such defense or if Sellers consent to such sampling and testing, Whitesell may conduct the required
sampling and testing at the end of the term of the Romulus Lease, and if such sampling and testing identifies a condition which is a Pre-Closing Environmental Liability, Sellers shall indemnify, defend and hold harmless the Whitesell Indemnified
Parties from and against all Damages resulting from such Pre-Closing Environmental Liability; provided, however, that Seller shall in no event be responsible for the cost of any such sampling and testing. 
  
 2.21. Taxes. (a) As used in this Section 2.21 and
otherwise in this Agreement, the following terms shall have the following meanings: 
  
 (i) “Tax” or “Taxes” means any and all federal, state, local, or foreign net or gross income, gross
receipts, net proceeds, sales, use, ad valorem, value added, franchise, bank shares, withholding, payroll, employment, excise, property, deed, stamp, alternative or add-on minimum, environmental, profits, windfall profits, transaction, license,
lease, service, service use, occupation, severance, energy, unemployment, social security, workers’ compensation, capital, premium, and other taxes, assessments, customs, duties, fees, levies, or other governmental charges of any nature
whatever, whether disputed or not, together with any interest, penalties, additions to tax, or additional amounts with respect thereto. 
  
 (ii) “Taxing Authority” means any governmental, regulatory or other authority with respect to Taxes. 
  

 -19- 

 (iii) “Tax Returns” means any return, declaration, report, claim for
refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
  
 (c) All Tax Returns required to have been filed by the Sellers with respect to the Business have been duly and timely filed (or, if due
between the date hereof and the Closing Date, will be duly and timely filed), and each such Tax Return correctly and completely reflects in all material respects all liability for Taxes and all other information required to be reported thereon. All
Taxes shown on such Tax Returns have been timely paid (or, if due between the date hereof and the Closing Date, will be duly and timely paid). The Sellers have adequately provided for in its books of account and related records any liability related
to unpaid Taxes with respect to the Business, including with respect to Taxes not yet due and payable to the extent required in accordance with GAAP. 
  
 (d) There is no action or audit now proposed, threatened in writing or pending against, or with respect to, the Sellers in respect of any
Taxes with respect to the Business. Except as set forth on Schedule 2.21, the Sellers are not the beneficiary of any extension of time within which to file any Tax Return, nor have the Sellers made (or had made on its behalf) any requests for
such extensions. Except as set forth on Schedule 2.21, no claim has ever been made by an authority in a jurisdiction where the Sellers do not file Tax Returns that the Sellers are or may be subject to taxation by that jurisdiction or that the
Sellers must file Tax Returns with respect to the Business. There are no liens or related claims outstanding against any of the Assets or with respect to the Business (other than tax liens for real and personal property not yet due and payable).

  
 (e) The Sellers have with respect to the
Business withheld and timely paid all Taxes required to have been withheld and paid and has complied with all information reporting and backup withholding requirements, including maintenance of required records with respect thereto, in connection
with amounts paid or owing to any third party, independent contractor, creditor, shareholder, and/or employee. 
  
 (f) Except as set forth on Schedule 2.21, there are no ongoing disputes or claims concerning any liability for Taxes with respect
to the Business, and no such claims have been asserted or threatened in writing. Excluding items relating to any federal, state, local or foreign income taxes, FabriSteel has delivered or made available to Whitesell correct and complete copies of
all Tax Returns, examination reports, and statements of deficiencies assessed against or agreed to by the Sellers with the respect to the Business filed or received since December 31, 2000. The Sellers have not waived (or is not subject to a waiver
of) any statute of limitations in respect of Taxes with respect to the Business nor have the Sellers agreed to (or is subject to) any extension of time with respect to a Tax assessment or deficiency with respect to the Business. 
  
 2.22. Environmental Laws. (a) As used in this Section
2.22 the following terms shall have the following meanings: 
  
 (i) “Environmental Laws” means any federal, state or local law, regulation, rule, ordinance, or order pertaining to the protection of the environment 

  

 -20- 

 
and the health and safety of workers or the public, including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act
(“CERCLA”), 42 U.S.C. §9601 et seq.; the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. §6901 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. §1801 et seq. and any other
state, federal or local law, regulation, rule, guidance document, ordinance or order, each as in effect on the date hereof, unless otherwise stated herein, which govern: 
  
 (A) the existence, cleanup, remediation and/or removal of contamination on property; 
  
 (B) the emission or discharge of Hazardous Substances into
the environment; 
  
 (C) the control of
hazardous wastes; or 
  
 (D) the use,
generation, transport, treatment, storage, disposal, removal or recovery of Hazardous Substances, including building materials. 
  
 (ii) “Release” means any spilling, leaking, pumping, pouring, emitting, emptying, placing, discharging, injecting,
escaping, leaching, dumping or disposing into the environment, whether intentional or unintentional. 
  
 (iii) “Hazardous Substances” means (A) any petroleum products, flammable substance, explosives, radioactive materials,
hazardous wastes or substances, toxic wastes or substances or any other wastes, materials or pollutants which (1) pose a hazard to the Real Estate or Leased Premises or to persons on or about the Real Estate or Leased Premises or (2) cause the Real
Estate or Leased Premises to be in violation of any Environmental Law; (B) asbestos in any form which is or could become friable, urea formaldehyde foam insulation, transformers or other equipment which contain dielectric fluid containing levels of
polychlorinated biphenyls, or radon gas; (C) any chemical, material or substance defined as, or included in the definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,” “extremely hazardous
waste,” “restricted hazardous waste,” or “toxic substances” or words of similar import under any applicable local, state or federal law or under the regulations adopted or publications promulgated pursuant thereto, including
but not limited to under any Environmental Laws; (D) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any governmental authority; (E) any other chemical, material or substance which poses a hazard
to the health and safety of the public or the occupants of any of FabriSteel’s facilities or the owners and/or occupants of property adjacent to or surrounding those facilities, or any other person coming upon FabriSteel’s facilities or
adjacent property; and (F) any other chemical, material or substance which poses a hazard to the environment. 
  
 (iv) “Disposal” means disposal as defined under any Environmental Laws. 
  

 -21- 

 (v) “Treatment” and “Storage” mean treatment and
storage as defined by RCRA and the regulations there under and under any other Environmental Laws. 
  
 (vi) “Remediation” means environmental tests, studies, investigations, or for remedial work, or for damage to natural
resources. 
  
 (b) Except as set forth on
Schedule 2.22, there are not currently any activities on or at the Sellers’ facilities (including without limitation the Leased Premises) involving, directly or indirectly, the use, generation, Treatment, Storage or Disposal of any
Hazardous Substances (i) under, or in the land at the facility whether contained in soil, tanks, sumps, ponds, lagoons, barrels, can or other containments, structures or equipment or (ii) used in connection with any operation on, in or at any of the
Sellers’ facilities related to the Business, which in either case, is in violation of Environmental Laws or gives rise to “Corrective Action” requirements (as the term “Corrective Action” is defined in and under RCRA and
under the state equivalent, Part 111 of the Natural Resources an Environmental Protection Act, MCLA 324.11101 et seq.). 
  
 (c) Except as set forth in Schedule 2.22, there have been no Releases by Sellers or threatened Releases by Sellers of any Hazardous
Substances at any or from any of the Sellers’ facilities (including without limitation the Leased Premises), whether now or formerly owned, leased or operated by the Sellers, there has been no Treatment, Storage, or Disposal of any Hazardous
Substances by Sellers at any of the Sellers’ facilities, whether now or formerly owned, leased or operated by the Sellers related to the Business, which, in either case, is in violation of Environmental Laws or has resulted in a liability under
Environmental Laws. 
  
 (d) Except as set forth
in Schedule 2.22, there are no Hazardous Substances located in or on any facilities (including without limitation the Leased Premises) now owned, leased or operated by the Sellers related to the Business, including but not limited to any
groundwater or surface waters thereon in violation of Environmental Laws or which has resulted in a liability under Environmental Laws. 
  
 (e) Except as set forth in Schedule 2.22, Sellers are now and have since December 31, 2003, been in compliance with all
Environmental Laws. The Sellers have all approvals, consents, licenses, permits, registrations and orders necessary to carry out its Business as currently conducted. Except as set forth in Schedule 2.22, to the Sellers’ Knowledge, there
is no pending environmental litigation, enforcement actions, administrative orders, environmental liens or notices of violation brought under any Environmental Laws concerning any of the Sellers’ facilities (including without limitation the
Leased Premises) and the Sellers have no Knowledge of any threatened litigation, enforcement actions, administrative orders or notices of violation. 
  
 (f) Except as set forth in Schedule 2.22, the Sellers have not received any written requests for information, notice of claim,
demand or other notification that it may be potentially responsible for any threatened or actual Release of Hazardous Substances. The Sellers have not received any notice that, with respect to any location to which the Sellers have sent Hazardous
Substances, it is a potentially responsible party subject to federal, state or local 

  

 -22- 

 
enforcement actions or other investigations which may lead to claims against the Sellers for the cost of Remediation or for personal injury claims.

  
 2.23. No Insolvency. No insolvency
proceeding of any character, including without limitation bankruptcy, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, of the Sellers or the Assets or Business is pending or threatened. The Sellers
have not taken any action in contemplation of, or that would constitute the basis for, the institution of any such insolvency proceedings. 
  
 2.24. Product Liability. To Sellers’ Knowledge, no defect or deficiency exists in any of the products manufactured or sold by
the Sellers, or in any finished Inventory of the Sellers, that could give rise to any liabilities or claims for breach of warranty, product liability or other similar liabilities or claims. 
  
 2.25. Third Party Rights. To Sellers’ Knowledge,
no Employee, or consultant or independent contractor who provides service to the Sellers on a regular basis is bound by any agreement with a third party which includes limits on competition or solicitation of customers or employees, imposes
obligations of confidentiality on such Person, addresses ownership of inventions or other intellectual property rights, or similar matters, or otherwise limit such Person’s ability to lawfully provide services to Whitesell in the manner
currently provided to the Sellers. 
  
 2.26.
Transactions With Related Parties. Except as set forth in Schedule 2.26, there are no contracts or arrangements (formal or informal, written or oral), directly or indirectly, with respect to the Business between FabriSteel and Profile,
on the one hand, and FastenTech or its subsidiaries (other than the Sellers), on the other hand. 
  
 2.27. Finders’ Fees. There is no investment banker, broker, employee, officer, shareholder acting as a finder or other
intermediary which has been retained by or is authorized to act on behalf of the Sellers or any investment banker, broker, employee, officer, shareholder or affiliate of the Sellers who is entitled to any bonus, fee, payment, compensation, or
commission in connection with the transactions contemplated by this Agreement. 
  
 2.28. Union Contract. The collective bargaining agreement between FabriSteel and the UAW is assignable to Whitesell. 
  
 Representations of Whitesell 
  
 3. Representations of Whitesell. Whitesell represents
and warrants to the Sellers as follows: 
  
 3.1.
Organization and Authority. Whitesell is duly incorporated, validly existing and in good standing under the laws of the State of Alabama, and has requisite corporate power and authority to own its properties and to carry on its Business as
now being conducted. Whitesell has full corporate power to execute, deliver and perform this Agreement and the other agreements and documents executed by Whitesell in connection herewith and to consummate the transactions contemplated hereby and
thereby. 
  

 -23- 

 3.2. Authorization. The execution, delivery and performance of this Agreement and
all other agreements and documents executed by Whitesell in connection herewith, and the consummation by Whitesell of all transactions contemplated hereby and thereby, have been duly authorized by all requisite corporate action. This Agreement, the
Bill of Sale, the Assignments, and all other agreements and written obligations entered into and undertaken in connection with the transactions contemplated hereby and thereby constitute the valid and legally binding obligations of Whitesell,
enforceable against Whitesell in accordance with their respective terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors rights generally and by principles of equity, whether
considered in a proceeding at law or in equity. The execution, delivery and performance of this Agreement, the Bill of Sale, the Assignments, and the other agreements provided for herein and therein, and the consummation by Whitesell of the
transactions contemplated hereby and thereby, will not, with or without the giving of notice or the passage of time or both, (a) violate the provisions of any law, rule or regulations applicable to Whitesell; (b) violate the provisions of the
Articles of Incorporation or Bylaws of Whitesell; (c) violate any judgment, decree, order or award of any court, governmental body or arbitrator applicable to Whitesell; or (d) conflict with or result in the breach or termination of any term or
provision of, constitute a default under, cause any acceleration under, or cause the creation of any Encumbrance upon the properties or assets of Whitesell pursuant to, any indenture, mortgage, deed of trust or other agreement or instrument to which
it or its assets is or may be bound. 
  
 3.3. Regulatory Approvals. All consents, approvals, authorizations and other requirements prescribed by any law, rule or regulation which must be obtained or satisfied by Whitesell and which are necessary for the consummation by
Whitesell of the transactions contemplated by this Agreement have been, or will be prior to the Closing Date, obtained and satisfied. 
  
 3.4. Investigation. Whitesell acknowledges that, except for the matters that are expressly covered by the provisions of this
Agreement, in entering into the transactions contemplated hereby, Whitesell is relying on its own investigation and analysis and more specifically on the representations and warranties of Sellers contained in Section 2.4 in respect of the Financial
Statements and the 2003 EBITDA. Whitesell used the 2003 EBITDA times a multiple to evaluate the acceptability of the Purchase Price. Whitesell recognizes that the 2003 EBITDA calculation is no guarantee of future performance and that actual EBITDA
of the Business for the period after September 30, 2003 may be less than the 2003 EBITDA. Whitesell also recognizes that EBITDA for the Business for the ten months ended July 31, 2004, on an annualized basis, was less than the 2003 EBITDA. Whitesell
is knowledgeable about the industries in which Sellers operate. 
  
 4. Confidentiality. All information, documents or other material not previously disclosed to the public or generally known to persons engaged in the business of Sellers or Whitesell which shall have been furnished by
Sellers or Whitesell to the other party in connection with the transactions contemplated hereby (“Information”) shall not be disclosed by such receiving party to any person other than their respective officers, directors, attorneys,
accountants, or financial advisors and limited other employees on a need to know basis to effect this transaction. Each party will use reasonable and diligent efforts to cause all persons (including any Affiliates) to whom any Information is
disclosed not to disclose any of such 

  

 -24- 

 
Information to others in violation of the foregoing restrictions. The obligations of this Section shall not apply to any Information which (a) at the time of
disclosure or thereafter is generally available to and known by the public (other than as a result of a disclosure by the party against whom enforcement of this Section is sought (the “Disclosing Party”)), (b) was available to the
Disclosing Party from a source other than the other party or its officers, employees, agents, attorneys or other representatives, provided that such source is not and was not bound by a confidentiality agreement or obligation with the other party,
(c) has been independently developed by the Disclosing Party without violation of any of its obligations hereunder, or (d) is required to be disclosed pursuant to any law or regulation or any judicial or administrative requested or proceeding. Each
party agrees to cause the Information to be used only in connection with its analysis and review of the transactions contemplated in this Agreement. An “Affiliate” of an entity means each entity that, directly or indirectly,
controls, is controlled by, or is under common control with such entity, but shall not include any natural person. 
  
 5. Public Announcements. From the date hereof, each of Whitesell and the Sellers agrees to not disclose the material terms of this
Agreement in any press release, except as required to be disclosed pursuant to any law or regulation or any judicial or administrative request or proceeding or as required under the FastenTech bond indenture. For purposes of this Section, the
“material terms of this Agreement” means the Purchase Price, the Final Adjustment Amount, the Assumed Liabilities, the Retained Liabilities, the indemnity provisions, the non-competition provisions, the Shared Services Agreement, the
Supply Agreements, the due diligence results, Sellers’ customer and supplier lists, or any employee-specific information of the Sellers. This restriction shall not apply after and to the extent that any of these terms are properly disclosed as
permitted above. This section is not intended to limit Whitesell’s ability to communicate with existing or prospective employees, suppliers, or customers in the ordinary course of business the fact that Whitesell has purchased all of the assets
of the Business for an undisclosed amount. 
  
 6.
Reserved. 
  
 7. Sellers’
Closing Deliveries. Whitesell shall have received at or prior to the Closing each of the following documents: 
  
 (a) The Bill of Sale and the Assignments executed by Sellers; 
  
 (b) An opinion of Dechert LLP, dated as of the Closing Date, in the form attached as Exhibit C;

  
 (c) A mutual release of all claims between
Whitesell of Michigan, Inc., and FabriSteel in form and substance acceptable to Whitesell; 
  
 (d) An assignment of the UAW FabriSteel’s collective bargaining agreement in the form attached as Exhibit E; 
  
 (e) Transitional Services Agreement with a subsidiary of
FastenTech in the form attached as Exhibit F; 
  

 -25- 

 (f) Certificates of the Secretary of the Sellers attesting to the incumbency of such
Seller’s officers, the authenticity of the resolutions authorizing the transactions contemplated by this Agreement, and the authenticity and validity of its organizational documents; 
  
 (g) Landlord waiver and estoppel certificates from each
lessor under the Leases set forth in Schedule 2.8 (i) representing that there are no outstanding claims against FabriSteel under any such Lease, and no outstanding defaults or events which with notice or the passage of time or both may become
defaults; (ii) specifying the commencement and termination dates under the Lease; (iii) specifying the rental rates under the Lease; (iv) providing a landlord waiver in favor of Whitesell’s lenders; and (v) any other matters that Whitesell may
reasonably request, all substantially in the form attached as Exhibit H; 
  
 (h) The Supply Agreement with FastenTech in the form attached hereto as Exhibits I; and 
  
 (i) Certificates of Amendment to the Articles of
Incorporation of FabriSteel and Profile Steel changing their corporate names to one not using the terms “FabriSteel” and “Profile Steel”. 
  
 8. Whitesell’s Closing Deliveries. The Sellers shall have received at or prior to the Closing each of the following documents:

  
 (a) A certificate of the Secretary of
Whitesell attesting to the incumbency of Whitesell’s officers, the authenticity of the resolutions authorizing the transactions contemplated by this Agreement, and the authenticity and continuing validity of the organizational documents;

  
 (b) The Bill of Sale and the Assignments
executed by Whitesell; 
  
 (c) Payment of the
Purchase Price; 
  
 (d) An assignment of the UAW
FabriSteel’s collective bargaining agreement in the form attached as Exhibit E; 
  
 (e) Transitional Services Agreement with Whitesell in the form attached as Exhibit F; 
  
 (f) A cross receipt executed by Whitesell; 
  
 (g) An opinion of Whitesell’s counsel, dated as of the
Closing Date, in the form attached as Exhibit G; and 
  
 (h) the Supply Agreement with Whitesell in the form attached hereto as Exhibits I; and 
  
 (i) A mutual release of all claims between Whitesell of Michigan, Inc., and FabriSteel in form and substance acceptable to the Sellers.

  

 -26- 

 9. Post-Closing Agreements. FabriSteel and Whitesell agree that from and after the
Closing Date: 
  
 9.1. Proprietary
Information. FabriSteel and each entity that directly or indirectly controls, is controlled by, or is under common control with FabriSteel shall hold in confidence, and use commercially reasonable efforts to have all of its officers,
shareholders, directors and personnel hold in confidence, all Intellectual Property of a secret or confidential nature with respect to the Business, and shall not disclose, publish or make use of the same without the written consent of Whitesell,
except to the extent that such information shall have become public knowledge other than by breach of this Agreement by FabriSteel or by any other persons controlled by FabriSteel who have agreed not to disclose, publish or make use of such
information or is required to be disclosed by law or any judicial or administrative regulation or proceeding. 
  
 9.2. Non-Competition Agreement. (a) For a period of ten (10) years after the Closing Date, neither FabriSteel, its shareholders nor
any parent corporation, subsidiary, or other Affiliate of FabriSteel shall directly or indirectly compete with the Business through the manufacture, marketing or sale of any Products that incorporate, embody, or use the Intellectual Property owned
by the Business, or which Sellers have a legal and enforceable right to own or use; or engage in, manage, operate, be connected with or acquire any interest in, as an employee, consultant, advisor, agent, owner, partner, co-venturer, principal,
director, shareholder, lender or otherwise, any business which manufacturers the Products (a “Competitive Business”) throughout the world, except that FabriSteel and its affiliates may (i) own, in the aggregate, not more than 1% of
the outstanding shares of any publicly held corporation that is a Competitive Business and has shares listed for trading on a securities exchange registered with the Securities and Exchange Commission or on the NASDAQ Stock Market (or a recognized
securities exchange outside the U.S.), and (ii) continue operating any existing business of the Sellers, their shareholders, parent corporation, subsidiary, or other Affiliate not acquired including the Excluded Assets as long as FabriSteel and its
Affiliates do not manufacture, market or sell any of the Products referenced above. As stated in the Recital and to assure clarity here: “Whitesell desires to purchase, and the Sellers desire to sell, certain of FabriSteel’s Assets (as
defined in Section 1.1) and business activity and all of Profile’s Assets and business activity (such business activity being collectively, the “Business”) for the consideration set forth below and the assumption of certain of
the Sellers’ liabilities set forth below, subject to the terms of this Agreement. The Assets of the Sellers being sold relate to those Assets that are referenced in Section 1.1 that are used or are available for use by the Sellers in the
manufacture or sale of Products (as defined below). For purposes of this Agreement, the term “Products” means pierce nuts, other pierce form fasteners (including fasteners formed after installation in pre-formed apertures,
non-threaded locating studs, single and double-ended threaded or non-threaded studs), related installation tooling and equipment, custom cold-rolled products, all other such products historically sold in the Business since March 1998, and any and
all additional products designed, developed, or under research or development by Sellers.” 
  
 (b) The parties hereto agree that the duration, geographic scope and other provisions of the non-competition provision set forth in this
Section are reasonable. In the event that any court determines that the duration, the geographic scope or any other provisions are unreasonable and that such provision is to that extent unenforceable, the parties hereto agree 

  

 -27- 

 
that the provision shall remain in full force and effect for the greatest time period and in the greatest geographic area that would not render it
unenforceable. FabriSteel agrees that damages are an inadequate remedy for any breach of this provision and that Whitesell shall, whether or not it is pursuing any potential remedies at law, be entitled to equitable relief in the form of preliminary
and permanent injunctions without bond or other security upon any actual or threatened breach of this non-competition provision. If FabriSteel or any affiliate shall violate this Section, the duration of this Section automatically shall be extended
as against such violating party for a period equal to the period during which such party shall have been in violation of this Section. The covenants contained in this Section are deemed to be material and Whitesell is entering into this Agreement in
reliance upon such covenants. 
  
 (c) In the
event the existing Confidentiality, Non-Disclosure and Non-Competition Agreements between FabriSteel and its employees are not assignable to Whitesell, and in the event an employee does not sign Whitesell’s similar agreement (therefore is not
hired by Whitesell), and the employee subsequently violates FabriSteel’s original agreement in any manner, upon the written request of Whitesell referencing this Section of the Agreement, FabriSteel will enforce its rights under such prior
agreement against such former employee; provided, that Whitesell agrees in writing to, and promptly does, reimburse FabriSteel for any and all expenses incurred in connection with such enforcement upon such incurrence. 
  
 9.3. Employment of Rick Ward and other Employees. (a)
For a period of two (2) years after the Closing Date, without the consent of Whitesell, neither FabriSteel nor FastenTech or its subsidiaries will (i) employ any employees currently employed by Sellers (other than Rick Ward), except to the extent
such employee is terminated by Whitesell without cause, or (ii) employ Rick Ward. 
  
 (b) The parties hereto agree that the duration of the employment restriction set forth in this Section is reasonable. In the event that
any court determines that the duration is unreasonable and that such provision is to that extent unenforceable, the parties hereto agree that the provision shall remain in full force and effect for the greatest time period that would not render it
unenforceable. The Sellers agree that damages are an inadequate remedy for any breach of this provision and that Whitesell shall, whether or not it is pursuing any potential remedies at law, be entitled to equitable relief in the form of preliminary
and permanent injunctions without bond or other security upon any actual or threatened breach of this provision. If the Sellers or any affiliate shall violate this Section, the duration of this Section automatically shall be extended as against such
violating party for a period equal to the period during which such party shall have been in violation of this Section. The covenants contained in this Section are deemed to be material and Whitesell is entering into this Agreement in reliance upon
such covenant. 
  
 9.4. Sharing of Data.
Sellers shall have the right for a period of seven years following the Closing Date to have reasonable access to such books, records and accounts, including financial and tax information, correspondence, production records, employment records and
other similar information as are transferred to Whitesell pursuant to the terms of this Agreement and such personnel of the Business as are reasonably required by either Seller, for the limited purposes of concluding its involvement in the Business
and complying with its obligations under applicable debt agreements and securities, tax, environmental, employment or 

  

 -28- 

 
other laws and regulations. Whitesell shall have the right for a period of seven years following the Closing Date to have reasonable access to those books,
records and accounts, including financial and tax information, correspondence, production records, employment records and other records which are retained by FabriSteel pursuant to the terms of this Agreement to the extent that any of the foregoing
relates to the Business or the Assets transferred to Whitesell hereunder or is otherwise needed by Whitesell in order to comply with its obligations under applicable securities, tax, environmental, employment or other laws and regulations. In
addition, Whitesell will provide to Seller, within the Business’ normal month-end closing cycle for the first month ending after the Closing Date the monthly reporting information (in form and substance) customarily provided to FastenTech by
the Sellers and such other financial information as reasonably requested with respect to the Business for the period from July 31, 2004, through the Closing Date. In addition, Whitesell shall cause the Business’ employees, agents and
representatives to cooperate with and assist Sellers in preparing Sellers’ financial statements for each period from October 1, 2003, to the Closing Date, including in connection with the audit of FastenTech’s financial statements for any
such period. 
  
 9.5. Employee Benefits
Matters. 
  
 (a) Employees - Offer of
Employment. Effective as of the Closing Date, the Sellers will terminate the employment of each of their employees who are employed primarily in connection with the Business. Whitesell agrees to offer employment as of 12:01 a.m. on the day
immediately following the Closing Date to each Employee terminated in accordance with the immediately preceding sentence in the same or a comparable position and at a rate of pay at least equal to the Employee’s rate of pay in effect on the
Closing Date. For purposes of this Section 9.5, references to “pay” shall include base pay plus any commission, bonus or incentive pay. Such employment shall be at the same location as the Employee’s location of employment as of the
Closing Date (which, in the case of a sales employee, shall mean such employee’s sales territory on the Closing Date). Whitesell may, at its discretion but subject to any existing collective bargaining agreements, change the conditions of
employment after the Closing Date. 
  
 (b)
General Allocation of Employee Benefits Obligations. It is understood by Whitesell and FabriSteel that, on and after the Closing Date, Whitesell will not assume or accept any of the Benefit Plans or other employee benefit obligations of
FabriSteel. On or after the Closing Date, Whitesell will, in its sole discretion, establish new employee benefit plans or otherwise provide employee benefits for those former employees of FabriSteel who are hired by Whitesell
(“Whitesell’s Plans”) which plans, shall cover only claims related to illnesses, treatments, injuries, deaths, disability or other occurrences on or after the later of the Closing Date or the date such former employee of
FabriSteel is hired by Whitesell. FabriSteel (and not Whitesell) shall be responsible for liabilities and claims for employee benefits (i) under the Benefit Plans of FabriSteel, (ii) to the extent that such liabilities relate to service, illnesses,
treatments, injuries, deaths, disability or other occurrences prior to the later of the Closing Date or the date such employee is hired by Whitesell (including benefits provided to an employee who is absent from work as of Closing Date due to
disability or other absence until such time as such employee becomes an active employee of Whitesell), (iii) earned or accrued under any tax qualified Benefit Plans of FabriSteel for the year of Closing, or (iv) with regard to any severance or
layoff benefits that are claimed to arise as a result of the transactions contemplated by this 

  

 -29- 

 
Agreement. Whitesell will authorize the trustee of any 401(k) plan that it establishes for the benefit of employees of FabriSteel who are hired by Whitesell,
or in which such employees are allowed to participate, to accept direct rollovers of such employees’ accounts from the FabriSteel Products 401(k) Profit Sharing Plan, including any loan notes. 
  
 (c) COBRA Obligations. FabriSteel will be responsible
for all COBRA obligations for employees of FabriSteel (and their dependents) who have a qualifying event (as defined under COBRA) on or before the Closing Date. 
  
 (d) Crediting of Service. With regard to Whitesell’s Plans, employees hired by Whitesell on or
after the Closing Date shall receive credit for their service with FabriSteel prior to Closing for purposes of (i) eligibility to participate (with regard to all such plans), (ii) vesting (only with regard to tax qualified plans established under
Code Section 401(a)) and (iii) in the case of vacation, severance or similar plans basing benefit amounts on length of service (excluding any defined benefit pension plans), amount of benefits. 
  
 9.6. Steel Allocation. Sellers will not interfere or
impair the ability of Whitesell to obtain from steel companies the steel allocation previously allocated to the Business by (i) directing any such steel company to divert to FastenTech or its subsidiaries any steel allocation previously allocated to
the Business or (ii) knowingly agreeing to accept such steel company’s diversion to FastenTech or its subsidiaries of any steel allocation previously allocated to the Business. 
  
 9.7. Midwest Accounts Receivable. (a) During the 90-day period after the Closing, Whitesell shall use
all reasonable efforts to collect all accounts receivable of the Business as of the Closing in which Midwest is the account debtor (such amount, without regard to any allowance for doubtful accounts, or other reserve, being the “Midwest
Accounts Receivable”). If any portion of the Midwest Accounts Receivable that remains unpaid sixty (60) days after the Closing Date, Whitesell shall suspend product shipments to or for the benefit of Midwest or its Affiliates until Midwest
has paid all of the Midwest Accounts Receivable, provided that Whitesell shall not be required to suspend product shipments to Midwest hereunder so long as either (i) Midwest shall have filed a petition seeking the reorganization or bankruptcy
relief in respect of its debts, or a substantial part of its assets, under any Federal, state, or foreign bankruptcy, insolvency, or receivership law, and the petition or resulting proceeding shall continue undismissed or an order or decree
approving or ordering any of the foregoing shall have been entered, or (ii) all of such portion of the Midwest Accounts Receivable then outstanding is disputed by Midwest and such disputed amount equals an amount less than 10% of all of the amount
of Midwest Accounts Receivable outstanding as of the Closing. 
  
 (b) If the Midwest Accounts Receivable remains outstanding after the ninetieth (90th) day following the Closing Date, and Whitesell has suspended product shipments to Midwest for at least thirty (30) days in
accordance with Section 9.7(a), Profile shall repurchase, or shall cause one of its Affiliates to repurchase, any outstanding Midwest Accounts Receivable that Whitesell designates in a written notice to Seller. Within five business days after
receiving the repurchase notification, Profile or its affiliates shall pay Whitesell the aggregate unpaid balance of all such Midwest Accounts Receivable to be repurchased, and Whitesell shall deliver to Profile, or its affiliates, appropriate
instruments of assignment to each account being 

  

 -30- 

 
repurchased and of all rights of collection of such accounts. If Whitesell does not designate within one hundred fifteen (115) days after the Closing Date an
account as one to be purchased by Profile pursuant to this subsection, Profile shall no longer have any obligation to purchase such account. 
  
 (c) For the purpose of determining the unpaid balance with respect to each account in the Accounts Receivable, the face value of the
account shall be used, no interest charges shall be included and payments made by account debtors shall be applied to accounts in the chronological order in which such accounts were invoiced to the account debtor. 
  
 9.8. Miscellaneous. Except as otherwise expressly
provided in this Agreement, this Agreement is solely for the benefit of Whitesell and FabriSteel, and no third party rights are intended or shall be deemed created hereby. Without limiting the generality of the foregoing, no past, present or future
employee of FabriSteel or Whitesell shall have any rights of any nature whatsoever under or arising out of this Agreement. Notwithstanding anything herein to the contrary, Whitesell shall be free, in its sole and absolute discretion, to amend or
terminate any plan, program or practice established or maintained on and after the Closing Date. 
  
 10. Indemnification and Reimbursement. 
  
 10.1. Survival. The representations, warranties and covenants made by the Sellers herein shall survive the Closing, and any
investigation made at any time with respect thereto, for a period equal to thirty (30) months after the Closing, provided, that (i) the representations and warranties made under Sections 2.2 (but only the second sentence thereof relating to
enforceability of this Agreement) shall survive for the period of the applicable statute of limitations for such matters, and (ii) the representations and warranties made under Section 2.20(h) shall survive until sixty (60) days after the expiration
or earlier termination of the current term of the Romulus Lease. The representations, warranties and covenants made by Whitesell herein shall survive the Closing, and any investigation made at any time with respect thereto, for a period equal to
thirty (30) months after the Closing, provided, that the representations and warranties made under Section 3.2 (but only the second sentence thereof relating to enforceability of this Agreement) shall survive for the period of the applicable statute
of limitations for such matters. 
  
 10.2.
Indemnification. (a) Sellers and its parent corporation (collectively, the “Seller Indemnitors”) agree jointly and severally to indemnify, defend and hold harmless Whitesell and any parent, subsidiary or affiliate thereof and
all directors, officers, employees and agents of each of the foregoing (collectively, the “Whitesell Indemnified Parties” and individually a “Whitesell Indemnified Party”) from and against all demands, claims,
actions or causes of action, assessments, losses, damages, liabilities (whether absolute, accrued, contingent or otherwise) and reasonable costs and expenses, including but not limited to, interest, penalties, expert witness fees and expenses, and
attorneys’ fees and expenses (collectively, “Damages”), asserted against, imposed upon or incurred by any Whitesell Indemnified Party, directly or indirectly, by reason of or resulting from or relating to any of the following
(but in any event excluding the Assumed Liabilities): 
  
 (i) The Retained Liabilities; or 
  

 -31- 

 (ii) Misrepresentation or breach of warranty or covenant or agreement by the Sellers
made or contained in this Agreement or in any Exhibit, Schedule, certificate or other instrument furnished or to be furnished to Whitesell under this Agreement; or 
  
 (iii) Failure to comply with any bulk sales or similar laws applicable to the transactions contemplated
hereby; 
  
 provided, however, that in no event will the aggregate
liability of the Seller Indemnitors under clause (i) of this Section 10.2(a) for Pre-Closing Environmental Liabilities and under clause (ii) of this Section 10.2(a), in the aggregate, exceed $18,750,000 (the “Cap”); and
provided, further, that, except as described in Section 10.8, no claims for indemnification can be made under clause (ii) of this Section 10.2(a) unless and until the aggregate amount of such Damages for which the Whitesell Indemnified
Parties are entitled to indemnity under the terms hereof exceeds $250,000 (the “Whitesell Deductible”), and provided, further, that Damages attributable to potential violations of Environmental Laws raised in the
Dragun Limited Compliance Assessments identified in Schedule 2.22 shall also be subject to the Whitesell Deductible, except for any penalties imposed by any governmental agency. In the event the aggregate amount of the Damages sustained by
the Whitesell Indemnified Parties under clause (ii) of this Section 10.2(a) hereunder (other than those described in Section 10.8) exceeds the Whitesell Deductible, the indemnification obligations of the Seller Indemnitors shall apply only to those
Damages actually sustained by the Whitesell Indemnified Parties in excess of the Whitesell Deductible. 
  
 (b) Whitesell agrees to indemnify, defend and hold harmless FabriSteel and any parent, subsidiary or affiliate thereof and all directors,
officers, employees, agents, representatives and consultants of each of the foregoing (collectively, the “FabriSteel Indemnified Parties” and individually a “FabriSteel Indemnified Party”) from and against all
Damages asserted against, imposed upon or incurred by any FabriSteel Indemnified Party, directly or indirectly, by reason of or resulting from or relating to any of the following: 
  
 (i) The Assumed Liabilities; or 
  
 (ii) Misrepresentation or breach of warranty or covenant or agreement by Whitesell or any Affiliate of
Whitesell made or contained in this Agreement or in any certificate or other instrument executed by Whitesell and furnished to FabriSteel or Affiliate of FabriSteel under this Agreement; or 
  
 (iii) Litigation or other claims arising from acts,
failures to act or events relating to the Business or the Assets which occurred after the Closing Date, including without limitation product liability and product warranty claims for products designed and manufactured after the Closing Date;

  
 provided, however, that no claims for indemnification can be
made under clause (ii) of this Section 10.2(b) unless and until the aggregate amount of such Damages for which the FabriSteel Indemnified Parties are entitled to indemnity under the terms hereof exceeds $250,000 (the “Sellers’
Deductible”). In the event the aggregate amount of the Damages sustained by the 

  

 -32- 

 
FabriSteel Indemnified Parties under clause (ii) of this Section 10.2(b) hereunder exceeds the Sellers’ Deductible, the indemnification obligations of
Whitesell shall apply only to those Damages actually sustained by the FabriSteel Indemnified Parties in excess of the Sellers’ Deductible. 
  
 10.3. Notice and Defense of Claims. The obligations and liabilities of each indemnifying party hereunder (an “Indemnifying
Party”) with respect to claims resulting from the assertion of liability by any indemnified party (an “Indemnified Party”) or third parties shall be subject to the following terms and conditions: 
  
 (a) Notice. The Indemnified Party shall give prompt
written notice to the Indemnifying Party of any claim or event known to it which does or may give rise to a claim by the Indemnified Party against the Indemnifying Party for which the Indemnified Party believes it is entitled to indemnification
pursuant to Section 10.2, stating the nature and basis of said claims or events and the amounts thereof, to the extent known. Such notice shall be given in accordance with Section 14. 
  
 (b) Third Party Claims or Actions. The obligations and liabilities of any party hereto against which
indemnification is sought hereunder with respect to claims resulting from the assertion of liability by third parties shall be subject to this Section 10.3(b). 
  

(i) Promptly after receipt by any Indemnified Person of notice of any demand or claim or the commencement of any action, proceeding or
investigation (an “Asserted Liability”) that could reasonably be expected to result in Damages, the Indemnified Person shall give notice thereof (a “Claims Notice”) to any other party obligated to provide
indemnification pursuant to Section 10.2(a) or Section 10.2(b) (the “Indemnifying Persons”). Each Claims Notice shall describe the Asserted Liability in reasonable detail, and shall indicate the amount (estimated, if necessary) of
the Damages that have been or may be suffered by the Indemnified Person. The rights of any Indemnified Person to be indemnified hereunder shall not be adversely affected by its failure to give, or its failure to timely give, a Claims Notice with
respect thereto unless, and if so, only to the extent that, the Indemnifying Person is prejudiced thereby. 
  
 (ii) The Indemnifying Person shall have the right, exercisable by written notice to the Indemnified Person within 60 days of receipt of a
Claims Notice from the Indemnified Person, to assume the defense of such Asserted Liability, using counsel selected by the Indemnifying Person and reasonably acceptable to the Indemnified Person, if, but only if, the Indemnifying Person first agrees
in writing that (i) the Indemnifying Person is responsible for all Damages relating to all matters referenced in the Claims Notice (including all Asserted Liabilities) (except to the extent that the Indemnifying Person is not responsible for such
Damages as a result of application of the limitations included in this Section 10, as the case may be); provided that notwithstanding anything else herein to the contrary, the Indemnifying Person shall not have the right to assume or continue
control of such defense and shall pay the reasonable fees and expenses of counsel retained by the Indemnified Person, (x) if the claim which the Indemnifying Person seeks to assume or continue control involves a claim in which an adverse
determination would reasonably be likely to result in a material adverse effect on 

  

 -33- 

 
the financial condition or results of operation of the Business or (y) if the Indemnified Person reasonably determines that the Indemnifying Person is not
diligently pursuing such defense. Should the Indemnifying Person elect to assume the defense of the Asserted Liability, the Indemnifying Person shall not be liable to the Indemnified Person for legal expenses incurred by the Indemnified Person in
connection with the defense thereof after the Indemnifying Person assumes the defense thereof. Subject to the foregoing, if the Indemnifying Person elects to compromise or defend such Asserted Liability, the Indemnified Person shall cooperate in
connection with the defense of such Asserted Liability. If the Indemnifying Person elects not to compromise or defend the Asserted Liability or fails to notify the Indemnified Person of its election as herein provided, the Indemnified Person may
pay, compromise or defend such Asserted Liability. The Indemnified Person and the Indemnifying Person may participate, at their own expense, in the defense of such Asserted Liability. 
  
 (iii) If any Indemnifying Person has assumed the defense of an Asserted Liability in accordance with the
terms hereof, he, she or it shall have the right to consent to the entry of judgment with respect to, or otherwise settle such Asserted Liability without the consent of the Indemnified Person if (i) the settlement involves solely monetary damages
and (ii) the settlement contains a complete release of the Indemnified Person without further liability thereto. If the foregoing conditions are not satisfied, the Indemnifying Person shall have the right to consent to the entry of judgment with
respect to, or otherwise settle such Asserted Liability only upon receipt of the written consent of the Indemnified Person, which consent shall not be unreasonably withheld or delayed. If the Indemnified Person does not give such consent, the
Indemnifying Party shall resume the diligent defense of the Asserted Liability. 
  
 10.4. Other Limitations. Each party acknowledges and agrees that except with respect to claims based on fraud, its sole and
exclusive remedy for damages with respect to any and all claims relating to the subject matter of this Agreement and the transactions contemplated hereby shall be pursuant to the indemnification provisions set forth in this Article 10. In
furtherance of the foregoing, Whitesell hereby waives and releases the Sellers from any and all rights, claims and causes of action, known and unknown, foreseen or unforeseen, for monetary or other damages which exist or which may arise in the
future under any Environmental Law, including any common law relating to environmental matters, CERCLA, or any other Environmental Laws now or hereafter in effect. Notwithstanding anything to the contrary in this Agreement, no party shall be
required to indemnify or hold harmless the other party or otherwise compensate the other party for damage to reputation, lost business opportunities, special, indirect, incidental or consequential damages, lost profits, mental or emotional distress,
exemplary, or interference with business operations. Indemnified Persons shall take and shall cause their affiliates to take all reasonable steps to mitigate any Damages upon becoming aware of any event which would reasonably be expected to, or
does, give rise thereto, including incurring costs only to the minimum extent necessary to remedy the breach which gives rise to the Damages. 
  
 The amount of any Damages for which indemnification is provided under any of Sections 10.2(a) and 10.2(b) shall be net of (i) any amounts recoverable by
the Indemnified Person from any unrelated third parties or under insurance policies or indemnity agreements with respect to 

  

 -34- 

 
such Damages and net of any resulting tax benefits related thereto. An Indemnified Person shall use its reasonable efforts to seek recovery from any
foregoing collateral source of any such claim for indemnity before or within a reasonable amount of time after making any claim for indemnification by an Indemnifying Person. Any Indemnifying Person may, in its sole discretion, require any
Indemnified Person to grant an assignment of the right of such Indemnified Person to assert a claim against any collateral source. In the event of such assignment, the Indemnifying Person will pursue the claim at its own expense. 
  
 10.5. Cooperation. The parties hereto agree to render
to each other such assistance as they may reasonably request of each other and to cooperate in good faith with each other in order to ensure the proper and adequate defense of any claim, action, suit or proceeding brought by any third party. Where
counsel has been selected by an Indemnifying Party or by an Indemnified Party pursuant to Section 10.3, the Indemnifying Party or the Indemnified Party, as the case may be, shall be entitled to rely upon the advice of such counsel in the conduct of
the defense. 
  
 10.6. Confidentiality.
The parties agree to cooperate in such a manner as to preserve in full the confidentiality of all confidential Business records and the attorney-client and work-product privileges. In connection therewith, each party agrees that (a) it will use
commercially reasonable efforts, in any action, suit or proceeding in which it has assumed or participated in the defense, to avoid production of confidential Business records (consistent with applicable law and rules of procedure) and (b) all
communications between any party hereto and counsel responsible for or participating in the defense of any action, suit or proceeding shall, to the extent practicable, be made so as to preserve any applicable attorney-client or work-product
privilege. 
  
 10.7. Affiliates as
Beneficiaries. The Whitesell Indemnified Parties, and their respective assigns and successors, and the FabriSteel Indemnified Parties, and their respective successors and assigns, are third party beneficiaries of this Section 10 in accordance
with its terms. Any modification of this Section 10 executed by Whitesell and FabriSteel shall be binding upon such persons, and any consent or action taken by Whitesell on its own behalf shall be binding upon the Whitesell Indemnified Parties and
their respective successors and assigns, and any consent or action taken by FabriSteel on its own behalf shall be binding upon the FabriSteel Indemnified Parties and their respective successors and assigns for purposes of this Agreement. This
Section 10 is not intended to, nor shall it be deemed to, create any rights in any persons except for Whitesell, the Whitesell Indemnified Parties, and their respective successors and assigns, and FabriSteel, the FabriSteel Indemnified Parties, and
their respective successors and assigns. 
  
 10.8. Environmental. Neither Whitesell nor any of its Affiliates, agents, or other persons acting on Whitesell’s or its Affiliates’ behalf will submit to the State of Michigan a BEA, as defined under MCLA Sec. 324.20101(d).
Notwithstanding anything to the contrary contained in this Agreement, Sellers shall not be liable or responsible for any Damages for misrepresentation or breach of warranty in Section 2.20(h) or Section 2.22 or for a Pre-Closing Environmental
Liability where the condition giving rise to such liability has been discovered by Whitesell’s or its Affiliates’, agents’, or other persons acting on Whitesell’s or its Affiliates’ behalf (1) assessment to submit to the
State of Michigan a BEA; or (2) voluntary invasive 

  

 -35- 

 
sampling, testing, and related analysis or reporting to any governmental agency or third party the results of any such invasive sampling, testing and related
analysis, except (a) as required by Environmental Law, (b) as required by the terms of the Leases listed in Schedule 2.8 as such Leases are in effect as of the Closing Date, provided that Sellers shall have the right to contest such sampling,
testing or analysis which a landlord may claims is required in the Leases and (c) as generated from the investigation of conditions prior to performing structural repairs of the real property subject to the Leases listed in Schedule 2.8 as of
the Closing Date, provided such investigation is reasonable and necessary under the circumstances. Nothing herein shall affect Sellers’ indemnification obligations should Whitesell provide disclosure of Phase I and compliance reports prepared
as of the date hereof to its lenders and its lenders’ legal advisors; provided, such lenders and their legal advisors shall not disclose such information to any government agency or third party. With respect to any Pre-Closing
Environmental Liability the resolution of which requires Remediation, each Seller shall have the right, at its own discretion, to perform the Remediation or require Whitesell to do so; and in any event such Seller shall only be responsible for
Remediation to the least stringent standards under Environmental Laws applicable to the use of the property as of the Closing Date as such standards are in effect at the time of the completion of the Remediation or the standards, if any, set forth
in the Leases listed in Schedule 2.8 as such Leases are in effect as of the date hereof (but only for such period as such Leases’ provisions in their form as of the Closing Date may be enforceable), and such Seller may choose the method
of Remediation among all alternative methods including the least costly method, and Whitesell shall consent to the imposition of any structural or institutional controls so long as they do not impair Whitesell’s ability to conduct the Business
at the property. Sellers shall indemnify, defend and hold the Whitesell Indemnified Parties harmless for any claims that any such controls are prohibited by any of the Leases listed in Schedule 2.8 in their form as of the Closing Date. During
its occupancy of each property subject to a Lease listed in Schedule 2.8, Whitesell shall be responsible for operation and maintenance of any such structural or institutional controls at Seller’s cost and expense. If either Seller
requires Whitesell to perform the Remediation, such Seller agrees to promptly review all remediation plans and costs estimates prepared by or for Whitesell, including change orders and amendments thereto, and such Seller will provide its consent to
such actions which are consistent with the requirements of this Section 10.8, which consent shall not be unreasonably withheld or delayed, and any Remediation which Whitesell performs without obtaining consent pursuant to this provision or which
exceeds the cost estimate agreed to by such Seller shall be done at Whitesell’s risk, but Seller shall reimburse all necessary and reasonable costs. The Whitesell Deductible (as defined in Section 10.2(a)) shall not apply to the environmental
issues covered by the indemnity, including without limitation those resulting from a breach of the representation and warranty contained in Section 2.20(h), except as set forth in Section 10.2 hereof. 
  
 10.9. No Willful Actions. Notwithstanding anything
contained herein to the contrary, no limitation of liability provided in this Article 10 shall apply to any misrepresentation or breach of warranty contained herein, or any misrepresentation or breach of warranty contained in any certificate or
other instrument furnished in connection with this Agreement, if such misrepresentation or breach of warranty was made with falsity to mislead or deceive. 
  
 11. Construction. Each of the parties is a sophisticated legal entity that was advised by knowledgeable counsel and, to the extent it
deemed necessary, other advisors in connection with this Agreement. Accordingly, this Agreement shall be construed as drafted jointly by the 

  

 -36- 

 
parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

  
 12. Transfer and Sales Tax. FabriSteel
shall be responsible for and shall pay all filing and recording, sales, use and transfer taxes and fees, if any, upon the sale or transfer of any motor vehicles constituting part of the Assets hereunder and the other transactions contemplated by
this Agreement. Whitesell shall be responsible for and shall pay all other filing and recording, sales, use and transfer taxes and fees, if any, upon the sale or transfer of any of the Assets hereunder and the other transactions contemplated by this
Agreement. 
  
 13. Brokers. 
  
 13.1. For Whitesell. All negotiations relative to
this Agreement and the transactions contemplated hereby have been carried on by Whitesell without the intervention of any other person in such manner as to give rise to any valid claim for a finder’s fee, brokerage commission or other like
payment. Whitesell agrees to indemnify and hold harmless FabriSteel against any claims or liabilities asserted against it by any person acting or claiming to act as a finder or broker on behalf of Whitesell with respect to this Agreement.

  
 13.2. For FabriSteel. All negotiations
relative to this Agreement and the transactions contemplated hereby have been carried on by FabriSteel without the intervention of any other person in such manner as to give rise to any valid claim for a finder’s fee, brokerage commission or
other like payment. FabriSteel agrees to indemnify and hold harmless Whitesell against any claims or liabilities asserted against it by any person acting or claiming to act as a finder or broker on behalf of FabriSteel with respect to this
Agreement. 
  
 14. Notices. Any notices or
other communications required or permitted hereunder shall be made in writing (including telecommunications) and delivered personally or sent by telex, telecopy or other wire transmission (with request for assurance in a manner typical with respect
to communications of that type), federal express or other overnight air courier (postage prepaid), registered or certified mail (postage prepaid with return receipt requested), addressed as follows or to such other address of which the parties may
have given notice: 
  

			
	To FabriSteel and	  	FabriSteel Products Incorporated
	Profile:	  	8500 Normandale Lake Blvd.
	 	  	Minneapolis, MN 55437
	 	  	Attention: Mr. Dave Salkowski
		
	 	  	Fax No.: (952) 921-2099
		
	With a copy to:	  	Dechert LLP
	 	  	4000 Bell Atlantic Tower
	 	  	1717 Arch Street
	 	  	Philadelphia, PA 19103
	 	  	Attention: John D. LaRocca, Esq.
		
	 	  	Fax No.: (215) 994-2222

  

 -37- 

			
	To Whitesell:	  	Whitesell International Corporation
	 	  	P.O. Box 2581
	 	  	2703 East Avalon Ave.
	 	  	Muscle Shoals, AL 35662
	 	  	Attention: R. R. Wiese
		
	 	  	Fax No.: (256) 248-8588
		
	With a copy to:	  	Dickinson Wright PLLC
	 	  	500 Woodward Ave., Suite 4000
	 	  	Detroit, MI 48226
	 	  	Attention: Mark R. High, Esq.
		
	 	  	Fax No.: (313) 223-3598

  
 Unless otherwise specified herein,
such notices or other communications shall be deemed received (a) on the date delivered, if delivered personally or by wire transmission; (b) on the next business day after mailing or deposit with an overnight air courier; or (c) three business days
after being sent, if sent by registered or certified mail. 
  
 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Neither Whitesell nor FabriSteel may assign all or a portion
of its rights and obligations hereunder without the prior written consent of the other party, except that Whitesell may assign all or a portion of its rights and obligations hereunder to an Affiliate of Whitesell. Any assignment in contravention of
this Section shall be void. 
  
 16. Entire Agreement;
Amendments; Incorporation of Attachments. (a) This Agreement, all Exhibits hereto, and all Schedules, agreements and instruments to be delivered by the parties pursuant hereto represent the entire understanding and agreement between the
parties hereto with respect to the subject matter hereof and supersede all prior oral and written and all contemporaneous oral negotiations, commitments and understandings between such parties except as expressly provided herein, including without
limitation the Confidentiality Letter dated November 18, 2003, between FastenTech, the parent corporation of FabriSteel, and Whitesell. Whitesell and FabriSteel, by the consent of their respective Boards of Directors, or officers authorized by such
Boards of Directors, may amend or modify this Agreement, in such manner as may be agreed upon, by a written instrument executed by Whitesell and FabriSteel. 
  
 (b) If the provisions of any Schedule or Exhibit to this Agreement are inconsistent with the provisions of this Agreement, the provisions
of this Agreement shall prevail. The Exhibits and Schedules attached hereto are incorporated as integral parts of this Agreement. 
  
 17. Expenses. Except as otherwise expressly provided herein, Whitesell and FabriSteel shall each pay their own expenses in connection
with this Agreement and the transactions contemplated hereby. 
  

 -38- 

 18. Governing Law. This agreement shall be governed by and construed in accordance
with the internal laws of the State of Michigan, without reference to choice of laws rules or principles of such State. 
  
 19. Section Headings. The section headings of this Agreement are for the convenience of the parties only and in no way alter, modify,
amend, limit, or restrict the contractual obligations of the parties. 
  
 20. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
  
 21. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same Agreement. 
  
 22. Facsimiles of Signature. Whitesell and FabriSteel acknowledge that signatures on this Agreement and certain other documents to be
delivered in connection with this Agreement may be delivered by facsimile in lieu of an original signature, and Whitesell and FabriSteel agree to treat such signatures as original signatures and shall be bound thereby. 
  
 23. Passage of Title and Risk of Loss. Legal title,
equitable title and risk of loss with respect to the property and rights to be transferred hereunder shall not pass to Whitesell until the property or right is transferred at 12:01 a.m. Detroit, Michigan, time on the Closing Date hereunder;
provided, however, that if there is any loss of any portion of the Assets between the date hereof and the Closing and Whitesell elects to complete the Closing without reduction of the Purchase Price on account of such loss, Whitesell
shall be entitled to the proceeds of any insurance payable with respect to the loss of such Assets, excluding proceeds of any business interruption insurance from the date hereof to the Closing Date. 
  
 24. Time is of the Essence. Time is of the essence in
the performance of this Agreement. 
  
 25. Dispute
Resolution. (a) The parties will, in the first instance, attempt to settle any and all claims or disputes arising in connection with this Agreement or the transactions contemplated hereby by good faith negotiations by senior management of
each party. If the dispute is not resolved by senior management within thirty (30) days after delivery of a written request for such negotiation by either party to the other, either party may make a written demand (the “Demanding Party”)
for formal dispute resolution (the “Notice”) and specify therein in reasonable detail the nature of the dispute. Within ten (10) days after receipt of the Notice, the receiving party (the “Defending Party”) shall submit to the
other a written response. The Notice and the response shall include: (i) a statement of the respective party’s position and a summary of arguments supporting that position; and (ii) the name and title of the executive who will represent that
party and of any other person who will accompany the executive to meetings of the parties. Within fifteen (15) days after such written notification, the executives (and other named in the Notice or response) will meet at a mutually acceptable time
and place, and thereafter as often as they reasonably deem necessary, to attempt to resolve the dispute. All reasonable 

  

 -39- 

 
requests for information made by one party to the other will be honored promptly. All negotiations pursuant to this Section 26 are confidential and shall be
treated as compromise and settlement negotiations for purposes of applicable rules of evidence. 
  
 (b) Any dispute which has not been resolved by the procedure set forth in Section 26(a) within forty-five (45) days of the receipt of the
Notice shall be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) then in effect, by three independent and impartial arbitrators. The parties shall each
select an arbitrator who shall mutually select a third independent and impartial arbitrator who shall preside the arbitral panel thus constituted. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. 1-16;
provided, however, that in any case, the opportunity to cross-examine any witness will be given to both parties upon request of either party. The place of the arbitration shall be in Detroit, Michigan, U.S.A. The arbitration shall be
conducted in the English language. The arbitration award will be final and binding upon both parties, and judgment thereon may be entered in any court in the jurisdiction where the party against whom enforcement is sought has its principal place of
business, and application may be made to such court for judicial acceptance of the award and an order of enforcement (or both). The fees, costs and expenses of the arbitrators under this Section 26 shall be borne (i) by the Demanding Party in the
proportion that the aggregate dollar amount of disputed items so submitted that are unsuccessfully asserted by the Demanding Party (as finally determined by the arbitrators) bears to the aggregate dollar amount of such disputed items so submitted
and (ii) by the Defending Party in the proportion that the aggregate dollar amount of such disputed items so submitted that are successfully asserted by the Demanding Party (as finally determined by the arbitrators) bears to the aggregate dollar
amount of such items so submitted; and the reasonable fees, costs and expenses of the parties’ attorneys incurred in connection with an arbitration under this Section 26 shall be borne by the parties in such manner as the arbitrators determine
to be equitable, provided, however, that the attorneys’ fees and costs of Whitesell incurred in connection with any such action or proceeding which is not decided by the arbitrators or otherwise prosecuted to judgment shall be
borne by Whitesell, and the attorneys’ fees and costs of Sellers incurred in connection with such action or proceeding which is not prosecuted to judgment shall be borne by Sellers and, in such event, the costs by the arbitrators shall be
shared in such proportion as the parties, each acting reasonably, determine to be reasonable. 
  

 -40- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first
above written. 
  

			
	 FABRISTEEL PRODUCTS, INC.

	
	 By: /s/ David E. Salkowski

	 Name:
	 	 David E. Salkowski 

	 Title:
	 	 Vice President and Secretary

	
	 PROFILE STEEL AND WIRE, INC.

	
	 By: /s/ David E. Salkowski

	 Name:
	 	 David E. Salkowski 

	 Title:
	 	 Vice President and Secretary

	
	 WHITESELL INTERNATIONAL
 CORPORATION

	
	 By: /s/ Neil L. Whitesell

	 Name:
	 	 Neil L. Whitesell

	 Title:
	 	 Chairman, CEO

  

 -41- 

  
 Guarantee

  
 FastenTech, the parent of FabriSteel hereby
irrevocably, absolutely and unconditionally, becomes surety for and guarantees payment to Whitesell of Sellers’ obligations to pay any and all Damages arising under this Agreement. 
  
 FastenTech represents and warrants to Whitesell that FastenTech is a corporation duly organized, validly existing and in
good standing under the laws of Delaware and has all requisite power and authority to execute and deliver this Guarantee and to perform its obligations hereunder. The execution and delivery of this Guarantee by FastenTech and the performance by it
of this Guarantee have been duly authorized by all necessary action on the part of FastenTech. No other proceeding on the part of FastenTech is necessary to authorize this Guarantee or to consummate the transactions contemplated hereby. This
Guarantee has been duly executed and delivered by FastenTech and constitutes the valid and binding obligation of FastenTech, enforceable against FastenTech in accordance with its terms. 
  
 The obligations under this Guarantee are irrevocable, absolute and continuing until terminated. FastenTech’s
responsibility shall not be discharged, released, diminished, or impaired in whole or in part by any setoff, counterclaim, defense, act or occurrence that FastenTech may have against any Seller as a result or arising out of this or any other
transaction. 
  

			
	 FASTENTECH, INC.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 -42-Supplemental Executive Retirement Plan

  
 Exhibit 10.1

  
 ONEOK, INC. 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 (Terminated and Frozen December 31, 2004) 

  
 ONEOK, INC. SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 
  
 Table of Contents

  

			
	 	  	Page

		
	 PURPOSE
	  	1
		
	 ARTICLE I. DEFINITIONS AND CONSTRUCTION
	  	1
		
	 ARTICLE II. ELIGIBILITY AND PARTICIPATION
	  	6
		
	 ARTICLE III. DEATH BENEFIT
	  	7
		
	 ARTICLE IV. RETIREMENT BENEFIT
	  	8
		
	 ARTICLE V. BENEFICIARY
	  	12
		
	 ARTICLE VI. LEAVE OF ABSENCE
	  	12
		
	 ARTICLE VII. SOURCE OF BENEFITS
	  	12
		
	 ARTICLE VIII. TERMINATION OF EMPLOYMENT
	  	14
		
	 ARTICLE IX. TERMINATION OF PARTICIPATION
	  	14
		
	 ARTICLE X. TERMINATION, AMENDMENT, MODIFICATION, OR SUPPLEMENT OF THE PLAN
	  	15
		
	 ARTICLE XI. OTHER BENEFITS AND AGREEMENTS
	  	16
		
	 ARTICLE XII. RESTRICTIONS ON ALIENATION OF BENEFITS
	  	17
		
	 ARTICLE XIII. ADMINISTRATION OF THE PLAN
	  	17
		
	 ARTICLE XIV. ADOPTION OF PLAN BY SUBSIDIARY, AFFILIATED OR ASSOCIATED COMPANIES
	  	19
		
	 ARTICLE XV. EXCESS RETIREMENT BENEFIT PAYMENTS COMMENCED BEFORE SEPTEMBER 1, 1998
	  	19
		
	 ARTICLE XVI. MISCELLANEOUS
	  	19
		
	 APPENDIX I ONEOK, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT
	  	22
		
	 APPENDIX II CHANGE OF BENEFICIARY FORM FOR ONEOK, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
	  	27
		
	 CONSENT OF SPOUSE
	  	28

  

 -i- 

  
 ONEOK, INC. SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 
  
 PURPOSE 
  
 The purpose of the ONEOK, Inc. Supplemental Executive Retirement Plan is to
provide the specified benefits to a select group of management and highly compensated employees who contribute materially to the continued growth, development and future business success of ONEOK, Inc., and its subsidiaries. It is the intention of
ONEOK, Inc. that the Plan and the particular benefits provided to individuals hereunder be administered as an unfunded deferred compensation and excess benefit plans established and maintained for a select group of management or highly compensated
employees. 
  
 This Plan is an amendment, restatement, and
continuation of the Supplemental Executive Retirement Plan for Employees of ONEOK, Inc. This Amended and Restated Plan replaces all prior documents and amendments and is effective as of the date determined by the Board of Directors. 
  
 ARTICLE I. 
 DEFINITIONS AND CONSTRUCTION 
  

	1.1	Definitions. For purposes of the Plan, the following phrases or terms shall have the indicated meanings unless otherwise clearly apparent from the context:

  

	 	A.	“Base Cash Compensation” shall mean the regular monthly salary paid to a Participant by the Company before any deductions or exclusions for taxes or other purposes,
and excluding any vehicle allowance, incentives, commissions and any other special pay. 

  

	 	B.	“Beneficiary” shall mean the individual or individuals, or any trust or trusts, or the estate of a Participant entitled to receive any benefits under a Plan
Agreement entered into in accordance with the terms of the Plan. 

  

	 	C.	“Board of Directors” shall mean the Board of Directors of ONEOK, Inc., unless otherwise indicated or the context otherwise requires. 

  

	 	D.	“Change in Control” shall mean the occurrence of any of the following: 

  
 (a) An acquisition (other than directly from the Company) of any voting securities of the Company (the
“Voting Securities”) by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of the then outstanding Shares or the combined voting power of the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change
in Control has occurred pursuant to this Section 1.1(D), Shares or Voting Securities which are acquired in a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which 

  

 
would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part
thereof) maintained by (A) the Company or (B) any company or other Person of which a majority of its voting power or its voting equity securities or equity interest is owned or controlled, directly or indirectly, by the Company (for purposes of this
definition, a “Related Entity”), (ii) the Company or any Related Entity, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined); 
  
 (b) The individuals who, as of November 15, 2001, are members of the Board of Directors (the “Incumbent
Board”), cease for any reason to constitute at least a majority of the members of the Board of Directors; or, following a Merger which results in a Parent Company, the board of directors of the ultimate Parent Company; provided, however,
that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Plan, be considered
as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election
Contest” (as described in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors (a “Proxy Contest”), including
by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or 
  
 (c) The consummation of: 
  
 (i) A merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued (a
“Merger”), unless such Merger is a “Non-Control Transaction.” A “Non-Control Transaction” shall mean a Merger where: 
  
 (A) the stockholders of the Company, immediately before such Merger, own directly or indirectly immediately following such Merger at
least fifty percent (50%) of the combined voting power of the outstanding voting securities of (x) the company resulting from such Merger (the “Surviving Company”) if fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities of the Surviving Company is not Beneficially Owned, directly or indirectly by another Person (a “Parent Company”), or (y) if there is one or more Parent Companies, the ultimate Parent Company; 
  
 (B) the individuals who were members of the Incumbent Board
immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of directors of (x) the Surviving 

  

 - 2 - 

 
Company, if there is no Parent Company, or (y) if there is one or more Parent Companies, the ultimate Parent Company; and 
  
 (C) no Person other than (1) the Company, (2) any Related
Entity, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to such Merger was maintained by the Company or any Related Entity, or (4) any Person who, immediately prior to such Merger had Beneficial Ownership
of thirty percent (30%) or more of the then outstanding Voting Securities or Shares, has Beneficial Ownership of thirty percent (30%) or more of the combined voting power of the outstanding voting securities or common stock of (x) the Surviving
Company if there is no Parent Company, or (y) if there is one or more Parent Companies, the ultimate Parent Company. 
  
 (ii) A complete liquidation or dissolution of the Company; or 
  
 (iii) The sale or other disposition of all or substantially all of the assets of the Company to any Person
(other than a transfer to a Related Entity or under conditions that would constitute a Non-Control Transaction with the disposition of assets being regarded as a Merger for this purpose or the distribution to the Company’s stockholders of the
stock of a Related Entity or any other assets). 
  
 Notwithstanding the foregoing: 
  
 (A) A
Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Shares or Voting Securities if: (1) such acquisition
occurs as a result of the acquisition of Shares or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person,
provided that if a Change in Control would occur (but for the operation of this subparagraph) as a result of the acquisition of Shares or Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes
the Beneficial Owner of any additional Shares or Voting Securities which increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur, or (2) (a) within
five business days after a Change in Control would have occurred (but for the operation of this subparagraph), or if the Subject Person acquired Beneficial Ownership of twenty percent (20%) or more of the then outstanding Shares or the combined
voting power of the 

  

 - 3 - 

 
Company’s then outstanding Voting Securities inadvertently, then after the Subject Person discovers or is notified by the Company that such acquisition
would have triggered a Change in Control (but for the operation of this subparagraph), the Subject Person notifies the Board of Directors that it did so inadvertently, and (b) within two business days after such notification, the Subject Person
divests itself of a sufficient number of Shares or Voting Securities so that the Subject Person is the Beneficial Owner of less than twenty percent (20%) of the then outstanding Shares or the combined voting power of the Company’s then
outstanding Voting Securities. 
  
 (B) A Change
in Control shall not be deemed to occur if (1) the Shareholder Group (as defined in the Shareholder Agreement) acquires Beneficial Ownership of fifteen percent (15%) or more of the Company’s Voting Securities pursuant to the terms of the
Shareholder Agreement, by and between WAI, Inc. (now known as ONEOK, Inc.) and Western Resources, Inc. dated as of November 26, 1997 (the “Shareholder Agreement”), until the earlier of (a) the termination of the Shareholder Agreement or
(b) the successful consummation of a Buyout Tender Offer as defined in Section 3.6(b) of the Shareholder Agreement, but upon either of such events, the acquisition or existence of such percentage of Beneficial Ownership by Western Resources, Inc. or
any of its affiliates shall constitute a Change in Control or (2) the equity securities of the Company owned by the Shareholder Group are in any manner restructured with the approval of a majority of the members of the Incumbent Board (excluding
Shareholder Nominees, as defined in the Shareholder Agreement). 
  

	 	E.	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	 	F.	“Committee” shall mean the Executive Compensation Committee of the Board of Directors or such other Committee appointed to manage and administer the Plan and
individual Plan Agreements in accordance with the provisions of Article XIII hereof. 

  

	 	G.	“Company” shall mean ONEOK, Inc., an Oklahoma corporation, or any division or subsidiary thereof. 

  

	 	H.	“Compensation” shall mean the Base and Short-Term Incentive Cash Compensation from the Company paid to or deferred by a Participant during a calendar year.

  

	 	I.	“Death Benefit” shall mean the amount paid to a Participant’s Beneficiary in accordance with the provisions of Article III hereof. 

  

	 	J.	“Disability Benefit” shall mean the amount paid to a Participant’s Beneficiary in accordance with the provisions of Section 4.2 hereof.

  

 - 4 - 

	 	K.	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	L.	“Employee” shall mean any person who is in the regular full-time employment of the Company or is on authorized leave of absence therefrom, as determined by the
personnel rules and practices of the Company. The term does not include persons who are retained by the Company solely as consultants or under contract. 

  

	 	M.	“Frozen Final Average Earnings” shall mean the highest thirty-six (36) consecutive months average Compensation (or average of all months of Compensation if employed
less than thirty-six (36) months) of the last sixty (60) months of Service ending on or before December 31, 2004, as provided in Section 4.1.A.(l). 

  

	 	N.	“New 2005 SERP” shall mean the 2005 ONEOK, Inc. Supplemental Executive Retirement Plan established by the Company effective January 1, 2005.

  

	 	O.	“Participant” shall mean an Employee who is selected and elects to participate in the Plan through the execution of a Plan Agreement in accordance with the
provisions of Article II hereof. 

  

	 	P.	“Plan Agreement” shall mean the form of written agreement which is entered into by and between the Company and an Employee selected to become a Participant as a
condition to participation in the Plan as provided in Sections 2.2 and 2.3 hereof. 

  

	 	Q.	“Plan” shall mean the ONEOK, Inc. Supplemental Executive Retirement Plan as embodied herein and as amended from time to time. 

  

	 	R.	“Rabbi Trust” shall mean the trust created to hold assets which will be used to pay the benefits provided hereunder, as provided in Section 7.4 hereof.

  

	 	S.	“Retirement” and “Retire” shall mean termination of employment with the Company, other than as the result of death or Total and Permanent
Disability. 

  

	 	T.	“Retirement Age” shall mean the retirement age of a Participant specified in the Participant’s Plan Agreement and the Plan. 

  

	 	U.	“Retirement Benefit” shall mean the monthly amount to be paid to a Participant under Sections 4.1, 4.2, or 4.3 hereof, and the Participant’s Plan Agreement.

  

	 	V.	“Retirement Plan” shall mean the Retirement Plan for Employees of ONEOK, Inc. and Subsidiaries, or the ONEOK, Inc. KGS Retirement Plan, whichever is applicable to
the Participant. 

  

 - 5 - 

	 	W.	“Retirement Plan Benefit” shall mean the benefit or benefits to which a Participant is entitled under the Retirement Plan. 

  

	 	X.	“Service” shall mean employment of a Participant by the Company as a regular full-time employee. 

  

	 	Y.	“Short-Term Incentive Cash Compensation” shall mean any payment by the Company under the Key Employee Incentive Plan for Employees of ONEOK, Inc. and Subsidiaries
or any other incentive or commission plan established by the Company to pay employees additional cash compensation to reward performance. Provided, that any payment or distribution made to any Employee pursuant to the ONEOK Energy Marketing &
Trading Group Bonus Plan shall be excluded from, and not be considered as Short-Term Incentive Cash Compensation nor otherwise as part of the Compensation of an Employee under and for purposes of this Plan. 

  

	 	Z.	“Totally and Permanently Disabled” means when, on the basis of medical evidence, it is determined that a Participant: 

  
 (a) is totally disabled so as to be prevented from any
comparable employment with the Company, including a disability resulting from an occupational cause; and 
  
 (b) will be disabled permanently. 
  

	 	AA.	“Years of Service” shall include each full year, but not any portion of a year, during which the Participant has been employed by the Company or any division or
subsidiary thereof. 

  

	1.2	Construction. The singular when used herein may include the plural unless the context clearly indicates to the contrary. The words “hereof”, “herein”,
“hereunder”, and other similar compounds of the word “here” shall mean and refer to the entire Plan and not to any particular provision or section. Whenever the words “Article” or “Section” are used in the
Plan, or a cross reference to an “Article” or “Section” is made, the Article or Section referred to shall be an Article or Section of the Plan unless otherwise specified. 

  
 The Plan is intended to be an unfunded deferred compensation and excess
benefit plan established and maintained for a select group of management and highly compensated employees of the Company within the meaning of Sections 201(2) and (7), 301(a)(3), (9) and 401(a)(1) of ERISA, and shall be construed, interpreted and
administered in accordance with such intended purpose. 
  
 ARTICLE
II. 
 ELIGIBILITY AND PARTICIPATION 
  

	2.1	 Eligibility. Subject to Section 2.4, below, in order to be eligible for participation in the Plan, an Employee must be selected by the Chief Executive
Officer, or in the case of the Chief Executive Officer by the Board of Directors, which, in the Chief Executive 

  

 - 6 - 

	 	 
Officer’s (or Board of Director’s) sole and absolute discretion, shall determine eligibility for participation in accordance with the purposes of
the Plan. 

  

	2.2	Participation. Subject to Section 2.4, below, an Employee, having been selected to participate in the Plan by the Chief Executive Officer/Board of Directors, shall, as a
condition to participate, complete and return to the Committee a duly executed Plan Agreement electing to participate in the Plan and agreeing to the terms and conditions thereof. 

  

	2.3	Plan Agreements. The Plan Agreement made and delivered by and between a Participant and the Company shall state and provide certain specific terms and provisions that govern
the benefits and rights of such Participant from participation in the Plan. Except as otherwise expressly provided in this Plan document or in the Plan Agreement of a Participant, the specific terms and provisions of a Participant’s Plan
Agreement shall take precedence and shall control as to the amount and form of benefits such Participant is to receive under the Plan and such Plan Agreement. The Plan Agreement of each Participant shall be a part of the Plan as to such Participant
for all purposes. The general form of Plan Agreement to be used shall be substantially the same as the model form attached hereto as Appendix I to this Plan. The Plan Agreement of each Participant in the Plan may contain different terms and
provisions with respect to benefits and related matters, and may, by mutual agreement of the Company and the Participant, contain terms and provisions which differ from those shown in the model Plan Agreement in Appendix I. A Plan Agreement duly
executed by a Participant and the Company shall supercede the model Plan Agreement in Appendix I of the Plan, and the executed Plan Agreement shall control if there is any conflict or inconsistency between it and such model Plan Agreement. A
Participant shall not derive any right or entitlement, directly or indirectly, from the existence of, or provisions in the Plan Agreement of any other Participant in the Plan. 

  

	2.4	Plan Terminated and Frozen December 31, 2004. Notwithstanding anything to the contrary expressed or implied in the Plan or any Plan Agreement between the Company and a
Participant, no Employee shall become or be made initially eligible to participate in the Plan after December 31, 2004. The Participants in the Plan on December 31, 2004, shall continue to be entitled to a frozen vested accrued Retirement Benefit to
the extent provided under the Plan and in accordance with the terms and provisions of the Plan as terminated and frozen effective December 31, 2004. 

  
 ARTICLE III. 
 DEATH BENEFIT 
  

	3.1	Amount and Payment of Death Benefit. In the event a Participant dies prior to Retirement from the Company, the Company will pay or cause to be paid a Death Benefit to such
Participant’s Beneficiary in the amount or amounts set forth in such Participant’s Plan Agreement and as therein specified, commencing on the first day of the month following the date of such Participant’s death, or as otherwise
specified in such Participant’s Plan Agreement. 

  

 - 7 - 

	3.2	Partial Distribution Prior to Death. If a Participant shall die after becoming entitled to a Retirement Benefit, but before the total amount payable to such Participant as a
Retirement Benefit has been paid, the Retirement Benefit payments then remaining unpaid to such Participant shall be paid to such Participant’s Beneficiary, in accordance with the payment schedule pursuant to which payments are made under the
Participant’s Plan Agreement as provided in Sections 4.1, 4.2, or 4.3 hereof. 

  
 ARTICLE IV. 
 RETIREMENT BENEFIT 
  

	4.1	Retirement. Subject to Sections 4.1.C. and 4.6, below, if a Participant remains an Employee until attaining the Retirement Age stated in such Participant’s Plan
Agreement and shall then retire, the Company shall pay or cause to be paid to such Participant as a Retirement Benefit, the amount or amounts, and at such time or times as is specified in the Participant’s Plan Agreement.

  
 If an executed Plan Agreement by and between
the Participant and the Company does not state or specify a different amount, form and time of payment of a Participant’s Retirement Benefit, then the Participant shall be entitled to receive a Retirement Benefit in accordance with Section
4.1.A and Section 4.1.B, below. 
  

	 	A.	(1) Retirement Benefit. Subject to subparagraph A.(2), below, and the vesting schedule applicable under Section 4.3 and Section 4.6, below, a monthly amount which, when
combined with existing pension benefits payable to the Participant under the Retirement Plan and any retirement plans (other than 401(k) plans) of any of the Participant’s former employers, will provide the percentage of the highest thirty-six
(36) consecutive months average Compensation (or average of all months of Compensation if employed less than thirty-six (36) months) of the last sixty (60) months of Service ending on or before December 31, 2004 (“Frozen Final Average
Earnings”), for life (15 years minimum) as illustrated below. 

  

			
	 Retirement Age

	  	Retirement Benefit
Percentage

	 50 & under
	  	50.00%
	 51
	  	51.20%
	 52
	  	52.40%
	 53
	  	53.60%
	 54
	  	54.80%
	 55
	  	56.00%
	 56
	  	56.57%
	 57
	  	57.14%
	 58
	  	57.71%
	 59
	  	58.28%
	 60
	  	58.85%
	 61
	  	59.42%
	 62
	  	60.00%

  

 - 8 - 

			
	 Retirement Age

	  	Retirement Benefit
Percentage

	 63
	  	60.56%
	 64
	  	61.13%
	 65 & over
	  	61.70%

  
 The Retirement
Benefit payment shall commence on the first day of the month following the Participant’s Retirement. Provided, however, Retirement Benefit payments shall not commence until the later of (i) the Participant attaining the age of fifty (50), and
(ii) the commencement of retirement benefit payments to the Participant under the Retirement Plan. 
  
 (2) Adjustment of Retirement Benefit Payments; Early Commencement. The amount of a Participant’s Retirement Benefit payments will be reduced
by reason of early retirement and commencement of payment thereof, based on the following table depending upon the Participant’s age when Retirement Benefit payments to the Participant commence: 
  

			
	 Age At Commencement
of Retirement Benefit
Payments

	  	Payout Percentage Factor
Of Retirement Benefit
Percentage

	 50
	  	50%
	 51
	  	55%
	 52
	  	60%
	 53
	  	65%
	 54
	  	70%
	 55
	  	75%
	 56
	  	80%
	 57
	  	85%
	 58
	  	90%
	 59
	  	95%
	 60 & older
	  	100%

  

	 	B.	 Code Sections 401(a)(17) and 415(b) Limitations. Notwithstanding Section 4.1.A., above, the Plan shall provide an excess Retirement Benefit attributable to a
Participant’s annual eligible compensation under the Retirement Plan that is an amount equal to the difference between (i) the Retirement Plan Benefit to which the Participant would be entitled under the Retirement Plan if such Retirement Plan
Benefit was computed without the restrictions and limitations imposed by Section 401(a)(17) and 415(b) of the Code as now or hereafter in effect, and (ii) the amount of the Retirement Plan Benefit payable to the Participant under the Retirement
Plan. This part of the Retirement Benefit will be computed by applying the same benefit formula, vesting provisions, and early retirement provisions as are in and applied pursuant to the Retirement Plan. Any part of the Retirement Benefit provided
under this Section 4.1.B. will offset and reduce that part of the Retirement Benefit provided under Section 4.1.A., above. Provided, 

  

 - 9 - 

	 	 
that if a Participant in this Plan is entitled to an Excess Retirement Benefit under the New 2005 SERP at his/her Retirement, then the Excess Retirement
Benefit under the New 2005 SERP shall be paid to such Participant in accordance with the provisions of Part A of the New 2005 SERP and in lieu of the part of his/her Retirement Benefit provided for under this Section 4.1.B, and such Excess
Retirement Benefit under the New 2005 SERP will offset and reduce that part of the Retirement Benefit provided in Section 4.1.A., above. 

  

	 	C.	Retirement Benefit. The amount of the Retirement Plan Benefit of a Participant taken into account under Section 4.1.A. and Section 4.1.B. shall be the amount of such
Retirement Benefit at the time of commencement of payment of the Retirement Plan Benefit to such Participant under this Plan, notwithstanding that such Retirement Plan Benefit is finally determined after December 31, 2004, and that Frozen Final
Average Earnings, and frozen vesting under Section 4.3., are applied to such Retirement Benefit, as herein provided. 

  

	4.2	Disability. If a Participant shall become Totally and Permanently Disabled prior to Retirement and such total disability continues for more than six (6) months, such
Participant shall be entitled to receive a Disability Benefit in the amount set forth in the Participant’s Plan Agreement. 

  

	4.3	Vesting of Retirement Benefit. A Participant’s Retirement Benefit shall unconditionally vest in such Participant and become nonforfeitable according to the vesting
schedule stated in the Participant’s Plan Agreement. Notwithstanding anything to the contrary expressed or implied in the Plan, or in an executed Plan Agreement by and between a Participant and the Company that states the terms governing
vesting and nonforfeitability of such Participant’s Retirement Benefit under the Plan, no Service or Years of Service of the Participant with the Company after December 31, 2004, shall be considered or used in determining the vesting and
nonforfeitability of such Participant’s Retirement Benefit under the Plan. If an executed Plan Agreement by and between the Participant and the Company does not state or specify the terms governing vesting and nonforfeitability of such
Participant’s Retirement Benefit, then the Participant’s Retirement Benefit shall vest and become nonforfeitable as follows: 

  

			
	 Years of Service
with the Company

	  	Vested Percentage of
Retirement Benefit

	 0 to 5
	  	0%
	 6
	  	10%
	 7
	  	20%
	 8
	  	30%
	 9
	  	40%
	 10
	  	50%
	 11
	  	60%
	 12
	  	70%
	 13
	  	80%
	 14
	  	90%
	 15 or more
	  	100%

  

 - 10 - 

 If a Participant attains age sixty-five (65) prior to his/her Retirement, and prior to January 1, 2005,
then such Participant shall be 100% vested regardless of the above schedule. A Participant first attaining age sixty-five (65) after December 31, 2004, shall not result in 100% vesting nor otherwise change the vesting and nonforfeitability of the
Participant’s Retirement Benefit under the Plan. Retirement Benefits hereunder offsetting the limitations of Internal Revenue Code Sections 401(a)(17) and 415(b) shall be immediately fully vested for all purposes. 
  

	4.4	Forfeitability of Retirement Benefit. Notwithstanding any provision to the contrary expressed or implied herein, a Participant’s right to receive a Retirement Benefit
under the Plan and such Participant’s Plan Agreement shall be forfeitable to the extent that such Retirement Benefit has not vested as described in Section 4.3 and the Participant’s Plan Agreement. 

  

	4.5	Retirement Benefit Payment Election. In lieu of payment of the Retirement Benefit to a Participant as otherwise provided herein and in the Participant’s Plan Agreement,
a Participant may make a written request to the Company prior to the time for commencement of payment of such Retirement Benefit by the Company to receive payment of the present value of such Participant’s Retirement Benefit in a single lump
sum amount, less six percent (6%) of the amount thereof as a substantial penalty, which penalty will be forfeited by the Participant. The Company may, in its sole discretion, grant or deny such request. If such request is granted the payment of such
lump sum amount shall be made by the Company, and thereafter the Company shall have no further obligation to the Participant. The present value of a Participant’s Retirement Benefit shall be determined in accordance in the manner prescribed
under the provisions at Section 417(e)(3) of the Code and Treasury regulations thereunder with respect to benefits payable under a qualified pension or profit sharing plan. A beneficiary of a deceased Participant, or a duly appointed guardian of an
incompetent or incapacitated Participant may also request payment of the Participant’s Retirement Benefit in a lump sum under this Section 4.5. 

  

 - 11 - 

	4.6	New 2005 SERP Part B Supplemental Retirement Benefit Offset; Waiver and Forfeiture of Plan Retirement Benefit. Notwithstanding anything to the contrary expressed or implied
in the Plan or in any Plan Agreement between the Company and a Participant, if a Participant in the Plan elects to receive and/or by reason of his/her election does receive any part or payment of a Supplemental Retirement Benefit to which he/she is
entitled under Part B of the New 2005 SERP, then that Supplemental Retirement Benefit shall be paid in lieu of the Participant’s Retirement Benefit under Section 4.1.A. of this Plan; and the Participant shall, by such election, be deemed to
voluntarily and completely waive, disclaim and forfeit all his/her right and entitlement to receive, and he/she shall not receive, any amount or payment of that part of his/her Retirement Benefit under Section 4.1.A of this Plan.

  
 ARTICLE V. 
 BENEFICIARY 
  
 A Participant shall designate a Beneficiary to receive benefits under the Plan and the Participant’s Plan Agreement by completing the appropriate
space in such Plan Agreement. If more than one Beneficiary is named, the shares and/or precedence of each Beneficiary shall be indicated. As a condition to any married Participant designating a Beneficiary other than such Participant’s spouse,
the Committee may require the spouse’s consent. A Participant shall have the right to change the Beneficiary by submitting to the Committee a Change of Beneficiary in the form attached as Appendix II hereof; provided, however,
that no change of Beneficiary shall be effective until acknowledged in writing by the Committee. If the Company has any doubt as to the proper Beneficiary to receive payments hereunder, the Company shall have the right to withhold such payments
until the matter is finally adjudicated. Any payment made or caused to be made by the Company in good faith and in accordance with the provisions of the Plan and a Participant’s Plan Agreement shall fully discharge the Company from all further
obligations with respect to such payment. 
  
 ARTICLE VI.

 LEAVE OF ABSENCE 
  
 If a Participant is authorized by the Company for any reason, including military, medical, or other, to take a leave of absence from employment, such
Participant’s Plan Agreement shall remain in effect. 
  
 ARTICLE VII. 
 SOURCE OF BENEFITS 
  

	7.1	 Benefits Payable. Retirement Benefits and any other amounts payable hereunder shall be paid exclusively from the general assets of the Company or the Rabbi
Trust to be established pursuant to Section 7.4; provided, that no person entitled to payment hereunder shall have any claim, right, security interest, or other interest in any fund, trust, account, insurance contract, or asset of the Company which
may be looked to for such payment. The Company’s liability for the payment of benefits hereunder shall be 

  

 - 12 - 

	 	 
evidenced only by the Plan and each Plan Agreement entered into between the Company and a Participant. 

  

	7.2	Investments to Facilitate Payment of Benefits. Although the Company is not obligated to invest in any specific asset or fund, or purchase any insurance contract, in order to
provide the means for the payment of any Retirement Benefits under the Plan, the Company may elect to do so, and, in such event, no Participant shall have any interest whatever in such asset, fund, or insurance contract. In the event the Company
elects to purchase or causes to be purchased insurance contracts on the life of a Participant as a means for making, offsetting, or contributing to any payment, in full or in part, which may become due and payable by the Company under the Plan or a
Participant’s Plan Agreement, such Participant agrees to cooperate in the securing of life insurance on such Participant’s life by furnishing such information as the Company and the insurance carrier may require, including the results and
reports of previous Company and other insurance carrier physical examinations as may be requested, and taking any other action which may be requested by the Company and the insurance carrier to obtain such insurance coverage. If a Participant does
not cooperate in the securing of such life insurance, the Company shall have no further obligation to such Participant under the Plan, and such Participant’s Plan Agreement shall terminate. 

  

	7.3	Ownership of Insurance Contracts. The Company shall be the sole owner of any insurance contracts acquired on the life of a Participant with all incidents of ownership
therein, including, but not limited to, the right to cash and loan values, dividends, if any, death benefits, and the right to termination thereof, and a Participant shall have no interest whatsoever in such contracts, if any, and shall exercise
none of the incidents of ownership thereof. Provided, however, the Company may assign any such insurance contracts to the trustee of the Rabbi Trust. 

  

	7.4	Trust for Payment of Retirement Benefits. The Company shall create a Rabbi Trust for the purpose of facilitating any retirement benefits payable hereunder. Such trust will be
funded to provide the applicable vested Retirement Benefits payable under the Plan and Plan Agreements upon the occurrence of any of the following events: 

  

	 	a)	At the Retirement of, and commencement of payment of Retirement Benefits to a Plan Participant; 

  

	 	b)	Upon a decision by the Committee, or by the Board of Directors; or 

  

	 	c)	Upon a Change in Control. 

  
 Such funding may be in the form of single premium annuities, or an amount sufficient for the trustee to purchase single premium annuities, or life
insurance policies or contracts insuring the lives of Plan Participants, from qualified and financially sound insurance companies, and such other forms or types of investments the Company may select from time to time to provide the applicable vested
Retirement Benefits payable under the Plan 

  

 - 13 - 

 
and Plan Agreements. Such funding and the purchase of insurance, if any, will not relieve the Company of its obligations to pay or cause to be paid the
benefits hereunder. 
  
 The Rabbi Trust may be maintained and
administered to also provide for the funding of payment of amounts payable to participants in other deferred compensation and benefit plans of the Company. The funding, investments and administration of the Rabbi Trust in connection with such other
separate plan or plans shall be separately administered and accounted for as determined to be necessary and appropriate by the Company and trustee pursuant to the terms of the Rabbi Trust. It shall be permissible for the trustee to invest funds of
the Rabbi Trust in one or more forms of investment that is common to plans being funded thereunder. 
  
 The Rabbi Trust shall be a grantor trust of which the Company is the grantor within the meaning of the Code. The principal of the Rabbi Trust and any
earnings thereon shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of Participants in the Plan and general creditors of the Company as specified hereinbelow and in the trust
instrument. Participants in the Plan and their Beneficiaries shall have no preferred claim on, or any beneficial ownership in any assets of the Rabbi Trust; and any rights created under the Plan or Participant Plan Agreements, and the Rabbi Trust
are to be made unsecured contractual rights of Participants and their Beneficiaries against the Company; and assets held by the Rabbi Trust will be subject to the claims of the Company’s general creditors under federal and state law in the
event of insolvency of the Company. 
  
 ARTICLE VIII. 

TERMINATION OF EMPLOYMENT 
  
 Neither the Plan nor a Participant’s Plan Agreement, either singly or collectively, in any way obligate the Company, or any subsidiary of the
Company, to continue the employment of a Participant with the Company, or any subsidiary of the Company, nor does either limit the right of the Company or any subsidiary of the Company at any time and for any reason to terminate the
Participant’s employment. Termination of a Participant’s employment with the Company, or any subsidiary of the Company, for any reason, whether by action of the Company, subsidiary, or Participant, shall immediately terminate the
Participant’s participation in the Plan and such Participant’s Plan Agreement, and all further obligations of either party thereunder, except as may be provided in Article X and the Participant’s Plan Agreement. In no event shall the
Plan or a Plan Agreement, either singly or collectively, by their terms or implications constitute an employment contract of any nature whatsoever between the Company, or any subsidiary, and a Participant. 
  
 ARTICLE IX. 
 TERMINATION OF PARTICIPATION 
  
 A Participant reserves the right to terminate participation in the Plan and such Participant’s Plan Agreement at any time by giving the Company written notice of such termination not less than 30 days (i) prior
to the anniversary date of any contract or contracts of 

  

 - 14 - 

 
insurance on the life of such Participant which may be in force and utilized by the Company in connection with the Plan, or (ii) prior to the date a
Participant selects for termination if no insurance contract is in effect. 
  
 ARTICLE X. 
 TERMINATION, AMENDMENT, MODIFICATION, 
 OR SUPPLEMENT OF THE PLAN 
  

	10.1	Amendment or Termination. Subject to Sections 10.2 and 10.3, below, the Company reserves the right to amend, modify, supplement, or terminate the Plan, wholly or partially,
from time to time, and at any time. The Company likewise reserves the right to amend, modify, or supplement any Plan Agreement, wholly or partially, from time to time. Such right to amend, modify, supplement, or terminate the Plan or any Plan
Agreement, as the case may be, shall be exercised for the Company by the Board of Directors; provided, that the Committee shall also be authorized to amend or modify the terms and provisions of the Plan, or a Plan Agreement thereunder, except that
any amendment or modification of the Plan or a Plan Agreement that changes the amount of any payment or benefit to an Employee or Participant that is provided for under the Plan or Plan Agreement shall be made only with the approval and by action of
the Board of Directors; provided further in the event of a Change in Control of the Company, for a period of two (2) years after the date of such Change of Control the surviving corporation may terminate or amend the Plan only by substitution
by such corporation of another plan or program, or by amendments to the Plan, which provide benefits no less favorable to the Participants of this Plan; and upon the expiration of such two (2) year period such surviving corporation may thereafter
terminate or amend the Plan or any such substituted plan subject in any case to Section 10.2, below. 

  

	10.2	Rights and Obligations Upon Amendment, Termination. The following terms and conditions shall govern the rights and obligations of a Participant and the Company (including any
surviving corporation in event of a Change of Control), respectively, with respect to the amendment or termination of the Plan. 

  

	 	A.	Notwithstanding anything to the contrary expressed or provided in the Plan or any Plan Agreement of a Participant, no amendment, modification or termination of the Plan, shall
decrease a Participant’s accrued Retirement Benefit. For purposes of this Paragraph A., a Plan amendment which has the effect of decreasing a Participant’s accrued Retirement Benefit or eliminating an optional form of payment of a
Participant’s accrued Retirement Benefit, with respect to benefits attributable to service before the amendment shall be treated as reducing an accrued Retirement Benefit. If a vesting schedule under the Plan or any Plan Agreement is amended,
the Participant’s non-forfeitable percentage, determined as of the later of the date such amendment is adopted or the date it becomes effective, will not be less than the percentage computed under the Plan and Plan Agreement without regard to
such amendment. 

  

 - 15 - 

	 	B.	Except as provided in paragraph A of this Section 10.2, upon the termination of the Plan by the Board of Directors, or a termination of the Plan Agreement of a Participant, in
accordance with the provisions for such termination, neither the Plan nor the Plan Agreement shall be of any further force or effect, and no party shall have any further obligation under either the Plan or any Plan Agreement so terminated, except as
provided in the Plan or Plan Agreement with respect to accrued benefits at the time of such termination or as elsewhere provided in the Plan. 

  

	 	C.	For purposes of paragraphs A and B of this Section 10.2, the term “Plan” shall also mean and include any substituted plan that may be established in event of a Change of
Control as described in Section 10.1, above, and the term “Retirement Benefit” shall also mean and include any benefit provided for under such a substituted plan. 

  

	10.3	Plan Terminated and Frozen December 31, 2004. The Plan is terminated and frozen with respect to eligibility of Employees to become Participants, and the accrual of further
benefits by Participants thereunder effective December 31, 2004. It is intended that no Employee shall become eligible to participate in the Plan after December 31, 2004, and that the accrued Retirement Benefits of each current Participant in the
Plan on December 31, 2004, shall be vested to the extent provided in the applicable vesting schedule of the Plan or a Plan Agreement, as the case may be, on that date; and that the vested accrued Retirement Benefit of each current Participant in the
Plan on December 31, 2004, shall thereafter be payable to the Participant in accordance with the terms and provisions of the Plan which shall remain in effect and be administered thereafter as applicable to such Participants and such accrued
Retirement Benefits. It is further intended that any Participant in the Plan who is eligible to participate in the New 2005 SERP and becomes entitled to a Supplemental Retirement Benefit under the terms and provisions of Part B of the New 2005 SERP
after December 31, 2004, shall be given the right to voluntarily elect to receive such Supplemental Retirement Benefit under Part B of the New 2005 SERP wholly in lieu of that part of the Retirement Benefit to which he/she is entitled under Section
4.1.A. of this Plan, and that upon any such election by a Participant to receive a Supplemental Retirement Benefit under Part B of the New 2005 SERP he/she shall be deemed to voluntarily and completely waive, disclaim and forfeit any and all right
and entitlement to any and all of the part of the Retirement Benefit provided under Section 4.1.A of this Plan; and that the Plan shall be administered, construed and interpreted in accordance with such intent. 

  
 ARTICLE XI. 
 TREATMENT OF BENEFITS 
  
 Retirement Benefits under the Plan and Plan Agreements entered into hereunder shall not be considered compensation for the purpose of computing contributions or benefits under any plan maintained by the Company, or
any of its subsidiaries, which is qualified under Section 401(a) of the Code. 
  

 - 16 - 

 ARTICLE XII. 
 RESTRICTIONS ON ALIENATION OF BENEFITS 
  
 No Retirement Benefit, or other right or benefit under the Plan or a Plan Agreement shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign,
pledge, encumber, or charge the same shall be void. No Retirement Benefit, or right or benefit under the Plan or under any Plan Agreement shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person
entitled to such thereto. If any Participant or Beneficiary under the Plan or a Plan Agreement should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any right to a benefit under the Plan or under any
Plan Agreement, then such right or benefit shall, in the discretion of the Committee, cease, and in such event, the Committee may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary, his or her spouse,
children, or other dependents, or any of them, in such portion as the Committee, in its sole and absolute discretion, may deem proper. 
  
 ARTICLE XIII. 
 ADMINISTRATION OF THE PLAN

  

	13.1	Appointment of Committee. The general administration of the Plan, and any Plan Agreements executed hereunder, as well as construction and interpretation thereof, shall be
vested in the Committee, the number and members of which shall be designated and appointed from time to time by, and shall serve at the pleasure of, the Board of Directors. Any such member of the Committee may resign by notice in writing filed with
the Board of Directors. Vacancies shall be filled promptly by the Board of Directors. 

  

	13.2	Committee Officials. The Board of Directors may designate one of the members of the Committee as Chairman and may appoint a secretary who need not be a member of the
Committee. The secretary shall keep minutes of the Committee’s proceedings and all data, records, and documents relating to the Committee’s administration of the Plan and any Plan Agreements executed hereunder. The Committee may appoint
from its number such subcommittees with such powers as the Committee shall determine and may authorize one or more of its members or any agent to execute or deliver any instrument or make any payment on behalf of the Committee.

  

	13.3	Committee Action. All resolutions or other actions taken by the Committee shall be by the vote of a majority of those present at a meeting at which a majority of the members
are present, or in writing by all the members at the time in office if they act without a meeting. 

  

	13.4	 Committee Rules and Powers - General. Subject to the provisions of the Plan, the Committee may from time to time establish rules, forms, and procedures for
the administration of the Plan, including Plan Agreements. Except as herein otherwise expressly provided, the Committee shall have the exclusive right to interpret the Plan and any Plan Agreements, and to decide any and all matters arising
thereunder or in connection with the administration of the Plan and any Plan Agreements, and it shall 

  

 - 17 - 

	 	 
endeavor to act, whether by general rules or by particular decisions, so as not to discriminate in favor of or against any person. The Committee shall have
the exclusive right to determine if a Participant has become Totally and Permanently Disabled with respect to a Participant (consistent with the Plan’s definition of the term), such determinations to be made on the basis of such medical and/or
other evidence that the Committee, in its sole and absolute discretion, may require. Such decisions, actions, and records of the Committee shall be conclusive and binding upon the Company, the Participants, and all persons having or claiming to have
rights or interests in or under the Plan. 

  

	13.5	Reliance on Certificates, etc. The members of the Committee and the Officers and Directors of the Company shall be entitled to rely on all certificates and reports made by
any duly appointed accountants, and on all opinions given by any duly appointed legal counsel. Such legal counsel may be counsel for the Company. 

  

	13.6	Liability of Committee. No member of the Committee shall be liable for any act or omission of any other member of the Committee, or for any act or omission on his part,
excepting only his own willful misconduct. The Company shall indemnify and save harmless each member of the Committee against any and all expenses and liabilities arising out of membership on the Committee, excepting only expenses and liabilities
arising out of a Committee member’s own willful misconduct. Expenses against which a member of the Committee shall be indemnified hereunder shall include, without limitation, the amount of any settlement or judgment, costs, counsel fees, and
related charges reasonably incurred in connection with a claim asserted, or a proceeding brought, or settlement thereof. The foregoing right of indemnification shall be in addition to any other rights to which any such member may be entitled.

  

	13.7	Determination of Benefits. In addition to the powers hereinabove specified, the Committee shall have the power to compute and certify, under the Plan and any Plan Agreement,
the amount and kind of benefits from time to time payable to Participants and their Beneficiaries, and to authorize all disbursements for such purposes. 

  

	13.8	Information to Committee. To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating to
the compensation of all Participants, their retirement, death, or other cause for termination of employment, and such other pertinent facts as the Committee may require. 

  

	13.9	Manner and Time of Payment of Benefits. The Company shall have the power, in its sole and absolute discretion, to change the manner and time of payment of future Retirement
Benefits to be made to a Participant or the Participant’s Beneficiary from that set forth in the Participant’s Plan Agreement, if requested to do so by such Participant or Beneficiary. Any request by a Participant for such a change must be
made by the Participant in writing more than thirty (30) days in advance of the time such Retirement Benefits would otherwise be paid, unless the Company, in its discretion, allows such a request at a later date that also precedes the existing time
of payment which is the subject of the request 

  

 - 18 - 

 ARTICLE XIV. 
 ADOPTION OF PLAN BY SUBSIDIARY, 
 AFFILIATED OR ASSOCIATED COMPANIES 
  
 Any corporation which is a subsidiary of the Company may, with the approval
of the Board of Directors, adopt the Plan and thereby come within the definition of Company in Article I hereof. 
  
 ARTICLE XV. 
 EXCESS RETIREMENT BENEFIT PAYMENTS 
 COMMENCED BEFORE SEPTEMBER 1, 1998 
  
 Notwithstanding anything expressed or implied to the contrary herein, the payment of excess retirement benefits to a retired Plan Participant that
commenced under the Plan prior to September 1, 1998, shall be paid in accordance with, and to the extent provided by, the applicable terms and provisions of the Plan in effect prior to September 1, 1998. 
  
 ARTICLE XVI. 
 MISCELLANEOUS 
  

	16.1	Execution of Receipts and Releases. Any payment to a Participant, a Participant’s legal representative, or Beneficiary in accordance with the provisions of the Plan or
any Plan Agreement executed hereunder shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Company. The Company may require such Participant, legal representative, or Beneficiary, as a condition precedent to such
payment, to execute a receipt and release therefor in such form as it may determine. 

  

	16.2	No Guarantee of Interests. Neither the Committee nor any of its members guarantees the payment of any amounts which may be or becomes due to any person or entity under the
Plan or any Plan Agreement executed hereunder. The liability of the Company to make any payment under the Plan or any Plan Agreement executed hereunder is limited to the then available assets of the Company and the Rabbi Trust established under
Section 7.4 hereof. 

  

	16.3	Company Records. Records of the Company as to a Participant’s employment, termination of employment and the reason therefor, reemployment, authorized leaves of absence,
and compensation shall be conclusive on all persons and entities, unless determined to be incorrect. 

  

	16.4	Evidence. Evidence required of anyone under the Plan and any Plan Agreement executed hereunder may be by certificate, affidavit, document, or other information which the
person or entity acting on it considers pertinent and reliable, and signed, made, or presented by the proper party or parties. 

  

	16.5	 Notice. Any notice which shall be or may be given under the Plan or a Plan Agreement executed hereunder shall be in writing and shall be mailed by United
States mail, postage 

  

 - 19 - 

	 	 
prepaid. If notice is to be given to the Company, such notice shall be addressed to the Company at: 

  
 100 West Fifth Street 
 Tulsa, Oklahoma 74102 
  
 and marked to the attention of the Secretary, Supplemental Executive Retirement Plan Administrative Committee; or, if notice to a Participant, addressed
to the address shown on such Participant’s most recent employment file with the Company. 
  

	16.6	Change of Address. Any party may, from time to time, change the address to which notices shall be mailed by giving written notice of such new address.

  

	16.7	Effect of Provisions. The provisions of the Plan and of any Plan Agreement executed hereunder shall be binding upon the Company and its successors and assigns, and upon a
Participant, the Participant’s Beneficiary, assigns, heirs, executors, and administrators. 

  

	16.8	Headings. The titles and headings of Articles and Sections are included for convenience of reference only and are not to be considered in the construction of the provisions
hereof or any Plan Agreement executed hereunder. 

  

	16.9	Governing Law. All questions arising with respect to the Plan and any Plan Agreement executed hereunder shall be determined by reference to the laws of the State of Oklahoma
in effect at the time of their adopting and execution, respectively. 

  

	16.10 	Effective Date. Except to the extent explicitly stated otherwise herein, the terms and provisions of this amended and restated Plan shall be effective as to excess retirement
benefits for Participants with respect to whom no Retirement, Disability, or Death Benefit payments have commenced as of September 1, 1998, and their Beneficiaries. The excess retirement benefits payable to any Participant or Beneficiary which have
commenced prior to September 1, 1998, shall not be increased or decreased by amendment of the Plan. 

  

			
	 ONEOK, Inc.

		
	By: 	 	 
	 	 	 David Kyle
 Chairman of the Board,
 Chief Executive Officer and President

  

 - 20 - 

	
	 Attested by:

	
	  
	 (Secretary)

	
	 (SEAL)

  

 - 21 - 

  
 APPENDIX I 
 ONEOK, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT 
  
 THE FOLLOWING FORM OF ONEOK, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT IS A DRAFT MODEL FORM OF AGREEMENT FOR USE BY THE COMPANY AND EACH PLAN
PARTICIPANT. 
  
 EACH PLAN AGREEMENT BETWEEN THE COMPANY AND A
PARTICIPANT EXECUTED UNDER THE PLAN SHALL CONTAIN THE PARTICULAR TERMS AND PROVISIONS AGREED TO BY THE COMPANY AND PARTICIPANT, WHICH MAY DIFFER FROM THE MODEL FORM OF AGREEMENT SHOWN HEREIN. EACH SUCH PLAN AGREEMENT SHALL BE EFFECTIVE AND BE
PERFORMED IN ACCORDANCE WITH THE TERMS AND PROVISIONS THEREOF NOTWITHSTANDING ANYTHING TO THE CONTRARY WHICH MAY BE EXPRESSED OR IMPLIED IN THE MODEL FORM OF AGREEMENT SHOWN AS AN EXAMPLE IN THIS APPENDIX I. 
  
 I acknowledge that, as an Employee of ONEOK, Inc., I have been offered an
opportunity to participate in the ONEOK, Inc. Supplemental Executive Retirement Plan (Plan) described in the attached document (which is incorporated herein by reference), and that I have elected one of the alternatives set forth as indicated by the
space which I have checked: 
  
                  To participate in the Plan 
  
                  Not to participate in the Plan 
  
 My Retirement Benefit, Disability Benefit, Death Benefit, and commencement of
such payments, and designated Beneficiary(ies) are agreed to be as follows: 
  
 1.A Retirement Benefit (Article IV of Plan). Subject to Paragraph 2, below, and the vesting schedule in Paragraph 5, below, a monthly amount which, when combined with existing pension benefits payable to me
under the Retirement Plan and any retirement plans (other than 401(k) plans) of any of my former employers, will provide the percentage of the highest thirty-six (36) consecutive months average Compensation (or average of all months of Compensation
if employed less than thirty-six (36) months) of the last sixty (60) months of Service, for life (15 years minimum) as illustrated below. 
  

			
	 Retirement Age

	  	 Retirement Benefit Percentage

	 50 & under
	  	50.00%
	 51
	  	51.20%
	 52
	  	52.40%
	 53
	  	53.60%
	 54
	  	54.80%
	 55
	  	56.00%
	 56
	  	56.57%
	 57
	  	57.14%
	 58
	  	57.71%
	 59
	  	58.28%

  

 - 22 - 

			
	 Retirement Age

	  	 Retirement Benefit Percentage

	 60
	  	58.85%
	 61
	  	59.42%
	 62
	  	60.00%
	 63
	  	60.56%
	 64
	  	61.13%
	 65 & over
	  	61.70%

  
 The Retirement Benefit
payment shall commence on the first day of the month following my Retirement. Provided, however, Retirement Benefit payments shall not commence until the later of (i) my attaining the age of fifty (50), and (ii) the commencement of retirement
benefit payments to me under the Retirement Plan. 
  
 1.B
Adjustment of Retirement Benefit Payments; Early Commencement. The amount of my Retirement Benefit payments will be reduced by reason of early retirement and commencement of payment thereof, based on the following table depending upon my age
when Retirement Benefit payments to me commence: 
  

			
	 Age At Commencement
 of Retirement Benefit Payments

	  	 Payout Percentage Factor Of
 Retirement Benefit Percentage

	 50
	  	50%
	 51
	  	55%
	 52
	  	60%
	 53
	  	65%
	 54
	  	70%
	 55
	  	75%
	 56
	  	80%
	 57
	  	85%
	 58
	  	90%
	 59
	  	95%
	 60 & older
	  	100%

  
 2. Code Sections
401(a)(17) and 415(b) Limitations. Notwithstanding Paragraphs 1A and 1B above, the Plan and this Plan Agreement shall provide a Retirement Benefit attributable to my annual eligible compensation under the Retirement Plan that is in excess of the
limitations on my Retirement Plan benefits contained in Code Sections 401(a)(17) and 415(b). This portion of the Retirement Benefit will be computed by applying the same benefit formula, vesting provisions, and early retirement provisions as are in
the Retirement Plan. Any part of the Retirement Benefit provided under this Paragraph 2 will offset and reduce that part of the Retirement Benefit provided under Paragraphs 1A and 1B above. 
  
 3. Disability Benefit (Article IV of Plan). If I should suffer a Total
and Permanent Disability prior to my Retirement, an amount which, when combined with then existing pension benefits under the Retirement Plan and any retirement plans (other than 401(k) plans) of any of my former employers, will provide sixty-one
and 7/10 percent (61.7%) of my highest thirty-six (36) consecutive months average Compensation (or average of all months of Compensation if 

  

 - 23 - 

 
employed less than thirty-six (36) months) of my last sixty (60) months of Service, for life (15 years minimum). 
  
 4. Death Benefit. (Article III of Plan). If my death should occur
before my Retirement, an amount which, when combined with then existing pension benefits under the Retirement Plan and any retirement plans (other than 401(k) plans) of any of my former employers, will provide fifty percent (50%) (or the vested
Retirement Benefit, whichever is greater) of my highest thirty-six (36) consecutive months average Compensation (or average of all months of Compensation if employed less than thirty-six (36) months) of my last sixty (60) months of Service, payable
to the Beneficiary for one hundred eighty (180) months following death. 
  
 5. Vesting Schedule. The Retirement Benefit payable to me shall unconditionally vest and become nonforfeitable according to the following vesting schedule: 
  

			
	 Years of Service
 with the Company

	  	 Vested Percentage of
 Retirement Benefit

	 0 to 5
	  	0%
	 6
	  	10%
	 7
	  	20%
	 8
	  	30%
	 9
	  	40%
	 10
	  	50%
	 11
	  	60%
	 12
	  	70%
	 13
	  	80%
	 14
	  	90%
	 15 or more
	  	100%

  
 If I attain age
sixty-five (65) prior to Retirement, I shall be 100% vested regardless of the above schedule. Retirement Benefits hereunder offsetting the limitations of Internal Revenue Code Sections 401(a)(17) and 415(b) shall be immediately fully vested for all
purposes. 
  
 6. Beneficiary. I hereby designate as my
Primary Beneficiary under the Plan and the Plan
Agreement:                                      
  
                                        
                                        
                 and, I hereby designate as my Secondary Beneficiary under the Plan and the Plan Agreement:
                                        
            . 
  
 The term “Beneficiary” as used herein shall mean the Primary Beneficiary if such Primary Beneficiary is an individual and such individual shall survive me by at least thirty (30) days, and shall mean the
Secondary Beneficiary if such an individual Primary Beneficiary does not survive me by at least thirty (30) days, and shall mean my Estate, if neither Primary nor a Secondary Beneficiary who is an individual survives me by at least thirty (30) days.
I shall have the right to change my designation of my Primary and/or Secondary Beneficiary from time to time, in such manner as shall be required by the Company, it being agreed that no change in Beneficiary shall 

  

 - 24 - 

 
be effective until acknowledged in writing by the Committee. (If designation of a Beneficiary is to be irrevocable, strike and initial previous sentence.)

  
 I further acknowledge that neither the Company nor any of its
subsidiaries, affiliated companies, officers, employees, or agents has any responsibility whatsoever for the changes which I may make in other personal plans or programs as a result of my decision regarding the Plan and they are fully released to
such extent. The Company agrees that although the Plan may be terminated or modified at any time, in the sole discretion of the Company, I shall have those rights which are vested and nonforfeitable under the terms and provisions of this Plan
Agreement to the extent such may be applicable to me at the time of such termination. 
  
 7. Plan. This Agreement is entered into and executed by me and the Company pursuant to, and as a part of the Plan. Except as otherwise expressly provided in the Plan or this Plan Agreement, the terms and
provisions of this Plan Agreement shall control in the event of any conflict between its terms and provisions and the terms of the Plan. It is intended that this Plan Agreement shall specifically state the amount, form and time of payment of my
Retirement Benefit, and the vesting schedule to be applicable to my Retirement Benefit. This Plan Agreement shall be construed so as to be performed in a manner consistent with express terms and provisions of the Plan, unless there is a clear and
express inconsistency, in which case the terms of this Plan Agreement shall control. 
  
 8. Amendment; Termination. No amendment of this Plan Agreement shall be effective unless agreed to in a written document signed by me and the Company. The Company may terminate this Agreement in event of a
termination of the Plan; provided, no termination of the Plan and no amendment of the Plan or of this Plan Agreement shall result in a decrease or forfeiture of my vested accrued Retirement Benefit under the Plan and this Plan Agreement as of the
date of such termination or amendment, as more particularly provided for under the provisions of Section 10.2 of the Plan on the date of this Plan Agreement. 
  
 9. Restriction of Assignment. Except as otherwise expressly provided in this Agreement, I agree on behalf of myself and of my executors and
administrators, heirs, legatees, distributees, and any other person or persons claiming any benefits under me under this Agreement, that this Agreement and its rights, interests, and benefits shall not be assigned, transferred, pledged, or
hypothecated in any way by me or any executor, administrator, heir, legatee, distributee, or other person claiming under me by virtue of this Agreement, and shall not be subject to execution, attachment, or similar process. Any attempted assignment,
transfer, pledge or hypothecation, or other disposition of this Agreement or of such rights, interests, and benefits contrary to the above provisions, or the levy of any such attachment or similar process thereupon, shall be null and void and
without effect. 
  
 10. Binding Effect. This Agreement
shall be binding upon and inure to the benefit of any successor of the Company, and any such successor shall be deemed substituted for the Company under the terms of this Agreement. As used in this Agreement, the term “successor” shall
include any person, firm, corporation, or other business entity which at any time, whether by merger, purchase, or otherwise, acquires all or substantially all of the Company’s assets or business. 
  

 - 25 - 

 11. Entire Agreement. This Agreement supersedes all other agreements previously made between the
Company and me relating to its subject matter. There are no other understandings or agreements. 
  
 12. Non-Waiver. No delay or failure by either the Company or me in exercising any right under this Agreement, and no partial or single exercise of
such right, shall constitute a waiver of that or any other right. 
  
 13. Governing Law. Except as otherwise provided by ERISA, this Agreement shall be construed in accordance with and governed by the laws of the State of Oklahoma. 
  
 IN WITNESS WHEREOF, ONEOK, Inc. and Plan Participant have executed the Plan Agreement as of
                    , 200    . 
  

			
	 ONEOK, Inc.

		
	By:	 	 
	
	 PARTICIPANT:

	
	 
	 (Signature)

	
	 
	 (Type or Print Name)

  

 - 26 - 

  
 APPENDIX II 
 CHANGE OF BENEFICIARY FORM FOR 
 ONEOK, INC.

 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 I,
                                        
        , as a Participant in the above Plan, hereby change my Beneficiary Designation for the Plan, and make this my Beneficiary Designation to supercede and replace any and all other prior Beneficiary
Designation instruments, as follows: 
  
 Primary Beneficiary(ies):

  

					
	 Name and Address

	 	 Relationship

	 	 Share (%)

	_____________________________	 	_____________________________	 	_____________________________
			
	_____________________________	 	_____________________________	 	_____________________________

  
 Secondary Beneficiary(ies):

  

					
	 Name and Address

	 	 Relationship

	 	 Share (%)

	_____________________________	 	_____________________________	 	_____________________________
			
	_____________________________	 	_____________________________	 	_____________________________

  
 The
“Beneficiary” designated to receive my benefits under the Plan shall mean the Primary Beneficiary(ies) designated above, who shall receive the respective share percentage(s) specified above if such Primary Beneficiary(ies) is an individual
and survives me by at least thirty (30) days, and if any individual designated as Primary Beneficiary does not so survive me then such Beneficiary’s share shall be received by any other designated Primary Beneficiary(ies) who does so survive
me, each in the proportion of such surviving Beneficiary’s share percentage stated above to the total of such stated share percentages of the Primary Beneficiary(ies) who so survive me. If none the Primary Beneficiaries designated above who are
individuals so survive me, and there are no other designated Primary Beneficiary(ies) who is not an individual, then my benefits under the Plan shall be received by the Secondary Beneficiaries designated above, who shall receive the respective share
percentages specified above if such Secondary Beneficiary (ies) who is an individual survives me by at least thirty (30) days, and if any designated Secondary Beneficiary who is an individual does not so survive me then such Beneficiary’s
share shall be received by any other designated Secondary Beneficiary(ies) who does so survive me, proportionately divided in the same manner as is described above with respect to Primary Beneficiaries. I shall have the right to change designation
of my Primary Beneficiary(ies) and/or Secondary Beneficiary(ies) from time to time in such manner and on such form as shall be required prescribed by the Company, it being agreed that no change in beneficiary shall be effective until acknowledged in
writing by the Committee. 
  

 - 27 - 

					
	 DATE:
	 	 	 	 PARTICIPANT:

			
	  	 	 	 	  
	 	 	 	 	 (Signature)

			
	 	 	 	 	 
	 	 	 	 	 (Type or Print Name)

  
 Signature of the above
Participant witnessed this              day of                     ,
            , in the presence of: 
  

	
	
	 
	 (Authorized Plan Representative)

  
 CONSENT OF
SPOUSE 
  
 I, the undersigned spouse of the Participant named
in the foregoing “Change of Beneficiary Form” hereby certify that I have read the Change of Beneficiary Form and fully understand the property and benefits subject to designation of a beneficiary or beneficiaries is my spouse’s
accrued benefit under the Plan, in which I may possess a beneficial interest, provided I survive my spouse. Being fully satisfied with the provisions and effect of the foregoing Change of Beneficiary Form, I hereby consent to and accept the
designation of beneficiaries made therein without regard to whether I survive or predecease my spouse. I intend for this consent to be irrevocable and my spouse may make any further changes in the designation of his beneficiary or beneficiaries
without my consent. 
  
 I have executed this consent this
             day of                     .
            . 
  

	
	
	 
	 Signature of Spouse of Participant

  
 Signature of
spouse witnessed this              day of                     .
            in the presence of: 
  

	
	
	 
	 Authorized Plan Representative

  

 - 28 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]