Document:

2005 Management Stock Plan of Oglebay Norton Company

  
 EXHIBIT 4.1

  
 2005 MANAGEMENT STOCK PLAN 
 OF 
 OGLEBAY NORTON COMPANY

  
 1. Purpose. The purpose of this Management Stock
Plan is to advance the interests of the Corporation by encouraging and enabling the acquisition of a larger personal proprietary interest in the Corporation by key employees of the Corporation and its Subsidiaries upon whose judgment and keen
interest the Corporation is largely dependent for the successful conduct of its operations and by providing such employees with incentives to put forth maximum efforts for the success of the Corporation’s business. It is anticipated that the
acquisition of such proprietary interest in the Corporation and such incentives will stimulate the efforts of such employees on behalf of the Corporation and its Subsidiaries and strengthen their desire to remain with the Corporation and its
Subsidiaries. It is also expected that such incentives and the opportunity to acquire such a proprietary interest will enable the Corporation and its Subsidiaries to attract desirable employees. 
  
 2. Definitions. When used in this Plan, unless the context otherwise
requires: 
  
 (a) “Board of Directors”
shall mean the Board of Directors of the Corporation, as constituted at any time. 
  
 (b) “Cause” shall mean, with respect to the holder of an Incentive Award, the following: (i) if the holder has an employment
agreement in effect with the Corporation or a Subsidiary which contains a definition of cause, then the definition of the term “Cause” for purposes of the Plan shall be as defined in such employment agreement, or (ii) if the holder does
not have an employment agreement in effect with the Corporation or a Subsidiary which contains a definition of cause, then “Cause” for purposes of the Plan shall mean (A) the holder’s failure to properly perform the holder’s
duties for the Corporation or a Subsidiary (except due to physical or mental impairment); (B) the holder’s material violation of Corporation or Subsidiary policies as communicated to the holder; (C) the holder’s conviction of, or plea of
nolo contendere to, a felony under the laws of the United States or any state or political subdivision thereof; or (D) the commission of any other act by the holder that brings the Company or a Subsidiary into substantial public disgrace or
disrepute. Notwithstanding the foregoing, “Cause” shall not be deemed to exist under clause (ii)(A), (ii)(B) or (ii)(D) unless the Committee provides the holder with specific written notice of the facts relating to the event and the holder
does not cure such conduct within ten (10) business days after the receipt of such notice. 
  
 (c) “Committee” shall mean the Committee hereinafter described in Section 3. 
  
 (d) “Change in Control” shall mean the occurrence
of any of the following: (i) any person or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act), other than Ingalls & Snyder and any of their respective affiliates (collectively, the “Initial
Holders”), becomes the “beneficial owner” (as defined in Rule 

  

 
13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Corporation on a fully diluted
basis, it being understood that a change of record ownership without a change of beneficial ownership shall not constitute a Change of Control for purposes of the Plan, (ii) any merger or consolidation of the Corporation with any other corporation
or issuance of voting securities of the Corporation in connection with a merger or consolidation of the Corporation (or any Subsidiary) other than (x) a merger or consolidation that results in the voting securities of the Corporation immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or parent thereof) more than 50% of the combined voting power of the voting
securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation or (y) a merger or consolidation effected to implement a recapitalization of the Corporation (or similar
transaction) in which no person other than any of the Initial Holders is or becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing more than 50% of either the then outstanding Shares of the Corporation or
the combined voting power of the Corporation’s then outstanding voting securities, (iii) the sale or disposition of all or substantially all of the assets of the Corporation, other than a sale or disposition to an entity of which more than 50%
of the combined voting power of the voting securities are owned by persons in substantially the same proportion as their ownership of the Corporation immediately prior to such sale, (iv) the liquidation or dissolution of the Corporation, or (v)
during any period of 24 consecutive months, individuals who were Directors of the Company at the beginning of such period cease to constitute at least a majority of the Company’s Board of Directors (the “Board”) unless the election or
appointment, or nomination for election by the Company’s shareholders, of more than one half of any new Directors of the Company was approved by a vote of at least two-thirds of the Directors of the Company then still in office who were
Directors of the Company at the beginning of such 24 month period. 
  
 (e) “Corporation” shall mean Oglebay Norton Company. 
  
 (f) “Effective Date” shall mean the effective date of the Plan of Reorganization. 
  
 (g) “Eligible Persons” shall mean those persons
described in Section 4 who are potential recipients of Incentive Awards. 
  
 (h) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 (i) “Fair Market Value” on a specified date shall mean the closing price on such date at which a Share is traded on the stock
exchange, if any, on which Shares are primarily traded or, if the Shares are not then traded on a stock exchange, the average of the closing representative bid and asked price of a Share as reported by the principal securities exchange or securities
trading market on which the Shares are listed or approved for trading, but if no Shares were traded on such date, then on the last previous date on which a Share was so traded, or, if none of the above are applicable, the value of 

  

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a Share as established in good faith by the Board of Directors for such date using any reasonable method of valuation. 
  
 (j) “Incentive Award” shall mean an Option or
Restricted Stock Award granted pursuant to this Plan. 
  
 (k) “Incentive Stock Option” shall have the meaning set forth in Section 422 of the Internal Revenue Code. 
  
 (l) “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (m) “Options” shall mean the stock options granted
pursuant to this Plan, and shall include the Initial Options (as defined in Section 6 hereof). 
  
 (n) “Plan” shall mean this 2005 Management Stock Plan of Oglebay Norton Company, as such Plan from time to time may be amended.

  
 (o) “Plan of Reorganization” shall
mean the joint plan of reorganization of the Corporation and the other debtors named therein, including all amendments and modifications thereto, as confirmed by the United State Bankruptcy Court for the District of Delaware, in the matter of In
re ONCO Investment Company, a Delaware corporation, et al., Case No. 04-10558 (JBR). 
  
 (p) “Restricted Shares” shall mean the Shares issued as a result of a Restricted Stock Award. 
  
 (q) “Restricted Stock Award” shall mean a grant of
Shares pursuant to Section 11 hereof. 
  
 (r)
“Share” shall mean a share of common stock of the Corporation or any security into which such shares of common stock may be changed by reason of any transaction or event of the type referred to in Section 15 of the Plan. 
  
 (s) “Subsidiary” shall mean any corporation or
limited liability company 50% or more of whose stock or membership interests having general voting power is owned by the Corporation, or by another Subsidiary as herein defined, of the Corporation or any limited partnership of which the Corporation
or another Subsidiary is the sole general partner. 
  
 3.
Administration. The Plan shall be administered by a Committee of the Board of Directors which shall consist of two or more directors of the Corporation, each of whom shall be a “Non-Employee Director” within the meaning of Rule
16b-3 under the Exchange Act and an “outside director” within the meaning of Section 162(m) of the Internal Revenue Code. Notwithstanding the foregoing, if at any time the Corporation is not required to register any class of its equity
securities under Section 12 of the Exchange Act, the Plan may be administered by the Board of Directors during such time. During any period of time in which the Plan is administered by the Board of Directors, all references in the Plan to the
Committee shall be deemed to refer to the Board of Directors. 
  

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 The Committee shall have full power and authority to administer and interpret the Plan. Determinations of
the Committee as to any question which may arise with respect to the interpretation of the provisions of the Plan and Incentive Awards shall be final. The Committee may authorize and establish such rules, regulations and revisions thereof not
inconsistent with the provisions of the Plan, as it may deem advisable to make the Plan and Incentive Awards effective or provide for their administration, and may take such other action with regard to the Plan and Incentive Awards as it shall deem
desirable to effectuate their purpose. 
  
 4. Participants.
Except as hereinafter provided, the class of persons who are potential recipients of Incentive Awards granted under this Plan shall consist of employees of the Corporation or a Subsidiary, as determined by the Committee. The parties to whom
Incentive Awards are granted under this Plan, and the number of Shares subject to each such Incentive Award, shall be determined by the Committee in its sole discretion, subject, however, to the terms and conditions of this Plan. 
  
 5. Shares. Subject to the provisions of Section 15 hereof, the
Committee may grant Incentive Awards with respect to an aggregate of up to 1,328,049 Shares, all of which Shares may be either Shares held in treasury or authorized but unissued Shares or a combination of the foregoing. The maximum number of Shares
which may be the subject of Options granted during any calendar year to any Eligible Person shall not exceed 500,000 Shares and the aggregate number of Shares actually issued or transferred by the Company upon the exercise of Incentive Stock Options
shall not exceed 1,325,397 shares of Common Stock. If the Shares that would be issued or transferred pursuant to any Incentive Awards are not issued or transferred and cease to be issuable or transferable for any reason, or if Restricted Shares
which are subject to a Restricted Stock Award are forfeited, the number of Shares subject to such Incentive Award will no longer be charged against the limitation provided for herein and may again be made subject to Incentive Awards. Notwithstanding
the preceding, with respect to any Option granted to any individual who is a “covered employee” within the meaning of Section 162(m) of the Internal Revenue Code that is canceled, the number of shares subject to such Option shall continue
to count against the maximum number of Shares which may be the subject of Options granted to such individual. For purposes of the preceding sentence, if, after grant, the exercise price of an Option is reduced, such reduction shall be treated as a
cancellation of such Option and the grant of a new Option, and both the cancellation of the Option and the new Option shall reduce the maximum number of shares for which Options may be granted to the holder of such Option. 
  
 6. Grant of Options; Initial Options. The number of Options to be
granted to any Eligible Person shall be determined by the Committee in its sole discretion. At the time an Option is granted, the Committee may, in its sole discretion, designate whether such Option (a) is to be considered as an Incentive Stock
Option, or (b) is not to be treated as an Incentive Stock Option for purposes of this Plan and the Internal Revenue Code. No Option which is intended to qualify as an Incentive Stock Option shall be granted under this Plan to any individual who, at
the time of such grant, is not an employee of the Corporation or of a Subsidiary that satisfies the tests under Section 424(e) or Section 424(f) of the Internal Revenue Code, or any successor provision. 
  
 Notwithstanding any other provision of this Plan to the contrary, on or as
soon as practicable following the Effective Date, Options shall be granted with respect to approximately 397,619 Shares (the “Initial Options”) with a per share exercise price of $12.63. Each of the 

  

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Initial Options shall become vested and exercisable by the Holder at the rate of 33-1/3% on each of the Effective Date, January 1, 2006 and January 1, 2007,
provided that the respective holder is still in the employ of the Corporation or a Subsidiary on the applicable vesting date. 
  
 Notwithstanding any other provision of this Plan to the contrary, to the extent that the aggregate Fair Market Value (determined as of the date an Option
is granted) of the Shares with respect to which Options which are designated as (or deemed to be) Incentive Stock Options granted to an employee (and any incentive stock options granted to such employee under any other stock option plan maintained
by the Corporation or any Subsidiary that meets the requirements of Section 422 of the Internal Revenue Code) first become exercisable in any calendar year exceeds $100,000, such Options shall be treated as Options which are not Incentive Stock
Options. Options with respect to which no designation is made by the Committee shall be deemed to be Incentive Stock Options to the extent that the $100,000 limitation described in the preceding sentence is met and the other applicable requirements
for treatment as an Incentive Stock Option are satisfied. This paragraph shall be applied by taking Options into account in the order in which they are granted. 
  

Nothing herein contained shall be construed to prohibit the issuance of Options at different times to the same person. 
  
 An Option shall be evidenced by an agreement executed on behalf of the
Corporation and by the Eligible Person to whom the Option is granted. The form of Option agreement shall be determined from time to time by the Committee, and need not be identical with respect to each grantee. 
  
 7. Purchase Price Under Options. The price per Share of the Shares to
be purchased pursuant to the exercise of any Option shall be fixed by the Committee at the time of grant (except that such purchase price under the Initial Options shall be as set forth in Section 6 hereof); provided, however, that the purchase
price per Share for the Shares to be purchased pursuant to the exercise of an Incentive Stock Option shall not be less than the Fair Market Value of a Share on the day on which the Option is granted. 
  
 8. Duration of Options. The duration of any Option granted under this
Plan shall be fixed by the Committee at the time of grant; provided, however, that no Option shall remain in effect for a period of more than ten years from the date upon which the Option is granted. 
  
 9. Ten Percent Stockholders. Notwithstanding any other provision of
this Plan to the contrary, no Option which is intended to qualify as an Incentive Stock Option may be granted under this Plan to any employee who, at the time the Option is granted, owns shares possessing more than 10 percent of the total combined
voting power or value of all classes of stock of the Corporation, unless the exercise price under such Option is at least 110% of the Fair Market Value of a Share on the date such Option is granted and the duration of such Option is no more than
five years. 
  
 10. Exercise of Options. Except as
otherwise provided herein (or in Section 6 with respect to the Initial Options), Options, after the grant thereof, shall become vested and exercisable by the holder at such rate and times as may be fixed by the Committee at the time of grant.

  

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 Notwithstanding any other provision of this Plan to the contrary, all or any part of any remaining
unexercised Options granted to any person shall be vested and may be exercised upon the occurrence of any of the following (but in no event after the expiration of the term of the Option): (i) a Change of Control while the holder is in the employ of
the Corporation or a Subsidiary, (ii) a termination of employment by the Corporation or a Subsidiary without Cause, or (iii) such special circumstance or event as in the opinion of the Committee merits special consideration, provided that the
Committee may, in its sole discretion, require that any exercise of an Option on an accelerated basis pursuant to subparagraph (iii) be contingent upon the consummation of the applicable event giving rise to such acceleration. To the extent a
holder’s Option is vested but unexercised upon the holder’s termination of employment, the holder may exercise the Option in accordance with Section 14. 
  
 An Option shall be exercised by the delivery of a written notice duly signed by the holder thereof to such effect, together
with the Option agreement and the full purchase price of the Shares purchased pursuant to the exercise of the Option, to the Secretary of the Board of Directors or an officer of the Corporation appointed by the Chairman of the Board of Directors for
the purpose of receiving the same. Payment of the full purchase price shall be made as follows: in cash or by check payable to the order of the Corporation; by providing with the exercise notice an order to a broker to sell part or all of the Shares
and to deliver sufficient proceeds to the Corporation, in cash or by check payable to the order of the Corporation, to pay the full purchase price of the Shares and all applicable withholding taxes; or by such other methods as the Committee may
permit from time to time. 
  
 Within a reasonable time after the
exercise of an Option, the Corporation shall cause to be delivered to the person entitled thereto, the Shares purchased pursuant to the exercise of the Option. If the Option shall have been exercised with respect to less than all of the Shares
subject to the Option, the Corporation shall also cause to be delivered to the person entitled thereto a new Option agreement in replacement of the agreement surrendered at the time of the exercise of the Option, indicating the number of Shares with
respect to which the Option remains available for exercise, or the original Option agreement shall be endorsed to give effect to the partial exercise thereof. 
  

Notwithstanding any other provision of the Plan or of any Option, no Option granted pursuant to the Plan may be exercised at any time when the Option
or the granting or exercise thereof violates any law or governmental order or regulation. 
  
 11. Terms and Conditions of Restricted Stock Awards; Grant of Initial Restricted Stock Awards. The Committee shall have the authority to grant to any Eligible Person a Restricted Stock Award, subject to the
following terms and conditions: 
  
 (a) All
Restricted Shares granted to an Eligible Person pursuant to the Plan shall be subject to the following conditions: 
  
 (i) each grant shall be made without the payment of any consideration therefore by the Eligible Person; 
  
 (ii) the Restricted Shares shall be subject to such transfer
restrictions and risk of forfeiture as the Committee shall determine at the time the Restricted Stock Award is 

  

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granted, until such specific conditions are met (which conditions shall be based solely on continuing employment and/or the lapse of time); 
  
 (iii) the Restricted Shares may not be sold, transferred, or
otherwise alienated or hypothecated until the restrictions are satisfied, removed or expire; 
  
 (iv) each certificate representing Restricted Shares issued pursuant to a Restricted Stock Award under this Plan shall bear a legend
making appropriate reference to the restrictions imposed; and 
  
 (v) the Committee may impose such other conditions as it may deem advisable on any Restricted Shares granted to an Eligible Person pursuant to a Restricted Stock Award under this Plan, including, without limitation,
restrictions under the requirements of any stock exchange upon which such Shares or shares of the same class are then listed, and under any securities law applicable to such Shares; provided, however, that such additional conditions shall not
violate the specific requirements of clauses (i) and (ii) above. 
  
 (b) The restrictions imposed under subsection (a) hereof upon Restricted Shares shall lapse in accordance with a schedule or such other conditions as shall be determined by the Committee, subject to the provisions of
subsection (c) below and Section 14 hereof. 
  
 (c) On or as soon as practicable following the Effective Date, Restricted Stock Awards shall be granted with respect to approximately 265,079 Shares. The Restricted Shares issued pursuant to such Restricted Stock Award shall vest, and the
restrictions imposed thereon under subsection (a) hereof shall lapse, at the rate of 25% per year on each of July 1, 2005, July 1, 2006, July 1, 2007 and July 1, 2008, subject to the provisions of Section 14 hereof. 
  
 (d) Prior to the satisfaction, expiration or lapse of all of
the restrictions and conditions imposed upon Restricted Shares, a stock certificate or certificates representing such Restricted Shares shall be registered in the holder’s name but shall be retained by the Corporation for the holder’s
account. The holder shall have the right to vote such Restricted Shares and shall have all other rights and privileges of a beneficial and record owner with respect thereto, including, without limitation, the right to receive dividends,
distributions and adjustments with respect thereto; provided, however, that such dividends, distributions and adjustments shall be retained by the Corporation for the holder’s account and for delivery to the holder, together with the stock
certificate or certificates representing such Restricted Shares, as and when said restrictions and conditions shall have been satisfied, expired or lapsed. 
  
 (e) A Restricted Stock Award shall be evidenced by an agreement executed on behalf of the Corporation and by the Eligible Person to whom
the Restricted Stock Award is granted. The form of Restricted Stock Award agreement shall be determined from time to time by the Committee, and need not be identical with respect to each grantee. 
  
 12. Consideration for Options. Except with respect to the Initial
Options, the Corporation shall obtain such consideration for the grant of an Option as the Committee in its discretion may determine. 
  

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 13. Restrictions on Transferability of Incentive Awards. Except as otherwise determined by the
Board, an Incentive Award shall not be transferable otherwise than by will or the laws of descent and distribution or as provided in this Section 13. Except as otherwise determined by the Board with respect to Options that are not Incentive Stock
Options, Options shall be exercisable during the initial holder’s lifetime only by him or her or by his or her guardian or legal representative. 
  
 14. Termination of Employment. Except as otherwise provided herein, all or any part of any Option, to the extent unexercised, shall terminate
immediately, upon the cessation or termination for any reason of the holder’s employment by the Corporation or any Subsidiary, except that the holder shall have three months following the cessation of his employment with the Corporation or its
Subsidiaries, and no longer, within which to exercise any unexercised Options which are vested but unexercised on the day on which such employment terminated; provided, that such exercise must be accomplished prior to the expiration of the term of
such Option. Notwithstanding the foregoing, if the cessation of employment is due to disability (as defined in Section 22(e)(3) of the Internal Revenue Code) or to death, the holder or the representative of the Estate or the heirs of a deceased
holder shall have the privilege of exercising the Options which are vested but unexercised at the time of such disability or death; provided, however, that such exercise must be accomplished prior to the expiration of the term of such Option and
within one year of the holder’s disability or death, as the case may be. The Committee may, in its sole discretion, extend the post-termination exercise period under this Section 14 with respect to any Option, but in no event beyond the
expiration of the term of such Option. If the employment of any holder of an Option with the Corporation or a Subsidiary shall be terminated for Cause, all unexercised Options of such holder shall terminate immediately upon such termination of the
holder’s employment with the Corporation and all Subsidiaries, and a holder of Options whose employment with the Corporation and Subsidiaries is so terminated, shall have no right after such termination to exercise any unexercised Option he
might have exercised prior to the termination of his employment or service with the Corporation and Subsidiaries. 
  
 Except as hereinafter provided, if a holder of a Restricted Stock Award shall voluntarily or involuntarily leave the employ of the Corporation or any
Subsidiary, then all Restricted Shares subject to restrictions at the time his employment terminates (and any dividends, distributions and adjustments retained by the Corporation with respect thereto) shall be forfeited. Notwithstanding the
foregoing, all restrictions to which Restricted Stock Awards are subject shall lapse upon the occurrence of (i) the consummation of a Change of Control while the holder is in the employ of the Corporation or a Subsidiary, (ii) a termination of
employment by the Corporation or a Subsidiary without Cause, or (iii) such special circumstance or event as in the opinion of the Committee merits special consideration. 
  
 15. Adjustment Provision. The Board shall make or provide for such adjustments in the numbers of Shares covered by
outstanding Options or Restricted Stock Awards granted hereunder, in the price, and in the kind of shares covered thereby, as the Board, in its sole discretion, exercised in good faith, may determine is equitably required to prevent dilution or
enlargement of the rights of holders of Incentive Awards that otherwise would result from (a) any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, or (b) any merger,
consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of 

  

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rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the
event of any such transaction or event or in the event of a Change in Control, the Board, in its discretion, may provide in substitution for any or all outstanding Incentive Awards under this Plan such alternative consideration as it, in good faith,
may determine to be equitable in the circumstances and may require in connection therewith the surrender of all awards so replaced. The Board shall also make or provide for such adjustments in the number of shares specified in Section 5 of this Plan
as the Board in its sole discretion, exercised in good faith, may determine is appropriate to reflect any transaction or event described in this Section 15; provided, however, that any such adjustment to the number specified in Section 5 shall be
made only if and to the extent that such adjustment would not cause any Option intended to qualify as an Incentive Stock Option to fail so to qualify. 
  
 16. Issuance of Shares and Compliance with Securities Act. The Corporation may postpone the issuance and delivery of Shares pursuant to the grant
or exercise of any Incentive Award until (a) the admission of such Shares to listing on the principal securities exchange or securities trading market on which Shares of the Corporation of the same class are then listed or approved for trading, and
(b) the completion of such registration or other qualification of such Shares under any State or Federal law, rule or regulation as the Corporation shall determine to be necessary or advisable. Any holder of an Incentive Award shall make such
representations and furnish such information as may, in the opinion of counsel for the Corporation, be appropriate to permit the Corporation, in the light of the then existence or non-existence with respect to such Shares of an effective
Registration Statement under the Securities Act of 1933, as from time to time amended (the “Securities Act”), to issue the Shares in compliance with the provisions of the Securities Act or any comparable act. The Corporation shall have the
right, in its sole discretion, to legend any Shares which may be issued pursuant to the grant or exercise of any Incentive Award, or may issue stop transfer orders in respect thereof. 
  
 17. Income Tax Withholding. If the Corporation or a Subsidiary shall be required to withhold any amounts by reason of
any Federal, State, local or foreign tax rules or regulations in respect of any Incentive Award, the Corporation or the Subsidiary shall be entitled to take such action as it deems appropriate in order to ensure compliance with such withholding
requirements. In order to facilitate payment by the holder of an Incentive Award of his withholding obligations with respect to the Incentive Award, the Corporation or Subsidiary may, at its election, (a) deduct from any cash payment otherwise due
to the holder, the appropriate withholding amount, (b) require the holder to pay to the Corporation or Subsidiary in cash the appropriate withholding amount, (c) permit the holder to elect to have the Corporation withhold a portion of the Shares
otherwise to be delivered with respect to such Incentive Award, the Fair Market Value of which is equal to the minimum statutory withholding amount, or (d) permit the holder to elect to deliver to the Corporation Shares already owned by the holder
for at least six months, the Fair Market Value of which is equal to the appropriate withholding amount. 
  
 18. Payment Restriction. Notwithstanding any provision of the Plan to the contrary, the payment of all or any portion of the amounts payable
hereunder will be deferred to the extent that any amount payable, when added to any other compensation received or to be received by a holder of an Incentive Award in the same calendar year, would not be deductible by the Company or a Subsidiary by
reason of Section 162(m) of the Internal Revenue Code. The amount to be deferred will equal the amount that otherwise would not be deductible by the Company or Subsidiary by reason of Section 162(m) of the Internal Revenue Code, but in no 

  

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event greater than the total amount otherwise payable hereunder. The deferred amount shall become payable on December 31 of the first succeeding calendar
year in which such amount, when added to all other compensation received or to be received by the holder in such calendar year, would not be non-deductible by the Company or Subsidiary by reason of Section 162(m) of the Internal Revenue Code. The
Committee, in its sole and absolute discretion, shall have the authority to waive this payment restriction (in whole or in part) upon the written request of the holder. 
  
 19. Amendment of the Plan. Except as hereinafter provided, the Board of Directors or the Committee may at any time
withdraw or from time to time amend the Plan as it relates to, and the terms and conditions of, any Incentive Awards not theretofore granted, and the Board of Directors or the Committee, with the consent of the affected holder of an Incentive Award,
may at any time withdraw or from time to time amend the Plan as it relates to, and the terms and conditions of, any outstanding Incentive Award. Notwithstanding the foregoing, any amendment by the Board of Directors or the Committee which would
increase the number of Shares issuable under the Plan or with respect to Options and Rights granted to any individual during any calendar year or change the class of Eligible Persons shall be subject to the approval of the shareholders of the
Corporation. 
  
 20. No Right of Employment. Nothing
contained herein or in an Incentive Award shall be construed to confer on any employee any right to be continued in the employ of the Corporation or any Subsidiary or derogate from any right of the Corporation and any Subsidiary to retire, request
the resignation of, or discharge such employee, director or consultant (without or with pay), at any time, with or without Cause. 
  
 21. Effective Date of the Plan. This Plan shall be effective as of the Effective Date. Confirmation of the Plan of Reorganization by the United
States Bankruptcy Court for the District of Delaware having jurisdiction over the Corporation’s and Subsidiaries’ Chapter 11 cases, pursuant to the applicable provisions of the Bankruptcy Code, shall be deemed to constitute shareholder
approval of this Plan for all applicable purposes. 
  
 22.
Final Grant Date. No Incentive Award shall be granted under the Plan after the date which is the day before the tenth anniversary of the Effective Date. 
  

23. Governing Law. The Plan shall be construed, administered, and enforced according to the laws of the State of Ohio, except to the extent that
such laws are preempted by the federal laws of the United States of America, and the venue for all actions or proceedings brought by any party arising out of or relating to the Plan shall be in the state or federal courts, as the case may be,
located in Cleveland, Ohio. The Company and the participants in the Plan hereby irrevocably waive any objection which they now or hereafter may have to the laying of venue of any action or proceeding arising out of or relating to the Plan brought in
any such courts and any objection on the ground that any such action or proceeding in any such courts has been brought in an inconvenient forum. 
  

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 24. Severability. If any term or condition of the Plan shall be invalid or unenforceable to any
extent or in any application, then the remainder of the Plan, with the exception of such invalid or unenforceable provision, shall not be affected thereby and shall continue in effect and application to its fullest extent. 
  
 IN WITNESS WHEREOF, the Corporation has caused there presents to be executed
by its duly authorized officer as of the Effective Date. 
  

					
	OGLEBAY NORTON COMPANY
			
	By:	 	 	 	/s/    MICHAEL D. LUNDIN        
	 	 	 Name:
	 	Michael D. Lundin
	 	 	 Title:
	 	President and CEO

  

 11EXHIBIT 10.1

  
 Exhibit 10.1

  
 2005 DEFERRED COMPENSATION PLAN 
  
 FOR KEY EMPLOYEES OF 
  
 SRA INTERNATIONAL, INC. 
  
 (Effective as of February 1, 2005) 
  

 2005 DEFERRED COMPENSATION PLAN 
 FOR KEY EMPLOYEES OF 
 SRA INTERNATIONAL, INC. 
  
 In recognition of the services provided to SRA International, Inc. (the
“Company”) by certain officers, key management and highly compensated employees, the Company maintains the 2005 Deferred Compensation Plan for Key Employees of SRA International, Inc. (the “Plan”) to offer such employees
opportunities to defer receipt of a portion of their compensation, including any incentive bonuses, payable to them by the Company until the time set forth herein and to provide such employees with retirement benefits that would otherwise be
unavailable by reason of certain restrictive provisions of law applicable to the Company’s 401(k) Plan. In order to defer taxation to the date of distribution, amounts deferred by Participants in the Plan must be credited to an irrevocable
“rabbi trust” under applicable Internal Revenue Service guidelines, and such amounts would be subject to the general creditors of the Company until distributed to Participants. The Plan shall be effective February 1, 2005 (the
“Effective Date”) under the terms and conditions hereinafter set forth. 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 Article 1 Definitions and Construction
	  	1
		
	 Article 2 Benefits
	  	4
		
	 Article 3 Distributions to Participants
	  	6
		
	 Article 4 Death Benefits
	  	9
		
	 Article 5 Vesting
	  	10
		
	 Article 6 Funding
	  	11
		
	 Article 7 Administration
	  	12
		
	 Article 8 Amendment and Termination
	  	16
		
	 Article 9 Miscellaneous
	  	17

  
  

 -i- 

 ARTICLE 1 
  

DEFINITIONS AND CONSTRUCTION 
  
 Sec. 1.01 Definitions. Whenever used in this Plan: 
  

“Account” means the entire interest of a Participant in the Plan. 
  
 “Affiliate” means any firm, partnership, or corporation in which SRA International, Inc. possesses an
ownership interest, directly or indirectly through one or more intermediaries, and has been designated as such by a resolution of the Board of Directors of SRA International, Inc. or its designee; provided that an “Affiliate” shall only be
considered as such for the period that such relationship with SRA International, Inc. shall exist. 
  
 “Beneficiary” means any individual or entity designated by a Participant pursuant to Section 4.02 to receive death benefits described in
Section 4.01 subsequent to the Participant’s death. 
  
 “Board” means the Board of Directors or other governing body of the Company. 
  
 “Change in Control” shall be deemed to have occurred if (i) as a result of any transaction, another person or entity (the
“Acquiror”), acquires voting stock of the Company in an aggregate amount so as to enable the Acquiror to exercise more than 50% of the voting power of the Company, (ii) an unrelated Acquiror (as defined in applicable Treasury guidance)
acquires all or substantially all of the assets of the Company, or (iii) upon the consummation of a merger or consolidation to which the Company is a party, the voting stock of the Company outstanding immediately prior to consummation of the merger
or consolidation is converted into cash or securities possessing less than 50% of the voting power of the surviving corporation. 
  
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor statute of similar nature and purpose. 
  
 “Company” means SRA International, Inc. and such
subsidiaries of SRA International, Inc. as designated by the Board, in its sole discretion, as the participating employers of this Plan. For purposes of any forms or documents, including compensation deferral election forms, that are prepared in
connection with the implementation of this Plan, any reference to the Company or SRA International, Inc. shall be deemed to include the reference to the subsidiaries of SRA International, Inc. that are designated by the Board as participating
employers of this Plan. 
  
 “Compensation
Deferral” means the amount or amounts of a Participant’s Total Compensation deferred under the provisions of Article 2 of this Plan. 
  
 “Deferred Compensation Committee” means the Deferred Compensation Committee as established by the Company. 
  

 “Eligible Employee” means an Employee who is an officer, senior principal or certain
other members of management or highly compensated employees as determined by the Company from time to time, and who is eligible to participate in the Plan as designated by the Plan Administrator in its sole discretion. 
  
 “Employee” means any individual employed by the Company (as
determined in accordance with the personnel policies and practices of the Company). 
  
 “401(k) Plan” means the Company’s 401(k) Plan. 
  
 “Hardship” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the
Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant. 
  
 “Normal
Retirement Age” means the later of (1) the Participant’s 65th birthday or (2) the Participant’s date of Separation from Service. 
  
 “Participant” means (a) any Eligible Employee who makes a Compensation Deferral pursuant to Section 2.01 hereof, or (b) any former
Eligible Employee who has a balance in his or her Account greater than zero and who either (1) continues to be employed by the Company, or (2) has a vested interest in his or her Account pursuant to Article 5 which has not been distributed pursuant
to Article 3 or 4. 
  
 “Plan” means the 2005
Deferred Compensation Plan for Key Employees of SRA International, Inc. 
  
 “Plan Administrator” means the individual designated as the administrator of the Plan by the Board or, if such position is vacant, the Company. 
  
 “Plan Year” means the calendar year. 
  
 “Separation from Service” means, for any Participant, cessation of employment with the Company or an
Affiliate due to reasons other than death, including Total Disability or any absence that causes him or her to cease to be employed by the Company or an Affiliate. Notwithstanding the preceding sentence, a transfer of employment from the Company to
an Affiliate, from an Affiliate to the Company, or from an Affiliate to an Affiliate shall not constitute a “Separation from Service.” 
  
 “Specified Employee” means a key employee of the Company (as defined in section 416(i) of the Code without regard to paragraph (5)
thereof) while the Company is traded on an established securities market or otherwise. 
  

 -2- 

 “Total Compensation” means the total sum of (1) the base salary (including any
compensation deferrals made under the 401(k) Plan, section 125 plan maintained by the Company, and this Plan) and (2) any incentive bonuses, paid by the Company to an Employee during the applicable period. 
  
 “Total Disability” means the Participant (a)
is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months;
or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a
period of not less than three months under an accident and health plan covering employees of the Company. 
  
 “Valuation Date” means any day upon which the Plan Administrator makes valuations of the Account. 
  
 Sec. 1.02 Gender and Number. The masculine pronoun shall
include the feminine; the singular shall include the plural; and vice versa. 
  

 -3- 

  
 ARTICLE 2 

 
 BENEFITS 
  
 Sec. 2.01 Participant Compensation Deferral Amounts.

  
 (a) Subject to paragraph (d), each Eligible Employee may
elect in writing to receive a portion of his or her future base salary, as determined in paragraph (b), as deferred compensation, subject to such rules and procedures as the Plan Administrator deems appropriate. In all events, each such election
shall be made once every Plan Year by the end of December that is immediately prior to the Plan Year with respect to which the base salary is earned. Notwithstanding the foregoing, with respect to the Participant’s first Plan Year, an Eligible
Employee may make a written election, within 30 days after becoming eligible to participate in the Plan, to receive a portion of his or her base salary to be earned following such election, as deferred compensation. In addition, each Eligible
Employee may elect in writing to receive a portion of his or her future bonus paid by the Company, as determined under paragraph (b), as deferred compensation, subject to such rules and procedures as the Plan Administrator deems appropriate. Each
election to defer a portion of the bonus shall be made once with respect to each Plan Year prior to the beginning of the fiscal year to which the bonus relates. 
  

(b) An Eligible Employee’s Compensation Deferral amount to be credited under the Plan, for a Plan Year, shall not exceed fifty percent (50%) of
his or her base salary and one hundred percent (100%) of his or her bonus for that Plan Year, reduced by any amounts withheld for the payment of taxes or other deductions required by law. 
  
 (c) Subject to such reasonable rules as may be prescribed by the Plan Administrator, the base salary deferral amounts
credited under this Section 2.01 shall be credited to a Participant’s Account on a semi-monthly basis, and the bonus deferral amounts credited under this Section 2.01 shall be credited to the Participant’s Account on an annual basis, as
determined by the Plan Administrator in its sole discretion. 
  
 (d) An Eligible Employee may elect, in writing on a form prescribed by the Plan Administrator, not to participate in the Plan with respect to any Plan Year; provided, however, that such election shall not be retroactive in effect.

  
 Sec. 2.02 Investment of Account. 
  
 (a) (1) For purposes of measuring the investment returns of his or her
Account, a Participant may select, from the investment funds selected by the Plan Administrator and approved by the Company, the investment media in which all or part of his or her Account shall be deemed to be invested. 
  
 (2) The Participant shall make an investment designation in
a manner permitted by the Plan Administrator (including by electronic communication) which shall remain 

  

 -4- 

 
effective until another valid direction has been made by the Participant as herein provided. The Participant may amend his or her investment designation at
such other time or times as determined by the Plan Administrator in its sole discretion. A timely change to a Participant’s investment designation shall become effective on the next business day. 
  
 (3) The investment media deemed to be made available to the
Participant, and any limitation on the maximum or minimum percentages of the Participant’s Account that may be deemed to be invested in any particular medium, shall be the same as from time-to-time communicated to the Participant by the Plan
Administrator. 
  
 (b) Except as provided below, the
Participant’s Account shall be deemed to be invested in accordance with his or her investment designations, provided such designations conform to the provisions of this Section. If - 
  
 (1) the Participant does not furnish the Plan Administrator
with complete, written investment instructions, or 
  
 (2) the written investment instructions from the Participant are unclear, 
  
 then all interests in the Participant’s Account shall be deemed invested in the Fidelity Retirement Money Market Fund. Notwithstanding the above, the Plan Administrator, in its sole discretion, may disregard the Participant’s
election and determine that all interests in the Account shall be deemed to be invested in a particular or a mixture of the investment funds selected by the Plan Administrator. 
  
 Sec. 2.03. Valuation of Account. 
  
 (a) The Company shall establish a bookkeeping Account to which will be credited an amount equal to the Participant’s
Compensation Deferral made under this Plan. Compensation Deferral shall be allocated to the Account on the first business day following the date such Compensation Deferral is withheld from the Participant’s Total Compensation. The Account shall
be reduced to reflect any distributions from such Account. Such reductions shall be allocated to the Account as of the date such distributions are made. 
  
 (b) As of each Valuation Date, income, gain and loss equivalents (determined as if the Account is invested in the manner set forth under Section 2.02,
hereof) attributable to the period following the next preceding Valuation Date shall be credited to and/or deducted from the Participant’s Account. 
  

 -5- 

  
 ARTICLE 3 

 
 DISTRIBUTIONS TO PARTICIPANTS 
  
 Sec. 3.01 Distribution Upon Attainment of Normal Retirement
Age. Distributions from a Participant’s Account due to the Participant’s attainment of his or her Normal Retirement Age (or, depending on the Participant’s election at the time of deferral, his or her Separation from Service,
if later) shall be paid in a cash lump sum unless the Participant elects, at the time of his or her initial deferral election in accordance with Section 2.01 above, in such manner as determined by the Plan Administrator, to receive equal annual
installments over a specified period. Such election shall be irrevocable, except as provided in Section 3.04 or 3.05 below. The payment shall commence as soon as administratively feasible following the date the Participant attains his or her Normal
Retirement Age. Notwithstanding the foregoing, a Participant who is employed by the Company may make an irrevocable election to defer commencement of such payment for a period of at least five (5) years, provided such election is made at least one
year prior to the date the Participant is to begin receiving payments pursuant to this Section 3.01. Further, notwithstanding the foregoing, upon the Participant’s attainment of Normal Retirement Age, if all unpaid amounts in the
Participant’s Account do not exceed twenty five thousand dollars ($25,000), all unpaid amounts in the Participant’s Account as of such date shall be paid in a lump sum in accordance with the applicable terms of the Plan. 
  
 Sec. 3.02 Distribution Upon Separation from Service.
Notwithstanding the Participant’s election for a later distribution under Sections 3.01 or 3.03, upon a Participant’s Separation from Service prior to his or her Normal Retirement Age, the Account balance of the Participant shall be paid
in a cash lump sum unless the Participant irrevocably elects, at the time of his or her initial deferral election in accordance with Section 2.01 above, in such manner as determined by the Plan Administrator, to receive equal annual installments
over a specified period; provided, however, that the preceding sentence shall not apply if the Participant has elected a distribution upon attainment of his or her Normal Retirement Age and has not revoked such election at the time of his or her
Separation from Service. Such election shall be irrevocable, except as provided in Section 3.04 or 3.05 below. The payment shall commence as soon as administratively feasible following the date of the Participant’s Separation from Service.
Further, notwithstanding the foregoing, upon the Participant’s Separation from Service, if all unpaid amounts in the Participant’s Account do not exceed twenty five thousand dollars ($25,000), all unpaid amounts in the Participant’s
Account as of such date shall be paid in a lump sum in accordance with the applicable terms of the Plan. 
  
 Sec. 3.03 In-Service Distribution. Notwithstanding anything to the contrary under this Plan, a Participant may elect, at the time of his or
her initial deferral election in accordance with Section 2.01 above, in such manner as determined by the Plan Administrator, to receive his or her Account balance on a fixed date, provided such date follows the Participant’s deferral election
by at least two (2) years. Such distribution shall be made in a cash lump sum, unless the Participant elects, at the same time and in the same manner as the election 

  

 -6- 

 
referenced in the preceding sentence, to receive equal annual installments over a specified period. Further, notwithstanding the foregoing, a Participant who
has made an election under this Section 3.03 may elect to defer receipt of his or her Account balance on a previously selected fixed date or dates, for a period of at least five (5) years, provided such election is made at least one year prior to
the date the Participant is to begin receiving payments pursuant to this Section 3.03. The elections referenced in the preceding three sentences shall be irrevocable, except as provided in Section 3.04 or 3.05 below. The payment shall commence as
soon as administratively feasible following the above referenced anniversary dates. Notwithstanding the foregoing, upon the above referenced anniversary dates, if all unpaid amounts in the Participant’s Account do not exceed twenty five
thousand dollars ($25,000), all unpaid amounts in the Participant’s Account as of such date shall be paid in a lump sum in accordance with the applicable terms of the Plan. 
  
 Sec. 3.04 Distribution Upon a Change in Control. Notwithstanding anything to the contrary under this Plan, a
Participant’s vested interest in his or her Account shall be distributed in cash in one lump sum upon the occurrence of a Change in Control. The payment shall commence as soon as administratively feasible, but not later than thirty (30) days
after the effective date of the Change in Control. 
  
 Sec. 3.05
Withdrawals On Account of Hardship. In accordance with section 409A(a)(2)(A)(vi) of the Code and the applicable guidance and regulations promulgated thereunder, prior to the date a Participant becomes entitled to a distribution under
Section 3.01, 3.02, 3.03 or 3.04 a Participant may request, and the Plan Administrator, in its sole and absolute discretion, may approve, a withdrawal in the form of a single sum of all or a portion of the Participant’s Account balance on
account of a Hardship. The Plan Administrator may request the Participant to provide such information as it deems necessary and proper for it to determine the existence of a Hardship. The Plan Administrator shall review the Participant’s
request and determine the extent, if any, to which such request is justified. Any such withdrawal shall be limited to an amount which does not exceed the amount necessary to satisfy such Hardship, plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such Hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets (to the
extent the liquidation of such assets would not itself cause severe financial hardship); provided that such amount shall not exceed the amount of benefit to which the Participant would be entitled if his or her employment were terminated.

  
 Notwithstanding the foregoing, a Participant may not request a
withdrawal on account of a Hardship under this Section 3.05 before he or she has exhausted all sources of funds available to him or her through distribution, withdrawal or loan under the Company’s 401(k) plan. 
  
 Sec. 3.06 Offset to Distributions. Notwithstanding anything to
the contrary hereunder, if a Participant owes any amounts to the Company at the time the distribution of his or her Account balance first becomes due, the Company reserves the right to offset such amounts against the amount of the Participant’s
Account balance, subject to any applicable laws. For 

  

 -7- 

 
purposes of this Section 3.06, the offset shall be applied so as to include any fines, penalties, damages or any other amounts (including attorneys’
fees) imposed on or paid by the Company as a result of any criminal investigation, arrest or indictment of the Participant for conduct that took place during the Participant’s employment as an employee of the Company. 
  
 Sec. 3.07 Distributions to Specified Employees. In accordance
with section 409A(a)(2)(B)(i) of the Code and the applicable guidance and regulations promulgated thereunder, notwithstanding anything to the contrary hereunder, distributions to Specified Employees as a result of a Separation from Service may not
be made before the date which is 6 months after the date of Separation from Service (or, if earlier, the date of death of the Specified Employee). 
  

 -8- 

 ARTICLE 4 
  

DEATH BENEFITS 
  
 Sec. 4.01 Distribution of Account Upon Death of Participant. In the event of a Participant’s death prior to the complete distribution
of his or her Account pursuant to Article 3, the value of the Participant’s remaining Account under the Plan shall be paid to the Participant’s Beneficiary in cash in a single sum as soon as administratively practicable following the
completion of the first valuation of the Participant’s Account pursuant to Section 2.03 which coincides with or next follows the Participant’s death. 
  

Sec. 4.02 Designation of Beneficiary. For purposes of Section 4.01 hereof, the Participant’s Beneficiary shall be the person or
persons so designated by the Participant in a written instrument submitted to the Plan Administrator. In the event the Participant fails to properly designate a Beneficiary, his or her Beneficiary shall be the Participant’s surviving spouse or,
if none, his or her estate. 
  

 -9- 

 ARTICLE 5 
  

VESTING 
  
 Sec. 5.01 Vesting of Account. A Participant shall be fully vested in his or her Account at all times. 
  

 -10- 

  
 ARTICLE 6 

 
 FUNDING 
  
 Sec. 6.01 Funding of Benefits. The Board may, but shall not be
required to, authorize the establishment of a trust by the Company to serve as the funding vehicle for the benefits described in Articles 2 and 4 hereof. Any such trust shall satisfy the requirements of section 409A of the Code. In any event, the
obligation of the Company hereunder shall constitute a general, unsecured obligation, payable solely out of general assets, and no Participant shall have any right to any specific assets of the Company. 
  

 -11- 

  
 ARTICLE 7 

 
 ADMINISTRATION 
  
 Sec. 7.01 Plan Administrator. The individual designated by the
Board as the administrator of the Plan shall be the Plan Administrator for purposes of the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”). However, if such position is vacant, the Company shall be
the Plan Administrator. 
  
 Sec. 7.02 Duties and Powers of
Plan Administrator. The Plan Administrator shall have full power and authority to construe, interpret and administer this Plan and may, to the extent permitted by law, make factual determinations, correct defects, supply omissions and
reconcile inconsistencies to the extent necessary to effectuate the Plan and, subject to Section 7.03, the Plan Administrator’s actions in doing so shall be final and binding on all persons interested in the Plan. The Plan Administrator may
from time to time adopt rules and regulations governing the operation of this Plan and may employ and rely on such legal counsel, such actuaries, such accountants and such agents as it may deem advisable to assist in the administration of the Plan.

  
 Sec. 7.03 Claims Procedure. 
  
 (a) The Company will advise each Participant and Beneficiary of any benefits
to which he or she is entitled under the Plan. If any person believes that the Company has failed to advise him or her of any benefit to which he or she is entitled, he or she may file a written claim with the Plan Administrator. If the claim is
wholly or partially denied, the Plan Administrator will provide the claimant with a written or electronic notification of the Plan’s adverse determination. 
  
 (1) This written or electronic notification must be provided to the claimant within a reasonable period of
time, but not later than 90 days after the receipt of the claim by the Plan Administrator, unless the Plan Administrator determines that special circumstances require an extension of time for processing the claim. If the Plan Administrator
determines that an extension of time for processing is required, written notice of the extension will be furnished to the claimant prior to the termination of the initial 90 day period. In no event will such extension exceed a period of 90 days from
the end of such initial period. The extension notice will indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination. 
  
 (2) In the case of a claim for disability benefits, then
instead of paragraph (a)(1) above, the Plan Administrator will provide the claimant with written or electronic notification of the Plan’s adverse benefit determination within a reasonable period of time, but not later than 45 days after receipt
of the claim by the Plan. This period may be extended by the Plan for up to 30 days, provided the Plan Administrator both determines that such an extension is necessary due to matters beyond the control of the Plan and notifies the 

  

 -12- 

 
claimant, prior to the expiration of the initial 45 day period, of the circumstances requiring the extension of time and the date by which the Plan expects
to render a decision. If, prior to the end of the first 30-day extension period, the Plan Administrator determines that, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, the period for making
the determination may be extended for up to an additional 30 days, provided that the Plan Administrator notifies the claimant, prior to the expiration of the first 30-day extension period, of the circumstances requiring the extension and the date as
of which the Plan expects to render a decision. In the case of any such extension, the notice of extension will specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the
claim, and the additional information needed to resolve those issues, and the claimant will be afforded at least 45 days within which to provide the specified information. 
  
 (b) The Plan Administrator’s written or electronic notification of any adverse benefit determination must contain the
following information: 
  
 (1) The specific
reason or reasons for the adverse determination. 
  
 (2) Reference to the specific Plan provisions on which the determination is based. 
  
 (3) A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such
material or information is necessary. 
  
 (4)
Appropriate information as to the steps to be taken if the claimant wants to submit the claim for review, as set forth in paragraph (c) below. 
  
 (5) In the case of disability benefits: 
  
 (i) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the
specific rule, guideline, protocol, or other similar criterion; or a statement that such rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination and that a copy of the rule, guideline, protocol, or
other similar criterion will be provided to the claimant free of charge upon request. 
  
 (ii) If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either
an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the medical circumstances, or a statement that such explanation will be provided to the claimant free of charge upon request. 

 
 (c) Upon the denial of a claim for benefits, a claimant may file a claim
for review, in writing, with the Deferred Compensation Committee (excluding the Plan Administrator). 
  

 -13- 

 (1) The claimant must file the claim for review no later than 60 days after the claimant
has received written notification of the denial of the claim for benefits. However, if the claim is for disability benefits, then instead of the above, a claimant must file the claim for review no later than 180 days following receipt of
notification of an adverse benefit determination. 
  
 (2) A claimant may submit written comments, documents, records, and other information relating to the claim for benefits. 
  
 (3) A claimant may review all pertinent documents relating to the denial of the claim and submit any issues and comments, in writing, to
the Deferred Compensation Committee (excluding the Plan Administrator). 
  
 (4) A claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. 
  
 (5) The claim for review must be given a full and fair
review. This review will take into account all comments, documents, records, and other information submitted by a claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. 
  
 (6) In addition to the above,
if the claim is for disability benefits, then the following shall apply: 
  
 (i) The claim will be reviewed without deference to the initial adverse benefit determination and the review will be conducted by an appropriate named fiduciary of the Plan who is neither the individual who made the
adverse benefit determination that is the subject of the appeal, nor the subordinate of such individual. 
  
 (ii) In deciding an appeal of any adverse benefit determination that is based in whole or in part on medical judgment, the appropriate
named fiduciary will consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment. 
  
 (iii) Any medical or vocational experts whose advice was obtained on behalf of the Plan in connection with
the adverse benefit determination will be identified, without regard to whether the advice was relied upon in making the benefit determination. 
  
 (iv) The health care professional engaged for purposes of a consultation under paragraph (6)(ii) above will be an individual who is
neither an individual who was consulted in connection with the adverse benefit determination that is the subject of the appeal, nor the subordinate of any such individual. 
  

 -14- 

 (7) The Deferred Compensation Committee (excluding the Plan Administrator) will provide the claimant with
written or electronic notification of the Plan’s benefit determination on review. The Administrator must provide a claimant with notification of this denial within 60 days after receipt by the Deferred Compensation Committee (excluding the Plan
Administrator) of the written claim for review, unless the Deferred Compensation Committee (excluding the Plan Administrator) determines that special circumstances require an extension of time for processing the claim. If the Deferred Compensation
Committee (excluding the Plan Administrator) determines that an extension of time for processing is required, written notice of the extension will be furnished to a claimant prior to the termination of the initial 60 day period. In no event will
such extension exceed a period of 60 days from the end of the initial period. The extension notice will indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review.
However, if the claim relates to disability benefits, then 45 days will apply instead of 60 days in the preceding sentences. In the case of an adverse benefit determination, the notification will set forth: 
  
 (i) The specific reason or reasons for the adverse
determination. 
  
 (ii) Reference to the specific
Plan provisions on which the benefit determination is based. 
  
 (iii) A statement that a claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits.

  
 (iv) A statement of the claimant’s right
to bring an action under section 502(a) of ERISA. 
  
 (v) In the case of a claim for disability benefits: 
  
 (A) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the specific rule, guideline, protocol, or other similar criterion; or a statement
that such rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination and that a copy of the rule, guideline, protocol, or other similar criterion will be provided to a claimant free of charge upon
request. 
  
 (B) If the adverse benefit
determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the medical circumstances,
or a statement that such explanation will be provided to a claimant free of charge upon request. 
  
 (8) If a claim for benefits is denied or ignored, in whole or in part, a claimant may file suit in a state or federal court. However, in order to do so, a
claimant must file the suit no later than 180 days after the Deferred Compensation Committee (excluding the Plan Administrator) makes a final determination to deny the claim. 
  

 -15- 

 ARTICLE 8 
  

AMENDMENT AND TERMINATION 
  
 Sec. 8.01 Authority to Amend. The Board or its designee may amend the Plan at any time in any manner whatsoever. Notwithstanding the above,
no amendment shall operate to reduce the benefit amount accrued on behalf of a Participant on the effective date of the amendment. 
  
 Sec. 8.02 Right to Terminate. Continuance of the Plan is completely voluntary and is not assumed as a contractual obligation of the Company.
The Company shall have the right at any time for any reason to terminate the Plan, by action of the Board; provided, however, that the Plan termination shall not operate to reduce the amount accrued on behalf of a Participant on the effective date
of the Plan’s termination. In the event of Plan termination, distribution of a Participant’s Account balance shall occur at the time distribution otherwise would be made to him or her hereunder in accordance with the applicable provision
of Article 3. 
  

 -16- 

 ARTICLE 9 
  

MISCELLANEOUS 
  
 Sec. 9.01 No Right to Employment. Nothing contained herein (a) shall be deemed to exclude a Participant from any compensation, bonus,
pension, insurance, severance pay or other benefit to which he or she otherwise is or might become entitled to as an Employee or (b) shall be construed as conferring upon an Employee the right to continue in the employ of the Company. 
  
 Sec. 9.02 No Compensation for Other Benefits. Any amounts paid
hereunder shall not be deemed salary or other compensation to a Participant for the purposes of computing benefits to which he or she may be entitled under any other arrangement established by the Company for the benefit of its employees.

  
 Sec. 9.03 Rights and Obligations. The rights and
obligations created hereunder shall be binding on a Participant’s heirs, executors and administrators and on the successors and assigns of the Company. 
  
 Sec. 9.04 Payments to Representatives. If any Participant or Beneficiary entitled to receive any benefits hereunder is determined by the
Plan Administrator, or is adjudged to be, legally incapable of giving valid receipt and discharge for such benefits, the benefits shall be paid to a duly appointed and acting conservator or guardian, or other legal representative of such Participant
or Beneficiary, if any, and if no such legal representative is appointed and acting, to such person or persons as the Plan Administrator may designate. Such payments shall, to the extent made, be deemed a complete discharge for such payments under
this Plan. 
  
 Sec. 9.05 Governing Law. The Plan
shall be construed in accordance with and governed by the laws of the Commonwealth of Virginia. 
  
 Sec. 9.06 Nonalienation. Except as hereinafter provided with respect to family disputes, the rights of any Participant under this Plan are
personal and may not be assigned, transferred, pledged or encumbered. Any attempt to do so shall be void. In cases of family disputes, the Company will observe the terms of the Plan unless and until ordered to do otherwise by a state or Federal
court. As a condition of participation, a Participant agrees to hold the Company harmless from any claim that arises out of the Company’s obeying the final order of any state or Federal court, whether such order effects a judgment of such court
or is issued to enforce a judgment or order of another court. For purposes of this Section 9.06, “family dispute” means a dispute relating to provision of child support, alimony payments, or marital property rights to a spouse, former
spouse or other dependent of the Participant. 
  
 Sec. 9.07
Limitations on Obligations. Neither the Company nor any member of the Board shall be responsible or liable in any manner to any Participant, Beneficiary or any person claiming through them for any benefit or action taken or omitted in
connection 

  

 -17- 

 
with the granting of benefits, the continuation of benefits, or the interpretation and administration of this Plan. 
  
 Sec. 9.08 Withholding. If the Company is required to withhold
amounts under applicable federal, state or local tax laws, rules or regulations, the Company shall be entitled to deduct and withhold such amounts from any cash payment made pursuant to this Plan. 
  
 Sec. 9.09 Lost Payees. Any benefit payable under the Plan shall
be deemed forfeited if the Plan Administrator is unable to locate the Participant or Beneficiary to whom payment is due; provided, however, that such benefit shall be reinstated if a claim is made by the Participant or Beneficiary for the forfeited
benefit. 
  
 IN WITNESS WHEREOF, the Company has caused this Plan
to be executed in its name and behalf this 27th day of January, 2005, by its officer thereunto duly authorized.

  

			
	SRA International, Inc.
		
	By:	 	/s/ STEPHEN C. HUGHES
	 	 	Stephen C. Hughes
	 	 	 Senior Vice President of Finance and Administration

 Chief Financial Officer

  

 -18-

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