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i ~: <br />AFFF~+DIX S <br />EI•iPLOYEE STOCI•: UWN]:FSHIF FLAN <br />CF&I STEEL CORFOFv TION <br />January 1, 1987 <br />Purpose: To provide ~ n:~th~d fur the employees of CF&i Steel <br />Corgoratior, t~ gain ownership of shares of common st~•:k <br />through a qualified £mployte Stack Ownership F'la:, <br />("ESO?" ) u.^.der t?:e Int:-na1 P.~v=nue Cede. <br />Plan Elements: <br />1. CF&I will transfer newly-issued shares of voting <br />common stock (representing 38X of the then <br />fully diluted outstanding shares) to the ESOP <br />effective January 1, 1987. The contributed shares <br />will be allocated to participating employees' ESOP <br />accounts over a 2 year period. <br />2. All employees (Union and non-Union) will participate <br />in the ESOP, although a waiting period of 520 hours <br />of wort. after date of hire will apply to newly-hired <br />employees. <br />3. A participating employee will have an immediate 100• <br />nonforfeitable interest in whatever is allocated to <br />his or her ESOP account. <br />4. Stock will be allocated in the ESOP based upon each <br />participating Employee's relative cash compensation <br />(excluding bonuses) for each year, as compared to <br />the same cash compensation of all other <br />participating employees for that year. <br />5. Participating employees will have full voting rights <br />on all shares of stock in the ESOP. Each <br />participant will be able to direct the ESOP trustee <br />as to how his or her particular shares are to be <br />voted. <br />6. Stock will be held in the ESOP and distributed <br />following a participating employee's termination of <br />employment with CF&I for any reason. <br />7. The ESOP will be operated by an Independent bank <br />trustee and a Committee, consisting of five <br />individuals. One member of the Committee will be <br />selected by non-bargaining unit employees, one by <br />the CFG.I BoarC of Directors, one by Local 2102 of <br />t),e Union, and one Jointly ty Locals 32E7 and 37~: <br />of tl~,e U:,i•on. The fifth member of the Committe- <br />