NEW AGE FASTENING SYSTEMS, INC. NEW AGE FASTENING SYSTEMS, INC. 512 Business Travel Expenses

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1 Travel Expense Policy: Detailed Introduction Overview It is the policy of New Age Fastening Systems, Inc. to reimburse staff for reasonable and necessary expenses incurred in connection with approved travel on behalf of the company. New Age Fastening Systems, Inc. strongly encourages use of travel discounts when making travel arrangements. Travelers seeking reimbursement should incur the lowest reasonable travel expenses and exercise care to avoid impropriety or the appearance of impropriety. Reimbursement is allowed only when reimbursement has not been, and will not be, received from other sources. If a circumstance arises that is not specifically covered in this travel policy, then the most conservative course of action should be taken. Business travel policies are aligned with company reimbursement rules. All business-related travel paid with New Age Fastening Systems, Inc. funds must comply with company expenditure policies. Authorization and responsibility Employee travel must be authorized. Travelers should verify that planned travel is eligible for reimbursement before departing for travel. Within 30 days of completion of a trip, the traveler must submit an expense reimbursement form and supporting documentation to obtain reimbursement of expenses, all receipts received after this timeframe will be void of reimbursement. Expense reimbursement forms may be requested from the home office by calling (856) to request a digital copy. Failure to submit an expense reimbursement form will result in non-payment of expenses. Personal funds Travelers should review reimbursement guidelines before spending personal funds for business travel to determine if such expenses are reimbursable. See Section II: Travel Expenses/Procedures for details. New Age Fastening Systems, Inc. reserves the right to deny reimbursement of travel-related expenses for failure to comply with policies and procedures. Travelers who use personal funds to facilitate travel arrangements will not be reimbursed until after the trip occurs and proper documentation is submitted. Exceptions Occasionally it may be necessary for travelers to request exceptions to this travel policy. Requests for exceptions to the policy must be made in writing and approved by the home office. Travel Expenses/Procedures General information Authorized business travel for staff that includes prepayments must be pre-approved. Permissible prepaid travel expenses Before the travel, New Age Fastening Systems, Inc. may prepay airfare, rental vehicles, lodging, or cash advances. Applicable policies and methods of payments for these prepayments follow. Airfare. Travelers are expected to obtain the lowest available airfare that reasonably meets business travel needs. Airfare may be prepaid by the business office. First-class tickets are not reimbursable.

2 Coach class or economy tickets must be purchased for domestic flights. A higher-priced coach ticket cannot be purchased for a subsequent upgrade in seating. Rental vehicles. New Age Fastening Systems, Inc. will pay for approved use of a rental vehicle. Rental cars may be prepaid by the business office. See the section on reimbursements below in this section. Travel advances. Cash advances are authorized for specific situations that might cause financial hardship for business travelers. See cash advance policy. Reimbursements Requests for reimbursements of travel-related expenses are submitted on an expense reimbursement form. This form must be accompanied by supporting documentation. These forms should be submitted to the business office within 30 days after the trip is completed. Reimbursement of travel expenses is based on documentation of reasonable and actual expenses supported by the original, itemized receipts where required. Reimbursements that may be paid by New Age Fastening Systems, Inc. are shown below. Expense reports received after the 30 days of travel may be denied for reimbursement. Airfare and Baggage: If the airfare was not prepaid by the business office, an original itemized airline receipt, an e-ticket receipt/statement or an Internet receipt/statement is required. The receipt must show the method of payment and indicate that payment was made. Travelers are expected to obtain the lowest available airfare that reasonably meets business travel needs. Coach class or economy tickets must be purchased for domestic or international flights A higher-priced coach ticket cannot be purchased for a subsequent upgrade in seating. First-class tickets are not reimbursable. Baggage will be reimbursed for (1) checked bag if the airline does not provide a free first checked bag. If the airline provides a free checked bag, any additional checked bags are the responsibility of the employee. Automobile Rental: If the rental car was not prepaid by the business office an original itemized rental receipt is required. Reimbursement for a commercial rental vehicle as a primary mode of transportation is authorized only if the rental vehicle is more economical than any other type of transportation. Vehicle rental at a destination city is reimbursable. Parking fees, cleaning fees, tolls and other incidental costs associated with the vehicle use are not covered by the rental agreement. New Age Fastening Systems, Inc. authorizes reimbursement for the most economic vehicle available. In certain circumstances larger vehicles may be rented, with supervisory approval. The rental agreement must clearly show the date and the points of departure/arrival, as well as the total cost. Drivers must adhere to the rental requirements, and restrictions must be followed. Original receipts are required. When vehicle rentals are necessary, New Age Fastening Systems, Inc. DOES NOT ENCOURAGE travelers to purchase collision damage waiver (CDW) and loss damage waiver (LDW) coverage. All insurance reimbursements will be denied. Drivers should be aware of the extent of a coverage (if any) provided by his or her automobile insurance company for travel that is business or not personal in nature.

3 Travelers are strongly encouraged to fill the gas tank before returning the vehicle if the fuel is not prepaid. Please check the rental agreement PRIOR to leaving the rental facility to avoid service fees and more expensive fuel rates. Lodging (commercial). The cost of overnight lodging (room rate and tax only) will be reimbursed to the traveler if the authorized travel is 45 miles or more from the traveler s home or primary worksite. Exceptions to this restriction may be approved in writing by their supervisor. New Age Fastening Systems, Inc. will reimburse lodging expenses at reasonable standard business room rates. Per Diem: Company Policy for these expenses is listed below and will be handled in the following manner: Per diem for Days of travel out to sites (start of job) for overnight stays are $37.00/day (taxable income) Per diem for Days of travel from sites (end of job) with no overnight stays are (taxable income) For Travel days when airfare is involved, 8 hours maximum will be paid for travel time. In the event there are flight delays out of the control of the company, a cap of 8 hours maximum will be paid on travel. For Travel days when driving is involved, the actual time on the road will be paid. (no max) Meal Per Diem will be paid on a weekly basis and noted on timesheets. Timesheets will need to be approved by the Forman on the job. This amount will be taxed as income and receipts are not required. All pre-received meal per diem as a cash advance will be treated as taxable income and receipts are not required. Parking: Parking reimbursements are not permitted. Telephone calls. The costs of personal telephone calls are the responsibility of the individual. Tolls. Original receipts are required for tolls when traveling while working on a job. Tolls to and from the airport will NOT be reimbursed and are the responsibility of the employee. Fuel: Original requests are required for fuel used when performing work on a job. Pre-pay receipts will NOT be reimbursed, final fuel receipts are required. Fuel for travel to and from the airport will NOT be reimbursed.

4 Nonreimbursable Travel Expenses The following items that may be associated with business travel will not be reimbursed by New Age Fastening Systems, Inc. Airline club memberships. Airline upgrades. Business class for domestic flights or first class for all flights. Commuting between home and the primary work location or airport when traveling. Costs incurred by traveler s failure to cancel travel or hotel reservations in a timely fashion. Personal entertainment expenses, including in-flight movies, headsets, health club facilities, hotel payper-view movies, in-theater movies, social activities and related incidental costs. Travel accident insurance premiums or purchase of travel or rental car insurance. Other expenses not directly related to the business travel. Cash Advance Policy New Age Fastening Systems has recently updated their policy on per diem reimbursement to accommodate the need of per diem money on a weekly basis. In lieu of these circumstances, additional cash advances on the jobsite should not be necessary. Effective in 2013, cash advances/loans from supervisors on jobsites will not be granted and they will not be in a position to access cash. We encourage all employees to open a checking/savings account for direct deposit and immediate access to funds while traveling. Effective in 2013, all paycheck advances/employee loans also will not be permitted; there will be no exceptions to this policy. We understand an advance may be needed in the start of the season until we are able to provide the reimbursement at the end of the week. New Age will cash advance a minimum of $200 and a maximum of $300 per outage season (maximum 2 times per year) from the central office. Please put in a written request (signature required) within a reasonable timeframe, and checks can be picked up or regular mailed to your home prior to the start of the season. All borrowed money will be deducted from the next immediate paycheck. This request needs to be process through our main office, not the supervisors on site. Additional requests for money will be denied until the start of the next season.

5 CASH ADVANCE REQUEST FORM Employee Name Address Phone Requested Amount $ New Age will cash advance a minimum of $200 and a maximum of $300 from the central office. Please put in a written request (signature required) within a reasonable timeframe, and checks can be picked up or regular mailed to you. All borrowed money will be deducted from the next immediate paycheck. This request needs to be process through our main office, not the supervisors on site. Additional requests for money will be denied until the start of the next season. I (we) hereby authorize New Age Fastening Systems Inc Payroll Department to deduct my repayment of the amount above from my next immediate paycheck. I understand that additional requests for money will be denied. Signature of Employee Date