Company: ZEUS
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001437749-25-009843
Chunk: 35

Company: OLYMPIC STEEL INC
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 35
---
, Messrs. Marabito, Greiff and Manson all participate in the Severance Plan. The benefits under the Severance Plan are substantially the same as the severance benefits previously payable under the individual employment agreements. Mr. Siegal continues to be a party to a retention agreement, which does not become operative unless we incur a change in control (as defined in the agreements). Under the retention agreement, we agreed to continue the employment of the officer for a certain period following the change in control in the same position with the same duties and responsibilities and at the same compensation level as existed prior to the change in control. If the officer’s employment is terminated without cause or by the officer for “good reason” during such period, the officer is entitled to receive a lump-sum severance payment with continuation of medical, dental, disability and life insurance benefits for two years and their severance payment is equal to 2.99 times the average of their respective last three years’ compensation.

Compensation for purposes of this calculation includes salary, cash bonus, C-suite LTIP, Company contributions to the Supplemental Executive Retirement Plan and 401(k) and profit-sharing plan on behalf of the officer, personal tax preparation fees, automobile allowance and country club dues, continuation of insurance coverages and long-term incentive payments. These retention agreements also provide that, in the event that any of the payments or benefits described above would constitute a “parachute payment” under Code Section 280G, the payments or benefits provided will be reduced so that no portion is subject to the excise tax imposed by Code Section 4999, but only to the extent such reduction will result in a net after tax benefit to the officer. Each of the retention agreements contains a non-competition prohibition for two years post-employment.

<div align='center'>27</div>

The table below reflects the approximate amounts that would be payable to each named executive officer under the Severance Plan or retention agreement assuming that we incurred a change in control at December 31, 2024, that the officer’s employment was terminated in a manner triggering payment of the above benefits, and that no reduction of benefits would be made in order to avoid excise taxes imposed by Code Section 4999.

|                                          |     | Michael D. Siegal |           |     | Richard T. Marabito |            |     | Andrew S. Greiff |           |     | Richard A. Manson |           |
|:-----------------------------------------|:----|:------------------|----------:|: