Company: ZEUS
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001437749-25-009843
Chunk: 32

Company: OLYMPIC STEEL INC
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 32
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2026, respectively.                                                                                                                                                                                                                                                                                                                                                           |
| (2) | Value is based on the closing price of our Common Stock of $32.81 on December 31, 2024, as reported on the Nasdaq.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (3) | These Equity Incentive Plan Awards were granted under the C-suite LTIP. Actual payment of the awards may range from 0% to 150% depending on Company performance. The performance-based stock awards are reported at the expected payout level based on the performance of the Company and the terms of the C-suite LTIP. The PSUs will vest if the return on net assets, calculated as EBITDA divided by Average Accounts Receivable, Inventory and Property Plant and Equipment, exceeds five percent during the applicable three-year performance period. 16,500, 9,000 and 4,500 of the PSU for Messrs. Marabito, Greiff and Manson, respectively, are reported at the expected payout level of 150% during the 2023-2025 performance period. 8,246, 5,997 and 3,000 of the PSUs for Messrs. Marabito, Greiff and Manson, respectively, are reported at the expected payout level of 100% during the 2024-2026 performance period. |

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Incentive Plan

The Incentive Plan provides us with the authorization to grant stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and other stock- and cash-based awards to our employees, Directors and consultants.

Restricted Share and Restricted Stock Units.

Awards under the Incentive Plan may take the form of restricted shares and restricted stock units, which involve the granting of shares to participants subject to restrictions on transferability and any other restrictions the Compensation Committee may impose. The restrictions lapse if either the holder remains employed by us for a period of time established by the Compensation Committee under the applicable award agreement or satisfies other restrictions, including performance-based restrictions, during the period of time established by the Compensation Committee. Restricted share units are similar to restricted shares except that no shares are actually awarded to the participant on the date of grant and the holder typically does not enjoy any shareholder rights (including voting) with respect to the units. Restricted share awards and restricted stock unit awards are settled in shares.

In January 2022, we adopted a C-suite LTIP that operates under the Senior Manager Stock Incentive