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

Company: OLYMPIC STEEL INC
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 25
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 of the grant.

In January 2022, we adopted a Senior Manager Phantom Stock Plan (the “Phantom Stock Plan”) that operates under the Senior Manager Stock Incentive Plan. Under the Phantom Stock Plan, certain senior managers are eligible to participate in the plan. The Phantom Stock Plan supersedes any previous stock incentive programs offered to the eligible participants. In 2024, eligible participants could receive an award of Phantom Stock Units (“Phantom Units”) of up to $150,000. The number of Phantom Units granted on the grant date is determined by dividing the dollar amount granted by the closing price of a share of the Company’s common stock on the grant date. Each Phantom Unit Award under this plan shall vest 3 years after the grant date. Upon vesting, the Participant will be paid in cash, an amount equal to the number of the vested Phantom Units multiplied by the closing price of a share of Olympic Steel’s common stock on the vesting date. In January 2024, we granted Ms. Christen 1,124 Phantom Units with a grant value of $75,000.

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In his role as Executive Chairman of the Board of Directors, Mr. Siegal did not receive a long-term incentive grant under either the C-suite LTIP or the Phantom Stock Plan

Stock Ownership Guidelines. Effective January 1, 2022, we have established minimum stock ownership requirements for our C-suite executives. Minimum ownership requirements are five times base salary for our Chief Executive Officer and three times base salary for our President and Chief Operating Officer and Chief Financial Officer. Executives are required to meet this requirement within five years of the effective date. Future participants will be given five years from their promotion date to a C-suite position. For purposes of meeting this requirement, each equivalent share of stock held under our benefit plans and each restricted stock unit is considered a share of stock. Stock options and phantom restricted stock units are not considered for purposes of meeting the requirement. The Compensation Committee will review shareholdings on an annual basis to determine whether our Executives are meeting these requirements. As of December 31, 2024, all C-suite executives met the minimum ownership requirement.

Personal Benefits and Perquisites. Our named executive officers also are eligible to receive other benefits, which the Compensation Committee believes are commensurate with the types of benefits and perquisites provided to other similarly situated executives, as determined based on the Compensation Committee’s review of information supplied by Pearl Meyer. The Compensation Committee