Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 661

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 4
Chunk 661
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in thousands)   Level 1    Level 2    Level 3    Total  
 Assets:                 
 Metal swaps  $-  $4,458  $-  $4,458 
 Embedded customer derivatives  $-  $766  $-  $766 
 Fixed interest rate hedge  $-  $55  $-  $55 
 Supplemental executive retirement plan  $11,617  $-  $-  $11,617 
 Total assets at fair value  $11,617  $5,279  $-  $16,896 
                 
 Liabilities:                 
 Metal swaps  $-  $5,224  $-  $5,224 
 Total liabilities recorded at fair value  $-  $5,224  $-  $5,224 

   The value of the items not recorded at fair value represent the carrying value of the liabilities.
    
   The carrying value of the ABL Credit Facility was $272.5 million and $190.2 million at  December 31, 2024 and 2023, respectively. Management believes that the ABL Credit Facility’s carrying value approximates its fair value due to the variable interest rate on the ABL Credit Facility and the recent amendments.

     67

    12.  Equity Plans: 

   Restricted Stock Units and Performance Share Units
    
   Pursuant to the Amended and Restated Olympic Steel 2007 Omnibus Incentive Plan (the Incentive Plan), the Company  may grant stock options, stock appreciation rights, restricted shares (RSs), restricted share units (RSUs), performance shares, and other stock- and cash-based awards to employees and directors of, and consultants to, the Company and its affiliates. Since adoption of the Incentive Plan, 1,400,000 shares of common stock have been authorized for equity grants. On an annual basis, the compensation committee of the Company’s Board of Directors awards RSs or RSUs to each non-employee director as part of their annual compensation.
    
   The annual award for 2024 per director was $110,000 of RSs. Subject to the terms of the Incentive Plan and the RS agreement, one-third of the RSs vest on