Company: ZEUS
Filing Date: 2025-10-30
Form Type: 425
Source: 0001193125-25-257069
Chunk: 4

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 425
Chunk 4
---
 performance-based cash award
immediately prior to the Effective Time (including any requirement for continued service and performance-based vesting conditions).

At the Effective
Time, each phantom stock award granted under the Olympic Amended and Restated 2007 Omnibus Incentive Plan (the “”) that is outstanding immediately prior to the Effective Time (“”) will be assumed by Ryerson and converted into a phantom stock award with phantom units (rounded down to the nearest whole unit) with respect to shares of Ryerson Common Stock equal to the product of (A) the number of phantom
units subject to such Olympic Phantom Award multiplied by (B) the Exchange Ratio (“”) and will otherwise remain subject to the same terms and conditions that applied to such Olympic Phantom Award
immediately prior to the Effective Time, provided, that (i) a portion of each Assumed Phantom Award will vest on a prorated basis based on the number of days completed in the applicable performance period through the Effective Time, and the
vested portion will be paid in cash within 30 days following the Closing Date in accordance with Olympic’s (or one of its affiliates’) regular payroll practices, based on the per-share closing
price of Ryerson Common Stock on the Closing Date and (ii) a portion of the Assumed Phantom Award that does not vest at the Effective Time will be assumed and remain outstanding and will remain subject to the same terms and conditions that
applied to the Assumed Phantom Award immediately prior to the Effective Time (including, the requirement of continued service through the last day of the applicable performance period).

At the Effective Time, all other long-term cash awards granted under the Olympic Stock Plan will be treated in accordance with the terms of the applicable
plan or award agreement, including awards outstanding under the Metal-Fab Manager Long-Term Incentive Plan and Metal-Fab Manager Retention Incentive Plan, which will
remain outstanding and eligible to vest in accordance with, and subject to, the terms thereof, including (i) a portion of the award will vest on a prorated based on the number of days in the performance period that have been completed on the
Closing Date and (ii) the portion of the award that does not vest at the Effective Time will continue to be outstanding and subject to the same terms and conditions that applied prior to the Effective Time (including continued service
requirements through the last day of the applicable performance period). The vested portion of any such award will be paid in cash within 30 days following the Closing Date