EX-4.3



 Exhibit 4.3 

OLYMPIC STEEL, INC. 

AMENDED AND RESTATED 2007 OMNIBUS INCENTIVE PLAN 

ARTICLE 1 
 GENERAL
PURPOSE OF PLAN; DEFINITIONS 
 Section 1.1 Name and Purpose. The name of this Plan is the Amended and Restated Olympic Steel, Inc. 2007
Omnibus Incentive Plan. The Olympic Steel, Inc. 2007 Omnibus Incentive Plan was originally approved by Shareholders at the Annual Meeting of Shareholders held in 2007, and reapproved by Shareholders at the Annual Meeting of Shareholders held in
2012. The purpose of this Plan is to enable Olympic Steel, Inc. and its Affiliates to (a) attract and retain skilled and qualified officers, other employees, directors and consultants who are expected to contribute to the Company’s success
by providing long-term incentive compensation opportunities competitive with those made available by other companies, (b) motivate Plan participants to achieve the long-term success and growth of the Company, (c) facilitate ownership of
shares of the Company and (d) align the interests of the Plan participants with those of the Company’s public Shareholders. 
 Section 1.2
Certain Definitions. Unless the context otherwise indicates, the following words used herein shall have the following meanings whenever used in this instrument: 

(a) The word “Affiliate” means any corporation, partnership, joint venture or other entity, directly or indirectly, through one or
more intermediaries, controlling, controlled by, or under common control with the Company as determined by the Committee or the Board of Directors, as applicable, in its discretion. 

(b) The word “Award” means any grant under this Plan of a Stock Option, a Stock Appreciation Right, Restricted Shares, Restricted
Share Units, Performance Shares, Cash-Based Awards or Other Stock-Based Awards to any Plan participant. 
 (c) The words “Award
Agreement” mean an agreement, certificate, resolution or other type or form of writing or other evidence approved by the Committee that sets forth the terms and conditions of the Awards granted under the Plan. An Award Agreement may be in an
electronic medium, may be limited to notation on the books and records of the Company and, unless otherwise determined by the Committee, need not be signed by a representative of the Company or a participant. 

(d) The words “Base Price” mean the price to be used as the basis for determining the excess of the Fair Market Value per Share on
the date when a Stock Appreciation Right is exercised over the Exercise Price or Base Price provided for in the related Stock Option or independent Stock Appreciation Right, respectively, upon the exercise of an independent Stock Appreciation Right
or a Stock Appreciation Right granted in conjunction with the grant of a Stock Option. 
 (e) The words “Board of Directors” mean
the Board of Directors of the Company, as constituted from time to time. 

  








 (f) The words “Cash-Based Award” mean an Award, denominated in cash, granted to a
participant as described in Article 10. 
 (g) The word “Code” means the Internal Revenue Code of 1986, as amended, and any
regulations or pronouncements promulgated thereunder. Whenever reference is made to a specific Code section, such reference shall be deemed to be a reference to any successor Code section or sections with the same or similar purpose. 

(h) The word “Committee” means the entity administering this Plan as provided in Section 2.1 hereof or, if none has been
appointed, then the Board of Directors as a whole. 
 (i) The words “Common Shares” mean the Common Stock, without par value, of
the Company. 
 (j) The word “Company” means Olympic Steel, Inc., a corporation organized under the laws of the State of Ohio, and
any successor corporation or business organization which shall assume the duties and obligations of Olympic Steel, Inc. under this Plan. 

(k) The words “Date of Grant” mean the date on which the Committee grants an Award or a future date that the Committee designates at
the time of the Award. 
 (l) The word “Director” means a member of the Board of Directors. 

(m) The word “Disability”, unless otherwise defined in an Award Agreement, means a medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months and which results in the participant: (i) being unable to engage in any substantial gainful activity; or
(ii) receiving income replacement benefits for a period of not less than three (3) months under an accident or health plan covering employees of the Company. 

(n) The words “Early Retirement”, unless otherwise defined in an Award Agreement, mean a participant’s retirement from active
employment with the Company or an Affiliate on and after the attainment of age 55. 
 (o) The words “Eligible Director” mean a
Director of the Company who is entitled to participate in the Plan pursuant to Section 4.1. 
 (p) The acronym “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended and any regulations or pronouncements promulgated thereunder. Whenever reference is made to a specific ERISA Section, such reference shall be deemed to be a reference to any successor,
ERISA Section or Sections with the same or similar purpose. 
 (q) The words “Exchange Act” mean the Securities Exchange Act of
1934, as amended, and any regulations or pronouncements promulgated thereunder. 
 (r) The words “Exercise Price” mean the purchase
price of a Share covered by a Stock Option. 

  
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 (s) The words “Fair Market Value” mean the last closing price of a Share as reported on
The Nasdaq Global Select Market, or, if applicable, on another national securities exchange on which the Common Shares are principally traded, on the date for which the determination of fair market value is made, or, if there are no sales of Common
Shares on such date, then on the most recent immediately preceding date on which there were any sales of Common Shares on such principal trading exchange. If the Common Shares are not or cease to be traded on The Nasdaq Global Select Market or
another national securities exchange, the “Fair Market Value” of Common Shares shall be determined in the manner prescribed by the Committee. Notwithstanding the foregoing, as of any date, the “Fair Market Value” of Common Shares
shall be determined in a manner consistent with Section 409A of the Code and the guidance then existing thereunder. 
 (t) The words
“Incentive Stock Option” and the acronym “ISO” mean a Stock Option that is clearly identified as such and that is intended to meet the requirements of Section 422 of the Code, or any successor provision, and therefore is
intended to qualify for favorable tax treatment. 
 (u) The words “Non-Qualified Stock Option” and the acronym “NQSO”
mean a Stock Option that: (i) is governed by Section 83 of the Code; and (ii) is not intended to meet the requirements of Section 422 of the Code. 

(v) The words “Normal Retirement”, unless otherwise defined in an Award Agreement, mean retirement from active employment with the
Company or an Affiliate on or after the age of 65. 
 (w) The words “Other Stock-Based Award” mean an equity-based or
equity-related Award not otherwise described in this Plan, granted pursuant to Article 10. 
 (x) The words “Outside Director” mean
a Director who meets the definitions of the terms “outside director” set forth in Section 162(m) of the Code, “independent director” set forth in The Nasdaq Stock Market, Inc. rules, and “non-employee director” set
forth in Rule 16b-3 under the Exchange Act, or any successor definitions adopted by the Internal Revenue Service, The Nasdaq Stock Market, Inc. and Securities and Exchange Commission, respectively, and similar requirements under any other
applicable laws and regulations. 
 (y) The word “Parent” means any corporation which qualifies as a “parent corporation”
of the Company under Section 424(e) of the Code. 
 (z) The words “Performance Shares” are defined in Article 9. 

(aa) The word “Plan” means this Amended and Restated Olympic Steel, Inc. 2007 Omnibus Incentive Plan, as may be amended from time to
time. 
 (bb) The acronym “QDRO” means a qualified domestic relations order as defined by the Code. 

  
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 (cc) The word “Retirement”, unless otherwise defined in an Award Agreement, means
Normal Retirement or Early Retirement. 
 (dd) The words “Restricted Shares” are defined in Article 8. 

(ee) The words “Restricted Share Units” are defined in Article 8. 

(ff) The word “Share” or “Shares” means one or more of the Common Shares. 

(gg) The word “Shareholder” means an individual or entity that owns one or more Shares. 

(hh) The words “Stock Appreciation Rights” and the acronym “SAR” mean any right pursuant to an Award granted under
Article 7. 
 (ii) The words “Stock Option” mean any right to purchase a specified number of Shares at a specified price which
is granted pursuant to Article 5 herein and may be an Incentive Stock Option, a Non-Qualified Stock Option, or a combination of the foregoing. 

(jj) The words “Stock Power” mean a power of attorney executed by a participant and delivered to the Company which authorizes the
Company to transfer ownership of Restricted Shares, Performance Shares or Shares from the participant to the Company or a third party. 

(kk) The word “Subsidiary” means any corporation which qualifies as a “subsidiary corporation” of the Company under
Section 424(f) of the Code. 
 (ll) The word “Vested” means that the time has been reached, with respect to Stock Options,
when the option to purchase Shares first becomes exercisable; with respect to Stock Appreciation Rights, when the Stock Appreciation Right first becomes exercisable for payment; with respect to Restricted Shares, when the Shares are no longer
subject to forfeiture and restrictions on transferability, with respect to Restricted Share Units, Performance Shares, and Other Stock-Based Awards, when the units are no longer subject to forfeiture and are convertible to Shares; and with respect
to Cash-Based Awards when the payment of a cash amount is non-forfeitable. The words “Vest” and “Vesting” have meanings correlative to the foregoing. 

ARTICLE 2 

ADMINISTRATION 
 Section 2.1
Authority and Duties of the Committee. 
 (a) The Plan shall be administered by a Committee of not less than three Directors who are
appointed by the Board of Directors and serve at its pleasure. Unless otherwise determined by the Board of Directors, the Compensation Committee of the Board of Directors shall serve as the Committee, and all of the members of the Committee shall be
Outside Directors. Notwithstanding the requirement that the Committee consist 

  
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exclusively of Outside Directors, no action or determination by the Committee or an individual considered to be an Outside Director shall be deemed void because a member of the Committee or such
individual fails to satisfy the requirements for being an Outside Director, except to the extent required by applicable law. 
 (b) The
Committee has the power and authority to grant Awards pursuant to the terms of this Plan to officers, other employees, Eligible Directors and consultants. 

(c) In particular, the Committee has the authority, subject to any limitations specifically set forth in this Plan, to: 

(i) select the officers, employees, Eligible Directors and consultants to whom Awards are granted; 

(ii) determine the types of Awards granted and the timing of such Awards; 

(iii) determine the number of Shares to be covered by each Award granted hereunder; 

(iv) determine whether an Award is, or is intended to be, “performance-based compensation” within the meaning of Section 162(m)
of the Code; 
 (v) determine the other terms and conditions, not inconsistent with the terms of this Plan and any operative employment or
other agreement, of any Award granted hereunder; such terms and conditions include, but are not limited to, the exercise price, the time or times when Stock Options or Stock Appreciation Rights may be exercised (which may be based on performance
objectives), any vesting, acceleration or waiver of forfeiture restrictions, any performance criteria (including any performance criteria as described in Section 162(m)(4)(C) of the Code) applicable to an Award, and any restriction or
limitation regarding any Stock Option or Stock Appreciation Right or the Common Shares relating thereto, based in each case on such factors as the Committee, in its sole discretion, shall determine; 

(vi) determine whether any conditions or objectives related to Awards have been met, including any such determination required for compliance
with Section 162(m) of the Code; 
 (vii) subsequently modify or waive any terms and conditions of Awards, not inconsistent with the
terms of this Plan and any operative employment or other agreement; 
 (viii) determine whether, to what extent and under what circumstances,
Shares and other amounts payable with respect to any Award are deferred either automatically or at the election of the participant; 
 (ix)
adopt, alter and repeal such administrative rules, guidelines and practices governing this Plan as it deems advisable from time to time; 

  
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 (x) promulgate such administrative forms as they from time to time deem necessary or appropriate
for administration of the Plan; 
 (xi) construe, interpret and implement the terms and provisions of this Plan, any Award, any Award
Agreement and any other related agreements; 
 (xii) correct any defect, supply any omission and reconcile any inconsistency in or between
the Plan, any Award, any Award Agreement and any other related agreements; and 
 (xiii) otherwise supervise the administration of this Plan.

 (d) All decisions made by the Committee pursuant to the provisions of this Plan are final and binding on all persons, including the
Company, its Shareholders and Plan participants, but may be made by their terms subject to ratification or approval by the Board of Directors, another committee of the Board of Directors or Shareholders. 

Section 2.2 Delegation of Authority. The Committee may delegate its powers and duties under this Plan to a subcommittee thereof or the Chief
Executive Officer of the Company, subject to applicable law and such terms, conditions and limitations as the Committee may establish in its sole discretion; provided, however, that the Committee may not delegate its powers and duties
under this Plan to such officer for Awards granted to an employee who is an officer, Director, or more than 10% beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act,
as determined by the Committee in accordance with Section 16 of the Exchange Act, or any participant who is a “covered employee” as defined in Section 162(m) of the Code. The Company shall furnish the Committee with such clerical
and other assistance as is necessary for the performance of the Committee’s duties under the Plan. In addition, the Committee may delegate ministerial duties to any other person or persons, and it may employ attorneys, consultants, accountants
or other professional advisers. 
 Section 2.3 Non U.S. Participants. In order to facilitate the making of any grant or combination of
grants under this Plan, the Committee may provide for such special terms for Awards to participants who are foreign nationals or who are employed by the Company or any Subsidiary outside of the United States of America or who provide services to the
Company under an agreement with a foreign nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to or amendments,
restatements or alternative versions of this Plan (including, without limitation, sub-plans) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the
Secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan. No such special terms, supplements, amendments or restatements, however, will include any
provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the Shareholders. 

  
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 ARTICLE 3 

STOCK SUBJECT TO PLAN 
 Section 3.1
Total Shares Limitation. Subject to the provisions of this Article 3, the maximum number of Shares that may be issued pursuant to Awards granted under this Plan is 1,000,000 Shares, which may be newly-issued Shares or Shares that
have been reacquired in the open market or in private transactions. The aggregate number of Shares available under this Plan will be reduced by one Share for every one Share subject to an Award granted under this Plan. 

Section 3.2 Other Limitations. 
 (a)
ISO Limitations. The maximum number of Shares available with respect to all Stock Options granted under this Plan that may be Incentive Stock Options is 1,000,000 Shares. 

(b) Participant Limitation. The aggregate number of Shares underlying Awards granted under this Plan to any one participant in any
fiscal year, regardless of whether such Awards are thereafter canceled, forfeited or terminated, shall not exceed 50,000 Shares. The maximum aggregate amount awarded or credited with respect to Cash-Based Awards to any one participant in any fiscal
year may not exceed $3,000,000.00. The foregoing annual limitations are intended to include the grant of all Awards, including, but not limited to, Awards representing “performance-based compensation” as described in
Section 162(m)(4)(C) of the Code. 
 Section 3.3 Awards Not Exercised.

(a) In the event any outstanding Award, or portion thereof, expires, or is terminated, canceled or forfeited, the Shares that would otherwise
be issuable with respect to the unexercised portion of such expired, terminated, canceled or forfeited Award shall be available for subsequent Awards under this Plan. 

(b) Notwithstanding anything to the contrary contained herein: (i) Shares withheld by the Company in payment of the Exercise Price of a
Stock Option will not be added back to the aggregate number of Shares available under Section 3.1 above; (ii) Shares tendered or otherwise used in payment of the Exercise Price of a Stock Option will not be added to the aggregate number of
Shares available under Section 3.1 above; (iii) Shares withheld by the Company or tendered or otherwise used to satisfy a tax withholding obligation will not be added (or added back, as applicable) to the aggregate number of Shares
available under Section 3.1 above; (iv) Shares subject to a Stock Appreciation Right that are not actually issued in connection with its Shares settlement on exercise thereof will not be added back to the aggregate number of Shares
available under Section 3.1 above; and (v) Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Stock Options will not be added to the aggregate number of Shares available under
Section 3.1 above. If, under this Plan, a participant has elected to give up the right to receive compensation in exchange for Shares based on fair market value, such Shares will not count against the aggregate number of Shares available under
Section 3.1 above. 

  
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 Section 3.4 Dilution and Other Adjustments. In the event that the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or
exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company or other similar corporate transaction or event affects the Shares such that an adjustment is
determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then the Committee or the Board of Directors shall, in such manner as it
deems equitable, adjust any or all of (a) the number and type of Shares (or other securities or other property) which thereafter may be made the subject of Awards, (b) the number and type of Shares (or other securities or other property)
subject to outstanding Awards, (c) the limitations set forth above, (d) the purchase or exercise price or any performance objective with respect to any Award and (e) any other Award terms ; provided, however, that the
number of Shares or other securities covered by any Award or to which such Award relates is always a whole number. Notwithstanding the foregoing, the foregoing adjustments shall be made in compliance with: (i) Sections 422 and 424 of the Code
with respect to ISOs; (ii) Section 162(m) of the Code with respect to Performance Share Awards (and any other Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code) unless
specifically determined otherwise by the Committee; and (iii) Section 409A of the Code, to the extent the Committee determines it is necessary to avoid its application or avoid adverse tax consequences thereunder. 

ARTICLE 4 
 PARTICIPANTS

 Section 4.1 Eligibility. Officers, all other regular active employees of the Company or any of its Affiliates, Eligible Directors
and consultants to the Company or any of its Affiliates are eligible to participate in this Plan. The Plan participants shall be selected from time to time by the Committee in its sole discretion, or, with respect to employees other than executive
officers or participants who are “covered employees” as defined in Section 162(m) of the Code or Directors, by the Chief Executive Officer in his sole discretion with proper delegation from the Committee. 

ARTICLE 5 
 STOCK OPTION
AWARDS 
 Section 5.1 Option Grant. Each Stock Option granted under this Plan (or delegation of authority to the Chief Executive
Officer to grant Stock Options) will be evidenced by minutes of a meeting, or by a unanimous written consent without a meeting, of the Committee and by an Award Agreement containing such terms and provisions, consistent with this Plan, as the
Committee (or the Chief Executive Officer) may approve. 
 Section 5.2 Terms and Conditions of Grants. Stock Options granted under this
Plan are subject to the following terms and conditions and may contain such additional terms, conditions, restrictions and contingencies with respect to exercisability and/or with respect to the Shares acquired upon exercise, not inconsistent with
the terms of this Plan and any operative employment or other agreement, as the Committee deems desirable: 

  
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 (a) Exercise Price. The Exercise Price fixed at the time of grant (except with
respect to awards under Article 17 of this Plan) will not be less than 100% of the Fair Market Value of the Shares as of the Date of Grant. If a variable Exercise Price is specified at the time of grant, the Exercise Price may vary pursuant to a
formula or other method established by the Committee which provides a floor not less than Fair Market Value as of the Date of Grant. Except as otherwise provided in Section 3.4 hereof, no subsequent amendment of an outstanding Stock Option may
reduce the Exercise Price to less than 100% of the Fair Market Value of the Shares as of the Date of Grant. Further, except in connection with a corporate transaction or event described in Section 3.4 hereof, the terms of outstanding Awards may
not be amended to reduce the Exercise Price of outstanding Stock Options, or cancel outstanding Stock Options in exchange for cash, other awards or Stock Options with an Exercise Price that is less than the Exercise Price of the original Stock
Options, without shareholder approval. This Section 5.2(a) is intended to prohibit the repricing of “underwater” Stock Options and will not be construed to prohibit the adjustments provided for in Section 3.4 of this Plan.
Notwithstanding any provision of this Plan to the contrary, this Section 5.2(a) may not be amended without approval by the Shareholders 

(b) Option Term. Any unexercised portion of a Stock Option granted hereunder shall expire at the end of the stated term of the
Stock Option. The Committee shall determine the term of each Stock Option at the time of grant, which term shall not exceed ten years from the Date of Grant. The Committee may extend the term of a Stock Option, in its discretion, but not beyond the
date immediately prior to the tenth anniversary of the original Date of Grant. If a definite term is not specified by the Committee at the time of grant, then the term is deemed to be ten years. 

(c) Vesting. Stock Options, or portions thereof, are exercisable at such time or times as determined by the Committee in its
discretion at or after grant; provided, that, except as otherwise described in this Plan, no grant of Stock Options may become exercisable sooner than after one year or a one-year performance period. If the Committee provides that any Stock
Option becomes Vested over a period of time, in full or in installments, the Committee may waive or accelerate such Vesting provisions at any time. 

(d) Method of Exercise. Vested portions of any Stock Option may be exercised in whole or in part at any time during the option term
by giving written notice of exercise to the Company specifying the number of Shares to be purchased. The notice must be given by or on behalf of a person entitled to exercise the Stock Option, accompanied by payment in full of the Exercise Price,
along with any required tax withholding pursuant to Section 16.3 hereof. The Exercise Price may be paid: 
 (i) in cash; 

(ii) by tendering (by either actual delivery of Shares or by attestation) previously-owned Shares having an aggregate Fair Market Value on the
date of exercise equal to the Exercise Price applicable to such Stock Option exercise, and, with respect to the exercise of NQSOs, including Restricted Shares; 

  
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 (iii) by a combination of cash and Shares; 

(iv) by authorizing a broker to sell, on behalf of the participant, the appropriate number of Shares otherwise issuable to the participant upon
the exercise of a Stock Option with the proceeds of sale applied to pay the Exercise Price and tax withholding; 
 (v) subject to any
conditions or limitations established by the Committee, by the Company’s withholding of Shares otherwise issuable upon exercise of a Stock Option pursuant to a “net exercise” arrangement (it being understood that, solely for purposes
of determining the number of treasury shares held by the Company, the Shares so withheld will not be treated as issued and acquired by the Company upon such exercise); or 

(vi) by another method permitted by law which assures full and immediate payment of the Exercise Price. 

The Committee may prohibit any method of payment for any reason, in its sole discretion, including, but not limited to, concerns that the
proposed method of payment will result in adverse financial accounting treatment or adverse tax treatment for the Company. 
 If the
Exercise Price of a NQSO is paid by tendering Restricted Shares, then the Shares received upon the exercise will contain identical restrictions as the Restricted Shares so tendered. Except as otherwise provided by law and in the Committee’s
sole discretion, required tax withholding may be paid only by cash, through a same day sale transaction or by withholding Shares. 
 (e)
Issuance of Shares. The Company will issue or cause to be issued such Shares promptly upon exercise of the Stock Option. No Shares will be issued until full payment has been made. Until the issuance (as evidenced by the appropriate entry
on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a Shareholder will exist with respect to the Shares,
notwithstanding the exercise of the Stock Option. 
 (f) Form. Unless the grant of a Stock Option is designated at the time of
grant as an ISO, it is deemed to be an NQSO. ISOs are also subject to the terms and conditions stated in Article 6 hereof. 
 (g)
Special Limitations on Stock Option Awards. Unless an Award Agreement approved by the Committee provides otherwise, Stock Options awarded under this Plan are intended to meet the requirements for exclusion from coverage under
Section 409A of the Code and all Stock Option Awards shall be construed and administered accordingly. 

  
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 Section 5.3 Termination of Grants Prior to Expiration. Unless otherwise provided in an
employment or other agreement entered into between the optionee and the Company and approved by the Committee, either before or after the Date of Grant, or otherwise specified at or after the time of grant, and subject to Article 6 hereof with
respect to ISOs, the following early termination provisions apply to all Stock Options: 
 (a) Termination by Death. If an
optionee’s employment or directorship with the Company or its Affiliates terminates by reason of his or her death, all Stock Options held by such optionee will immediately become Vested, but thereafter may only be exercised (by the legal
representative of the optionee’s estate, or by the legatee or heir of the optionee pursuant to a will or the laws of descent and distribution) for a period of one year (or such other period as the Committee may specify at or after the time of
grant) from the date of such death, or until the expiration of the original term of the Stock Option, whichever period is shorter. 
 (b)
Termination by Reason of Disability. If an optionee’s employment or directorship with the Company or its Affiliates terminates by reason of his or her Disability, all Stock Options held by such optionee will immediately become
Vested, but thereafter may only be exercised for a period of one year (or such other period as the Committee may specify at or after the time of grant) from the date of such termination of employment (or of directorship, if applicable), or until the
expiration of the original term of the Stock Option, whichever period is shorter. If the optionee dies within such one-year period (or such other period as applicable), any unexercised Stock Option held by such optionee will thereafter be
exercisable by the legal representative of the optionee’s estate, or by the legatee or heir of the optionee pursuant to a will or the laws of descent and distribution, for the greater of the remainder of the one-year period (or other period as
applicable) or for a period of twelve months from the date of such death, but in no event shall any portion of the Stock Option be exercisable after its original stated expiration date. 

(c) Termination by Reason of Retirement. If an optionee’s employment or directorship with the Company or its Affiliates
terminates by reason of his or her Retirement, all Stock Options held by such optionee immediately become Vested but thereafter may only be exercised for a period of two years (or such other period as the Committee may specify at or after the time
of grant) from the date of such Retirement, or until the expiration of the original term of the Stock Option, whichever period is shorter. If the optionee dies within such two-year period (or such other period as applicable), any unexercised Stock
Option held by such optionee will thereafter be exercisable by the legal representative of the optionee’s estate, or by the legatee or heir of the optionee pursuant to a will or the laws of descent and distribution, for the greater of the
remainder of the two-year period (or such other period as applicable) or for a period of twelve months from the date of such death, but in no event shall any portion of the Stock Option be exercisable after its original stated expiration date. 

(d) Other Termination. If an optionee’s employment or directorship with the Company or its Affiliates terminates, voluntarily
or involuntarily, for any reason other than death, Disability, Retirement or for Cause, any Vested portions of Stock Options 

  
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held by such optionee at the time of termination may be exercised by the optionee for a period of three months (or such other period as the Committee may specify at or after the time of grant)
from the date of such termination or until the expiration of the original term of the Stock Option, whichever period is shorter. No portion of any Stock Option which is not Vested at the time of such termination will thereafter become Vested. 

ARTICLE 6 
 SPECIAL RULES
APPLICABLE TO INCENTIVE STOCK OPTIONS 
 Section 6.1 Eligibility. Notwithstanding any other provision of this Plan to the contrary, an
ISO may only be granted to full or part-time employees (including officers and Directors who are also employees) of the Company or of an Affiliate, provided that the Affiliate is a Parent or Subsidiary. 

Section 6.2 Special ISO Rules. 
 (a)
Exercise Price. The Exercise Price fixed at the time of grant will not be less than 100% of the Fair Market Value of the Shares as of the Date of Grant. If a variable Exercise Price is specified at the time of grant, the Exercise Price
may vary pursuant to a formula or other method established by the Committee which provides a floor not less than Fair Market Value as of the Date of Grant. Except as otherwise provided in Section 3.4 hereof, no subsequent amendment of an
outstanding Stock Option may reduce the Exercise Price to less than 100% of the Fair Market Value of the Shares as of the Date of Grant. 

(b) Term. No ISO may be exercisable on or after the tenth anniversary of the Date of Grant, and no ISO may be granted under this
Plan on or after the tenth anniversary of the effective date of this Plan. (See Section 17.1 hereof.) 
 (c) Ten Percent
Shareholder. No grantee may receive an ISO under this Plan if such grantee, at the time the Award is granted, owns (after application of the rules contained in Section 424(d) of the Code) equity securities possessing more than 10% of
the total combined voting power of all classes of equity securities of the Company, its Parent or any Subsidiary, unless (i) the option price for such ISO is at least 110% of the Fair Market Value of the Shares as of the Date of Grant and
(ii) such ISO is not exercisable on or after the fifth anniversary of the Date of Grant. 
 (d) Limitation on Grants. The
aggregate Fair Market Value (determined with respect to each ISO at the time such ISO is granted) of the Shares with respect to which ISOs are exercisable for the first time by a grantee during any calendar year (under this Plan or any other plan
adopted by the Company or its Parent or its Subsidiary) shall not exceed $100,000. If such aggregate fair market value shall exceed $100,000, such number of ISOs as shall have an aggregate fair market value equal to the amount in excess of $100,000
shall be treated as NQSOs. 

  
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 (e) Non-Transferability. Notwithstanding any other provision herein to the contrary,
no ISO granted hereunder (and, if applicable, related Stock Appreciation Right) may be transferred except by will or by the laws of descent and distribution, nor may such ISO (or related Stock Appreciation Right) be exercisable during a
grantee’s lifetime other than by him (or his guardian or legal representative to the extent permitted by applicable law). 
 (f)
Termination of Employment. No ISO may be exercised more than three months following termination of employment for any reason (including retirement) other than death or disability, nor more than one year following termination of
employment for the reason of death or disability (as defined in Section 422 of the Code), or such option will no longer qualify as an ISO and shall thereafter be, and receive the tax treatment applicable to, an NQSO. For this purpose, a
termination of employment is cessation of employment with the Company, a Parent or a Subsidiary. 
 (g) Fair Market Value. For
purposes of any ISO granted hereunder (or, if applicable, related Stock Appreciation Right), the Fair Market Value of Shares shall be determined in the manner required by Section 422 of the Code. 

Section 6.3 Subject to Code Amendments. The foregoing limitations are designed to comply with the requirements of Section 422 of the
Code and shall be automatically amended or modified to comply with amendments or modifications to Section 422 or any successor provisions. Any ISO which fails to comply with Section 422 of the Code is automatically treated as a NQSO
appropriately granted under this Plan provided it otherwise meets the Plan’s requirements for NQSOs. 
 ARTICLE 7 

STOCK APPRECIATION RIGHTS 

Section 7.1 SAR Grant and Agreement. Stock Appreciation Rights may be granted under this Plan, either independently or in conjunction with
the grant of a Stock Option. Each SAR granted under this Plan (or delegation of authority to the Chief Executive Officer to grant SARs) will be evidenced by minutes of a meeting, or by a unanimous written consent without a meeting, of the Committee
and by an Award Agreement containing such terms and provisions, consistent with this Plan, as the Committee (or the Chief Executive Officer) may approve. 

Section 7.2 SARs Granted in Conjunction with Option. Stock Appreciation Rights may be granted in conjunction with all or part of any Stock
Option granted under this Plan, either at the same time or after the grant of the Stock Option; provided, however, that a Stock Appreciation Right granted in conjunction with an ISO must be granted concurrently with such ISO.
Each grant will be subject to the following terms and conditions: 
 (a) Term. Each Stock Appreciation Right, or applicable
portion thereof, granted with respect to a given Stock Option or portion thereof terminates and is no longer exercisable upon the termination or exercise of the related Stock Option, or applicable portion thereof. 

  
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 (b) Exercisability. A Stock Appreciation Right is exercisable only at such time or
times and to the extent that the Stock Option to which it relates is Vested and exercisable in accordance with the provisions of Article 5 hereof or otherwise as the Committee may determine at or after the time of grant; provided, that,
except as otherwise described in this Plan, no grant of Stock Appreciation Rights may become exercisable sooner than after one year or a one-year performance period. A grant of Stock Appreciation Rights may provide for the earlier exercise of such
Stock Appreciation Rights, including in the event of the retirement, death, or Disability of a participant, or in the event of a Change of Control. 

(c) Method of Exercise. A Stock Appreciation Right may be exercised by the surrender of the applicable portion of the related Stock
Option. Stock Options which have been so surrendered, in whole or in part, are no longer exercisable to the extent the related Stock Appreciation Rights have been exercised and are deemed to have been exercised for the purpose of the limitation set
forth in Article 3 hereof on the number of Shares to be issued under this Plan, but only to the extent of the number of Shares actually issued under the Stock Appreciation Right at the time of exercise. Upon the exercise of a Stock Appreciation
Right, subject to satisfaction of tax withholding requirements pursuant to Section 16.3, the holder of the Stock Appreciation Right is entitled to receive up to, but not more than, an amount in cash or Shares equal in value to the excess of the
Fair Market Value of one Share over the Exercise Price per Share specified in the related Stock Option, multiplied by the number of Shares in respect of which the Stock Appreciation Right is exercised, with the Committee having the right in its
discretion to determine the form of payment. At any time the Exercise Price per Share of the related Stock Option does not exceed the Fair Market Value of one Share, the holder of the Stock Appreciation Right shall not be permitted to exercise such
right. 
 Section 7.3 Independent SARs. Stock Appreciation Rights may be granted without related Stock Options, and independent Stock
Appreciation Rights will be subject to the following terms and conditions: 
 (a) Term. Any unexercised portion of an independent
Stock Appreciation Right granted hereunder shall expire at the end of the stated term of the Stock Appreciation Right. The Committee shall determine the term of each Stock Appreciation Right at the time of grant, which term shall not exceed ten
years from the Date of Grant. The Committee may extend the term of a Stock Appreciation Right, in its discretion, but not beyond the date immediately prior to the tenth anniversary of the original Date of Grant. If a definite term is not specified
by the Committee at the time of grant, then the term is deemed to be ten years. 
 (b) Exercisability. A Stock Appreciation Right
is exercisable, in whole or in part, at such time or times as determined by the Committee at or after the time of grant; provided, that, except as otherwise described in this Plan, no grant of Stock Appreciation Rights may become exercisable
sooner than after one year or a one-year performance period. A grant of Stock Appreciation Rights may provide for the earlier exercise of such Stock Appreciation Rights, including in the event of the retirement, death, or Disability of a
participant, or in the event of a Change of Control. 

  
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 (c) Method of Exercise. A Stock Appreciation Right may be exercised in whole or in
part during the term by giving written notice of exercise to the Company specifying the number of Shares in respect of which the Stock Appreciation Right is being exercised. The notice must be given by or on behalf of a person entitled to exercise
the Stock Appreciation Right. Upon the exercise of a Stock Appreciation Right, subject to satisfaction of tax withholding requirements pursuant to Section 16.3, the holder of the Stock Appreciation Right is entitled to receive an amount in cash
or Shares equal in value to the excess of the Fair Market Value of a Share on the exercise date over the Fair Market Value of a Share on the Date of Grant multiplied by the number of Stock Appreciation Rights being exercised, with the Committee
having the right in its discretion to determine the form of payment. At any time the Fair Market Value of a Share on a proposed exercise date does not exceed the Fair Market Value of a Share on the Date of Grant, the holder of the Stock Appreciation
Right shall not be permitted to exercise such right. 
 (d) Early Termination Prior to Expiration. Unless otherwise provided in
an employment or other agreement entered into between the holder of the Stock Appreciation Right and the Company and approved by the Committee, either before or after the Date of Grant, or otherwise specified at or after the Date of Grant, the early
termination provisions set forth in Section 5.3 as applied to Non-Qualified Stock Options will apply to independent Stock Appreciation Rights. 

Section 7.4 Other Terms and Conditions of SAR Grants. Stock Appreciation Rights are subject to such other terms and conditions, not
inconsistent with the provisions of this Plan and any operative employment or other agreement, as are determined from time to time by the Committee. 

Section 7.5 Special Limitations on SAR Awards. Unless an Award Agreement approved by the Committee provides otherwise, Stock Appreciation
Rights awarded under this Plan are intended to meet the requirements for exclusion from coverage under Section 409A of the Code and all Stock Appreciation Rights Awards shall be construed and administered accordingly. 

Section 7.6 Amendments. Except in connection with a corporate transaction or event described in Section 3.4 hereof, the terms of outstanding
Awards may not be amended to reduce the Base Price of outstanding Stock Appreciation Rights, or cancel outstanding Stock Appreciation Rights in exchange for cash, other awards or Stock Appreciation Rights with a Base Price that is less than the Base
Price of the original Stock Appreciation Rights, without shareholder approval. This Section 7.6 is intended to prohibit the repricing of “underwater” Stock Appreciation Rights and will not be construed to prohibit the adjustments
provided for in Section 3.4 of this Plan. Notwithstanding any provision of this Plan to the contrary, this Section 7.6 may not be amended without approval by the Shareholders. 

  
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 ARTICLE 8 

RESTRICTED SHARE AND RESTRICTED SHARE UNIT AWARDS 

Section 8.1 Restricted Share Grants and Agreements. Restricted Share Awards consist of Shares which are issued by the Company to a
participant at no cost or at a purchase price determined by the Committee which may be below their Fair Market Value but which are subject to forfeiture and restrictions on their sale or other transfer by the participant. Each Restricted Share Award
granted under this Plan (or delegation of authority to the Chief Executive Officer to make Restricted Share Awards) will be evidenced by minutes of a meeting, or by a unanimous written consent without a meeting, of the Committee and by an Award
Agreement containing such terms and provisions, consistent with this Plan, as the Committee (or the Chief Executive Officer) may approve. The timing of Restricted Share Awards and the number of Shares to be issued (subject to Section 3.2
hereof) are to be determined by the Committee in its discretion. By accepting a grant of Restricted Shares, the participant agrees to remit to the Company when due any required tax withholding as provided in Section 16.3 hereof. 

Section 8.2 Terms and Conditions of Restricted Share Grants. Restricted Shares granted under this Plan are subject to the following terms and
conditions, which, except as otherwise provided herein, need not be the same for each participant, and may contain such additional terms, conditions, restrictions and contingencies not inconsistent with the terms of this Plan and any operative
employment or other agreement, as the Committee deems desirable: 
 (a) Purchase Price. The Committee shall determine the prices,
if any, at which Restricted Shares are to be issued to a participant, which may vary from time to time and among participants and which may be below the Fair Market Value of such Shares at the Date of Grant. 

(b) Restrictions. All Restricted Shares issued under this Plan will be subject to such restrictions as the Committee may determine,
which may include, without limitation, the following: 
 (i) a prohibition against the sale, transfer, pledge or other encumbrance of the
Restricted Shares, such prohibition to lapse at such time or times as the Committee determines (whether in installments, at the time of the death, Disability or Retirement of the holder of such shares, or otherwise, but subject to the Change of
Control provisions in Article 12); provided, that if the lapse of prohibitions is based only on the passage of time, the period of time will be no shorter than one year. Notwithstanding anything to the contrary contained in this Plan
(including minimum vesting requirements), any grant or sale of Restricted Shares may provide for the earlier lapse of such restrictions, including in the event of the retirement, death, or Disability of a participant, or in the event of a Change of
Control; provided, however, that no award of Restricted Shares intended to be “performance-based compensation” under Section 162(m) of the Code will provide for such early termination of restrictions (other than in
connection with the death or Disability of the participant or a Change of Control) to the extent such provisions would cause such award to fail to be a “performance-based compensation” under Section 162(m) of the Code; 

(ii) a requirement that the participant forfeit such Restricted Shares in the event of termination of the participant’s employment or
directorship with the Company or its Affiliates prior to Vesting; 

  
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 (iii) a prohibition against employment or retention of the participant by any competitor of the
Company or its Affiliates, or against dissemination by the participant of any secret or confidential information belonging to the Company or an Affiliate; 

(iv) any applicable requirements arising under the Securities Act of 1933, as amended, other securities laws, the rules and regulations of The
Nasdaq Global Select Market or any other stock exchange or transaction reporting system upon which such Restricted Shares are then listed or quoted and any state laws, rules and regulations, including “blue sky” laws; and 

(v) such additional restrictions as are required to avoid adverse tax consequences under Section 409A of the Code. 

The Committee may at any time waive such restrictions or accelerate the date or dates on which the restrictions will lapse. However, if the
Committee determines that restrictions lapse upon the attainment of specified performance objectives, then the provisions of Sections 9.2 and 9.3 will apply (including, but not limited to, the enumerated performance objectives). If the Award
Agreement governing Restricted Shares provides that such Award is intended to be “performance-based compensation,” it will be subject to Section 9.4(d) and all other provisions of Article 9 that apply to “performance-based
compensation” under Section 162(m) of the Code. 
 (c) Delivery of Shares. Restricted Shares will be registered in the
name of the participant and deposited, together with a Stock Power, with the Company. Each such certificate will bear a legend in substantially the following form: 

“The transferability of this certificate and the Common Shares represented by it are subject to the terms and conditions (including
conditions of forfeiture) contained in the Olympic Steel, Inc. 2007 Omnibus Incentive Plan, and an agreement entered into between the registered owner and the Company. A copy of this Plan and agreement are on file in the office of the Secretary of
the Company.” 
 At the end of any time period during which the Restricted Shares are subject to forfeiture and restrictions on
transfer, such Shares will be delivered free of all restrictions (except for any pursuant to Section 15.2 hereof) to the participant and with the foregoing legend removed. 

(d) Forfeiture of Shares. If a participant who holds Restricted Shares fails to satisfy the restrictions, Vesting requirements and
other conditions relating to the Restricted Shares prior to the lapse, satisfaction or waiver of such restrictions and conditions, except as may otherwise be determined by the Committee, the participant shall forfeit the Shares and transfer them
back to the Company in exchange for a refund of any consideration paid by the participant or such other amount which may be specifically set forth in the Award Agreement. A participant shall execute and deliver to the Company one or more Stock
Powers with respect to Restricted Shares granted to such participant. 

  
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 (e) Voting and Other Rights. Except to the extent prohibited by Section 162(m)
of the Code and the terms of the applicable Restricted Share Agreement, during any period in which Restricted Shares are subject to forfeiture and restrictions on transfer, the participant holding such Restricted Shares shall have all the rights of
a Shareholder with respect to such Shares, including, without limitation, the right to vote such Shares and the right to receive any dividends paid with respect to such Shares. 

Section 8.3 Restricted Share Unit Awards and Agreements. Restricted Share Unit Awards consist of Shares that will be issued to a participant
at a future time or times at no cost or at a purchase price determined by the Committee which may be below their Fair Market Value if continued employment, continued directorship and/or other terms and conditions specified by the Committee are
satisfied. Each Restricted Share Unit Award granted under this Plan (or delegation of authority to the Chief Executive Officer to make Restricted Share Unit Awards) will be evidenced by minutes of a meeting, or by a unanimous written consent without
a meeting, of the Committee and by an Award Agreement containing such terms and provisions, consistent with this Plan, as the Committee (or the Chief Executive Officer) may approve. The timing of Restricted Share Unit Awards and the number of
Restricted Share Units to be awarded (subject to Section 3.2 hereof) are to be determined by the Committee in its sole discretion. By accepting a Restricted Share Unit Award, the participant agrees to remit to the Company when due any required
tax withholding as provided in Section 16.3 hereof. 
 Section 8.4 Terms and Conditions of Restricted Share Unit Awards. Restricted
Share Unit Awards are subject to the following terms and conditions, which, except as otherwise provided herein, need not be the same for each participant, and may contain such additional terms, conditions, restrictions and contingencies not
inconsistent with the terms of this Plan and any operative employment or other agreement, as the Committee deems desirable: 
 (a)
Purchase Price. The Committee shall determine the prices, if any, at which Shares are to be issued to a participant after Vesting of Restricted Share Units, which may vary from time to time and among participants and which may be below
the Fair Market Value of Shares at the Date of Grant. 
 (b) Restrictions. All Restricted Share Units awarded under this Plan
will be subject to such restrictions as the Committee may determine, which may include, without limitation, the following: 
 (i) a
prohibition against the sale, transfer, pledge or other encumbrance of the Restricted Share Unit; provided, that if the lapse of prohibitions is based only on the passage of time, the period of time will be no less than one year.
Notwithstanding anything to the contrary contained in this Plan (including minimum vesting requirements), any grant of Restricted Share Units may provide for the earlier lapse of such restrictions, including in the event of the retirement, death, or
Disability of a participant, or in the event of a Change of Control; provided, however, that no award of Restricted Share Units intended to be “performance-based compensation” under Section 162(m) of the Code will
provide for such early lapse or modification of the restrictions (other than in connection with the death or Disability of the participant or a Change of Control) to the extent such provisions would cause such award to fail to be
“performance-based compensation” under Section 162(m) of the Code. 

  
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 (ii) a requirement that the participant forfeit such Restricted Share Unit in the event of
termination of the participant’s employment or directorship with the Company or its Affiliates prior to Vesting; 
 (iii) a prohibition
against employment of the participant by, or provision of services by the participant to, any competitor of the Company or its Affiliates, or against dissemination by the participant of any secret or confidential information belonging to the Company
or an Affiliate; 
 (iv) any applicable requirements arising under the Securities Act of 1933, as amended, other securities laws, the rules
and regulations of The Nasdaq Global Select Market or any other stock exchange or transaction reporting system upon which the Common Shares underlying such Restricted Share Unit Award are then listed or quoted and any state laws, rules and
interpretations, including “blue sky” laws; and 
 (v) such additional restrictions as are required in order to avoid adverse tax
consequences under Section 409A of the Code. 
 The Committee may at any time waive such restrictions or accelerate the date or dates
on which the restrictions will lapse. 
 (c) Performance-Based Restrictions. The Committee may, in its sole discretion, provide
restrictions that lapse upon the attainment of specified performance objectives. In such case, the provisions of Sections 9.2 and 9.3 will apply (including, but not limited to, the enumerated performance objectives). If the Award Agreement governing
a Restricted Share Unit Award provides that such Award is intended to be “performance-based compensation,” it will be subject to Section 9.4(d) and all other provisions of Article 9 that apply to “performance-based
compensation” under Section 162(m) of the Code. 
 (d) Voting and Other Rights. A participant holding Restricted Share
Units shall not be deemed to be a Shareholder solely because of such units. Such participant shall have no rights of a Shareholder with respect to such units; provided that Restricted Share Units may provide for the payment of dividends or dividend
equivalents if so provided in the Award Agreement governing such units; provided, however, that dividends or dividend equivalents or other distributions on Shares underlying Restricted Share Units with restrictions that lapse as a
result of the achievement of performance objectives will be deferred until and paid contingent upon the achievement of the applicable performance objectives. 

(e) Lapse of Restrictions. If a participant who holds Restricted Share Units satisfies the restrictions and other conditions
relating to the Restricted Share Units prior to the lapse or waiver of such restrictions and conditions, the Restricted Share Units shall be converted to, or replaced with, Shares which are free of all restrictions except for any restrictions
required pursuant to Section 15.2 hereof. Notwithstanding the foregoing, the Committee may, in lieu of the conversion and distribution of the Restricted Share Units, 

  
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establish procedures to permit deferral of Restricted Share Units of one or more participants who are highly compensated employees or members of a select group of management in accordance with
the terms of a deferred compensation plan sponsored by the Company. 
 (f) Forfeiture of Restricted Share Units. If a participant
who holds Restricted Share Units fails to satisfy the restrictions, Vesting requirements and other conditions relating to the Restricted Share Units prior to the lapse, satisfaction or waiver of such restrictions and conditions, except as may
otherwise be determined by the Committee, the participant shall forfeit the Restricted Share Units. 
 (g) Termination. Except to
the extent otherwise provided for in an Award, a Restricted Share Unit Award or unearned portion thereof will terminate without the issuance of Shares on the termination date specified on the Date of Grant or upon the termination of employment or
directorship of the participant during the time period or periods specified by the Committee during which any performance objectives must be met. With respect to Awards intended to be performance-based compensation (as described in
Section 9.4(d)), distribution of the Shares shall not be made prior to certification of the attainment of the relevant performance objectives. 

Section 8.5 Time Vesting of Restricted Share and Restricted Share Unit Awards. Restricted Shares or Restricted Share Units, or portions
thereof, are exercisable at such time or times as determined by the Committee in its discretion at or after grant, subject to the restrictions on time Vesting set forth in this Article 8. If the Committee provides that any Restricted Shares or
Restricted Share Unit Awards become Vested over time (with or without a performance component), the Committee may waive or accelerate such Vesting provisions at any time, subject to the restrictions on time Vesting set forth in this Section. 

ARTICLE 9 
 PERFORMANCE
SHARE AWARDS 
 Section 9.1 Performance Share Awards and Agreements. A Performance Share Award is a right to receive Shares in the
future conditioned upon the attainment of specified performance objectives and such other conditions, restrictions and contingencies as the Committee may determine. Each Performance Share Award granted under this Plan (or delegation of authority to
the Chief Executive Officer to make Performance Share Awards) will be evidenced by minutes of a meeting, or by a unanimous written consent without a meeting, of the Committee and by an Award Agreement containing such terms and provisions, consistent
with this Plan, as the Committee (or the Chief Executive Officer) may approve. The timing of Performance Share Awards and the number of Shares covered by each Award (subject to Section 3.2 hereof) are to be determined by the Committee in its
discretion. By accepting a grant of Performance Shares, the participant agrees to remit to the Company when due any required tax withholding or payment of cash as provided in Section 16.3 hereof. 

Section 9.2 Performance Objectives. At the time of grant of a Performance Share Award, the Committee will specify the performance objectives
which, depending on the extent to which they are met, will determine the number of Shares that will be distributed to the participant. The 

  
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 Committee also will specify the time period or periods (the “Performance Period”) during which the
performance objectives must be met; provided, that such Performance Period will be for a period of at least one year as determined by the Committee at the time of grant, but may be subject to earlier lapse or other modification, including in
the event of the retirement, death or Disability of a participant, or in the event of a Change in Control; provided, however, that no such adjustment will be made in the case of an Award intended to qualify as “performance-based
compensation” under Section 162(m) of the Code (other than in connection with the death or Disability of the participant or a Change of Control) where such action would result in the loss of the otherwise available exemption of the award
under Section 162(m) of the Code. The performance objectives and periods need not be the same for each participant nor for each Award. The Committee may use performance objectives based on one or more of the following metrics: stock price,
market share, sales, earnings per share, return on equity, return on invested capital, costs, earnings, capital adjusted pre-tax earnings (economic profit), earnings before income taxes, depreciation, and amortization, net income, operating income,
performance profit (operating income minus an allocated charge approximating the Company’s cost of capital, before or after tax), gross margin, revenue, working capital, total assets, net assets, return on assets, stockholders’ equity and
cash flow. The Committee may designate a single goal criterion or multiple goal criteria for performance measurement purposes, with the measurement based on absolute Company or business unit performance and/or on performance as compared with that of
other publicly-traded companies. The foregoing criteria may have any reasonable definitions that the Committee may specify, which may include or exclude any or all of the following items, as the Committee may specify: extraordinary, unusual, or
non-recurring items; effects of accounting changes; effects of currency fluctuations; effects of financing activities (e.g., effect on earnings per share of issuing convertible debt securities); effects of price escalators; expenses for
restructuring or productivity initiatives; non-operating items; acquisition expenses; and effects of divestitures. Any such performance criterion or combination of such criteria may apply to a participant’s Award opportunity in its entirety or
to any designated portion or portions of the Award opportunity, as the Committee may specify. 
 The Committee may grant Awards subject to
performance objectives that are either intended to represent “performance-based compensation” as described in Section 162(m)(4)(C) of the Code or are not intended to represent “performance-based compensation” as described in
Section 162(m)(4)(C) of the Code. In the case of an Award that is intended to qualify as “performance-based compensation” as described in Section 162(m)(4)(C) of the Code, each performance objective (i) will be based on one
or more of the metrics listed above, (ii) will be objectively determinable to the extent required under Section 162(m) of the Code, and (iii) unless otherwise determined by the Committee and to the extent consistent with
Section 162(m) of the Code, will exclude the effects of certain designated items identified at the time of grant. 
 Section 9.3 Adjustment of
Performance Objectives. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render
the performance objectives unsuitable, the Committee may in its discretion modify such performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable, except in
the case of an Award to a covered employee that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code (other than in connection with a Change of Control) where such 

  
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 action would result in the loss of the otherwise available exemption of the award under Section 162(m) of
the Code. In such case, the Committee will not make any modification of the performance objectives or minimum acceptable level of achievement with respect to such covered employee. 

Section 9.4 Other Terms and Conditions. Performance Share Awards granted under this Plan are subject to the following terms and conditions
and may contain such additional terms, conditions, restrictions and contingencies not inconsistent with the terms of this Plan and any operative employment or other agreement as the Committee deems desirable: 

(a) Delivery of Award. As soon as practicable after the applicable Performance Period has ended, the participant will receive a
distribution of the number of Shares earned during the Performance Period, depending upon the extent to which the applicable performance objectives were achieved. Such Shares will be registered in the name of the participant and will be free of all
restrictions except for any pursuant to Section 15.2 hereof. 
 (b) Termination. Except to the extent otherwise provided for
in an Award, a Performance Share Award or portion thereof that has not been earned will terminate and be forfeited without the issuance of Shares on the termination date specified at the time of grant or upon the termination of employment or
directorship of the participant during the Performance Period. With respect to Awards intended to be “performance-based compensation” (as described in Section 9.4(d)), distribution of the Shares shall not be made prior to the
certification of the attainment of the relevant performance objective. 
 (c) Voting and Other Rights. Awards of Performance
Shares do not provide the participant with voting rights or rights to dividends prior to the participant becoming the holder of record of Shares issued pursuant to an Award. Prior to the issuance of Shares, Performance Share Awards may not be sold,
transferred, pledged, assigned or otherwise encumbered. 
 (d) Performance-Based Compensation. The Committee may designate
Performance Share Awards as being “remuneration payable solely on account of the attainment of one or more performance goals” as described in Section 162(m)(4)(C) of the Code. Such Awards may be granted to participants who are, or are
determined by the Committee to be likely to become, a “covered employee” within the meaning of Section 162(m) of the Code (or any successor provision). 

Section 9.5 Time Vesting of Performance Share Awards. Performance Share Awards, or portions thereof, are exercisable at such time or times as
determined by the Committee in its discretion at or after grant, subject to the restrictions on time Vesting set forth in this Article 9. If the Committee provides that any Performance Shares become Vested over time (accelerated by a performance
component), the Committee may waive or accelerate such Vesting provisions at any time, subject to the restrictions on time Vesting set forth in this Article. 

  
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 Section 9.6 Special Limitations on Performance Share Awards. Unless an Award Agreement approved
by the Committee provides otherwise, Performance Shares awarded under this Plan are intended to meet the requirements for exclusion from coverage under Section 409A of the Code and all Performance Share Awards shall be construed and
administered accordingly. 
 ARTICLE 10 

CASH-BASED AWARDS AND OTHER STOCK-BASED AWARDS 

Section 10.1 Grant of Cash-Based Awards. Subject to the terms of the Plan, the Committee may, at any time and from time to time, grant
Cash-Based Awards to participants in such amounts and upon such terms as the Committee may determine. The Committee may designate Cash-Based Awards to a participant as being “performance-based compensation” that are subject to
Section 9.4(d) and all other provisions of Article 9 that apply to “performance-based compensation” under Section 162(m) of the Code. 

Section 10.2 Other Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise described
in this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms and conditions as the Committee shall determine. Such Awards may involve the transfer of actual Shares to participants, or payment
in cash or otherwise of amounts based on the value of Shares. The Committee may designate Other Stock-Based Awards to a participant as being “performance-based compensation” that are subject to Section 9.4(d) and all other provisions
of Article 9 that apply to “performance-based compensation” under Section 162(m) of the Code. 
 Section 10.3 Value of Cash-Based
Awards and Other Stock-Based Awards. Each Cash-Based Award shall specify a payment amount or payment range as determined by the Committee. Each Other Stock-Based Award shall be expressed in terms of Shares or units based on Shares, as
determined by the Committee. The Committee may establish performance objectives in its sole discretion. If the Committee exercises its discretion to establish performance objectives, then Sections 9.2 and 9.3 will apply. 

Section 10.4 Payment of Cash-Based Awards and Other Stock-Based Awards. Any payment with respect to a Cash-Based Award or an Other
Stock-Based Award shall be made in accordance with the terms of the Award, in cash or Shares, as the Committee determines. 
 Section 10.5
Termination of Employment. The Committee shall determine the extent to which a participant shall have the right to receive Cash-Based Awards or Other Stock-Based Awards following termination of the participant’s employment with, or
provision of services to, the Company and Subsidiaries as the case may be. Such provisions shall be determined in the sole discretion of the Committee, such provisions may be included in an agreement entered into with each participant, but need not
be uniform among all Awards of Cash-Based Awards or Other Stock-Based Awards issued pursuant to the Plan and may reflect distinctions based on the reasons for termination. 

Section 10.6 Vesting of Cash-Based Awards and Other Stock-Based Awards. If the earning or vesting of, or elimination of restrictions applicable
to, a Cash-Based Award or an Other Stock-Based Award is based only on the passage of time rather than the achievement of performance objectives, the period of time shall be no shorter than one year. If the earning or vesting of, or elimination of
restrictions applicable to, a Cash-Based Award or an Other Stock-Based Award is 

  
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 based on the achievement of performance objectives, the earning, vesting or restriction period may not terminate
sooner than after one year. Notwithstanding anything to the contrary contained in this Plan (including minimum vesting requirements), any grant of Cash-Based Awards and Other Stock-Based Awards may provide for the earning or vesting of, or earlier
elimination of restrictions applicable to, such award, including in the event of the retirement, death, or Disability of a participant, or in the event of a Change of Control; provided, however, that no such adjustment will be made in
the case of an Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code (other than in connection with the death or Disability of the participant or a Change of Control) where such action would
result in the loss of the otherwise available exemption of the award under Section 162(m) of the Code. 
 ARTICLE 11 

TRANSFERS AND LEAVES OF ABSENCE 

Section 11.1 Transfer of Participant. For purposes of this Plan, except as provided in Section 6.2(f) with respect to Incentive Stock
Options, the transfer of a participant among the Company and its Affiliates is deemed not to be a termination of employment. 
 Section 11.2 Effect
of Leaves of Absence. For purposes of this Plan, the following leaves of absence are deemed not to be a termination of employment: 

(a) a leave of absence, approved in writing by the Company, for military service, sickness or any other purpose approved by the Company, if the
period of such leave does not exceed 90 days; 
 (b) a leave of absence in excess of 90 days, approved in writing by the Company, but
only if the employee’s right to reemployment is guaranteed either by a statute or by contract, and provided that, in the case of any such leave of absence, the employee returns to work within 30 days after the end of such leave; and 

(c) any other absence determined by the Committee in its discretion not to constitute a break in service. 

ARTICLE 12 
 EFFECT OF
CHANGE OF CONTROL 
 Section 12.1 Change of Control Defined. 

The words “Change of Control” shall mean: 

(a) a person becomes a “beneficial owner” (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) of thirty
percent (30%) or more of the Company’s Common Shares calculated as provided in paragraph (d) of said Rule 13d-3; 
 (b) the
date of consummation of any consolidation or merger of the Company in which the Company will not be the continuing or surviving corporation or pursuant to which shares of capital stock, of any class or any securities convertible into such capital


  
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stock, of the Company would be converted into cash, securities, or other property, other than a merger of the Company in which the holders of common stock of all classes of the Company
immediately prior to the merger would have the same proportion of ownership of common stock of the surviving corporation immediately after the merger; 

(c) the date of consummation of any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or
substantially all the assets of the Company; 
 (d) approval by the Shareholders of the liquidation (but not a partial liquidation) or
dissolution of the Company; or 
 (e) the date (the “Measurement Date”) on which the individuals who at the beginning of a two
consecutive year period ending on the Measurement Date, cease, for any reason, to constitute at least a majority of the Board of Directors of the Company, unless the election, or the nomination for election by the Company’s shareholders, of
each new Director during such two-year period was approved by an affirmative vote of the Directors (including any participant) then still in office who were Directors at the beginning of said two-year period. 

Notwithstanding the foregoing, (A) if any person’s ownership interest in the Company increases to 30% or more, solely as a result of
the Company’s repurchase of its shares, or (B) Michael D. Siegal increases his ownership interest to 30% or more, such ownership shall not be considered a Change of Control for purposes of subparagraph (b) above. 

Section 12.2 Acceleration of Award. Except as otherwise provided in this Plan or an Award Agreement, immediately upon the occurrence of a
Change of Control: 
 (a) all outstanding Stock Options automatically become fully exercisable; 

(b) all Restricted Share Awards automatically become fully Vested; 

(c) all Restricted Share Unit Awards automatically become fully Vested (or, if such Restricted Share Unit Awards are subject to
performance-based restrictions, shall become Vested on a prorated basis as described in Section 12.2(d)) and, to the extent Vested, convertible to Shares at the election of the holder; 

(d) all participants holding Performance Share Awards become entitled to receive a partial payout in an amount which is the number of Shares
which would have been earned by the participant if 100% of the performance objectives for the current Performance Period had been achieved prorated based on the ratio of the number of months of active employment in the Performance Period to the
total number of months in the Performance Period; 
 (e) Stock Appreciation Rights automatically become fully Vested and fully exercisable;


  
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 (f) all participants holding Cash-Based Awards become entitled to a payout of such amounts; and

 (g) Other Stock-Based Awards automatically become fully Vested. 

Notwithstanding the foregoing, in no event shall the occurrence of a Change of Control accelerate the payment under any Award (which is not
exempt from the requirements of Section 409A of the Code) unless such payment is either on account of the acceleration of vesting or a Change of Control which also satisfies a change in control event as defined in Treasury Regulation
Section 1.409A-3(i)(5). 
 ARTICLE 13 

TRANSFERABILITY OF AWARDS 

Section 13.1 Awards Are Non-Transferable. Except as provided in Sections 13.2 and 13.3, Awards are non-transferable and any attempts to
assign, pledge, hypothecate or otherwise alienate or encumber (whether by operation of law or otherwise) any Award shall be null and void. 

Section 13.2 Inter-Vivos Exercise of Awards. During a participant’s lifetime, Awards are exercisable only by the participant or, as
permitted by applicable law and notwithstanding Section 13.1 to the contrary, the participant’s guardian or other legal representative. 

Section 13.3 Limited Transferability of Certain Awards. The Committee, in its discretion, may allow at or after the time of grant the
transferability of Awards which are Vested, provided that the permitted transfer is made (a) pursuant to a QDRO or other applicable domestic relations order to the extent permitted by law; (b) if the Award is an Incentive Stock Option, the
transfer is consistent with Section 422 of the Code; (c) to the Company (for example in the case of forfeiture of Restricted Shares), an Affiliate or a person acting as the agent of the foregoing or which is otherwise determined by the
Committee to be in the interests of the Company; or (d) by the participant for no consideration to Immediate Family Members or to a bona fide trust, partnership or other entity controlled by and for the benefit of one or more Immediate Family
Members. “Immediate Family Members” means the participant’s spouse, children, stepchildren, parents, stepparents, siblings (including half brothers and sisters), in-laws and other individuals who have a relationship to the participant
arising because of a legal adoption. No transfer may be made to the extent that transferability would cause Form S-8 or any successor form thereto not to be available to register Shares related to an Award. The Committee in its discretion may impose
additional terms and conditions upon transferability. In no event will any such Award granted under the Plan be transferred for value. 

ARTICLE 14 
 AMENDMENT
AND DISCONTINUATION 
 Section 14.1 Amendment or Discontinuation of this Plan. The Board of Directors or the Committee may amend,
alter, or discontinue this Plan at any time; provided, that, no amendment, alteration, or discontinuance may be made which would materially and adversely affect the rights of a participant under any Award granted prior to the date such action
is adopted by the Board of 

  
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Directors or the Committee without the participant’s written consent thereto; provided further, that if an amendment to this Plan (a) would materially increase the benefits
accruing to participants under this Plan, (b) would materially increase the number of securities which may be issued under this Plan, (c) would materially modify the requirements for participation in this Plan, or (d) must
otherwise be approved by the Shareholders in order to comply with applicable law or the rules of The Nasdaq Global Select Market or, if the Shares are not traded on The Nasdaq Global Select Market, the principal national securities exchange upon
which the Shares are traded or quoted, then, such amendment will be subject to Shareholder approval and will not be effective unless and until such approval has been obtained. 

Section 14.2 Amendment of Grants. The Committee may amend, prospectively or retroactively, the terms of any outstanding Award, provided that
no such amendment may be inconsistent with the terms of this Plan (specifically including the prohibition on granting Stock Options with an Exercise Price less than 100% of the Fair Market Value of the Common Shares on the Date of Grant) or would
materially and adversely affect the rights of any holder without his or her written consent. 
 Section 14.3 Effect of Non-Approval of this
Plan. This Plan shall cease to be operative if it is not approved by a majority of the outstanding Shares present (in person, telephonically, electronically, by proxy or its equivalent or as otherwise permitted by the Company’s
governing documents) and entitled to vote on the approval of this Plan at a meeting of Shareholders of the Company. In the event of such a cessation, any Awards under the Plan shall be revoked and this Plan shall be deemed null and void ab
initio. In the event of such a cessation, the Company, the Board of Directors and the Committee shall not be liable for any such Awards under this Plan. 

ARTICLE 15 
 SHARE
CERTIFICATED 
 Section 15.1 Delivery of Share Certificates. The Company is not required to issue or deliver any certificates for
Shares issuable with respect to Awards under this Plan prior to the fulfillment of all of the following conditions: 
 (a) payment in full
for the Shares and for any required tax withholding (See Section 16.3 hereof); 
 (b) completion of any registration or other
qualification of such Shares under any Federal or state laws or under the rulings or regulations of the Securities and Exchange Commission or any other regulating body which the Committee in its discretion deems necessary or advisable; 

(c) admission of such Shares to listing on The Nasdaq Select Global Market or any stock exchange on which the Shares are listed; 

(d) in the event the Shares are not registered under the Securities Act of 1933, qualification as a private placement under said Act; 

  
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 (e) obtaining of any approval or other clearance from any Federal or state governmental agency
which the Committee in its discretion determines to be necessary or advisable; and 
 (f) the Committee is fully satisfied that the issuance
and delivery of Shares under this Plan is in compliance with applicable Federal, state or local law, rule, regulation or ordinance or any rule or regulation of any other regulating body, for which the Committee may seek approval of counsel for the
Company. 
 Section 15.2 Applicable Restrictions on Shares. Shares issued with respect to Awards may be subject to such stock transfer
orders and other restrictions as the Committee may determine necessary or advisable under any applicable Federal or state securities law rules, regulations and other requirements, the rules, regulations and other requirements of The Nasdaq Select
Global Market or any stock exchange upon which the Shares are then-listed, and any other applicable Federal or state law and will include any restrictive legends the Committee may deem appropriate to include. 

Section 15.3 Book Entry. In lieu of the issuance of stock certificates evidencing Shares, the Company may use a “book entry” system
in which a computerized or manual entry is made in the records of the Company to evidence the issuance of such Shares. Such Company records are, absent manifest error, binding on all parties. 

ARTICLE 16 
 GENERAL
PROVISIONS 
 Section 16.1 No Implied Rights to Awards, Employment or Directorship. No potential participant has any claim or right to
be granted an Award under this Plan, and there is no obligation of uniformity of treatment of participants under this Plan. Neither this Plan nor any Award thereunder shall be construed as giving any individual any right to continued employment or
continued directorship with the Company or any Affiliate. The Plan does not constitute a contract of employment, and the Company and each Affiliate expressly reserve the right at any time to terminate employees free from liability, or any claim,
under this Plan, except as may be specifically provided in this Plan or in an Award Agreement. 
 Section 16.2 Other Compensation
Plans. Nothing contained in this Plan prevents the Board of Directors from adopting other or additional compensation arrangements, subject to Shareholder approval if such approval is required, and such arrangements may be either generally
applicable or applicable only in specific cases. 
 Section 16.3 Withholding. Each participant must, no later than the date as of which the
value of an Award first becomes includible in the gross income of the participant for income tax purposes, pay, in cash, to the Company, or make arrangements satisfactory to the Company regarding payment of, any Federal, state or local taxes of any
kind required by law or other amounts to be withheld with respect to the Award. Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares or
sell Shares on the open market having a Fair Market Value on the date the withholding amount is to be determined in an amount not to exceed the total tax that 

  
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could be imposed on the transaction. All such elections shall be irrevocable, made in writing, and signed by the participant, and shall be subject to any restrictions or limitations that the
Committee, in its sole discretion, deems appropriate. The obligations of the Company under this Plan are conditioned on such payment, and the Company, to the extent permitted by law, has the right to deduct any such taxes or other amounts from any
payment of any kind otherwise due to a participant, with or without such participant’s consent. 
 Section 16.4 Rule 16b-3
Compliance. The Plan is intended to comply with all applicable conditions of Rule 16b-3 of the Exchange Act, as such rule may be amended from time to time. All transactions involving any participant subject to Section 16(a) shall
be subject to the conditions set forth in Rule 16b-3, regardless of whether such conditions are expressly set forth in this Plan. Any provision of this Plan that is contrary to Rule 16b-3 does not apply to such participants. 

Section 16.5 Code Section 162(m) Compliance. The Plan is intended to comply with all applicable requirements of Section 162(m) of
the Code with respect to “performance-based compensation.” Unless the Committee shall otherwise determine, all transactions involving any participant the deductibility of whose compensation is subject to Section 162(m) of the Code
shall be subject to such requirements, regardless of whether such requirements are expressly set forth in this Plan. Unless the Committee shall otherwise determine, any provision of this Plan that is contrary to such requirements does not apply to
such participants. 
 Section 16.6 Successors. All obligations of the Company with respect to Awards granted under this Plan are binding on
any successor to the Company, whether as a result of a direct or indirect purchase, merger, consolidation or otherwise of all or substantially all of the business and/or assets of the Company. 

Section 16.7 Severability. In the event any provision of this Plan, or the application thereof to any person or circumstances, is held
illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, or other applications, and this Plan is to be construed and enforced as if the illegal or invalid provision had not been included.

 Section 16.8 Governing Law. To the extent not preempted by Federal law, this Plan and all Award Agreements pursuant thereto are
construed in accordance with and governed by the laws of the State of Ohio. This Plan is not intended to be governed by ERISA and shall be so construed and administered. 

Section 16.9 Termination of Employment. All references to “termination of employment” or forms and derivations thereof shall refer
to events which constitute a “separation from service” as defined in Treasury Regulation §1.409A-1(h) and generally means: 

(a) Employee. If the participant is an employee, the employee’s separation from service with the Company and all members of
the controlled group, for any reason, including without limitation, quit, discharge, or retirement, or a leave of absence (including military leave, sick leave, or other bona fide leave of absence such as temporary employment by the government if
the period of such leave exceeds the greater of six months or the period for which the employee’s right to reemployment is provided 

  
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either by statute or by contract). “Separation from service” also means the permanent decrease in the employee’s service for the Company and all controlled group members to a level
that is no more than 20% of its prior level. For this purpose, whether a “separation from service” has occurred is determined based on whether it is reasonably anticipated that no further services will be performed by the employee after a
certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than 20% of the average level of bona fide services
performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services if the employee has been providing services less than 36 months). 

(b) Director. If the participant is a Director, the expiration of his position as a Director and of all contracts under which
services are performed for the Company and all members of the controlled group and the expiration is a good-faith and complete termination of the contractual relationship. 

Section 16.10 Section 409A. It is intended that the Awards provided under this Plan shall either be exempt from application of, or
comply with, the requirements of final regulations under Section 409A of the Code. This Plan shall be construed, administered, and governed in a manner that effects such intent, and neither the Company nor the Committee shall take any action
that would be inconsistent with such intent and the Company shall make payments or delivery under Awards in such time and manner as the Company or Committee determines would minimize or reduce the risk of adverse taxation under Section 409A of
the Code. In the event that the Company or Committee reasonably determines that the payment under any Award under this Plan may be subject to taxation under Section 409A of the Code, the Committee or Board of Directors, shall have the authority
to adopt, prospectively or retroactively, such amendments to this Plan or to take any other actions it determines necessary or appropriate to (a) exempt the payment under any Award under this Plan from Section 409A of the Code or
(b) comply with the requirements of Section 409A of the Code. In no event, however, shall this Section or any other provision of this Plan be construed to require the Company to provide any gross-up for the tax consequences of any
provisions of, or payments under, this Plan and the Company shall have no responsibility for tax consequences to any participant (or his or her beneficiary) resulting from the terms or operation of this Plan. For purposes of Section 409A of the
Code, any multiple payments made pursuant to an Award under this Plan are intended to constitute the right to a series of separate payments or benefits. 

Section 16.11 Six Month Delay. Notwithstanding any other provision of this Plan or any Award Agreement, and solely to the extent that any
payment under an Award issued pursuant to this Plan is not exempt from the requirements of Section 409A of the Code, if the participant is a “key employee” (as defined under Section 416(i) of the Code without regard to paragraph
(5) thereof) on the date of a separation from service, and the Employer’s stock is publicly traded on an established securities market or otherwise, all payments under an Award issued pursuant to this Plan that would otherwise be paid
or provided during the first six (6) months following such separation from service (other than payments exempted under Section 409A of the Code) shall be accumulated through and paid or provided (together with interest at the applicable
federal rate under Section 7872(f)(2)(A) of the Code, in effect on the date of the separation from service) within thirty (30) days following the six (6) month anniversary of such separation from service.


  
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Notwithstanding the foregoing, payments delayed pursuant to this paragraph shall commence as soon as practicable following the date of death of the participant prior to the end of the six
(6) month period but in no event later than ninety (90) days following the date of death. Any provision or provisions in this Plan or any Award Agreement that provide that such non-exempt payments are to be made prior to the earlier of the
expiration of the six-month delay period or death are of no effect and the Award Agreement shall be construed and enforced as if such provision had not been included. 

Section 16.12 No Change or Acceleration. Notwithstanding any other provision of this Plan or any Award Agreement, no date or form of payment
under an Award which is not exempted from the requirements of Section 409A of the Code shall be changed unless such change is permitted by this Plan or such Award Agreement and complies with Treasury Regulation Section 1.409A-2(b). In
addition, no payment of any cash, Stock or other remuneration, which is deferred compensation under Section 409A of the Code and not exempted from the requirements of Section 409A of the Code, shall be accelerated unless such acceleration
is permitted by this Plan or the Award Agreement and complies with Treasury Regulation Section 1.409A-3(j). 
 Section 16.13 Detrimental
Activity and Recapture Provisions. Any Award Agreement may provide for the cancellation or forfeiture of an Award or the forfeiture and repayment to the Company of any gain related to an Award, or other provisions intended to have a similar
effect, upon such terms and conditions as may be determined by the Committee from time to time, if a participant, either (a) during employment or other service with the Company or a Subsidiary or (b) within a specified period after
termination of such employment or service, shall engage in any detrimental activity. In addition, notwithstanding anything in this Plan to the contrary, any Award Agreement may also provide for the cancellation or forfeiture of an Award or the
forfeiture and repayment to the Company of any gain related to an award, or other provisions intended to have a similar effect, upon such terms and conditions as may be required by the Committee or under Section 10D of the Exchange Act and any
applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Shares may be traded. 

ARTICLE 17 
 SUBSTITUTION
AWARDS 
 Section 17.1 Awards may be granted under this Plan in substitution for or in conversion of, or in connection with an assumption of, stock
options, stock appreciation rights, restricted shares, restricted share units or other stock or stock-based awards held by awardees of an entity engaging in a corporate acquisition or merger transaction with the Company or any Subsidiary. Any
conversion, substitution or assumption will be effective as of the close of the merger or acquisition, and, to the extent applicable, will be conducted in a manner that complies with Section 409A of the Code. The awards so granted may reflect
the original terms of the awards being assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may account for common shares substituted for the securities covered by the original awards and the number
of shares subject to the original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock prices in connection with the transaction. 

  
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 Section 17.2 In the event that a company acquired by the Company or any Subsidiary or with which the Company
or any Subsidiary merges has shares available under a pre-existing plan previously approved by stockholders and not adopted in contemplation of such acquisition or merger, the shares available for grant pursuant to the terms of such plan (as
adjusted, to the extent appropriate, to reflect such acquisition or merger) may be used for Awards made after such acquisition or merger under the Plan; provided, however, that Awards using such available shares may not be made after
the date awards or grants could have been made under the terms of the pre-existing plan absent the acquisition or merger, and may only be made to individuals who were not employees or directors of the Company or any Subsidiary prior to such
acquisition or merger. 
 Section 17.3 Any Shares that are issued or transferred by, or that are subject to any awards that are granted by, or become
obligations of, the Company under Sections 17.2 or 17.3 above will not reduce the Shares available for issuance or transfer under the Plan or otherwise count against the limits contained in Article 3 of the Plan. In addition, no Shares that are
issued or transferred by, or that are subject to any awards that are granted by, or become obligations of, the Company under Sections 17.2 or 17.3 above will be added to the aggregate plan limit contained in Article 3 of the Plan. 

ARTICLE 18 
 EFFECTIVE
DATE 
 Section 18.1 Effective Date/Termination. The effective date of this Olympic Steel, Inc. 2007 Omnibus Incentive Plan, as amended
and restated, is the date of its approval by Shareholders on April 29, 2016. No grant will be made under this Plan on or after the tenth anniversary of such date, but all grants made on or prior to such date will continue in effect thereafter
subject to the terms thereof and of this Plan. 

  
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