Document:

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                                                                   EXHIBIT 10.10

                              TERMINATION AGREEMENT

      THIS TERMINATION AGREEMENT ("Agreement") is made as of September 3, 2004
between Tarpon Industries, Inc., a Michigan corporation ("Tarpon"), Eugene
Welding Co., a Michigan corporation ("EWCO" and together with Tarpon and their
affiliates, Steelbank Inc. and BST Acquisition Ltd. ("BST") (and any other
affiliates that become such after the date hereof), the "Companies"), and
Charles A. Vanella ("Mr. Vanella"). The Companies and Mr. Vanella are sometimes
referred to together as the "Parties" and individually as a "Party".

                                R E C I T A L S

      A.    Mr. Vanella is the President, Chief Executive Officer and a director
of Tarpon and BST, and President, Chief Executive Officer, Treasurer, Secretary
and a director of EWCO.

      B.    Mr. Vanella wishes to resign from all of his positions with Tarpon,
EWCO and BST and to settle and resolve all actual and potential claims against
the Companies, their consultants and representatives, in accordance with this
Agreement.

      C.    Tarpon, EWCO and BST wish to accept Mr. Vanella's resignation and to
settle and resolve all actual and potential claims against Mr. Vanella in
accordance with this Agreement.

      THEREFORE, the Parties agree as follows:

1.    Termination of Mr. Vanella's Employment; Resignation.

      Effective as of August 20, 2004 (the "Effective Date"), Mr. Vanella
resigns from all of his positions with the Companies, including President, Chief
Executive Officer and a director of Tarpon and BST, and President, Chief
Executive Officer, Treasurer, Secretary and a director of EWCO.

2.    Termination Payments. EWCO shall pay Mr. Vanella $200,000 in 52 equal,
biweekly installments of $3,846.15 on EWCO's normal biweekly payroll dates (the
"Termination Payments"), except that the first payment shall be made on EWCO's
first normal biweekly payroll date after the date of this Agreement and shall be
in an amount equal to $3,846.15 multiplied by the number of EWCO's normal
biweekly payroll dates through such date that cover work performed after the
Effective Date (for clarity, that payment shall count as that number of
Termination Payments). EWCO may withhold from the Termination Payments normal
withholding for federal, state, city and other taxes to the extent that such
taxes are required to be withheld under applicable law. In the event that EWCO
fails to timely make the Termination Payments, EWCO shall have 10 days from when
payment is due to cure such failure to timely make such Termination Payments.

3.    Continuation of Benefits.

      (a) Medical and Dental Benefits. EWCO will provide Mr. Vanella with his
current company health insurance coverage pursuant to the Consolidated Omnibus
Budget Reconciliation Act for 18 months after the Effective Date and pay the
costs associated therewith.

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      (b) Automobile. For a period of two years from the Effective Date, EWCO
will (1) continue to provide Mr. Vanella with the use of the 2003 GMC Sierra
pick-up truck that EWCO provided him on the Effective Date, (2) pay the
principal and interest on the related loan secured by that truck during that
period, and (3) continue to provide insurance on that truck with the same
coverage limits and deductibles as it was insured as of the Effective Date and
pay the premiums on such insurance during that period. Mr. Vanella shall be
responsible for all other costs in connection with such vehicle, including,
without limitation, maintenance, fuel and repairs. At the conclusion of the
two-year period, Mr. Vanella may purchase such truck from EWCO free of all liens
and encumbrances at a price equal to the greater of the fair market value of
such vehicle or the outstanding balance of principal and interest owing on any
loan used to finance such vehicle.

      (c) Other Benefits. During calendar years 2004 and 2005, EWCO shall pay
for Mr. Vanella's annual St. Clair Country Club dues and monthly membership
fees, not to exceed $5,000 per year.

      (d) Termination of Employment Agreement. As of the Effective Date, the
Employment Agreement between Mr. Vanella and Tarpon, dated as of April 2, 2004
(the "Employment Agreement"), is terminated, cancelled and shall be of no
further force or effect.

      (e) No Other Payments or Benefits. Except for the payments and benefits
described herein and reimbursements for any reasonable expenses of Mr. Vanella
incurred through the Effective Date based upon the Companies' standard expense
reimbursement program, both of which (to the extent the reimbursement requests
have been submitted by the Effective Date) shall be paid by EWCO to Mr. Vanella
on EWCO's next applicable payroll date after the Effective Date, Mr. Vanella
will not be entitled to any other payments or benefits whatsoever, including any
options to purchase stock of any of the Companies or participation after the
Effective Date in the 401(k) Plan, subject to Section 7(b)(i). For no purpose
shall the payments and benefits described in this Agreement be considered salary
to Mr. Vanella or be deemed to continue his employment beyond the Effective
Date.

      (f) Taxes. EWCO may withhold from the benefits described in this Section 3
normal withholding for federal, state, city and other taxes to the extent that
such taxes are required to be withheld under applicable law.

      (g) Cure Period. In the event that EWCO fails to timely make the payments
described in this Section 3, EWCO shall have 10 days from when payment is due to
cure such failure to timely make such payments.

4.    Consulting Services.

      From the Effective Date through the first anniversary of the Effective
Date, Mr. Vanella shall render such consulting services to the Companies as the
Companies may request from time-to-time. Mr. Vanella shall be required to render
the consulting services only upon reasonable notice, only during regular
business hours, and Mr. Vanella may provide such consulting services in any
reasonable manner, including telephonically. The requested consulting services
shall not require any material amount of Mr. Vanella's time. In the performance
of such

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services, Mr. Vanella will be an independent contractor and not an agent,
employee, co-venturer or partner of the Companies. In rendering such consulting
services, Mr. Vanella shall communicate with Tarpon's Board of Directors or
members of Bainbridge Advisors, Inc. (including Gary D. Lewis and Gary N. Lewis)
and only Tarpon's Board of Directors or members of Bainbridge Advisors, Inc.. In
no case whatsoever shall Mr. Vanella contact, whether directly or indirectly,
any party that has a relationship with the Companies, contractual or otherwise,
including, without limitation any employee, customer, supplier, consultant,
representative, lender or shareholder, regarding any matter involving any of the
Companies, without the prior written consent of Tarpon's Board of Directors.
Notwithstanding anything to the contrary contained herein, the services provided
hereunder by Mr. Vanella shall be provided on a non-exclusive basis, and Mr.
Vanella shall not be required to devote any minimum number of hours to such
services; provided that, for clarity, Mr. Vanella shall remain subject to the
other terms and provisions of this Agreement, including, without limitation,
Section 5.

5.    Confidentiality; Non-Competition; Non-Solicitation.

      (a) Return of Materials. Mr. Vanella represents and warrants that to the
best of his knowledge he has returned to the Companies all confidential
materials of the Companies and files of the Companies over which he exercises
any control.

      (b) Confidentiality.

            (i)   Except as part of his consulting services pursuant to this
      Agreement, Mr. Vanella shall not, at any time after the date of this
      Agreement, disseminate, disclose, use, communicate or otherwise
      appropriate, either directly or indirectly, through any person or entity,
      any Confidential Information (as defined in this Section 5(b)). Mr.
      Vanella acknowledges that the Confidential Information is valuable,
      special and unique and is proprietary to the Companies, and that the
      Companies wish to protect such Confidential Information by keeping it
      secret and for the sole use and benefit of the Companies. Mr. Vanella
      shall take all reasonable steps necessary and all reasonable steps
      requested by the Companies to ensure that all such Confidential
      Information is kept secret and confidential for the sole use and benefit
      of the Companies.

            (ii)  All records and other materials pertaining to the Confidential
      Information, whether or not developed by Mr. Vanella, shall be and remain
      the exclusive property of Companies.

            (iii) For purposes of this Agreement, "Confidential Information"
      means and includes all information known or used by the Companies and/or
      developed by or for any of the foregoing, by any person, including their
      respective employees. Confidential Information specifically includes, but
      is not limited to, such information, whether now possessed or later
      obtained, concerning plans, marketing, sales and inventory methods,
      materials, processes, procedures, devices, business forms, prices,
      suppliers, contractors, representatives, customers, plans for the
      development of new products and services and expansion into new areas or
      markets, internal operations, purchasing policies, bidding practices or
      procedures, pricing policies, customer identities and lists, trade
      secrets, trade names, trademarks, servicemarks, copyrights, software
      programs, software designs, and

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      other proprietary or confidential information of any type, together with
      all written, graphic and other materials relating to all or any part of
      the same.

            (iv)  Confidential Information is not meant to include information
      which (i) is in the public domain, provided that such information did not
      become part of the public domain as a result of Mr. Vanella's breach of
      this Agreement or any obligation of Mr. Vanella, or (ii) Mr. Vanella is
      required to disclose pursuant to applicable law, regulation or legal
      process; provided, however, that prior to such required disclosure, Mr.
      Vanella shall promptly provide the Companies with written notice of such
      required disclosure in order to permit the Companies the opportunity to
      challenge such required disclosure; provided, further, that in the event
      that Mr. Vanella is required to disclose such information (whether or not
      the Companies challenge such required disclosure), the scope of Mr.
      Vanella's disclosure shall be as narrow as permitted under applicable law.

      (c) Non-Competition; Non-Solicitation. From the Effective Date through the
second anniversary of the Effective Date or, if earlier, the date EWCO ceases to
make the Termination Payments as required by Section 2 or to provide the
benefits as required by Section 3 for a reason other than EWCO's claim that Mr.
Vanella has breached Section 5 of this Agreement (the "Restricted Term"), Mr.
Vanella shall not (i) directly or indirectly engage, whether or not such
engagement shall be as an employee, partner, stockholder, equity holder,
affiliate or other participant, in any Competitive Business, or represent in any
way any Competitive Business; provided, however, that Mr. Vanella may be
employed by Krauter Storage Systems as long as (1) Mr. Vanella is not in breach
of, or has not previously breached, the terms and conditions of this Agreement,
including, without limitation, the provisions regarding Confidential Information
set forth in Section 5(b), and (2) such employment does not have a adverse
effect on the businesses of any of the Companies, as determined by any of the
Boards of Directors of the Companies, in their sole and exclusive business
judgment; provided that the Board of Directors making such determination shall
provide notice to Mr. Vanella of such determination and this condition shall be
satisfied if, within 10 days after Mr. Vanella's receipt of such notice, either
such adverse condition is remedied in the sole and exclusive business judgment
of the applicable Company's Board of Directors or any such employment of Mr.
Vanella ceases, (ii) interfere with, disrupt or attempt to disrupt the
relationship, contractual or otherwise, between the Companies and any customer,
supplier, or employee of the Company or any other third party, or (iii) induce
any current employee or former employee (whose employment with any of the
Companies was terminated (by such employee or any of the Companies) within one
(1) year of the date of such inducement) of the Companies to terminate their
employment with the Companies or cause, in any way, any employee's separation
from the Companies. For purposes of this Agreement, the term "Competitive
Business" shall mean any business engaged in the design, manufacture or sale of
tubular metal products or rack storage systems in the same markets as the
Companies (whether prior to or after the Effective Date).

      (d) Enforceability. Sections 5(a) through (c) are intended, among other
things, to protect the confidential information and businesses of the Companies
and their employees. If for any reason a court determines that any part of
Sections 5(a) through (c) are unreasonable in scope or otherwise unenforceable,
such provisions will be modified and fully enforceable, as so modified, to the
maximum extent the court determines lawful and enforceable under the
circumstances.

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6.    Termination of Prior Agreements; Unemployment Compensation.

      Except as set forth in Section 7(b), this Agreement supersedes all prior
understandings and agreements between the Parties (written or otherwise). Mr.
Vanella acknowledges that he is not entitled to any payments whatsoever in
connection with the termination of his employment with Tarpon, EWCO or BST,
except as otherwise provided in Sections 2 and 3. Mr. Vanella agrees that his
resignation is voluntary, that he is not entitled to unemployment compensation
and that he will not seek or obtain unemployment compensation based upon his
termination of employment with Tarpon, EWCO and BST. Notwithstanding the
foregoing, in the event that Mr. Vanella receives unemployment compensation
based on his termination of employment with Tarpon, EWCO or BST, the Termination
Payments referenced in Section 2 shall be reduced by the amount of such
unemployment compensation received by Mr. Vanella.

7.    Release; Covenant Not To Sue.

      (a) Release.

            (i)   In consideration of, and in reliance on, the Companies
      entering into this Agreement and agreeing to the terms and conditions of
      this Agreement, including the additional compensation provided in Sections
      2 and 3, which Mr. Vanella acknowledges as being adequate, Mr. Vanella
      hereby unconditionally releases and forever discharges the Companies and
      its divisions, components, employees, officers, directors, shareholders,
      affiliates, agents, trusts, partnerships, consultants, representatives,
      attorneys and successors and assigns (the "Released Parties") from, and
      hereby waives, any and all causes of action, suits, damages, claims,
      demands and liability whatsoever which Mr. Vanella ever had or now has
      against any of the Released Parties, directly or indirectly, which is now
      existing or which may hereafter arise between them, directly or
      indirectly, by reason of any facts existing on or prior to the date of
      this Agreement, whether known or unknown, except for the Companies'
      violation of this Agreement or as to any claims arising under the
      Surviving Agreements (as defined in Section 7(b)(ii) below).

            (ii)  This release specifically includes, but is not limited to, any
      and all claims relating to Mr. Vanella's employment with Tarpon, EWCO and
      BST and the termination of such employment, and specifically including
      (but not limited to) any and all claims for defamation, wrongful discharge
      or termination, breach of contract, negligence and other tort actions,
      and/or discrimination, harassment and/or retaliation on account of sex,
      sexual orientation, race, color, religion, marital status, handicap,
      height, weight, national origin, or any other classification recognized
      under the common law of the State of Michigan, local law and/or
      ordinances, any foreign laws (including the laws of the Provinces of New
      Brunswick and Ontario, Canada, and any other jurisdiction in which any of
      the Companies conduct business), and the civil rights statutes, and
      specifically including any and all claims arising under or in connection
      with Title VII of the Civil Rights Act of 1964; the Rehabilitation Act of
      1973; the Older Workers Benefit Protection Act; the Americans With
      Disabilities Act; the Family and Medical Leave Act of 1993; the
      Elliott-Larsen Civil Rights Act; the Michigan Persons with Disabilities
      Civil Rights Act; the Michigan Whistleblower's Protection Act; the Fair
      Labor Standards Act; 42 USC 1981,

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      1985, 1986, 1988; 29 USC 621; employment standards and human rights
      legislation of any Canadian Provinces in which the Companies conduct
      business, any amendments to such statutes, all other federal, state or
      local laws, (including the laws of the Provinces of New Brunswick and
      Ontario, Canada, and any other jurisdiction in which any of the Companies
      conduct business), the common law of the State of Michigan and any other
      jurisdiction in which any of the Companies conduct business, and any
      actions based upon injuries on the job.

            (iii) Mr. Vanella understands and agrees that this is a total and
      complete release and waiver by Mr. Vanella of all claims which Mr. Vanella
      has or may have against the Companies by reason of any facts existing on
      or prior to the date of this Agreement, both known and unknown, even
      though there may be facts and consequences of facts which are unknown to
      Mr. Vanella and/or the Companies. Mr. Vanella further agrees that he has
      suffered no work related injury or illness and that he has been properly
      paid all his past wages and benefits, including overtime earnings and
      vacation pay as of this date. Mr. Vanella shall not bring suit or make a
      claim or charge in any manner with respect to any claim released under
      this Agreement.

      (b) Benefit Plans; Other Agreements.

            (i)   Mr. Vanella is not releasing any rights he may have to
      benefits arising under the Eugene Welding Co. 401(k) Plan (the "401 K
      Plan"); provided, that Mr. Vanella acknowledges that he will no longer be
      an employee of EWCO (or Tarpon or BST) as of the Effective Date and,
      therefore, is not entitled to future contributions to the 401(k) Plan on
      his behalf on or after the Effective Date, except to the extent the 401(k)
      Plan provides for employer contributions to the 401(k) Plan allocable to
      Mr. Vanella and related to his employment with the EWCO before the
      Effective Date.

            (ii)  Mr. Vanella is not releasing any rights, and shall honor all
      obligations, he may have under the Promissory Note made by EWCO, dated
      April 2, 2004, in favor of Mr. Vanella, the Stock Pledge Agreement, dated
      April 2, 2004, by and among Mr. Vanella, EWCO and Cusmano & Co., P.C., the
      related Guaranty made by Tarpon in favor of Mr. Vanella, or the
      Subordination Agreement, dated August 11, 2004 between Mr. Vanella and
      Standard Federal Bank, N.A. (the "Surviving Agreements").

      (c) Covenant Not To Sue; Representation Regarding Known Causes of Action.

            (i)   Mr. Vanella will refrain from commencing any suit, claim or
      action, or prosecuting any pending action, claim or suit, in law or in
      equity, against any of the Companies, their consultants or representatives
      on account of any employment related action or cause of action based upon
      any facts, whether known or unknown, arising out of, or in connection
      with, Mr. Vanella's prior employment with Tarpon, EWCO or BST.

            (ii)  The Companies hereby represent and warrant that as of the date
      hereof, to the actual knowledge of the members of the Boards of Directors
      (for clarification, excluding Mr. Vanella) of the Companies without
      investigation or inquiry, there are no

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      known claims assertable by the Companies against Mr. Vanella in connection
      with his involvement with any of the Companies.

8.    Remedies.

      Mr. Vanella's undertakings and provisions under this Agreement are related
to matters which are of a special and unique character, and a violation of any
of the terms of this Agreement will cause irreparable injury, the amount of
which will be difficult, if not impossible, to determine and cannot be
adequately compensated by monetary damages alone. Therefore, if Mr. Vanella
breaches or threatens to breach any of the terms of this Agreement, in addition
to any other remedies that may be available under this Agreement, applicable law
or equity, the Companies will be entitled, as a matter of course, to specific
performance, an injunction, a restraining order, or any other equitable relief
from any court of competent jurisdiction, requiring compliance with this
Agreement or restraining any violation or threatened violation of any such terms
by Mr. Vanella or by such other persons as the court may order, without being
required prove irreparable harm or post bond.

9.    Miscellaneous.

      (a) Successors. This Agreement will be binding upon the Parties and their
respective successors, assigns, heirs, executors and administrators. Mr. Vanella
shall not assign his rights or delegate his obligations under this Agreement;
provided that in the event that Mr. Vanella dies before the complete payment of
all Termination Payments due under this Agreement, the remaining Termination
Payments shall be payable to his spouse, or, if she predeceases the final
Termination Payment, to his estate.

      (b) Inventions and Patents. Mr. Vanella acknowledges and agrees that all
inventions, innovations, improvements, technical information, systems, software
developments, methods, designs, analyses, drawings, reports, service marks,
trademarks, trade names, logos and all similar or related information (whether
patentable or unpatentable) which relate to the Companies' businesses, research
and development or existing or future products or services and which are
conceived, developed or made by Mr. Vanella (whether or not during usual
business hours and whether or not alone or in conjunction with any other person)
during Mr. Vanella's employment with the Tarpon, EWCO and BST, together with all
patent applications, letters patent, trademark, trade name and service mark
applications or registrations, copyrights and reissues thereof that may be
granted for or upon any of the foregoing (collectively referred to herein as
"Work Product"), belong to the Companies. Mr. Vanella will take all necessary
steps to promptly disclose such Work Product to the Companies and perform all
actions reasonably requested by the Companies (whether before or after the
Effective Date) to establish and confirm such ownership (including the execution
and delivery of assignments, consents, powers of attorney and other instruments)
and to provide reasonable assistance to the Companies in connection with the
prosecution of any applications for patents, trademarks, trade names, service
marks or reissues thereof or in the prosecution or defense of interferences
relating to any Work Product. Mr. Vanella irrevocably waives, in favor of the
Companies, their successor and assigns, all moral rights arising under the
Copyright Act (Canada), as amended, or similar legislation in any applicable
jurisdiction, or at common law, that he may have now or in future with respect
to any copyrightable material.

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      (c) Governing Law and Forum. The laws of the State of Michigan shall
govern this Agreement, its construction, and the determination of any rights,
duties or remedies of the Parties arising out of, or relating to, this Agreement
(regardless of the laws that might otherwise govern under applicable Michigan
principles of conflicts of law). The parties acknowledge that the United States
District Court for the Eastern District of Michigan or the Michigan Circuit
Court for the County of Oakland shall have exclusive jurisdiction over any case
or controversy arising out of, or relating to, this Agreement and that all
litigation arising out of, or relating to, this Agreement shall be commenced in
the United States District Court for the Eastern District of Michigan or in the
Oakland County (Michigan) Circuit Court. Each of the Parties consents to be
subject to personal jurisdiction of the courts of Michigan, including the
federal courts in Michigan.

      (d) Counterparts. This Agreement may be signed in counterparts, both of
which together will be deemed an original of this Agreement.

      (e) Entire Agreement; Amendment. This Agreement constitutes the entire
agreement of the Parties with respect to the subject matter of this Agreement;
this Agreement may be amended only by a written instrument executed by all of
the Parties.

      (f) Legal Fees; Damages for Breach. The prevailing Party in any action
under this Agreement will be entitled to recover from the other Party, in
addition to any other relief provided by law, such costs and expenses as may be
incurred by the prevailing Party (including court costs and reasonable
attorneys' fees) in connection with enforcing, defending or establishing the
applicability or validity of this Agreement (including investigating and
responding to any demand or claim) and in prosecuting any counterclaim or
cross-claim based thereon. Each Party shall be liable to the other Party for any
damages (including costs and reasonable attorneys' fees) resulting from any
breach of this Agreement by such Party. In addition to the foregoing, upon any
breach of this Agreement by Mr. Vanella (other than a breach of Section 4), Mr.
Vanella shall have no right or claim to any payment or compensation described
herein, and the Companies shall have no obligation to pay to Mr. Vanella any
payment or compensation described herein. The rights and remedies set forth in
this Section 9(f) are in addition to rights and remedies otherwise available to
the Parties under any applicable agreement between the Parties or applicable law
(including injunctive or other equitable relief).

      (g) Severability. The provisions of this Agreement will be deemed
severable, and if any part of any provision is held illegal, void or
unenforceable under applicable law, such provision may be changed to the extent
necessary to make the provision, as so changed, legal, valid, binding and
enforceable. If any provision of this Agreement is held illegal, void, invalid
or unenforceable in its entirety, the remaining provisions of this Agreement
will not in any way be affected or impaired but will remain valid, binding and
enforceable in accordance with their terms.

      (h) No Duress or Coercion. This Agreement (including the release contained
in Section 7) is freely and voluntarily entered into by each Party without
duress or coercion and after consultation with, or an opportunity to consult
with, counsel, and each Party has carefully and completely read all of the terms
and provisions of this Agreement.

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      (i) Personal Property. Mr. Vanella shall have the right to remove all
personal property of Mr. Vanella's from his offices at EWCO within five (5)
business days after the date of this Agreement.

      (j) Disparagement. The Parties will not make, participate in the making
of, or encourage any other person to make, any statements, written or oral,
which criticize, disparage or defame the goodwill or reputation of, or which are
intended to embarrass or adversely affect the morale of the other party and in
the case of Companies, any of its respective present, former or future
directors, officers, executives, employees, shareholders, consultants or
representatives. The Parties agree not to make any negative statements, written
or oral, relating to their association, the termination of their association, or
any aspect of the business of the Companies. Notwithstanding the foregoing,
nothing in this Section 9(j) shall prohibit any person from making truthful
statements when required by order of a court or other body having jurisdiction.

      IN WITNESS WHEREOF, the parties have signed this Agreement on the date set
forth in the introductory paragraph above.

              THIS IS AN AGREEMENT FOR RELEASE AND WAIVER OF CLAIMS

                                               TARPON INDUSTRIES, INC.

                                               By: /s/ Peter Farquhar
                                                   -----------------------------
                                                   Its: CHAIRMAN OF BOARD

                                               EUGENE WELDING CO.

                                               By: /s/ Peter Farquhar
                                                   -----------------------------
                                                   Its: CHAIRMAN

                                               STEELBANK INC.

                                               By: /s/ Peter Farquhar
                                                   -----------------------------
                                                   Its: CHAIRMAN

                                               BST ACQUISITION LTD.

                                               By: /s/ Peter Farquhar
                                                   -----------------------------
                                                   Its: CHAIRMAN.

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I UNDERSTAND THAT BY THIS AGREEMENT I AM WAIVING ANY RIGHTS I MAY PRESENTLY HAVE
UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, AS AMENDED. I ENTER INTO THIS
AGREEMENT FREELY AND VOLUNTARILY WITHOUT ANY DURESS OR COERCION, AND AFTER I
HAVE CAREFULLY AND COMPLETELY READ ALL OF THE TERMS AND PROVISIONS OF THIS
AGREEMENT. I HAVE BEEN ADVISED TO CONSULT WITH LEGAL COUNSEL AND UNDERSTAND I
WILL BE ALLOWED TO CONSIDER THIS AGREEMENT FOR TWENTY-ONE (21) DAYS, PRIOR TO
SIGNING IT. I UNDERSTAND THAT THIS AGREEMENT SHALL NOT BECOME EFFECTIVE FOR
SEVEN (7) DAYS FOLLOWING THE DATE IT IS SIGNED, DURING WHICH TIME I MAY REVOKE
THE AGREEMENT BY WRITTEN NOTICE TO THE EMPLOYER. I UNDERSTAND FURTHER THAT
PAYMENTS TO BE MADE TO ME AS PROVIDED IN THIS AGREEMENT WILL NOT COMMENCE UNTIL
THE EXPIRATION OF SUCH SEVEN (7) DAYS.

                                                /s/ Charles A. Vanella
                                                --------------------------------
                                                Charles A. Vanella

                                       10<PAGE>
                                                                   EXHIBIT 10.11

                         MANAGEMENT CONSULTING AGREEMENT

         THIS MANAGEMENT CONSULTING AGREEMENT (this "Agreement") is made and
entered into as of April 7, 2004 ("Effective Date"), by and between TARPON
INDUSTRIES, INC., (f/k/a WALL ST. ACQUISITIONS, INC., a Michigan corporation
(the "Company"), and BAINBRIDGE ADVISORS, LLC, a Michigan limited liability
company ("Consultant").

                                    RECITALS:

         The Company desires to retain Consultant and Consultant desires to be
so retained under the terms set forth in this Agreement.

         The parties agree as follows:

         1. RETENTION OF CONSULTANT. The Company hereby retains Consultant as a
consultant to the Company on the terms, and subject to the conditions, set forth
in this Agreement.

         2. TERM. This Agreement shall be in effect for an initial term
commencing on the date hereof and ending on the third (3rd) anniversary of the
Effective Date (the Term"). The Term shall be automatically extended thereafter
on a year to year basis unless the Company or Consultant provides written notice
of its desire to terminate this Agreement to the other party at least 120 days
prior to the expiration of the Term or 60 days prior to any one year extension
of the Term.

         3. SERVICES. Consultant shall perform or cause to be performed the
following services for the Company and its subsidiaries, as applicable (the
"Services"):

                  (a) Advisory and consulting services ("Advisory Services")
         concerning the development and implementation of the Company's business
         and financing plans and strategy, as mutually agreed to by Consultant
         and the Company, which may include, without limitation, the following:

                           (i) analyzing financing alternatives, including,
                  without limitation, those arising in connection with
                  acquisitions;

                           (ii) selecting and arranging for financing sources
                  and advisors, including senior lenders, investment bankers and
                  underwriters, as applicable; and

                           (iii) assisting the Company in compiling information
                  necessary for inclusion in the Company's proposed S-1
                  Registration statement in connection with an Offering (as
                  defined below).

                  (b) Transaction advice ("Transaction Services") concerning the
         Company's expansion and acquisition plans, as mutually agreed to by
         Consultant and the Company, which may include, without limitation, the
         following:

                                       -1-

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                           (i) analyzing the Company's, or its subsidiaries',
                  potential acquisitions and dispositions;

                           (ii) conducting due diligence with respect to
                  prospective acquisition targets;

                           (iii) assisting and advising the Company in
                  negotiating definitive purchase agreements with acquisition
                  targets; and

                           (iv) advising the Company with respect to the
                  integration of the various businesses that the Company may
                  acquire by merger or otherwise.

         Company acknowledges and agrees that Bainbridge is not, and does not
hold itself out to be, a licensed real estate agent or broker. To the extent
that any Transaction entails real estate assets or real estate business such
that a license as a real estate agent or broker is required for advisory fees,
Consultant may employ the services of a licensed broker with respect to that
portion of the Transaction requiring a licensed person, and, to the extent that
such expense is less than $5,000, the expense will be paid by the Company.
Otherwise, the Company and Consultant will share the expense of such licensed
broker equally in absence of a mutually agreeable arrangement to the contrary.

                  (c) Other services for the Company and its subsidiaries, if
         applicable, upon which the Company and Consultant mutually agree.

         "Offering" means an offering and sale by the Company of its capital
stock to the public pursuant to an effective registration statement under the
Securities Act of 1933, as amended, or any comparable statement under any
similar United States federal statute then in effect.

         4. FEES. During the Term, as extended, the Company shall pay to
Consultant the following fees:

                  (a) For Advisory Services, $15,000 per month on the first day
         of each month during the Term commencing upon the signing of this
         Agreement ("Monthly Fee").

                  (b) For Transaction Services, the Company will pay Consultant
         the following fees:

                           (i) In the event an acquisition approved by the
                  Company's Board of Directors (a "Transaction") is consummated,
                  the Company will pay Consultant, in accordance with Subsection
                  (ii) below, a "success fee" equal to 4% of the total
                  consideration paid in the Transaction, subject to the minimum
                  and maximum fees as follows:

                                 A. Subject to Subsection (ii) below, the
                           Consultant will earn upon the closing of each
                           Transaction, a minimum success fee of $200,000 per
                           Transaction and a maximum success fee of $300,000 per
                           Transaction.

                                       -2-

<PAGE>

                                 B. Subject to Subsection (ii) and Section 15
                           below, with respect to the proposed acquisitions of
                           EWCO, Steelbank and Bolton (Haines) (the "Initial
                           Transactions"), the success fee will be $200,000 for
                           each Transaction.

                           (ii) Except as provided otherwise in this paragraph
                  4(b)(ii), any success fee earned by Consultant under this
                  Section 4(b) will be paid in 12 monthly installments
                  commencing on the first day of the month following the closing
                  of a Transaction. With respect to the Initial Transactions
                  only, the fees will be payable in 18 equal monthly
                  installments commencing on the first day of the month
                  following the closing of an Initial Transaction; provided,
                  however, that if the Company completes an Offering during any
                  such 18 month payment period, all remaining unpaid fees
                  payable with respect to each of the Initial Transactions will
                  be reconfigured into equal monthly payments, such that the
                  full amount of all of such fees will be fully paid at the
                  expiration of 24 months after the date of closing of such
                  Initial Transaction.

                  (c) Notwithstanding any provision of this Section 4 to the
         contrary, the total fees paid by the Company to Consultant under this
         Agreement will not exceed $60,000 per month; provided that this
         limitation shall apply only to the timing and amounts of monthly
         payments to Consultant without in any way reducing the obligations of
         the Company ultimately to pay fees due and owing to Consultant as
         provided in this Agreement.

                  (d) The Company will not have a right of offset against fees
         that have actually been paid by the Company to Consultant.

         5. STOCK OPTION. The Company hereby grants to Consultant, or its
designee, fully and immediately vested options to purchase 110,000 shares of the
Company's stock for a purchase price of 110% of the price per share offered to
the public at the time of the Company's Offering. The options will remain
exercisable for a period of ten (10) years after issue and, at the election of
the holder, may be exercised in a cashless transaction by the surrender of
Company shares or the reduction of exercisable options sufficient to pay the
exercise price. Within 30 days after execution and delivery of this Agreement,
the Company will amend its proposed 2004 Stock Option Plan as and if necessary
to authorize and enable the grant of options pursuant to this section 5, and
will diligently pursue obtaining appropriate approvals to the Plan as so
amended, which approvals will be obtained prior to the date that the Company
makes its initial filing of a registration statement in connection with the
Offering. The options granted will be subject to the terms of the Stock Option
Plan and any agreement issued by the Company with respect to the options will
include the provisions contained in this Section 5.

         6. METHOD OF PERFORMING SERVICES. Consultant shall cause Gary D. Lewis
to be the primary provider to the Company of the Services described in Section 3
and Consultant shall use such other of its personnel as it deems necessary for
performance of the Services. The Services shall be performed at the reasonable
direction of the Company's Board of Directors as to the timing and scope of the
Services. For purposes of this paragraph, Consultant will have satisfactorily
provided the required availability to perform such services so long as, with
respect to Gary D. Lewis, Mr. Lewis has provided

                                      -3-

<PAGE>

services to the Company of an average of at least 120 man-hours per month during
the Term, with the understanding that the number of hours may increase or
decrease based upon the projects and services required at the reasonable
discretion of the Board of Directors. The Services will be performed on a
non-exclusive basis and, to the extent that Consultant performs similar services
for others, such services will not interfere with Mr. Lewis' availability to the
Company to perform the Services in accordance with the terms set forth in this
Agreement.

         7. COMPENSATION OF CONSULTANT'S PERSONNEL. Other than the fees and
payments provided in this Agreement, the Company shall not be responsible for
payment of compensation, federal or state income tax withholding and social
security taxes, unemployment insurance, health or disability insurance,
retirement benefits, or other welfare or pension benefits, to Consultant's
personnel assigned to Company's work.

         8. LIABILITY. Neither Consultant nor any of its members, managers, or
employees (collectively, the "Consultant Group") shall be liable to the Company
or its affiliates for any loss, liability, damage or expense (collectively, a
"Loss") arising out of or in connection with the performance of services
contemplated by this Agreement, unless such Loss is a result of the gross
negligence or willful misconduct of any member of the Consultant Group.
Consultant makes no representations or warranties, express or implied, with
respect to the services to be provided by Consultant under this Agreement.

         9. INDEMNITY.

                  (a) The Company agrees to indemnify and hold harmless the
         Consultant, and its respective managers, members, officers, agents and
         controlling persons (each an "Indemnified Party") against any and all
         loss, liability, claim, damage and expense whatsoever (and all actions
         in respect thereof), and to reimburse the Consultant for reasonable
         legal fees and related expenses as incurred (including, but not limited
         to the costs of investigating, preparing or defending any such action
         or claim and the costs of giving testimony or furnishing documents in
         response to a subpoena or otherwise), arising out of any untrue
         statement or alleged untrue statement of a material fact contained in
         any registration statement, prospectus or other document (the "Offering
         Documents") or the omission or alleged omission therefrom of a material
         fact necessary in order to make the statements therein, in light of the
         circumstances under which they were made, not misleading or any breach
         of the representations, warranties or covenants of the Company set
         forth therein unless any such untrue statements or material fact, or
         omission was made or omitted, as the case may be, based upon
         information provided by, and with the actual knowledge of Consultant.

                  (b) Promptly after receipt by an Indemnified Party under this
         Section of notice of any claim or the commencement of any action, the
         indemnified party will, if a claim in respect thereof is to be made
         against the Company under this Section, notify in writing the Company
         of the commencement thereof; but the omission so to notify the Company
         will not relieve it from any liability which it may have to the
         Indemnified Party otherwise than under this Section except to the
         extent the defense of the claim is prejudiced. In case any such action
         is brought against an Indemnified Party, and it notifies the Company
         of the commencement thereof, the Company

                                      -4-

<PAGE>

         will be entitled to participate in, and, to the extent that it may
         wish, jointly with any other indemnifying party similarly notified, to
         assume the defense thereof, subject to the provisions herein stated,
         with counsel reasonably satisfactory to the Indemnified Party, and
         after notice from the Company to the Indemnified Party of its election
         so to assume the defense thereof, the Company will not be liable to the
         Indemnified Party under this Section for any legal or other expenses
         subsequently incurred by the Indemnified Party in connection with the
         defense thereof other than reasonable costs of investigation (provided
         the Company has been advised in writing that such investigation is
         being undertaken). The Indemnified Party shall have the right to employ
         separate counsel in any such action and to participate in the defense
         thereof, but the fees and expenses of such counsel shall not be at the
         expense of the Company if the Company has assumed the defense of the
         action with counsel reasonably satisfactory to the Indemnified Party;
         provided that the fees and expenses of such counsel shall be at the
         expense of the Company if (i) the employment of such counsel has been
         specifically authorized in writing by the Company or (ii) the named
         parties to any such action (including any impleaded parties) include
         both the Indemnified Party or Parties and the Company and, in the
         reasonable judgment of counsel for the Indemnified Party, it is
         advisable for the Indemnified Party or Parties to be represented by
         separate counsel due to an actual or potential conflict of interest (in
         which case the Company shall not have the right to assume the defense
         of such action on behalf of the an Indemnified Party or Parties), it
         being understood, however, that the Company shall not, in connection
         with any one such action or separate but substantially similar or
         related actions in the same jurisdiction arising out of the same
         general allegations or circumstances, be liable for the reasonable fees
         and expenses of more than one separate firm of attorneys for all the
         Indemnified Parties. No settlement of any action against an Indemnified
         Party shall be made unless such an Indemnified Party is fully and
         completely released in connection therewith.

                  (c) To provide for just and equitable contribution, if (i) an
         Indemnified Party makes a claim for indemnification pursuant to this
         Section 9 but it is found in a final judicial determination, not
         subject to further appeal, that such indemnification may not be
         enforced in such case, even though this Agreement expressly provides
         for indemnification in such case, or (ii) any indemnified or
         indemnifying party seeks contribution under the Securities Act, the
         Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise,
         then the Company (including for this purpose any contribution made by
         or on behalf of any officer, director, employee or agent for the
         Company, or any controlling person of the Company), on the one hand,
         and the Consultant (including for this purpose any contribution by or
         on behalf of an indemnified party), on the other hand, shall contribute
         to the losses, liabilities, claims, damages, and expenses whatsoever to
         which any of them may be subject, in such proportions as are
         appropriate to reflect the relative benefits received by the Company,
         on the one hand, and the Consultant, on the other hand; provided,
         however, that if applicable law does not permit such allocation, then
         other relevant equitable considerations such as the relative fault of
         the Company and the Consultant in connection with the facts which
         resulted in such losses, liabilities, claims, damages, and expenses
         shall also be considered. In no case shall the Consultant be
         responsible for a portion of the contribution obligation in excess of
         the compensation

                                       -5-

<PAGE>

         received by it pursuant to Section 4 hereof. No person guilty of a
         fraudulent misrepresentation shall be entitled to contribution from any
         person who is not guilty of such fraudulent misrepresentation. For
         purposes of this Section 9, each person, if any, who controls the
         Consultant within the meaning of Section 15 of the Securities Act or
         Section 20(a) of the Exchange Act and each officer, director,
         stockholder, employee and agent of the Consultant, shall have the same
         rights to contribution as the Consultant, and each person, if any who
         controls the Company within the meaning of Section 15 of the Securities
         Act or Section 20(a) of the Exchange Act and each officer, director,
         employee and agent of the Company, shall have the same rights to
         contribution as the Company, subject in each case to the provisions of
         this Section 9. Anything in this Section 9 to the contrary
         notwithstanding, no party shall be liable for contribution with respect
         to the settlement of any claim or action effected without its written
         consent, not to be unreasonably withheld or delayed.

                  (d) The Company shall defend, indemnify and hold harmless the
         Consultant Group from and against any and all Loss arising from any
         claim by any third person, with respect to, or in any way related to,
         this Agreement (including reasonable attorneys' fees) (collectively,
         "Claims") resulting from any act or omission of any member of
         Consultant Group other than for Claims which shall be proven in a court
         of competent jurisdiction to be the direct result of willful misconduct
         by a member of Consultant Group acting within the scope of their
         authority.

                  (e) During the Term of this Agreement, the Company will
         reimburse Consultant up to $5,000 per year for the premiums associated
         with professional liability errors and omissions insurance but only
         with respect to the coverage for Services. The Company's obligation to
         reimburse Consultant for premiums will cease after consummation of two
         Transactions, other than the Initial Transactions. The coverage will
         cover costs of defense, in amounts not less than $1 million, covering
         any such action, but only with respect to the Services. To the extent
         any insurance is in effect, Consultant shall look to such insurance
         first before seeking indemnity from the Company.

         10. RELATIONSHIP OF THE PARTIES. Nothing herein will be construed to
create a partnership or joint venture by or between the Company and Consultant
or to make one the agent of the other. The Company and Consultant will not hold
themselves out as a partner or agent of the other or to otherwise state or imply
by advertising or otherwise any relationship between them in any manner
contrary to the terms of this Agreement. The Company and Consultant do not have,
and will not represent that they have, the power to bind or legally obligate the
other. The parties acknowledge that this arrangement is not exclusive and the
Company and Consultant shall have the right, subject to the provisions of
Sections 6 and 12 hereunder, to enter into similar arrangements with other
parties. No employee of Consultant will be considered an employee of the Company
by either party for any purpose whatsoever. Except as expressly specified in
this Agreement, neither Consultant nor any members of the Consultant Group shall
owe the Company a fiduciary duty.

                                       -6-

<PAGE>
         11. CONFIDENTIALITY.

                  (a) Consultant will not, at any time during the Term (other
         than as may be required in connection with the performance of its
         Services hereunder) or thereafter, directly or indirectly, use,
         communicate, disclose or disseminate any Confidential Information (as
         defined in Subsection 11(b)) in any manner whatsoever.

                  (b) As used in Subsection 11(a), the term "Confidential
         Information" will mean all business and technical information
         including, but not limited to, information of any nature and in any
         form which at the time or times concerned is not generally known to
         those persons engaged in business similar to that conducted or
         contemplated by the Company (other than by an act or acts of a person
         not authorized to disclose such information), and which relates to one
         or more aspects of the future plans or the present or past business of
         the Company or any affiliate or predecessor, including, without
         limitation, patents and patent applications, inventions and
         improvements (whether or not patentable), development projects,
         policies, processes, formulas, techniques, know-how, pricing, financial
         information, and other facts relating to manufacturing, sales,
         advertising, promotions, transportation, packaging, labeling, lab
         techniques and testing methods, distribution, financial matters,
         strategies, customers and potential customers, marketing and sales
         methods, preparation of bids, vendor sources and vendor financing
         arrangements, other than information which is independently developed
         without using the Confidential Information in any way or which is in
         the public domain or which becomes available to a recipient on a
         non-confidential basis without violating Subsection 11A or which is
         required to be disclosed by law and is disclosed in the manner so
         required.

         12. OPPORTUNITIES. Consultant acknowledges and covenants that if
Consultant becomes aware of an opportunity to acquire a company in the steel
industry, such opportunity shall be deemed to be that of the Company, and
Consultant will give the Company full disclosure of such opportunity, and
neither Consultant nor any person under Consultant's control shall pursue such
opportunity for its own account, nor shall Consultant make others aware of such
opportunity, unless after full disclosure, the Company has authorized the
Consultant to pursue such opportunity in writing. Consultant acknowledges that,
without the written consent of the Company, that Consultant is restricted from
pursuing an opportunity in the steel industry even if the Company does not
pursue such opportunity on its own.

         13. DEFAULT. If the Company defaults in its payment obligations
hereunder and such default is not cured within thirty (30) days after Consultant
provides written notice of such default to the Company and such failure to pay
is not a result of a breach by Consultant of its obligations under this
Agreement, Consultant shall have the right without further notice to declare all
of the Company's obligations hereunder immediately due and payable.

         14. EXPENSES. The Company agrees to pay all reasonable expenses
incurred by Consultant in connection with this Agreement, including but not
limited to: (a) fees and expenses of legal counsel retained at the direction of
the Company in connection with performance of the Services; (b) legal fees up to
$7,500 in connection with the preparation of this Agreement; and (c)
out-of-pocket expenses incurred by Consultant in connection with the provision
of services hereunder, including, but without limitation to travel, or the
attendance at any meeting of the board of directors (or any committee thereof)
of the

                                       -7-

<PAGE>

Company or any of its affiliates which shall not exceed $5,000 per month without
the prior written approval of the Company's Chief Executive Officer, President
or the Board of Directors.

         15. TERMINATION. Neither party may terminate this Agreement prior to
the expiration of its Term except in accordance with this Section 15. In the
event of a breach of the provisions of this Agreement by either party, the
non-breaching party promptly will give written notice to the other party
detailing the breach. If the breaching party fails to cure such breach within
thirty (30) days after written notice provided to the breaching party, the
non-breaching party shall have the right to terminate this Agreement. If this
Agreement is terminated by Company as a result of the breach by Consultant,
Company shall pay Consultant only the fees earned by Consultant under Subsection
4(b)(i)(A) of this Agreement in accordance with Subsection 4(b)(ii) and will
have no further obligation to pay the Monthly Fee or any fees under Subsection
4(b)(ii)(B).

         16. ATTORNEY FEES. If either party brings suit to enforce its rights
under this Agreement, the non-prevailing party will reimburse the prevailing
party for its reasonable attorney fees, court costs and expert witness fees.

         17. NOTICES. All notices hereunder shall be in writing and shall be
delivered personally or mailed by United States mail, postage prepaid, addressed
to the parties as follows:

                  TO THE COMPANY:      Tarpon Industries, Inc.
                                       2420 Wills Street
                                       Marysville, MI 48040

                  TO CONSULTANT:       Bainbridge Advisors, LLC
                                       P.O. Box 36940
                                       Grosse Pointe, MI 48236

         18. ASSIGNMENT. Neither party may assign any obligations hereunder to
any other party without the prior written consent of the other party.

         19. SUCCESSORS. This Agreement and all the obligations and benefits
hereunder shall inure to the successors and assigns of the parties.

         20. COUNTERPARTS. This Agreement may be executed and delivered by each
party hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original and all of which taken together shall
constitute but one and the same agreement.

         21. ENTIRE AGREEMENT; MODIFICATION; GOVERNING LAW. The terms and
conditions hereof constitute the entire agreement between the parties hereto
with respect to the subject matter of this Agreement and supersede all previous
communications, either oral or written, representations or warranties of any
kind whatsoever, except as expressly set forth herein. No modifications of this
Agreement nor waiver of the terms or conditions thereof shall be binding upon
either party unless approved in writing by an authorized representative of such
party. All issues concerning this agreement shall be governed by and

                                       -8-

<PAGE>

construed in accordance with the laws of the State of Michigan, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of Michigan or any other jurisdiction) that would cause the application of
the law of any jurisdiction other than the State of Michigan. The persons
signing this Agreement on behalf of the respective parties identified below,
hereby represent and warrant that he or she has the authority to sign this
Agreement on behalf of such entity and, that by doing so, this Agreement
represents the binding and enforceable agreement with respect to such party.

         22. SEVERABILITY. In case any one or more of the provisions contained
in this Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any respect, that invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement, and this Agreement shall
be construed as if the invalid, illegal or unenforceable provision had never
been contained within the body of this Agreement.

         23. CONSENT TO JURISDICTION. Each of the parties agrees that all
actions, suits or proceedings arising out of or based upon this Agreement or the
subject matter hereof shall be brought and maintained exclusively in the federal
and state courts of the State of Michigan. Each of the parties hereto by
execution hereof: (a) hereby irrevocably submits to the jurisdiction of the
United States District Court for the Eastern District of Michigan or the Circuit
Court for the County of Oakland for the purpose of any action, suit or
proceeding arising out of or based upon this Agreement or the subject matter
hereof; and (b) hereby waives to the extent not prohibited by applicable law,
and agrees not to assert, by way of motion, as a defense or otherwise, in any
such action, suit or proceeding, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that it is immune from
extraterritorial injunctive relief or other injunctive relief, that its property
is exempt or immune from attachment or execution, that any such action, suit or
proceeding may not be brought or maintained in one of the above-named courts,
that any such action, suit or proceeding brought or maintained in one of the
above-named courts should be dismissed on grounds of forum non conveniens,
should be transferred to any court other than one of the above-named courts,
should be stayed by virtue of the pendency of any other action, suit or
proceeding in any court other than one of the above-named courts, or that this
Agreement or the subject matter hereof may not be enforced in or by any of the
above-named courts. Each of the parties hereto hereby consents to service of
process in any such suit, action or proceeding in any manner permitted by the
laws of the State of Michigan, agrees that service of process by registered or
certified mail, return receipt requested, at the address specified herein is
reasonably calculated to give actual notice and waives and agrees not to assert
by way of motion, as a defense or otherwise, in any such action, suit or
proceeding any claim that service of process made in accordance with the notice
provision herein does not constitute good and sufficient service of process. The
provisions of this Section shall not restrict the ability of any party to
enforce in any court any judgment obtained in a federal or state court of the
State of Michigan.

                                       -9-

<PAGE>

provisions of this Section shall not restrict the ability of any party to
enforce in any court any judgment obtained in a federal or state court of the
State of Michigan.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                     COMPANY:

                                     TARPON INDUSTRIES, INC.,  a Michigan
                                     corporation

                                     By: /s/ Charles A. Vanella
                                        -------------------------------------
                                     Its: President & CEO

                                     CONSULTANT:

                                     BAINBRIDGE ADVISORS LLC, a Michigan limited
                                     liability company

                                     By: /s/ Gary D. Lewis
                                        --------------------------------------
                                     Its: MEMBER

                                      -10-
<PAGE>

                                FIRST AMENDMENT
                                       TO
                         MANAGEMENT CONSULTING AGREEMENT

         This First Amendment to Management Consulting Agreement (this
"Amendment") is made and entered into as of October 13, 2004, but is effective
as of April 7, 2004, by and between Tarpon Industries, Inc. (f/k/a Wall Street
Acquisitions, Inc.), a Michigan corporation (the "Tarpon"), BST Acquisition,
Ltd, a corporation formed under the laws of New Brunswick, Canada ("BST" and
together with Tarpon, the "Company"), and Bainbridge Advisors, Inc. (formerly
Bainbridge Advisors, LLC) ("Consultant").

                                    RECITALS

         A.       Tarpon and Consultant are parties to that certain Management
Consulting Agreement, dated April 7, 2004 (the "Agreement"), pursuant to which
the Tarpon retained Consultant to provide certain Services, as more particularly
described therein. Capitalized terms not defined herein shall have the meaning
ascribed to such terms in the Agreement.

         B.       Tarpon and Consultant wish to amend the Agreement in
accordance with the terms and conditions of this Amendment, and BST wishes to
become a party to the Agreement pursuant to this Amendment.

         Therefore, the parties agree as follows:

         1.       Section 3(a) is hereby amended and replaced in full with the
following language:

                  "3.      Services.  Consultant shall perform or cause to be
         performed the following services for the Company and its subsidiaries
         as applicable (the "Services"):

                           (a) Advisory and consulting services ("Advisory
                  Services") concerning the development and implementation of
                  the Company's (or its subsidiaries') businesses and financing
                  plans and strategies, as mutually agreed upon by Consultant
                  and the Company, which may include, without limitation, the
                  following:

                                    (i)  analyzing financing alternatives,
                           including, without limitation, those arising in
                           connection with acquisitions;

                                    (ii)  selecting and arranging for financing
                           sources and advisors, including senior lenders,
                           investment bankers and underwriters, as applicable;
                           and

<PAGE>

                                    (iii) assisting Tarpon, at Tarpon's
                           direction, in compiling certain information Tarpon
                           deems necessary for inclusion in its proposed
                           registration statement on Form S-1 in connection with
                           an Offering (as defined below)."

         2.       Section 3(c) is hereby amended and replaced in full with the
following language:

                  "(c) Other services for the Company and its subsidiaries, if
         applicable, at the request and direction of the Board of Directors of
         the Company, upon which the Company and Consultant mutually agree
         ("Other Services"). Unless the parties otherwise agree in writing, such
         Other Services shall be deemed Advisory Services, payment for which
         shall be included in Monthly Fee (as defined in Section 4(a) and the
         success fee (as defined in Section 4(b)(i)(A))."

         3.       Section 4(a) is hereby amended and replaced in full with the
following language:

                  "4.      Fees.  During the Term, as extended, if applicable,
         the Company shall pay to Consultant, and each Company shall be jointly
         and severally liable for, the following aggregate fees in consideration
         of Consultant's performance of the Advisory Services and Transaction
         Services:

                           (a) For Advisory Services, $15,000 per month on the
                  first day of each month during the Term commencing upon the
                  signing of this Agreement ("Monthly Fee")."

         4.       Section 4(b) is hereby amended and replaced in full with the
following language:

                  "(b)     For Transaction Services, the Company will pay
         Consultant the following fees:

                                    (i) In the event an acquisition approved by
                           the Company's Board of Directors (a "Transaction") is
                           consummated, the Company will pay Consultant, in
                           accordance with Subsection (ii) below, a "success
                           fee" equal to 4% of the total consideration paid in
                           the Transaction, subject to minimum and maximum fees
                           as follows:

                                            A.       Subject to Subsection (ii)
                                    below, the Consultant will earn upon the
                                    closing of each Transaction, a minimum
                                    success fee of $200,000 per Transaction and
                                    a maximum success fee of $300,000 per
                                    Transaction.

                                       2
<PAGE>

                                            B. Subject to Subsection (ii) below
                                    and Section 15 below, with respect to the
                                    proposed acquisitions of EWCO, Steelbank and
                                    Bolton (Haines) (the "Initial
                                    Transactions"), the success fee will be
                                    $200,000 for each Transaction.

                                    (ii) Except as provided otherwise in this
                           paragraph 4(b)(ii), any success fee earned by
                           Consultant under this Section 4(b) will be paid in 12
                           monthly installments commencing on the first day of
                           the month following the closing of a Transaction and
                           payable on the first day of each month thereafter
                           until such success fee is paid in full. With respect
                           to the Initial Transactions only, the fees will be
                           payable in 18 equal monthly installments commencing
                           on the first day of the month following the closing
                           of an Initial Transaction and payable on the first
                           day of each month thereafter until such success fee
                           is paid in full; provided, however, that if Tarpon
                           completes an Offering during any such 18 month
                           period, all remaining unpaid fees payable with
                           respect to each of the Initial Transactions will be
                           reconfigured into equal monthly payments, such that
                           the full amount of all of such fees will be fully
                           paid at the expiration of 24 months after the date of
                           closing of such Initial Transaction. For purposes of
                           clarification, the attached Schedule 4(b)(ii) sets
                           forth the calculation of the success fees with
                           respect to the Initial Transactions.

         5.       Section 4(d) is hereby amended and replaced in full with the
following language:

                  "(d) Any payment for Advisory Services or Transaction
         Services, once paid by the Company pursuant to this Section 4, shall be
         deemed to be an acknowledgement by the Company that such Advisory
         Services and/or Transaction Services for which such payment has been
         made have been fully performed by Consultant."

         6.       A new Section 4(e) is hereby added as follows:

                  "(e) Any of the aforementioned fees, including the Monthly Fee
         and the success fee, may be paid by any of the Company's subsidiaries
         or affiliates, unless such entities are contractually precluded or
         precluded by applicable law."

         7.       Section 5 is amended and replaced in full with the following
language:

                  "5.      Stock Option.  Tarpon hereby grants to Consultant, or
         its designee, fully and immediately vested options to purchase 110,000
         shares of Tarpon's common stock for a purchase price of 110% of the
         price per share offered to the

                                       3
<PAGE>

         public at the time of Tarpon's Offering. The options will remain
         exercisable for a period of ten (10) years after issue and, at the
         election of the holder, may be exercised in a cashless transaction by
         the surrender of the shares or the reduction of exercisable options
         sufficient to pay the exercise price. Tarpon covenants and agrees to
         grant such options at the time of Tarpon's upcoming proposed initial
         public offering."

         8.       Section 6 is hereby amended and replaced in full with the
following language:

                  "6. Method of Performing Services. Consultant shall cause Gary
         D. Lewis to be the primary provider to the Company of the Services
         described in Section 3 and Consultant shall use such other of its
         personnel as it deems necessary for performance of the Services. The
         Services shall be preformed at the reasonable direction of the
         Company's Board of Directors as to the timing and scope of the
         Services. For purposes of this paragraph, Consultant shall have
         satisfactorily provided the required availability to perform such
         Services so long as, with respect to Gary D. Lewis, Mr. Lewis has
         provided Services to the Company of an average of at least an aggregate
         of 120 man-hours per month for each month during the Term through
         February 2006 and at least aggregate of 70 man-hours per month for each
         month thereafter during the Term (unless the Company or its
         subsidiaries enter into a Transaction or Transactions, other than the
         Initial Transactions), as recorded and calculated by Consultant (absent
         gross error), with the understanding that the number of hours may
         increase or decrease based upon the projects and services required at
         the reasonable discretion of the Board of Directors. The Company shall
         be obligated to pay the Advisory Fees and Transaction Fees, as
         applicable, even if the Company does not utilize Consultant for such
         allotted man-hours. The Services will be performed on a non-exclusive
         basis, provided that to the extent that Consultant performs similar
         services for others, such services shall not interfere with Mr. Lewis'
         availability to the Company to perform the Services in accordance with
         the terms set forth in this Agreement."

         9.       Section 8 is hereby amended and replaced in full with the
following language:

                  "8. Liability. Neither Consultant nor any of its officers,
         directors, managers, employees, agents or shareholders (collectively,
         the "Consultant Group") shall be liable to the Company or any of its
         subsidiaries or affiliates for any loss, liability, damage, expenses
         (including attorney's fees) (collectively, "Loss") arising out of or in
         connection with the performance of the Services, unless such Loss is a
         result of the gross negligence or willful misconduct of any party in
         the Consultant Group. Consultant makes no representations or
         warranties, express or implied, with respect to the Services."

                                       4
<PAGE>

         10.      Section 9(a) is hereby amended and replaced in full with the
following language:

                  "9.      Indemnity.

                           (a) Each Company and its subsidiaries hereby, jointly
                  and severally, agrees to indemnify and hold harmless
                  Consultant and its respective officers, directors, managers,
                  employees, agents or shareholders (each, an "Indemnified
                  Party") against any and all loss liability, claim, damage and
                  expense whatsoever (and all actions in respect thereof), and
                  to reimburse the Consultant for reasonable legal fees and
                  related expenses as incurred (including, but not limited to
                  the costs of investigating, preparing or defending any such
                  action or claim and the costs of giving testimony or
                  furnishing documents in response to a subpoena or otherwise),
                  arising out of any untrue statement or alleged untrue
                  statement of a material fact contained in any registration
                  statement, prospectus or other document ("Offering Documents")
                  or the omission or alleged omission therefrom of a material
                  fact necessary in order to make the statements therein, in
                  light of the circumstances under which they were made, not
                  misleading or any breach of the representations, warranties or
                  covenants of the Company set forth therein unless any such
                  untrue statements or material fact, or omission was made or
                  omitted, as the case may be, based upon information provided
                  by, and with the actual knowledge of, Consultant."

         11.      Section 9(d) is hereby amended and replaced in full with the
following language:

                  "(d) Each Company and its subsidiaries, jointly and severally,
         shall defend, indemnify and hold harmless the Indemnified Parties from
         and against any and all Loss arising out of any claim by any third
         persons with respect to, or in any way related to, this Agreement,
         including the Amendment (including reasonable attorney's fees)
         (collectively, the "Claims") resulting from any act or omission of any
         member of the Consultant Group other than for Claims which shall be
         proven in a court of competent jurisdiction to be the direct result of
         willful misconduct by any member of the Consultant Group acting within
         the scope of their authority."

         12.      Section 15 is hereby amended and replaced in full with the
following language:

                  "15.     Termination.  No party may terminate this
         Agreement prior to the expiration of its Term except in accordance with
         this Section 15.  In the event of a material breach of the provisions
         of this Agreement by any party, the non-breaching party promptly
         will give written notice to the other parties detailing the breach.  If
         the breaching party fails to cure or terminate the activity giving rise
         to

                                       5
<PAGE>

         the breach within 30 days after written notice provided to the
         breaching party, the non-breaching party shall have the right to
         terminate this Agreement. If this Agreement is terminated by the
         Company as a result of the breach by Consultant, the Company shall pay
         Consultant only the fees earned by Consultant under Subsection
         4(b)(i)(A) in accordance with Subsection 4(b)(ii) and will have no
         further obligation to pay the Monthly Fee or any fees under Subsection
         4(b)(i)(B)."

         13.      Section 17 is hereby revised to substitute Bainbridge
Advisors, LLC with Bainbridge Advisors, Inc.

         14.      Except as otherwise modified by this Amendment, all terms and
conditions of the Agreement shall continue in full force and effect.

         IN WITNESS WHEREOF, the parties hereby execute this Amendment on the
date set forth in the introductory paragraph.

                                      TARPON INDUSTRIES, INC.

                                      /s/ Peter Farquhar
                                      -------------------------------
                                      By: Peter Farquhar

                                      Its: Chairman

                                      BST ACQUISITION, LTD

                                      /s/ Peter Farquhar
                                      -------------------------------
                                      By: Peter Farquhar

                                      Its: Chairman

                                      BAINBRIDGE ADVISORS, INC.

                                      /s/ Gary D. Lewis
                                      -------------------------------
                                      By:  Gary D. Lewis

                                      Its: President

                                        6

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