Document:

EX-4.22

 Exhibit 4.22 

 
  
 OLYMPIC STEEL, INC., 
 OLYMPIC STEEL LAFAYETTE, INC., 

OLYMPIC STEEL MINNEAPOLIS, INC., 
 OLYMPIC STEEL IOWA, INC., 
 OLY STEEL WELDING, INC., 

OLY STEEL NC, INC., 
 TINSLEY GROUP-PS&W, INC., 
 IS ACQUISITION, INC., and 

OLYAC II, INC. (to be merged with and into CHICAGO TUBE AND IRON COMPANY), 

as Borrowers 
  

 
  

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 Dated as of July 1, 2011 
 $335,000,000 

 
  

 
 CERTAIN FINANCIAL
INSTITUTIONS, 
 as Lenders 
 and 
 BANK OF AMERICA, N.A., 

as Agent 

******** 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 as Joint Lead Arranger and Joint Book Manager 
 J.P. MORGAN SECURITIES LLC,

 as Joint Lead Arranger and Joint Book Manager, 
 And 
 JPMORGAN CHASE BANK, N.A., 

as Syndication Agent 
 KEYBANK NATIONAL ASSOCIATION, 
 as Co-Documentation Agent 

U.S. BANK NATIONAL ASSOCIATION, 
 as Co-Documentation Agent 
 WELLS FARGO BANK, NATIONAL ASSOCIATION,

 as Co-Documentation Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 SECTION 1.
	  	 DEFINITIONS; RULES OF CONSTRUCTION
	  	 	3	  
	 1.1
	  	 Definitions
	  	 	3	  
	 1.2
	  	 Accounting Terms
	  	 	31	  
	 1.3
	  	 Uniform Commercial Code
	  	 	32	  
	 1.4
	  	 Certain Matters of Construction
	  	 	32	  
			
	 SECTION 2.
	  	 CREDIT FACILITIES
	  	 	32	  
	 2.1
	  	 Revolver Commitment
	  	 	32	  
	 2.2
	  	 Term Loan Commitment
	  	 	35	  
	 2.3
	  	 Letter of Credit Facility
	  	 	35	  
			
	 SECTION 3.
	  	 INTEREST, FEES AND CHARGES
	  	 	37	  
	 3.1
	  	 Interest
	  	 	37	  
	 3.2
	  	 Fees
	  	 	39	  
	 3.3
	  	 Computation of Interest, Fees, Yield Protection
	  	 	39	  
	 3.4
	  	 Reimbursement Obligations
	  	 	39	  
	 3.5
	  	 Illegality
	  	 	40	  
	 3.6
	  	 Inability to Determine Rates
	  	 	40	  
	 3.7
	  	 Increased Costs; Capital Adequacy
	  	 	41	  
	 3.8
	  	 Mitigation
	  	 	41	  
	 3.9
	  	 Funding Losses
	  	 	42	  
	 3.10
	  	 Maximum Interest
	  	 	42	  
			
	 SECTION 4.
	  	 LOAN ADMINISTRATION
	  	 	42	  
	 4.1
	  	 Manner of Borrowing and Funding Revolver Loans
	  	 	42	  
	 4.2
	  	 Defaulting Lender
	  	 	44	  
	 4.3
	  	 Number and Amount of LIBOR Loans; Determination of Rate
	  	 	44	  
	 4.4
	  	 Borrower Agent
	  	 	45	  
	 4.5
	  	 One Obligation
	  	 	45	  
	 4.6
	  	 Effect of Termination
	  	 	45	  
	 4.7
	  	 Renewal Discussions
	  	 	45	  
			
	 SECTION 5.
	  	 PAYMENTS
	  	 	45	  
	 5.1
	  	 General Payment Provisions
	  	 	45	  
	 5.2
	  	 Repayment of Revolver Loans
	  	 	46	  
	 5.3
	  	 Repayment of Term Loans
	  	 	46	  
	 5.4
	  	 Payment of Other Obligations
	  	 	47	  
	 5.5
	  	 Marshaling; Payments Set Aside
	  	 	47	  
	 5.6
	  	 Post-Default Allocation of Payments
	  	 	47	  
	 5.7
	  	 Application of Payments
	  	 	48	  
	 5.8
	  	 Loan Account; Account Stated
	  	 	48	  
	 5.9
	  	 Taxes
	  	 	49	  
	 5.10
	  	 Lender Tax Information
	  	 	49	  
	 5.11
	  	 Nature and Extent of Each Borrower’s Liability
	  	 	50	  
			
	 SECTION 6.
	  	 CONDITIONS PRECEDENT
	  	 	52	  

							
	 6.1
	  	 Conditions to Initial Loans
	  	 	52	  
	 6.2
	  	 Conditions Precedent to All Credit Extensions
	  	 	54	  
			
	 SECTION 7.
	  	 COLLATERAL
	  	 	54	  
	 7.1
	  	 Grant of Security Interest
	  	 	54	  
	 7.2
	  	 Lien on Deposit Accounts; Cash Collateral
	  	 	56	  
	 7.3
	  	 Real Estate Collateral
	  	 	56	  
	 7.4
	  	 Other Collateral
	  	 	56	  
	 7.5
	  	 No Assumption of Liability
	  	 	57	  
	 7.6
	  	 Further Assurances
	  	 	57	  
	 7.7
	  	 Release of Collateral
	  	 	57	  
			
	 SECTION 8.
	  	 COLLATERAL ADMINISTRATION
	  	 	57	  
	 8.1
	  	 Borrowing Base Certificates
	  	 	57	  
	 8.2
	  	 Administration of Accounts
	  	 	57	  
	 8.3
	  	 Administration of Inventory
	  	 	58	  
	 8.4
	  	 Administration of Equipment
	  	 	59	  
	 8.5
	  	 Administration of Deposit Accounts
	  	 	59	  
	 8.6
	  	 General Provisions
	  	 	60	  
	 8.7
	  	 Power of Attorney
	  	 	61	  
			
	 SECTION 9.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	62	  
	 9.1
	  	 General Representations and Warranties
	  	 	62	  
	 9.2
	  	 Complete Disclosure
	  	 	67	  
			
	 SECTION 10.
	  	 COVENANTS AND CONTINUING AGREEMENTS
	  	 	67	  
	 10.1
	  	 Affirmative Covenants
	  	 	67	  
	 10.2
	  	 Negative Covenants
	  	 	70	  
	 10.3
	  	 Financial Covenants
	  	 	77	  
			
	 SECTION 11.
	  	 EVENTS OF DEFAULT; REMEDIES ON DEFAULT
	  	 	77	  
	 11.1
	  	 Events of Default
	  	 	77	  
	 11.2
	  	 Remedies upon an Event of Default
	  	 	78	  
	 11.3
	  	 License
	  	 	79	  
	 11.4
	  	 Setoff
	  	 	79	  
	 11.5
	  	 Remedies Cumulative; No Waiver
	  	 	80	  
			
	 SECTION 12.
	  	 AGENT
	  	 	80	  
	 12.1
	  	 Appointment, Authority and Duties of Agent
	  	 	80	  
	 12.2
	  	 Agreements Regarding Collateral and Field Examination Reports
	  	 	81	  
	 12.3
	  	 Reliance By Agent
	  	 	82	  
	 12.4
	  	 Action Upon Default
	  	 	82	  
	 12.5
	  	 Ratable Sharing
	  	 	82	  
	 12.6
	  	 Indemnification
	  	 	82	  
	 12.7
	  	 Limitation on Responsibilities of Agent
	  	 	83	  
	 12.8
	  	 Successor Agent and Co-Agents
	  	 	83	  
	 12.9
	  	 Due Diligence and Non-Reliance
	  	 	84	  
	 12.10
	  	 Replacement of Certain Lenders
	  	 	84	  
	 12.11
	  	 Remittance of Payments and Collections
	  	 	84	  
	 12.12
	  	 Agent in its Individual Capacity
	  	 	85	  
	 12.13
	  	 Bank Product Providers
	  	 	85	  
	 12.14
	  	 Agent Titles
	  	 	85	  

  
 (ii)

							
	 12.15
	  	 No Third Party Beneficiaries
	  	 	85	  
			
	 SECTION 13.
	  	 BENEFIT OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS
	  	 	85	  
	 13.1
	  	 Successors and Assigns
	  	 	85	  
	 13.2
	  	 Participations
	  	 	86	  
	 13.3
	  	 Assignments
	  	 	86	  
			
	 SECTION 14.
	  	 MISCELLANEOUS
	  	 	87	  
	 14.1
	  	 Consents, Amendments and Waivers
	  	 	87	  
	 14.2
	  	 Indemnity
	  	 	88	  
	 14.3
	  	 Notices and Communications
	  	 	88	  
	 14.4
	  	 Performance of Borrowers’ Obligations
	  	 	89	  
	 14.5
	  	 Credit Inquiries
	  	 	89	  
	 14.6
	  	 Severability
	  	 	89	  
	 14.7
	  	 Cumulative Effect; Conflict of Terms
	  	 	89	  
	 14.8
	  	 Counterparts
	  	 	90	  
	 14.9
	  	 Entire Agreement
	  	 	90	  
	 14.10
	  	 Relationship with Lenders
	  	 	90	  
	 14.11
	  	 No Advisory or Fiduciary Responsibility
	  	 	90	  
	 14.12
	  	 Confidentiality
	  	 	90	  
	 14.13
	  	 GOVERNING LAW
	  	 	91	  
	 14.14
	  	 Consent to Forum
	  	 	91	  
	 14.15
	  	 Waivers by Borrowers
	  	 	91	  
	 14.16
	  	 Patriot Act Notice
	  	 	92	  
			
	 SECTION 15.
	  	 AMENDMENT AND RESTATEMENT
	  	 	92	  
	 15.1
	  	 Amendment and Restatement; No Novation
	  	 	92	  
	 15.2
	  	 Effect on Existing Loan and Security Agreement and on the Obligations
	  	 	92	  
	 15.3
	  	 No Implied Waivers
	  	 	92	  
	 15.4
	  	 Reaffirmation of Liens and Loan Documents
	  	 	93	  
	 15.5
	  	 Loans Under the Existing Loan and Security Agreement
	  	 	93	  

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	 Exhibit A
	  	 Revolver Note

	 Exhibit B
	  	 Joinder Agreement

	 Exhibit C
	  	 Assignment and Acceptance

	 Exhibit D
	  	 Assignment Notice

	 Exhibit E
	  	 Compliance Certificate

	 Exhibit F
	  	 Continuing Letters of Credit

	 Exhibit G
	  	 Term Loan Note

		
	 Schedule 1.1
	  	 Commitments of Lenders

	 Schedule 6.1
	  	 Closing Date Mortgaged Property

	 Schedule 8.5
	  	 Deposit Accounts

	 Schedule 8.6.1
	  	 Business Locations

	 Schedule 9.1.4
	  	 Names and Capital Structure

	 Schedule 9.1.11
	  	 Patents, Trademarks, Copyrights and Licenses

	 Schedule 9.1.14
	  	 Environmental Matters

	 Schedule 9.1.15
	  	 Restrictive Agreements

  
 (iii)

			
	 Schedule 9.1.16
	  	 Litigation

	 Schedule 9.1.18
	  	 Pension Plans

	 Schedule 9.1.20
	  	 Labor Contracts

	 Schedule 10.2.2
	  	 Existing Liens

	 Schedule 10.2.5
	  	 Existing Investments

	 Schedule 10.2.17
	  	 Existing Affiliate Transactions

  
 -2-

 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

THIS AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT, dated as of July 1, 2011, among OLYMPIC STEEL, INC., an
Ohio corporation (“Olympic Steel”), OLYMPIC STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic
Minneapolis”), OLYMPIC STEEL IOWA, INC., an Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC.,
a Delaware corporation (“Oly NC”), TINSLEY GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS
Acquisition”), OLYAC II, INC., a Delaware corporation (“OLYAC II”) (to be merged with and into CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”)) (Olympic Steel,
Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley Group, IS Acquisition and, immediately prior to the consummation of the Closing Date Merger (as defined below) OLYAC II, and immediately following the consummation of
the Closing Date Merger, Chicago Tube and Iron, collectively, “Borrowers”), the financial institutions party to this Agreement from time to time as lenders (collectively, “Lenders”), and BANK OF AMERICA,
N.A., a national banking association, as agent for the Lenders (together with its successors and assigns, “Agent”), amends and restates in its entirety the Loan and Security Agreement (as amended to the date hereof, without
giving effect to the amendments and restatements set forth herein, the “Existing Loan and Security Agreement”), dated as of June 30, 2010, among the Borrowers party thereto, the financial institutions party thereto as lenders
and Bank of America, N.A., as agent for such lenders. 
 R E C I T A L S: 

Borrowers have requested that Lenders provide credit facilities to Borrowers to finance their mutual and collective business enterprise
and to fund the merger of OLYAC II with and into Chicago Tube and Iron pursuant to the terms of the Merger Agreement (as defined below) (the “Closing Date Merger”). Lenders are willing to provide the credit facilities on the terms
and conditions set forth in this Agreement. 
 NOW, THEREFORE, for valuable consideration hereby acknowledged, the
parties agree as follows: 
  

	SECTION 1.	DEFINITIONS; RULES OF CONSTRUCTION 

 1.1 Definitions. As used herein, the following terms have the meanings set forth below: 
 Account: as defined in the UCC, including all rights to payment for goods sold or leased, or for services rendered. 
 Account Debtor: a Person who is obligated under an Account, Chattel Paper or General Intangible. 
 Accounts Formula Amount: 85% of the Value of Eligible Accounts. 

Acquisition: any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in
(a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of 50% of record or beneficial ownership of any Equity Interests of any Person or
otherwise causing any Person to become a Subsidiary of a Borrower, or (c) a merger or consolidation or any other combination with another Person. 

 Adjusted EBITDA: EBITDA plus, with respect to any Target whose results of
operations and financial position have been included in the financial statements received by Agent pursuant to Section 10.1.2(c) for less than 12 fiscal months, Pro Forma EBITDA allocated to each month prior to the Acquisition thereof
included in the trailing 12 fiscal month period for which EBITDA is being calculated, minus with respect to any Asset Disposition consummated within the period in question, EBITDA attributable to the Subsidiary, profit centers, or other asset
which is the subject of such Asset Disposition from the beginning of such period until the date of consummation of such Asset Disposition. 
 Adjusted Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for Borrowers and Subsidiaries for the most recent twelve fiscal month period, of (a) Adjusted EBITDA
minus Capital Expenditures (excluding (i) those financed with Borrowed Money (other than Revolver Loans), (ii) the portion thereof funded with the Net Proceeds from Permitted Asset Disposition of Equipment or Real Estate which
Borrowers are permitted to use to purchase assets pursuant to Section 5.3.2(b) and (iii) the portion thereof funded with the proceeds of casualty insurance or condemnation awards in respect of any Equipment or Real Estate) and cash
taxes paid (other than to the extent deducted in calculating EBITDA for the applicable measurement period), to (b) Fixed Charges minus, without duplication, interest and principal payments on Borrowed Money for such twelve fiscal month
period that would have been paid from the proceeds of any Asset Dispositions consummated within such twelve fiscal month period if such Asset Disposition was consummated on the first day of such twelve fiscal month period. 

Affiliate: with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have correlative meanings. 
 Agent Indemnitees: Agent and its officers, directors, employees, Affiliates, agents and attorneys. 
 Agent Professionals: attorneys, accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants, turnaround consultants, and other professionals and experts
retained by Agent. 
 Allocable Amount: as defined in Section 5.11.3. 

Anti-Terrorism Laws: any laws relating to terrorism or money laundering, including the Patriot Act. 

Applicable Law: all laws, rules, regulations and governmental binding guidelines applicable to the Person, conduct, transaction,
agreement or matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of Governmental Authorities. 

  
 -4-

 Applicable Margin: with respect to any Type of Loan, the margin set forth below, and
with respect the fee payable pursuant to Section 3.2.1, the unused line fee percentage (the “Unused Line Fee Percentage”) set forth below, in each case as determined by the Revolver Utilization for the last Fiscal
Quarter: 
  

											
	 Level
	  	 Revolver Utilization
	  	Base Rate
Revolver
Loans	 	LIBOR
Revolver Loans	 	Base Rate
Term Loans	 	LIBOR
Term Loans
						
	 I
	  	3 $200,000,000	  	1.00%	 	2.50%	 	1.50%	 	3.00%
	 II
	  	3 $100,000,000 < $200,000,000	  	0.75%	 	2.25%	 	1.25%	 	2.75%
	 III
	  	< $100,000,000	  	0.50%	 	2.00%	 	1.00%	 	2.50%

  

					
	 Level
	  	 Revolver Utilization
	  	Unused Line Fee Percentage
			
	 I
	  	3 50% of the aggregate amount of Revolver Commitments in effect	  	0.250%
	 II
	  	< 50% of the aggregate amount of Revolver Commitments in effect	  	0.375%

 Until January 1, 2012, margins shall be determined as if Level II were applicable and the unused line fee percentage
shall be determined as if Level II were applicable. As of January 1, 2012 and thereafter, the margins and the Unused Line Fee Percentage shall be subject to increase or decrease based on the Revolver Utilization as determined by Agent for the
last Fiscal Quarter, which change shall be effective on the first day of the Fiscal Quarter immediately following such Fiscal Quarter. 
 Approved Fund: any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in its ordinary
course of activities, and is administered or managed by a Lender, an entity that administers or manages a Lender, or an Affiliate of either. 
 Asset Disposition: a sale, lease, license, consignment, transfer or other disposition of Property of an Obligor, including a disposition of Property in connection with a sale-leaseback transaction
or synthetic lease. 
 Assignment and Acceptance: an assignment agreement between a Lender and Eligible Assignee, in the
form of Exhibit C. 
 Availability: the Borrowing Base minus the principal balance of all Revolver Loans.

 Availability Reserve: the sum (without duplication) of (a) the Inventory Reserve; (b) the Rent and Charges
Reserve; (c) the LC Reserve; (d) the Bank Product Reserve; (e) the aggregate amount of liabilities secured by Liens upon Collateral that are senior to Agent’s Liens (but imposition of any such

  
 -5-

 
reserve shall not waive an Event of Default arising therefrom, if any); and (f) such additional reserves, in such amounts and with respect to such matters, as Agent in its Permitted
Discretion may elect to impose from time to time. 
 Bank of America: Bank of America, N.A., a national banking
association, and its successors and assigns. 
 Bank of America Indemnitees: Bank of America and its officers, directors,
employees, Affiliates, agents and attorneys. 
 Bank Product: any of the following products, services or facilities
extended to any Borrower or Subsidiary by a Lender or any of its Affiliates: (a) Cash Management Services; (b) products under the Continuing Hedging Agreement and other Hedging Agreements; (c) commercial credit card and merchant card
services; and (d) leases and other banking products or services as may be requested by any Borrower or Subsidiary, other than Letters of Credit. 
 Bank Product Amount: as defined in the definition of Secured Bank Product Obligations. 
 Bank Product Debt: Debt and other obligations of an Obligor relating to Bank Products. 
 Bank Product Reserve: the aggregate amount of reserves established by Agent from time to time in its discretion in respect of Secured Bank Product Obligations. 

Bankruptcy Code: Title 11 of the United States Code. 
 Base Rate: for any day, a per annum rate equal to the greatest of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; and (c) LIBOR for a 30 day
interest period as determined on such day, plus 1.5%. 
 Base Rate Loan: any Loan that bears interest based on the Base
Rate. 
 Base Rate Revolver Loan: a Revolver Loan that bears interest based on the Base Rate. 

Board of Governors: the Board of Governors of the Federal Reserve System. 

Borrowed Money: with respect to any Obligor, without duplication, its (a) indebtedness that (i) arises from the lending
of money by any Person to such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which interest charges are customarily paid (excluding trade
payables owing in the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) reimbursement obligations with respect to letters of credit; and (d) guaranties of
any indebtedness of the foregoing types owing by another Person. 
 Borrower Agent: as defined in
Section 4.4. 
 Borrowing: a group of Loans of one Type that are made on the same day or are converted into
Loans of one Type on the same day. 
 Borrowing Base: on any date of determination, an amount equal to the lesser of
(a) the aggregate amount of Revolver Commitments, minus the LC Reserve; or (b) the sum of the Accounts Formula Amount, plus the Inventory Formula Amount, plus the Segregated Account Cash Balance, minus the
Availability Reserve. 

  
 -6-

 Borrowing Base Certificate: a certificate, in form and substance satisfactory to
Agent, by which Borrowers certify calculation of the Borrowing Base. 
 Business Day: any day other than a Saturday,
Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, North Carolina, Ohio or Illinois, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are
conducted between banks in the London interbank Eurodollar market. 
 Capital Expenditures: all liabilities incurred or
expenditures made by a Borrower or Subsidiary for the acquisition of fixed assets, or any improvements, replacements, substitutions or additions thereto with a useful life of more than one year. 

Capital Lease: any lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. 

Cash Collateral: cash, and any interest or other income earned thereon, that is delivered to Agent to Cash Collateralize any
Obligations. 
 Cash Collateral Account: a demand deposit, money market or other account established by Agent at such
financial institution as Agent may select in its Permitted Discretion, which account shall be subject to Agent’s Liens for the benefit of Secured Parties. 
 Cash Collateralize: the delivery of cash to Agent, as security for the payment of Obligations, in an amount equal to (a) with respect to LC Obligations, 105% of the aggregate LC Obligations,
and (b) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product Obligations), Agent’s good faith estimate of the amount due or to become due, including all fees and other amounts relating to such
Obligations. “Cash Collateralization” has a correlative meaning. 
 Cash Equivalents:
(a) marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the United States government, maturing within 12 months of the date of acquisition; (b) certificates of deposit, time deposits
and bankers’ acceptances maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of America or a commercial bank organized under the laws of the United States or any state or
district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c) repurchase obligations with a term of not more than 30 days for
underlying investments of the types described in clauses (a) and (b) entered into with any bank described in clause (b); (d) commercial paper issued by Bank of America or rated A-1 (or better) by S&P or P-1 (or better) by
Moody’s, and maturing within nine months of the date of acquisition; and (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at
least $500,000,000 and has the highest rating obtainable from either Moody’s or S&P. 
 Cash Management
Services: any services provided from time to time by any Lender or any of its Affiliates to any Borrower or Subsidiary in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automated
clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services. 
 CERCLA: the Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.). 

  
 -7-

 Change in Law: the occurrence, after the date hereof, of (a) the adoption or
taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority; or (c) the making or issuance of any
request, binding guideline or directive by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

Change of Control: 
 (a) unless pursuant to mergers, consolidations or other business combinations permitted by Section 10.2.9(a), Olympic Steel ceases to own and control, beneficially and of record, directly or
indirectly, all Equity Interests in any other Borrower or any Inactive Subsidiary; 
 (b) the acquisition of ownership or voting
control, directly or indirectly, beneficially or of record, on or after the Original Closing Date, by any Person or group (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the
“1934 Act”), as then in effect), of shares representing more than 25% of the aggregate Ordinary Voting Power represented by the issued and outstanding capital stock of Olympic Steel; 

(c) the occupation of a majority of the seats (other than vacant seats) on the board of directors of Olympic Steel by Persons who were
neither (i) nominated by the board of directors of Olympic Steel nor (ii) appointed by directors so nominated, unless approved by the then majority of directors; or 
 (d) unless permitted by clause (g) of the definition of the term “Permitted Asset Disposition” or in connection with a transaction permitted by Section 10.2.9(a), the sale or
transfer of all or substantially all of a Borrower’s assets are sold or transferred, in a single transaction or a series of related transactions, to any person (within the meaning of Rule 13d-3 of the Securities Exchange Commission under the
1934 Act, as in effect on the Closing Date) or related persons constituting a group (within the meaning of Rule 13d-3 of the Securities Exchange Commission under the 1934 Act, as in effect on the Closing Date). 

For purposes of this definition, “Ordinary Voting Power” means the aggregate voting power attributable to all shares of Voting Stock of
Olympic Steel for purposes of electing directors of Olympic Steel; and “Voting Stock” means shares of capital stock of any class or classes of a Person the holders of which are ordinarily, in the absence of contingencies, entitled
to elect corporate directors (or Persons performing similar functions). 
 Claims: all claims, liabilities, obligations,
losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment of the
Obligations, resignation or replacement of Agent, or replacement of any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person in any way relating to (a) any Loans, Letters of Credit, Loan
Documents, or the use thereof or transactions relating thereto, (b) any action taken or omitted to be taken by any Indemnitee in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any
Collateral, (d) exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any terms of any Loan Document, in 

  
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each case including all costs and expenses relating to any investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not
the applicable Indemnitee is a party thereto. 
 Closing Date: as defined in Section 6.1. 

Closing Date Merger: as defined in the Recitals. 
 Code: the Internal Revenue Code of 1986, as amended. 
 Collateral:
all Property described in Section 7.1, all Property described in any Security Documents as security for any Obligations, and all other Property that now or hereafter secures (or is intended to secure) any Obligations. 

Commitment: for any Lender, the aggregate amount of such Lender’s Revolver Commitment and Term Loan Commitment.
“Commitments” means the aggregate amount of all Revolver Commitments and Term Loan Commitments. 

Commitment Termination Date: the earliest to occur of (a) the Revolver Termination Date; (b) the date on which Borrowers
terminate the Revolver Commitments pursuant to Section 2.1.4; and (c) the date on which the Revolver Commitments are terminated pursuant to Section 11.2. 

Compliance Certificate: a certificate, substantially in the form of Exhibit E or otherwise in form and substance
satisfactory to Agent, by which Borrowers certify compliance with Section 10.3 and calculate the Fixed Charge Coverage Ratio for the applicable period (regardless of whether compliance with the Fixed Charge Coverage Ratio is tested for
such period). 
 Contingent Obligation: any obligation of a Person arising from a guaranty, indemnity or other assurance
of payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly or indirectly, including any obligation of
such Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other party to an agreement;
and (c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth
or solvency of the primary obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless the holder of any primary
obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such Person may be liable under the
instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto. 
 Continuing Hedging Agreement: the ISDA Master Agreement, dated as of the Closing Date, among JPMorgan Chase Bank, National Association, Chicago Tube and Iron and Olympic Steel, together with the
Schedule to the Master Agreement, dated as of the Closing Date, and related Confirmations (as defined therein). 
 Continuing
Letters of Credit: letters of credit issued by JPMorgan Chase Bank, N.A. copies of which are attached as Exhibit F. 

Covenant Trigger Period: the period (a) commencing on the day that Availability is less than the

  
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greatest of (X) $20,000,000, (Y) 12.5% of the aggregate amount of Revolver Commitments on such day, and (Z) 60% of the principal balance of the Term Loan outstanding on such day;
and (b) continuing until the day Availability has been greater than the greatest of (X) $20,000,000, (Y) 12.5% of the aggregate amount of Revolver Commitments, and (Z) 60% of the principal balance of the Term Loan outstanding, in
the case of clauses (b)(X), (b)(Y) and (b)(Z), for a period of 30 consecutive days. 

CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.). 

Debt: as applied to any Person, without duplication, (a) all Borrowed Money; (b) all Contingent Obligations;
(c) all reimbursement obligations in connection with letters of credit issued for the account of such Person; and (d) in the case of a Borrower, the Obligations. The Debt of a Person shall include any recourse Debt of any partnership in
which such Person is a general partner or joint venturer. Notwithstanding the foregoing and for the avoidance of doubt, none of the obligations of Chicago Tube and Iron under the Toro AR Purchase Agreement shall constitute Debt hereunder or for the
purposes of any other Loan Document. 
 Default: an event or condition that, with the lapse of time or giving of notice,
would constitute an Event of Default. 
 Default Rate: for any Obligation (including, to the extent permitted by law,
interest not paid when due), 2% plus the interest rate otherwise applicable thereto. 
 Defaulting Lender: any Lender
that, as determined by Agent, (a) has failed to perform any funding obligations hereunder, and such failure is not cured within three Business Days; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its
funding obligations hereunder or has made a public statement to the effect that it does not intend to comply with its funding obligations hereunder or under any other credit facility; (c) has failed, within three Business Days following request
by Agent, to confirm in a manner satisfactory to Agent that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding or taken
any action in furtherance thereof; provided, however, that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority’s ownership of an equity interest in such Lender or parent company. 

Deposit Account Control Agreements: the Deposit Account control agreements to be executed by an institution maintaining a Deposit
Account for a Borrower, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations. 

Distribution: any declaration or payment of a distribution, interest or dividend on any Equity Interest (other than
payment-in-kind); any distribution, advance or repayment of Debt to a holder of Equity Interests; or any purchase, redemption, or other acquisition or retirement for value of any Equity Interest. 

Dollars: lawful money of the United States. 
 Dominion Account: a special account established by Borrowers at Bank of America or another bank acceptable to Agent, over which Agent has exclusive control for withdrawal purposes. 

Earn-Out Obligations: unsecured obligations incurred or owing by one or more Borrowers to seller(s) in a Permitted Acquisition to
be satisfied by payment in cash and representing “earn-outs” and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon the revenues, income, cash
flow, profits or other result of operations of any Person or business. 

  
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 EBITDA: determined on a consolidated basis for Borrowers and
Subsidiaries, net income, calculated before (i) interest expense, (ii) provision for income taxes, (iii) depreciation and amortization expense (including, without limitation, amortization of intangible assets and amortization of
deferred financing fees and costs), (iv) gains or losses arising from the sale of capital assets, (v) non-cash gains and losses arising from the write-up or write-down, as applicable, of assets, and any other non-cash losses and non-cash
charges (other than those representing a reserve for or actual cash item in any future period), but in each case excluding any charge that relates to the write-down or write-off of inventory, (vi) income tax refunds received in cash,
(vii) non-cash share based compensation expense and other non-cash expenses (including non-cash expenses related to purchase accounting adjustments), and (viii) any extraordinary non-cash gains (in each case, to the extent included in
determining net income). 
 Eligible Account: an Account owing to a Borrower that arises in the Ordinary
Course of Business from the sale of goods or rendition of services, is payable in Dollars and is deemed by Agent, in its Permitted Discretion, to be an Eligible Account. Without limiting the foregoing, no Account shall be an Eligible
Account if (a) it is unpaid for more than 60 days after the original due date, or more than 90 days after the original invoice date; (b) 25% or more of the Accounts owing by the Account Debtor are not Eligible Accounts under the foregoing
clause; (c) when aggregated with other Accounts owing by the Account Debtor and its Affiliates, it exceeds 25% of the aggregate Eligible Accounts (or such higher percentage as Agent may establish for the Account Debtor from time to time)
(provided that only the amount in excess of 25% (or such higher percentage) shall be deemed ineligible); (d) it does not conform in any material respect with a covenant or representation herein; (e) it is owing by a creditor or
supplier, or is otherwise subject to a potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense, chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof); (f) an Insolvency
Proceeding has been commenced by or against the Account Debtor; or the Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, or is not Solvent other than Accounts approved by Agent
in its sole discretion owing to a Borrower pursuant to an order granting critical vendor status to a Borrower; or the Borrower is not able to bring suit or enforce remedies against the Account Debtor through judicial process; (g) the Account
Debtor is organized or has its principal offices or all or substantially all of its assets outside the United States or Canada, unless Agent has consented thereto in its sole discretion as a result of Agent’s determination that such Account
Debtor has a significant United States presence; (h) it is owing by a Governmental Authority, unless the Account Debtor is the United States or any department, agency or instrumentality thereof and the Account has been assigned to Agent in
compliance with the Assignment of Claims Act; (i) it is not subject to a duly perfected, first priority Lien in favor of Agent, or is subject to any other Lien (other than inchoate Liens permitted by Section 10.2.2 that are at all
times junior to Agent’s Liens (provided Agent may impose an Availability Reserve in the amount of the obligations secured by such Lien)); (j) the goods giving rise to it have not been delivered to and accepted by the Account Debtor,
the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does not represent a final sale; (k) it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment; (l) its
payment has been extended, the Account Debtor has made a partial payment (solely with respect to the invoice relating to such Account), or it arises from a sale on a cash-on-delivery basis; (m) it arises from a sale to an Affiliate, from a sale
on a bill-and-hold, guaranteed sale, sale-or-return, sale-on-approval, or other repurchase or return basis, or from a sale to a Person for personal, family or household purposes; (n) it represents a progress billing or retainage, or relates to
services for which a performance, surety or completion bond or similar assurance has been issued; (o) it includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof or (p) for so long as
the Toro AR Purchase Agreement is in effect, it is a Toro Account. In calculating delinquent portions of Accounts under clauses (a) and (b), credit balances more than 90 days old will be excluded. 

  
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 Eligible Assignee: a Person that is (a) a Lender, U.S.-based Affiliate of a
Lender or Approved Fund; (b) any other financial institution approved by Agent (such consent not to be unreasonably withheld) and Borrower Agent (which approval by Borrower Agent shall not be unreasonably withheld or delayed, and shall be
deemed given if no objection is made within five Business Days after notice of the proposed assignment; provided that no consent of the Borrower Agent shall be required if an Event of Default has occurred and is continuing), that is organized
under the laws of the United States or any state or district thereof, has total assets in excess of $5 billion, extends asset-based lending facilities in its ordinary course of business and whose becoming an assignee would not constitute a
prohibited transaction under Section 4975 of the Code or any other Applicable Law; and (c) during any Event of Default, any Person acceptable to Agent in its discretion. 

Eligible In-Transit Inventory: Inventory owned by a Borrower that would be Eligible Inventory if it were not subject to a Document
and in transit from a foreign location to a location of the Borrower within the United States, and that Agent, in its Permitted Discretion, deems to be Eligible In-Transit Inventory. Without limiting the foregoing, no Inventory shall be Eligible
In-Transit Inventory unless it (a) is subject to a negotiable Document showing Agent (or, with the consent of Agent, the applicable Borrower) as consignee, which Document is in the possession of Agent or such other Person as Agent shall
approve; (b) is fully insured in a manner satisfactory to Agent; (c) has been identified to the applicable sales contract and title has passed to the applicable Borrower; (d) is not sold by a vendor that has a right to reclaim, divert
shipment of, repossess, stop delivery, claim any reservation of title or otherwise assert Lien rights against the Inventory, or with respect to whom any Borrower is in default of any obligations; (e) is subject to purchase orders and other sale
documentation satisfactory to Agent; (f) is shipped by a common carrier that is not affiliated with the vendor; and (g) is being handled by a customs broker, freight-forwarder or other handler that has delivered a Lien Waiver. 

Eligible Inventory: Inventory owned by a Borrower that Agent, in its Permitted Discretion, deems to be Eligible Inventory. Without
limiting the foregoing, no Inventory shall be Eligible Inventory unless it (a) is (i) finished goods, work-in-process or raw materials of a Borrower (other than Chicago Tube and Iron) and (ii) finished goods or raw materials, but not
work-in-process, of Chicago Tube and Iron, and in the case of both clause (i) and clause (ii), not packaging or shipping materials, labels, samples, display items, bags, replacement parts or manufacturing supplies; (b) is not held on
consignment (unless approved by Agent and Agent has received acceptable documentation requested by it with respect thereto), nor subject to any deposit or downpayment; (c) is in new and saleable condition and is not damaged, defective, shopworn
or otherwise unfit for sale; (d) is not slow-moving or obsolete (unless otherwise determined by Agent) or unmerchantable, and does not constitute returned or repossessed goods; (e) meets in all material respects all standards imposed by
any Governmental Authority, and complies in all materials respects with applicable Environmental Laws; (f) conforms in all material respects with the covenants and representations herein; (g) is subject to Agent’s duly perfected,
first priority Lien, and no other Lien (other than inchoate Liens permitted by Section 10.2.2 that are at all times junior to Agent’s Liens (provided Agent may impose an Availability Reserve in the amount of the obligations
secured by such Lien); (h) is within the continental United States or Canada, is not in transit except between locations of Borrowers; (i) is not subject to any warehouse receipt or negotiable Document; (j) is not subject to any
License or other arrangement that restricts such Borrower’s or Agent’s right to dispose of such Inventory, unless Agent has received an appropriate Lien Waiver; (k) is not located on leased premises or in the possession of a
warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent and Charges Reserve has been established; (l) is reflected in the
details of a current perpetual inventory report; and (m) is located at any location if the aggregate book value of Inventory at any such location (as reflected in the current perpetual inventory report) is less than $50,000 (unless otherwise
determined by Agent it its sole discretion). 

  
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 Enforcement Action: any action to enforce any Obligations (other than Secured Bank
Product Obligations) or Loan Documents or to exercise any rights or remedies relating to any Collateral (whether by judicial action, self-help, notification of Account Debtors, exercise of setoff or recoupment, exercise of any right to vote or act
in an Obligor’s Insolvency Proceeding, or otherwise). 
 Environmental Agreement: each agreement of Borrowers with
respect to any Real Estate subject to a Mortgage, pursuant to which Borrowers agree to indemnify and hold harmless Agent and Lenders from liability under any Environmental Laws. 

Environmental Laws: all Applicable Laws (including all permits, rules, and regulations promulgated by regulatory agencies),
relating to pollution, protection of the environment and/or the health/safety of Persons from exposure to Hazardous Materials (but excluding occupational safety and health, to the extent regulated by OSHA), including CERCLA, RCRA and CWA.

 Environmental Notice: a notice (whether written or, to any Borrower’s knowledge, oral) from any Governmental
Authority or other Person of any possible noncompliance with, investigation of a possible violation of, litigation relating to, or potential fine or liability (i) under any Environmental Law, or with respect to (ii) any Environmental
Release, (iii) environmental pollution or (iv) exposure to Hazardous Materials. 
 Environmental Release: a
release as defined in CERCLA or under any other Environmental Law. 
 Equity Interest: the interest of any
(a) shareholder in a corporation; (b) partner in a partnership (whether general, limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity
security or ownership interest. 
 ERISA: the Employee Retirement Income Security Act of 1974. 

ERISA Affiliate: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 
 ERISA Event: (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Obligor or ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a
plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any
Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041
or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) any Obligor or ERISA Affiliate fails to meet any funding obligations with respect to any Pension Plan or Multiemployer
Plan, or requests a minimum funding waiver; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or
(g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or ERISA Affiliate. 

Event of Default: as defined in Section 11. 
 Excess Cash Flow: determined on a consolidated basis for Borrowers and Subsidiaries, EBITDA, minus (a) cash interest paid and cash taxes paid; (b) Capital Expenditures (except
those financed with Borrowed Money (other than Revolver Loans)); (c) scheduled principal payments made in cash on 

  
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Borrowed Money, Subordinated Debt and Capital Leases; (d) to the extent paid in cash and not financed with the proceeds of Debt or Equity Interest, voluntary principal prepayments (other
than optional prepayments of the Term Loans) made in cash on Borrowed Money, Subordinated Debt and Capital Leases (to the extent such prepayments permanently reduce such Debt and may not be reborrowed); (e) to the extent paid in cash and not
financed with the proceeds of Debt or Equity Interest, Investments of the type described in clauses (h), (i) and (j) of the definition of “Restricted Investments”; (f) to the extent paid in cash and not
financed with the proceeds of Debt or Equity Interest, amounts paid as the purchase price for a Permitted Acquisition, and (g) Distributions made (to the extent permitted hereunder). 

Excluded Accounts: as defined in Section 8.5. 
 Excluded Equity: (i) any voting stock in excess of 65% of the outstanding voting stock of any Foreign Subsidiary and (ii) any Equity Interest in G.S.P., LLC or OLP, LLC held by an Obligor
in each case to the extent the terms of the organizational documents of G.S.P., LLC or OLP, LLC, as applicable, do not permit the grant of a security interest in G.S.P., LLC or OLP, LLC, as applicable, by the holder thereof or the approval or
consent to the creation of a security interest in such Equity Interest that is required under such organizational documents has not been obtained. For the purposes of this definition, “voting stock” means, with respect to any issuer, the
issued and outstanding shares of each class of Equity Interests of such issuer entitled to vote (within the meaning of Treasury Regulations § 1.956-2(c)(2)). 
 Excluded Real Estate: as defined in Section 7.3.1. 

Excluded Tax: with respect to Agent, any Lender, Issuing Bank or any other recipient of a payment to be made by or on account of
any Obligation, (a) taxes imposed on or measured by (in whole or in part) its overall revenue, overall net income (however denominated), net assets, capital or net worth and franchise taxes imposed on it in lieu thereof, by the jurisdiction (or
any political subdivision thereof) (i) under the laws of which such recipient is organized or in which its principal office is located, (ii) in which it is doing business or with which it has a present or former connection, in each case,
other than as a result of the Loan Documents, or (iii) in the case of any Lender, in which its applicable Lending Office is located; (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which any Borrower is located; (c) any backup withholding of tax required by the Code to be withheld from amounts payable to a Lender that has failed to comply with Section 5.10; (d) in the case of a Foreign
Lender, any United States withholding of tax that is (i) required pursuant to laws in force at the time such Lender becomes a Lender (or designates a new Lending Office) hereunder, or (ii) attributable to such Lender’s failure or
inability (other than as a result of a Change in Law) to comply with Section 5.10, except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from Borrowers with respect to such withholding of tax; and (e) any Taxes imposed on any payment payable to such recipient as a result of the failure of such recipient to satisfy the applicable requirements set
forth in FATCA. 
 Existing Letters of Credit: collectively, all “Letters of Credit” (as defined in the
Existing Loan and Security Agreement on the date hereof) under the Existing Loan and Security Agreement on the Closing Date. 

Extraordinary Expenses: all costs, expenses or advances that Agent may incur during an Event of Default, or during the pendency of
an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other preservation of or
realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors of an Obligor or any other Person) in any way relating to any
Collateral 

  
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(including the validity, perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender
liability or other Claims; (c) the exercise, protection or enforcement of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of any taxes, charges or Liens with respect to
any Collateral; (e) any Enforcement Action; (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations; and (g) Protective Advances. Such
costs, expenses and advances include transfer fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and reasonable standby fees, legal fees, appraisal fees, brokers’ fees and commissions, auctioneers’ fees and
commissions, accountants’ fees, environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses. 

FATCA: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable) and any current or future regulations or official interpretations thereof. 
 Federal Funds
Rate: (a) the weighted average of interest rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on the applicable Business Day (or on the preceding Business Day, if the
applicable day is not a Business Day), as published by the Federal Reserve Bank of New York on the next Business Day; or (b) if no such rate is published on the next Business Day, the average rate (rounded up, if necessary, to the nearest 1/8
of 1%) charged to Bank of America on the applicable day on such transactions, as determined by Agent. 
 Fee Letter: the
fee letter agreement dated March 29, 2011, among Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Olympic Steel. 
 Fiscal Quarter: each period of three fiscal months, commencing on the first day of a Fiscal Year. 
 Fiscal Year: the fiscal year of Borrowers and Subsidiaries for accounting and tax purposes, ending on December 31 of each year. 

Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for Borrowers and Subsidiaries for the most recent
twelve fiscal month period, of (a) EBITDA minus Capital Expenditures (excluding (i) those financed with Borrowed Money (other than Revolver Loans), (ii) the portion thereof funded with the Net Proceeds from Permitted Asset
Disposition of Equipment or Real Estate which Borrowers are permitted to use to purchase assets pursuant to Section 5.3.2(b) and (iii) the portion thereof funded with the proceeds of casualty insurance or condemnation awards in
respect of any Equipment or Real Estate) and cash taxes paid (other than to the extent deducted in calculating EBITDA for the applicable measurement period), to (b) Fixed Charges. 

Fixed Charges: the sum of: 
 (a) interest paid or required to be paid in cash, 
 (b) all scheduled principal
payments made on Borrowed Money (after giving effect to any prepayments paid in cash that reduce the amount of such required payments), 
 (c) any optional prepayment of the Term Loans pursuant to Section 5.3.3 solely to the extent that immediately after giving effect to any such optional prepayment and the making of any related
Revolver Loans in connection therewith, Availability is equal to or less than $50,000,000; and 

  
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 (d) Distributions (other than Upstream Payments) and repurchases of Equity Interests made by
or on behalf of Olympic Steel. 
 FLSA: the Fair Labor Standards Act of 1938. 

Foreign Lender: any Lender that is not a U.S. person as defined in Section 7701(a)(3) of the Code. 

Foreign Plan: any employee benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is
not subject to the laws of the United States; or (b) mandated by a government other than the United States for employees of any Obligor or Subsidiary. 
 Foreign Subsidiary: a Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, such that a guaranty by such Subsidiary of the Obligations or a Lien on the
assets of such Subsidiary to secure the Obligations would result in material tax liability to Borrowers. 
 Fronting
Exposure: a Defaulting Lender’s Pro Rata share of LC Obligations or Swingline Loans, as applicable, except to the extent allocated to other Lenders under Section 4.2. 

Full Payment: with respect to any Obligations, (a) the full and indefeasible cash payment thereof (other than inchoate or
contingent or reimbursable obligations for which no claim has been asserted), including any interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); (b) if such Obligations are LC
Obligations or inchoate or contingent in nature (other than inchoate or contingent or reimbursable obligations for which no claim has been asserted), Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent in
its discretion, in the amount of required Cash Collateral); and (c) a release of any Claims of Obligors against Agent, Lenders and Issuing Bank arising on or before the payment date. No Loans shall be deemed to have been paid in full until all
Commitments related to such Loans have expired or been terminated. 
 GAAP: generally accepted accounting principles in
effect in the United States from time to time. 
 Governmental Approvals: all authorizations, consents, approvals,
licenses and exemptions of, registrations and filings with, and required reports to, all Governmental Authorities. 

Governmental Authority: any federal, state, municipal, foreign or other governmental department, agency, commission, board,
bureau, court, tribunal, instrumentality, political subdivision, or other entity or officer exercising executive, legislative, judicial, regulatory or administrative functions for or pertaining to any government or court, in each case whether
associated with the United States, a state, district or territory thereof, or a foreign entity or government. 
 G.S.P.,
LLC: G.S.P., LLC., a Michigan limited liability company. 
 Guarantor Payment: as defined in
Section 5.11.3. 
 Guarantors: each Person who guarantees payment or performance of any Obligations.

 Guaranty: each guaranty agreement executed by a Guarantor in favor of Agent. 

Hazardous Materials: all pollutants, contaminants, chemicals, wastes, and any other infectious, carcinogenic, ignitable,
corrosive, reactive, toxic or otherwise hazardous substances or materials (whether solids, liquids or gases) subject to regulation, control or remediation under applicable Environmental Laws. 

  
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 Hedging Agreement: an agreement relating to any swap, cap, floor, collar, option,
forward, cross right or obligation, or combination thereof or similar transaction, with respect to interest rate, foreign exchange, currency, commodity, credit or equity risk. 
 Inactive Subsidiaries: each of Olympic Receivables Inc., Olympic Trading, G.S.P., LLC, Olyac and Olympic Receivables LLC, unless any of the foregoing Persons joins this Agreement as a Borrower and
becomes a Borrower hereunder pursuant to documentation reasonably satisfactory to Agent. 
 Increased Amount Date: as
defined in Section 2.1.7. 
 Indemnified Taxes: Taxes other than Excluded Taxes. 

Indemnitees: Agent Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and Bank of America Indemnitees. 

Insolvency Proceeding: any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any
agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator
or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors. 
 Intellectual Property: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks, trade names, trade secrets, confidential or
proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing; and
all books and records relating to the foregoing. 
 Intellectual Property Claim: any claim or assertion (whether in
writing, by suit or otherwise) that a Borrower’s or Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s Intellectual Property.

 Intercreditor Agreement: the Agreement Regarding Receivables Purchase Agreement and Financing Arrangements, dated as
of the Closing Date, among Wells Fargo Bank, National Association (successor by merger to Wells Fargo HSBC Trade Bank, N.A.) and Agent, relating to the Toro AR Purchase Agreement. 

Interest Period: as defined in Section 3.1.3. 

Inventory: as defined in the UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and
all raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a
Borrower’s business (but excluding Equipment). 
 Inventory Formula Amount: the lesser of (a) $190,000,000 or
(b) the sum of (X) the lesser of (i) 70% of the Value of Eligible Inventory; and (ii) 85% of the NOLV Percentage of the Value of Eligible Inventory; plus (Y) the lesser of (i) 70% of the Value of Eligible In-Transit
Inventory; and (ii) 85% of the NOLV Percentage of the Value of Eligible In-Transit Inventory. 

  
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 Inventory Reserve: reserves established by Agent to reflect factors that may
negatively impact the Value of Inventory, including the determination of the Value of Inventory on the basis of the lower of cost or market, change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix,
markdowns and vendor chargebacks. 
 Investment: any acquisition of all or substantially all assets of a Person; any
acquisition of record or beneficial ownership of any Equity Interests of a Person; or any advance or capital contribution to or other investment in a Person. 
 IRB Documents: as defined in Section 10.2.1(l). 
 IRS:
the United States Internal Revenue Service. 
 Issuing Bank: (i) Bank of America or an Affiliate of Bank of America
and (ii) solely with respect to certain Existing Letters of Credit and the Continuing Letters of Credit, Comerica Bank and JPMorgan Chase Bank, N.A. 
 Issuing Bank Indemnitees: Issuing Bank and its officers, directors, employees, Affiliates, agents and attorneys. 
 Joint Venture: a corporation, association, joint stock company, business trust, limited liability company or any other business entity of which not more than fifty percent (50%) of the
outstanding voting stock, share capital, membership or other interests, as the case may be, is owned either directly or indirectly by any Person or one or more of its Subsidiaries. 

Joinder Agreement: an agreement substantially in the form of Exhibit B. 

LC Application: an application by Borrower Agent to Issuing Bank for issuance of a Letter of Credit, in form and substance
satisfactory to Issuing Bank. 
 LC Conditions: the following conditions necessary for issuance of a Letter of Credit:
(a) each of the conditions set forth in Section 6; (b) after giving effect to such issuance, total LC Obligations do not exceed the Letter of Credit Subline, no Overadvance exists and, if no Revolver Loans are outstanding, the
LC Obligations do not exceed the Borrowing Base (without giving effect to the LC Reserve for purposes of this calculation); (c) the expiration date of such Letter of Credit is (i) no more than 365 days from issuance, in the case of standby
Letters of Credit, (ii) no more than 120 days from issuance, in the case of documentary Letters of Credit, and (iii) at least 20 Business Days prior to the Revolver Termination Date; (d) the Letter of Credit and payments thereunder
are denominated in Dollars; and (e) the purpose and form of the proposed Letter of Credit is satisfactory to Agent and Issuing Bank in their reasonable discretion. 
 LC Documents: all documents, instruments and agreements (including LC Requests and LC Applications) delivered by Borrowers or any other Person to Issuing Bank or Agent in connection with issuance,
amendment or renewal of, or payment under, any Letter of Credit. 
 LC Obligations: the sum (without duplication) of
(a) all amounts owing by Borrowers for any drawings under Letters of Credit; (b) the stated amount of all outstanding Letters of Credit; and (c) all fees and other amounts owing with respect to Letters of Credit. 

LC Request: a request for issuance of a Letter of Credit, to be provided by Borrower Agent to Issuing Bank, in form satisfactory
to Agent and Issuing Bank. 

  
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 LC Reserve: the aggregate of all LC Obligations, other than (a) those that have
been Cash Collateralized; and (b) if no Default or Event of Default exists, those constituting charges owing to the Issuing Bank. 
 Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates, agents and attorneys. 
 Lenders: as defined in the preamble to this Agreement, including Agent in its capacity as a provider of Swingline Loans and any other Person who hereafter becomes a “Lender” pursuant to
an Assignment and Acceptance or a Joinder Agreement. 
 Lending Office: the office designated as such by the applicable
Lender at the time it becomes party to this Agreement or thereafter by notice to Agent and Borrower Agent. 
 Letter of
Credit: (i) Existing Letters of Credit, (ii) Continuing Letters of Credit and (iii) any other standby or documentary letter of credit issued by Issuing Bank for the account of a Borrower, or any indemnity, guarantee, exposure
transmittal memorandum or similar form of credit support issued by Agent or Issuing Bank for the benefit of a Borrower. 

Letter of Credit Subline: $60,000,000. 
 LIBOR: for any Interest Period with respect to a LIBOR Loan, the per annum rate of interest (rounded up, if necessary, to the nearest 1/8th of 1%), determined by Agent at approximately 11:00 a.m.
(London time) two Business Days prior to commencement of such Interest Period, for a term comparable to such Interest Period, equal to (a) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or
other commercially available source designated by Agent); or (b) if BBA LIBOR is not available for any reason, the interest rate at which Dollar deposits in the approximate amount of the LIBOR Loan would be offered by Bank of America’s
London branch to major banks in the London interbank Eurodollar market. If the Board of Governors imposes a Reserve Percentage with respect to LIBOR deposits, then LIBOR shall be the foregoing rate, divided by 1 minus the Reserve Percentage.

 LIBOR Loan: each set of LIBOR Revolver Loans or LIBOR Term Loans having a common length and commencement of Interest
Period. 
 LIBOR Revolver Loan: a Revolver Loan that bears interest based on LIBOR. 

LIBOR Term Loan: a Term Loan that bears interest based on LIBOR. 

License: any license or agreement under which an Obligor is authorized to use Intellectual Property in connection with any
manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business. 

Licensor: any Person from whom an Obligor obtains the right to use any Intellectual Property. 

Lien: any Person’s interest in Property securing an obligation owed to, or a claim by, such Person, whether such interest is
based on common law, statute or contract, including liens, security interests, pledges, hypothecations, statutory trusts, reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title
exceptions and encumbrances affecting Property. 

  
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 Lien Waiver: an agreement, in form and substance satisfactory to Agent, by which
(a) for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove the Collateral or to use the premises to
store or dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold any Documents
in its possession relating to the Collateral as agent for Agent, and agrees to deliver the Collateral to Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges Agent’s Lien, waives or
subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Agent upon request; and (d) for any Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to Agent the right,
vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License.

 Loan: a Revolver Loan or Term Loan. 
 Loan Account: the loan account established by each Lender on its books pursuant to Section 5.8. 
 Loan Documents: this Agreement, Other Agreements and Security Documents. 

Loan Year: each 12 month period commencing on the Closing Date and on each anniversary of the Closing Date. 

Margin Stock: as defined in Regulation U of the Board of Governors. 

Material Adverse Effect: the effect of any event or circumstance that, taken alone or in conjunction with other events or
circumstances, (a) has or could be reasonably expected to have a material adverse effect on the business, results of operations, Properties (taken as a whole), liabilities or financial condition of the Obligors (including for the avoidance of
doubt, Chicago Tube and Iron after the Closing Date Merger) (taken as a whole), on the enforceability of any Loan Documents, or on the validity or priority of Agent’s Liens on any material portion of the Collateral; (b) impairs the ability
of any Obligor to perform any material obligations under the Loan Documents, including repayment of any Obligations; or (c) otherwise impairs the ability of Agent or any Lender to enforce or collect any Obligations or to realize upon any
Collateral consisting of Inventory or Account or upon any material portion of any other Collateral. 
 Material Contract:
any agreement or arrangement to which a Borrower or Subsidiary is party (other than the Loan Documents) (a) that is deemed to be a material contract under any securities law applicable to such Obligor, including the Securities Act of 1933;
(b) for which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect; or (c) that relates to Subordinated Debt, or Debt in an aggregate amount of $1,000,000 or more.

 Merger Agreement: that certain Agreement and Plan of Merger, dated as of May 17, 2011 by and among Sellers,
Chicago Tube and Iron, Dr. Donald McNeeley, as Representative (as defined therein), Olympic Steel and OLYAC II. 

Moody’s: Moody’s Investors Service, Inc., and its successors. 

Mortgage: a mortgage, deed of trust or deed to secure debt in which a Borrower grants a Lien on its Real Estate (other than
Excluded Real Estate) to Agent, for the benefit of Secured Parties, as security for the Obligations. 

  
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 Multiemployer Plan: any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which any Obligor or ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

Net Proceeds: with respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments)
received by a Borrower or Subsidiary in cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b) amounts applied to
repayment of Debt secured by a Permitted Lien which is either (i) senior to Agent’s Liens on Collateral sold or (ii) on assets other than Collateral; (c) transfer or similar taxes; and (d) reserves for indemnities, until
such reserves are no longer needed. 
 New Revolver Commitments: as defined in Section 2.1.7. 

New Lender: as defined in Section 2.1.7. 
 New Revolver Loan: as defined in Section 2.1.7. 

NOLV Percentage: the net orderly liquidation value of Inventory, expressed as a percentage, expected to be realized at an orderly,
negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent appraisal of Borrowers’ Inventory performed by an appraiser and on terms satisfactory to Agent. 

Notes: each Revolver Note or other promissory note executed by a Borrower to evidence any Obligations. 

Notice of Borrowing: a Notice of Borrowing to be provided by Borrower Agent to request a Borrowing of Revolver Loans, in form
satisfactory to Agent. 
 Notice of Conversion/Continuation: a Notice of Conversion/Continuation to be provided by
Borrower Agent to request a conversion or continuation of any Loans as LIBOR Loans, in form satisfactory to Agent. 
 Noticed
Hedge: Secured Bank Product Obligations arising under a Hedging Agreement. 
 Obligations: all (a) principal of
and premium, if any, on the Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees and other sums payable by Obligors under Loan Documents, (d) obligations of
Obligors under any indemnity for Claims, (e) Extraordinary Expenses, (f) Secured Bank Product Obligations, and (g) other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, whether now
existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or
otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several. 
 Obligor: each Borrower, Guarantor, or other Person (other than Olympic Receivables Inc.) that is liable for payment of any Obligations or that has granted a Lien in favor of Agent on its assets to
secure any Obligations. 
 OLP, LLC: OLP, LLC, a Michigan limited liability company. 

Olyac: Olyac, Inc., a Delaware corporation. 

  
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 Olympic Receivables Inc.: Olympic Steel Receivables, Inc., a Delaware corporation.

 Olympic Receivables LLC: Olympic Steel Receivables, L.L.C., a Delaware limited liability company. 

Olympic Trading: Olympic Steel Trading, Inc., an Ohio corporation. 

Ordinary Course of Business: the ordinary course of business of any Borrower or Subsidiary, consistent with past practices and
undertaken in good faith. 
 Organic Documents: with respect to any Person, its charter, certificate or articles of
incorporation, bylaws, articles of organization, limited liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust agreement, or
similar agreement or instrument governing the formation or operation of such Person. 
 Original Closing Date:
June 30, 2010. 
 OSHA: the Occupational Safety and Hazard Act of 1970. 

Other Agreement: each Note; LC Document; Fee Letter; Lien Waiver; Real Estate Related Document; Intercreditor Agreement; Borrowing
Base Certificate; Compliance Certificate; financial statement or report delivered hereunder (other than projections and any other forward looking statement); or other document, instrument or agreement (other than this Agreement or a Security
Document) now or hereafter delivered by an Obligor or other Person to Agent or a Lender in connection with any transactions relating hereto. 
 Other Taxes: all present or future stamp or documentary taxes or any other excise or property taxes, similar charges or similar levies arising from any payment made under any Loan Document or from
the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 
 Overadvance: as defined in
Section 2.1.5. 
 Overadvance Loan: a Base Rate Revolver Loan made when an Overadvance exists or is caused by
the funding thereof. 
 Participant: as defined in Section 13.2. 

Patent Assignment: each patent collateral assignment agreement pursuant to which an Obligor assigns to Agent, for the benefit of
Secured Parties, such Obligor’s interests in its patents, as security for the Obligations. 
 Patriot Act: the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001). 
 Payment Item: each check, draft or other item of payment payable to a Borrower, including those constituting proceeds of any Collateral. 

PBGC: the Pension Benefit Guaranty Corporation. 
 Pension Plan: any employee pension benefit plan (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or
maintained by any Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made
contributions at any time during the preceding five plan years. 

  
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 Permitted Acquisition: any Acquisition by a Borrower (i) of substantially all of
the assets of a Target, which assets are located in the United States or (ii) 100% of the Equity Interest of a Target organized under the laws of any State in the United States or the District of Columbia, in each case, to the extent that each
of the following conditions shall have been satisfied: 
 (a) such Acquisition is not a hostile or contested Acquisition and has
been approved by the board of directors (or other similar body) and/or the stockholders or other equityholders of the Target; 

(b) the business acquired in connection with such Acquisition is a business Borrowers are permitted to engage in pursuant to
Section 10.2.16; 
 (c) to the extent the Acquisition will be financed in whole or in part with the proceeds of any
Loan, the conditions set forth in Section 6.2 shall have been satisfied; 
 (d) both immediately before and after
giving effect to such Acquisition, (A) each of the representations and warranties in the Loan Documents is true and correct in all material respects (without duplication of any materiality qualifier contained therein) (except (i) any such
representation or warranty which relates to a specified prior date and (ii) to the extent Agent has been notified in writing by Borrowers that any representation or warranty is not correct in all material respects and the Required Lenders have
explicitly waived in writing compliance with such representation or warranty) and (B) no Default or Event of Default exists or would result therefrom; 
 (e) Borrowers shall have furnished to Agent (and Agent shall promptly deliver same to Lenders) at least ten (10) days (or such shorter period as is acceptable to Agent) prior to the consummation
thereof: 
 (i) notice of such Acquisition; 

(ii) a draft of the purchase agreement and draft schedules and exhibits thereto (followed by a copy of the final and
executed purchase agreement and all schedules and exhibits thereto no later than the date of the consummation of such Acquisition but prior to such consummation) and all other business and financial information reasonably requested by Agent (or any
Lender through Agent), including projections of the Borrowing Base and Availability; provided that if the proposed Acquisition is for a total consideration of $5,000,000 or less, the information required to be delivered pursuant to this
clause (ii) shall be delivered to Agent only upon request by Agent; 
 (iii) pro forma financial statements
of the Borrowers and their Subsidiaries after giving effect to the consummation of such Acquisition and a pro forma Compliance Certificate, in form and substance satisfactory to Agent, demonstrating that immediately after giving effect to such
Acquisition, the Adjusted Fixed Charge Coverage Ratio (recomputed for the most recent month for which financial statements have been delivered) is at least 1.10 to 1.00 for the period of twelve fiscal months then most recently ended; 

(f) immediately before and after giving effect to such Acquisition, both actual and pro forma, respectively, Availability exceeds 25% of
the aggregate amount of Revolver Commitments then in effect and Agent shall have received a certificate, in form and substance satisfactory to Agent, from a knowledgeable Senior Officer of Borrower Agent, certifying (and showing the calculations
therefor in reasonable detail) compliance with the requirements of this clause; 

  
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 (g) if such Acquisition is an acquisition of the Equity Interest of a Person, such
Acquisition shall be structured either as a merger into one of the Borrowers or in such a way that the Target shall become a wholly-owned Subsidiary of one of the Borrowers and a Borrower hereunder pursuant to documentation reasonably satisfactory
to Agent pursuant to Section 10.1.9 hereof substantially contemporaneously with the consummation of such Acquisition; 
 (h) no Borrower shall, as a result of or in connection with any such Acquisition, assume or incur any (i) Debt (other than Revolver Loans), other than (x) (I) such Debt which does not
exceed $6,250,000 (exclusive of any Earn-Out Obligations) in the aggregate outstanding at any time for all Permitted Acquisitions and which constitutes deferred purchase price owed to the applicable seller and (II) the existing Debt of the Target
which is assumed and not incurred in contemplation of such Acquisition to the extent such Debt is separately permitted under Section 10.2.1(c), Section 10.2.1(e), Section 10.2.1(i) or Section 10.2.1(o) or
(y) Earn-Out Obligations permitted under clause (i) of the definition of the term “Permitted Contingent Obligations”, or (ii) contingent liabilities (whether relating to environmental, tax, litigation, or other
matters and other than Earn-Out Obligations permitted under clause (i) of the definition of the term “Permitted Contingent Obligations”) that, in the case of this clause (ii), could reasonably be expected, as of the date
of such Acquisition, to result in the existence or occurrence of a Material Adverse Effect; and 
 (i) all Liens, other than
Permitted Liens, on any property which constitutes Collateral under this Agreement and which is acquired (or whose owner’s Equity Interest is acquired) shall be terminated. 

Notwithstanding the foregoing, no Accounts or Inventory acquired in a Permitted Acquisition shall be included as Eligible
Accounts, Eligible Inventory or Eligible In-Transit Inventory until a field examination (and, if required by Agent, an Inventory appraisal) with respect thereto has been completed to the satisfaction of Agent, including the establishment of
Availability Reserves required in Agent’s Permitted Discretion; provided that field examinations and appraisals in connection with Permitted Acquisitions shall not count against the limited number of field examinations or appraisals for
which expense reimbursement may be sought under Section 10.1.1(b) hereof. 
 Permitted Asset
Disposition: as long as no Default or Event of Default exists (except with respect to clauses (a), (b), (c), (d), (f), (g), (h) and (k) of this definition) and all Net Proceeds of any Asset Disposition described in
clause (a) of this definition shall be deposited in a Dominion Account, (a) an Asset Disposition that is a sale of Inventory in the Ordinary Course of Business; (b) a disposition of obsolete, worn out or permanently retired
assets or the disposition in the Ordinary Course of Business of assets no longer used (unless it is no longer used primarily in order to take advantage of this clause (b)) or useful in the conduct of Borrowers’ business; (c) a
disposition of Inventory that is obsolete, unmerchantable or otherwise unsalable in the Ordinary Course of Business; (d) a termination of a lease of real or personal Property that is not necessary for the Ordinary Course of Business, could not
reasonably be expected to have a Material Adverse Effect and does not result from an Obligor’s default; (e) Asset Dispositions in which the sales price is at least the fair market value of the assets sold and the aggregate fair market or
book value (whichever is greater) of such Asset Sales in the aggregate is less than $750,000 in any Fiscal Year and at least 80% of the consideration received is cash or Cash Equivalents; (f) sales of Equity Interests in Olympic Steel under any
employee stock purchase plan or employee stock option agreement and other sales of Equity Interests in Olympic Steel which do not result in a Change of Control; (g) transfers or other Asset Dispositions (other than transfers or Asset
Dispositions of its own Equity Interests) by any Borrower (other than Olympic Steel) to any other Borrower, (h) an Asset Disposition constituting Cash Equivalents; (i) any trade-in or replacement of an asset (other than

  
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Inventory and/or Accounts) in the Ordinary Course of Business; (j) Asset Dispositions constituting mergers, consolidations or other business combinations permitted by
Section 10.2.9(a); (k) the sale of Excluded Real Estate; (l) a sale or transfer of real or personal Property pursuant to a Sale and Leaseback Transaction to the extent such Sale and Leaseback Transaction is permitted by
Section 10.2.20, (m) Asset Dispositions of Toro Purchased Accounts and (n) any other Asset Disposition approved in writing by Required Lenders. 
 Permitted Contingent Obligations: Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit in the Ordinary Course of Business; (b) arising from
Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension or renewal thereof that does not increase the amount of such Contingent Obligation when extended or renewed; (d) incurred in the Ordinary Course of
Business with respect to surety, appeal or performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor of purchasers in connection with dispositions of assets permitted hereunder;
(f) arising under the Loan Documents; (g) arising under guarantees of the Subordinated Debt, provided that such guarantee shall be subordinated to the same extent as the Subordinated Debt is subordinated to Obligations;
(h) arising with respect to customary indemnification obligations in favor of sellers in connection with Permitted Acquisitions; (i) Earn-Out Obligations incurred in connection with Permitted Acquisitions as long as the maximum amount of
all liabilities that may arise pursuant to all such Earn-Out Obligations does not exceed $2,000,000 in the aggregate, (j) arising with respect to customary provisions of any customer agreement or purchase order incurred in the Ordinary Course
of Business; or (k) in an aggregate amount of $1,000,000 or less at any time. 
 Permitted Discretion: a
determination made in good faith and in the exercise of discretion from the perspective of a secured asset-based lender. 

Permitted Lien: as defined in Section 10.2.2. 

Permitted Purchase Money Debt: Purchase Money Debt of Borrowers and Subsidiaries that is unsecured or secured only by a Purchase
Money Lien, as long as the aggregate amount does not exceed $6,250,000 at any time. 
 Person: any individual,
corporation, limited liability company, partnership, joint venture, joint stock company, land trust, business trust, unincorporated organization, Governmental Authority or other entity. 

Plan: any employee benefit plan (as such term is defined in Section 3(3) of ERISA) established by an Obligor or, with respect
to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, an ERISA Affiliate. 
 Prepayment
Notice: as defined in Section 5.3.3. 
 Prime Rate: the rate of interest announced by Bank of America from
time to time as its prime rate. Such rate is set by Bank of America on the basis of various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans,
which may be priced at, above or below such rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

Pro Forma EBITDA means, with respect to any Target, EBITDA for such Target for the most recent twelve (12) fiscal month
period preceding the acquisition thereof, adjusted by verifiable expense reductions, if any, which are expected to be realized, in each case calculated on a month by month basis by the Borrowers and consented to by the Agent. 

  
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 Pro Rata: with respect to any Lender, a percentage (carried out to the ninth decimal
place) determined (a) while Revolver Commitments are outstanding, by dividing the amount of such Lender’s Revolver Commitment and Term Loan by the aggregate amount of all Revolver Commitments and Term Loan; and (b) at any other time,
by dividing the amount of such Lender’s Loans and LC Obligations by the aggregate amount of all outstanding Loans and LC Obligations. 
 Properly Contested: with respect to any obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor’s liability to pay; (b) the
obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP; (d) non-payment could not have a Material
Adverse Effect, nor result in forfeiture or sale of any assets of the Obligor; (e) no Lien is imposed on assets of the Obligor, unless bonded and stayed to the satisfaction of Agent; and (f) if the obligation results from entry of a
judgment or other order, such judgment or order is stayed pending appeal or other judicial review. 
 Property: any
interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 Protective
Advances: as defined in Section 2.1.6. 
 Purchase Money Debt: (a) Debt (other than the Obligations)
for payment of any of the purchase price of fixed assets; (b) Debt (other than the Obligations) incurred within 20 days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase price thereof; and
(c) any renewals, extensions or refinancings (but not increases) thereof. 
 Purchase Money Lien: a Lien that
secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease or a purchase money security interest under the UCC. 
 RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i). 
 Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures, parking areas or other improvements thereon.

 Refinancing Conditions: the following conditions for Refinancing Debt: (a) it is in an aggregate
principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced (other than an increase in an aggregate principal amount resulting solely from any capitalized or payment-in-kind interest); (b) it has
a final maturity no sooner than, a weighted average life no less than, and, unless otherwise approved by Agent, an interest rate no greater than, the Debt being extended, renewed or refinanced; (c) if subordinated, it is subordinated to the
Obligations at least to the same extent as the Debt being extended, renewed or refinanced or otherwise on terms and conditions acceptable to Agent; (d) with respect to Refinancing Debt with a principal amount in excess of $6,250,000, the
representations, covenants and defaults applicable to it are no less favorable (taken as a whole) in any material respect to Borrowers than those applicable to the Debt being extended, renewed or refinanced, unless otherwise approved by Agent;
(e) no additional Lien is granted to secure it (other than additional Permitted Liens on Property not constituting Collateral); (f) no additional Person is obligated on such Debt; and (g) upon giving effect to it, no Default or Event
of Default exists. 

  
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 Refinancing Debt: Borrowed Money that is the result of an extension, renewal or
refinancing of Debt permitted under Section 10.2.1(b), (d), (f), (l), (m) or (o). 

Reimbursement Date: as defined in Section 2.3.2. 

Related Real Estate Documents: with respect to any Real Estate subject to a Mortgage, the following, in form and substance
reasonably satisfactory to Agent and received by Agent for review at least 10 days prior to the effective date of the Mortgage: (a) a mortgagee title policy (or binder therefor) covering Agent’s interest under the Mortgage, in a form and
amount and by an insurer acceptable to Agent, which must be fully paid on such effective date; (b) such assignments of leases, estoppel letters, attornment agreements, consents, waivers and releases as Agent may require with respect to other
Persons having an interest in the Real Estate, in each case, to the extent obtainable after Borrowers’ use of commercially reasonable efforts; (c) a current, as-built survey of the Real Estate, containing a metes-and-bounds property
description and certified by a licensed surveyor reasonably acceptable to Agent; (d) a life-of-loan flood hazard determination and, if the Real Estate is located in a flood plain, an acknowledged notice to borrower and flood insurance in an
amount, with endorsements and by an insurer reasonably acceptable to Agent; (e) a current appraisal of the Real Estate, prepared by an appraiser reasonably acceptable to Agent and in form reasonably satisfactory to Agent; (f) an
environmental assessment, prepared by environmental engineers acceptable to Agent, and accompanied by such reports, certificates, studies or data as Agent may reasonably require, which shall all be in form reasonably satisfactory to Agent; and
(g) an Environmental Agreement and such other documents, instruments or agreements as Agent may reasonably require with respect to any environmental risks regarding the Real Estate. 

Rent and Charges Reserve: the aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord,
warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve at least equal to three months rent and other periodic
charges that would reasonably be expected to be payable to any such Person, unless it has executed a Lien Waiver. 

Report: as defined in Section 12.2.3. 
 Reportable Event: any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

Reporting Trigger Period: the period (a) commencing on the day that an Event of Default occurs, or Availability is less than
$50,000,000; and (b) continuing until the day no Default or Event of Default has existed for a period of 30 consecutive days and Availability has been greater than $50,000,000 for a period of 30 consecutive days. 

Required Lenders: Lenders (subject to Section 4.2) having (a) Revolver Commitments and Term Loans in excess of
50% of the aggregate Revolver Commitments and Term Loans; and (b) if the Revolver Commitments have terminated, Loans in excess of 50% of all outstanding Loans. 
 Reserve Percentage: the reserve percentage (expressed as a decimal, rounded up to the nearest 1/8th of 1%) applicable to member banks under regulations issued from time to time by the Board of
Governors for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). 

Restricted Investment: any Investment by a Borrower or Subsidiary, other than (a) (i) Investments in Subsidiaries (other
than a Borrower or Guarantor) to the extent existing on the Closing Date, (ii)

  
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Investments consisting of intercompany loans by a Borrower to another Borrower permitted under Section 10.2.7(e) and Investments other than loans by a Borrower in another Borrower,
(iii) Investments in connection with the Closing Date Merger on the Closing Date and (iv) other Investments existing on the Closing Date and set forth on Schedule 10.2.5; (b) Cash Equivalents that are subject to Agent’s
Lien and control, pursuant to documentation in form and substance satisfactory to Agent; (c) loans and advances permitted under Section 10.2.7; (d) Investments pursuant to Hedging Agreements permitted hereunder;
(e) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent Accounts and disputes with, customers and suppliers, in each case in the Ordinary Course of Business and Investments received in
connection with a Permitted Asset Disposition described in clause (e) of the definition of the term “Permitted Asset Disposition”; (f) Investments constituting deposits made in connection with the purchase of goods or
services in the Ordinary Course of Business in an aggregate amount for such deposits not to exceed $625,000 at any one time; (g) Investments in or to OLP, LLC existing on the Closing Date; (h) so long as no Default or Event
of Default exists, additional Investments in OLP, LLC not to exceed $625,000 in the aggregate in any Fiscal Year; (i) so long as no Default or Event of Default exists, Investments in Joint Ventures and Foreign Subsidiaries not to exceed
$6,250,000 in the aggregate in any Fiscal Year; (j) so long as no Event of Default exists, other Investments not to exceed $625,000 in the aggregate; (k) the investment of funds under the terms of the Olympic Steel, Inc. Executive Deferred
Compensation Plan dated effective December 1, 2004 and any other compensation plan established after the Closing Date in the Ordinary Course of Business; (l) Permitted Acquisitions; and (m) formation, creation or acquisition of one or
more Subsidiaries after the Closing Date in accordance with Section 10.1.9 that become Borrowers hereunder. In valuing any Investments for the purpose of applying the limitations set forth in any of the foregoing clauses of this
definition (except as otherwise expressly provided herein), such Investment shall be taken at the original cost thereof, without allowance for any subsequent write-offs or appreciation or depreciation, but less any amount repaid or recovered on
account of capital or principal. 
 Restrictive Agreement: an agreement (other than a Loan Document) that conditions or
restricts the right of any Borrower, Subsidiary or other Obligor to incur or repay Borrowed Money, to grant Liens on any assets, to declare or make Distributions to a Borrower, to modify, extend or renew any agreement evidencing Borrowed Money, or
to repay any intercompany Debt. 
 Revolver Commitment: for any Lender, its obligation to make Revolver Loans and to
participate in LC Obligations up to the maximum principal amount shown on Schedule 1.1 (subject to any increase permitted pursuant to Section 2.1.7), or as hereafter determined pursuant to each Assignment and Acceptance to which
it is a party. “Revolver Commitments” means the aggregate amount of such commitments of all Lenders. 

Revolver Loan: a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

 Revolver Note: a promissory note to be executed by Borrowers in favor of a Lender in the form of Exhibit A,
which shall be in the amount of such Lender’s Revolver Commitment and shall evidence the Revolver Loans made by such Lender. 
 Revolver Termination Date: July 1, 2016. 
 Revolver
Utilization: the average daily balance of Revolver Loans and stated amount of Letters of Credit during any Fiscal Quarter. 

Royalties: all royalties, fees, expense reimbursement and other amounts payable by a Borrower under a License. 

  
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 Sale and Leaseback Transaction: as defined in Section 10.2.20.

 S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 Scheduled Installment Payment: as defined in Section 5.3.1. 

Secured Bank Product Obligations: Bank Product Debt owing to a Secured Bank Product Provider with respect to which the applicable
Secured Bank Product Provider (other than Bank of America and its Affiliates) has specified in writing to Agent the maximum amount to be included as a Bank Product Reserve (“Bank Product Amount”), which amount may be established or
increased (by further written notice to Agent from time to time) as long as no Default or Event of Default exists and no Overadvance would result from establishment of a Bank Product Reserve for such amount and all other Secured Bank Product
Obligations. 
 Secured Bank Product Provider: (a) Bank of America or any of its Affiliates; and (b) any other
Lender or Affiliate of a Lender that is providing a Bank Product, provided such provider delivers written notice to Agent, in form and substance satisfactory to Agent, by the later of the Closing Date or 10 days following creation of the Bank
Product, (i) describing the Bank Product and setting forth the Bank Product Amount and the methodology to be used in calculating such amount, and (ii) agreeing to be bound by Section 12.13. 

Secured Parties: Agent, Issuing Bank, Lenders and Secured Bank Product Providers. 

Security Documents: the Guaranties, Mortgages, Patent Assignments, Trademark Security Agreements, Deposit Account Control
Agreements, and all other documents, instruments and agreements now or hereafter securing (or given with the intent to secure) any Obligations. 
 Segregated Account Cash Balance: aggregate amount of Cash Equivalents credited to or on deposit in a segregated securities account maintained with Bank of America over which Agent has exclusive
control and which is subject to a control agreement in favor of Agent, for the benefit of Secured Parties, providing for “control” of such securities account within the meaning of Articles 8 and 9 of the UCC. 

Senior Officer: the chairman of the board, president, chief executive officer, chief operating officer, chief financial officer or
treasurer of a Borrower or, if the context requires, an Obligor. 
 Sellers: the stockholders of Chicago Tube and Iron
listed on Schedule I to the Merger Agreement. 
 Settlement Report: a report delivered by Agent to Lenders summarizing
the Revolver Loans and participations in LC Obligations outstanding as of a given settlement date, allocated to Lenders on a Pro Rata basis in accordance with their Revolver Commitments. 

Solvent: as to any Person, such Person (a) owns Property whose fair salable value is greater than the amount required to pay
all of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than the probable total liabilities (including contingent,
subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to generally pay all of its debts as they mature; (d) has capital that is not unreasonably small for its business and is
sufficient to carry on its business and transactions and all business and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code; and (f) has not
incurred (by 

  
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way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder,
delay or defraud either present or future creditors of such Person or any of its Affiliates. “Fair salable value” means the amount that could be obtained for assets within a reasonable time, either through collection or through sale
under ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase. 
 Subordinated Debt: Debt incurred by a Borrower that is expressly subordinate and junior in right of payment to Full Payment of all Obligations, and is on terms (including maturity, interest, fees,
repayment, covenants and subordination) reasonably satisfactory to Agent. 
 Subsidiary: any entity more than 50% of
whose voting securities or Equity Interests is owned by a Borrower or any combination of Borrowers (including indirect ownership by a Borrower through other entities in which the Borrower directly or indirectly owns more than 50% of the voting
securities or Equity Interests). 
 Sweep Trigger Period: the period (a) commencing on the day that an Event of
Default occurs, or Availability is less than the greatest of (X) $25,000,000, (Y) 15% of the aggregate amount of Revolver Commitments on such date and (Z) 60% of the principal balance of the Term Loan then outstanding; and
(b) continuing until the day no Default or Event of Default exists and Availability has been greater than the greatest of (X) $25,000,000, (Y) 15% of the aggregate amount of Revolver Commitments and (Z) 60% of the principal
balance of the Term Loan then outstanding, in the case of clauses (b)(X), (b)(Y) and (b)(Z), for a period of 30 consecutive days. 
 Swingline Loan: any Borrowing of Base Rate Revolver Loans funded with Agent’s funds, until such Borrowing is settled among Lenders or repaid by Borrowers. 

Target: any Person or business unit or asset group of any Person acquired or proposed to be acquired in an Acquisition.

 Taxes: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, similar fees or similar charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 Term Loan: a loan made pursuant to Section 2.2. 
 Term Loan
Commitment: for any Lender, the obligation of such Lender to make a Term Loan hereunder, up to the principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all
Lenders. 
 Term Loan Maturity Date: July 1, 2016. 

Term Note: a promissory note executed by Borrowers in favor of a Lender in the form of Exhibit G, in the amount of
such Lender’s Term Loan Commitment. 
 Toro Account: an Account owing to Chicago Tube and Iron by The Toro Company,
a Delaware corporation. 
 Toro AR Purchase Agreement: the Accounts Receivable Purchase Agreement, dated as of
April 27, 2010, between Chicago Tube and Iron and Wells Fargo Bank, National Association (successor by merger to Wells Fargo HSBC Trade Bank, N.A.), as in effect on the Closing Date, and as the same may be amended, restated or otherwise
modified thereafter to the extent permitted by subsection 9(b) thereof and Section 10.2.19(b) hereof. 

  
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 Toro Purchased Accounts: any Toro Accounts sold pursuant to the Toro AR Purchase
Agreement. 
 Trademark Security Agreement: each trademark security agreement pursuant to which an Obligor grants to
Agent, for the benefit of Secured Parties, a Lien on such Obligor’s interests in trademarks, as security for the Obligations. 
 Transferee: any actual or potential Eligible Assignee, Participant or other Person acquiring an interest in any Obligations. 

Type: any type of a Loan (i.e., Base Rate Loan or LIBOR Loan) that has the same interest option and, in the case of LIBOR Loans,
the same Interest Period. 
 UCC: the Uniform Commercial Code as in effect in the State of Illinois or, when the laws of
any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction. 

Unfunded Pension Liability: the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over
the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year. 

Unused Line Fee Percentage: as defined in the definition of the term “Applicable Margin”. 

Upstream Payment: a Distribution by a Subsidiary of a Borrower to such Borrower or to another Subsidiary of such Borrower that is
an Obligor. 
 Value: (a) for Inventory, its value determined on the basis of the lower of cost or market,
calculated on actual cost specific identification basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face amount, net of any returns, rebates, discounts
(calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person. 

1.2 Accounting Terms. Under the Loan Documents (except as otherwise specified herein, including
Section 10.2.13), all accounting terms shall be interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited
financial statements of Borrowers delivered to Agent before the Closing Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP if Borrowers’ certified public
accountants concur in such change, the change is disclosed to Agent, and Section 10.3 is amended in a manner satisfactory to Required Lenders to take into account the effects of the change. If the Borrowers adopt the International
Financial Reporting Standards, and such change in accounting principles and/or adoption of such standards results in a change in the method or results of calculation of financial covenants and/or defined terms contained in this Agreement, then at
the option of the Required Lenders or the Borrowers, the parties will enter into good faith negotiations to amend such financial covenants and/or defined terms in such manner as the parties shall agree, each acting reasonably, in order to reflect
fairly such changes and/or adoption so that the criteria for evaluating the financial condition of the Borrowers shall be the same in commercial effect after, as well as before, such changes and/or adoption are made (in which case the method and
calculation of financial covenants and/or the defined terms related thereto hereunder shall be determined in the manner so agreed). 

  
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 1.3 Uniform Commercial Code. As used herein, the following terms are defined
in accordance with the UCC in effect in the State of Illinois from time to time: “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,” “Document,” “Equipment,” “General Intangibles,”
“Goods,” “Instrument,” “Investment Property,” “Letter-of-Credit Right” and “Supporting Obligation.” 
 1.4 Certain Matters of Construction. The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to
any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. In the computation of periods of time from a specified date to a later specified date, “from” means “from and including,”
and “to” and “until” each mean “to but excluding.” The terms “including” and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree
that the rule of ejusdem generis shall not be applicable to limit any provision. Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws or statutes
include all related rules, regulations, interpretations, amendments and successor provisions; (b) any document, instrument or agreement include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by
the Loan Documents); (c) any section mean, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are
hereby incorporated by reference; (e) any Person include successors and assigns; (f) unless otherwise specified, time of day mean Chicago time of day (daylight or standard, as applicable); or (g) discretion of Agent, Issuing Bank or
any Lender mean the sole and absolute discretion of such Person acting reasonably. All calculations of Value, fundings of Loans, issuances of Letters of Credit and payments of Obligations shall be in Dollars and, unless the context otherwise
requires, all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be
consistent with historical methods of valuation and calculation, and otherwise satisfactory to Agent (and not necessarily calculated in accordance with GAAP). Borrowers shall have the burden of establishing any alleged negligence, misconduct or lack
of good faith by Agent, Issuing Bank or any Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the provision. Whenever the phrase
“to the best of Borrowers’ knowledge” or words of similar import are used in any Loan Documents, it means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she had engaged in good
faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter to which such phrase relates. 

 

	SECTION 2.	CREDIT FACILITIES 

 2.1
Revolver Commitment. 
 2.1.1 Revolver Loans. Each Lender agrees, severally on a Pro Rata basis up to its
Revolver Commitment, on the terms set forth herein, to make Revolver Loans to Borrowers from time to time through the Commitment Termination Date. The Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any
obligation to honor a request for a Revolver Loan if the unpaid balance of Revolver Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base. 

  
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 2.1.2 Revolver Notes. The Revolver Loans made by each Lender and interest accruing
thereon shall be evidenced by the records of Agent and such Lender. At the request of any Lender, Borrowers shall deliver a Revolver Note to such Lender. 
 2.1.3 Use of Proceeds. The proceeds of Revolver Loans shall be used by Borrowers solely (a) to satisfy existing Debt (and to satisfy existing Debt of Chicago Tube and Iron and to fund the
portion of the purchase price of Closing Date Merger with the proceeds of Revolver Loans made on the Closing Date); (b) to pay fees and transaction expenses associated with the closing of this credit facility; (c) to pay Obligations in
accordance with this Agreement; (d) for working capital and other lawful general corporate purposes of Borrowers and (e) to issue Letters of Credit in accordance with the terms hereof. 

2.1.4 Voluntary Reduction or Termination of Revolver Commitments. 

(a) The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this
Agreement. Upon at least 30 days prior written notice to Agent, Borrowers may, at their option, terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable; provided that such
notice may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to the Agent on or prior to the specified effective date) if such condition is not
satisfied. On the termination date, Borrowers shall make Full Payment of all Obligations. 
 (b) Borrowers may permanently
reduce the Revolver Commitments, on a Pro Rata basis for each Lender, upon at least 30 days prior written notice to Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each reduction shall be in a
minimum amount of $5,000,000, or an increment of $1,000,000 in excess thereof. 
 2.1.5 Overadvances. If the aggregate
Revolver Loans exceed the Borrowing Base (“Overadvance”) at any time, the excess amount shall be payable by Borrowers on demand by Agent or Required Lenders, but all such Revolver Loans shall nevertheless constitute
Obligations secured by the Collateral and entitled to all benefits of the Loan Documents. Unless its authority has been revoked in writing by Required Lenders, Agent may require Lenders to honor requests for Overadvance Loans and to forbear from
requiring Borrowers to cure an Overadvance, (a) when no other Event of Default is known to Agent, as long as (i) the Overadvance does not continue for more than 30 consecutive days (and no Overadvance may exist for at least five
consecutive days thereafter before further Overadvance Loans are required), and (ii) the Overadvance is not known by Agent to exceed 10% of the aggregate Revolver Commitments then in effect; and (b) regardless of whether an Event of
Default exists, if Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery the Overadvance (i) is not increased by more than 10% of the aggregate Revolver Commitments then in effect, and
(ii) does not continue for more than 30 consecutive days; provided, however, that there shall be no more than three separate Overadvances in any Loan Year. In no event shall Overadvance Loans be required that would cause the
outstanding Revolver Loans and LC Obligations to exceed the aggregate Revolver Commitments. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by Agent or Lenders of the Event of Default caused thereby.
In no event shall any Borrower or other Obligor be deemed a beneficiary of this Section nor authorized to enforce any of its terms. 
 2.1.6 Protective Advances. Agent shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Base Rate Revolver Loans
(“Protective Advances”) (a) up to an aggregate amount of $2,500,000 outstanding at any time, if Agent deems such Loans necessary or desirable to preserve or protect Collateral, or to enhance the collectibility or

  
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repayment of Obligations; or (b) to pay any other amounts chargeable to Obligors under any Loan Documents, including costs, fees and expenses; provided that, the aggregate amount of
outstanding Protective Advances plus the outstanding Revolver Loans and LC Obligations shall not exceed the aggregate Revolving Commitments. Each Lender shall participate in each Protective Advance on a Pro Rata basis. Required Lenders may at any
time revoke Agent’s authority to make further Protective Advances by written notice to Agent. Absent such revocation, Agent’s determination that funding of a Protective Advance is appropriate shall be conclusive. 

2.1.7 Incremental Facilities 
 (a) Borrower Agent may by written notice to Agent elect to request, on behalf of Borrowers, prior to the Revolver Termination Date, an increase to the existing Revolver Commitments (any such increase, the
“New Revolver Commitments”), by an amount not in excess of $75,000,000 in the aggregate and not less than $20,000,000 individually (or such lesser amount which (i) shall be approved by Agent or (ii) shall constitute the
difference between $75,000,000 and all such New Revolver Commitments obtained prior to such date), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount
Date”) on which Borrowers propose that the New Revolver Commitments shall be effective, which shall be a date not less than 10 Business Days after the date on which such notice is delivered to Agent and (B) the identity of each Lender
or other Person that is an Eligible Assignee (each, a “New Lender”) to whom Borrowers propose any portion of such New Revolver Commitments be allocated and the amounts of such allocations; provided that Agent may elect or
decline to arrange such New Revolver Commitments in its sole discretion and any Lender approached to provide all or a portion of the New Revolver Commitments may elect or decline, in its sole discretion, to provide a New Revolver Commitment. Such
New Revolver Commitments shall become effective as of such Increased Amount Date; provided that (1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolver Commitments;
(2) Borrower Agent shall have delivered pro forma financial statements and a pro forma Compliance Certificate, dated as of the Increased Amount Date, in form and substance satisfactory to Agent, demonstrating that immediately after giving
effect to such New Revolver Commitment, the Fixed Charge Coverage Ratio (recomputed for the most recent Fiscal Quarter for which financial statements have been delivered) is at least 1.10 to 1.00 for the period of twelve fiscal months then most
recently ended; (3) the New Revolver Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrowers, the New Lender and Agent, each of which shall be recorded by Agent, (4) each New
Lender shall be subject to the requirements set forth in, and shall deliver the documents required to be delivered pursuant to, Sections 5.10.1 and 5.10.2; (5) Borrowers shall make any payments required pursuant to
Section 3.9 in connection with the New Revolver Commitments and the re-allocation of loans contemplated by Section 2.1.7(b) below; and (6) Borrowers shall deliver or cause to be delivered any customary legal opinions or
other documents reasonably requested by Agent in connection with any such transaction. 
 (b) On any Increased Amount Date on
which New Revolver Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each of the Lenders shall assign to each of the New Lenders, and each of the New Lenders shall purchase from each of the
Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolver Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases,
such Revolver Loans will be held by existing Lenders and New Lenders ratably in accordance with their Revolver Commitments after giving effect to the addition of such New Revolver Commitments to the Revolver Commitments, (ii) each New Revolver
Commitment shall be deemed for all purposes a Revolver Commitment and each Loan made thereunder (a “New Revolver Loan”) shall be deemed, for all purposes, a Revolver Loan and (iii) each New Lender shall become a Lender
with respect to the New Revolver Commitment and all matters relating thereto. 

  
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 (c) Agent shall notify Lenders promptly upon receipt of Borrower Agent’s notice of
each Increased Amount Date and in respect thereof (i) the New Revolver Commitments and the New Lenders, and (ii) the respective interests in each Lender’s Revolver Loans subject to the assignments contemplated by this
Section 2.1.7. 
 (d) The terms and provisions of the New Revolver Loans shall be identical to the Revolver Loans.
Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of Agent to effect the provision of this
Section 2.1.7. 
 2.2 Term Loan Commitment. 

2.2.1 Term Loans. Each Lender agrees, severally on a Pro Rata basis up to its Term Loan Commitment, on the terms set forth herein,
to make a Term Loan to Borrowers. The Term Loans shall be funded by Lenders on the Closing Date. The Term Loan Commitment of each Lender shall expire upon the funding by Lenders of the Term Loans. Once repaid, whether such repayment is voluntary or
required, Term Loans may not be reborrowed. 
 2.2.2 Term Notes. The Term Loan made by each Lender and interest accruing
thereon shall be evidenced by the records of Agent and such Lender. At the request of any Lender, Borrowers shall deliver a Term Note to such Lender. 
 2.3 Letter of Credit Facility. 
 2.3.1 Issuance of Letters of
Credit. Issuing Bank agrees to issue Letters of Credit from time to time until 30 days prior to the Revolver Termination Date (or until the Commitment Termination Date, if earlier), on the terms set forth herein, including the following:

 (a) Each Borrower acknowledges that Issuing Bank’s willingness to issue any Letter of Credit is conditioned upon
Issuing Bank’s receipt of a LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require for issuance of a letter of credit of similar type and amount.
Issuing Bank shall have no obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC Request and LC Application at least three Business Days prior to the requested date of issuance; (ii) each LC Condition is satisfied;
and (iii) if a Defaulting Lender exists, such Lender or Borrowers have entered into arrangements satisfactory to Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. If Issuing Bank receives written notice from
a Lender at least five Business Days before issuance of a Letter of Credit that any LC Condition has not been satisfied, Issuing Bank shall have no obligation to issue the requested Letter of Credit (or any other) until such notice is withdrawn in
writing by that Lender or until Required Lenders have waived such condition in accordance with this Agreement. Prior to receipt of any such notice, Issuing Bank shall not be deemed to have knowledge of any failure of LC Conditions. 

(b) Letters of Credit may be requested by a Borrower only (i) to support obligations of such Borrower or its Subsidiaries incurred
in the Ordinary Course of Business; or (ii) as otherwise approved by Agent. The renewal or extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that delivery of a new LC Application shall be
required at the discretion of Issuing Bank. 

  
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 (c) Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by
the beneficiary. In connection with issuance of any Letter of Credit, none of Agent, Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to be
represented by any Documents; any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or legal
effect of any Documents or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or Documents; any
deviation from instructions, delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in
transmission or delivery of any messages, by mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof;
or any consequences arising from causes beyond the control of Issuing Bank, Agent or any Lender, including any act or omission of a Governmental Authority. The rights and remedies of Issuing Bank under the Loan Documents shall be cumulative. Issuing
Bank shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any Letter of Credit. 
 (d) In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC Documents, Issuing Bank shall be entitled to act, and shall be fully protected in
acting, upon any certification, documentation or communication in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been signed, sent or made by a proper Person. Issuing Bank may consult with and employ
legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such
experts. Issuing Bank may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall not be liable for the negligence or misconduct of agents and attorneys-in-fact selected with
reasonable care. 
 2.3.2 Reimbursement; Participations. 

(a) If Issuing Bank honors any request for payment under a Letter of Credit, Borrowers shall pay to Issuing Bank, on the same day
(“Reimbursement Date”), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Revolver Loans from the Reimbursement Date until payment by Borrowers. The obligation of
Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of
Credit or the existence of any claim, setoff, defense or other right that Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, Borrowers shall be deemed to have requested a Borrowing of
Base Rate Revolver Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Commitments have terminated, an Overadvance exists
or is created thereby, or the conditions in Section 6 are satisfied. 
 (b) Upon issuance of a Letter of Credit,
each Lender shall be deemed to have irrevocably and unconditionally purchased from Issuing Bank, without recourse or warranty, an undivided Pro Rata interest and participation in all LC Obligations relating to the Letter of Credit. If Issuing Bank
makes any payment under a Letter of Credit and Borrowers do not reimburse such payment on the Reimbursement Date, Agent shall promptly notify Lenders and each Lender shall promptly (within one Business Day) and unconditionally pay to Agent, for the
benefit of Issuing Bank, the Lender’s Pro Rata share of such payment. Upon request by a Lender, Issuing Bank shall furnish copies of any Letters of Credit and LC Documents in its possession at such time. 

  
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 (c) The obligation of each Lender to make payments to Agent for the account of Issuing Bank
in connection with Issuing Bank’s payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this
Agreement under all circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, invalid
or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or the existence of any setoff or defense that any Obligor may have with respect to any Obligations. Issuing Bank does not assume any responsibility
for any failure or delay in performance or any breach by any Borrower or other Person of any obligations under any LC Documents. Issuing Bank does not make to Lenders any express or implied warranty, representation or guaranty with respect to the
Collateral, LC Documents or any Obligor. Issuing Bank shall not be responsible to any Lender for any recitals, statements, information, representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or
enforceability of any LC Documents; the validity, genuineness, enforceability, collectibility, value or sufficiency of any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations,
business, creditworthiness or legal status of any Obligor. 
 (d) No Issuing Bank Indemnitee shall be liable to any Lender or
other Person for any action taken or omitted to be taken in connection with any LC Documents except as a result of its actual gross negligence or willful misconduct. Issuing Bank shall not have any liability to any Lender if Issuing Bank refrains
from any action under any Letter of Credit or LC Documents until it receives written instructions from Required Lenders. 

2.3.3 Cash Collateral. If any LC Obligations, whether or not then due or payable, shall for any reason be outstanding at any time
(a) that an Event of Default exists, (b) that Availability is less than zero, (c) after the Commitment Termination Date, or (d) within 20 Business Days prior to the Revolver Termination Date, then Borrowers shall, at Issuing
Bank’s or Agent’s request, Cash Collateralize the stated amount of all outstanding Letters of Credit and pay to Issuing Bank the amount of all other LC Obligations. Borrowers shall, on demand by Issuing Bank or Agent from time to
time, Cash Collateralize the Fronting Exposure of any Defaulting Lender. If Borrowers fail to provide any Cash Collateral as required hereunder, Lenders may (and shall upon direction of Agent) advance, as Revolver Loans, the amount of the Cash
Collateral required (whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied). 
  

	SECTION 3.	INTEREST, FEES AND CHARGES 

3.1 Interest. 
 3.1.1 Rates and Payment of Interest. 
 (a) The Obligations shall bear
interest (i) if a Base Rate Loan, at the Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any
other Obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans. Interest shall accrue from the date the Loan is advanced
or the Obligation is incurred or payable, until paid by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. 

  
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 (b) During an Insolvency Proceeding with respect to any Borrower, or during any other Event
of Default if Agent or Required Lenders in their discretion so elect, outstanding Obligations shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders
due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable estimate to compensate Agent and Lenders for this. 
 (c) Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; (ii) on any date of prepayment, with respect to the principal amount of Loans being
prepaid; and (iii) on the Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand.
Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand. 
 3.1.2
Application of LIBOR to Outstanding Loans. 
 (a) Borrowers may on any Business Day, subject to delivery of a Notice of
Conversion/Continuation, elect to convert any portion of the Base Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Agent may (and shall at the direction of
Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Loan. 
 (b) Whenever Borrowers desire to
convert or continue Loans as LIBOR Loans, Borrower Agent shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three Business Days before the requested conversion or continuation date. Promptly after receiving any
such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business
Day), and the duration of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, Borrowers shall have failed to deliver a Notice of
Conversion/Continuation, they shall be deemed to have elected to convert such Loans into Base Rate Loans. 
 3.1.3 Interest
Periods. In connection with the making, conversion or continuation of any LIBOR Loans, Borrowers shall select an interest period (“Interest Period”) to apply, which interest period shall be 30, 60, or 90 days; provided,
however, that: 
 (a) the Interest Period shall commence on the date the Loan is made or continued as, or converted
into, a LIBOR Loan, and shall expire on the numerically corresponding day in the calendar month at its end; 
 (b) if any
Interest Period commences on a day for which there is no corresponding day in the calendar month at its end or if such corresponding day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day
of such month; and if any Interest Period would expire on a day that is not a Business Day, the period shall expire on the next Business Day; and 
 (c) no Interest Period shall extend beyond the Revolver Termination Date; and no Interest Period for a LIBOR Term Loan may be established that would require repayment before the end of an Interest Period
in order to make any scheduled principal payment on Term Loans. 

  
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 3.1.4 Interest Rate Not Ascertainable. If Agent shall determine that on any date for
determining LIBOR, due to any circumstance affecting the London interbank market, adequate and fair means do not exist for ascertaining such rate on the basis provided herein, then Agent shall immediately notify Borrowers of such determination.
Until Agent notifies Borrowers that such circumstance no longer exists, the obligation of Lenders to make LIBOR Loans shall be suspended, and no further Loans may be converted into or continued as LIBOR Loans. 

3.2 Fees. 
 3.2.1 Unused Line Fee. Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders (other than any Defaulting Lender for so long as such Defaulting Lender has not funded its Pro Rata share of
a Revolver Loan), a fee equal to the Unused Line Fee Percentage (set forth in the definition of the term “Applicable Margin”) per annum times the amount by which the Revolver Commitments (other than Revolving Commitments of a Defaulting
Lender for so long as such Defaulting Lender has not funded its Pro Rata share of a Revolver Loan) exceed the average daily balance of Revolver Loans and stated amount of Letters of Credit during any month. Such fee shall be payable in arrears, on
the first day of each month and on the Commitment Termination Date. 
 3.2.2 LC Facility Fees. Borrowers shall pay
(a) to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin in effect for LIBOR Revolver Loans times the average daily stated amount of Letters of Credit, which fee shall be payable monthly in arrears, on the first
day of each month; (b) to each Issuing Bank, for its own account, a fronting fee equal to 0.25% per annum on the stated amount of each Letter of Credit issued by such Issuing Bank, which fee shall be payable monthly in arrears, on the
first day of each month; and (c) to each Issuing Bank, for its own account, all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be
paid as and when incurred. During an Insolvency Proceeding with respect to any Borrower, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the fee payable under clause (a) shall be increased by
2% per annum. 
 3.2.3 Agent Fees. In consideration of Agent’s syndication of the Commitments and service as
Agent hereunder, Borrowers shall pay to Agent, for its own account, the fees described in the Fee Letter. 
 3.3
Computation of Interest, Fees, Yield Protection. All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Agent of
any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under
Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under
Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to
the appropriate party within 10 days following receipt of the certificate. 
 3.4 Reimbursement Obligations.
Borrowers shall reimburse Agent for all Extraordinary Expenses. Borrowers shall also reimburse Agent for all reasonable and documented out-of-pocket and allocated internal legal, accounting, appraisal, consulting, and other fees, costs and expenses
incurred by it in connection with (a) negotiation and preparation of any Loan Documents, including any amendment or other modification thereof; (b) administration of and actions relating to any Collateral, Loan Documents and transactions
contemplated thereby, including any actions taken to perfect or maintain 

  
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priority of Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the limits of Section 10.1.1(b), each
inspection, audit or appraisal with respect to any Obligor or Collateral, whether prepared by Agent’s personnel or a third party. All reasonable legal, accounting and consulting fees shall be charged to Borrowers by Agent’s professionals
at their full hourly rates, regardless of any reduced or alternative fee billing arrangements that Agent, any Lender or any of their Affiliates may have with such professionals with respect to this or any other transaction. If, for any reason
(including inaccurate reporting on financial statements or a Compliance Certificate), it is determined that (i) a higher Applicable Margin should have applied to a period than was actually applied, then the proper margin shall be applied
retroactively and Borrowers shall immediately pay to Agent, for the Pro Rata benefit of Lenders, an amount equal to the difference between the amount of interest and fees that would have accrued using the proper margin and the amount actually paid
and (ii) a lower Applicable Margin should have applied to a period than was actually applied, then, neither Agent nor any Lender shall have any obligation to repay any interest or fees to Borrowers; provided, if, no Event of Default exists, the
amount equal to the difference between the amount of interest and fees actually paid and the amount of interest and fees that would have accrued using the proper Applicable Margin shall be credited in a manner reasonably acceptable to Agent against
interest and fees payable hereunder in the next succeeding period; provided, further, if as a result of any restatement or other event a proper calculation of the Applicable Margin would have resulted in higher pricing for one or more periods and
lower pricing for one or more other periods (due to the shifting of income or expenses from one period to another period or any similar reason), then the amount payable by Borrowers pursuant to clause (i) above shall be based upon the excess,
if any, of the amount of interest and fees that should have been paid for all applicable periods over the amount of interest and fees paid for all such periods. All amounts payable by Borrowers under this Section shall be due on demand.

 3.5 Illegality. If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund LIBOR Loans, or to determine or charge interest rates based upon LIBOR, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Agent, any obligation of such Lender to make or continue LIBOR Loans or to
convert Base Rate Loans to LIBOR Loans shall be suspended until such Lender notifies Agent that the circumstances giving rise to such determination no longer exist. Upon delivery of such notice, Borrowers shall prepay or, if applicable, convert all
LIBOR Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to such day, or immediately, if such Lender may not lawfully continue to
maintain such LIBOR Loans. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted. 
 3.6 Inability to Determine Rates. If Required Lenders notify Agent for any reason in connection with a request for a Borrowing of, or conversion to or continuation of, a LIBOR Loan that
(a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (b) adequate and reasonable means do not exist for determining LIBOR for the requested
Interest Period, or (c) LIBOR for the requested Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such Loan, then Agent will promptly so notify Borrower Agent and each Lender. Thereafter, the obligation
of Lenders to make or maintain LIBOR Loans shall be suspended until Agent (upon instruction by Required Lenders) revokes such notice. Upon receipt of such notice, Borrower Agent may revoke any pending request for a Borrowing of, conversion to or
continuation of a LIBOR Loan or, failing that, will be deemed to have submitted a request for a Base Rate Loan. 

  
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 3.7 Increased Costs; Capital Adequacy. 

3.7.1 Change in Law. If any Change in Law shall: 
 (a) impose modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or
participated in by, any Lender (except any reserve requirement reflected in LIBOR) or Issuing Bank; 
 (b) subject any Lender
or Issuing Bank to any Tax with respect to any Loan, Loan Document, Letter of Credit or participation in LC Obligations, or change the basis of taxation of payments to such Lender or Issuing Bank in respect thereof (except for Indemnified Taxes or
Other Taxes covered by Section 5.9 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or Issuing Bank); or 
 (c) impose on any Lender or Issuing Bank or the London interbank market any other condition, cost or expense affecting any Loan, Loan Document, Letter of Credit or participation in LC Obligations, or
Commitment; 
 and the result thereof shall be to increase the cost to such Lender of making or maintaining any LIBOR Loan (or of maintaining
its obligation to make any such Loan) or Commitment, or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter
of Credit), or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Issuing Bank, Borrowers will pay to such Lender
or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered. 

3.7.2 Capital Adequacy. If any Lender or Issuing Bank determines that any Change in Law affecting such Lender or Issuing Bank or
any Lending Office of such Lender or such Lender’s or Issuing Bank’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s, Issuing Bank’s or holding
company’s capital as a consequence of this Agreement, or such Lender’s or Issuing Bank’s Commitments, Loans, Letters of Credit or participations in LC Obligations, to a level below that which such Lender, Issuing Bank or holding
company would have achieved but for such Change in Law (taking into consideration such Lender’s, Issuing Bank’s and holding company’s policies with respect to capital adequacy), then from time to time Borrowers will pay to such Lender
or Issuing Bank, as the case may be, such additional amount or amounts as will compensate it or its holding company for any such reduction suffered. 
 3.7.3 Compensation. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of its right to demand such
compensation, but Borrowers shall not be required to compensate a Lender or Issuing Bank for any increased costs incurred or reductions suffered more than six months prior to the date that the Lender or Issuing Bank notifies Borrower Agent of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 3.8 Mitigation. If any Lender gives a notice under Section 3.5 or requests compensation under Section 3.7, or if Borrowers are required to pay additional amounts with
respect to a Lender under Section 5.9, then such Lender shall use reasonable efforts to designate a different Lending Office or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the
judgment of such Lender, such designation or assignment (a) would eliminate the need for such notice or 

  
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reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
it or unlawful. Borrowers shall pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 3.9 Funding Losses. If for any reason (other than default by a Lender) (a) any Borrowing of, or conversion to or continuation of, a LIBOR Loan does not occur on the date specified
therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of a LIBOR Loan occurs on a day other than the end of its Interest Period, (c) Borrowers fail to repay a
LIBOR Loan when required hereunder or (d) a Lender (other than a Defaulting Lender) is required to assign a LIBOR Loan prior to the end of its Interest Period pursuant to Section 12.10, then Borrowers shall pay to Agent its
customary administrative charge and to each Lender all losses and expenses that it sustains as a consequence thereof, including loss of anticipated profits and any loss or expense arising from liquidation or redeployment of funds or from fees
payable to terminate deposits of matching funds. Lenders shall not be required to purchase Dollar deposits in the London interbank market or any other offshore Dollar market to fund any LIBOR Loan, but the provisions hereof shall be deemed to apply
as if each Lender had purchased such deposits to fund its LIBOR Loans. 
 3.10 Maximum Interest. Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law (“maximum rate”). If
Agent or any Lender shall receive interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether
the interest contracted for, charged or received by Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather
than interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

  

	SECTION 4.	LOAN ADMINISTRATION 

4.1 Manner of Borrowing and Funding Revolver Loans. 

4.1.1 Notice of Borrowing. 
 (a) Whenever Borrowers desire funding of a Borrowing of Revolver Loans, Borrower Agent shall give Agent a Notice of Borrowing. Such notice must be received by Agent no later than 12:00 noon (i) on
the Business Day of the requested funding date, in the case of Base Rate Loans, and (ii) at least three Business Days prior to the requested funding date, in the case of LIBOR Loans. Notices received after 12:00 noon shall be deemed received on
the next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested funding date (which must be a Business Day), (C) whether the Borrowing is to be made as Base
Rate Loans or LIBOR Loans, and (D) in the case of LIBOR Loans, the duration of the applicable Interest Period (which shall be deemed to be 30 days if not specified). 
 (b) Unless payment is otherwise timely made by Borrowers, the becoming due of any Obligations (whether principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash
Collateral and Secured Bank Product Obligations) shall be deemed to be a request for Base Rate Revolver Loans on the due date, in the amount of such Obligations. The proceeds of such Revolver Loans shall be disbursed as direct payment of the
relevant Obligation. In addition, Agent may, at its option, charge such Obligations then due and owing against the Loan or any operating, investment or other account of a Borrower maintained with Agent or any of its Affiliates. 

  
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 (c) If Borrowers establish a controlled disbursement account with Agent or any Affiliate of
Agent, then the presentation for payment of any check, ACH or electronic debit, or other item at a time when there are insufficient funds to cover it shall be deemed to be a request for Base Rate Revolver Loans on the date of such presentation, in
the amount of the check and such payment item. The proceeds of such Revolver Loans may be disbursed directly to the controlled disbursement account or other appropriate account. 

4.1.2 Fundings by Lenders. Each Lender shall timely honor its Revolver Commitment by funding its Pro Rata share of each Borrowing
of Revolver Loans that is properly requested hereunder. Except for Borrowings to be made as Swingline Loans, Agent shall endeavor to notify Lenders of each Notice of Borrowing (or deemed request for a Borrowing) by 12:00 noon on the proposed funding
date for Base Rate Loans or by 3:00 p.m. at least two Business Days before any proposed funding of LIBOR Loans. Each Lender shall fund to Agent such Lender’s Pro Rata share of the Borrowing to the account specified by Agent in immediately
available funds not later than 2:00 p.m. on the requested funding date, unless Agent’s notice is received after the times provided above, in which event Lender shall fund its Pro Rata share by 11:00 a.m. on the next Business Day. Subject to its
receipt of such amounts from Lenders, Agent shall disburse the proceeds of the Revolver Loans as directed by Borrower Agent. Unless Agent shall have received (in sufficient time to act) written notice from a Lender that it does not intend to fund
its Pro Rata share of a Borrowing, Agent may assume that such Lender has deposited or promptly will deposit its share with Agent, and Agent may disburse a corresponding amount to Borrowers. If a Lender’s share of any Borrowing or of any
settlement pursuant to Section 4.1.3(b) is not received by Agent, then Borrowers agree to repay to Agent on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate
applicable to the Borrowing. 
 4.1.3 Swingline Loans; Settlement. 

(a) Agent may, but shall not be obligated to, advance Swingline Loans to Borrowers, up to an aggregate outstanding amount of
$20,000,000, unless the funding is specifically required to be made by all Lenders hereunder. Each Swingline Loan shall constitute a Revolver Loan for all purposes, except that payments thereon shall be made to Agent for its own account. The
obligation of Borrowers to repay Swingline Loans shall be evidenced by the records of Agent and need not be evidenced by any promissory note. 
 (b) To facilitate administration of the Revolver Loans, Lenders and Agent agree (which agreement is solely among them, and not for the benefit of or enforceable by any Borrower) that settlement among them
with respect to Swingline Loans and other Revolver Loans may take place on a date determined from time to time by Agent, which shall occur at least once each week. On each settlement date, settlement shall be made with each Lender in accordance with
the Settlement Report delivered by Agent to Lenders. Between settlement dates, Agent may in its discretion apply payments on Revolver Loans to Swingline Loans, regardless of any designation by Borrower or any provision herein to the contrary. Each
Lender’s obligation to make settlements with Agent is absolute and unconditional, without offset, counterclaim or other defense, and whether or not the Commitments have terminated, an Overadvance exists or the conditions in
Section 6 are satisfied. If, due to an Insolvency Proceeding with respect to a Borrower or otherwise, any Swingline Loan may not be settled among Lenders hereunder, then each Lender shall be deemed to have purchased from Agent a Pro Rata
participation in each unpaid Swingline Loan and shall transfer the amount of such participation to Agent, in immediately available funds, within one Business Day after Agent’s request therefor. 

  
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 4.1.4 Notices. Each Borrower authorizes Agent and Lenders to extend, convert or
continue Loans, effect selections of interest rates, and transfer funds to or on behalf of Borrowers based on telephonic or e-mailed instructions. Borrowers shall confirm each such request by prompt delivery to Agent of a Notice of Borrowing or
Notice of Conversion/Continuation, if applicable, but if it differs in any material respect from the action taken by Agent or Lenders, the records of Agent and Lenders shall govern. Neither Agent nor any Lender shall have any liability for any loss
suffered by a Borrower as a result of Agent or any Lender acting upon its understanding of telephonic or e-mailed instructions from a person believed in good faith by Agent or any Lender to be a person authorized to give such instructions on a
Borrower’s behalf. 
 4.2 Defaulting Lender. 

4.2.1 Reallocation of Pro Rata Share; Amendments. For purposes of determining Lenders’ obligations to fund or participate in
Loans or Letters of Credit, Agent may exclude the Commitments and Loans of any Defaulting Lender(s) from the calculation of Pro Rata shares (provided that, no Lender shall be reallocated any such amounts or be required to fund any amounts
pursuant to such reallocation that would cause the sum of its outstanding Revolver Loans and its participations in outstanding Letters of Credit to exceed its Revolver Commitment). A Defaulting Lender shall have no right to vote on any amendment,
waiver or other modification of a Loan Document, except as provided in Section 14.1.1(c). 
 4.2.2 Payments;
Fees. Agent may, in its discretion, receive and retain any amounts payable to a Defaulting Lender under the Loan Documents, and a Defaulting Lender shall be deemed to have assigned to Agent such amounts until all Obligations owing to Agent,
non-Defaulting Lenders and other Secured Parties have been paid in full. Agent may apply such amounts to the Defaulting Lender’s defaulted obligations, use the funds to Cash Collateralize such Lender’s Fronting Exposure, or readvance the
amounts to Borrowers hereunder. A Lender shall not be entitled to receive any fees accruing hereunder during the period in which it is a Defaulting Lender, and the unfunded portion of its Commitment shall be disregarded for purposes of calculating
the unused line fee under Section 3.2.1. If any LC Obligations owing to a Defaulted Lender are reallocated to other Lenders, fees attributable to such LC Obligations under Section 3.2.2 shall be paid to such Lenders. Agent
shall be paid all fees attributable to LC Obligations that are not reallocated. 
 4.2.3 Cure. Borrowers, Agent and
Issuing Bank may agree in writing that a Lender is no longer a Defaulting Lender. At such time, Pro Rata shares shall be reallocated without exclusion of such Lender’s Commitments and Loans, and all outstanding Revolver Loans, LC Obligations
and other exposures under the Revolver Commitments shall be reallocated among Lenders and settled by Agent (with appropriate payments by the reinstated Lender) in accordance with the readjusted Pro Rata shares. Unless expressly agreed by Borrowers,
Agent and Issuing Bank, no reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Loan, to make any payment in respect of LC Obligations or to otherwise perform
its obligations hereunder shall not relieve any other Lender of its obligations, and no Lender shall be responsible for default by another Lender. 
 4.3 Number and Amount of LIBOR Loans; Determination of Rate. Each Borrowing of LIBOR Loans when made shall be in a minimum amount of $5,000,000, plus any increment of $1,000,000 in excess
thereof. No more than 7 Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose.
Upon determining LIBOR for any Interest Period requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone or electronically and, if requested by Borrowers, shall confirm any telephonic notice in writing. 

  
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 4.4 Borrower Agent. Each Borrower hereby designates Olympic Steel
(“Borrower Agent”) as its representative and agent for all purposes under the Loan Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, preparation and
delivery of Borrowing Base and financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other
dealings with Agent, Issuing Bank or any Lender. Borrower Agent hereby accepts such appointment. Agent and Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of
borrowing) delivered by Borrower Agent on behalf of any Borrower. Agent and Lenders may give any notice or communication with a Borrower hereunder to Borrower Agent on behalf of such Borrower. Each of Agent, Issuing Bank and Lenders shall have the
right, in its discretion, to deal exclusively with Borrower Agent for any or all purposes under the Loan Documents. Each Borrower agrees that any notice, election, communication, representation, agreement or undertaking made on its behalf by
Borrower Agent shall be binding upon and enforceable against it. 
 4.5 One Obligation. The Loans, LC Obligations
and other Obligations shall constitute one general obligation of Borrowers and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral; provided, however, that Agent and each
Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower. 

4.6 Effect of Termination. On the effective date of any termination of the Commitments, all Obligations (other than Secured
Bank Product Obligations) shall be immediately due and payable, and any Lender may terminate its and its Affiliates’ Bank Products (including, only with the consent of Agent, any Cash Management Services). All undertakings of Borrowers (other
than those that survive by their terms) contained in the Loan Documents shall survive any termination until Full Payment of the Obligations, and Agent shall retain its Liens in the Collateral and all of its rights and remedies under the Loan
Documents until Full Payment of the Obligations. Notwithstanding Full Payment of the Obligations, Agent shall not be required to terminate its Liens in any Collateral unless, with respect to any damages Agent may incur as a result of the dishonor or
return of Payment Items applied to Obligations, Agent receives (a) a written agreement, executed by Borrowers, indemnifying Agent and Lenders from any such damages; or (b) such Cash Collateral as Agent, in its reasonable discretion, deems
necessary to protect against any such damages. Sections 2.3, 3.4, 3.6, 3.7, 3.9, 5.5, 5.9, 5.10, 12, 14.2 and this Section, and the obligation of each Obligor and Lender with respect to each indemnity given by it in any Loan Document,
shall survive Full Payment of the Obligations and any release relating to this credit facility. 
 4.7 Renewal
Discussions. 
 Provided that no Default or Event of Default has occurred and is continuing, Agent agrees to enter into
discussions with Borrower Agent, upon a request from Borrower Agent, regarding an extension of the then applicable Revolver Termination Date to a date that is one year later than the Revolver Termination Date then in effect. 

 

	SECTION 5.	PAYMENTS 

 5.1
General Payment Provisions. All payments of Obligations shall be made in Dollars, without offset, counterclaim or defense of any kind, free of (and without deduction for) any Taxes, and in immediately available funds, not later than 1:00
p.m. on the due date. Any payment after such time shall be deemed made on the next Business Day. Any payment of a LIBOR Loan prior to the end of its Interest Period shall be accompanied by all amounts due under Section 3.9. Any
prepayment of Loans shall be applied first to Base Rate Loans and then to LIBOR Loans. 

  
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 5.2 Repayment of Revolver Loans. Revolver Loans shall be due and payable in
full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. If any Asset Disposition includes the disposition of Accounts or Inventory, Borrowers
shall, in the case of such Asset Disposition permitted by clause (a) of the definition of the term “Permitted Asset Disposition”, deposit the proceeds thereof in a Dominion Account and in the case of such other Asset
Dispositions that includes the disposition of Accounts or Inventory, repay the Revolver Loans in an amount equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in the Borrowing Base upon
giving effect to such disposition. Notwithstanding anything herein to the contrary, if an Overadvance exists, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay the
outstanding Revolver Loans in an amount sufficient to reduce the principal balance of Revolver Loans to the Borrowing Base. 

5.3 Repayment of Term Loans. 
 5.3.1 Payment of Principal. The principal amount of the Term Loans shall be repaid on the first Business Day of each month in consecutive monthly installments of $729,166.67 (or, after application
of prepayments paid in cash that reduce the amount of such required payments, such other amount), commencing on August 1, 2011, until the Term Loan Maturity Date, on which date all principal, interest and other amounts owing with respect
to the Term Loans shall be due and payable in full. All such monthly installment payments together with the payment due and payable on the Term Loan Maturity Date are herein referred to collectively as the “Scheduled Installment
Payments” and each individually as a “Scheduled Installment Payment”). Each Scheduled Installment Payment shall be paid to Agent for the Pro Rata benefit of Lenders. Once repaid, whether such repayment is voluntary or
required, Term Loans may not be reborrowed. 
 5.3.2 Mandatory Prepayments. 

(a) Within five days after delivery to Agent of Borrowers’ audited annual financial statements (contained in Olympic Steel’s
Form 10-K) for a Fiscal Year ending on or after December 31, 2012 (each such fifth day, the “ECF Payment Date”), Borrowers shall (i) deliver to Agent a written calculation of Excess Cash Flow for such Fiscal Year,
certified by a Senior Officer of Borrower Agent, and (ii) prepay Term Loans in an amount equal to 50% of such Excess Cash Flow minus the aggregate amount of optional principal prepayments made pursuant to Section 5.3.3 during
the Applicable Period. As used herein, the term “Applicable Period” means (i) for the purpose of determining the amount of the prepayment under this Section 5.3.2(a) in respect of the Fiscal Year ending on
December 31, 2012, the period from January 1, 2012 until the ECF Payment Date for such Fiscal Year, and (ii) for the purpose of determining the amount of the prepayment under this Section 5.3.2(a) in respect of each of the
Fiscal Years ending on or after December 31, 2013, the period from the immediately preceding ECF Payment Date until the ECF Payment Date for such Fiscal Year; 
 (b) Concurrently with any Permitted Asset Disposition of Equipment or Real Estate, Borrowers shall prepay Term Loans in an amount equal to the Net Proceeds of such disposition; provided,
however, that with respect to no more than $1,000,000 in the aggregate of such Net Proceeds received Borrowers in any fiscal year, such Net Proceeds shall not be required to be so applied so long as no Event of Default then exists and such
Net Proceeds shall be used to purchase assets used or to be used in the business of Borrowers within 365 days following the date of such Asset Disposition; 
 (c) Concurrently with the receipt of any proceeds from casualty insurance or condemnation awards paid in respect of any Equipment or Real Estate, Borrowers shall prepay Term Loans in an amount equal to
such proceeds, subject to Section 8.6.2; 

  
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 (d) Concurrently with any issuance of Equity Interests by a Borrower, Borrowers shall
prepay Term Loans in an amount equal to 50% of the net proceeds of such issuance; and 
 (e) On the Commitment Termination
Date, Borrowers shall prepay all Term Loans (unless sooner repaid hereunder). 
 5.3.3 Optional Prepayments. Borrowers
may, at their option from time to time, prepay the Term Loans, which prepayment must be at least $1,000,000, plus any increment of $250,000 in excess thereof. Borrowers shall give written notice to Agent of an intended prepayment of Term Loans (a
“Prepayment Notice”), which notice shall specify the amount of the prepayment and whether such payment shall be applied to principal either in inverse order of maturity or pro rata against all Scheduled Installment Payments, shall
be irrevocable once given, shall be given at least 10 Business Days prior to the end of a month and shall be effective as of the first day of the next month. 
 5.3.4 Interest; Application of Prepayments. Each prepayment of Term Loans shall be accompanied by all interest accrued thereon and any amounts payable under Section 3.9. Payments of the
Term Loans pursuant to Section 5.3.3 shall be applied to principal pursuant either in inverse order of maturity or pro rata against all Scheduled Installment Payments as specified by the Borrowers in the applicable Prepayment Notice; all
other payments of the Term Loans (other than scheduled payments pursuant to Section 5.3.1) shall be applied to principal in inverse order of maturity. 
 5.4 Payment of Other Obligations. Obligations other than Loans, including LC Obligations and Extraordinary Expenses, shall be paid by Borrowers as provided in the Loan Documents or, if no
payment date is specified, on demand. 
 5.5 Marshaling; Payments Set Aside. None of Agent or Lenders shall
be under any obligation to marshal any assets in favor of any Obligor or against any Obligations. If any payment by or on behalf of Borrowers is made to Agent, Issuing Bank or any Lender, or Agent, Issuing Bank or any Lender exercises a right of
setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent, Issuing Bank or
such Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then to the extent of such recovery, the Obligation originally intended to be satisfied, and all Liens, rights and remedies relating thereto, shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not occurred. 
 5.6
Post-Default Allocation of Payments. 
 5.6.1 Allocation. Notwithstanding anything herein to the contrary,
during an Event of Default, monies to be applied to the Obligations, whether arising from payments by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows: 

(a) first, to all costs and expenses, including Extraordinary Expenses, owing to Agent; 

(b) second, to all amounts owing to Agent on Swingline Loans; 

(c) third, to all amounts owing to Issuing Bank; 
 (d) fourth, to all Obligations constituting fees (other than Secured Bank Product Obligations); 

  
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 (e) fifth, to all Obligations constituting interest (other than Secured Bank Product
Obligations); 
 (f) sixth, to Cash Collateralization of LC Obligations; 

(g) seventh, to all Loans and Noticed Hedges, including Cash Collateralization of Noticed Hedges, but excluding such amount of
Noticed Hedges that exceeds the amount of the Bank Product Reserve as determined by Agent and established in respect thereof; and 
 (h) last, to all other Obligations (including such amount of Noticed Hedges that exceeds the amount of the Bank Product Reserve as determined by Agent and established in respect thereof).

 Amounts shall be applied to each category of Obligations set forth above until Full Payment thereof and then to the next category. If amounts
are insufficient to satisfy a category, they shall be applied on a pro rata basis among the Obligations in the category. Amounts distributed with respect to any Secured Bank Product Obligations shall be the lesser of the applicable Bank Product
Amount last reported to Agent or the actual Secured Bank Product Obligations as calculated by the methodology reported to Agent for determining the amount due. Agent shall have no obligation to calculate the amount to be distributed with respect to
any Secured Bank Product Obligations, and may request a reasonably detailed calculation of such amount from the applicable Secured Party. If a Secured Party fails to deliver such calculation within five days following request by Agent, Agent may
assume the amount to be distributed is the Bank Product Amount last reported to Agent. The allocations set forth in this Section are solely to determine the rights and priorities of Agent and Secured Parties as among themselves, and may be changed
by agreement among them without the consent of any Obligor. This Section is not for the benefit of or enforceable by any Borrower. 
 5.6.2 Erroneous Application. Agent shall not be liable for any application of amounts made by it in good faith and, if any such application is subsequently determined to have been made in error,
the sole recourse of any Lender or other Person to which such amount should have been made shall be to recover the amount from the Person that actually received it (and, if such amount was received by any Lender, such Lender hereby agrees to return
it). 
 5.7 Application of Payments. The ledger balance in the main Dominion Account as of the end of a Business
Day shall be applied to the Obligations at the beginning of the next Business Day, during any Sweep Trigger Period. If, as a result of such application, a credit balance exists, the balance shall not accrue interest in favor of Borrowers and shall
be made available to Borrowers as long as no Event of Default exists. Each Borrower irrevocably waives the right to direct the application of any payments or Collateral proceeds while an Event of Default exists, and agrees that Agent shall have the
continuing, exclusive right to apply and reapply same against the Obligations, in such manner as Agent deems advisable, while an Event of Default exists. 
 5.8 Loan Account; Account Stated. 
 5.8.1 Loan Account. Agent
shall maintain in accordance with its usual and customary practices an account or accounts (“Loan Account”) evidencing the Debt of Borrowers resulting from each Loan or issuance of a Letter of Credit from time to time. Any failure
of Agent to record anything in the Loan Account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder. Agent may maintain a single Loan Account in the name of Borrower Agent, and
each Borrower confirms that such arrangement shall have no effect on the joint and several character of its liability for the Obligations. 

  
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 5.8.2 Entries Binding. Entries made in the Loan Account shall constitute presumptive
evidence of the information contained therein. If any information contained in the Loan Account is provided to or inspected by any Person, then such information shall be conclusive and binding on such Person for all purposes absent manifest error,
except to the extent such Person notifies Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute. 
 5.9 Taxes. 
 5.9.1 Payments Free of Taxes. All payments by
Obligors of Obligations shall be free and clear of and without reduction for any Indemnified Taxes or Other Taxes. If Applicable Law requires any Obligor or Agent to withhold or deduct any Tax (including backup withholding or withholding of Tax),
the withholding or deduction shall be based on information provided pursuant to Section 5.10 and the Obligor or Agent, as applicable, shall pay the amount withheld or deducted to the relevant Governmental Authority. If the withholding or
deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by Borrowers shall be increased so that Agent, Lender or Issuing Bank, as applicable, receives an amount equal to the sum it would have received if no such withholding
or deduction (including deductions applicable to additional sums payable under this Section) had been made. Without limiting the foregoing, Borrowers shall timely pay all Other Taxes to the relevant Governmental Authorities. 

5.9.2 Payment. Borrowers shall indemnify, hold harmless and reimburse (within 10 days after demand therefor) Agent, Lenders and
Issuing Bank for any Indemnified Taxes or Other Taxes (including those attributable to amounts payable under this Section) withheld or deducted by any Obligor or Agent, or paid by Agent, any Lender or Issuing Bank, with respect to any Obligations,
Letters of Credit or Loan Documents, whether or not such Taxes were properly asserted by the relevant Governmental Authority, and including all penalties, interest and reasonable expenses relating thereto, as well as any amount that a Lender or
Issuing Bank fails to pay indefeasibly to Agent under Section 5.10; provided, that Borrowers shall not be obligated to indemnify Agent or any Lender or Issuing Bank for any interest, additions to tax or penalties resulting from
such Person’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. A certificate as to the amount of any such payment or liability delivered to Borrower Agent by Agent, or
by a Lender or Issuing Bank (with a copy to Agent), shall be conclusive, absent manifest error. As soon as practicable after any payment of Taxes by a Borrower, Borrower Agent shall deliver to Agent a receipt from the Governmental Authority or other
evidence of payment reasonably satisfactory to Agent. 
 5.10 Lender Tax Information. 

5.10.1 Status of Lenders. Each Lender shall deliver documentation and information to Agent and Borrower Agent, at the times and in
form required by Applicable Law or reasonably requested by Agent or Borrower Agent, sufficient to permit Agent or Borrowers to determine (a) whether or not payments made with respect to Obligations are subject to Taxes, (b) if applicable,
the required rate of withholding or deduction, and (c) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes for such payments or otherwise to establish such Lender’s status for withholding of
tax purposes in the applicable jurisdiction. 
 5.10.2 Documentation. If a Borrower is resident for tax purposes in the
United States, any Lender that is a “United States person” within the meaning of section 7701(a)(30) of the Code shall deliver to Agent and Borrower Agent IRS Form W-9 or such other documentation or information prescribed by Applicable Law
or reasonably requested by Agent or Borrower Agent to determine whether such Lender is subject to backup withholding or information reporting requirements. If any Foreign Lender is entitled to any exemption from or reduction of withholding of tax
for payments with respect to 

  
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the Obligations, it shall deliver to Agent and Borrower Agent, on or prior to the date on which it becomes a Lender hereunder (and from time to time thereafter upon request by Agent or Borrower
Agent, but only if such Foreign Lender is legally entitled to do so), (a) IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party; (b) IRS Form W-8ECI; (c) IRS Form W-8IMY and
all required supporting documentation; (d) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, IRS Form W-8BEN and a certificate showing such Foreign Lender is not
(i) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (ii) a “10 percent shareholder” of any Obligor within the meaning of section 881(c)(3)(B) of the Code, or (iii) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code; or (e) any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in withholding of tax, together with such supplementary documentation
necessary to allow Agent and Borrowers to determine the withholding or deduction required to be made. 
 5.10.3 Lender
Obligations. Each Lender and Issuing Bank shall promptly notify Borrowers and Agent of any change in circumstances that would change any claimed Tax exemption or reduction. Each Lender and Issuing Bank shall indemnify, hold harmless and
reimburse (within 10 days after demand therefor) Borrowers and Agent for any Taxes, losses, claims, liabilities, penalties, interest and expenses (including reasonable attorneys’ fees) incurred by or asserted against a Borrower or Agent by any
Governmental Authority due to such Lender’s or Issuing Bank’s failure to deliver, or inaccuracy or deficiency in, any documentation required to be delivered by it pursuant to this Section. Each Lender and Issuing Bank authorizes Agent to
set off any amounts due to Agent under this Section against any amounts payable to such Lender or Issuing Bank under any Loan Document. 
 5.11 Nature and Extent of Each Borrower’s Liability. 
 5.11.1
Joint and Several Liability. Each Borrower agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Agent and Lenders the prompt payment and performance of, all Obligations and all agreements under
the Loan Documents. Each Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that such
obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document,
instrument or agreement to which any Obligor is or may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by
Agent or any Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for the Obligations or any action, or the absence of any action, by Agent
or any Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any Obligor; (e) any election by Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b)(2) of
the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Agent or any Lender against any
Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or
guarantor, except Full Payment of all Obligations. 
 5.11.2 Waivers. 

(a) Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or
otherwise, to compel Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or security for the payment or performance of any 

  
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Obligations before, or as a condition to, proceeding against such Borrower. Each Borrower waives all defenses available to a surety, guarantor or accommodation co-obligor other than Full Payment
of all Obligations. It is agreed among each Borrower, Agent and Lenders that the provisions of this Section 5.11 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Agent and
Lenders would decline to make Loans and issue Letters of Credit. Each Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business.

 (b) Agent and Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate, including
realization upon Collateral or any Real Estate by judicial foreclosure or non-judicial sale or enforcement, without affecting any rights and remedies under this Section 5.11. If, in taking any action in connection with the exercise of
any rights or remedies, Agent or any Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable Laws pertaining to “election of
remedies” or otherwise, each Borrower consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election of remedies that
results in denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. Each Borrower waives all rights
and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for the Obligations, even though that election of remedies destroys such Borrower’s rights of subrogation against any other
Person. Agent may bid all or a portion of the Obligations at any foreclosure or trustee’s sale or at any private sale, and the amount of such bid need not be paid by Agent but shall be credited against the Obligations. The amount of the
successful bid at any such sale, whether Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the remaining balance of the
Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 5.11, notwithstanding that any present or future law or court decision may have the effect of reducing the amount of any
deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. 
 5.11.3
Extent of Liability; Contribution. 
 (a) Notwithstanding anything herein to the contrary, each Borrower’s liability under
this Section 5.11 shall be limited to the greater of (i) all amounts for which such Borrower is primarily liable, as described below, and (ii) such Borrower’s Allocable Amount. 

(b) If any Borrower makes a payment under this Section 5.11 of any Obligations (other than amounts for which such Borrower
is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if each
Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to receive
contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The
“Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this Section 5.11 without rendering such payment voidable under Section 548 of the Bankruptcy
Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 
 (c) Nothing
contained in this Section 5.11 shall limit the liability of any Borrower to pay Loans made directly or indirectly to that Borrower (including Loans advanced to any 

  
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other Borrower and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support such Borrower’s business,
and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. Agent and Lenders shall have the right, at any time in their discretion, to
condition Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of such Loans and Letters of Credit to such Borrower. 

5.11.4 Joint Enterprise. Each Borrower has requested that Agent and Lenders make this credit facility available to Borrowers on a
combined basis, in order to finance Borrowers’ business most efficiently and economically. Borrowers’ business is a mutual and collective enterprise, and the successful operation of each Borrower is dependent upon the successful
performance of the integrated group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease administration of the facility, all to their mutual advantage. Borrowers acknowledge that
Agent’s and Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to Borrowers and at Borrowers’ request. 

5.11.5 Subordination. Each Borrower hereby subordinates any claims, including any rights at law or in equity to payment,
subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of all Obligations. 

 

	SECTION 6.	CONDITIONS PRECEDENT 

6.1 Conditions to Initial Loans. In addition to the conditions set forth in Section 6.2, Lenders shall not be
required to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to Borrowers hereunder, until the date (“Closing Date”) that each of the following conditions has been satisfied (except as expressly waived
or postponed pursuant to a post closing matters agreement among the Borrowers and the Agent, dated as of the Closing Date): 

(a) Notes shall have been executed by Borrowers and delivered to each Lender that requests issuance of a Note. Each other Loan Document
shall have been duly executed and delivered to Agent by each of the signatories thereto, and each Obligor shall be in compliance with all terms thereof. 
 (b) Agent shall have made or provisions shall have been made for all filings or recordations necessary to perfect its Liens in the Collateral, as well as UCC and Lien searches and other evidence
satisfactory to Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens. 
 (c) Agent shall have
received the Related Real Estate Documents for all Real Estate subject to a Mortgage, as set forth on Schedule 6.1. 

(d) Agent shall have received duly executed agreements establishing each Dominion Account and related lockbox, in form and substance, and
with financial institutions, satisfactory to Agent. 
 (e) Agent shall have received certificates, in form and substance
satisfactory to it, from a knowledgeable Senior Officer of each Borrower certifying that, after giving effect to the initial Loans and transactions hereunder, (i) such Borrower is Solvent; (ii) no Default or Event of Default exists;
(iii) the representations and warranties set forth in Section 9 are true and correct in all material respect (without duplication of any materiality qualifier contained therein); and (iv) such Borrower has complied with all
agreements and conditions to be satisfied by it under the Loan Documents. 

  
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 (f) Agent shall have received a certificate of a duly authorized officer of each Obligor,
certifying (i) that attached copies of such Obligor’s Organic Documents are true and complete, and in full force and effect, without amendment except as shown; (ii) that an attached copy of resolutions authorizing execution and
delivery of the Loan Documents is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked; and (iii) to the title, name and signature of each Person authorized to
sign the Loan Documents. Agent may conclusively rely on this certificate until it is otherwise notified by the applicable Obligor in writing. 
 (g) Agent shall have received a written opinion of Jones Day, as well as any local counsel to Borrowers, in form and substance reasonably satisfactory to Agent. 

(h) Agent shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other appropriate
official of such Obligor’s jurisdiction of organization. Agent shall have received good standing certificates for each Obligor, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization
and each jurisdiction where such Obligor’s conduct of business or ownership of Property necessitates qualification and where failure to be so qualified would reasonably be expected to have a Material Adverse Effect. 

(i) Agent shall have received copies of policies or certificates of insurance for the insurance policies carried by Borrowers, together
with lender’s loss payable endorsement with respect to property insurance policies related to the Collateral and additional insured endorsements with respect to liability insurance policies, all in compliance with the Loan Documents.

 (j) Agent shall have completed its business, financial and legal due diligence of Obligors and the Closing Date Merger
(including of all environmental aspects relating to Borrowers and Chicago Tube and Iron, including all environmental reports as may be required by Agent and including evidence that Borrowers have received all governmental and third party consents
and approvals necessary to consummate the transactions contemplated hereunder), including an appraisal of Borrowers’ (including Chicago Tube and Iron’s) Inventory, Real Estate and Equipment, and a roll-forward of its previous field
examination (and a field examination for Chicago Tube and Iron), with results satisfactory to Agent. No material adverse change in the financial condition of the Obligors (including Chicago Tube and Iron) (taken as a whole) since December 31,
2010 (or, solely with respect to Chicago Tube and Iron, November 30, 2010) or in the quality, quantity or value of the Collateral (taken as a whole) shall have occurred since February 28, 2011. 

(k) Agent shall have received satisfactory flood plain searches, acknowledged Notice to Borrowers and flood insurance (if appropriate)
for all Real Estate subject to a Mortgage. 
 (l) Borrowers shall have paid all fees and expenses to be paid to Agent and
Lenders on the Closing Date. 
 (m) Agent shall have received a Borrowing Base Certificate prepared as of May 31, 2011.
Upon giving effect to the Closing Date Merger and the Loans that are outstanding and that are to be funded, and Letters of Credit that are outstanding and are to be issued, on the Closing Date, and the payment by Borrowers of all fees and expenses
incurred in connection herewith as well as any payables stretched beyond their customary payment practices, Availability shall be at least $70,000,000. 

  
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 (n) Agent shall have received (i) a pro forma balance sheet of Borrower dated as of the
date of closing and giving effect to the Closing Date Merger, which balance sheet shall reflect no material changes from the most recent pro forma balance sheet of Borrowers and Chicago Tube and Iron previously delivered to Agent,
(ii) financial projections of the Borrowers giving effect to the Closing Date Merger for fiscal years 2011-2013, evidencing Borrowers’ compliance with the financial covenants set forth in Section 10.3 and (iii) interim
financial statements as of June 4, 2011 for the Borrowers and interim financial statements as of May 31, 2011 for Chicago Tube. 
 (o) The Merger Agreement shall be in full force and effect and the Closing Date Merger shall have been consummated in accordance with the terms of the Merger Agreement, without any waiver or amendment of
any material provision or material condition not consented to by Agent and in compliance with all Applicable Law. 
 (p)
Borrowers shall have paid to the Agent all accrued and unpaid interest and fees under the Existing Loan and Security Agreement. 

(q) Agent shall have received a duly executed counterpart of the Intercreditor Agreement in form and substance reasonably acceptable to
Agent. 
 (r) All conditions precedent in any other Loan Document shall be satisfied. 

6.2 Conditions Precedent to All Credit Extensions. Agent, Issuing Bank and Lenders shall not be required to fund any Loans
or arrange for issuance of any Letters of Credit, unless the following conditions are satisfied: 
 (a) No Default or Event of
Default shall exist at the time of, or result from, such funding or issuance; 
 (b) The representations and warranties of each
Obligor in the Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) on the date of, and upon giving effect to, such funding or issuance (except for representations and
warranties that expressly relate to an earlier date); 
 (c) No event shall have occurred or circumstance exist that has or
could reasonably be expected to have a Material Adverse Effect; and 
 (d) With respect to issuance of a Letter of Credit, the
LC Conditions shall be satisfied. 
 Each request (or deemed request) by Borrowers for funding of a Loan or issuance of a Letter of Credit shall
constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding or issuance. 
  

	SECTION 7.	COLLATERAL 

 7.1
Grant of Security Interest. To secure the prompt payment and performance of all Obligations, each Borrower hereby grants to Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all Property of such
Borrower, including all of the following Property, whether now owned or hereafter acquired, and wherever located: 
 (a) all
Accounts; 

  
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 (b) all Chattel Paper, including electronic chattel paper; 

(c) all Commercial Tort Claims, including those shown on Schedule 9.1.16; 

(d) all Deposit Accounts; 
 (e) all Documents; 
 (f) all General Intangibles, including Intellectual Property;

 (g) all Goods, including Inventory, Equipment, fixtures and rolling stock; 

(h) all Instruments; 
 (i) all Investment Property; 
 (j) all Letter-of-Credit Rights; 

(k) all Supporting Obligations; 
 (l) all monies, whether or not in the possession or under the control of Agent, a Lender, or a bailee or Affiliate of Agent or a Lender, including any Cash Collateral; 

(m) all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing, including
proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and 
 (n) all books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing. 

Notwithstanding anything herein to the contrary, in no event shall the security interest attach to, or the terms “Collateral”
be deemed to include the following (collectively, the “Excluded Property”): (i) Excluded Equity, (ii) any “intent to use” trademark applications for which a statement of use has not been filed (but only until
such statement is filed), (iii) for so long as the Toro AR Purchase Agreement is in effect, any Toro Purchased Account and (iv) any lease, license, contract or agreement to which a Borrower is a party, in any case if and for so long as and
to the extent that (A) such lease, license, contract or agreement prohibits or requires the consent of any Person other than a Borrower which has not been obtained as a condition to the creation by such Borrower of a Lien on any right, title or
interest in such lease, license, contract or agreement or any of such Borrower’s rights or interests thereunder or (B) to the extent that any Applicable Law prohibits the creation of a Lien thereon, but only, with respect to the
prohibition in (A) and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC or any other Applicable Law; provided, however, “Excluded
Property” shall not include any proceeds, products, substitutions or replacements of Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property). 

  
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 7.2 Lien on Deposit Accounts; Cash Collateral. 

7.2.1 Deposit Accounts. To further secure the prompt payment and performance of all Obligations, each Borrower hereby grants to
Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all amounts credited to any Deposit Account of such Borrower, including any sums in any blocked or lockbox accounts or in any accounts into which such sums
are swept. Each Borrower hereby authorizes and directs each bank or other depository to deliver to Agent, upon request, all balances in any Deposit Account (other than an Excluded Account) maintained by such Borrower, without inquiry into the
authority or right of Agent to make such request. 
 7.2.2 Cash Collateral. Any Cash Collateral may be invested, at
Agent’s discretion, in Cash Equivalents, but Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Borrower, and shall have no responsibility for any investment or loss. Each Borrower hereby grants to
Agent, for the benefit of Secured Parties, a security interest in all Cash Collateral held from time to time and all proceeds thereof, as security for the Obligations, whether such Cash Collateral is held in a Cash Collateral Account or elsewhere.
Agent may apply Cash Collateral to the payment of any Obligations, in such order as Agent may elect, as they become due and payable. Each Cash Collateral Account and all Cash Collateral shall be under the sole dominion and control of Agent. No
Borrower or other Person claiming through or on behalf of any Borrower shall have any right to any Cash Collateral, until Full Payment of all Obligations. 
 7.3 Real Estate Collateral. 
 7.3.1 Lien on Real Estate. The
Obligations shall also be secured by Mortgages upon each parcel of Real Estate owned in fee by Borrowers (other than the Real Estate located at (i) 421 Browns Hill Road, Locust, North Carolina 28097, (ii) 164 American Dr., Oakboro, North
Carolina 28129, (iii) 6030 N. 60th St., Milwaukee, Wisconsin 53218, (iv) vacant land located at 891-B Cockerill Road, Sumpter, North Carolina 29154 and (v) building located on the land owned by the United States Steel Corporation, a
Delaware corporation, known as Gary Works, in Gary, Indiana (collectively, the “Excluded Real Estate”)). The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute
a fully perfected Lien on the Real Estate covered thereby. If any Borrower acquires any Real Estate in fee (other than any Real Estate with a fair market value of less than $2,000,000) hereafter, Borrowers shall, within 60 days of such acquisition
(or such later date or dates as may be approved by Agent in its sole discretion in writing), execute, deliver and record a Mortgage sufficient to create a first priority Lien in favor of Agent on such Real Estate, and shall deliver all Related Real
Estate Documents. 
 7.3.2 Collateral Assignment of Leases. To further secure the prompt payment and performance of all
Obligations, each Borrower hereby transfers and assigns to Agent, for the benefit of Secured Parties, all of such Borrower’s right, title and interest in, to and under all now or hereafter existing leases of real Property to which such Borrower
is a party, whether as lessor or lessee, and all extensions, renewals, modifications and proceeds thereof to the extent that such Borrower is permitted to do so under the applicable lease. 

7.4 Other Collateral. 
 7.4.1 Commercial Tort Claims. Borrowers shall promptly notify Agent in writing if any Borrower has a Commercial Tort Claim (other than, as long as no Event of Default exists, a Commercial Tort
Claim for less than $100,000), shall promptly amend Schedule 9.1.16 to include such claim, and shall take such actions as Agent deems appropriate to subject such claim to a duly perfected, first priority Lien in favor of Agent (for the
benefit of Secured Parties). 

  
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 7.4.2 Certain After-Acquired Collateral. Borrowers shall promptly notify Agent in
writing if, after the Closing Date, any Borrower obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights (other than, as long
as no Event of Default exists, any Collateral consisting of Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights with a value of less than $1,000,000 in the aggregate for all such Chattel
Paper, Documents, Instruments, Intellectual Property, Investment Property and Letter-of-Credit Rights) and, upon Agent’s request, shall promptly take such actions as Agent deems appropriate to effect Agent’s duly perfected, first priority
Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s request, Borrowers shall use commercially reasonable efforts to
obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent. 
 7.5 No Assumption of
Liability. The Lien on Collateral granted hereunder is given as security only and shall not subject Agent or any Lender to, or in any way modify, any obligation or liability of Borrowers relating to any Collateral. 

7.6 Further Assurances. Promptly upon request, Borrowers shall deliver such instruments, assignments, title certificates,
or other documents or agreements, and shall take such actions, as Agent deems appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement. Each Borrower authorizes
Agent to file any financing statement that indicates the Collateral as “all assets” or “all personal property” of such Borrower, or words to similar effect, and ratifies any action taken by Agent before the Closing Date to effect
or perfect its Lien on any Collateral. 
 7.7 Release of Collateral. At the time that Lenders authorize Agent to
release Liens pursuant to Section 12.2.1(a) and subject to Section 4.6, the Collateral shall be released from the Lien created hereby and all rights to the Collateral shall revert to the Borrowers. At the request of any
Borrower following any such termination, the Agent shall deliver to such Borrower any Collateral of such Borrower held by the Agent hereunder and execute and deliver to such Borrower such documents as such Grantor shall reasonably request to
evidence such termination. 
  

	SECTION 8.	COLLATERAL ADMINISTRATION 

8.1 Borrowing Base Certificates. By the 20th day of each month, Borrowers shall deliver to Agent (and Agent shall promptly
deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of the previous month, and at such other times as Agent may request during any Reporting Trigger Period. All calculations of Availability in any Borrowing
Base Certificate shall originally be made by Borrowers and certified by a Senior Officer, provided that Agent may from time to time review and adjust any such calculation (a) to reflect its reasonable estimate of declines in value of any
Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting Collateral; and (c) to the extent the calculation is not
made in accordance with this Agreement or does not accurately reflect the Availability Reserve. 
 8.2 Administration of
Accounts. 
 8.2.1 Records and Schedules of Accounts. Each Borrower shall keep accurate and complete records of
its Accounts, including all payments and collections thereon, and shall submit to Agent sales, collection, reconciliation and other reports in form satisfactory to Agent, on such periodic 

  
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basis as Agent may request (but in any event no less frequently than monthly), and Agent shall promptly deliver same to Lenders. Each Borrower shall also provide to Agent (and Agent shall
promptly deliver same to Lenders), on or before the 20th day of each month and at such other times as Agent may request during any Reporting Trigger Period, a detailed aged trial balance of all Accounts as of the end of the preceding month and as of
the end of such other period as Agent may request during any Reporting Trigger Period, specifying each Account’s Account Debtor name and address, amount, invoice date and due date, showing any discount, allowance, credit, authorized return or
dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Agent may reasonably request. If Accounts in an aggregate face amount
of $5,000,000 or more cease to be Eligible Accounts, Borrowers shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrower has knowledge thereof. 

8.2.2 Taxes. If an Account of any Borrower includes a charge for any Taxes, Agent is authorized, in its discretion, to pay the
amount thereof to the proper taxing authority for the account of such Borrower and to charge Borrowers therefor; provided, however, that neither Agent nor Lenders shall be liable for any Taxes that may be due from Borrowers or with
respect to any Collateral. 
 8.2.3 Account Verification. Whether or not a Default or Event of Default exists, Agent
shall have the right at any time, in the name of Agent, any designee of Agent or any Borrower, to verify the validity, amount or any other matter relating to any Accounts of Borrowers by mail, telephone or otherwise. Borrowers shall cooperate fully
with Agent in an effort to facilitate and promptly conclude any such verification process; provided that Agent shall use reasonable efforts to notify Borrower Agent of such verification. 

8.2.4 Maintenance of Dominion Account. Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements
acceptable to Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account, which
may be exercised by Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges.
If a Dominion Account is not maintained with Bank of America, Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no
responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank. 

8.2.5 Proceeds of Collateral. Borrowers shall request in writing and otherwise take all reasonably necessary steps to ensure that
all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall
hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account. 
 8.3
Administration of Inventory. 
 8.3.1 Records and Reports of Inventory. Each Borrower shall keep accurate and
complete records of its Inventory, including costs and daily withdrawals and additions, and shall submit to Agent inventory and reconciliation reports in form satisfactory to Agent, on such periodic basis as Agent may request (but in any event no
less frequently than monthly), and Agent shall promptly deliver same to Lenders. Each Borrower shall conduct a physical inventory at least once per calendar year (and 

  
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on a more frequent basis if requested by Agent during any Reporting Trigger Period) and periodic cycle counts consistent with historical practices, and shall provide to Agent a report (Agent
shall promptly deliver same to Lenders) based on each such inventory and count promptly upon completion thereof, together with such supporting information as Agent may request. Agent may participate in and observe each physical count at no cost to
Borrowers unless such participation or observation takes place during the annual inspection under Section 10.1.1 hereunder. 
 8.3.2 Returns of Inventory. No Borrower shall return any Inventory to a supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the Ordinary
Course of Business; (b) no Event of Default or Overadvance exists or would result therefrom; (c) Agent is promptly notified if the aggregate Value of all Inventory returned in any month exceeds $5,000,000; and (d) any payment received
by a Borrower for a return is promptly remitted to Agent for application to the Obligations. 
 8.3.3 Acquisition, Sale and
Maintenance. No Borrower shall acquire or accept any Inventory on consignment or approval, and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA in all material respects.
Borrowers shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with all Applicable Law in all material respects, and shall make current rent payments
(within applicable grace periods provided for in leases) at all locations where any Collateral is located. 
 8.4
Administration of Equipment. 
 8.4.1 Records and Schedules of Equipment. Each Borrower shall keep accurate
and complete records of its Equipment, including kind, quality, quantity, cost, acquisitions and dispositions thereof, and shall submit to Agent, on such periodic basis as Agent may request, a current schedule thereof, in form satisfactory to Agent.
Promptly upon request, Borrowers shall deliver to Agent evidence of their ownership or interests in any Equipment. 
 8.4.2
Dispositions of Equipment. No Borrower shall sell, lease or otherwise dispose of Equipment with an aggregate value for all such Equipment (which value, for any Equipment, shall be either its net orderly liquidation value determined from the
most recent appraisal or if such net orderly liquidation value is not available, its net book value) in excess of $750,000, without the prior written consent of Agent, other than a Permitted Asset Disposition. 

8.4.3 Condition of Equipment. The Equipment is in good operating condition and repair, and all necessary replacements and repairs
(in the business judgment of the Borrowers) have been made, reasonable wear and tear excluded. Each Borrower shall ensure that the Equipment is mechanically and structurally sound, and capable of performing the functions for which it was designed,
in accordance with manufacturer specifications. No Borrower shall permit any Equipment to become affixed to real Property unless any landlord or mortgagee delivers a Lien Waiver. 

8.5 Administration of Deposit Accounts. Schedule 8.5 sets forth all Deposit Accounts maintained by Borrowers,
including all Dominion Accounts. Each Borrower shall take all actions necessary to establish Agent’s control of each such Deposit Account (other than an account exclusively used for payroll, payroll taxes or employee benefits, zero balance
disbursement accounts (it being understood and agreed that Borrowers shall not maintain cash on deposit in disbursement accounts in excess of outstanding checks and wire transfers payable from such accounts and amounts necessary to meet minimum
balance requirements) or accounts containing not more than $100,000 in the aggregate for all such accounts at any time (collectively, the “Excluded Accounts”)). Each Borrower shall be the sole 

  
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account holder of each Deposit Account and shall not allow any other Person (other than Agent) to have control over a Deposit Account or any Property deposited therein. Each Borrower shall
promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same. Each Borrower shall (i) request in writing and otherwise take such reasonable steps to ensure
that all Account Debtors forward payment directly to lockboxes and Dominion Accounts maintained pursuant to and in accordance with Section 8.2.4, and (ii) deposit or cause to be deposited promptly, and in any event no later than the
first Business Day after the date of receipt thereof, all cash, checks, drafts or other similar items of payment relating to or constituting payments made in respect of any and all Collateral (whether or not otherwise delivered to a lockbox) into
one or more Dominion Accounts. All Net Proceeds of the sale or other disposition of any Collateral, shall be deposited directly into the applicable Dominion Accounts. 
 8.6 General Provisions. 
 8.6.1 Location of Collateral. All
tangible items of Collateral (other than Inventory in transit, Collateral in the possession of Agent or a Lender, or at locations at which the aggregate value of Collateral does not exceed $25,000 for each such location and $100,000 in the aggregate
for all such locations) shall at all times be kept by Borrowers at the business locations set forth in Schedule 8.6.1, except that Borrowers may (a) make sales or other dispositions of Collateral in accordance with
Section 10.2.6; and (b) move Collateral to another location in the United States, provided that such location is or will be identified on the first Borrowing Base Certificate that is delivered after Collateral is moved to
such location. 
 8.6.2 Insurance of Collateral; Condemnation Proceeds. 

(a) Each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief, flood
and other risks, in amounts, with endorsements and with insurers (with a Best’s Rating of at least A+, unless otherwise approved by Agent) satisfactory to Agent (it being understood and agreed that the insurance of the Borrowers in place on the
Closing Date and insurers providing it are satisfactory to Agent). All proceeds under each policy in respect of Collateral shall be payable to Agent. From time to time upon request, Borrowers shall deliver to Agent the originals or certified copies
of its insurance policies and updated flood plain searches. Unless Agent shall agree otherwise, each policy shall include satisfactory endorsements (i) showing Agent as loss payee in respect of the property insurance policies relating to the
Collateral and additional insured in respect of the liability insurance policies, as applicable; (ii) requiring 30 days prior written notice to Agent in the event of cancellation of the policy for any reason whatsoever; and
(iii) specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the
policy. If any Borrower fails to provide and pay for any insurance, Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Agent, promptly as rendered, copies
of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim relating to Collateral, as long as the proceeds are delivered to Agent. If an Event of Default exists, only
Agent shall be authorized to settle, adjust and compromise such claims relating to Collateral. 
 (b) Any Net Proceeds of
casualty insurance covering any Collateral and any awards arising from condemnation of any Collateral shall be paid to Agent. Any such proceeds or awards that relate to Inventory shall be applied to payment of the Revolver Loans to the extent
Revolving Loans are outstanding. Subject to clause (c) below, any proceeds or awards that relate to Equipment or Real Estate shall be applied first to Term Loans, then to Revolver Loans and then to other Obligations. 

  
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 (c) If requested by Borrowers in writing within 15 days after Agent’s receipt of any
casualty insurance proceeds or condemnation awards relating to any loss or destruction of Equipment or Real Estate, Borrowers may use such proceeds or awards to repair or replace such Equipment or Real Estate (and until so used, the proceeds shall
be held by Agent as Cash Collateral) as long as (i) no Event of Default exists; (ii) such repair or replacement is promptly undertaken and concluded (which, if an Event of Default exists, shall be in accordance with plans satisfactory to
Agent); (iii) the repaired or replaced Property is free of Liens, other than Permitted Liens that are not Purchase Money Liens; and (iv) Borrowers comply with disbursement procedures for such repair or replacement as Agent may reasonably
require. 
 8.6.3 Protection of Collateral. All expenses of protecting, storing, warehousing, insuring, handling,
maintaining and shipping any Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Agent to any Person to realize upon any Collateral, shall be borne and paid by
Borrowers. Agent shall not be liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Agent’s actual possession), for any
diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Borrowers’ sole risk. 

8.6.4 Defense of Title to Collateral. Each Borrower shall at all times defend its title to Collateral and Agent’s Liens
therein against all Persons, claims and demands whatsoever, except Permitted Liens. 
 8.7 Power of Attorney. Each
Borrower hereby irrevocably constitutes and appoints Agent (and all Persons designated by Agent) as such Borrower’s true and lawful attorney (and agent-in-fact) for the purposes provided in this Section. Agent, or Agent’s designee, may,
without notice and in either its or a Borrower’s name, but at the cost and expense of Borrowers: 
 (a) Endorse a
Borrower’s name on any Payment Item or other proceeds of Collateral (including proceeds of insurance) that come into Agent’s possession or control; and 
 (b) During an Event of Default, (i) notify any Account Debtors of the assignment of their Accounts, demand and enforce payment of Accounts by legal proceedings or otherwise, and generally exercise
any rights and remedies with respect to Accounts; (ii) settle, adjust, modify, compromise, discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral; (iii) sell or assign any
Accounts and other Collateral upon such terms, for such amounts and at such times as Agent deems advisable; (iv) collect, liquidate and receive balances in Deposit Accounts or investment accounts, and take control, in any manner, of proceeds of
Collateral; (v) prepare, file and sign a Borrower’s name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and
dispose of mail addressed to a Borrower, and notify postal authorities to deliver any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document, Instrument, bill of lading, or other document or agreement relating to
any Accounts, Inventory or other Collateral; (viii) use a Borrower’s stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use information contained in any data processing, electronic or
information systems relating to Collateral; (x) make and adjust claims under insurance policies; (xi) take any action as may be necessary or appropriate to obtain payment under any letter of credit, banker’s acceptance or other
instrument for which a Borrower is a beneficiary; and (xii) take all other actions as Agent deems appropriate to fulfill any Borrower’s obligations under the Loan Documents. 

  
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	SECTION 9.	REPRESENTATIONS AND WARRANTIES 

 9.1 General Representations and Warranties. To induce Agent and Lenders to enter into this Agreement and to make available the Commitments, Loans and Letters of Credit, each Borrower
represents and warrants that the following are, and after giving effect to the Closing Date Merger, will be, true, correct and complete: 
 9.1.1 Organization and Qualification. Each Borrower and Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. Each Borrower and
Subsidiary is duly qualified, authorized to do business and in good standing as a foreign corporation in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect. 

9.1.2 Power and Authority. Each Obligor is duly authorized to execute, deliver and perform the Loan Documents to which it is a
party. The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity Interests of any Obligor, other than those already
obtained; (b) contravene the Organic Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require the imposition of any Lien (other than Permitted Liens) on any
Property of any Obligor. 
 9.1.3 Enforceability. Each Loan Document is a legal, valid and binding obligation of each
Obligor party thereto, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 
 9.1.4
Capital Structure. Schedule 9.1.4 shows, as of the Closing Date (after giving effect to the Closing Date Merger) for each Borrower and Subsidiary, (A) its name and its jurisdiction of organization and (B) other than with
respect to Olympic Steel, its authorized and issued Equity Interests, the holders of its Equity Interests, and all agreements binding on such holders with respect to their Equity Interests. Except as disclosed on Schedule 9.1.4, in the five
years preceding the Closing Date, no Borrower or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a merger or combination. Each Borrower has good title to its Equity Interests in its Subsidiaries,
subject only to Agent’s Lien and Permitted Liens, and all such Equity Interests are duly issued, fully paid and non-assessable. There are no outstanding purchase options, warrants, subscription rights, agreements to issue or sell, convertible
interests, phantom rights or powers of attorney relating to Equity Interests of any Borrower (other than Olympic Steel) or any Subsidiary. 
 9.1.5 Title to Properties; Priority of Liens. Each Borrower and Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its
personal Property, including all Property reflected in any financial statements delivered to Agent or Lenders, in each case free of Liens except Permitted Liens or any defects in title which do not constitute Liens and that individually or in the
aggregate could not reasonably be expected to have a Material Adverse Effect. Each Borrower and Subsidiary has paid and discharged all lawful claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. Subject to any
actions required to be taken solely by Agent, including the filing of UCC-1 financing statements and the recording of Mortgages, all Liens of Agent in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are
expressly allowed to have priority over Agent’s Liens. 
 9.1.6 Accounts. Agent may rely, in determining which
Accounts are Eligible Accounts, on all statements and representations made by Borrowers with respect thereto. Borrowers warrant, with respect to each Account at the time it is shown as an Eligible Account in a Borrowing Base Certificate, that:

 (a) it is genuine and in all respects what it purports to be, and is not evidenced by a judgment; 

  
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 (b) it arises out of a completed, bona fide sale and delivery of goods in the
Ordinary Course of Business, and substantially in accordance with any purchase order, contract or other document relating thereto; 
 (c) it is for a sum certain, maturing as stated in the invoice covering such sale, a copy of which has been furnished or is available to Agent on request; 

(d) it is not subject to any offset, Lien (other than Agent’s Lien), deduction, defense, dispute, counterclaim or other adverse
condition except as arising in the Ordinary Course of Business and disclosed in the Borrowing Base Certificate and, if requested since the date of the last Borrowing Base Certificate, otherwise disclosed to Agent; and it is absolutely owing by the
Account Debtor, without contingency in any respect; 
 (e) no purchase order, agreement, document or Applicable Law restricts
assignment of the Account to Agent (regardless of whether, under the UCC, the restriction is ineffective), and the applicable Borrower is the sole payee or remittance party shown on the invoice; 

(f) no extension, compromise, settlement, modification, credit, deduction or return has been authorized with respect to the Account,
except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Agent hereunder; and 

(g) to the Borrowers’ knowledge, (i) there are no facts or circumstances that are reasonably likely to impair the
enforceability or collectibility of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Borrower’s customary credit standards, is Solvent, is not contemplating or
subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to have a material
adverse effect on the Account Debtor’s financial condition. 
 9.1.7 Financial Statements. Other than pro forma
financial statements and other forward looking statements, the consolidated and consolidating balance sheets, and related statements of income, cash flow and shareholder’s equity, of Borrowers and Subsidiaries that have been and are hereafter
delivered to Agent and Lenders, are prepared in accordance with GAAP (subject to year-end adjustments and the omission of notes thereto in the case of interim statements), and fairly present in all material respects the financial positions and
results of operations of Borrowers and Subsidiaries at the dates and for the periods indicated. All projections, pro forma financial statements and other estimates and forward looking statements delivered from time to time to Agent and Lenders have
been prepared in good faith, based on assumptions believed to be reasonable in light of the circumstances at such time, it being recognized that actual results may materially differ therefrom. Since December 31, 2010 (or, solely with respect to
Chicago Tube and Iron, November 30, 2010), there has been no change in the financial condition of any Borrower or Subsidiary that could reasonably be expected to have a Material Adverse Effect. No financial statement (excluding projections and
other forward looking statements) delivered to Agent or Lenders at the time furnished contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make such statement not materially misleading. Each Borrower
and Subsidiary is Solvent. 

  
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 9.1.8 Surety Obligations. No Borrower or Subsidiary is obligated as surety or
indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder. 
 9.1.9 Taxes. Each Borrower and Subsidiary has filed all income and other material tax returns and other reports that it is required by law to file, and has, to the best of Borrowers’
knowledge, paid, or made provision for the payment of, all Taxes due and owing (whether or not shown or reportable on any tax returns or other reports), except to the extent being Properly Contested. The provision for Taxes on the books of each
Borrower and Subsidiary is adequate for all years not closed by applicable statutes, and for its current Fiscal Year. 
 9.1.10
Brokers. There are no brokerage commissions, finder’s fees or investment banking fees payable in connection with any transactions contemplated by the Loan Documents. 

9.1.11 Intellectual Property. Each Borrower and Subsidiary owns or has the lawful right to use all Intellectual Property necessary
for the conduct of its business, without, to any Borrower’s knowledge, conflict with any rights of others. There is no pending or, to any Borrower’s knowledge, threatened Intellectual Property Claim with respect to any Borrower, any
Subsidiary or any of their Property (including any Intellectual Property). Except as disclosed on Schedule 9.1.11, as of the Closing Date, no Borrower or Subsidiary pays or owes any Royalty or other compensation to any Person with respect to
any Intellectual Property. All federally registered Intellectual Property (other than off-the-shelf software) owned, used or licensed by, or otherwise subject to any interests of, any Borrower or Subsidiary is, as of the Closing Date, shown on
Schedule 9.1.11. 
 9.1.12 Governmental Approvals. Each Borrower and Subsidiary has, is in compliance with, and is
in good standing with respect to, all material Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties. All necessary import, export or other licenses, permits or certificates for the import or handling
of any goods or other Collateral have been procured and are in effect, and Borrowers and Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral, except where
noncompliance could not reasonably be expected to have a Material Adverse Effect. 
 9.1.13 Compliance with Laws. Each
Borrower and Subsidiary has duly complied, and its Properties and business operations are in compliance, in all material respects with all Applicable Law, except where noncompliance could not reasonably be expected to have a Material Adverse Effect.
As of the Closing Date, there have been no citations, notices or orders of material noncompliance issued to any Borrower or Subsidiary under any Applicable Law, and there have been no citations, notices or orders of material noncompliance issued to
any Borrower or Subsidiary under any Applicable Law after the Closing Date of which Borrower Agent has not provided notice thereof to Agent. No Inventory has been produced in violation of the FLSA. 

9.1.14 Compliance with Environmental Laws. Except as disclosed on Schedule 9.1.14 or as would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect: no Borrower’s or Subsidiary’s past or present operations, Real Estate, or other Properties are subject to any federal, state, or local investigation to
determine whether any remedial action is needed to address any environmental pollution, Hazardous Material or environmental clean-up; no Borrower or Subsidiary has received any Environmental Notice; and no Borrower or Subsidiary is aware of any
reasonably likely liability with respect to any Environmental Release, environmental pollution, or 

  
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 Hazardous Material on any Real Estate now or previously owned, leased, or operated by it. The
representations and warranties of the Borrowers contained in the Environmental Agreement are true and correct in all material respects on the Closing Date. 
 9.1.15 Burdensome Contracts. No Borrower or Subsidiary is a party or subject to any contract, agreement or charter restriction that would reasonably be expected to have a Material Adverse Effect.
No Borrower or Subsidiary is, as of the Closing Date, party or subject to any Restrictive Agreement, except as shown on Schedule 9.1.15. No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by an
Obligor. 
 9.1.16 Litigation. Except as shown on Schedule 9.1.16, there are no proceedings or investigations
pending or, to any Borrower’s knowledge, threatened against any Borrower or Subsidiary, or any of their businesses or Properties, that (a) relate to any Loan Documents or transactions contemplated thereby; or (b) would reasonably be
expected to have a Material Adverse Effect. Except as shown on such Schedule or as provided in a notice to Agent pursuant to Section 7.4.1, no Obligor has a Commercial Tort Claim (other than, as long as no Default or Event of Default
exists, a Commercial Tort Claim for less than $100,000). No Borrower or Subsidiary is in default in any material respect with respect to any order, injunction or judgment of any Governmental Authority. 

9.1.17 No Defaults. No event or circumstance has occurred or exists that constitutes a Default or Event of Default. No Borrower or
Subsidiary is in default (after giving effect to any applicable cure period) under any Material Contract or in the payment of any Borrowed Money in excess of $2,500,000. There is no basis upon which any party (other than a Borrower or Subsidiary)
could terminate a Material Contract prior to its scheduled termination date. 
 9.1.18 ERISA. Except as disclosed on
Schedule 9.1.18 or as would not reasonably be expected to have a Material Adverse Effect: 
 (a) Each Plan is in
compliance in with the applicable provisions of ERISA, the Code, and other federal and state laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter (or, in the case of a
prototype or volume submitter plan, an opinion letter) from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of Borrowers, nothing has occurred which would prevent, or
cause the loss of, such qualification. Each Obligor and ERISA Affiliate has made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Code has been made with respect to any Plan. 
 (b) There are no pending or, to the
knowledge of Borrowers, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan.

 (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension
Liability; (iii) no Obligor or ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA);
(iv) no Obligor or ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201
or 4243 of ERISA with respect to a Multiemployer Plan; and (v) no Obligor or ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA. 

  
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 (d) With respect to any Foreign Plan, (i) all employer and employee contributions
required by law or by the terms of the Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer
for any Foreign Plan funded through insurance, or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all current and
former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it has been
registered as required and has been maintained in good standing with applicable regulatory authorities. 
 9.1.19 Trade
Relations. There exists no actual or threatened termination, limitation or modification of any business relationship between any Borrower or Subsidiary and any customer or supplier, or any group of customers or suppliers, who individually or in
the aggregate are material to the business of such Borrower or Subsidiary, except in each case as would not reasonably be expected to have a Material Adverse Effect. There exists no condition or circumstance that could reasonably be expected to
materially impair the ability of any Borrower or Subsidiary to conduct its business at any time hereafter in substantially the same manner as conducted on the Closing Date. 
 9.1.20 Labor Relations. Except as described on Schedule 9.1.20, as of the Closing Date, no Borrower or Subsidiary is party to or bound by any collective bargaining agreement, management
agreement or consulting agreement. There are no material grievances, disputes or controversies with any union or other organization of any Borrower’s or Subsidiary’s employees, or, to any Borrower’s knowledge, any asserted or
threatened strikes, work stoppages or demands for collective bargaining, except as would not reasonably be expected to have a Material Adverse Effect. 
 9.1.21 Payable Practices. No Borrower or Subsidiary has made any material change in its historical accounts payable practices from those in effect on the Closing Date. 

9.1.22 Not a Regulated Entity. No Obligor is (a) an “investment company” or a “person directly or indirectly
controlled by or acting on behalf of an investment company” within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any
other Applicable Law regarding its authority to incur Debt. 
 9.1.23 Margin Stock. No Borrower or Subsidiary is engaged,
principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No Loan proceeds or Letters of Credit will be used by Borrowers to purchase or carry, or to reduce or
refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors. 
 9.1.24 Inactive Subsidiaries. No Inactive Subsidiary (a) has any assets with a net book value which, when taken together with the net book value of the assets of all other Inactive
Subsidiaries exceeds $500,000 in the aggregate, (b) has any material liabilities or (c) is engaged in any trade or business (other than the maintenance of its existence and activities incidental thereto). 

9.1.25 Certain Other Representations and Warranties. The Closing Date Merger has been consummated in accordance with the Merger
Agreement and Applicable Law. As of the Closing Date, (i) each of the representations and warranties contained in the Merger Agreement made by Olympic Steel is true and correct, and (ii) to the knowledge of each Borrower, each of the
representations and warranties contained in the Merger Agreement made by Persons other than Olympic Steel is true and correct. 

  
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 9.2 Complete Disclosure. No Loan Document contains any untrue statement of a
material fact, nor fails to disclose any material fact necessary to make the statements contained therein not materially misleading. There is no fact or circumstance that any Obligor has failed to disclose to Agent in writing that could reasonably
be expected to have a Material Adverse Effect. 
  

	SECTION 10.	COVENANTS AND CONTINUING AGREEMENTS 

 10.1 Affirmative Covenants. As long as any Commitments or Obligations are outstanding, each Borrower shall, and shall cause each Subsidiary to: 

10.1.1 Inspections; Appraisals. 
 (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or
Subsidiary, inspect, audit and make extracts from any Borrower’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Subsidiary’s business,
financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share
any results of any inspection, appraisal or report with any Borrower. Borrowers acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Borrowers shall not be entitled to rely upon them.

 (b) Reimburse Agent for all reasonable out-of-pocket and allocate internal charges, costs and expenses of Agent in
connection with (i) examinations of any Obligor’s books and records or any other financial or Collateral matters as Agent deems appropriate, up to one time per Loan Year; and (ii) appraisals of (A) Inventory, up to
one time per Loan Year and (B) Equipment and Real Estate at any time following the occurrence of an Event of Default; provided, however, that if an examination or appraisal is initiated during any Reporting Trigger Period, all
reasonable out-of-pocket and allocated internal charges, costs and expenses therefor shall be reimbursed by Borrowers without regard to such limits. Subject to and without limiting the foregoing, Borrowers specifically agree to pay Agent’s then
standard charges for each day that an employee of Agent or its Affiliates is engaged in any examination activities, and shall pay the standard charges of Agent’s examination group (for the information purposes only, the per day per field
examiner charge as of the date hereof is currently $1,000 per day). This Section shall not be construed to limit Agent’s right to conduct examinations or to obtain appraisals at any time in its discretion, nor to use third parties for such
purposes. 
 10.1.2 Financial and Other Information. Keep adequate records and books of account with respect to its
business activities, in which proper entries are made in accordance with GAAP reflecting all financial transactions; and furnish to Agent and Lenders: 
 (a) as soon as available, and in any event within 120 days after the close of each Fiscal Year, balance sheets as of the end of such Fiscal Year and the related statements of income, cash flow and
shareholders’ equity for such Fiscal Year, on consolidated bases for Borrowers and Subsidiaries, which consolidated statements shall be audited and certified (without a “going concern” or like qualification or exception and without
any qualification or exception as to the scope of such audit) by a firm of independent certified public accountants of recognized standing selected by Borrowers and acceptable to Agent (it being agreed that PricewaterhouseCoopers LLP is acceptable
to Agent), and shall 

  
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set forth in comparative form corresponding figures for the preceding Fiscal Year and other information acceptable to Agent; provided, however, that such requirements for the furnishing of
such annual financial statements may be fulfilled by the furnishing of the annual report of Borrowers and Subsidiaries on Form 10-K (within the 120 day period set forth herein), which includes financial statements, as filed with the Securities and
Exchange Commission, for the applicable Fiscal Year, and notice to Agent of such filing (within the 120 day period set forth herein); 
 (b) as soon as available, and in any event within 45 days after the end of each Fiscal Quarter, unaudited balance sheets as of the end of such Fiscal Quarter and the related statements of income and cash
flow for such Fiscal Quarter and for the portion of the Fiscal Year then elapsed, on consolidated bases for Borrowers and Subsidiaries, setting forth in comparative form corresponding figures for the preceding Fiscal Year and certified by the chief
financial officer of Borrower Agent as prepared in accordance with GAAP and fairly presenting the financial position and results of operations for such Fiscal Quarter and period, subject to normal year-end adjustments and the absence of footnotes;
provided, however, that such requirements for the furnishing of such quarterly financial statements may be fulfilled by the furnishing of the quarterly report of Borrowers and Subsidiaries on Form 10-Q (within the 45 day period set forth
herein), which includes financial statements, as filed with the Securities and Exchange Commission, for the applicable Fiscal Quarter, and notice to Agent of such filing (within the 45 day period set forth herein) 

(c) as soon as available, and in any event within 30 days after the end of each fiscal month (except for the last month of each Fiscal
Year, in which case, within 60 days after the end of such fiscal month), unaudited balance sheets as of the end of such fiscal month and the related statements of income and cash flow for such fiscal month and for the portion of the Fiscal Year then
elapsed, on consolidated bases for Borrowers and Subsidiaries, setting forth in comparative form corresponding figures for the preceding Fiscal Year and certified by the chief financial officer of Borrower Agent as prepared in accordance with GAAP
and fairly presenting the financial position and results of operations for such month and period, subject to normal year-end adjustments and the absence of footnotes; 
 (d) concurrently with delivery of financial statements under clauses (a), (b) and (c) above, or more frequently if requested by Agent while an Event of Default exists, a Compliance Certificate
executed by the chief financial officer of Borrower Agent; 
 (e) concurrently with delivery of financial statements under
clause (a) above, copies of all management letters and other material reports submitted to Borrowers by their accountants in connection with such financial statements; 
 (f) not later than 30 days after the end of each Fiscal Year, projections of Borrowers’ consolidated balance sheets, results of operations, cash flow and Availability for the next Fiscal Year, month
by month; 
 (g) at Agent’s request, a listing of each Borrower’s trade payables, specifying the trade creditor and
balance due, and a detailed trade payable aging, all in form satisfactory to Agent; 
 (h) promptly after the sending or filing
thereof, copies of any proxy statements, financial statements or reports that any Borrower has made generally available to its shareholders in their capacities as such; copies of any regular, periodic and special reports or registration statements
or prospectuses that any Borrower files with the Securities and Exchange Commission or any other Governmental Authority, or any securities exchange; and copies of any press releases or other statements made available by a Borrower to the public
concerning material changes to or developments in the business of such Borrower; 

  
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 (i) promptly upon Agent’s or any Lender request, copies of any annual report filed or
to be filed in connection with each Plan or Foreign Plan; and 
 (j) such other reports and information (financial or
otherwise) as Agent may reasonably request from time to time in connection with any Collateral or any Borrower’s, Subsidiary’s or other Obligor’s financial condition or business. 

10.1.3 Notices. Notify Agent and Lenders in writing, promptly after a Borrower’s obtaining knowledge thereof, of any of the
following that affects an Obligor: (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, that would have a Material Adverse Effect; (b) any pending or threatened labor dispute, strike or
walkout, or the expiration of any material labor contract; (c) any material default under or termination of a Material Contract (other than a termination in accordance with its terms); (d) the existence of any Default or Event of Default;
(e) any judgment in an amount exceeding $1,000,000; (f) the assertion of any Intellectual Property Claim, that would reasonably be expected to have a Material Adverse Effect; (g) any violation or asserted violation of any Applicable
Law (including ERISA, OSHA, FLSA, or any Environmental Laws) that would have a Material Adverse Effect; (h) any Environmental Release by an Obligor or on any Property owned, leased or occupied by an Obligor; or receipt of any Environmental
Notice, in each case that would reasonably be expected to result in liability of Borrowers in excess of $1,000,000 in the aggregate; (i) the occurrence of any ERISA Event that would reasonably be expected to result in liability of Borrowers in
excess of $1,000,000 in the aggregate; (j) the discharge of or any withdrawal or resignation by Borrowers’ independent accountants; or (k) any opening of a new office or place of business, at least 30 days prior to such opening.

 10.1.4 Landlord and Storage Agreements. Upon request, use commercially reasonable efforts to provide Agent with copies
of all existing agreements, and promptly after execution thereof provide Agent with copies of all future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns any premises at which any
Collateral in excess of $125,000 may be kept or that otherwise may possess or handle any Collateral in excess of $125,000. 

10.1.5 Compliance with Laws. Comply with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism
Laws, and laws regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business, unless failure to comply (other than failure to comply with Anti-Terrorism
Laws) or maintain would not reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, if any Environmental Release occurs at or on any Properties of any Borrower or Subsidiary, in each case that
would reasonably be expected to result in liability of Borrowers in excess of $1,000,000 in the aggregate it shall act promptly and diligently to investigate and report to Agent and all required Governmental Authorities the extent of, and to take
remedial action required by Environmental Law to respond to such Environmental Release, whether or not directed to do so by any Governmental Authority. 
 10.1.6 Taxes. Pay and discharge all federal and other material Taxes prior to the date on which they become delinquent or penalties attach, unless such Taxes are being Properly Contested.

 10.1.7 Insurance. In addition to the insurance required hereunder with respect to Collateral, maintain insurance with
insurers with a Best’s Rating of at least A+, unless otherwise approved 

  
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by Agent, (a) with respect to the Properties and business of Borrowers and Subsidiaries of such type (including product liability, workers’ compensation, larceny, embezzlement, or other
criminal misappropriation insurance), in such amounts, and with such coverages and deductibles as are customary for companies similarly situated; and (b) business interruption insurance in an amount not less than $15,000,000, with deductibles
and subject to an Insurance Assignment satisfactory to Agent. 
 10.1.8 Licenses. Keep each License affecting any
Collateral (including the manufacture, distribution or disposition of Inventory) or any other material Property of Borrowers and Subsidiaries in full force and effect; promptly notify Agent of any proposed modification to any such License, or entry
into any new License, pay all Royalties in the Ordinary Course of Business; and notify Agent of any default or breach asserted by any Person to have occurred under any material License. 

10.1.9 Future Subsidiaries. Promptly (and in any event, within 30 days) notify Agent upon any Person becoming a Subsidiary and, if
such Person is not a Foreign Subsidiary, cause it to either become a Borrower hereunder or guaranty the Obligations, in either case in a manner satisfactory to Agent, and to execute and deliver such documents, instruments and agreements and to take
such other actions as Agent shall require to evidence and perfect a Lien in favor of Agent (for the benefit of Secured Parties) on all assets of such Person (other than Real Estate, Equipment and fixtures), including delivery of such customary legal
opinions, in form and substance satisfactory to Agent, as it shall deem appropriate. 
 10.1.10 Closing Date Merger.
Borrowers shall cause the Closing Date Merger to be consummated and to be effective on or prior to the Closing Date. 
 10.2
Negative Covenants. As long as any Commitments or Obligations are outstanding, each Borrower shall not, and shall cause each Subsidiary not to: 
 10.2.1 Permitted Debt. Create, incur, guarantee or suffer to exist any Debt, except: 
 (a) the Obligations; 
 (b) Subordinated Debt; 

(c) Permitted Purchase Money Debt; 
 (d) Borrowed Money (other than the Obligations, Subordinated Debt and Permitted Purchase Money Debt), but only to the extent outstanding on the Closing Date and not satisfied with proceeds of the initial
Loans; 
 (e) Bank Product Debt; 
 (f) Debt permitted to be assumed or incurred in a Permitted Acquisition pursuant to clause (h) (other than clause (h)(x)(II)) of the definition of the term “Permitted
Acquisition”; 
 (g) Permitted Contingent Obligations; 

(h) Refinancing Debt as long as each Refinancing Condition is satisfied; 

(i) Debt in respect of Taxes, to the extent that payment thereof shall not at the time be required to be made in accordance with
Section 10.1.6; 

  
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 (j) Debt arising from judgments or decrees in circumstances not constituting an Event of
Default under Section 11.1(h); 
 (k) intercompany loans by a Borrower to another Borrower but only to the extent
permitted under Section 10.2.7(e); 
 (l) Debt evidenced by (i) the Series 2008 Note dated April 23, 2008
in the original principal amount of $8,000,000 by Chicago Tube and Iron in favor of Wells Fargo Bank, National Association, as trustee (the “IRB Trustee”) under the Indenture of Trust, dated as of April 1, 2008 (the
“IRB Indenture”) between The Stanly County Industrial Facilities and Pollution Control Financing Authority (the “IRB Issuer”) and the IRB Trustee, which Series 2008 Note is issued pursuant to a Loan Agreement dated
as of April 1 2008 (the “IRB Loan Agreement”) between the IRB Issuer and Chicago Tube and Iron relating to The Stanly County Industrial Facilities and Pollution Control Financing Authority Industrial Revenue Bonds, Series 2008
(Chicago Tube and Iron Company Project (the “IRB Bonds”; and (ii) the Reimbursement Agreement, dated as of April 1, 2008, between JPMorgan Chase Bank, N.A. and Chicago Tube and Iron pursuant to which JPMorgan Chase Bank,
N.A. issued a letter of credit, dated as of April 1, 2008, for the benefit of the IRB Trustee in the face amount of $8,000,000 (the “IRB LC Documents”); the IRB Indenture, the IRB Loan Agreement and the IRB LC Documents and
each other agreement, document and instrument executed and delivered in connection therewith, in each case as in effect on the Closing Date, the “IRB Documents”); 

(m) Debt issued under Olympic Steel’s Registration Statement on Form S-3, as may be amended from time to time, as long as, in each
case, (i) after giving effect to the incurrence of such Debt, the Fixed Charge Coverage Ratio (recomputed for the most recent month for which financial statements have been delivered by adding such Debt to the amount of Fixed Charges as if such
Debt was incurred on the first day of the period of twelve fiscal months then most recently ended) is at least 1.25 to 1.00 for the period of twelve fiscal months then most recently ended, (ii) Agent has received projections taking into account
such Debt (prepared by the Borrowers in good faith, based on assumptions believed to be reasonable in light of the circumstances at such time) showing that the Fixed Charge Coverage Ratio shall continue to be at least 1.25 to 1.00 for the period of
twelve fiscal months subsequent to the incurrence of such Debt, and (iii) Availability is greater than 25% of the aggregate amount of Revolver Commitments then in effect; 

(n) current unsecured trade, utility or nonextraordinary accounts payable (including without limitation, operating leases and short term
Debt owed to vendors) arising in the Ordinary Course of Business; and 
 (o) Debt consisting of Capital Leases secured by Liens
permitted by Section 10.2.2(k) as long as the aggregate amount of any such Debt incurred after the Closing Date does not exceed $6,250,000 in the aggregate during the term of this Agreement (for the avoidance of doubt, Debt permitted by
Section 10.2.1(l) above shall not constitute Debt permitted by this Section 10.2.1(o)). 
 10.2.2 Permitted
Liens. Create or suffer to exist any Lien upon any of its Property, except the following (collectively, “Permitted Liens”): 
 (a) Liens in favor of Agent; 
 (b) Purchase Money Liens securing Permitted
Purchase Money Debt; 
 (c) Liens for Taxes not yet delinquent or being Properly Contested; 

  
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 (d) statutory Liens (including carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and landlord’s Liens but excluding Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only if (i) payment of the obligations secured thereby is not overdue for a
period of more than 30 days or is being Properly Contested; provided, however, that a reserve or other appropriate provisions shall have been made therefor, and (ii) such Liens do not materially impair the value or use of the
Property or materially impair operation of the business of any Borrower or Subsidiary; 
 (e) Liens incurred or deposits made
in the Ordinary Course of Business to secure the performance of tenders, bids, leases (whether operating leases or Capital Leases), trade contracts (except those relating to Borrowed Money), statutory obligations (including workers’
compensation, unemployment insurance and other social security legislation), liability to insurance carriers under insurance or self-insurance arrangements, surety, customs, stay and appeal bonds, performance and return of money bonds, and other
similar obligations, or arising as a result of progress payments under government contracts, as long as, in the case of any such Liens that are on any asset or property that constitutes Collateral, such Liens are at all times junior to Agent’s
Liens; 
 (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; 

(g) Liens arising by virtue of a judgment or judicial order against any Borrower or Subsidiary, or any Property of a Borrower or
Subsidiary other than an attachment or judgment Lien constituting an Event of Default under Section 11.1(h), as long as such Liens are (i) in existence for less than 30 consecutive days or being Properly Contested, and (ii) in
the case of any such Liens that are on any asset or property that constitutes Collateral, at all times junior to Agent’s Liens; 
 (h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not
interfere with the Ordinary Course of Business; 
 (i) normal and customary rights of setoff upon deposits in favor of
depository institutions, and Liens of a collecting bank on Payment Items in the course of collection; 
 (j) leases or
subleases of Real Estate granted to third parties in the Ordinary Course of Business and not interfering in any material respect with the ordinary conduct of business by any Borrower or Subsidiary; 

(k) any interest or title of a lessor or sublessor under any operating lease or Capital Lease permitted by Section 10.2.1(n) and
Section 10.2.1(o); 
 (l) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the Ordinary Course of Business; 
 (m) any zoning or
similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any Real Estate; 
 (n) licenses of patents, trademarks and other intellectual property rights granted by any Borrower or Subsidiary in the Ordinary Course of Business and not interfering in any material respect with the
ordinary conduct of business by any Borrower or Subsidiary; 

  
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 (o) Liens created under the Sale and Leaseback Transactions permitted under
Section 10.2.20, provided that any such Liens do not at any time encumber any Property other than the Property which is the subject of such Sale and Leaseback Transaction; provided, further, that no such Liens
encumber any Excluded Real Estate; 
 (p) the Investments permitted under clause (f) of the definition of the term
“Restricted Investments”, to the extent such Investments constitute Liens; 
 (q) Liens created on the Toro Purchased
Accounts pursuant to the Toro AR Purchase Agreement; and 
 (r) existing Liens shown on Schedule 10.2.2. 

10.2.3 Inactive Subsidiaries. Permit any Inactive Subsidiary to (a) acquire any assets which, when taken together with the
net book value of the assets of all other Inactive Subsidiaries exceeds $500,000 in the aggregate, (b) incur any liabilities (whether to an Affiliate or otherwise) other than for franchise taxes, maintenance fees and other de minimus
expenses or (c) engage in any trade or business (other than the maintenance of its existence and activities incidental thereto). 
 10.2.4 Distributions; Upstream Payments. Declare or make any Distributions, except Upstream Payments; or create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to
make any Upstream Payment, except for restrictions under the Loan Documents, under Applicable Law or in effect on the Closing Date as shown on Schedule 9.1.15 and except, as long as no Event of Default exists or would result therefrom:

 (a) Distributions by Olympic Steel to the holders of its Equity Interests payable solely in common stock of the type
currently held by such holders; 
 (b) Olympic Steel may issue stock option, restricted stock unit, share or other Equity
Interest under its 2007 Omnibus Incentive Plan or any other stock option, restricted stock unit, share or other Equity Interest plan of Olympic Steel; and 
 (c) (i) Distributions by Olympic Steel to, and repurchases by Olympic Steel of Equity Interests from, the holders of Equity Interests of Olympic Steel not to exceed $2,500,000 in the aggregate during any
Fiscal Year; and (ii) Distributions by Olympic Steel to, and repurchases by Olympic Steel of Equity Interests from, the holders of Equity Interests of Olympic Steel in excess of $2,500,000 in the aggregate during any Fiscal Year as long as
(A) not less than 5 Business Day prior to the date of such proposed Distribution or repurchase, Agent shall have received written notice thereof together with pro forma financial statements and a pro forma Compliance Certificate, dated as of
the date of the proposed Distribution or repurchases, in form and substance satisfactory to Agent, demonstrating that immediately after giving effect to such proposed Distribution or repurchase, the Fixed Charge Coverage Ratio (recomputed for the
most recent Fiscal Quarter for which financial statements have been delivered by adding such proposed Distribution or repurchase to the amount of Fixed Charges as of the last day of such Fiscal Quarter) is at least 1.10 to 1.00 for the period of 12
fiscal months then most recently ended and (B) after giving effect to any such proposed Distribution or repurchase, Availability is greater than the greatest of (X) 25% of the aggregate amount of Revolver Commitments then in effect,
(Y) $50,000,000, and (Z) 60% of the principal balance of the Term Loan outstanding on such day. 
 10.2.5
Restricted Investments. Make any Restricted Investment. 

  
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 10.2.6 Disposition of Assets. Make any Asset Disposition, except a Permitted Asset
Disposition or a transfer of Property by a Subsidiary or Obligor to a Borrower. 
 10.2.7 Loans. Make any loans or other
advances of money to any Person, except (a) advances to an officer or employee for salary, travel expenses, commissions and similar items in the Ordinary Course of Business; (b) (i) loans and advances to employees, officers and
directors in connection with equity incentive arrangements in an aggregate amount not to exceed $850,000 plus accrued interest at any time outstanding, provided that the proceeds of such loans and advances are paid to any Borrower or
Subsidiary, as applicable, in connection with such equity incentive arrangements and (ii) other loans and advances to employees in aggregate amount not to exceed $625,000 at any time outstanding; (c) prepaid expenses and extensions of
trade credit made in the Ordinary Course of Business; (d) deposits with financial institutions permitted hereunder; and (e) as long as no Event of Default under Section 11.1(a), 11.1(b) or 11.1(k), intercompany loans by a
Borrower to another Borrower. 
 10.2.8 Restrictions on Payment of Certain Debt. Make 

(a) any payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect to
any Subordinated Debt, except regularly scheduled payments of principal, interest and fees, but only to the extent permitted under any subordination agreement relating to such Debt; or 

(b) any voluntary payment, prepayment, redemption, retirement, defeasance or acquisition of (i) Borrowed Money (other than the
Obligations and Debt described in the immediately succeeding clause (ii)) prior to its due date under the agreements evidencing such Debt as in effect on the Closing Date (or as amended thereafter with the consent of Agent) or (ii) Debt
permitted by Section 10.2.1(l) (solely to the extent in excess of $705,000 in any fiscal year) or Debt permitted by Section 10.2.1(m), in each case prior to its due date under the agreements evidencing such Debt, unless, in
the case of each clause (i) and (ii), (A) after giving effect to such payment, prepayment, redemption, retirement or defeasance, (x) the Fixed Charge Coverage Ratio (recomputed for the most recent month for which financial statements
have been delivered) is at least 1.25 to 1.00 for the period of twelve fiscal months then most recently ended, (y) Agent has received projections taking into account such payment, prepayment, redemption, retirement or defeasance (prepared by
the Borrowers in good faith, based on assumptions believed to be reasonable in light of the circumstances at such time) showing that the Fixed Charge Coverage Ratio shall continue to be at least 1.25 to 1.00 for the period of twelve fiscal months
subsequent to such payment, prepayment, redemption, retirement or defeasance, and (z) after giving effect to such payment, prepayment, redemption, retirement or defeasance, Availability is greater than 25% of the aggregate amount of Revolver
Commitments then in effect or (B) such payment, prepayment, redemption, retirement or defeasance is consented to in writing by Agent. 
 10.2.9 Fundamental Changes. 
 (a) Merge, combine or consolidate with any
Person, or liquidate, wind up its affairs or dissolve itself, in each case whether in a single transaction or in a series of related transactions, except for the Closing Date Merger and mergers or consolidations (i) of a wholly-owned Subsidiary
with another wholly-owned Subsidiary (provided that in the case any such Subsidiary is a Borrower, the Subsidiary that is a Borrower shall survive such merger or consolidation), or into a Borrower, (ii) of a Borrower with another
Borrower (provided that in the case any such Borrower is Olympic Steel, Olympic Steel shall survive such merger or consolidation), (iii) which constitutes a Permitted Acquisition or (iv) except that any Subsidiary or Borrower (other
than Olympic Steel) may liquidate or dissolve into a Borrower if the Borrowers determine in good faith that such liquidation or dissolution is in the best interests of the Borrowers; or 

  
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 (b) Without at least ten (10) days’ prior written notice to Agent and the
acknowledgement of Agent that all actions required by Agent, including those to continue the perfection of its Liens, have been completed, change its name or conduct business under any fictitious name; change its tax, charter or other organizational
identification number; or change its form or state of organization. 
 10.2.10 Subsidiaries. Form or acquire any
Subsidiary after the Closing Date, except in accordance with Sections 10.1.9 and 10.2.5; or permit any existing Subsidiary to issue any additional Equity Interests except director’s qualifying shares. 

10.2.11 Organic Documents. Amend, modify or otherwise change any of its Organic Documents as in effect on the Closing Date except
to the extent that any such amendment or change (i) does not violate the terms and conditions of this Agreement or any of the other Loan Documents, (ii) does not materially adversely affect the interest of the Lenders as creditors under
this Agreement, the other Loan Documents or any other document or instrument in any respect, (iv) is required by Applicable Law or (v) could not reasonably be expected to have a Material Adverse Effect. 

10.2.12 Tax Consolidation. File or consent to the filing of any consolidated income tax return with any Person other than
Borrowers and Subsidiaries. 
 10.2.13 Accounting Changes. Make any material change in accounting treatment or reporting
practices, except as required or permitted by GAAP, from GAAP to IFRS and in accordance with Section 1.2; or change its Fiscal Year (except that Chicago Tube and Iron may change its Fiscal Year to a December 31 end date).

 10.2.14 Restrictive Agreements. Become a party to any Restrictive Agreement, except a Restrictive Agreement
(a) in effect on the Closing Date; (b) relating to Debt permitted under Section 10.2.1(l) as long as no provision contained therein prohibits or restricts the indebtedness or performance of any obligations by an Obligor under
the Loan Document or the Liens granted on the Collateral in favor of Agent; (c) relating to other secured Debt permitted hereunder, as long as no provision contained therein prohibits or restricts the indebtedness or performance of any
obligations by an Obligor under the Loan Document or the Liens granted on the Collateral in favor of Agent; (d) constituting customary restrictions on assignment in leases and other contracts; (e) relating to Subordinated Debt as long as
no provision contained therein prohibits or restricts the indebtedness or performance of any obligations by an Obligor under the Loan Document or the Liens granted on the Collateral in favor of Agent; and (f) relating to Debt permitted under
Section 10.2.1(m) as long as no provision contained therein prohibits or restricts the indebtedness or performance of any obligations by an Obligor under the Loan Document or the Liens granted on the Collateral in favor of Agent.

 10.2.15 Hedging Agreements. Enter into any Hedging Agreement, except to hedge risks arising in the Ordinary Course of
Business and not for speculative purposes, including for the avoidance of doubt, the Continuing Hedging Agreement, and other Hedging Agreements entered into in the Ordinary Course of Business and not for speculative purposes. 

10.2.16 Conduct of Business. Engage in any business, other than the business conducted by the Borrowers as conducted on the
Closing Date, businesses reasonably related thereto, logical extensions thereof and, in each case, any activities incidental thereto. 
 10.2.17 Affiliate Transactions. Enter into or be party to any transaction with an Affiliate, except (a) transactions contemplated by the Loan Documents; (b) payment of reasonable
compensation to officers and employees for services actually rendered, and loans and advances permitted 

  
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by Section 10.2.7; (c) payment of customary directors’ fees and indemnities; (d) transactions solely among Obligors and their Subsidiaries not prohibited under the Loan
Documents; (e) transactions with Affiliates that were entered into prior to the Closing Date, as shown on Schedule 10.2.17; (f) Distributions to any Affiliate of Olympic Steel permitted by Section 10.2.4(b), and
(g) transactions with Affiliates in the Ordinary Course of Business, upon fair and reasonable terms (which, if involving payment or payment obligations in excess of $3,125,000, have been fully disclosed to Agent) and no less favorable
(considered as a whole) than would be obtained in a comparable arm’s-length transaction with a non-Affiliate. 
 10.2.18
Plans. Become party to any Multiemployer Plan or Foreign Plan, other than any in existence on the Closing Date or which related to a Target and arise due to a Permitted Acquisition so long as such new Multiemployer Plan or Foreign Plan is not
entered into in connection with such Permitted Acquisition. 
 10.2.19 Amendments to Subordinated Debt Documents or Toro AR
Purchase Agreement. 
 (a) Except to the extent permitted pursuant to a subordination and/or intercreditor agreement, if
any, related to the Subordinated Debt or as may be agreed by Agent, amend, supplement or otherwise modify the IRB Documents or any document, instrument or agreement relating to any Subordinated Debt, if such modification (i) increases the
principal balance of such Debt (excluding increases in the principal balance solely as a result of any capitalized interest or payment-in-kind interest), or increases any required payment of principal or interest; (ii) accelerates the date on
which any installment of principal or any interest is due, or adds any additional mandatory redemption, put or mandatory prepayment provisions; (iii) shortens the final maturity date or otherwise accelerates amortization; (d) increases the
interest rate; (iv) increases or adds any fees or charges; (v) modifies any covenant in a manner or adds any representation, covenant or default that is more onerous or restrictive in any material respect for any Borrower or Subsidiary, or
that is otherwise materially adverse to any Borrower, any Subsidiary or Lenders; or (vi) results in the Obligations not being fully benefited by the subordination or intercreditor provisions thereof, if applicable. 

(b) Except for extensions and renewals, Chicago Tube and Iron shall (i) provide Agent with written notice of any proposed
amendment, modification or other change to, and each consent to a departure from, the terms or provisions of the Toro AR Purchase Agreement as such terms and provision are in effect on the Closing Date and (ii) promptly following the
effectiveness thereof, provide Agent with a copy of each such amendment, modification or other change to, and each such consent to a departure from, the terms or provisions of the Toro AR Purchase Agreement. Chicago Tube and Iron shall not, without
the prior written consent of Agent, amend, modify or otherwise change or obtain a consent to a departure terms of the Toro AR Purchase Agreement that (x) is materially adverse to any Borrower, any Subsidiary or Lenders or (y) could in any
way impair the Lien of Agent or Lenders in the Collateral (including, without limitation, by impairing the creation, attachment, perfection, or priority of such Lien); it being understood and agreed that Chicago Tube and Iron may terminate Toro AR
Purchase Agreement (whereupon Chicago Tube and Iron shall reasonably promptly notify Agent of such termination). 
 10.2.20
Sale and Leaseback. Enter into any arrangement with any Person providing for the leasing by any Borrower or Subsidiary of real or personal Property which has been or is to be sold or transferred by such Borrower or such Subsidiary to such
Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such Property or of rental obligations of such Borrower or such Subsidiary, as the case may be (each such arrangement being a “Sale
and Leaseback Transaction”), provided that (i) the Net Proceeds of such sale are applied to the Obligations 

  
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outstanding relating to Term Loans and (ii) the aggregate fair market value (measured at the time of the applicable sale or transfer) of all Property covered by all Sale and Leaseback
Transactions entered into during the term of this Agreement that are outstanding at any time shall not exceed $6,250,000. 

10.3 Financial Covenants. As long as any Commitments or Obligations are outstanding, Borrowers shall maintain a Fixed
Charge Coverage Ratio of at least 1.10 to 1.00 for each period of twelve fiscal months ending during or immediately before any Covenant Trigger Period. 
  

	SECTION 11.	EVENTS OF DEFAULT; REMEDIES ON DEFAULT 

 11.1 Events of Default. Each of the following shall be an “Event of Default” hereunder, if the same shall occur for any reason whatsoever, whether voluntary or involuntary,
by operation of law or otherwise: 
 (a) A Borrower fails to pay (i) the principal or any interest on Obligations when due
(whether at stated maturity, on demand, upon acceleration or otherwise), (ii) any reimbursement obligations for any payment made under a Letter of Credit or (iii) any fees and charges payable to the Lenders or Agent hereunder and, in the
case of such failure to pay any interest or fees or charges, such failure continues for three (3) Business Days; 
 (b) A
Borrower fails to pay Obligations (other than Obligations described in clause (a) above) when due (whether at stated maturity, on demand, upon acceleration or otherwise) and such failure continues for three (3) Business Days; 

(c) Any representation, warranty or other written statement of an Obligor made in connection with any Loan Documents or transactions
contemplated thereby is incorrect or misleading in any material respect when made or deemed made; 
 (d) A Borrower breaches or
fail to perform any covenant contained in Section 7.2, 7.3, 7.4, 7.6, 8.1, 8.2.4, 8.2.5, 8.6.2, 10.1.1, 10.1.2, 10.1.3(d), 10.1.7, 10.1.10, 10.2 or 10.3; 
 (e) An Obligor breaches or fails to perform any other covenant contained in any Loan Documents, and such breach or failure is not cured within 30 days after a Senior Officer of such Obligor has knowledge
thereof or receives notice thereof from Agent, whichever is sooner; provided, however, that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period or is
a willful breach by an Obligor; 
 (f) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor or third
party (other than a third party with no reasonable basis or standing, as determined by Agent in its sole discretion) denies or contests the validity or enforceability of any Loan Documents or Obligations, or the perfection or priority of any Lien
granted to Agent; or any Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by Agent and Lenders or other than a termination in accordance with its terms); 

(g) Any breach or default of an Obligor occurs under any Hedging Agreement or any document, instrument or agreement to which it is a
party or by which it or any of its Properties is bound, relating to any Debt (other than the Obligations) in excess of $2,500,000, if the maturity of or any payment with respect to such Debt may be accelerated or demanded due to such breach;

  
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 (h) Any judgment or order for the payment of money is entered against an Obligor in an
amount that exceeds, individually or cumulatively with all unsatisfied judgments or orders against all Obligors, $2,500,000 (net of any insurance coverage therefor acknowledged in writing by the insurer) and such judgments or orders shall not have
been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; 
 (i) A
loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance exceeds $2,500,000; 
 (j) An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority from conducting any material part of its business; an Obligor suffers the loss, revocation or termination of
any material license, permit, lease or agreement necessary to its business; there is a cessation of any material part of an Obligor’s business for a material period of time; any material Collateral or Property of an Obligor is taken or impaired
through condemnation; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs except as permitted by Section 10.2.9; or a Borrower is not Solvent; 

(k) An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of settlement, extension or composition to its
unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding is commenced against an Obligor and: the Obligor consents to
institution of the proceeding, the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within 60 days after filing, or an order for relief is entered in the proceeding; 

(l) (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan (A) that has resulted or would reasonably be
expected to result in liability of Obligors to one or more Pension Plans, Multiemployer Plans or PBGC in excess of $2,500,000 in the aggregate, or (B) that constitutes grounds for appointment of a trustee for or termination by the PBGC of any
Pension Plan or Multiemployer Plan; (ii) Obligors or ERISA Affiliates fail to pay when due any installment payment with respect to their withdrawal liability under Section 4201 of ERISA under one or more Multiemployer Plans in excess of
$2,500,000 in the aggregate; or (iii) any event similar to the foregoing occurs or exists with respect to one or more Foreign Plans, which, if similar to the foregoing clause (i)(A) or clause (ii), would result in liability of
Obligors in excess of $2,500,000; 
 (m) An Obligor or any of its Senior Officers is criminally indicted or convicted for
(i) a felony committed in the conduct of the Obligor’s business, or (ii) violating any state or federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal Exportation of War Materials Act)
that could lead to forfeiture of any material Property or any Collateral; or 
 (n) A Change of Control occurs; or 

(o) any event occurs or condition exists that has a Material Adverse Effect. 

11.2 Remedies upon an Event of Default. If an Event of Default described in Section 11.1(k) occurs with respect
to any Borrower, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Commitments shall terminate, without any action by Agent or notice of
any kind. In addition, or if any other Event of Default exists, Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the following from time to time: 

(a) declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon they shall be due and
payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Borrowers to the fullest extent permitted by law; 

  
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 (b) terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing
Base; 
 (c) require Obligors to Cash Collateralize LC Obligations, Secured Bank Product Obligations and other Obligations that
are contingent or not yet due and payable, and, if Obligors fail promptly to deposit such Cash Collateral, Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Revolver Loans (whether or not an
Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied); and 
 (d) exercise any
other rights or remedies afforded under any agreement, by law, at equity or otherwise, including the rights and remedies of a secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral;
(ii) require Borrowers to assemble Collateral, at Borrowers’ expense, and make it available to Agent at a place designated by Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold
(and if the premises are owned or leased by a Borrower, Borrowers agree not to charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at
public or private sale, with such notice as may be required by Applicable Law, in lots or in bulk, at such locations, all as Agent, in its discretion, deems advisable. Each Borrower agrees that 10 days notice of any proposed sale or other
disposition of Collateral by Agent shall be reasonable. Agent shall have the right to conduct such sales on any Obligor’s premises, without charge, and such sales may be adjourned from time to time in accordance with Applicable Law. Agent shall
have the right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Agent may purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase
price, may credit bid and set off the amount of such price against the Obligations. 
 11.3 License. Agent is
hereby granted an irrevocable, non-exclusive license or other right to use, license or sub-license (without payment of royalty or other compensation to any Person) any or all Intellectual Property of Borrowers, computer hardware and software, trade
secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or
remedies with respect to, any Collateral. Each Borrower’s rights and interests under Intellectual Property shall inure to Agent’s benefit. 
 11.4 Setoff. At any time an Event of Default exists, Agent, Issuing Bank, Lenders, and any of their Affiliates are authorized, to the fullest extent permitted by Applicable Law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by Agent, Issuing Bank, such Lender or such Affiliate to
or for the credit or the account of an Obligor against any Obligations, irrespective of whether or not Agent, Issuing Bank, such Lender or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
Obligations may be contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or such Affiliate different from the branch or office holding such deposit or obligated on such indebtedness. The rights of Agent,
Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such Person may have. 

  
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 11.5 Remedies Cumulative; No Waiver. 

11.5.1 Cumulative Rights. All agreements, warranties, guaranties, indemnities and other undertakings of Borrowers under the
Loan Documents are cumulative and not in derogation of each other. The rights and remedies of Agent and Lenders are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any other
rights or remedies available by agreement, by law, at equity or otherwise. All such rights and remedies shall continue in full force and effect until Full Payment of all Obligations. 

11.5.2 Waivers. No waiver or course of dealing shall be established by (a) the failure or delay of Agent or any Lender
to require strict performance by Borrowers with any terms of the Loan Documents, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any Loan or issuance of any Letter of Credit during a Default,
Event of Default or other failure to satisfy any conditions precedent; or (c) acceptance by Agent or any Lender of any payment or performance by an Obligor under any Loan Documents in a manner other than that specified therein. It is expressly
acknowledged by Borrowers that any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied by satisfaction of such covenant on a subsequent date. 

 

	SECTION 12.	AGENT 

 12.1
Appointment, Authority and Duties of Agent. 
 12.1.1 Appointment and Authority. Each Secured Party appoints
and designates Bank of America as Agent under all Loan Documents. Agent may, and each Secured Party authorizes Agent to, enter into all Loan Documents to which Agent is intended to be a party and accept all Security Documents, for Agent’s
benefit and the benefit of Secured Parties. Each Secured Party agrees that any action taken by Agent or Required Lenders in accordance with the provisions of the Loan Documents, and the exercise by Agent or Required Lenders of any rights or remedies
set forth therein, together with all other powers reasonably incidental thereto, shall be authorized by and binding upon all Secured Parties. Without limiting the generality of the foregoing, Agent shall have the sole and exclusive authority to
(a) act as the disbursing and collecting agent for Lenders with respect to all payments and collections arising in connection with the Loan Documents; (b) execute and deliver as Agent each Loan Document, including any intercreditor or
subordination agreement, and accept delivery of each Loan Document from any Obligor or other Person; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and for all other
purposes stated therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral under the Loan Documents, Applicable Law or
otherwise. The duties of Agent shall be ministerial and administrative in nature, and Agent shall not have a fiduciary relationship with any Lender, Secured Party, Participant or other Person, by reason of any Loan Document or any transaction
relating thereto. Agent alone shall be authorized to determine whether any Accounts or Inventory constitute Eligible Accounts, Eligible In-Transit Inventory or Eligible Inventory, or whether to impose or release any reserve, and to exercise its
Permitted Discretion in connection therewith or whether any conditions to funding or to issuance of a Letter of Credit have been satisfied, which determinations and judgments, if exercised in good faith, shall exonerate Agent from liability to any
Lender or other Person for any error in judgment. 
 12.1.2 Duties. Agent shall not have any duties except those
expressly set forth in the Loan Documents. The conferral upon Agent of any right shall not imply a duty on Agent’s part to exercise such right, unless instructed to do so by Required Lenders in accordance with this Agreement. 

12.1.3 Agent Professionals. Agent may perform its duties through agents and employees. Agent may consult with and employ Agent
Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by an Agent Professional. Agent shall not be responsible for the negligence or misconduct of any agents,
employees or Agent Professionals selected by it with reasonable care. 

  
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 12.1.4 Instructions of Required Lenders. The rights and remedies conferred upon Agent
under the Loan Documents may be exercised without the necessity of joinder of any other party, unless required by Applicable Law. Agent may request instructions from Required Lenders or other Secured Parties with respect to any act (including the
failure to act) in connection with any Loan Documents, and may seek assurances to its satisfaction from Secured Parties of their indemnification obligations under Section 12.6 against all Claims that could be incurred by Agent in
connection with any act. Agent shall be entitled to refrain from any act until it has received such instructions or assurances, and Agent shall not incur liability to any Person by reason of so refraining. Instructions of Required Lenders shall be
binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting in accordance with the instructions of Required Lenders. Notwithstanding the
foregoing, instructions by and consent of all Lenders shall be required in the circumstances described in Section 14.1.1, and in no event shall Required Lenders, without the prior written consent of each Lender, direct Agent to
accelerate and demand payment of Loans held by one Lender without accelerating and demanding payment of all other Loans, nor to terminate the Commitments of one Lender without terminating the Commitments of all Lenders. In no event shall Agent be
required to take any action that, in its opinion, is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to personal liability. 
 12.2 Agreements Regarding Collateral and Field Examination Reports. 

12.2.1 Lien Releases; Care of Collateral. Secured Parties authorize Agent to release any Lien with respect to any Collateral
(a) upon Full Payment of the Obligations; (b) that is the subject of an Asset Disposition which Borrowers certify in writing to Agent is a Permitted Asset Disposition or a Lien which Borrowers certify is a Permitted Lien entitled to
priority over Agent’s Liens (and Agent may rely conclusively on any such certificate without further inquiry); (c) that does not constitute a material part of the Collateral (except as permitted by Section 14.1.1(d)(iv) to the
extent permitted with the consent of the Required Lenders); or (d) with the written consent of all Lenders. Secured Parties authorize Agent to subordinate its Liens to any Purchase Money Lien permitted hereunder. Agent shall have no obligation
to assure that any Collateral exists or is owned by a Borrower, or is cared for, protected or insured, nor to assure that Agent’s Liens have been properly created, perfected or enforced, or are entitled to any particular priority, nor to
exercise any duty of care with respect to any Collateral. 
 12.2.2 Possession of Collateral. Agent and Secured Parties
appoint each Lender as agent (for the benefit of Secured Parties) for the purpose of perfecting Liens in any Collateral held or controlled by such Lender, to the extent such Liens are perfected by possession or control. If any Lender obtains
possession or control of any Collateral, it shall notify Agent thereof and, promptly upon Agent’s request, deliver such Collateral to Agent or otherwise deal with it in accordance with Agent’s instructions. 

12.2.3 Reports. Agent shall promptly forward to each Lender, when complete, copies of any field audit, examination or appraisal
report prepared by or for Agent with respect to any Obligor or Collateral (“Report”). Each Lender agrees (a) that neither Bank of America nor Agent makes any representation or warranty as to the accuracy or completeness of any
Report, and shall not be liable for any information contained in or omitted from any Report; (b) that the Reports are not intended to be comprehensive audits or examinations, and that Agent or any other Person performing any audit or
examination will inspect only specific information regarding Obligations or the Collateral and will rely significantly upon Borrowers’ books and records as well as upon representations of Borrowers’ officers and employees; and (c) to
keep all Reports confidential and strictly for such Lender’s internal use, and not to distribute any Report (or the contents thereof) to any Person (except to such Lender’s Participants,

  
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attorneys and accountants) or use any Report in any manner other than administration of the Loans and other Obligations. Each Lender agrees to indemnify and hold harmless Agent and any other
Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Report, as well as from any Claims arising as a direct or indirect result of Agent furnishing a Report to such Lender. 

12.3 Reliance By Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any certification,
notice or other communication (including those by telephone, telex, telegram, telecopy or e-mail) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person, and upon the advice and statements of Agent
Professionals. Agent shall have a reasonable and practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for any delay in acting. 

12.4 Action Upon Default. Agent shall not be deemed to have knowledge of any Default or Event of Default unless it has
received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof. If any Lender acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent and the other
Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations under any Loan
Documents (other than Secured Bank Product Obligations), or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral. Notwithstanding the
foregoing, however, a Lender may take action to preserve or enforce its rights against an Obligor where a deadline or limitation period is applicable that would, absent such action, bar enforcement of Obligations held by such Lender, including the
filing of proofs of claim in an Insolvency Proceeding. 
 12.5 Ratable Sharing. If any Lender shall obtain any
payment or reduction of any Obligation, whether through set-off or otherwise, in excess of its share of such Obligation, determined on a Pro Rata basis or in accordance with Section 5.6.1, as applicable, such Lender shall forthwith
purchase from Agent, Issuing Bank and the other Lenders such participations in the affected Obligation as are necessary to cause the purchasing Lender to share the excess payment or reduction on a Pro Rata basis or in accordance with
Section 5.6.1, as applicable. If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.
Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the amount thereof to Agent for application under Section 4.2.2 and it shall provide a written
statement to Agent describing the Obligation affected by such payment or reduction. No Lender shall set off against any Dominion Account without the prior consent of Agent. 
 12.6 Indemnification. EACH LENDER SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES AND ISSUING BANK INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS (BUT WITHOUT LIMITING THE
INDEMNIFICATION OBLIGATIONS OF OBLIGORS UNDER ANY LOAN DOCUMENTS), ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR
ARISES FROM AN AGENT INDEMNITEE ACTING AS OR FOR AGENT (IN ITS CAPACITY AS AGENT) PROVIDED, HOWEVER, THAT NO LENDER SHALL BE LIABLE TO ANY AGENT INDEMNITEE OR ISSUING BANK INDEMNITEE TO THE EXTENT SUCH LIABILITY HAS RESULTED PRIMARILY
FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH AGENT INDEMNITEE OR SUCH ISSUING BANK INDEMNITEE, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION IN A FINAL NON-APPEALABLE 

  
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JUDGMENT OR ORDER. In Agent’s discretion, it may reserve for any such Claims made against an Agent Indemnitee or Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement
relating thereto, from proceeds of Collateral prior to making any distribution of Collateral proceeds to Secured Parties. If Agent is sued by any receiver, bankruptcy trustee, debtor-in-possession or other Person for any alleged preference or
fraudulent transfer, then any monies paid by Agent in settlement or satisfaction of such proceeding, together with all interest, costs and expenses (including attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to
Agent by each Lender to the extent of its Pro Rata share. 
 12.7 Limitation on Responsibilities of Agent. Agent
shall not be liable to any Secured Party for any action taken or omitted to be taken under the Loan Documents, except for losses directly and solely caused by Agent’s gross negligence or willful misconduct. Agent does not assume any
responsibility for any failure or delay in performance or any breach by any Obligor, Lender or other Secured Party of any obligations under the Loan Documents. Agent does not make any express or implied warranty, representation or guarantee to
Secured Parties with respect to any Obligations, Collateral, Loan Documents or Obligor. No Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations or warranties contained in any Loan
Documents; the execution, validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability, collectibility, value, sufficiency, location or existence of any Collateral, or the validity, extent, perfection
or priority of any Lien therein; the validity, enforceability or collectibility of any Obligations; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor or Account Debtor.
No Agent Indemnitee shall have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance or performance by any Obligor of any terms of the Loan Documents, or the satisfaction of
any conditions precedent contained in any Loan Documents. 
 12.8 Successor Agent and Co-Agents. 

12.8.1 Resignation; Successor Agent. Subject to the appointment and acceptance of a successor Agent as provided below, Agent may
resign at any time by giving at least 30 days written notice thereof to Lenders and Borrowers. Upon receipt of such notice, Required Lenders shall have the right to appoint a successor Agent which shall be (a) a Lender or an Affiliate of a
Lender; or (b) a commercial bank that is organized under the laws of the United States or any state or district thereof, has a combined capital surplus of at least $500,000,000 and (provided no Event of Default exists) is reasonably acceptable
to Borrowers. If no successor agent is appointed prior to the effective date of the resignation of Agent, then Agent may appoint a successor agent from among Lenders or, if no Lender accepts such role, Agent may appoint Required Lenders as successor
Agent. Upon acceptance by a successor Agent of an appointment to serve as Agent hereunder or upon appointment of Required Lenders as successor Agent, such successor Agent shall thereupon succeed to and become vested with all the powers and duties of
the retiring Agent without further act, and the retiring Agent shall be discharged from its duties and obligations hereunder but shall continue to have the benefits of the indemnification set forth in Sections 12.6 and 14.2.
Notwithstanding any Agent’s resignation, the provisions of this Section 12 shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while Agent. Any successor to Bank of America by
merger or acquisition of stock or this loan shall continue to be Agent hereunder without further act on the part of the parties hereto, unless such successor resigns as provided above. 

12.8.2 Separate Collateral Agent. It is the intent of the parties that there shall be no violation of any Applicable Law denying
or restricting the right of financial institutions to transact business in any jurisdiction. If Agent believes that it may be limited in the exercise of any rights or remedies under the Loan Documents due to any Applicable Law, Agent may appoint an
additional Person 

  
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who is not so limited, as a separate collateral agent or co-collateral agent. If Agent so appoints a collateral agent or co-collateral agent, each right and remedy intended to be available to
Agent under the Loan Documents shall also be vested in such separate agent. Every covenant and obligation necessary to the exercise thereof by such agent shall run to and be enforceable by it as well as Agent. Secured Parties shall execute and
deliver such documents as Agent deems appropriate to vest any rights or remedies in such agent. If any collateral agent or co-collateral agent shall die or dissolve, become incapable of acting, resign or be removed, then all the rights and remedies
of such agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent. 
 12.9 Due Diligence and Non-Reliance. Each Lender acknowledges and agrees that it has, independently and without reliance upon Agent or any other Lenders, and based upon such documents,
information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own decision to enter into this Agreement and to fund Loans and participate in LC Obligations hereunder. Each Secured Party has made such
inquiries concerning the Loan Documents, the Collateral and each Obligor as such Secured Party feels necessary. Each Lender further acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any
Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations. Each Secured Party will, independently and without reliance upon any other Secured Party, and based upon such financial
statements, documents and information as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making Loans and participating in LC Obligations, and in taking or refraining from any action under any Loan
Documents. Except for notices, reports and other information expressly requested by a Lender, Agent shall have no duty or responsibility to provide any Secured Party with any notices, reports or certificates furnished to Agent by any Obligor or any
credit or other information concerning the affairs, financial condition, business or Properties of any Obligor (or any of its Affiliates) which may come into possession of Agent or any of Agent’s Affiliates. 

12.10 Replacement of Certain Lenders. If a Lender (a) is a Defaulting Lender, (b) fails to give its consent to
any amendment, waiver or action for which consent of all Lenders was required and Required Lenders consented or (c) has requested a payment pursuant to Section 3.7 or 5.9, then, in addition to any other rights and remedies
that any Person may have, Agent may (or if requested by Borrowers, shall), by notice to such Lender within 120 days after such event, require such Lender to assign all of its rights and obligations under the Loan Documents to Eligible Assignee(s)
specified by Agent (or, in the case of a request by Borrowers, to Eligible Assignee(s) specified by the Borrowers that have been consented to by Agent), pursuant to appropriate Assignment and Acceptance(s) and within 20 days after Agent’s
notice. Agent is irrevocably appointed as attorney-in-fact to execute any such Assignment and Acceptance if the Lender fails to execute same. Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts owed to
it under the Loan Documents, including all principal, interest and fees through the date of assignment (but excluding any prepayment charge). 
 12.11 Remittance of Payments and Collections. 
 12.11.1
Remittances Generally. All payments by any Lender to Agent shall be made by the time and on the day set forth in this Agreement, in immediately available funds. If no time for payment is specified or if payment is due on demand by Agent and
request for payment is made by Agent by 12:00 noon on a Business Day, payment shall be made by Lender not later than 2:00 p.m. on such day, and if request is made after 12:00 noon, then payment shall be made by 11:00 a.m. on the next Business Day.
Payment by Agent to any Secured Party shall be made by wire transfer, in the type of funds received by Agent. Any such payment shall be subject to Agent’s right of offset for any amounts due from such payee under the Loan Documents. 

  
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 12.11.2 Failure to Pay. If any Secured Party fails to pay any amount when due by it
to Agent pursuant to the terms hereof, such amount shall bear interest from the due date until paid at the rate determined by Agent as customary in the banking industry for interbank compensation. In no event shall Borrowers be entitled to receive
credit for any interest paid by a Secured Party to Agent, nor shall any Defaulting Lender be entitled to interest on any amounts held by Agent pursuant to Section 4.2. 

12.11.3 Recovery of Payments. If Agent pays any amount to a Secured Party in the expectation that a related payment will be
received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from each Secured Party that received it. If Agent determines at any time that an amount received under any Loan Document must be returned
to an Obligor or paid to any other Person pursuant to Applicable Law or otherwise, then, notwithstanding any other term of any Loan Document, Agent shall not be required to distribute such amount to any Lender. If any amounts received and applied by
Agent to any Obligations are later required to be returned by Agent pursuant to Applicable Law, each Lender shall pay to Agent, on demand, such Lender’s Pro Rata share of the amounts required to be returned. 

12.12 Agent in its Individual Capacity. As a Lender, Bank of America shall have the same rights and remedies under the
other Loan Documents as any other Lender, and the terms “Lenders,” “Required Lenders” or any similar term shall include Bank of America in its capacity as a Lender. Each of Bank of America and its Affiliates may accept deposits
from, maintain deposits or credit balances for, invest in, lend money to, provide Bank Products to, act as trustee under indentures of, serve as financial or other advisor to, and generally engage in any kind of business with, Obligors and their
Affiliates, as if Bank of America were not Agent hereunder, without any duty to account therefor (including any fees or other consideration received in connection therewith) to the other Lenders. In their individual capacities, Bank of America and
its Affiliates may receive information regarding Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality obligations), and each Secured Party agrees that Bank of America and its Affiliates shall be
under no obligation to provide such information to any Secured Party, if acquired in such individual capacity. 
 12.13
Bank Product Providers. Each Secured Bank Product Provider, by delivery of a notice to Agent of a Bank Product, agrees to be bound by Section 5.6 and this Section 12. Each Secured Bank Product Provider shall
indemnify and hold harmless Agent Indemnitees, to the extent not reimbursed by Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in connection with such provider’s Secured Bank Product Obligations.

 12.14 Agent Titles. Each Lender, other than Bank of America, that is designated (on the cover page of this
Agreement or otherwise) by Bank of America as an “Agent” or “Arranger” of any type shall not have any right, power, responsibility or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event
be deemed to have any fiduciary relationship with any other Lender. 
 12.15 No Third Party Beneficiaries. This
Section 12 is an agreement solely among Lenders and Agent, and shall survive Full Payment of the Obligations. This Section 12 (other than Section 12.10) does not confer any rights or benefits upon Borrowers or any
other Person. As between Borrowers and Agent, any action that Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized and directed by Lenders. 

 

	SECTION 13.	BENEFIT OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS 

 13.1 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Borrowers, Agent, Lenders, Secured Parties, and their respective successors and assigns, except
that (a)

  
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no Borrower shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any assignment by a Lender must be made in compliance with
Section 13.3. Agent may treat the Person which made any Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with Section 13.3. Any authorization or consent of a Lender shall be
conclusive and binding on any subsequent transferee or assignee of such Lender. 
 13.2 Participations.

 13.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with
Applicable Law, at any time sell to a financial institution (“Participant”) a participating interest in the rights and obligations of such Lender under any Loan Documents. Despite any sale by a Lender of participating interests to a
Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for performance of such obligations, such Lender shall remain the holder of its
Loans and Commitments for all purposes, all amounts payable by Borrowers shall be determined as if such Lender had not sold such participating interests, and Borrowers and Agent shall continue to deal solely and directly with such Lender in
connection with the Loan Documents. Each Lender shall be solely responsible for notifying its Participants of any matters under the Loan Documents, and Agent and the other Lenders shall not have any obligation or liability to any such Participant. A
Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.9 unless Borrowers agree otherwise in writing. 
 13.2.2 Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, waiver or other modification of any Loan Documents other than that
which forgives principal, interest or fees, reduces the stated interest rate or fees payable with respect to any Loan or Commitment in which such Participant has an interest, postpones the Commitment Termination Date or any date fixed for any
regularly scheduled payment of principal, interest or fees on such Loan or Commitment, or releases any Borrower, Guarantor or the Collateral in excess of the amount set forth in Section 14.1.1(d)(iv). 

13.2.3 Benefit of Set-Off. Borrowers agree that each Participant shall have a right of set-off in respect of its participating
interest to the same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to any participating interests sold by it. By exercising any right of set-off, a Participant agrees
to share with Lenders all amounts received through its set-off, in accordance with Section 12.5 as if such Participant were a Lender. 
 13.3 Assignments. 
 13.3.1 Permitted Assignments. A Lender
may assign to an Eligible Assignee any of its rights and obligations under the Loan Documents, as long as (a) each assignment is of a constant, and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan
Documents and, in the case of a partial assignment, is in a minimum principal amount of $10,000,000 (unless otherwise agreed by Agent in its discretion) and integral multiples of $1,000,000 in excess of that amount; (b) except in the case of an
assignment in whole of a Lender’s rights and obligations, the aggregate amount of the Commitments retained by the transferor Lender is at least $10,000,000 (unless otherwise agreed by Agent in its discretion); (c) the parties to each such
assignment shall execute and deliver to Agent, for its acceptance and recording, an Assignment and Acceptance and (d) no Lender shall assign its Revolving Commitment (and corresponding Revolver Loans) or Term Loan without a Pro Rata portion of
its Term Loan or Revolving Commitment (and corresponding Revolver Loans), as applicable. Nothing herein shall limit the right of a Lender to pledge or assign any rights under the Loan Documents to (i) any Federal Reserve Bank or the United
States Treasury as collateral security pursuant to Regulation 

  
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A of the Board of Governors and any Operating Circular issued by such Federal Reserve Bank, or (ii) counterparties to swap agreements relating to any Loans; provided, however,
that any payment by Borrowers to the assigning Lender in respect of any Obligations assigned as described in this sentence shall satisfy Borrowers’ obligations hereunder to the extent of such payment, and no such assignment shall release the
assigning Lender from its obligations hereunder. Notwithstanding any other provisions of this Agreement to the contrary, no Lender may sell, assign or transfer all or any part of its rights, benefits or obligations under this Agreement or the other
Loan Documents if such sale, assignment or transfer would result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. 
 13.3.2 Effect; Effective Date. Upon delivery to Agent of an assignment notice in the form of Exhibit D and a processing fee of $3,500 (unless otherwise agreed by Agent in its discretion),
the assignment shall become effective as specified in the notice, if it complies with this Section 13.3. From such effective date, the Eligible Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all
rights and obligations of a Lender thereunder. Upon consummation of an assignment, the transferor Lender, Agent and Borrowers shall make appropriate arrangements for issuance of replacement and/or new Notes, as applicable. The transferee Lender
shall comply with Section 5.10 and deliver, upon request, an administrative questionnaire satisfactory to Agent. 

13.3.3 Certain Assignees. No assignment or participation may be made to a Borrower, Affiliate of a Borrower, Defaulting Lender or
natural person. In connection with any assignment by a Defaulting Lender, such assignment shall be effective only upon payment by the Eligible Assignee or Defaulting Lender to Agent of an aggregate amount sufficient, upon distribution (through
direct payment, purchases of participations or other compensating actions as Agent deems appropriate), (a) to satisfy all funding and payment liabilities then owing by the Defaulting Lender hereunder, and (b) to acquire its Pro Rata share
of all Loans and LC Obligations. If an assignment by a Defaulting Lender shall become effective under Applicable Law for any reason without compliance with the foregoing sentence, then the assignee shall be deemed a Defaulting Lender for all
purposes until such compliance occurs. 
  

	SECTION 14.	MISCELLANEOUS 

 14.1
Consents, Amendments and Waivers. 
 14.1.1 Amendment. No modification of any Loan Document, including any
extension or amendment of a Loan Document or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of Required Lenders (or Agent, acting on the instructions of Required Lenders) and each Obligor party to
such Loan Document; provided, however, that 
 (a) without the prior written consent of Agent, no modification
shall be effective with respect to any provision in a Loan Document that relates to any rights, duties or discretion of Agent; 

(b) without the prior written consent of Issuing Bank, no modification shall be effective with respect to any LC Obligations or
Section 2.3 or any other provision in a Loan Document that relates to any rights, duties or discretion of Issuing Bank; 
 (c) without the prior written consent of Agent and each affected Lender, including a Defaulting Lender, no modification shall be effective that would (i) increase the Commitment of such Lender;
(ii) reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such Lender (except as provided in Section 4.2); or (iii) extend the Revolver Termination Date or Term Loan Maturity Date applicable
to such Lender’s Obligations; 

  
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 (d) without the prior written consent of all Lenders (except a Defaulting Lender as
provided in Section 4.2), no modification shall be effective that would (i) alter Section 5.6, 7.1 (except to add Collateral) or 14.1.1; (ii) amend the definition of Borrowing Base (or any defined term used
in such definition), Pro Rata or Required Lenders; (iii) increase any advance rate, or (except in the case of any amendment necessary to implement the terms of the New Revolver Commitments in accordance with the terms hereof (which shall be in
writing and need only be executed by Agent and Borrowers)) increase total Commitments; (iv) release Collateral with an aggregate book value greater than $10,000,000 during any calendar year, except as currently contemplated by the Loan
Documents; or (v) release any Obligor from liability for any Obligations, if such Obligor is Solvent at the time of the release except for any merger, consolidation, dissolution or liquidation of an Obligor permitted by
Section 10.2.9(a); 
 (e) without the prior written consent of a Secured Bank Product Provider, no modification
shall be effective that affects its relative payment priority under Section 5.6; and 
 (f) any amendment necessary to
implement the terms of the New Revolver Commitments in accordance with the terms hereof shall be in writing and need only be executed by Agent and Borrowers. 
 14.1.2 Limitations. The agreement of Borrowers shall not be necessary to the effectiveness of any modification of a Loan Document that deals solely with the rights and duties of Lenders, Agent
and/or Issuing Bank as among themselves. Only the consent of the parties to the Fee Letter or any agreement relating to a Bank Product shall be required for any modification of such agreement, and any non-Lender that is party to a Bank Product
agreement shall have no right to participate in any manner in modification of any other Loan Document. Any waiver or consent granted by Agent or Lenders hereunder shall be effective only if in writing and only for the matter specified. 

14.1.3 Payment for Consents. No Borrower will, directly or indirectly, pay any remuneration or other thing of value, whether by
way of additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or value is concurrently paid, on
the same terms, on a Pro Rata basis to all Lenders providing their consent. 
 14.2 Indemnity. SUBJECT TO THE
FOLLOWING SENTENCE, EACH BORROWER SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE
NEGLIGENCE OF AN INDEMNITEE. In no event shall any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim that is determined in a final, non-appealable judgment by a court of
competent jurisdiction to result from the gross negligence or willful misconduct of such Indemnitee. 
 14.3 Notices and
Communications. 
 14.3.1 Notice Address. Subject to Section 4.1.4, all notices and other
communications by or to a party hereto shall be in writing and shall be given to any Borrower, at Borrower Agent’s address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof (or, in
the case of a Person who becomes a Lender after the Closing 

  
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Date, at the address shown on its Assignment and Acceptance), or at such other address as a party may hereafter specify by notice in accordance with this Section 14.3. Each such
notice or other communication shall be effective only (a) if given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail, three Business Days after
deposit in the U.S. mail, with first-class postage pre-paid, addressed to the applicable address; or (c) if given by personal delivery, when duly delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing, no
notice to Agent pursuant to Section 2.1.4, 2.3, 3.1.2, 4.1.1 or 5.3.3 shall be effective until actually received by the individual to whose attention at Agent such notice is required to be sent. Any written notice or other
communication that is not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by the noticed party. Any notice received by Borrower Agent shall be deemed received by all Borrowers.

 14.3.2 Electronic Communications; Voice Mail. Electronic mail and internet websites may be used only for routine
communications, such as financial statements, Borrowing Base Certificates and other information required by Section 10.1.2, administrative matters, distribution of Loan Documents for execution, and matters permitted under
Section 4.1.4. Agent and Lenders make no assurances as to the privacy and security of electronic communications. Except as set forth in the preceding sentence, electronic and voice mail may not be used as effective notice under the Loan
Documents. 
 14.3.3 Non-Conforming Communications. Agent and Lenders may rely upon any notices purportedly given by or
on behalf of any Borrower even if such notices were not made in a manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by the recipient, varied from a later confirmation. Each Borrower shall
indemnify and hold harmless each Indemnitee from any liabilities, losses, costs and expenses arising from any telephonic communication purportedly given by or on behalf of a Borrower. 

14.4 Performance of Borrowers’ Obligations. Agent may, in its discretion at any time and from time to time, at
Borrowers’ expense, pay any amount or, upon notice to Borrower Agent unless an Event of Default exists, do any act required of a Borrower under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents
or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium,
warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien. All reasonable payments, costs and expenses (including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers,
on demand, with interest from the date incurred to the date of payment thereof at the Default Rate applicable to Base Rate Revolver Loans. Any payment made or action taken by Agent under this Section shall be without prejudice to any right to
assert an Event of Default or to exercise any other rights or remedies under the Loan Documents. 
 14.5 Credit
Inquiries. Each Borrower hereby authorizes Agent and Lenders (but they shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Borrower or Subsidiary. 

14.6 Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be
valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect.

 14.7 Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are cumulative. The parties
acknowledge that the Loan Documents may use several limitations, tests or 

  
 -89-

 
measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific
reference to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control. 

14.8 Counterparts. Any Loan Document may be executed in counterparts, each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto. Delivery of a signature page of any Loan Document by telecopy
or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. 
 14.9
Entire Agreement. Time is of the essence of the Loan Documents. The Loan Documents constitute the entire contract among the parties relating to the subject matter hereof, and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. 
 14.10 Relationship with Lenders. The obligations of
each Lender hereunder are several, and no Lender shall be responsible for the obligations or Commitments of any other Lender. Amounts payable hereunder to each Lender shall be a separate and independent debt. It shall not be necessary for Agent or
any other Lender to be joined as an additional party in any proceeding for such purposes. Nothing in this Agreement and no action of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise shall be deemed to constitute
Agent and any Secured Party to be a partnership, association, joint venture or any other kind of entity, nor to constitute control of any Obligor. 
 14.11 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated by any Loan Document, Borrowers acknowledge and agree that (a)(i) this credit
facility and any related arranging or other services by Agent, any Lender, any of their Affiliates or any arranger are arm’s-length commercial transactions between Borrowers and such Person; (ii) Borrowers have consulted their own legal,
accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii) Borrowers are capable of evaluating and understanding, and do understand and accept, the terms, risks and conditions of the transactions contemplated
by the Loan Documents; (b) each of Agent, Lenders, their Affiliates and any arranger is and has been acting solely as a principal in connection with this credit facility, is not the financial advisor, agent or fiduciary for Borrowers, any of
their Affiliates or any other Person, and has no obligation with respect to the transactions contemplated by the Loan Documents except as expressly set forth therein; and (c) Agent, Lenders, their Affiliates and any arranger may be engaged in a
broad range of transactions that involve interests that differ from those of Borrowers and their Affiliates, and have no obligation to disclose any of such interests to Borrowers or their Affiliates. To the fullest extent permitted by Applicable
Law, each Borrower hereby waives and releases any claims that it may have against Agent, Lenders, their Affiliates and any arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated by a Loan Document. 
 14.12 Confidentiality. Each of Agent, Lenders and Issuing Bank
agrees to maintain the confidentiality of all Information (as defined below), except that Information may be disclosed (a) to its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives
(provided such Persons are informed of the confidential nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction
over it or its Affiliates; (c) to the extent required by Applicable Law or by any subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action or proceeding, or other exercise of rights or
remedies, relating to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this Section, to any Transferee or 

  
 -90-

 
any actual or prospective party (or its advisors) to any Bank Product; (g) with the consent of Borrower Agent; or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) is available to Agent, any Lender, Issuing Bank or any of their Affiliates on a nonconfidential basis from a source other than Borrowers. Notwithstanding the foregoing, Agent and
Lenders may publish or disseminate general information describing this credit facility, including the names and addresses of Borrowers and a general description of Borrowers’ businesses, and may use Borrowers’ logos, trademarks or product
photographs in advertising materials, provided, however, that (i) Agent and Lenders provide Borrowers with a copy for their review reasonably prior to publishing or disseminating such information and (ii) such general
information does not include any information required to be kept confidential by this Section 14.12. As used herein, “Information” means all information received from an Obligor or Subsidiary relating to it or its
business. Any Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises the same degree of care that it accords its own confidential information. Each of Agent, Lenders
and Issuing Bank acknowledges that (i) Information may include material non-public information concerning an Obligor or Subsidiary; (ii) it has developed compliance procedures regarding the use of material non-public information; and
(iii) it will handle such material non-public information in accordance with Applicable Law, including federal and state securities laws. 
 14.13 GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, UNLESS OTHERWISE SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS, WITHOUT GIVING EFFECT TO ANY CONFLICT
OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS). 
 14.14 Consent to Forum.

 14.14.1 Forum. EACH BORROWER HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT
SITTING IN OR WITH JURISDICTION OVER THE CITY OF CHICAGO, STATE OF ILLINOIS, IN ANY PROCEEDING OR DISPUTE RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH BORROWER
IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 14.3.1. Nothing herein shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by
Applicable Law. Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or jurisdiction. 
 14.15 Waivers by Borrowers. To the fullest extent permitted by Applicable Law, each Borrower waives (a) the right to trial by jury (which Agent, Issuing Bank and each Lender hereby
also waives) in any proceeding or dispute of any kind relating in any way to any Loan Documents, Obligations or Collateral; (b) presentment, demand, protest, notice of presentment, default, non-payment, maturity, release, compromise,
settlement, extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and guaranties at any time held by Agent on which a Borrower may in any way be liable, and hereby ratifies anything Agent may do in this
regard; (c) notice prior to taking possession or control of any Collateral; (d) any bond or security that might be required by a court prior to allowing Agent to exercise any rights or remedies; (e) the benefit of all valuation,
appraisement and exemption laws; (f) any claim against Agent, Issuing Bank or any Secured Party, on any theory of liability, for special, indirect, consequential, exemplary or punitive

  
 -91-

 
damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto; and (g) notice of acceptance
hereof. Each party hereto acknowledges that the foregoing waivers are a material inducement to each other party hereto entering into this Agreement and that each party hereto is relying upon the foregoing in their dealings with each other party
hereto. Each party hereto has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Agreement may be
filed as a written consent to a trial by the court. 
 14.16 Patriot Act Notice. Agent and Lenders hereby notify
Borrowers that pursuant to the requirements of the Patriot Act, Agent and Lenders are required to obtain, verify and record information that identifies each Borrower, including its legal name, address, tax ID number and other information that will
allow Agent and Lenders to identify it in accordance with the Patriot Act. Agent and Lenders will also require information regarding each personal guarantor, if any, and may require information regarding Borrowers’ management and owners, such
as legal name, address, social security number and date of birth. 
  

	SECTION 15.	AMENDMENT AND RESTATEMENT 

15.1 Amendment and Restatement; No Novation. On the Closing Date, the Existing Loan and Security Agreement shall be amended
and restated in its entirety by this Agreement and (i) all references to the Existing Loan and Security Agreement in any Loan Document other than this Agreement (including in any amendment, waiver or consent) shall be deemed to refer to the
Existing Loan and Security Agreement as amended and restated hereby, (ii) all references to any section (or subsection) of the Existing Loan and Security Agreement in any Loan Document (but not herein) shall be amended to be, mutatis mutandis,
references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides, all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be deemed to be
references to the Existing Loan and Security Agreement as amended and restated hereby. This Agreement is not intended to constitute, and does not constitute, a novation of the obligations and liabilities under the Existing Loan and Security
Agreement (including the Obligations) or to evidence payment of all or any portion of such obligations and liabilities. 

15.2 Effect on Existing Loan and Security Agreement and on the Obligations. On and after the Closing Date, (i) the
Existing Loan and Security Agreement shall be of no further force and effect except as amended and restated hereby and except to evidence (A) the incurrence by any Obligor of the “Obligations” under and as defined therein (whether or
not such “Obligations” are contingent as of the Closing Date), (B) the representations and warranties made by any Credit Party prior to the Closing Date and (C) any action or omission performed or required to be performed
pursuant to the Existing Loan and Security Agreement prior to the Closing Date (including any failure, prior to the Closing Date, to comply with the covenants contained in such Existing Loan and Security Agreement) and (ii) the terms and
conditions of this Agreement and the Secured Parties’ rights and remedies under the Loan Documents, shall apply to all Obligations incurred under the Existing Loan and Security Agreement, the Notes issued thereunder and the Existing Letters of
Credit. 
 15.3 No Implied Waivers. Except as expressly provided in any Loan Document, this Agreement
(x) shall not cure any breach of the Existing Loan and Security Agreement or any “Default” or “Event of Default” thereunder existing prior to the date hereof and (y) is limited as written and is not a consent to any
other modification of any term or condition of any Loan Document, each of which shall remain in full force and effect. 

  
 -92-

 15.4 Reaffirmation of Liens and Loan Documents. Each Obligor reaffirms the
Liens granted pursuant to the Existing Loan and Security Agreement and the Security Documents to Agent, on behalf of itself and Secured Parties, which Liens shall continue in full force and effect during the term of this Agreement and any renewals
or extensions thereof and shall continue to secure the Obligations and the Security Documents, including the Liens created thereunder and under the Existing Loan and Security Agreement, and all other Loan Documents executed in connection with the
Existing Loan and Security Agreement that are not superseded by corresponding Loan Documents executed and delivered in connection with this Agreement, shall remain in full force and effect with respect to the Obligations and are hereby reaffirmed
and ratified. 
 15.5 Loans Under the Existing Loan and Security Agreement. Each of the Borrowers acknowledges and
agrees that as of the Closing Date (i) the outstanding principal amount of Revolver Loans under (and as defined in) the Existing Loan and Security Agreement equals $91,190,000, all of which are continued as Revolver Loans hereunder;
(iii) Existing Letters of Credit are outstanding under (and as defined in) the Existing Loan and Security Agreement having an aggregate stated amount of $1,925,000 and are continued as Letters of Credit hereunder; and (iv) upon the payment
of all accrued and unpaid interest as of the Closing Date on all outstanding LIBOR Loans under (and as defined in) the Existing Loan and Security Agreement, all such Loans shall be deemed Base Rate Loans as of the Closing Date. On the Closing Date,
each Lender that has a Revolver Commitment shall make payments to, or receive payments from, the Agent such that each such Lender shall have funded its Pro Rata share of the Revolver Loan on the Closing Date. 

[Remainder of page intentionally left blank; signatures begin on following page] 

  
 -93-

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

					
	BORROWERS:
	
	OLYMPIC STEEL, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974
	
	OLYMPIC STEEL LAFAYETTE, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974
	
	OLYMPIC STEEL MINNEAPOLIS, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974

  

					
		 		 	 SIGNATURE PAGE TO
THE
 LOAN AND SECURITY
AGREEMENT

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

					
	BORROWERS:
	
	OLYMPIC STEEL IOWA, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretory
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974
	
	OLY STEEL WELDING, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretory
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974

  

					
		 		 	 SIGNATURE PAGE TO
THE

AMENDED AND RESTATED LOAN AND 
SECURITY AGREEMENT 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

					
	BORROWERS:
	
	OLY STEEL NC, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974
	
	TINSLEY GROUP-PS&W, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974
	
	IS ACQUISITION, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer, Treasurer and Assistant Secretary
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974
	
	OLYAC II, INC.
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Chief Financial Officer and Treasurer
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974

  

					
		 		 	 SIGNATURE PAGE TO
THE

AMENDED AND RESTATED LOAN AND 
SECURITY AGREEMENT

 
	
	Chicago Tube and Iron Company, a Delaware corporation (“Chicago Tube and Iron”) hereby agrees and acknowledges that (i) OLYAC II, Inc., a Delaware corporation
(“OLYAC II”) has merged with and into Chicago Tube and Iron, (ii) Chicago Tube and Iron has assumed, and is liable for, all of the obligations of OLYAC II hereunder and under the other Loan Documents and (iii) Chicago Tube
and Iron shall constitute a Borrower hereunder and under the Loan Documents.

  

					
	CHICAGO TUBE AND IRON COMPANY
		
	By:	 	 /s/ Richard T. Marabito

	Title:	 	Treasurer
	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974

  

					
		 		 	 SIGNATURE PAGE TO
THE
 LOAN AND SECURITY
AGREEMENT

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

					
	AGENT AND LENDERS:
	
	 BANK OF AMERICA, N.A.,
 as Agent and Lender

		
	By:	 	 /s/ Thomas H. Herron

	Title:	 	Senior Vice President
	Address:	 	135 S. LaSalle Street, 4th Floor
		 	Mailcode:	 	IL4-135-04-25
		 	Chicago, IL 60603
		 	Attn:	 	    Business Capital / Portfolio Manager
		 	Telecopy:	 	    (312) 904-0291

  

					
		 		 	 SIGNATURE PAGE TO
THE

AMENDED AND RESTATED LOAN AND 
SECURITY AGREEMENT 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

			
	LENDERS:
	
	 JPMORGAN CHASE BANK, N.A.,
 as Lender

		
	By:	 	 /s/ John Psellas

	Title:	 	Senior Vice President
	Address:	 	1300 East Ninth Street, 13th Floor
		 	Cleveland, OH 44114
		
		 	Attn: Matthew Brewer
		 	Telecopy: 216-781-2071

  

			
	 KEYBANK, NATIONAL ASSOCIATION,
 as Lender

		
	By:	 	 /s/ Timothy W. Kenealy

	Title:	 	Vice President
	Address:	 	127 Public Square, 18th Floor
		 	Cleveland, OH 44114
		
		 	Attn: Tim Kenealy
		 	Telecopy: 216-689-8470

  

			
	 COMERICA BANK,
 as Lender

		
	By:	 	 /s/ John E. Spidel

	Title:	 	Vice President
	Address:	 	Comerica Tower at One Detroit Center
		 	500 Woodward Ave., 6th Floor
		 	Detroit, MI 48226
		
		 	Attn: John E. Spidel
		 	Telecopy: 313-222-7475

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Lender

		
	By:	 	 /s/ Matthew Kasper

	Title:	 	Relationship Manager
	Address:	 	425 Walnut Street
		 	CN-OH-W14S
		 	Cincinnati, OH 45202
		
		 	Attn: Matthew Kasper
		 	Telecopy: 513-632-2030

  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
 as Lender

		
	By:	 	 /s/ David A. Ernst

	Title:	 	Director
	Address:	 	1100 Abernathy Road, Suite 1600
		 	Atlanta, GA 30328
		
		 	Attn: Relationship Manager - Olympic
		 	Telecopy: 704-715-5843

  

			
	 THE HUNTINGTON NATIONAL BANK,
 as Lender

		
	By:	 	 /s/ Derek C. Taylor

	Title:	 	Senior Portfolio Manager
	Address:	 	310 Grant St.
		 	Pittsburgh, PA 15219

  

			
	 CAPITAL ONE LEVERAGE FINANCE CORP.,
 as Lender

		
	By:	 	 /s/ Ari Kaplan

	Title:	 	Senior Vice President
	Address:	 	1415 W. 22nd Street
		 	Suite 750 E
		 	Oak Brook, IL 60523
		
		 	Attn: Ari Kaplan
		 	Telecopy: 630-684-0228

  

					
		 		 	 SIGNATURE PAGE TO
THE

AMENDED AND RESTATED LOAN AND 
SECURITY AGREEMENT 

 EXHIBIT A 
 to 
 Loan and Security Agreement 

REVOLVER NOTE 
  

					
	[Date]	  	$                          
      	  	[Chicago, Illinois]

 OLYMPIC STEEL, INC., an Ohio corporation (“Olympic Steel”), OLYMPIC
STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic Minneapolis”), OLYMPIC STEEL IOWA, INC., an
Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC., a Delaware corporation (“Oly NC”), TINSLEY
GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS Acquisition”), OLYAC II, INC., a Delaware corporation (“OLYAC
II”) (to be merged into CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”)) (Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley Group, IS
Acquisition and, immediately prior to the consummation of the Closing Date Merger (as defined in the Loan Agreement referenced below) OLYAC II, and immediately following the consummation of the Closing Date Merger, Chicago Tube and Iron,
collectively, “Borrowers”), for value received, hereby unconditionally promise to pay, on a joint and several basis, to the order of
                                         
                            (“Lender”), the principal sum of
                                         
                        DOLLARS
($                    ), or such lesser amount as may be advanced by Lender as Revolver Loans and owing as LC Obligations from time to time
under the Loan Agreement described below, together with all accrued and unpaid interest thereon. Terms are used herein as defined in the Amended and Restated Loan and Security Agreement dated as of July 1, 2011, among Borrowers, Bank of
America, N.A., as Agent, Lender, and certain other financial institutions, as such agreement may be amended, modified, renewed or extended from time to time (“Loan Agreement”). 

Principal of and interest on this Note from time to time outstanding shall be due and payable as provided in the Loan Agreement. This Note is issued
pursuant to and evidences Revolver Loans and LC Obligations under the Loan Agreement, to which reference is made for a statement of the rights and obligations of Lender and the duties and obligations of Borrowers. The Loan Agreement contains
provisions for acceleration of the maturity of this Note upon the happening of certain stated events, and for the borrowing, prepayment and reborrowing of amounts upon specified terms and conditions. 

The holder of this Note is hereby authorized by Borrowers to record on a schedule annexed to this Note (or on a supplemental schedule)
the amounts owing with respect to Revolver Loans and LC Obligations, and the payment thereof. Failure to make any notation, however, shall not affect the rights of the holder of this Note or any obligations of Borrowers hereunder or under any other
Loan Documents. 
 Time is of the essence of this Note. Each Borrower and all endorsers, sureties and guarantors of this Note
hereby severally waive demand, presentment for payment, protest, notice of protest, notice of intention to accelerate the maturity of this Note, diligence in collecting, the bringing of any suit against any party, and any notice of or defense on
account of any extensions, renewals, partial payments, or changes in any manner of or in this Note or in any of its terms, provisions and covenants, or any releases or substitutions of any security, or any delay, indulgence or other act of any
trustee or any holder hereof, whether before or after maturity. Borrowers jointly and severally agree to pay, and to save the holder of this Note harmless against, any liability for the payment of all costs and expenses (including without limitation
reasonable attorneys’ fees) if this Note is collected by or through an attorney-at-law. 

 In no contingency or event whatsoever shall the amount paid or agreed to be paid to the
holder of this Note for the use, forbearance or detention of money advanced hereunder exceed the highest lawful rate permitted under Applicable Law. If any such excess amount is inadvertently paid by Borrowers or inadvertently received by the holder
of this Note, such excess shall be returned to Borrowers or credited as a payment of principal, in accordance with the Loan Agreement. It is the intent hereof that Borrowers not pay or contract to pay, and that holder of this Note not receive or
contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrowers under Applicable Law. 
 This Note shall be governed by the laws of the State of Illinois, without giving effect to any conflict of law principles (but giving effect to federal laws relating to national banks). 

IN WITNESS WHEREOF, this Revolver Note is executed as of the date set forth above. 

 

			
	OLYMPIC STEEL, INC.
		
	By:	 	  

	Title:	 	  

	
	OLYMPIC STEEL LAFAYETTE, INC.
		
	By:	 	  

	Title:	 	  

	
	OLYMPIC STEEL MINNEAPOLIS, INC.
		
	By:	 	  

	Title:	 	  

	
	OLYMPIC STEEL IOWA, INC.
		
	By:	 	  

	Title:	 	  

	
	OLY STEEL WELDING, INC.
		
	By:	 	  

	Title:	 	  

	
	OLY STEEL NC, INC.
		
	By:	 	  

	Title:	 	  

  
 - 2 -

 
			
	TINSLEY GROUP-PS&W, INC.
		
	By:	 	  

	Title:	 	  

	
	IS ACQUISITION, INC.
		
	By:	 	  

	Title:	 	  

	
	OLYAC II, INC.
		
	By:	 	  

	Title:	 	  

	
	Chicago Tube and Iron Company, a Delaware corporation (“Chicago Tube and Iron”) hereby agrees and acknowledges that (i) OLYAC II, Inc., a Delaware
corporation (“OLYAC II”) has merged with and into Chicago Tube and Iron, (ii) Chicago Tube and Iron has assumed, and is liable for, all of the obligations of OLYAC II hereunder and under the other Loan Documents and
(iii) Chicago Tube and Iron shall constitute a Borrower hereunder and under the Loan Documents.

  

					
	CHICAGO TUBE AND IRON COMPANY
		
	By:	 	  

	Title:	 	  

	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:	 	    Chief Financial Officer
		 	Telecopy:	 	    (216) 292-3974

  
 - 3 -

 EXHIBIT B 
 to 
 Loan and Security Agreement 

JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT, dated as of [             , 20    ] (this “Joinder
Agreement”), by and among [NEW LENDERS] (each a “New Lender” and collectively the “New Lenders”), OLYMPIC STEEL, INC., an Ohio corporation (“Olympic Steel”), OLYMPIC STEEL
LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic Minneapolis”), OLYMPIC STEEL IOWA, INC., an Iowa
corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC., a Delaware corporation (“Oly NC”), TINSLEY
GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS Acquisition”), OLYAC II, INC., a Delaware corporation (“OLYAC
II”) (to be merged with and into CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”)) (Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley
Group, IS Acquisition and, immediately prior to the consummation of the Closing Date Merger, OLYAC II, and immediately following the consummation of the Closing Date Merger, Chicago Tube and Iron, collectively, “Borrowers”), and
BANK OF AMERICA, N.A., a national banking association, as agent for the Lenders (together with its successors and assigns, “Agent”). 
 RECITALS: 
 WHEREAS, reference is hereby made to the Amended and
Restated Loan and Security Agreement, dated as of [            ], 2011 (as it may be amended, restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Lenders party thereto from time to time, Borrowers and Agent; and 

WHEREAS, subject to the terms and conditions of the Loan Agreement, Borrowers may increase the existing Revolver Commitments by
entering into one or more Joinder Agreements with the New Lenders. 
 NOW, THEREFORE, in consideration of the premises
and agreements, provisions and covenants herein contained, the parties hereto agree as follows: 
 Each New Lender party hereto
hereby agrees to commit to provide its respective Commitment as set forth on Schedule A annexed hereto (with respect to such New Lender, its “New Revolver Commitment” and collectively, the “New Revolver
Commitments”, on [            , 201    ] (the “Increased Amount Date”), on the terms and subject to the conditions set
forth below: 
 Each New Lender (i) confirms that it has received copies of the Loan Agreement and such other Loan
Documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement; (ii) agrees that it will, independently and without reliance upon Agent or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iii) appoints and

  

 
authorizes Agent to take such action as agent on its behalf and to exercise such powers under the Loan Agreement as are delegated to Agent by the terms thereof, together with such powers as are
incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender. 

Each New Lender hereby agrees to make its New Revolver Commitment on the following terms and conditions: 

 

	1.	[insert any agreed upon terms to the extent consistent with Section 2.2 of the Credit Agreement]. 

 

	2.	 [New Lenders. Each New Lender acknowledges and agrees that upon its execution of this Joinder Agreement that such New Lender shall become a
“Lender” under, and for all purposes of, the Loan Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender
thereunder.]1 

 

	3.	Loan Agreement Governs. Except as set forth in this Joinder Agreement, New Revolver Commitments shall otherwise be subject to the provisions of the Loan
Agreement and the other Loan Documents. 

  

	4.	Borrower’s Certifications. By its execution of this Joinder Agreement, each Borrower hereby certifies that: 

 

	 	i.	The representations and warranties of each Obligor in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier
contained therein) on and as of the date hereof to the same extent as though made on and as of the date hereof (except for representations and warranties that expressly relate to an earlier date) 

 

	 	ii.	No Default or Event of Default exists on the Increased Amount Date before or after giving effect to the New Revolver Commitments; and 

 

	 	iii.	Each Borrower has satisfied all conditions which Section 2.2 of the Loan Agreement provides shall be performed or satisfied by it on or before the Increased Amount
Date. 

  

	 	iv.	Set forth on Attachment A are pro forma financial statements and a pro forma Compliance Certificate, dated as of the Increased Amount Date, in form and substance
satisfactory to Agent, demonstrating that immediately after giving effect to such New Revolver Commitment, the Fixed Charge Coverage Ratio (recomputed for the most recent Fiscal Quarter for which financial statements have been delivered) is at least
1.10 to 1.00 for the period of twelve months then most recently ended. 

  

	1 	 Insert bracketed language if the lending institution is not already a Lender. 

  

	5.	Borrower Covenants. By its execution of this Joinder Agreement, Borrowers hereby covenants that on the Increased Amount Date: 

 

	 	i.	Borrowers shall make any payments required pursuant to Section 3.9 of the Loan Agreement in connection with the New Revolver Commitments and the
re-allocation of loans contemplated by Section 2.2(b) of the Loan Agreement; and 

  

	 	ii.	Borrower shall deliver or cause to be delivered any customary legal opinions or other documents reasonably requested by Agent in connection with in connection with this
Joinder Agreement. 

  

	6.	Eligible Assignee. By its execution of this Joinder Agreement, each New Lender represents and warrants that it is an Eligible Assignee. 

 

	7.	Notice. For purposes of the Loan Agreement, the initial notice address of each New Lender shall be as set forth below its signature below.

  

	8.	Non-US Lenders. For each New Lender, delivered herewith to Agent and Borrower Agent are such forms, certificates or other evidence with respect to United States
federal income tax withholding matters as such New Lender may be required to deliver to Agent and Borrower Agent pursuant to Sections 5.10.1 and 5.10.2 of the Loan Agreement. 

 

	9.	Recordation of the New Revolver Commitments. Upon execution and delivery hereof, Agent will record New Revolver Loans made by New Lenders in accordance with the
terms of the Loan Agreement. 

  

	10.	Amendment, Modification and Waiver. This Joinder Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and
delivered on behalf of each of the parties hereto. 

  

	11.	Entire Agreement. This Joinder Agreement, the Loan Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the
subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. 

 

	12.	GOVERNING LAW. THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF ILLINOIS. 

  

	13.	Severability. Any term or provision of this Joinder Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Joinder Agreement or affecting the validity or enforceability of any of the terms or provisions of
this Joinder Agreement in any other jurisdiction. If any provision of this Joinder Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable. 

  

	14.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same
agreement. 

 [Remainder of page intentionally left blank] 

 

  

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of [            ,         ]. 

 

			
	[NAME OF NEW LENDER]
		
	By:	 	  

	Name:
	Title:
	
	Notice Address:
	
	Attention:
	Telephone:
	Facsimile:

  

 
			
	OLYMPIC STEEL, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	OLYMPIC STEEL LAFAYETTE, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	OLYMPIC STEEL MINNEAPOLIS, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	OLYMPIC STEEL IOWA, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	OLY STEEL WELDING, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	OLY STEEL NC, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	TINSLEY GROUP-PS&W, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]

  

 
			
	IS ACQUISITION, INC.
		
	By:	 	  

	Name:
	Title: [Authorized Officer]
	
	CHICAGO TUBE AND IRON COMPANY
		
	By:	 	  

	Name:
	Title: [Authorized Officer]

  

			
	Consented to by:
	
	 BANK OF AMERICA, N.A.,
 as Agent

		
	By:	 	  

	Name:
	Title:

  

 SCHEDULE A 
 TO JOINDER AGREEMENT 
  

					
	 Name of Lender
	 	 Type of Commitment
	 	 Amount

	
[                    ]
	 	New Revolver Commitment	 	$            
		 		 	
		 		 	Total:
$                        

  
 j 

 EXHIBIT C 
 to 
 Loan and Security Agreement 

ASSIGNMENT AND ACCEPTANCE 
 Reference is made to the Amended and Restated Loan and Security Agreement dated as of July 1, 2011, as amended (“Loan Agreement”), among OLYMPIC STEEL, INC., an Ohio
corporation (“Olympic Steel”), OLYMPIC STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic
Minneapolis”), OLYMPIC STEEL IOWA, INC., an Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC.,
a Delaware corporation (“Oly NC”), TINSLEY GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS
Acquisition”), CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”; and together with Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley Group
and IS Acquisition, collectively, “Borrowers”), BANK OF AMERICA, N.A., as agent (“Agent”) for the financial institutions from time to time party to the Loan Agreement (“Lenders”), and such
Lenders. Terms are used herein as defined in the Loan Agreement. 

                      
                                         
                  (“Assignor”) and
                                         
                                       
(“Assignee”) agree as follows: 
 1. Assignor hereby assigns to Assignee and Assignee hereby purchases and
assumes from Assignor (a) a principal amount of $             of Assignor’s outstanding Revolver Loans and
$             of Assignor’s participations in LC Obligations, and (b) the amount of $             of
Assignor’s Revolver Commitment (which represents         % of the total Revolver Commitments), and (c) a principal amount of
$             of Assignor’s outstanding Term Loan (the foregoing items being, collectively, the “Assigned Interest”), together with an interest in the Loan
Documents corresponding to the Assigned Interest. This Agreement shall be effective as of the date (“Effective Date”) indicated in the corresponding Assignment Notice delivered to Agent, provided such Assignment Notice is executed
by Assignor, Assignee, Agent and Borrower Agent, if applicable. From and after the Effective Date, Assignee hereby expressly assumes, and undertakes to perform, all of Assignor’s obligations in respect of the Assigned Interest, and all
principal, interest, fees and other amounts which would otherwise be payable to or for Assignor’s account in respect of the Assigned Interest shall be payable to or for Assignee’s account, to the extent such amounts accrue on or after the
Effective Date. 
 2. Assignor (a) represents that as of the date hereof, prior to giving effect to this assignment, its
Revolver Commitment is $            , the outstanding balance of its Revolver Loans and participations in LC Obligations is
$             and the outstanding balance of its Term Loans is $            ; (b) makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Agreement or any other instrument or document furnished pursuant thereto, other than that Assignor is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; and
(c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrowers or the performance by Borrowers of their obligations under the Loan Documents. [Assignor is attaching the Note[s] held
by it and requests that Agent exchange such Note[s] for new Notes payable to Assignee [and Assignor].] 

 3. Assignee (a) represents and warrants that it is legally authorized to enter into
this Assignment and Acceptance; (b) confirms that it has received copies of the Loan Agreement and such other Loan Documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment
and Acceptance; (c) agrees that it shall, independently and without reliance upon Assignor and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents; (d) confirms that it is an Eligible Assignee; (e) appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under the Loan Agreement as are delegated to Agent by
the terms thereof, together with such powers as are incidental thereto; (f) agrees that it will observe and perform all obligations that are required to be performed by it as a “Lender” under the Loan Documents; and
(g) represents and warrants that the assignment evidenced hereby will not result in a non-exempt “prohibited transaction” under Section 406 of ERISA. 
 4. This Agreement shall be governed by the laws of the State of Illinois. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and
the remaining provisions of this Agreement shall remain in full force and effect. 
 5. Each notice or other communication
hereunder shall be in writing, shall be sent by messenger, by telecopy or facsimile transmission, or by first-class mail, shall be deemed given when sent and shall be sent as follows: 

 

					
	(a)	  	If to Assignee, to the following address (or to such other address as Assignee may designate from time to time):
		  	  
	  	
		  	  
	  	
		  	  
	  	
		
	(b)	  	If to Assignor, to the following address (or to such other address as Assignor may designate from time to time):
		  	  
	  	
		  	  
	  	
		  	  
	  	

 Payments hereunder shall be made by wire transfer of immediately available Dollars as follows:

 If to Assignee, to the following account (or to such other account as Assignee may designate from time to time): 

 

					
	  
	  	
	  
	  	
	ABA No.	 	  
	  	
	  
	  	
	Account No.	 	  
	  	
	Reference:	 	  
	  	

 If to Assignor, to the following account (or to such other account as Assignor may designate from time to
time): 
  

					
	  
	  	
	  
	  	
	ABA No.	 	  
	  	
	  
	  	
	Account No.	 	  
	  	
	Reference:	 	  
	  	

  
 - 2 -

 IN WITNESS WHEREOF, this Assignment and Acceptance is executed as of
                    . 
  

			
	  

	(“Assignee”)
		
	By:	 	  

	Title:	 	  

	
	  

	(“Assignor”)
		
	By:	 	  

	Title:	 	  

  
 - 3 -

 EXHIBIT D 
 to 
 Loan and Security Agreement 

ASSIGNMENT NOTICE 
 Reference is made to (1) the Amended and Restated Loan and Security Agreement dated as of July 1, 2011, as amended (“Loan Agreement”), among OLYMPIC STEEL, INC.,
an Ohio corporation (“Olympic Steel”), OLYMPIC STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation
(“Olympic Minneapolis”), OLYMPIC STEEL IOWA, INC., an Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY
STEEL NC, INC., a Delaware corporation (“Oly NC”), TINSLEY GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS
Acquisition”), CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”; and together with Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley Group
and IS Acquisition, collectively, “Borrowers”), BANK OF AMERICA, N.A., as agent (“Agent”) for the financial institutions from time to time party to the Loan Agreement (“Lenders”), and such
Lenders; and (2) the Assignment and Acceptance dated as of                     , 20     (“Assignment
Agreement”), between                              (“Assignor”) and
                             (“Assignee”). Terms are used herein as defined in the
Loan Agreement. 
 Assignor hereby notifies Borrowers and Agent of Assignor’s intent to assign to Assignee pursuant to the
Assignment Agreement (a) a principal amount of $             of Assignor’s outstanding Revolver Loans and
$             of Assignor’s participations in LC Obligations, (b) the amount of $             of
Assignor’s Revolver Commitment (which represents         % of the total Revolver Commitments), and (c) a principal amount of
$             of Assignor’s outstanding Term Loan (the foregoing items being, collectively, the “Assigned Interest”), together with an interest in the Loan
Documents corresponding to the Assigned Interest. This Agreement shall be effective as of the date (“Effective Date”) indicated below, provided this Assignment Notice is executed by Assignor, Assignee, Agent and Borrower Agent, if
applicable. Pursuant to the Assignment Agreement, Assignee has expressly assumed all of Assignor’s obligations under the Loan Agreement to the extent of the Assigned Interest, as of the Effective Date. 

For purposes of the Loan Agreement, Agent shall deem Assignor’s Revolver Commitment to be reduced by
$            , and Assignee’s Revolver Commitment to be increased by $            . 

The address of Assignee to which notices and information are to be sent under the terms of the Loan Agreement is: 

 

					
		 	  
	  	
		 	  
	  	
		 	  
	  	

 The address of Assignee to which payments are to be sent under the terms of the Loan Agreement is shown
in the Assignment and Acceptance. 
 This Notice is being delivered to Borrowers and Agent pursuant to Section 13.3
of the Loan Agreement. Please acknowledge your acceptance of this Notice by executing and returning to Assignee and Assignor a copy of this Notice. 

 IN WITNESS WHEREOF, this Assignment Notice is executed as of
                    . 
  

			
	  

	(“Assignee”)
		
	By:	 	  

	Title:	 	  

	
	  

	(“Assignor”)
		
	By:	 	  

	Title:	 	  

  

			
	ACKNOWLEDGED AND AGREED,
	AS OF THE DATE SET FORTH ABOVE:
	
	BORROWER AGENT:*
	
	OLYMPIC STEEL, INC.
		
	By:	 	  

	Title:	 	  

  

	*	No signature required if Assignee is a Lender, U.S.-based Affiliate of a Lender or Approved Fund, or if an Event of Default exists. 

 

			
	BANK OF AMERICA, N.A.,
	as Agent
		
	By:	 	  

	Title:	 	  

  
 - 2 -

 EXHIBIT E 
 to 
 Loan and Security Agreement 

COMPLIANCE CERTIFICATE 
 The undersigned, duly appointed and acting Chief Financial Officer of OLYMPIC STEEL, INC., an Ohio corporation (“Olympic Steel”), a Borrower Agent for itself and OLYMPIC
STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic Minneapolis”), OLYMPIC STEEL IOWA, INC., an
Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC., a Delaware corporation (“Oly NC”), TINSLEY
GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS Acquisition”), OLYAC II, INC., a Delaware corporation (“OLYAC
II”) (to be merged with and into CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”)) (Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley
Group, IS Acquisition and, immediately prior to the consummation of the Closing Date Merger, OLYAC II, and immediately following the consummation of the Closing Date Merger, Chicago Tube and Iron, collectively, “Borrowers”), being
duly authorized, hereby delivers this Compliance Certificate to the BANK OF AMERICA, N.A., in its capacity as agent (“Agent”) for the financial institutions from time to time party to the Loan Agreement referenced below
(“Lenders”), pursuant to Section 10.1.2(d) of that certain Loan and Security Agreement, dated as of July 1, 2011, among the Borrowers, the Lenders party thereto, and the Agent, as such agreement may be amended,
restated, or otherwise modified from time to time, reference to which hereby is made (the “Loan Agreement”). Terms defined in the Loan Agreement, wherever used herein, shall have the same meanings as are prescribed by the Loan
Agreement. 
  

	 	1.	The Borrower Agent hereby delivers to the Agent [check as applicable]: 

  

	 	[    ]	the consolidated audited Fiscal Year-end financial statements of Borrowers and Subsidiaries and accountant’s certificate required by Section 10.1.2(a)
of the Loan Agreement, each dated as of             , 201  ; 

  

	 	[    ]	the consolidating unaudited Fiscal Quarter-end financial statements of Borrowers and Subsidiaries required by Section 10.1.2(b) of the Loan Agreement, dated
as of             , 201  ; 

  

	 	[    ]	the consolidated unaudited month-end financial statements required by Section 10.1.2(c) of the Loan Agreement, dated as of
            , 201  ; 

 Such financial
statements have been prepared in accordance with GAAP applied consistently throughout the periods reflected therein [(other than for omission of footnotes and subject to year-end audit adjustments)] and fairly present in all material respects the
financial position and results of operations of the Borrowers and Subsidiaries at the dates and for the periods indicated. 
 2.
The undersigned hereby certifies to the Agent and the Lenders that (a) the representations and warranties of each Obligor in the Loan Documents are true and correct in all material respects on and as of the date of this Compliance Certificate
as if made on and as of the date hereof (without duplication of any materiality qualifier contained therein and except for representations and warranties that expressly relate to an earlier date) and (b) except as set forth on Exhibit A
hereto, the Obligors are, at the date of this Compliance Certificate, in compliance in all material respects with all of their respective covenants and agreements in the Loan Agreement and the other Loan Documents. 

 

 3. The undersigned hereby further certifies to the Agent and the Lenders [check as
applicable]: 
  

	 	[    ]	No Default or Event of Default exists as of the date hereof. 

  

	 	[    ]	One or more Defaults or Events of Default exist as of the date hereof. Included within Exhibit A attached hereto is a written description specifying each such
Default or Event of Default, its nature, when it occurred, and the steps being taken by the Obligors with respect thereto. Except as so specified, no Default or Event of Default exists as of the date hereof. 

4. Exhibit B attached hereto sets forth the calculations the Fixed Charge Coverage Ratio as of the effective date of the financial
statements referenced in paragraph 1 preceding. 
 5. The undersigned hereby certifies that [no] [Covenant Trigger
Period][Reporting Trigger Period][Sweep Trigger Period] commenced during the period covered by the financial statements referenced in paragraph 1 of this Compliance Certificate. 

Date of execution of this Compliance Certificate:             ,
201  . 
  

			
	BORROWER AGENT:
	
	 OLYMPIC STEEL, INC., for itself and as

agent for the other
Borrowers

			
		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	  

 EXHIBIT F 
 to 
 Loan and Security Agreement 

CONTINUING LETTERS OF CREDIT 
 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 IRREVOCABLE TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 

Dated April 23, 2008 
 Wells Fargo Bank, National Association, as Trustee (the “Trustee”) 
 under the Indenture of Trust dated as of April 1, 2008 (the “Indenture”), 
 between The Stanly County Industrial Facilities and Pollution Control 
 Financing Authority (the “Issuer”), and the Trustee 
 230 West Monroe Street, Suite 2900 
 Chicago,
Illinois 60606 
 Attention: Corporate Municipal Trust & Escrow Solutions 

Ladies and Gentlemen: 
 JPMorgan Chase Bank, N.A. (the “Bank”) hereby establishes in your favor as Trustee for the benefit of the holders of the Bonds (as hereinafter defined our revocable Transferable
Letter of Credit No. CTCS-601485 (the “Letter of Credit”) for the account of Chicago Tube and Iron Company, a Delaware corporation (the “Borrow”) whereby we hereby irrevocably authorize you to draw on us from time to time a
maximum aggregate amount not exceeding Eight Million Seventy-six Thousand Seven Hundred Thirteen and 00/100 United States Dollars ($8,076,713.00) (the “Original Slated Amount”) to pay principal of and accrued interest on, or the purchase
price of, the $8,000,000.00 Industrial Development Revenue Bonds, Series 2008 (Chicago Tube and Iron Company Project) issued by the Issuer (the “Bonds”), in accordance with the terms hereof (the Borrower and the Trustee have notified us
that said $8,076,713.00 has been calculated to be equal to $8,000,000.00, the original principal amount of the Bonds, plus $76,713.00 which is 35 days’ accrued interest on said principal amount of the Bonds at the rate often percent
(10.0%) per annum (the “Cap Interest Rate”) calculated on the basis of a 365-day year). 
 This
Letter of Credit may be drawn on from and after the date hereof to and including the earliest to occur of our close of business on: 
 (a) April 15, 2011 or such later date to which the Stated Expiration Date has been extended in accordance with the terms hereof (the “Stated Expiration Date “); 

(b) the date of receipt from you of a certificate in the form set forth as Exhibit A hereto; 

(c) the date on which an Acceleration Drawing is honored by us; 

(d) the date which is fifteen (15) days following receipt by you of a written notice from us (the “Termination
Date”), notifying you that an Event of Default under the Reimbursement Agreement dated as of April 1, 2008, between the Borrower and us (the “Reimbursement Agreement”) has occurred and is continuing and that the Bank is directing the
Trustee to accelerate the maturity of the Bonds and is terminating the Letter of Credit; orPage 1 of 6 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 (e) the date which is one
day following the Fixed Rate Conversion Date (as defined in the Indenture) if interest on all of the Bonds has been converted to the Fixed Rate (as defined in the Indenture), unless waived in writing by the Bank prior to the Fixed Rate Conversion
Date. 
 The amount of the Bank’s obligation hereunder shall reduce dollar for dollar as the Available
Amount (as hereinafter defined) is reduced as herein provided. 
 This credit is available to you against
presentation of the following documents (the “Payment Documents”) presented to the Bank as provided below: 
 A certificate (with all blanks appropriately completed): 
 (i) in the form attached as Exhibit B hereto to pay accrued interest on the Bonds as provided for in the Indenture (an “Interest Drawing”), 

(ii) in the form attached as Exhibit C hereto to pay the Principal amount of and accrued interest on the Bonds in respect
of any redemption of the Bonds as provided for in Sections 2.06 and 2.07 of the indenture (an ”Redemption Drawing”), provided that in the event the date of redemption??? an Interest Payment Date (as defined in the Indenture) the Redemption
Drawing shall not include any accrued interest on the Bonds (which interest is payable pursuant to an Interest Drawing), 
 (iii) in the form attached as Exhibit D hereto, to allow the Trustee to draw the purchase price of Bonds tendered or deemed tendered for purchase as provided for in Sections 3.01 and 3.02
of the Indenture which have not been successfully remarketed or for which the purchase price has not been received by the Remarketing Agent, Tender Agent or Trustee, as appropriate, by 10:30 A.M., New York, New York time, on the purchase date (a
“Liquidity Drawing”), provided that in the event the purchase date coincides with an Interest Payment Date, the Liquidity Drawing shall not include any accrued interest on the Bonds (which interest is payable pursuant to an Interest
Drawing), 
 (iv) in the form attached as Exhibit E hereto, to pay the principal of and accrued interest in
respect of Bonds the payment of which has been accelerated pursuant to Section 7.02 of the Indenture (an “Acceleration Drawing”), or 
 (v) in the form attached as Exhibit F hereto to pay the principal amount of Bonds in full on April 1, 2018 (a “Stated Maturity Drawing”), 

each certificate to state therein that it is given by your duly authorized officer and dated the date such certificate is
presented hereunder. No drawings shall be made under this Letter of Credit for Pledged Bonds or Borrower Bonds (as such terms are defined in the Reimbursement Agreement) or Bonds bearing interest at a Fixed Rate (“Fixed Interest Rate
Bonds”). 
  All drawings shall be made by presentation of each Payment Document at our office at 300 South
Riverside Plaza, Standby Letter of Credit Unit, Mail Code IL1-0236, Chicago, IL 60606-0236 as aforesaid, by Tested Telex or Authenticated SWIFT (at; ITT420120 CMBUI), authenticated SWIFT (at: CHASUS33) or by telecopier (at telecopier number
(312) 954-6163 or alternately to (312) 954-3140), Attention: Standby Service Unit, without further need of documentation, including the original of thisPage
 2
 of 6 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 

Letter of Credit No. 
 Date: April 23, 2008 
 Letter of Credit, it being
understood that each Payment Document so submitted is to be the sole operative instrument of drawing. You shall use your best efforts to give telephonic notice of a drawing to the Bank at its Chicago, IL Standby Service Unit,
(at: (312) 954-1922 or alternately to 1-800-634-1969, Option 1) on the Business Day preceding the day of such drawing (but such notice shall not be a condition to drawing hereunder and you shall have no liability for not doing so).

 We agree to honor and pay any Interest, Redemption, Liquidity, Acceleration or Stated Maturity Drawing if
presented in compliance with all of the terms of this Letter of Credit. If such drawing, other than a Liquidity Drawing, is presented prior to 11:00 A.M., New York, New York time, on a Business Day, payment shall be made to the account number
or address designated by you of the amount specified, immediately available funds, by 11:00 A.M., New York, New York time, on the following Business Day. If any such drawing, other than a Liquidity Drawing, is presented at or after 11:00 A.M., New
York, New York time, on a Business Day, payment shall be made to the account number or address designated by you of the amount specified, in immediately available funds, by 2:00 P.M., New York, New York time, on the following Business Day. If a
Liquidity Drawing is presence in compliance with all the terms of this Letter of Credit prior to 11:00 A.M., New York, New York time Business Day, payment shall be made to the account number or address designated by you of the amount specified, in
immediately available funds, by 2:00 P.M., New York, New York time, on the same Business Day. If a Liquidity Drawing is presented in compliance with all the terms of this Letter of Credit at or after 11:00 A.M., New York, New York time, payment
shall be made to the account number or address designated by you of the amount specified, in immediately available funds, by 11:00 A.M., New York, New York time, on the following Business Day. Payments made hereunder shall be made by wire transfer
to you in accordance with the instructions specified by the Trustee in the drawing certificate relating to a particular drawing hereunder. “Business Day” means any day which is not (a) a Saturday, (b) a Sunday, (c) in the
city in which the principal corporate trust office of the Trustee, the principal corporate trust office of the Tender Agent, the principal corporate office of the Remarketing Agent or the principal office of the Bank is located, a day on which
banking institutions are authorized or required by law or executive order to close, or (d) a day on which the New York Stock Exchange is closed. 
  The Available Amount (as hereinafter defined) will be reduced automatically by the amount of any drawing hereunder; provided, however, that the amount of any Interest Drawing hereunder,
less the amount of the reduction in the Available Amount attributable to interest as specified in a certificate in the form of Exhibit C hereto, shall be automatically reinstated immediately upon payment by us of such drawing. After payment by us of
a Liquidity Drawing, the obligation of the Bank to honor drawings under this Letter of Credit will be automatically reduced by an amount equal to the Original Purchase Price of any Bonds (or portions thereof) purchased pursuant to said drawing. In
addition, prior to the Fixed Rate Conversion Date, in the event of the remarketing of the Bonds (or portions thereof) previously purchased with the proceeds of a Liquidity Drawing, our obligation to honor drawings hereunder shall be automatically
reinstated concurrently upon receipt by us, or the Trustee on our behalf, of an amount equal to the Original Purchase Price of such Bonds (or portion thereof) plus accrued interest thereon as required under the Reimbursement Agreement as specified
in a certificate in the form of Exhibit K hereto; the amount of such reinstatement shall be equal to the Original Purchase Price of such Bonds (or portions thereof). “Original Purchase Price” shall mean the principal amount of any Bond
purchased with the proceeds of a Liquidity Drawing plus the amount of accrued interest on such Bond paid with the proceeds of a Liquidity Drawing (and not pursuant to an Interest Drawing) upon such purchase.Page
 3
 of 6 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 The Available Amount (as
hereinafter defined) will be reduced automatically by the amount of any payment made by us hereunder; provided, however, that the amount of any Interest Drawing hereunder, less the amount of the reduction in the Available Amount attributable to
interest as specified in a certificate in the form of Exhibit C hereto, shall be automatically reinstated immediately upon payment by us of such drawing. 
 After payment by us of a Liquidity Drawing, the obligation of the Bank to honor drawings under this Letter of Credit will be automatically reduced by an amount equal to the Original
Purchase Price (as hereinafter defined) of any Bonds (or portions thereof) purchased pursuant to said Liquidity Drawing, Prior to the Fixed Rate Conversion Date, in the event of the remarketing of the Bonds (or portions thereof) previously purchased
with the proceeds of a Liquidity Drawing, we shall, upon receipt of the Original Purchase Price thereof by the Bank, or the Trustee, the Marketing Agent or the Paying Agent, on behalf of the Bank, automatically reinstate the Available Amount under
the Letter of Credit, in an amount equal to the Original Purchase Price of such Bond of portions thereof so remarketed, except that the Bank, in its sole discretion, may solely with respect to Bonds which have not yet been remarketed, upon notice to
the Trustee and the Remarketing Agent (as defined in the Indenture) refuse to permit the remarketing of any Bonds and reinstatement of the Letter of Credit if there shall have occurred and be continuing an Event of Default or Potential Default under
the Reimbursement Agreement. Your notice to us of your receipt of remarketing proceeds should be in the form of Exhibit , attached hereto. "Original Purchase Price" shall mean the principal amount of any Bond purchased with the proceeds of a
Liquidity Drawing plus the amount of accrued interest on such Bond paid with the proceeds of a Liquidity Drawing (and not pursuant to an Interest Drawing) upon such purchase. Prior to the Fixed Rate Conversion Date, in the event of a repayment of
any loan relating to a Liquidity Advance not accomplished with the proceeds of remarketed Bonds, we shall automatically reinstate the Available Amount under the Letter of Credit in an amount equal to the amount of the loan repayment, except that the
Bank, in its sole discretion may refuse to so reinstate the Letter of Credit if there shall have occurred and be continuing an Event of Default or Potential Default under the Reimbursement Agreement. The Commercial Lending Department of the Bank
will provide written notice to the Trustee, in the form attached hereto as Exhibit L, of any such reinstatement as a result of repayment of a Liquidity Advance not accomplished with the proceeds of remarketed Bonds. 

Upon receipt by the Bank of a certificate of the Trustee in the form of Exhibit G hereto, the amount available to be drawn
hereunder will automatically and permanently reduce by the amount specified in such certificate. Such reduction shall be effective as of the next Business Day following the date of delivery of such certificate. 

 Upon any permanent reduction of the amounts available to be drawn under this Letter of Credit, as provided herein, we may
deliver to you a substitute Letter of Credit in exchange for this Letter of Credit or an amendment to this Letter of Credit substantially in the form of Exhibit H hereto to reflect any such reduction. If we deliver to you such a substitute Letter of
Credit you shall simultaneously surrender to us for cancellation the Letter of Credit then in your
 4
 of 6 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 The “Available
Amount” shall mean the Original Stated Amount (i) less the amount of all prior reductions pursuant to Interest, Redemption, Liquidity, Acceleration or Stated Maturity Drawings, (ii) less the amount of any reduction thereof pursuant to
a reduction certificate in the form of Exhibit G hereto to the extent such reduction is not already accounted for by a reduction in the Available Amount pursuant to (i) above, (iii) plus the amount of all reinstatements as above provided.

 Prior to the Termination Date, we may extend the Stated Expiration Date from time to time at the request of
the Borrower by delivering to you an amendment to this Letter of Credit in the form of Exhibit J hereto designating the date to which the Stated Expiration Date is being extended. Each such extension of the Stated Expiration Date shall become
effective immediately on the Business Day of receipt of such notice by you and thereafter all references in this Letter of Credit to the Stated Expiration Date shall be deemed to be references to the date designated as such in such notice. Any date
to which the Stated Expiration Date has been extended as herein provided may be extended in a like manner. 

Upon the Termination Date, this Letter of Credit shall automatically terminate and be delivered to the Bank for
cancellation. Failure to deliver said Letter of Credit will have no effect on the Termination Date, and the Letter of Credit will still be considered terminated. 
 This Letter of Credit is transferable to any transferee who has succeeded you as Trustee under the Indenture, and may be successively transferred. Any transfer request must be affected by
presenting to us the attached form of Exhibit I signed by the transferor and the transferee together with the original Letter of Credit. Transfers to designated foreign nationals and /or specially designated nationals are not permitted as being
contrary to the U.S. Treasury Department or Foreign Assets Control Regulations. Upon our endorsement of such transfer, the transferee instead of the transferor shall, without necessity of further action, be entitled to all the benefits of and rights
under this Letter of Credit in the transferor’s place; provided that, in such case, any certificates of the Trustee to be provided hereunder shall be signed by one who states therein that he is a duly authorized officer or agent of the
transferee. 
 Communications with respect to this Letter of Credit shall be addressed to us at JPMorgan Chase
Bank, N.A., 300 South Riverside Plaza, Mail Code IL1-0236, Chicago, II 60606-0236, Attention: Standby Letter of Credit Unit, specifically referring to the number of this Letter of Credit. For telephone assistance, please contact the Standby Client
Service Unit at 1-800-634-1969, select Option I, and have this Letter of Credit number available. 
 To the
extent not consistent with the express terms hereof, this Letter of Credit is governed by, and construed in accordance with the International Standby Practices, ICC Publication No. 590 (the “ISP98”). As to matters not governed by the
ISP98, this Letter of Credit shall be governed by and construed in accordance with Revised Article 5 of the Uniform Commercial Code of the State of Wisconsin (“UCC5”), without regard to principals of conflict of laws. 

 All payments made by us hereunder shall be made from our own funds and not with the funds of any other person.Page
 5
 of 6 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 This Letter of Credit sets
forth in full the terms of our undertaking and such undertaking shall not in any way be modified or amended by reference to any other document whatsoever. 
 JPMORGAN CHASE BANK, N.A. 
 By: 

Name: Fiore F. Petrassi 
 Its: Vice President 
  Page
 6
 of 6 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT A 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 NOTICE OF TERMINATION 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL 1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary”), hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”) issued by JPMorgan Chase Bank, N.A. (the “Bank”) in favor of the Beneficiary; (ii) those certain Bonds (as defined in the Letter of Credit); and (iii) that certain Indenture (as defined in the Letter
of Credit): 
 The undersigned hereby certifies and confirms that (i) there remain no Outstanding Bonds
within the meaning of the Indenture, (ii) all drawings required to be made under the Indenture and available under the Letter of Credit have been made and honored, or (iii) an effective alternate credit facility has been issued to replace
the Letter of Credit pursuant to the Indenture and the Loan Agreement dated as of April 1, 2008, between the Issuer and the Borrower, and, accordingly, the Letter of Credit shall be terminated in accordance with its terms. 

All defined terms used herein which are not otherwise defined shall have the same meaning as in the Letter of Credit.

 , as Trustee         

By: 
 Title of Authorized Representative 
 NOTICE OF
TERMINATION 
 A 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT B 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 INTEREST DRAWING CERTIFICATE 

By Telecopy or Tested Telex or Authenticated Swift 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual, a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary”), hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”), issued by JPMorgan Chase Bank, N.A. (the “Bank”) in favor of the Beneficiary; (ii) those certain Bonds (as defined in the Letter of Credit); and (iii) that certain Indenture (as defined in the
Letter of Credit): 
 1. The Beneficiary is the Trustee (as defined in the Letter of Credit) under the Indenture.

 2. The Beneficiary is entitled to make this drawing in the amount of
$             under the Letter of Credit pursuant to the Indenture with respect to the payment of interest due or to be due on all Bonds outstanding on the Interest Payment Date (as defined
in the Indenture) occurring on insert applicable date, other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds (as defined in the Letter of Credit or the Indenture). 

3. The amount of the drawing is equal to the amount required to be drawn by the Trustee pursuant to the Indenture.

 4. The amount of the drawing made by this Certificate was computed in compliance with the terms of the
Indenture and, when added to the amount of any other drawing under the Letter of Credit made simultaneously herewith, does not exceed the Available Amount (as defined in the Letter of Credit), 

5. The Trustee hereby certifies that the drawing made by this Certificate does not include any amount for interest on a
Pledged Bond, Borrower Bonds or Fixed Interest Rate Bonds. 
 INTEREST DRAWING CERTIFICATE 

B-l 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No, CTCS-601485 
 Date: April 23, 2008 
 6. Payment by the Bank
pursuant to this drawing shall be made to                     , ABA
Number                     , Account
Number                     ,
Attention:                     ,
Re:                     IN WITNESS WHEREOF this Certificate has been executed
this                     day
of                    . 
 as Trustee 
 By: 

Title of Authorized Representative 
 INTEREST DRAWING CERTIFICATE 
 B-2 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT C 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 REDEMPTION DRAWING CERTIFICATE 

By Telecopy or Tested Telex, or Authenticated Swift 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual, a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary”) Hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”), issued by JPMorgan Chase Bank, N.A. (the “Bank”) in favor of the Beneficiary; (ii) those certain Bonds (as defined in the Letter of Credit); and (iii) that certain Indenture (as defined in the
Letter of Credit): 
 1. The Beneficiary is the Trustee (as defined in the Letter of Credit) under the Indenture.

 2. The Beneficiary is entitled to make this drawing in the amount of $ under the Letter of Credit pursuant to
the provisions of the Indenture. 
 3.(a) The amount of this drawing is equal to (i) the principal amount of
Bonds to be redeemed by the Issuer (as defined in the Letter of Credit) pursuant to the Indenture on                     (the “Redemption
Date”) other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds (as such terms are defined in the Letter of Credit or the Indenture), plus (ii) interest on such Bonds accrued from the immediately preceding Interest Payment
Date (as defined in the Indenture) to the Redemption Date, provided that in the event the Redemption Date coincides with an Interest Payment Date this drawing does not include any accrued interest on such Bonds. 

(b) Of the amount stated in paragraph 2 above: 
 (i) $                     is demanded in respect of the principal amount of the Bonds
referred to in subparagraph 3(a) above; and 
 (ii)
$                     is demanded in respect of accrued interest on such Bonds. 

REDEMPTION DRAWING CERTIFICATE 
 C-I 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 4. Payment by the Bank
pursuant to this drawing shall be made to                     , ABA Number
                    , Account Number
                    , Attention:
                    , Re:                     .

 5. The Trustee hereby certifies that the drawing made by this Certificate does not include any amount for
Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds. 
 6. The amount of the drawing made by this
Certificate was computed in compliance with the terms and conditions of the Indenture and, when added to the amount of any other drawing under the Letter of Credit made simultaneously herewith, does not exceed the Available Amount (as defined in the
Letter of Credit). 
 7. Upon payment of the amount drawn hereunder, the Bank is hereby directed to permanently
reduce the Available Amount by $ insert amount of reduction and the Available Amount shall thereupon equal $ insert new Available Amount. The Available Amount has been reduced by an amount equal to the principal of Bonds paid with this drawing and
an amount equal to 35 days’ interest thereon at the Cap Interest Rate (as defined in the Letter of Credit). 

8. Of the amount of the reduction on stated in paragraph 7 above: 

(i) $          is attributable to the principal amount of Bonds redeemed; and

 (ii) $          is attributable to interest on such Bonds (i.e., 35
days’ interest thereon at the Cap Interest Rate). 
 9. The amount of the reduction in the Available Amount
has been computed in accordance with the provisions of the Letter of Credit. 
 10. Following the reduction, the
Available Amount shall be at least equal to the aggregate principal amount of the Bonds outstanding (to the extent such Bonds are not Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds (as defined in the Letter of Credit or the Indenture))
plus 35 days’ interest thereon at the Cap Interest Rate. 
 IN WITNESS WHEREOF this Certificate has been
executed this      day of             . 
 , as Trustee 
 By: 

Title of Authorized Representative 
 REDEMPTION DRAWING CERTIFICATE 
 C-2 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT420120 CMBUI

 EXHIBIT D 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 LIQUIDITY DRAWING CERTIFICATE 

By Telecopy or Tested Telex or Authenticated Swift 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual, a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary”), hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”), issued by JPMorgan Chase Bank N.A. (the “Bank”) in favor of (the Beneficiary; (ii) those certain Bonds (as defined in the Letter of Credit); and (iii)that certain Indenture (as defined in the Letter of
Credit): 
 1. The Beneficiary is Trustee, (as defined in the Letter of Credit) under the Indenture. 

2. The Beneficiary is entitled to make this drawing under the Letter of Credit in the amount of
$         with respect to the payment of the purchase price of Bonds tendered for purchase in accordance with any of Sections 3.01 and 3.02 of the Indenture and to be purchased on insert applicable date (the
“Bond Purchase Date”) which Bonds have not been remarketed as provided in the Indenture or the purchase price of which has not been received by Trustee, as appropriate, by 10:30 A.M., New York, New York time, on said Bond Purchase Date.

 3.(a) The amount of the drawing is equal to (i) the principal amount of Bonds to be purchased pursuant to
the Indenture on the Bond Purchase Date other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds (as defined in the Letter of Credit or the Indenture), plus (ii) interest on such Bonds accrued from the immediately preceding
Interest Payment Date (as defined in the Indenture) (or if none, the date of issuance of the Bonds) to the Bond Purchase Date, provided that in the event the Bond Purchase Date coincides with an Interest Payment Date this drawing does not include
any accrued interest on such Bonds. 
 (b) Of the amount stated in paragraph (2) above: 

(i) $         is demanded in respect of the principal portion of the purchase
price of the Bonds referred to in subparagraph 3 (a) above; and 
 LIQUIDITY DRAWING CERTIFICATE 

D-l 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 (ii)
$         is demanded in respect of the interest portion of the purchase price of such Bonds, which constitutes interest not otherwise payable as a result of an Interest Drawing. 

4. The amount of the drawing made by this Certificate was computed in compliance with the terms and conditions of the
Indenture and, when added to the amount of any other drawing under the Letter of Credit made simultaneously herewith, does not exceed the Available Amount (as defined in the Letter of Credit). 

5. The Trustee hereby certifies that the drawing made by this Certificate does not include any amount for Pledged Bonds,
Borrower Bonds or Fixed Increase Rate Bonds. 
 6. The Beneficiary will register or cause to be registered in the
name of the Borrower, upon payment of the amount drawn hereunder Bonds in the principal amount of the Bonds being purchased with the amounts drawn hereunder and will deliver such Bonds to the Trustee or the Remarketing Agent, as appropriate, in
accordance with the Indenture. 
 7. Payment by the Bank pursuant to this drawing shall be made to
                    , ABA Number
                    , Account Number
                    , Attention:
                    , Re:                     .

 IN WITNESS WHEREOF this Certificate has been executed this     day of
            ,     . 
 , as
Trustee 
 By: 
 Title of Authorized Representative 
 LIQUIDITY
DRAWING CERTIFICATE 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT E 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 ACCELERATION DRAWING CERTIFICATE 

By Telecopy or Tested Telex or Authenticated Swift 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual, a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary”), hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”), issued by JPMorgan Chase Bank, N.A. (the “Bank”) in favor of the Beneficiary; (ii) those certain Bonds as defined in the Letter of Credit); and (iii) that certain Indenture (as defined in the Letter
of Credit): 
 1. The Beneficiary is the Trustee (as defined in the Letter of Credit) under the Indenture.

 2. An Event of Default has occurred under subsection insert subsection of Section 7.01 of the Indenture
and the Trustee has declared the principal of and accrued interest on all Bonds then outstanding immediately due and payable. The Beneficiary is entitled to make this drawing in the amount of $         under
the Letter of Credit pursuant to the Indenture in order to pay the principal of and interest accrued on the Bonds (other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds as defined in the Letter of Credit or the Indenture) due to an
acceleration thereof in accordance with Section 7.02 of the Indenture. 
 3.(a) The amount of this drawing
is equal to (i) the principal amount of Bonds outstanding on insert date of acceleration (the “Acceleration Date”) other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds, plus (ii) interest on such Bonds accrued
from the immediately preceding Interest Payment Date (as defined in the Indenture) to the Acceleration Date. 

(b) Of the amount stated in paragraph 2 above: 
 (i) $         is demanded in respect of the principal portion of (the Bonds referred to in subparagraph 3(a) above; and 

(ii) $         is demanded in respect of accrued interest on such Bonds.

 ACCELERATION DRAWING CERTIFICATE 
 E-l 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 4. The amount of the drawing
made by this Certificate was computed in compliance with the terms and conditions of the Indenture and, when added to the amount of any drawing under the Letter of Credit made simultaneously herewith, does not exceed the Available Amount (as defined
in the Letter of Credit). 
 5. The Trustee hereby certifies that the drawing made by this Certificate does not
include any amount for Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds. 
 6. Payment by the Bank
pursuant to this drawing shall be made to                     , ABA Number
                    , Account Number
                    , Attention:
                    , Re:                     .

 IN WITNESS WHEREOF this Certificate has been executed this      day of
            ,     . 
 , as
Trustee 
 By: 
 Title of Authorized Representative 
 ACCELERATION
DRAWING CERTIFICATE 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT F 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 STATED MATURITY DRAWING CERTIFICATE 

By Telecopy or Tested Telex or Authenticated Swift 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual, a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary” ), hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”), issued by JP Morgan Chase Bank, N.A. (the “Bank”) in favor of the Beneficiary; (ii) those certain Bonds (as defined in the Letter of Credit); and (iii) that certain Indenture (as defined in the
Letter of Credit): 
 1. The Beneficiary is the Trustee (as defined in the Letter of Credit) under the Indenture.

 2. The Beneficiary is entitled to make this drawing in the amount of $ under the Letter of Credit pursuant to
the Indenture. 
 3. The amount of this drawing is equal to the principal amount of Bonds outstanding on
             ,20    , other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds (as defined in the Letter of Credit or the Indenture). 

4. The amount of this drawing made by this Certificate was computed in compliance with the terms and conditions of the
Indenture and, when added to the amount of any other drawing under the Letter of Credit made simultaneously herewith, does not exceed the Available Amount (as defined in the Letter of Credit). 

5. The Trustee hereby certifies that the drawing made by this Certificate does not include any amounts for Pledged Bonds,
Borrower Bonds or Fixed Interest Rate Bonds. 
 6. Payment by the Bank pursuant to this drawing shall be made to
                    , ABA Number
                    , Account Number
                    , Attention:
                     , Re:                     

 STATED MATURITY DRAWING CERTIFICATE 
 F-l 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 IN WITNESS WHEREOF this
Certificate has been executed this      day of             ,     . 
 , as Trustee 
 By: 

Title of Authorized Representative 
 STATED MATURITY DRAWING CERTIFICATE 
 F-2

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT G 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 REDUCTION CERTIFICATE 

JPMorgan Chase Bank, N.A. 
 300 South Riverside Plaza 
 Mail Code IL1-0236

 Chicago, Illinois 60606-0236 
 Attention: Standby Letter of Credit Unit 
 Ladies
and Gentlemen: 
 The undersigned individual, a duly authorized representative of Wells Fargo Bank, National
Association, as Trustee (the “Beneficiary”), hereby CERTIFIES on behalf of the Beneficiary as follows with respect to (i) that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the
“Letter of Credit”), issued by JPMorgan Chase Bank, N.A. (the “Bank”) in favor of the Beneficiary; (ii) those certain Bonds (as defined in the here of Credit); and (iii) that certain Indenture (as defined in the Letter
of Credit): 
 1. The Beneficiary is the Trustee (as defined in the Letter of Credit) under the Indenture.

 2. Upon receipt by the Bank of this Certificate, the Available Amount (as defined in the Letter of Credit)
shall be reduced by $             and the Available Amount shall thereupon equal $              .
$             of the new Available Amount is attributable to interest. 
 3. The amount of the reduction in the Available Amount has been computed in accordance with the provisions of the Letter of Credit. 

4. Following the reduction, the Available Amount shall be at least equal to the aggregate principal amount of the Bonds
outstanding (other than Pledged Bonds, Borrower Bonds or Fixed Interest Rate Bonds (as defined in the Letter of Credit or the Indenture)) plus 35 days’ interest thereon at the Cap Interest Rate (as defined in the Letter of Credit). 

IN WITNESS WHEREOF this Certificate has been executed this day      of
            ,    . 

, as Trustee 
 By: 
 Title of Authorized Representative

 REDUCTION CERTIFICATE 
 G 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT H 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-60I485 
 NOTICE OF AMENDMENT 

Wells Fargo Bank, National Association, as Trustee (the “Trustee”) under the Indenture of Trust dated as of
April 1, 2008 (the “Indenture”), between The Stanly County Industrial Facilities and Pollution Control Financing Authority (the “Issuer”), and the Trustee 230 West Monroe Street, Suite 2900 Chicago, Illinois 60606 Attention:
Corporate Municipal Trust & Escrow Solutions 
 Ladies and Gentlemen: 

Reference is hereby made to that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated
April 23,2008 (the “Letter of Credit”), established by the Bank (as defined in the Letter of Credit) in your favor as Beneficiary. We hereby notify you that, in accordance with the terms of the Letter of Credit and that certain
Reimbursement Agreement dated as of April 1, 2008, between Chicago Tube and Iron Company and the Bank, the Available Amount (as defined in the Letter of Credit) has been reduced to $, of which U.S. $ is attributable to principal and $ is
attributable to interest. 
 This letter should be attached to the Letter of Credit and made a part thereof.

 JPMORGAN CHASE BANK, N.A. 
 By: 
 Printed Name — Title 

NOTICE OF AMENDMENT 
 H 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT I 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 REQUEST FOR TRANSFER 

JPMorgan Chase Bank, N.A. 
 Date: 
 300 South Riverside Plaza 

Mail Code ILl-0236 
 Chicago, IL 60606-0236 
 Attn: Standby Letter of
Credit Unit 
 Re: JPMorgan Chase Bank, N.A. Irrevocable Transferable Letter of Credit No. .CTCS-601485

 We, the undersigned “Transferor”, hereby irrevocably transfer all of our rights to draw under the
above referenced Letter of Credit (“Credit”) in its entirety to; 
 NAME OF TRANSFEREE 

(Print Name and complete address of The Transferee)”Transferee” 

ADDRESS OF TRANSFEREE 
 CITY, STATE/COUNTRY ZIP 
 In accordance with ISP98,
Rule 6 regarding transfer of drawing rights, all rights of the undersigned Transferor in such Credit are transferred to the Transferee, who shall have the sole rights as beneficiary thereof, including sole rights relating to any amendments whether
increases or extensions or other amendments and whether now existing or hereafter made. All amendments are to be advised directly to the Transferee without necessity of any consent of or notice to the undersigned Transferor. 

The original Credit, including amendments to this date, is attached and the undersigned Transferor requests that you
endorse an acknowledgment of this transfer on the reverse thereof. The undersigned Transferor requests that you notify the Transferee of this Credit in such form and manner as you deem appropriate, and the terms and conditions of the Credit as
transferred. The undersigned Transferor acknowledges that you incur no obligation hereunder and that the transfer shall not be effective until you have expressly consented to effect the transfer by notice to the Transferee. 

If you agree to these instructions, please advise the Transferee of the terms and conditions of this transferred Credit
and these instructions. 
 Payment of transfer fee of U.S $ is for the account of the Transferor who agrees to
pay you on demand any expense or cost you may incur in connection with the transfer. Receipt of such shall not constitute consent by you to effect the transfer. 
 Transferor represents and warrants to Transferring Bank that (i) our execution, delivery, and performance of this request to Transfer (a) are within our powers (b) have been
duly authorized (c) constitute our legal, valid, binding and enforceable obligation (d) do not contravene any charter provision, by-law, resolution, contract, or other undertaking binding on or affecting us or any of our properties
(e) do not require any notice, filing or other action to, with, or by any governmental authority (f) the enclosed Credit is original and complete, (g) there is no outstanding demand or request for payment or transfer under the Credit
affecting the rights to be transferred, (h) the Transferee’s name and address are correct and complete and the Transferee’s use of the Credit as transferred and the transactions underlying the Credit and the requested Transfer do not
violate any applicable United States or other law, rule or regulation. 
 REQUEST FOR TRANSFER 

1-1 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 The Effective Date shall be
the date hereafter on which Transferring Bank effects the requested transfer by acknowledging this request and giving notice thereof to Transferee. 
 WE WAIVE ANY RIGHT TO TRIAL BY JURY THAT WE MAY HAVE IN ANY ACTION OR PROCEEDING RELATING TO OR ARISING OUT OF THIS TRANSFER. 

This Request is made subject to ISP98 and is subject to and shall be governed by Article 5 of the Uniform Commercial Code
of the State of Wisconsin regard to principles of conflict of laws. 
 Sincerely yours, 

SIGNATURE GUARANTEED 
 Signature(s) with title(s) conform(s) with that/those on file with us for this individual, entity or company and signer(s) is/are authorized to execute this agreement. We attest that the
individual, company or entity has been identified by us in compliance with USA PATRIOT Act procedures of our bank. 
 (Print Name of Transferor) 
 (Transferor’s
Authorized Signature) 
 (Print Name of Bank) 

(Print Authorized Signers Name and Title) 
 (Address of Bank) 
 (Telephone Number/Fax Number)

 (City, State, Zip Code) 
 (Print Name and Title of Authorized Signer) 

(Authorized Signature) 
 (Telephone Number) 
 (Date) 

Acknowledged: 
 SIGNATURE GUARANTEED 
 Signature(s) with title(s)
conform(s) with that/those on file with us for this individual, entity or company and signer(s) is/are authorized to execute this agreement. We attest that the individual, company or entity has been identified by us in compliance with USA PATRIOT
Act procedures of our bank. 
 (Print Name of Transferee) 

(Transferee’s Authorized Signature) 
 (Print Name of Bank) 
 (Print Authorized Signers
Name and Title) 
 (Address of Bank) 
 (Telephone Number/Fax Number) 
 (City, State, Zip
Code) 
 (Print Name and Title of Authorized Signer) 

(Authoized Signature) 
 (Telephone Number) 
 (Date) 

REQUEST FOR 
 1-2 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT J 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 NOTICE OF EXTENSION 
 Wells Fargo Bank, National Association, as
Trustee (the “Trustee”) under the Indenture of Trust dated as of April 1, 2008 (the “Indenture “), between The Stanly County Industrial Facilities and Pollution Control Financing Authority (the “Issuer”), and the
Trustee 
 230 West Monroe Street, Suite 2900 

Chicago, Illinois 60606 
 Attention; Corporate Municipal Trust & Escrow Solutions. 
 Ladies and Gentlemen: 
 Reference is hereby made to
that certain Irrevocable Transferable Letter of Credit No. CTCS- 
 601485 dated April 23, 2008 (the
“Letter of Credit”), established by the Bank (as defined in the Letter of Credit) in your favor as Beneficiary. We hereby notify you that, in accordance with the terms of the Letter of Credit and that certain Reimbursement Agreement dated
as of April 1, 2008 between Chicago Tube and Iron Company and the Bank, the Stated Expiration Date (as defined in the Letter of Credit) has been extended, effective immediately, to , 20 . 

This letter should be attached to the Letter of Credit and made a part thereof. 

JPMORGAN CHASE BANK, N.A. 
 By: 
 Printed Name - Title 

NOTICE OF EXTENSION J 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT K 
 TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE
TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 CERTIFICATE FOR REINSTATEMENT OF LIQUIDITY DRAWING 
 JPMORGAN
CHASE BANK, N.A. 300 South Riverside Plaza Mail Code ILI-0236 Chicago, IL 60606-0236 
 Ladies and Gentlemen;

 1. The undersigned is the Trustee under the Indenture; 

The undersigned hereby certifies to JPMorgan Chase Bank, N.A, (the “Bank”) with reference to the Bank’s
Irrevocable Transferable Letter of Credit No. CTCS-601485 the “Letter of Credit,” the terms “Indenture,” “Bonds” used herein having their respective. meaning asset with in the Letter of Credit) that: 

2. The Trustee has previously made a Liquidity Draw under the Letter of Credit on in the amount of $ (representing $ of
principal and $ of 
 interest) with respect to the purchase price of Bonds which are now held as Pledged Bonds
under the 
 Indenture. 
 3. The Trustee has received proceeds from the sale of remarketed Pledged Bonds originally purchased with the proceeds of the described Liquidity Drawing and as of the date hereof holds in
the 
 Custody Account established under the Indenture the amount of $ (representing 

$ of principal and $ of interest) with respect to the sale of such Pledged Bonds. 

4. In accordance with the terms of the Letter of Credit, the Trustee deems that the amount available under the Letter of
Credit has been automatically reinstated to the extent of the lesser of (i) the proceeds of remarketed Pledged Bonds held in the Custody Account as set forth above, or (ii) the amount of the Liquidity Drawing described above, all in
accordance with the terms of the Letter of Credit and this notice. 
 IN WITNESS WHEREOF, the undersigned has
executed and delivered this Certificate this 
 day of _ , . 

as Trustee 
 Name: 
 Title: 

REINSTATEMENT CERTIFICATE K 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 Letter of Credit No. CTCS-601485 
 Date: April 23, 2008 
 EXHIBIT L 

TO JPMORGAN CHASE BANK, N.A. 
 IRREVOCABLE TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 NOTICE OF REINSTATEMENT 
 Wells Fargo Bank, National Association, as Trustee (the “Trustee”) 
 under the Indenture of Trust dated as of April 1, 2008 (the “Indenture” }, between The Stanly County Industrial Facilities and Pollution Control Financing Authority (the
“Issuer”), and the Trustee. 
 230 West Monroe Street, Suite 2900 

Chicago, Illinois 60606 
 Attention: Corporate Municipal Trust & Escrow Solutions 
 Ladies and Gentlemen: 
 Reference is hereby made to
that certain Irrevocable Transferable Letter of Credit No. CTCS-601485 dated April 23, 2008 (the “Letter of Credit”), established by the Bank (as defined in the Letter of Credit) in your favor as Beneficiary, We hereby notify you
that, in accordance with the terms of the 
 Letter of Credit and that certain Reimbursement Agreement dated as
of April 1, 2008 between Chicago Tube and Iron Company (the “Borrower”) and the Bank, the Borrower has repaid certain loan amounts owed to the Bank pursuant to said Reimbursement Agreement and the Available Amount (as defined in the
Letter of Credit) has been reinstated to $ ; $            , of which U.S. $             is 

attributable to principal and $ is attributable to interest. 

JPMORGAN CHASE BANK, N.A. 
 By: 
 Printed Name -Title 

NOTICE OF REINSTATEMENT L 

 

 
 JPMorgan Chase Bank, N.A. 

Global Trade Services 
 One Chase Tower 
 Mail Code IL 1-0236 

Chicago, IL 60670 
 Tel: (800) 634-1969       Fax: (312) 954-0203 
 SWIFT: CHASUS33 
 Telex: ITT 420120 CMBUI

 EXHIBIT M 
 TO JPMORGAN CHASE BANK,N.A. IRREVOCABLE TRANSFERABLE LETTER OF CREDIT NO. CTCS-601485 
 NOTICE OF CONVERSION DATE 
 [Date] 
 JPMorgan Chase Bank, N.A. 300 South
Riverside Plaza Mail Code IL1-0236 Chicago, IL 60606-0236 
 [GRAPHIC APPEARS HERE] Atin: Standby Letter of
Credit Unit Ladies and Gentlemen: 
 Reference is hereby made to that certain Irrevocable Transferable Letter of
Credit No. CTCS-601485 dated April 23, 2008 (the “Letter of Credit”), which has been established by you for the account of Chicago Tube and Iron Company, in favor of the Trustee. 

The undersigned hereby certifies and confirms that the Fixed Rate Conversion Date [of ail of the Bonds] has occurred on
[insert date], and, accordingly, said Letter of Credit shall terminate one (1) day after such Fixed Rate Conversion Date in accordance with its terms. 
 All defined terms used herein which are not otherwise defined herein shall have the same meaning as in the Letter of Credit. 

as Trustee 
 By:_ Name:_ 
 Title: 

NOTICE OF CONVERSION DATE M 

 EXHIBIT G 
 to 
 Loan and Security Agreement 

TERM LOAN NOTE 
  

					
	[Date]	  	$                           
         	  	[Chicago, Illinois]

 OLYMPIC STEEL, INC., an Ohio corporation (“Olympic Steel”), OLYMPIC
STEEL LAFAYETTE, INC., an Ohio corporation (“Olympic Lafayette”), OLYMPIC STEEL MINNEAPOLIS, INC., a Minnesota corporation (“Olympic Minneapolis”), OLYMPIC STEEL IOWA, INC., an
Iowa corporation (“Olympic Iowa”), OLY STEEL WELDING, INC., a Michigan corporation (“Oly Welding”), OLY STEEL NC, INC., a Delaware corporation (“Oly NC”), TINSLEY
GROUP-PS&W, INC., a North Carolina corporation (“Tinsley Group”), IS ACQUISITION, INC., an Ohio corporation (“IS Acquisition”), OLYAC II, INC., a Delaware corporation (“OLYAC
II”) (to be merged into CHICAGO TUBE AND IRON COMPANY, a Delaware corporation (“Chicago Tube and Iron”)) (Olympic Steel, Olympic Lafayette, Olympic Minneapolis, Olympic Iowa, Oly Welding, Oly NC, Tinsley Group, IS
Acquisition and, immediately prior to the consummation of the Closing Date Merger (as defined in the Loan Agreement referenced below) OLYAC II, and immediately following the consummation of the Closing Date Merger, Chicago Tube and Iron,
collectively, “Borrowers”), for value received, hereby unconditionally promise to pay, on a joint and several basis, to the order of
                                         
                    (“Lender”), the principal sum of
                                         
                    DOLLARS
($                    ), or such lesser amount as may be advanced by Lender as a Term Loan under the Loan Agreement described below, together
with all accrued and unpaid interest thereon. Terms are used herein as defined in the Amended and Restated Loan and Security Agreement dated as of July 1, 2011, among Borrowers, Bank of America, N.A., as Agent, Lender, and certain other
financial institutions, as such agreement may be amended, modified, renewed or extended from time to time (“Loan Agreement”). 
 Principal of and interest on this Note from time to time outstanding shall be due and payable as provided in the Loan Agreement. This Note is issued pursuant to and evidences Lender’s Term Loan under
the Loan Agreement, to which reference is made for a statement of the rights and obligations of Lender and the duties and obligations of Borrowers. The Loan Agreement contains provisions for acceleration of the maturity of this Note upon the
happening of certain stated events, and for the prepayment of amounts upon specified terms and conditions. 
 The holder of this
Note is hereby authorized by Borrowers to record on a schedule annexed to this Note (or on a supplemental schedule) the amounts owing with respect to the Term Loan, including payments thereon. Failure to make any notation, however, shall not affect
the rights of the holder of this Note or any obligations of Borrowers hereunder or under any other Loan Documents. 
 Time is of
the essence of this Note. Each Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive demand, presentment for payment, protest, notice of protest, notice of intention to accelerate the maturity of this Note,
diligence in collecting, the bringing of any suit against any party, and any notice of or defense on account of any extensions, renewals, partial payments, or changes in any manner of or in this Note or in any of its terms, provisions and covenants,
or any releases or substitutions of any security, or any delay, indulgence or other act of any trustee or any holder hereof, whether before or after maturity. Borrowers jointly and severally agree to pay, and to save the holder of this Note harmless
against, any liability for the payment of all costs and expenses (including without limitation reasonable attorneys’ fees) if this Note is collected by or through an attorney-at-law. 

 In no contingency or event whatsoever shall the amount paid or agreed to be paid to the
holder of this Note for the use, forbearance or detention of money advanced hereunder exceed the highest lawful rate permitted under Applicable Law. If any such excess amount is inadvertently paid by Borrowers or inadvertently received by the holder
of this Note, such excess shall be returned to Borrowers or credited as a payment of principal, in accordance with the Loan Agreement. It is the intent hereof that Borrowers not pay or contract to pay, and that holder of this Note not receive or
contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrowers under Applicable Law. 
 This Note shall be governed by the laws of the State of Illinois, without giving effect to any conflict of law principles (but giving effect to federal laws relating to national banks). 

IN WITNESS WHEREOF, this Term Loan Note is executed as of the date set forth above. 

 

			
	OLYMPIC STEEL, INC.
		
	 By:
	 	  

	 Title:
	 	  

	
	OLYMPIC STEEL LAFAYETTE, INC.
		
	 By:
	 	  

	 Title:
	 	  

	
	OLYMPIC STEEL MINNEAPOLIS, INC.
		
	 By:
	 	  

	 Title:
	 	  

	
	OLYMPIC STEEL IOWA, INC.
		
	 By:
	 	  

	 Title:
	 	  

	
	OLY STEEL WELDING, INC.
		
	 By:
	 	  

	 Title:
	 	  

	
	OLY STEEL NC, INC.
		
	 By:
	 	  

	 Title:
	 	  

  
 - 2 -

			
	TINSLEY GROUP-PS&W, INC.
		
	By:	 	  

	Title:	 	  

	
	IS ACQUISITION, INC.
		
	By:	 	  

	Title:	 	  

	
	OLYAC II, INC.
		
	By:	 	  

	Title:	 	  

	
	Chicago Tube and Iron Company, a Delaware corporation (“Chicago Tube and Iron”) hereby agrees and acknowledges that (i) OLYAC II, Inc., a Delaware
corporation (“OLYAC II”) has merged with and into Chicago Tube and Iron, (ii) Chicago Tube and Iron has assumed, and is liable for, all of the obligations of OLYAC II hereunder and under the other Loan Documents and
(iii) Chicago Tube and Iron shall constitute a Borrower hereunder and under the Loan Documents.

			
	
	CHICAGO TUBE AND IRON COMPANY
		
	By:	 	  

	Title:	 	  

	Address:	 	5096 Richmond Road
		 	Bedford Heights, Ohio 44146
		 	Attn:            Chief Financial Officer
		 	Telecopy:    (216) 292-3974

  
 - 3 -

 SCHEDULE 1.1 
 to 
 Loan and Security Agreement 

COMMITMENTS OF LENDERS 
  

					
	 Lender
	  	Revolver
Commitment	 
		
	 Bank of America, N.A.
	  	$	63,283,582.10	  
	 JPMorgan Chase Bank, N.A.
	  	$	55,373,134.33	  
	 KeyBank National Association
	  	$	35,597,014.93	  
	 Comerica Bank
	  	$	27,686,567.16	  
	 U.S. Bank National Association
	  	$	27,686,567.16	  
	 Wells Fargo Bank, National Association
	  	$	27,686,567.16	  
	 The Huntington National Bank
	  	$	15,820,895.52	  
	 Capital One Leverage Finance Corporation
	  	$	11,865,671.64	  
	 Total
	  	$	265,000,000	  
		  	 	 	 
		
	 Lender
	  	Term Loan
Commitments	 
		
	 Bank of America, N.A.
	  	$	16,716,417.90	  
	 JPMorgan Chase Bank, N.A.
	  	$	14,626,865.67	  
	 KeyBank National Association
	  	$	9,402,985.07	  
	 Comerica Bank
	  	$	7,313,432.84	  
	 U.S. Bank National Association
	  	$	7,313,432.84	  
	 Wells Fargo Bank, National Association
	  	$	7,313,432.84	  
	 The Huntington National Bank
	  	$	4,179,104.48	  
	 Capital One Leverage Finance Corporation
	  	$	3,134,328.36	  
	 Total
	  	$	70,000,000	  
		  	 	 	 

 SCHEDULE 6.1 
 CLOSING DATE MORTGAGED PROPERTY 
 One Eastern Steel Road, Milford, CT 06460 

587 Barrow Park Drive, Winder, GA 30680 
 810 S.E. 54th
Street, Ankeny, IA 50021 
 6425 State Street, Bettendorf, IA 52722 

1040 West 11th Street, Milan, IL 61264 
 One Chicago Tube Drive, Romeoville, IL 60446 
 1901 Mitchell Boulevard, Schaumburg, IL 60193

 8651 Robbins Road, Indianapolis, IN 46268 
 3379 Owingsville Road, Mount Sterling, KY 40353 
 3600 North Military, Detroit, MI 48210

 625 Xenium Lane, Minneapolis, MN 55441 
 13100 Fiftieth Avenue, Plymouth, MN 55441 
 1234 Brady Boulevard NW, Owatonna, MN 55060

 2940 Eagandale Boulevard, St. Paul, MN 55121 
 3031 Hamp Stone Road, Siler City, NC 27344 
 5080/5096 Richmond Road, Bedford Heights, OH 44146

 555 Commercial Parkway, Dover, OH 44622 
 1530/1599 Nitterhouse Drive, Chambersburg, PA 17201 
 1784 Fox Ridge Drive, Fond du Lac, WI 54939

 SCHEDULE 8.5 
 to 
 Loan and Security Agreement 

DEPOSIT ACCOUNTS 
  

							
	 Depository Bank
	  	 Account Name
	  	 Type of Account
	  	 Account Number

				
	 KeyBank National Association
	  	NA	  	Concentration Account	  	359681226437
	 Bank of America, N.A.
	  	Connecticut	  	Petty Cash	  	0000-0194-2646
	 Bank of America, N.A.
	  	Southern	  	Petty Cash	  	81606691
	 Bank of America, N.A.
	  	Southern	  	Petty Cash	  	334010352417
	 Comerica
	  	Detroit	  	Petty Cash	  	1851893915
	 F&M Trust - Memorial Square Office
	  	Chambersburg	  	Petty Cash	  	0013557
	 PNC Bank, National Association
	  	Philadelphia	  	Petty Cash	  	8550421359
	 Wells Fargo Bank, N.A.
	  	Chicago	  	Petty Cash	  	4121316137
	 Wells Fargo Bank, N.A.
	  	Coil	  	Petty Cash	  	1062238
	 Wells Fargo Bank, N.A.
	  	Iowa	  	Petty Cash	  	3001011514
	 Wells Fargo Bank, N.A.
	  	Plate	  	Petty Cash	  	6355021182
	 Wells Fargo Bank, N.A.
	  	St. Paul/Duluth	  	Lockbox	  	410-0152693
	 JPMorgan Chase Bank, N.A.
	  	Fond du Lac	  	Checking	  	616020178
	 JPMorgan Chase Bank, N.A.
	  	Indianapolis	  	Checking	  	700021605904
	 Wells Fargo Bank, N.A.
	  	DesMoines	  	Checking	  	008-4405588
	 Blackhawk State Bank
	  	Quad Cities	  	Checking	  	204412
	 Wachovia Bank
	  	Charlotte	  	Checking	  	2000040816317
	 JPMorgan Chase Bank, N.A.
	  	NA	  	Flexible Spending	  	698522604
	 JPMorgan Chase Bank, N.A.
	  	NA	  	 Main Operating and
 Disbursement
	  	698522596
	 Wells Fargo Bank, N.A.
	  	NA	  	 Corp. Cash, High Yield
 Savings
	  	9270240477
	 JPMorgan Chase Bank, N.A.
	  	NA	  	 Corp. Cash, High Yield

Savings
	  	2930961327
	 JPMorgan Chase Bank, N.A.
	  	NA	  	Dividends	  	4012461

 SCHEDULE 8.6.1 
 to 
 Loan and Security Agreement 

BUSINESS LOCATIONS 

Chief Executive Office: 5096 Richmond Road, Bedford Heights, Ohio 44146 
 Other Locations: 
  

	
	 5080 Richmond Road, Bedford Heights, Ohio 44146

	 555 Commercial Parkway, Dover, Ohio 44622

	 3600, 3625 and 3923 North Military Road, Detroit, Michigan 48210

	 1901 Mitchell Blvd., Schaumburg, Illinois 60193

	 625 Xenium Lane and 13100 15th Avenue North, Plymouth, Minnesota 55441

	 6425 State Street, Bettendorf, Iowa 52722

	 One Eastern Steel Road, Milford, Connecticut 06460

	 1530 Nitterhouse Drive, Chambersburg, Pennsylvania 17201

	 1599 Nitterhouse Drive, Chambersburg, Pennsylvania 17201

	 3031 Hamp Stone Road, Siler City, North Carolina 27344

	 509 Bankhead Highway and 587 Barrow Park Drive, Winder, Georgia 30680

	 5060 Richmond Road, Bedford Heights, Ohio 44146

	 3 South Second Street, Fernandina Beach, Florida 32034

	 One Media Place, 1023 E. Baltimore Pike – Suite 220, Media, Pennsylvania 19063

	 31360 Solon Road, Solon, Ohio 44139

	 6595 24th Avenue NE, Moses Lake, Washington 98837

	 EGL Warehouse Building, Lockerroom, Office and Guard House located on a 13.87 acre parcel at Gary Works, in Gary, Indiana

	 1801 Bedford, Kansas City, Missouri

	 One Chicago Tube Drive, Romeoville, Illinois 60446

	 11 th Street & Andalusia Road, Milan, Illinois 61264

	 2940 Eagandale Boulevard, St. Paul, Minnesota 55121

	 6030 N.
60th Street, Milwaukee, Wisconsin
53218

	 1784 Fox Ridge Drive, Fond du Lac, Wisconsin 54937

	 8651 Robbins Road, Indianapolis, Indiana 46268

	 810 E.
54th Street, Ankeny, Iowa 50021

	 1234 Brady Boulevard, Owatonna, Minnesota 55060

	 164 American Drive, Oakboro, North Carolina 28129

	 421 Browns Hill Road, Locust, North Carolina 28097

	 1220 Port Terminal Drive, Duluth, Minnesota

	
	 The Pascal Business Center, 2500 County Road B W, Suite 100, Roseville, Minnesota 55113

	 2665 S. Bayshore Drive, Miami, FL 33133

	 3379 Owingsville Road, Mt. Sterling, KY 40353

	 8119 South Frontage Road West, Quincy, WA 98848

	 Ave. Avante Monterrey No. 301-A, Parque Industrial Avante Monterrey, Nuevo Leon, C.P. 66023, Mexico (Warehouse)

	 Calz. San Pedro 217, Col. Del Valle, San Pedro Garza Garcia, NL 66220, Mexico (Office)

 The following bailees, warehouseman, similar parties and consignees hold inventory of a Borrower or
Subsidiary: 
  

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	A. Anastasio	  	80 Middleton Ave, New Haven, CT 06513	  	Bailee	  	 	 	250,434	 
	Acme Machine Works	  	525 Beacon St, Akron, OH	  	Bailee	  	 	 	5,920	 
	AHS	  	1086 Wayne Avenue, Chambersburg, PA 17201	  	Bailee	  	 	 	42,469	 
	Albany MFG	  	35747 County Rd 10, Albany, MN	  	Bailee	  	 	 	67,745	 
	Alden Metals	  	545 Shoreview Park Rd, Shoreview, MN 55126	  	Bailee	  	 	 	1,942	 
	Alexandria Metal Finishing	  	1602 36th Ave W, Alexandria, MN 56308	  	Bailee	  	 	 	—  	 
	Aluminum Blanking	  	360 West Sheffield, Pontiac, MI 48340	  	Bailee	  	 	 	32,860	 
	American Roll Coating	  	222 Lavoy Street, Erie, MI 48133	  	Bailee	  	 	 	—  	 
	Amerinox Processing	  	2201 Mt. Ephraim Ave., Bldg. 90, Camden, NJ	  	Bailee	  	 	 	31,421	 
	Amerinox Processing	  	2201 Mt. Ephraim Ave., Bldg. 90, Camden, NJ	  	Bailee	  	 	 	27,842	 
	AMS	  	824 Bill Rutledge Rd, Winder, GA	  	Bailee	  	 	 	2,419	 
	AMS Metal Slitting	  	1710 N. 25th Avenue, Melrose Park, IL	  	Bailee	  	 	 	—  	 
	Anderson Dahlen	  	6850 Sunwood Dr, Ramsey, MN 55303	  	Bailee	  	 	 	—  	 
	Anoco Tool & Mfg	  	691 39th Ave Ne Minneapolis, MN 55421	  	Bailee	  	 	 	575	 
	APEX Industrial Coating	  	9473 Lincoln Way West, St. Thomas, PA 17252	  	Bailee	  	 	 	9,495	 
	Apollo Welding	  	35600 Curtis Blvd, Eastlake, OH 44095	  	Bailee	  	 	 	—  	 
	AWI Manufacturing Inc	  	1045 Gemeni Rd, Eagan, MN	  	Bailee	  	 	 	4,914	 
	AWI Manufacturing Inc	  	1046 Gemeni Rd, Eagan, MN	  	Bailee	  	 	 	—  	 
	Blastech Mobile	  	12400 Highway 43 N, Axis, AL	  	Bailee	  	 	 	—  	 
	Braatz Welding	  	1345 Beauprey Rd, Shawano, WI 54166	  	Bailee	  	 	 	—  	 
	Bravo Custom	  	1062 Adams Circle, Eagle Pass, TX 78852	  	Bailee	  	 	 	—  	 
	BTD Manufacturing (Lakeville)	  	1111 13th Ave SE,Detroit Lakes, MN	  	Bailee	  	 	 	8,313	 
	Busby	  	12600 Road “3” NE, Moses Lake, WA 98837	  	Bailee	  	 	 	668	 
	C & C Machining	  	22233 230th Ave, Centerville, IA	  	Bailee	  	 	 	—  	 
	Capacity Transport (Warehouse Distribution)	  	17065 Hess Avenue, Melvindale MI 48122	  	Bailee	  	 	 	—  	 
	Capacity Warehouse Distribution	  	17066 Hess Avenue, Melvindale MI 48122	  	Bailee	  	 	 	—  	 
	Central 57	  	118 Fletcha Lane, Laredo TX	  	Bailee	  	 	 	—  	 
	Central 57	  	1401 Industrial Blvd., Eagle Pass, TX	  	Bailee	  	 	 	—  	 
	Central Minnesota Finishing	  	411 Lincoln Loop, Sauk Center, MN	  	Bailee	  	 	 	—  	 
	Chambersburg Machine	  	1598 Nitterhouse drive, Chambersburg, PA	  	Bailee	  	 	 	17,003	 
	Chatfield Steel	  	15411 Chatfield Ave., Cleveland, OH	  	Bailee	  	 	 	—  	 

													
	 Location Name
	  	 Address
	  	Relationship	  	Amount of Inventory ($)
	Checker Machine Inc	  	2701 Nevada Ave. N. New Hope, MN 55427	  	Bailee	  	 	 	34,317	 
	Chicago Metal Fabricators	  	3724 S. Rockwell St., Chicago, IL 60632	  	Bailee	  	 	 	—  	 
	Chicago Steel	  	700 Chase St, Gary, IN	  	Bailee	  	 	 	—  	 
	Cleveland	  	5060 Richmond Road, Bedford Heights, OH 44146	  	Landlord	  	 	 	5,550,604	 
	Cleveland Industrial	  	1300 East 45th St., Cleveland, OH 44114	  	Bailee	  	 	 	—  	 
	CMC Impact Metals	  	1024 Kittanning Pike, Chicora, PA 16025	  	Bailee	  	 	 	41,990	 
	CMT LLC	  	3560 5th Avenue, East Moline, IL 61244	  	Bailee	  	 	 	—  	 
	Colombo Marine	  	16203 Pensula Blvd, Houston, TX 77015	  	Bailee	  	 	 	—  	 
	Comercial Transload of Minn	  	7151 University Ave, Fridley, MN	  	Bailee	  	 	 	—  	 
	Crenlo LLC	  	1600 4th Ave NW, Rochester , MN	  	Bailee	  	 	 	51,816	 
	Crimson - Fernandina	  	Nassau Terminal, 501 3rd Street, Fernandina Beach	  	Bailee	  	 	 	32,153	 
	Crimson - Mobile Port	  	Mobile Marine Terminal, 150 Viaduct Road, Chickasaw, AL	  	Bailee	  	 	 	12,596	 
	Crowley	  	1163 Talleyrand Ave, Jacksonville, FL	  	Bailee	  	 	 	—  	 
	Crowley - Port	  	4300 McIntosh Rd, Ft Lauderdale, FL 33316	  	Bailee	  	 	 	—  	 
	Custom Machining	  	101 Adena Drive, Mt. Sterling, KY	  	Bailee	  	 	 	1,086	 
	Dockside Steel	  	PO Box 66973, Chicago, IL	  	Bailee	  	 	 	11,362	 
	East End Welding	  	357 Talmadge Rd, Brimfield, OH 44240	  	Bailee	  	 	 	—  	 
	Electric Coating	  	4407 Railroad Ave, East Chicago, IN 46312	  	Bailee	  	 	 	—  	 
	EM Coating Services	  	2172 Old Hywy, New Brighton, MN	  	Bailee	  	 	 	—  	 
	Empire Stevedoring	  	7600 Avenue P 47/48, Houston, TX	  	Bailee	  	 	 	231,257	 
	Erie Strayer	  	1851 Rudolph Rd, Erie, PA	  	Consignee	  	 	 	—  	 
	ESCP Corp.	  	1833 W. 2nd St., Davenport, IA 52802	  	Bailee	  	 	 	—  	 
	Fabex	  	545 Shoreview Park Rd, St. Paul, Mn	  	Bailee	  	 	 	1,367	 
	Falcon Machine	  	7101 143rd Ave NW S#N, Ramsey, MN 55303	  	Bailee	  	 	 	—  	 
	Falls Fabricating	  	600 9th Avenue Northwest, Little Falls, MN 56345	  	Bailee	  	 	 	—  	 
	Fanello Industries	  	50 E. Main Street, Lavonia, GA	  	Bailee	  	 	 	179,281	 
	Federal Marine	  	775 Erieside Avenue, Cleveland, OH	  	Bailee	  	 	 	—  	 
	Feralloy Processing	  	600 George Nelson Dr. Portage IN 46368	  	Bailee	  	 	 	2,875,878	 
	Feralloy Processing	  	600 George Nelson Dr, Portage, IN 46368	  	Bailee	  	 	 	240,440	 
	Feralloy Southern Division	  	600 George Nelson Dr. Portage IN 46368	  	Bailee	  	 	 	1,103	 
	Ferrous Metal	  	11103 Memphis Ave Cleveland OH	  	Bailee	  	 	 	510,359	 
	FerrouSouth - Stock	  	38 County Road 370, Luka, MS	  	Bailee	  	 	 	178,553	 
	Finished Goods - JBI	  	234 South Holland Dr., Pendergrass, GA 30567	  	Bailee	  	 	 	80,612	 
	Flame Metals	  	12450 Ironwood Circle, Rogers, MN	  	Bailee	  	 	 	—  	 

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	Fletmar - Altamira	  	CALLE RIO TAMESI KM. 0+800, Tamaulipas, MX	  	Bailee	  	 	 	—  	 
	Fulton County Processing	  	7800 State Route 109, Delta, OH 43515	  	Bailee	  	 	 	245,303	 
	Fulton County Processing	  	7800 State Route 109, Delta, OH 43515	  	Bailee	  	 	 	30,919	 
	G E Mathis Co	  	6100 S.Oak Park Ave, Chicago, IL 60638	  	Bailee	  	 	 	41,767	 
	Gateway Co.	  	109 East Ohio, Joliet, IL 60432	  	Bailee	  	 	 	—  	 
	Gauer Metals	  	175 N. Michigan Avenue, Kenilworth, NJ	  	Bailee	  	 	 	—  	 
	Geesaman Industries	  	2301 W 125th Street, Portland, IN 47371	  	Bailee	  	 	 	4,157	 
	Gett Industries	  	7307 - 50th St., Milan, IL 61264	  	Bailee	  	 	 	4,452	 
	GM Stainless	  	41 ImClone Drive, Camden, NY 08876	  	Bailee	  	 	 	32,749	 
	Gradall	  	406 Mill Ave. New Philadelphia, OH	  	Consignee	  	 	 	351,827	 
	Grand Steel Products	  	51100 Pontiac Trail, Wixom, MI	  	Bailee	  	 	 	—  	 
	Granite City Pickling	  	1162 16th St, Granite City, IL	  	Bailee	  	 	 	—  	 
	Greenpoint Metals Inc.	  	301 Shotwell Drive, Franklin, OH	  	Bailee	  	 	 	80,571	 
	Gregory Industries	  	4100 13th St SW, Canton, OH	  	Bailee	  	 	 	—  	 
	Griffon Steel	  	1561 E Highwood Dr, Pontiac, MI	  	Bailee	  	 	 	—  	 
	GS Steel Company	  	3400 Cavalier Trail, Cuyahoga Falls, OH	  	Bailee	  	 	 	—  	 
	Gulf Stream Marine	  	c/o Greensport Terminal, Houston, TX	  	Bailee	  	 	 	617,238	 
	Harvard Metal/Coil	  	5400 Harvard Avenue, Cleveland, OH	  	Bailee	  	 	 	—  	 
	Havloersen Boiler	  	7500 Grand Division Ave., Garfield Heights, OH	  	Bailee	  	 	 	—  	 
	Heidtman - Cleveland	  	4600 Heidtman Pkwy, Cleveland OH 44105	  	Bailee	  	 	 	—  	 
	Heidtman Steel	  	2121 Grays Road, Baltimore, MD	  	Bailee	  	 	 	14,329	 
	Heidtman Steel - Butler	  	4400 County Rd 59, Butler, IN 46721	  	Bailee	  	 	 	—  	 
	Heidtman Steel - Cleveland	  	4600 Heidtman Pkwy, Cleveland OH 44105	  	Bailee	  	 	 	48,633	 
	Heidtman Steel - Erie	  	630 Lavoy Rd, Erie, MI 48133	  	Bailee	  	 	 	494,146	 
	Heidtman Steel Products	  	2121 Grays Road, Baltimore, MD	  	Bailee	  	 	 	—  	 
	Heidtman Steel Products	  	4400 County Rd 59, Butler, IN 46721	  	Bailee	  	 	 	15,149	 
	Hendrick Mfg.	  	Hegen Metal Products, 2555 Decade Ct, Elgin, IL	  	Consignee	  	 	 	23,417	 
	Hendrick Mfg.	  	1 Seventh Ave Carbondate, PA	  	Consignee	  	 	 	156,861	 
	Hendrick Mfg.	  	7th avenue and Clydco Dr., Carbondale, PA	  	Consignee	  	 	 	266,802	 
	Hickey Materials	  	873 Georgetown Rd., Salem, OH	  	Bailee	  	 	 	130,464	 
	Hogland TransferCo	  	6617 24th Ave N, Moses Lake, WA 98837	  	Bailee	  	 	 	66,524	 
	Hutchinson Mfg & Sales	  	PO Box 487, 720 Highway 7 West, Hutchinson, MN 55350	  	Bailee	  	 	 	—  	 
	Ideal Steel - In Process	  	120 Halpers Road, Seneca SC	  	Bailee	  	 	 	27,549	 
	In Process - JBI	  	234 South Holland Dr., Pendergrass, GA 30567	  	Bailee	  	 	 	—  	 

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	Indiana Pickling	  	6650 Nautical Drive, Portage, IN	  	Bailee	  	 	 	132,412	 
	Indiana Pickling	  	6650 Nautical Dr, Portage, IN	  	Bailee	  	 	 	1,975,065	 
	Industrial Steel	  	533 37th Ave NE, Columbia Heights, MN 55421	  	Bailee	  	 	 	—  	 
	Ini Machining	  	17128 Route 2 & 92, East Moline, IL 61244	  	Bailee	  	 	 	6,495	 
	Integrated Logistics	  	14110 Transportation Ave, Laredo, TX	  	Bailee	  	 	 	251,430	 
	International Metals	  	3131 N Franklin Rd, Indianapolis, IN	  	Bailee	  	 	 	42,418	 
	J&E Earll MFG	  	611 Development Rd, Amery, WI 54001	  	Bailee	  	 	 	—  	 
	J&J Tool & Die	  	203 W 4th St, Dover, OH	  	Bailee	  	 	 	—  	 
	Joella Metal Products	  	8215 W 125th St, Savage, MN 55378	  	Bailee	  	 	 	—  	 
	Kenwal Steel Corporation	  	8223 West Warren, Dearborn, MI	  	Bailee	  	 	 	—  	 
	Keystone Machine	  	375 Reed St, Somerset, WI 54025	  	Bailee	  	 	 	—  	 
	Keystone Specialty	  	1670 Winchester Road, Bensalem, PA	  	Bailee	  	 	 	238	 
	Kinder Morgan	  	US Industrial Park, Fairless Hills, PA 19030	  	Bailee	  	 	 	127,668	 
	Kirk & Blum	  	3120 Forrer St. Cincinnati, OH	  	Consignee	  	 	 	—  	 
	KVF Quad Corp.	  	809 13th St, East Moline, IL 61244	  	Bailee	  	 	 	12,520	 
	KVF Quad Corp.	  	1055 Mendell Davis Drive, Jackson, MS 39272	  	Bailee	  	 	 	—  	 
	Landoll Corp	  	1900 North Street, Marysville, KS 66508	  	Bailee	  	 	 	29,339	 
	Lane Steel	  	4 River Road, McKees Rocks, PA	  	Bailee	  	 	 	79,030	 
	Laser Center	  	401 Eastern Ave, Bensenville, IL	  	Bailee	  	 	 	—  	 
	Laserfab Inc	  	26 Lebanon Valley Parkway, Lebanon, PA	  	Bailee	  	 	 	—  	 
	Logistec - New London	  	200 State Pier Rd, New London, CT	  	Bailee	  	 	 	—  	 
	Logistec USA Inc.	  	100 Waterfront St., New haven, CT	  	Bailee	  	 	 	—  	 
	Main Steel	  	3805-B Henricks Rd, Youngstown, OH	  	Bailee	  	 	 	644,610	 
	Main Steel	  	3805-B Henricks Rd, Youngstown, OH	  	Bailee	  	 	 	34,168	 
	Main Steel	  	1061 Lousons Rd., Union, NJ 07083	  	Bailee	  	 	 	—  	 
	Main Steel	  	3805-B Henricks Rd, Youngstown, OH	  	Bailee	  	 	 	185,349	 
	Main Steel	  	761 Bedford Street NW, Atlanta, GA	  	Bailee	  	 	 	714,181	 
	Main Steel	  	6 Whitney Drive, Harmony, PA	  	Bailee	  	 	 	564,558	 
	Main Steel - Arlington	  	2810 East Randol Mill Rd, Arlington, TX	  	Bailee	  	 	 	—  	 
	Main Steel - Atlanta	  	761 Bedford Street NW, Atlanta, GA	  	Bailee	  	 	 	—  	 
	Main Steel - Bartlett	  	802 E. Devon Ave., Bartlett, IL 60103	  	Bailee	  	 	 	24,231	 
	Main Steel - Harmony	  	6 Whitney Drive, Harmony, PA	  	Bailee	  	 	 	77,391	 
	Main Steel - Union	  	1061 Lousons Rd., Union, NJ 07083	  	Bailee	  	 	 	1,984	 
	Main Steel - Union	  	1061 Lousons Rd., Union, NJ 07083	  	Bailee	  	 	 	252,222	 

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	Main Steel - Wheeling	  	571 South Wheeling Road, Wheeling, IL 60090	  	Bailee	  	 	 	119,404	 
	Main Steel - Wheeling	  	570 South Wheeling Road, Wheeling, IL 60090	  	Bailee	  	 	 	381,196	 
	Main Steel Arlington (TSA)	  	2810 Randol Mill Rd, Arlington, TX	  	Bailee	  	 	 	544,792	 
	Main Steel Polishing	  	3805-B Hendricks Rd, Youngstown, OH	  	Bailee	  	 	 	74,399	 
	Maryland Metals	  	4425 North Point Blvd., Baltimore, MD 21222	  	Bailee	  	 	 	1,785,899	 
	Maryland Metals	  	4425 North Point Blvd., Baltimore, MD 21222	  	Bailee	  	 	 	1,820,930	 
	Maryland Metals	  	4425 North Point Blvd., Baltimore, MD 21222	  	Bailee	  	 	 	2,907,813	 
	Maryland Metals	  	4425 North Point Blvd., Baltimore, MD 21222	  	Bailee	  	 	 	266,345	 
	Material Sciences Corp.	  	2200 East Pratt Blvd, Elk Grove Village, IL 60007	  	Bailee	  	 	 	—  	 
	Material Works	  	101 S. Main Street, Red Bud, IL 62278	  	Bailee	  	 	 	—  	 
	McKay’s Plating Co.	  	407 5th St., Hampton, IL 61256	  	Bailee	  	 	 	3,232	 
	Med-Tek	  	2639 Second St NE, Minneapolis, MN	  	Bailee	  	 	 	—  	 
	Melrose Metalworks	  	313 N 8th Ave W, PO Box 157, Melrose, MN	  	Bailee	  	 	 	266,801	 
	Merrill Fabricators	  	1375 S. 25th St. Saginaw, MI	  	Consignee	  	 	 	—  	 
	Metal Processing	  	201 Mississippi Street, Gary, IN	  	Bailee	  	 	 	30,588	 
	Metal Processors	  	200 S. Flankenburg RD, Tampa, FL 33619	  	Bailee	  	 	 	201,319	 
	Mexico Shipments In	  	Brannan & Co., 13166 S. Unitec Dr., Laredo, TX	  	Bailee	  	 	 	—  	 
	Middletown Metal	  	1145 Mayde Rd, Berea, KY	  	Bailee	  	 	 	2,582	 
	Middletown Metal	  	1145 Mayde Rd, Berea, KY	  	Bailee	  	 	 	6,159	 
	Miller Machine	  	18171 Territorial Rd, Osseo, MN 55369	  	Bailee	  	 	 	13,619	 
	Miller Welding & Iron Works	  	118 Muller Rd, Washington, IL	  	Bailee	  	 	 	56,027	 
	Miller Welding & Iron Works	  	118 Muller Rd, Washington, IL	  	Bailee	  	 	 	—  	 
	Millerbend Systems	  	330 6th St, Winstead, Mn	  	Bailee	  	 	 	1,185	 
	Misc. Processing - Stock	  	600 9th Avenue Northwest, Little Falls, MN 56345	  	Bailee	  	 	 	1,498	 
	Mississippi Steel Processors	  	400 North Steel Rd, Columbus, MS	  	Bailee	  	 	 	93,918	 
	Mitchell Machine	  	PO Box 100, Greencastle, PA 17225	  	Bailee	  	 	 	123	 
	Modern Machine & Tool Co.	  	4126 Hickory Grove Rd, Davenport, IA 52806	  	Bailee	  	 	 	—  	 
	Mountain Brook	  	9226 Mountain Brook Road, St. Thomas, PA 17252	  	Bailee	  	 	 	16,477	 
	Nacme	  	429 W. 127th St, Chicago, IL 60628	  	Bailee	  	 	 	176,013	 
	Namasco	  	1090 N Steel Circle, Huger, SC	  	Bailee	  	 	 	—  	 
	National Galvanizing	  	1500 Telb Rd., Monroe, MI 48162	  	Bailee	  	 	 	28,591	 
	National Material	  	101 Cairns Rd, Mansfield, OH 44901	  	Bailee	  	 	 	—  	 
	National Processing	  	4502 West Cline Ave, East Chicago, IN	  	Bailee	  	 	 	14,690	 
	Nico Products	  	2929 First Ave S, Minneapolis, MN	  	Bailee	  	 	 	110	 

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	Noramco	  	2729 13th Avenue East, Hibbing, MN 55746	  	Bailee	  	 	 	—  	 
	North Carolina	  	3031 Hamp Stone Road, Siler City, NC 27344	  	Bailee	  	 	 	2,127,798	 
	Northwoods Machine	  	25127 134th St NW, Zimmerman, MN 55398	  	Bailee	  	 	 	1,344	 
	Oakley Steel Products	  	650 South 28th Ave, Bellwood, IL 60104	  	Bailee	  	 	 	8,963	 
	Ohio Pickling & Processing	  	1149 Campbell St., Toledo, OH 43607	  	Bailee	  	 	 	19,995	 
	Olympic Steel	  	5060 Richmond Road, Bedford Heights, OH	  	Landlord	  	 	 	9,456	 
	Olympic Steel - Moses Lake	  	6595 24th Street NE, Moses Lake, WA 98837	  	Landlord	  	 	 	1,948,753	 
	Olympic Steel - Quincy	  	8119 South Frontage Rd, Quincy, WA	  	Bailee	  	 	 	600,989	 
	Owen Steel	  	727 Mauney Rd, Columbia, SC	  	Bailee	  	 	 	—  	 
	Panther Precision Machine	  	6640 Sunwood Dr, Ramsey, MN 55303	  	Bailee	  	 	 	4,484	 
	Paragon Steel	  	4211 County Rd 61, Butler, IN	  	Bailee	  	 	 	85,529	 
	Parsons Co	  	1386 State Route 117, Roanoke, IL 61561	  	Bailee	  	 	 	—  	 
	Philadelphia Docks	  	Packer Avenue Marine Terminal, Philadelphia, PA 19148	  	Bailee	  	 	 	123,580	 
	Pinnacle Steel	  	7900 St Route 109, Delta, OH	  	Bailee	  	 	 	—  	 
	Port of Milwaukee	  	2323 S. Lincoln Memorial Dr, Milwaukee, WI 53207	  	Bailee	  	 	 	—  	 
	Port of Wilmington	  	1 Hausel Rd. Wilmington, DE	  	Bailee	  	 	 	—  	 
	Precision Strip	  	36000 Alabama Hywy, Talladega, AL	  	Bailee	  	 	 	—  	 
	Precision Strip	  	446 N. Hardison Road, Woodburn, KY 42170	  	Bailee	  	 	 	15,245	 
	Precision Strip	  	36000 Alabama Hywy, Talladega, AL	  	Bailee	  	 	 	511,056	 
	Precision Welding	  	7900 Exchange St, Cleveland, OH	  	Bailee	  	 	 	—  	 
	Precoat / Midwest Metals Granite	  	9 Konzen Court, Granite City, IL 62040	  	Bailee	  	 	 	—  	 
	Precoat Metals	  	3399 Davey Allison Blvd, Hueytown, Al	  	Bailee	  	 	 	—  	 
	Precoat Metals - Portage	  	6300 US 12 Route 249, Portage, IN 46368	  	Bailee	  	 	 	—  	 
	Premier Precision Group	  	201 5th St SE, Little Falls, MN 56345	  	Bailee	  	 	 	49,759	 
	Pro-Fabricators	  	12745 Smithsburg Pike, Smithsburg, MD	  	Bailee	  	 	 	140,772	 
	Quad City Metal Pickling	  	1201 7th St, East Moline, IL	  	Bailee	  	 	 	—  	 
	Quad City Metal Pickling	  	1201 7th St, East Moline, IL	  	Bailee	  	 	 	12,304	 
	Range MFG	  	212 West Main, Crosby, MN	  	Bailee	  	 	 	95,394	 
	Regal Steel	  	2220 Morrissey, Warren, MI	  	Bailee	  	 	 	—  	 
	Rigidized Metals	  	658 Ohio Street, Buffalo, NY 14203	  	Bailee	  	 	 	3,141	 
	Riley Paint Company	  	106 Washington St, Burlington, IA 52601	  	Bailee	  	 	 	—  	 
	Rimex Metals USA	  	2850 Woodbridge Ave, Edison, NJ 08837	  	Bailee	  	 	 	2,962	 
	Rockingham-Lunex Company	  	7551 Sate St, Bettendorf, IA	  	Bailee	  	 	 	—  	 
	Roll & Hold - Indianapolis	  	2515 S. Holt Road, Indianapolis, IN 46241	  	Bailee	  	 	 	—  	 

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	Roll Coater Inc	  	858 E. Hupp Rd, La Porte, IN	  	Bailee	  	 	 	—  	 
	Roll Coater WV	  	4502 Freedom Way, Weirton, WV	  	Bailee	  	 	 	—  	 
	S & S Welding	  	416 35th Ave NE, Minneapolis, MN 55418	  	Bailee	  	 	 	—  	 
	Samuel Steel Pickling	  	1400 Enterprise Pkwy, Twinsburg, OH	  	Bailee	  	 	 	60,176	 
	Samuel Steel Pickling	  	4589 Johnstown Pkwy Cleveland OH	  	Bailee	  	 	 	2,204,341	 
	Sawing & Shearing	  	13500 S. Western Ave, Blue Island, IL	  	Bailee	  	 	 	31,091	 
	Sawing & Shearing	  	13500 S. Western Ave, Blue Island, IL	  	Bailee	  	 	 	135	 
	Schebler Company	  	Hwy 67 & Fenno Rd, Bettendorf, IA	  	Bailee	  	 	 	—  	 
	Seaboard - Altamira	  	Calle RioTamese KM, Mexico	  	Bailee	  	 	 	—  	 
	Security Steel Processing	  	12211 Coyle Ave, Detroit, MI	  	Bailee	  	 	 	6,304	 
	Shear-Rite	  	80 Newton Road, Plainview, NY	  	Bailee	  	 	 	—  	 
	SIP of Delaware	  	2204 Chestnut, Gadson, AL 36904	  	Bailee	  	 	 	126,103	 
	Slice of Stainless	  	1015 Seabrook Way, Cincinnatti, OH	  	Bailee	  	 	 	29,104	 
	Smith Brothers Slitting	  	14001 Intervale, Detroit, MI	  	Bailee	  	 	 	—  	 
	South Atlantic	  	4186 South Creek Road East, Chattanooga, TN	  	Bailee	  	 	 	—  	 
	Specialty Metals	  	837 Seasons Rd. Stow, OH 44224	  	Bailee	  	 	 	27,543	 
	Specialty Metals	  	837 Seasons Rd. Stow, OH 44224	  	Bailee	  	 	 	825,458	 
	Specialty Metals Supply	  	925 Wholesale Row, Jackson, MS 39201	  	Bailee	  	 	 	73,935	 
	SSAB (IPSCO)	  	2500 W County Rd B, Roseville, MN 55113	  	Landlord	  	 	 	415,189	 
	Standard Iron & Wire	  	524 Pine Street, Monticello, Minnesota 55362	  	Bailee	  	 	 	20,545	 
	Steel Dimensions Inc.	  	90 Lavoy Rd, Erie, MI	  	Bailee	  	 	 	—  	 
	Steel Rolling Holdings	  	28000 West Jefferson, Gebraltar, MI	  	Bailee	  	 	 	157,024	 
	Steel Service Plus	  	6515 Juniata Avenue, Cleveland, OH	  	Bailee	  	 	 	489,258	 
	Steel Shearing	  	1228 Marquette St. Cleveland OH	  	Bailee	  	 	 	—  	 
	Steel Storage	  	10 Station St. Ext, Loyalhanna, PA	  	Bailee	  	 	 	2,249,507	 
	Steel Warehouse	  	4700 Heidtman Pkwy, Cleveland, OH	  	Bailee	  	 	 	—  	 
	Steel Warehouse of Chattanooga	  	600 River Terminal, Chattanooga, TN	  	Bailee	  	 	 	342,129	 
	Stock - JBI	  	234 South Holland Dr., Pendergrass, GA 30567	  	Bailee	  	 	 	114,053	 
	Storage & Processors	  	c/o Greensport Terminal, Houston, TX	  	Bailee	  	 	 	391,505	 
	Struthers Metal	  	2800 Intertech Dr Youngstown, OH	  	Bailee	  	 	 	339,077	 
	Sunbelt	  	361 Industrial Park Drive, Lawrenceville, GA	  	Bailee	  	 	 	—  	 
	Tek-Car Metals	  	43329 State Hwy 6, Emily, MN 56447 (out of business)	  	Bailee	  	 	 	—  	 
	Tennant Co	  	701 Lilac Drive, Golden Valley, MN 55422	  	Bailee	  	 	 	95	 
	Timmerman Finishing	  	5250 Main St NE, Fridley, MN 55421	  	Bailee	  	 	 	—  	 

										
	 Location Name
	  	 Address
	  	 Relationship
	  	Amount of Inventory ($)
	Trai-Cor	  	4809 Tod Ave, East Chicago, IN	  	Bailee	  	 	 	152,746	 
	TSA Processing	  	2810 Randol Mill Rd, Arlington, TX 76011	  	Bailee	  	 	 	—  	 
	Unified Brands	  	525 S. Coldwater Rd, Weidman, MI 48893	  	Consignee	  	 	 	339,903	 
	Unified Brands	  	525 S. Coldwater Rd, Weidman, MI 48893	  	Consignee	  	 	 	150,877	 
	Uniserv	  	4500 Parkway Rd, Brookfield, OH 44403	  	Bailee	  	 	 	16,360	 
	Universal Steel	  	6600 Grant Ave., Cleveland, OH	  	Bailee	  	 	 	—  	 
	Valley Fab	  	7551 State St, Bettendorf, IA 52722	  	Bailee	  	 	 	—  	 
	Vicon Fabricating	  	7200 Justin Way, Mentor, OH 44060	  	Bailee	  	 	 	25,500	 
	Vision Pickling & Processing	  	9341 State Route 23, Waterman, IL 60556	  	Bailee	  	 	 	23,043	 
	Volvo Road Machinery	  	312 Ingersoll drive, Shippensburg, PA	  	Bailee	  	 	 	—  	 
	Voss Clark - In Process	  	701 Loop Rd, Jeffersonville, IN 47130	  	Bailee	  	 	 	34,058	 
	Voss Steel	  	7925 Beech Daly, Taylor, MI 48180	  	Bailee	  	 	 	271,403	 
	Walcott Collision	  	116 W. Bryant St., Walcott, IA 52773	  	Bailee	  	 	 	824	 
	Wayne Industries	  	36253 Michigan Avenue, Wayne, MI	  	Bailee	  	 	 	3,079,261	 
	Werk Brau	  	2800 Fostoria Rd Findlay, OH	  	Consignee	  	 	 	198,939	 
	Wheeling Service & Supply	  	15920 Nelson Rd, Woodstock, IL	  	Bailee	  	 	 	30,486	 
	Winnebago	  	870 Welk Dr, Blue Earth, MN 56013	  	Bailee	  	 	 	—  	 
	Worthington - Delta	  	6303 Country Road 10, Delta, OH 43515	  	Bailee	  	 	 	94,126	 
	Worthington Steel	  	120 Halpers Road, Seneca SC	  	Bailee	  	 	 	—  	 
	Worthington Steel - Delta	  	6303 County Road 10, Delta, OH 43515	  	Bailee	  	 	 	624,972	 
	Worthington Steel - Monroe	  	350 Lawton Ave, Monroe, OH	  	Bailee	  	 	 	—  	 
	Worthington Steel - Porter	  	100 Worthington Dr, Porter, IN	  	Bailee	  	 	 	—  	 
	Xcel Steel Processing - Dearborn	  	4343 Wyoming, Dearborn, MI 48126	  	Bailee	  	 	 	—  	 
	Xcel Steel Processing - Detroit	  	9302 Central, Detroit, MI 48204	  	Bailee	  	 	 	—  	 
	X-Pac	  	827 W 9th St., Door 7, Milan, IL 61264	  	Bailee	  	 	 	—  	 
	Youngstown Pipe	  	219 S. Phelps St, Youngstown, OH 44503	  	Consignee	  	 	 	123,302	 

 SCHEDULE 9.1.4 
 to 
 Loan and Security Agreement 

NAMES AND CAPITAL STRUCTURE 
  

	1.	The corporate names and jurisdictions of organization of each Borrower and Subsidiary, and authorized and issued Equity Interests of each Borrower (other than Olympic
Steel) and Subsidiary are as follows: 

  

							
	 Name
	  	 Jurisdiction
	  	 Number and Class of

Authorized Shares
	  	 Number and Class of

Issued Share and
 Record Owner

				
	Olympic Steel, Inc.	  	Ohio	  	20,000,000 common shares no par value	  	10,900,134 common shares as of June 22, 2011
		  		  	5,000,000 preferred shares	  	
				
	Olympic Steel Lafayette, Inc.	  	Ohio	  	 850 shares common stock,
 no
par value
	  	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Minneapolis, Inc.	  	Minnesota	  	100 shares common stock, no par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Iowa, Inc.	  	Iowa	  	100 shares common stock, no par value	  	100 shares (owned by Olympic Steel Minneapolis, Inc.)
				
	Oly Steel Welding, Inc.	  	Michigan	  	60,000 shares common stock, no par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	Olympic Steel Receivables L.L.C.	  	Delaware	  	NA	  	 99% membership interests issued to Olympic Steel, Inc.
  

1% membership interest issued to Olympic Steel Receivables, Inc.

				
	Oly Steel NC, Inc.	  	Delaware	  	100 shares common stock, no par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	Tinsley Group-PS&W, Inc.	  	North Carolina	  	100,000 shares common stock, no par value	  	5,000 shares (owned by Oly Steel NC, Inc.)
				
	IS Acquisition, Inc.	  	Ohio	  	100 shares common stock, $.01 par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	Olyac, Inc.	  	Delaware	  	100 shares common stock, $.01 par value	  	100 shares (owned by Olympic Steel, Inc.)

							
	 Name
	  	 Jurisdiction
	  	 Number and Class of

Authorized Shares
	  	 Number and Class of

Issued Share and
 Record Owner

				
	 Olympic Steel Receivables, Inc.
	  	Delaware	  	850 shares common stock, $.01 par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	 Olympic Steel Trading, Inc.
	  	Ohio	  	850 shares common stock, no par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	 G.S.P., LLC
	  	Michigan	  	NA	  	100% membership interest issued to Oly Steel Welding, Inc.
				
	 OLYAC II, Inc.
	  	Delaware	  	100 shares of common stock, $.01 par value	  	100 shares (owned by Olympic Steel, Inc.)
				
	 Chicago Tube and Iron Company
	  	Delaware	  	300,000 shares of common stock, $.01 par value	  	100 shares (owned by Olympic Steel, Inc.)

  

	2.	All agreements binding on holders of Equity Interests of Borrowers (other than Olympic Steel) and Subsidiaries with respect to such interests are as follows:

 None. 
  

	3.	In the five years preceding the Closing Date, no Borrower or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a
merger or combination, except: 

 Tinsley / PS&W - June 2006 
 Integrity Stainless - Jan 2010 
 Chicago Tube and Iron - June 2011 

 SCHEDULE 9.1.11 

to 
 Loan
and Security Agreement 
 PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

 

	1.	Borrowers’ and Subsidiaries’ federally registered patents: 

  

									
	 Patent
	  	 Owner
	  	 Status in Patent Office
	  	 Federal Registration No.
	  	 Registration Date

					
	 None.
	  		  		  		  	

  

	2.	Borrowers’ and Subsidiaries’ federally registered trademarks: 

  

									
	 Trademark
	  	 Owner
	  	 Status in Trademark Office
	  	 Federal Registration No.
	  	 Registration Date

					
	OLY-FLATBRITE	  	Olympic Steel, Inc.	  	Registered	  	2994499	  	09/13/05

  

	3.	Borrowers’ and Subsidiaries’ federally registered copyrights: 

  

							
	 Copyright
	  	 Claimant
	  	 Copyright Number
	  	 Registration Date

				
	Contra Program	  	Olympic Steel, Inc.	  	TXu110424	  	04/16/82

  

	4.	Borrowers’ and Subsidiaries’ licenses (other than routine business licenses, authorizing them to transact business in local jurisdictions):

  

							
	 Licensor
	  	 Description of License
	  	 Term of License
	  	 Royalties Payable

				
	 None.
	  		  		  	

 SCHEDULE 9.1.14 

to 
 Loan
and Security Agreement 
 ENVIRONMENTAL MATTERS 
 None. 

 SCHEDULE 9.1.15 

to 
 Loan
and Security Agreement 
 RESTRICTIVE AGREEMENTS 
 None. 

 SCHEDULE 9.1.16 

to 
 Loan
and Security Agreement 
 LITIGATION 

 

	1.	Proceedings and investigations pending against Borrowers or Subsidiaries: 

 None. 
  

	2.	Threatened proceedings or investigations of which any Borrower or Subsidiary is aware: 

 None. 
  

	3.	Pending Commercial Tort Claim of any Obligor: 

None. 

 SCHEDULE 9.1.18 

to 
 Loan
and Security Agreement 
 PENSION PLAN DISCLOSURES 
 None. 

 SCHEDULE 9.1.20 

to 
 Loan
and Security Agreement 
 LABOR CONTRACTS 

 

					
	 Parties
	  	 Type of Agreement
	  	 Term of Agreement

			
	MN Coil (Int’l Brotherhood of Teamsters, Chauffeurs, Warehousemen & Helpers of America)	  	Union contract	  	September 30, 2013
			
	MN Plate (Int’l Brotherhood of Teamsters, Chauffeurs, Warehousemen & Helpers of America)	  	Union contract	  	March 31, 2012
			
	Detroit (Int’l Union of Operating Engineers)	  	Union contract	  	August 31, 2012
			
	Charlotte (International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helper Local No. 31)	  	Union contract	  	March 4, 2012
			
	Arrowhead (General Drivers Local Union No. 346)	  	Union contract	  	December 21, 2011
			
	Indianapolis (Chauffeurs, Teamsters, Warehousemen and Helpers Union Local No. 135)	  	Union contract	  	January 29, 2012
			
	Quad Cities (Teamsters Local Union No. 371)	  	Union contract	  	August 12, 2013
			
	St. Paul (Warehouse Employees Union Local 120)	  	Union contract	  	May 25, 2013
			
	Chicago (Pipe Fitters’ Association Local 597 Shopmen’s Division)	  	Union contract	  	May 31, 2012

 SCHEDULE 10.2.2 

to 
 Loan
and Security Agreement 
 EXISTING LIENS 

 

											
	 Debtor
	 	 State
	 	 Jurisdiction
	 	 Secured Party
	 	 UCC Filing No./Filing Date
	 	 Collateral

						
	Olympic Steel Iowa, Inc.	 	IA	 	State	 	Wells Fargo Bank, N.A.	 	 UCC: X10000874-0
 File Date:
1/8/10
	 	Equipment
						
	Olympic Steel Lafayette, Inc.	 	OH	 	State	 	MISA Metal Blanking, Inc.	 	 UCC: OH00064987591
 File Date:
6/12/03
  
 Amendment: 20040980626 File Date: 4/5/04

 
 Continuation: 20081540578
 File Date: 6/2/08
	 	 Steel coils pursuant to Toll Agreement between Secured Party and Debtor

 
 *Notice Filing

						
	 Olympic Steel Lafayette, Inc.
  

Lafeyette Steel & Processing
	 	OH	 	State	 	Marubeni-Itochu Steel America, Inc.	 	 UCC: OH00112477802
 File Date:
3/5/07
	 	 Steel coils pursuant to Toll Agreement between Secured Party and Debtor

 
 *Notice Filing

						
	Olympic Steel Lafayette, Inc.	 	OH	 	State	 	ArcelorMittal USA Inc.	 	 UCC: OH00131740511
 File Date:
12/19/08
	 	Steel
						
	Olympic Steel Minneapolis, Inc.	 	MN	 	State	 	Genie Industries, Inc.	 	 UCC: 200916492845
 File Date:
6/19/09
	 	Steel Plates
						
	Olympic Steel Minneapolis, Inc.	 	MN	 	State	 	Steel Technologies Inc.	 	 UCC: 200917354768
 File Date:
9/11/09
	 	 All steel coils
  

*Filed for notice purposes only

											
	 Debtor
	 	 State
	 	 Jurisdiction
	 	 Secured Party
	 	 UCC Filing No./Filing Date
	 	 Collateral

						
	 Olympic Steel Minneapolis, Inc.
  

Olympic Steel Inc.
	 	MN	 	State	 	 Coilplus-Pennsylvania, Inc.
  

Coilplus, Inc.
  
 Coilplus-North Carolina, Inc.
	 	 UCC: 201019255215
 File Date:
2/24/10
	 	 Secured Parties shall ship to Debtors carbon steel products to be stored or processed

 
 *Filing for notification purposes

						
	Olympic Steel, Inc.	 	OH	 	State	 	Key Equipment Finance Inc.	 	 UCC: OH00094686478
 File Date:
10/26/05
  
 Continuation: 201002300286

File Date: 8/18/10
	 	 LEASED EQUIPMENT
  

*Filed Solely as a precaution

						
	Olympic Steel, Inc.	 	OH	 	State	 	United States Steel Corporation	 	 UCC: OH00142512167
 File Date:
5/26/10
	 	Steel coils etc. delivered by Bailor to Bailee
						
	Olympic Steel Inc.	 	OH	 	State	 	US Bancorp	 	 UCC: OH00143996354
 File Date:
7/29/10
	 	 Equipment
  
 *For Informational purposes only

						
	Olympic Steel, Inc.	 	OH	 	State	 	Capital One Equipment Leasing & Finance	 	 UCC: OH00145620866
 File Date:
10/18/10
	 	Leased Equipment – Two 2011 international ProStar tractors.
						
	Olympic Steel, Inc.	 	OH	 	State	 	Trumpf Inc.	 	 UCC: OH00146039692
 File Date:
11/8/10
	 	One Trumpf TruLaser 3030 L20 machine
						
	Olympic Steel, Inc.	 	OH	 	State	 	Trumpf Inc.	 	 UCC: OH00146103508
 File Date:
11/8/10
	 	One Trumpf TruLaser 3040 L32 w/LiftMaster machine
						
	Olympic Steel, Inc.	 	OH	 	State	 	Nissan Motor Acceptance Corporation	 	 UCC: OH00147557095
 File Date:
1/12/11
	 	Nissan PFU50LP Pneumatic
						
	Olympic Steel, Inc.	 	OH	 	State	 	Nissan Motor Acceptance Corporation	 	 UCC: OH00149295445
 File Date:
4/7/11
	 	Nissan Forklift PF80YLP HVY Pneumatic

											
	 Debtor
	 	 State
	 	 Jurisdiction
	 	 Secured Party
	 	 UCC Filing No./Filing Date
	 	 Collateral

						
	Tinsley Group-PS&W, Inc.	 	NC	 	State	 	General Electric Capital Corporation	 	 UCC: 20060017280H
 File Date:
2/20/06
  
 Continuation: 20110004731M

File Date: 1/19/11
	 	 LEASED EQUIPMENT
  

*Filed Solely as a precaution

						
	Tinsley Group-PS&W, Inc.	 	NC	 	State	 	Caterpillar Inc.	 	 UCC: 20110027555K
 File Date:
4/1/11
	 	To evidence Caterpillar Inc’s ownership of tolling used to make manufacture parts and products for Caterpillar
						
	Chicago Tube and Iron Company	 	DE	 	State	 	 Wells Fargo Bank, N.A.
  

Original Secured Party: Wells Fargo HSBC Trade Bank, N.A.
	 	 UCC: 20101401581
 File Date:
4/22/10
  
 Amendment: 01838808

File Date: 5/25/10
	 	All of the Debtor’s right, title and interest in, to and under (1) any and all Accounts which Secured Party has purchased from Debtor for its own account or as agent for other
purchasers, pursuant to one or more Accounts Receivable Purchase Agreements between Secured Party and Debtor, (2) all Documents related to such purchased Accounts, (3) all General Intangibles related to such purchased accounts, (5) all Supporting
Obligations related to such purchased accounts, (6) all Proceeds of all of the foregoing, and (7) accessions to, substitutions for, replacements for, and profits and products of each of the foregoing.

 SCHEDULE 10.2.5 

to 
 Loan
and Security Agreement 
 EXISTING INVESTMENTS 
 Oly Steel Welding, Inc. owns 50% of the membership interest in OLP, LLC. 
  

 SCHEDULE 10.2.17 

to 
 Loan
and Security Agreement 
 EXISTING AFFILIATE TRANSACTIONS 

A related entity owns and leases to Olympic Steel, Inc. the warehouse located at 5060 Richmond Road, Bedford Heights, Ohio 44146.Form of William Lyon Homes, Inc. Employment Agreement

 Exhibit 10.1 
 

 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of July 1, 2011 (the “Effective Date”) by and between William Lyon Homes, Inc., a California corporation (the
“Company”), and                 , an individual (“Employee”), with respect to the following facts and circumstances: 

RECITALS 

A. Employee currently holds the position of
                 in the Company. 
 B.
The Company and Employee have agreed to enter into this Employment Agreement pursuant to which Employee shall continue to serve as                  of the
Company. 
 C. The Company is a wholly owned subsidiary of William Lyon Homes, a Delaware corporation (“Parent”).

 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the parties hereto agree
as follows: 
 ARTICLE 1 
 EMPLOYMENT AND TERM 
 1.1 Employment. The Company agrees to continue
to engage Employee in the capacity as                  of the Company, and Employee hereby accepts such engagement by the Company upon the terms and conditions
specified below. 
 1.2 Term. The term of Employee’s employment by the Company shall be for a period of one year
from the Effective Date. Notwithstanding the foregoing, Employee’s employment hereunder may be terminated earlier in accordance with the provisions of Article VI. The term of Employee’s employment hereunder is hereinafter referred to as
the “Term.” 

 ARTICLE 2 
 DUTIES OF EMPLOYEE 
 2.1 Duties. During the Term, Employee shall
serve as                  and shall report directly to                  of
the Company. In such capacity, Employee shall have the duties, functions, responsibilities, and authority customarily appertaining to that position and shall have such other duties, functions, responsibilities, and authority as are from time to time
delegated to him/her by              of the Company. Employee shall perform the services contemplated herein faithfully, diligently, to the best of his/her ability and in the best
interests of the Company. Employee shall, at all times perform such services in compliance with, and to the extent of his/her authority, shall to the best of his/her ability cause the Company to be in compliance with, any and all laws, rules and
regulations applicable to the Company of which Employee is aware. Employee may rely on the Company’s outside lawyers in connection with such matters. Employee shall, at all times during the Term, in all material respects adhere to and obey any
and all written internal rules and regulations governing the conduct of the Company’s employees, as established or modified from time to time; provided, however, in the event of any conflict between the provisions of this Agreement and any such
rules or regulations, the provisions of this Agreement shall control. 
 2.2 Location of Services. Employee’s
principal place of employment shall be at                  or such location as shall be designated by President of the Company. Employee understands he/she
will be required to travel to the Company’s various operations as part of his/her employment. 
 2.3 Exclusive
Service. Except as otherwise expressly provided herein, Employee shall devote his/her entire business time, attention, energies, skills, learning and best efforts to the business of the Company. Employee may participate in social, civic,
charitable, religious, business, educational or professional associations so long as such participation does not materially interfere with the duties and obligations of Employee hereunder. Subject to the Company’s Conflict of Interest Executive
Officer and Key Employee Supplement, this Section 2.3 shall not be construed to prevent Employee from making passive outside investments so long as such investments do not require material time of Employee or otherwise interfere with the
performance of Employee’s duties and obligations hereunder and Employee shall not make any investment in an enterprise that competes with the Company without the prior written approval of the Company after full disclosure of the facts and
circumstances; provided, however, that this sentence shall not preclude Employee from owning up to one percent (1%) of the securities of a publicly traded entity (a “Permissible Investment”). 

ARTICLE 3 

COMPENSATION 
 3.1 Salary. In consideration for Employee’s services hereunder, the Company shall pay Employee an annual salary, effective as of July 1, 2011 at the rate of not less than
$             per year during the Term, payable in accordance with the Company’s regular payroll schedule from time to time (less any deductions required for Social Security,
state, federal and local withholding taxes, and any other authorized or mandated similar withholdings). The annual salary shall be reviewed by the Compensation Committee of the Board no less frequently than annually and may be increased (but not
decreased) at the discretion of the Board. If Employee’s annual salary is increased, the increased amount shall not be reduced for the remainder of the Term. 

  
 2 

 3.2 Bonus. During Employee’s employment with the Company under this Agreement,
Employee shall be eligible to earn bonuses for 2011 in accordance with the provisions and standards set forth in Exhibit B attached hereto (the “Bonus Program”), and incorporated herein by reference. 

3.3 Project Completion Bonus Plan. Employee shall also be eligible to participate in the Company’s Project Completion Bonus
Plan (the “Project Completion Bonus Plan”) in accordance with the terms thereof, as such Project Completion Bonus Plan may be amended from time to time. The Project Completion Bonus Plan authorizes the Company to grant an Employee a bonus
tied to the completion of a particular project, payable upon completion of such project, as detailed in the grant notice under the Project Completion Bonus Plan. 
 ARTICLE 4 
 EMPLOYEE BENEFITS 

4.1 Vacation. Employee shall be entitled to vacation during the Term without reduction in compensation in accordance with the
general policies of the Company, as such policies may change from time to time. Except as otherwise limited by the general policies of the Company, as such policies may change from time to time, any accrued vacation that is unused during the Term
may be carried forward to and used in subsequent years. 
 4.2 Company Employee Benefits. Employee shall receive all
group insurance and pension plan benefits and any other benefits on the same basis as they are available generally to senior management of the Company under the Company personnel policies in effect from time to time. Employee shall also be entitled
to a monthly automobile allowance of $400, payable in accordance with the Company’s regular payroll schedule from time to time. 
 4.3 Indemnification. Employee shall have the benefit of indemnification to the fullest extent permitted by applicable law pursuant to the Company’s indemnification policy, which
indemnification shall continue after the termination of this Agreement for such period as may be necessary to continue to indemnify Employee for his/her acts during the Term. 
 ARTICLE 5 
 REIMBURSEMENT FOR EXPENSES 

5.1 Reimbursement. Employee shall be reimbursed by the Company for all reasonable ordinary and necessary expenses incurred by
Employee in the performance of his/her duties or otherwise in furtherance of the business of the Company in accordance with the policies of the Company in effect from time to time. Employee shall keep accurate and complete records of all such
expenses, including but not limited to, proof of payment and purpose. Employee shall account fully for all such expenses to the Company. 

  
 3 

 ARTICLE 6 
 TERMINATION 
 6.1 Termination for Cause. The Company shall have the
right to terminate Employee’s employment by giving written notice of such termination to Employee, without further obligation or liability to Employee, upon the occurrence of any one or more of the following events, which events shall be deemed
termination for cause (“Cause”): 
 6.1.1 Gross Negligence. If Employee engages in conduct that
constitutes gross negligence in the performance of his/her duties under this Agreement and that is materially detrimental to the Company, which failure to perform continues for a period of thirty (30) days after receipt of written notice
thereof; 
 6.1.2 Breach of Agreement. If Employee willfully commits a material breach of this Agreement,
or of his/her fiduciary duty to the Company and fails to cure such breach within thirty (30) days of written notice thereof, or willfully fails to comply with a reasonable direction of the President of the Company, which failure continues for a
period of thirty (30) days after receipt of written notice thereof; 
 6.1.3 Failure to Perform
Duties. If Employee neglects to perform the material duties of his/her employment under this Agreement in a professional and businesslike manner, other than due to his/her disability, which failure to perform continues for a period of thirty
(30) days after receipt of written notice thereof; 
 6.1.4 Breach of Policies or Applicable Law. If
Employee materially breaches any (A) written policy adopted by the Company concerning conflicts of interest, political contributions, standards of business conduct or nondiscrimination, or (B) procedures with respect to compliance with
applicable laws described in any policies and procedures manual of the Company, which breach continues for a period of thirty (30) days after receipt by written notice thereof; and 

6.1.5 Wrongful Acts. If Employee is convicted of a felony involving acts of moral turpitude or commits fraud,
misrepresentation, embezzlement or other acts of material or willful misconduct against the Company that would make the continuance of his/her employment by the Company materially detrimental to the Company, as determined by the Board in its
reasonable discretion. 
 6.2 Termination Without Cause. Notwithstanding anything to the contrary herein, the Company
shall have the right to terminate Employee’s employment under this Agreement at any time without Cause by giving written notice of such termination to Employee, subject to the Company’s obligation to pay to Employee the amounts set forth
in Section 6.5.2 below. 

  
 4 

 6.3 Termination by Employee for Good Reason. Employee may terminate his/her
employment under this Agreement on thirty (30) days prior written notice to the Company for good reason (“Good Reason”). For purposes of this Agreement, “Good Reason” shall mean and be limited to (a) a material breach
of this Agreement by the Company (including without limitation any material reduction in the authority or duties of Employee) and the failure of the Company to remedy such breach within thirty (30) days after written notice (or as soon
thereafter as practicable so long as it commences effectuation of such remedy within such time period and diligently pursues such remedy to completion as soon as practicable), (b) any relocation of Employee’s or the Company’s
principal place of business outside of                  (without Employee’s consent), or (c) a Change of Control. 

6.3.1 For purposes of this Agreement, a Change of Control shall mean: 

 

	 	(a)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
‘Exchange Act”) (a “Person”), other than Parent or William Lyon and/or Willa Dean Lyon or any of his or her direct descendants or any trust for the benefit of William Lyon and/or Willa Dean Lyon or his or her direct descendents
(the “Lyon Group”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A) the then-outstanding shares of common stock of the Company or Parent or (B) the
combined voting power of the then outstanding voting securities of the Company or Parent entitled to vote generally in the election of directors; 

  

	 	(b)	The merger, consolidation or reorganization of the Company or Parent with or into another corporation or other entity as a result of which the Lyon Group does not own
more than 50% of the voting power of the issued and outstanding voting securities of the surviving corporation or other entity immediately after such merger, consolidation or reorganization; 

 

	 	(c)	The direct or indirect sale or transfer by the Company of substantially all of its assets in a single transaction or a series of related transactions to one or more
unrelated Persons or Groups; 

  

	 	(d)	The Lyon Group no longer has the right by ownership or agreement to appoint or elect a majority of the Board of Directors of Parent; or 

 

	 	(e)	Approval by the stockholders of the Company or Parent of a complete liquidation or dissolution of the Company or Parent. 

  
 5 

 6.3.2 The terms “Person,” “Group,” “Beneficial
Owner,” and “Beneficial Ownership” shall have the meanings used in the Securities Exchange Act of 1934, as amended. Notwithstanding the foregoing, (A) Persons shall not be considered to be acting as a “Group” solely
because they purchase or own stock of the Company at the same time, or as a result of the same public offering, (B) however, Persons will be considered to be acting as “Group” if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction, with the Company, and (C) if a Person, including an entity, owns stock both in the Company and in a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar transaction, with the Company, such shareholders shall be considered to be acting as a Group with other shareholders only with respect to the ownership in the corporation before the transaction.

 6.3.3 For purposes of determining whether a Change of Control has occurred, the following Persons and Groups
shall not be deemed to be “unrelated”: (A) such Person or Group directly or indirectly has Beneficial Ownership of more than 50% of the issued and outstanding voting power of the Company’s or Parent’s voting securities
immediately before the transaction in question, (B) the Company and/or Parent have Beneficial Ownership of more than 50% of the voting power of the issued and outstanding voting securities of such Person or Group, or (C) more than 50% of
the voting power of the issued and outstanding voting securities of such Person or Group are owned, directly or indirectly, by Beneficial Owners of more than 50% of the issued and outstanding voting power of the Company’s or Parent’s
voting securities immediately before the transaction in question. 
 6.4 Effectiveness on Notice. Any termination under
this Section 6 shall be effective upon receipt of written notice by Employee or the Company, as the case may be, of such termination or upon such other later date as may be provided herein or specified by the Company or Employee in such written
notice (the “Termination Date”). 
 6.5 Effect of Termination. 

6.5.1 Payment of Salary and Expenses Upon Termination for Cause or without Good Reason or Due to Death or
Disability. If this Agreement is terminated for Cause or if this Agreement is terminated by Employee for any reason other than Good Reason or for no reason whatsoever, or due to death or disability, all benefits provided to Employee by the
Company hereunder shall thereupon cease and the Company shall pay or cause to be paid to Employee within thirty (30) days of the Termination Date all accrued but unpaid salary and vacation benefits. In addition, promptly upon submission by
Employee of his/her unpaid expenses incurred prior to the Termination Date and owing to Employee pursuant to Article 5, reimbursement for such expenses shall be made in accordance with Article 9 below. If the Agreement is terminated for Cause or by
the Employee for any reason other than Good Reason or for no reason whatsoever, or due to death or disability Employee shall not be entitled to receive any payments other than as specified in this Section 6.5.1. 

  
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 6.5.2 Termination Without Cause or for Good Reason. If the Company
terminates Employee without Cause or if Employee terminates this Agreement for Good Reason, subject to Employee signing and not revoking the Severance Agreement and General Release attached hereto as Exhibit A (“Severance Agreement”),
Employee shall be entitled to receive the following payments and benefits described in Section 6.5.2(a) – (e) at the dates specified therein: 
  

	 	(a)	Within fifty-three (53) days after the Termination Date (provided that in the event that such fifty-three day period begins in one taxable year and ends in the
subsequent taxable year for the Employee, payment shall be made in the subsequent taxable year on or prior to the end of the fifty-three day period), the Company shall pay to Employee a lump-sum payment equal to (i) the amount equal to
Employee’s annual salary, based on the annual salary in effect on the date of termination, multiplied by 1.5 (less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated
similar withholdings, including benefit deductions); plus (ii) the amount of any deferred bonus from the current fiscal year that has not been paid to Employee; plus (iii) all amounts payable on or before the Termination Date to Employee
under grants made pursuant to the Project Completion Bonus Plan. 

  

	 	(b)	Employee shall also be entitled to receive (i) any bonuses that Employee would have been entitled to receive after the Termination Date pursuant to the 2011 Bonus
Program (excluding therefrom the deferred portion of any bonus already earned by Employee) had he/she continued to be employed by the Company through the remainder of the Term; provided, that, any bonus from the 2011 Bonus Program paid under this
Section 6.5.2(b) after the Termination Date shall be paid in full on or before July 1, 2011 for the First Quarter Bonus, August 15, 2011 for the Second Quarter Bonus, November 15, 2011 for the Third Quarter Bonus and
March 1, 2012 for the Fourth Quarter Bonus (as such terms are defined in the Bonus Program), in each case, if applicable, and (ii) the deferred portion of his/her 2010 Bonus, which shall be paid in accordance with the provisions of the
2010 Bonus Program for the deferred portion of Employee’s 2010 bonus. 

  

	 	(c)	 If Employee has been awarded grants under the Project Completion Bonus Plan during Employee’s employment with the Company through and including
the Termination Date for projects that have not yet been completed as of the Termination Date, Employee shall be paid the bonuses payable to Employee under such grants upon completion of each such project; provided, that, if the Project Completion
Bonus for any such project cannot be determined by March 1, 2012, the Company shall in good faith estimate the amount of 

  
 7 

	 	
the Project Completion Bonus that Employee would be entitled to receive for such project and pay to Employee such estimated amount by March 15, 2012 in full satisfaction of the
Company’s obligations under this Section 6.5.2(c). 

  

	 	(d)	In the event Employee timely makes an election under Sections 601 through 607 of Employee Retirement Income Security Act of 1974, as amended (commonly known as COBRA)
to qualify to continue to receive health benefits coverage for Employee and his/her dependents under the same plan(s) or arrangement(s) under which Employee was covered immediately before his/her termination of employment, as such plan(s) or
arrangement(s) provided by the Company or any of its subsidiaries thereafter may change or be amended from time to time, for until the earlier of (i) the later of (A) the date that is six (6) months after the Termination Date or
(B) the expiration of the Term, or (ii) the date Employee becomes covered under any other group health plan or group disability plan (as the case may be) not maintained by the Company or any of its subsidiaries, the Company shall reimburse
Employee for all payments made by Employee for such COBRA benefits; provided, however, that if such other group health plan excludes any pre-existing condition that Employee or Employee’s dependents may have when coverage under such group
health plan would otherwise begin, the Company shall continue to reimburse Employee for COBRA payments with respect to such pre-existing condition until the earlier of (A) the date that such exclusion under such other group health plan lapses
or expires or (B) the period described in clause (i) of this Section 6.5.2(d). 

  

	 	(e)	The “Covenant Not to Compete” set forth in Section 7.4 below and the “No Hire Away Policy” in Section 7.5 shall not apply in any respect
to Employee. 

 6.6 No-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit
Employee’s continuing or future participation in any plan, program, policy or practice provided by the Company or its subsidiaries and for which Employee may qualify, nor shall anything herein limit or otherwise affect such rights as Employee
may have under any other contract or agreement with the Company or its subsidiaries at or subsequent to the Termination Date (“Other Benefits”), which Other Benefits shall be payable in accordance with such plan, policy, practice, program,
contract or agreement, except as explicitly modified by this Agreement. 
 6.7 Conditions to Receipt of Severance
Benefits. It shall be a condition for Employee’s right to receive any severance benefits hereunder that he/she execute the Severance Agreement in the form as attached hereto as Exhibit A and covering such additional matters as may be
reasonably requested by the Company. As a condition for Employee’s right to receive any severance benefits hereunder, except as otherwise provided herein, Employee shall be required to comply with Sections 7.1, 7.2, 7.3, 7.4 and 7.5 of this
Agreement. 

  
 8 

 ARTICLE 7 
 CONFIDENTIALITY 
 7.1 Nondisclosure of Confidential Information. In
the performance of his/her duties, Employee may have access to confidential records, including, but not limited to, development, marketing, organizational, financial, managerial, administrative and sales information, data, specifications and
processes presently owned or at any time hereafter developed or used by the Company or its agents or consultants that is not otherwise known to the public (collectively, the “Confidential Information”). Employee recognizes and acknowledges
that the Confidential Information is a valuable, special, and unique asset of the Company’s business, access to and knowledge of which are essential to the performance of Employee’s duties. Employee confirms that all such Confidential
Information is the exclusive property of the Company and that the Company has taken efforts reasonable under the circumstances, of which this Section 7.1 is an example, to maintain its secrecy. Except in the performance of his/her duties to the
Company or as required by a court or administrative order or as required for his/her personal tax or legal advisors to advise him/her, Employee shall not, directly or indirectly, for any reason whatsoever, disclose, divulge, communicate, use or
otherwise disclose any Confidential Information without the prior written consent of the Company duly authorized by the Board. Employee shall also take all reasonable actions appropriate to maintain the secrecy of all Confidential Information. All
records, lists, memoranda, correspondence, reports, manuals, emails, electronic files, files, drawings, documents, equipment, and other tangible items (including computer software), wherever located, incorporating the Confidential Information, which
Employee shall prepare, use or encounter, shall be and remain the Company’s sole and exclusive property and shall be included in the Confidential Information. Upon termination of this Agreement, or whenever requested by the Company, Employee
shall promptly deliver to the Company any and all of the Confidential Information, not previously delivered to the Company, that is in the possession or under the control of Employee. Confidential Information shall not include (x) information
that becomes generally available to the public other than as a result of unauthorized disclosure by Employee or his/her affiliates, (y) information that becomes available to Employee subsequent to the termination of Employee’s employment
hereunder and on a non-confidential basis from a source other than the Company or its affiliates who is not bound by a duty of confidentiality, or other contractual, legal, or fiduciary obligation to the Company and/or (z) information that is
developed independently by Employee subsequent to the termination of Employee’s employment hereunder without any reliance on any other Confidential Information. Disclosure of Confidential Information as required by applicable law or legal
process shall not be a breach of this Section 7.1 (provided Employee shall provide the Company with prompt notice of such requirement prior to making any such disclosure, so that the Company may seek an appropriate protective order, or
otherwise cooperate with the Company in making such disclosure). The provisions of this Section 7.1 shall continue in effect notwithstanding termination of Employee’s employment for any reason. 

  
 9 

 7.2 Assignment of Intellectual Property Rights. Any ideas, processes, designs,
methods, substances, articles, know-how, copyrightable works, maskworks, trade or service marks, trade secrets, inventions, developments, discoveries, improvements, whether or not patentable or copyrightable, and other matters that may be protected
by intellectual property rights, that relate to the Company’s business and are the results of Employee’s efforts during the Term (collectively, the “Employee Work Product”), whether conceived or developed alone or with others,
and whether or not conceived during the regular working hours of the Company, shall be deemed works made for hire and are the property of the Company. In the event that for whatever reason such Employee Work Product shall not be deemed a work made
for hire, Employee agrees that such Employee Work Product shall become the sole and exclusive property of the Company, and Employee hereby assigns to the Company his/her entire right, title and interest in and to each and every patent, copyright,
trade or service mark (including any attendant goodwill), trade secret or other intellectual property right embodied in Employee Work Product. The foregoing work made for hire and assignment provisions are and shall be in consideration of this
agreement of employment by the Company, and no further consideration is or shall be provided to Employee by the Company with respect to these provisions. Employee agrees to execute any assignment documents the Company may require confirming the
Company’s ownership of any of Employee Work Product. Employee also waives any and all moral rights with respect to any such works, including without limitation any and all rights of identification of authorship and/or rights of approval,
restriction or limitation on use or subsequent modifications. 
 7.2.1 Employee understands that the Company is
hereby advising Employee that any provision in this Agreement requiring Employee to assign rights in any invention does not apply to an invention that qualifies fully under the provisions of Section 2870 of the California Labor Code. That
Section provides as follows: 
  

	 	(a)	“Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her
employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies facilities, or trade secret information, except for those inventions that either:

  

	 	(i)	Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or
development of the employer; or 

  

	 	(ii)	Result from any work performed by the employee for the employer. 

  

	 	(b)	The extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under
subdivision (a), the provision is against the public policy of the state and is unenforceable.” 

  
 10 

 7.2.2 By signing this Agreement, Employee acknowledges that this Section
shall constitute written notice of the provisions of Section 2870. 
 7.3 No Unfair Competition After Termination of
Agreement. Employee hereby acknowledges that the sale or unauthorized use or disclosure of any of the Company’s Confidential Information obtained by Employee by any means whatsoever, at any time before, during or after the Term shall
constitute unfair competition. Employee shall not engage in any unfair competition with the Company either during the Term or at any time thereafter. 
 7.4 Covenant Not to Compete. 
 7.4.1 In the event this
Agreement is terminated by the Company for Cause under Section 6.1 above, or by Employee other than for Good Reason or for no reason whatsoever, then, during the Term and for any period commencing upon the termination of Employee’s
employment hereunder and during which Employee is receiving payments or benefits pursuant to Article VI hereof or any then applicable severance policy of the Company, Employee shall not, directly or indirectly, work for or provide services to or own
an equity interest (except for a Permissible Investment) in any person, firm or entity engaged in the residential home building or development business that competes against the Company in Arizona, California, Nevada and in any “other
market” in which the Company develops real property. For purposes of this Agreement, “other market” shall be defined as the area within a 100 mile radius of any real property owned by the Company. 

7.4.2 Employee represents to the Company that the enforcement of the restriction contained in this Section 7.4.1
would not be unduly burdensome to Employee. 
 7.5 No Hire Away Policy. In the event this Agreement is terminated prior
to the normal expiration of the Term, either by the Company for “Cause” under Section 6.1 above, or by Employee, other than for Good Reason or for no reason whatsoever, then, for a period of eighteen (18) months after the
effective date of such termination, Employee shall not, directly or indirectly, for himself/herself or on behalf of any entity with which he/she is affiliated or employed, hire any person known to Employee to be an employee of the Company or any of
its subsidiaries (or any person known to Employee to have been such an employee within six months prior to such occurrence). Employee shall not be deemed to hire any such person so long as he/she did not directly or indirectly engage in or encourage
such hiring. 
 7.6 Ancillary and Independent Provisions. The representations and covenants contained in this Article 7
on the part of Employee will be construed as ancillary to and independent of any other provision of this Agreement, and the existence of any claim or cause of action of Employee against the Company or any officer, director, or shareholder of the
Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants of Employee contained in this Article 7. In addition, the provisions of this Article 7 shall continue to be
binding upon Employee in accordance with their terms, notwithstanding the termination of Employee’s employment hereunder for any reason. 

  
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 7.7 Consideration. The restrictions set forth in this Article 7 are being given for
good and valuable consideration, the receipt and sufficiency of which is acknowledged by Employee. 
 7.8 Time Periods.
If Employee violates any covenant contained in this Article 7 and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining the relief, be deprived of the benefit of the full
period of any such covenant. Accordingly, the covenants of Employee contained in this Article 7 shall be deemed to have durations as specified above. 
 7.9 Reasonableness of Limitations. The parties to this Agreement agree that the limitations contained in this Article 7 with respect to time, geographical area, and scope of activity are
reasonable. However, if any court or arbitrator shall determine that the time, geographical area, or scope of activity of any restriction contained in this Article 7 is unenforceable, it is the intention of the parties that such restrictive covenant
set forth herein shall not thereby be terminated but shall be deemed amended to the extent required to render it valid and enforceable. 
 7.10 Irreparable Injury. The promised service of Employee under this Agreement and the other promises of this Article 7 are of special, unique, unusual, extraordinary, or intellectual character,
which gives them peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law. 
 7.11 Remedies for Breach. Employee agrees that money damages will not be a sufficient remedy for any breach of the obligations under this Article 7 and Article 2 hereof and that the Company shall
be entitled to injunctive relief and to specific performance as remedies for any such breach. Employee agrees that the Company shall be entitled to such relief, including temporary restraining orders, preliminary injunctions and permanent
injunctions, without the necessity of proving actual damages and without the necessity of posting a bond or making any undertaking in connection therewith. Any such requirement of a bond or undertaking is hereby waived by Employee and Employee
acknowledges that in the absence of such a waiver, a bond or undertaking might otherwise be required by the court. Such remedies shall not be deemed to be the exclusive remedies for any breach of the obligations in this Article 7, but shall be in
addition to all other remedies available at law or in equity. 
 ARTICLE 8. 

ARBITRATION 
 8.1 General. Except for a claim for injunctive relief under Section 7.11, any controversy, dispute, or claim between the parties to this Agreement, including any claim arising out of, in
connection with, or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by arbitration, before a single arbitrator, in accordance with this Article 8 and the then applicable JAMS
Employment 

  
 12 

 
Arbitration Rules and Procedures (“JAMS Rules”). Judgment upon any award rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof. Such
arbitration shall be administered by JAMS. Arbitration shall be the exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for
provisional relief, including a temporary restraining order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief. Unless mutually
agreed by the parties otherwise, any arbitration shall take place in Orange County, California. 
 8.2 Selection of
Arbitrator. In the event the parties are unable to agree upon an arbitrator, the arbitrator shall be selected in accordance the JAMS Rules. 
 8.3 Applicability of Arbitration; Remedial Authority. This agreement to resolve any disputes by binding arbitration shall extend to claims against any parent, subsidiary or affiliate of each party,
and, when acting within such capacity, any officer, director, stockholder, employee or agent of each party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims
arising under the common law. In the event of a dispute subject to this paragraph, the parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the
right to grant injunctive or other equitable relief) shall be the same as, but no greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss
any claim without an evidentiary hearing if the party bringing the motion establishes that he/she or it would be entitled to summary judgment if the matter had been pursued in court litigation. In the event of a conflict between the JAMS Rules and
these procedures, the provisions of these procedures shall govern. 
 8.4 Fees and Costs. Any filing or administrative
fees shall be borne initially by the party requesting arbitration. The Company shall be responsible for the costs and fees of the arbitration, unless Employee wishes to contribute (up to 50%) of the costs and fees of the arbitration. Notwithstanding
the foregoing, the prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to reimbursement from the other party for all of the
prevailing party’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees. 
 8.5 Award Final and Binding. The arbitrator shall render an award and written opinion, and the award shall be final and binding upon the parties. If any of the provisions of this paragraph, or of
this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry
out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find
that the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and
treated as determinative to the maximum extent permitted by law. 

  
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 ARTICLE 9 
 CODE SECTION 409A 
 9.1 General. The intent of the parties is that
payments and benefits under this Agreement comply with, or be exempt from, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on Employee by Code Section 409A or
any damages for failing to comply with Code Section 409A. 
 9.2 Separation From Service. A termination of
employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “non-qualified deferred
compensation” under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a
“termination,” “termination of employment” or like terms shall mean “separation from service.” 

9.3 Reimbursements. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits,
except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind
benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to
expenses reimbursed under any arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or
before the last day of Employee’s taxable year following the taxable year in which the expense occurred. 
 9.4 Payment
Date. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within fifty-three (53) days following the date of termination”), the actual date of payment
within the specified period shall be determined by the Company. Any payments made under this Agreement and the Bonus Program shall be considered separate payments. 
 ARTICLE 10 
 MISCELLANEOUS 

10.1 Amendments. The provisions of this Agreement may not be waived, altered, amended or repealed in whole or in part except by
the signed written consent of the parties sought to be bound by such waiver, alteration, amendment or repeal. 
 10.2 Entire
Agreement. This Agreement constitutes the total and complete agreement of the parties with respect to the subject matter herein, and supersedes all prior and contemporaneous understandings and agreements heretofore made, and there are no other
representations, understandings or agreements. 

  
 14 

 10.3 Assistance in Litigation. During the Term and for a period of two years
thereafter, Employee shall, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation in which the Company or any of its affiliates is, or may
become, a party; provided, that the Company will use its best efforts to minimize any disruption to or interference with Employee’s then-current employment. The Company shall reimburse Employee for all reasonable out-of-pocket expenses incurred
by Employee in rendering such assistance. The provisions of this Section 10.3 shall continue in effect notwithstanding termination of Employee’s employment hereunder for any reason. 

10.4 Counterparts. This Agreement may be executed in one of more counterparts, each of which shall be deemed and original, but all
of which shall together constitute one and the same instrument. 
 10.5 Severability. Each term, covenant, condition or
provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term, covenant, condition or provision shall be deemed by an arbitrator or a court of competent jurisdiction to be invalid or unenforceable, the
court or arbitrator finding such invalidity or unenforceability shall modify or reform this Agreement to give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot be so modified or reformed
shall be deleted and the remaining terms and provisions shall continue in full force and effect. 
 10.6 Waiver or Delay.
The failure or delay on the part of the Company, or Employee to exercise any right or remedy, power or privilege hereunder shall not operate as a waiver thereof. A waiver, to be effective, must be in writing and signed by the party making the
waiver. A written waiver of default shall not operate as a waiver of any other default or of the same type of default on a future occasion. 
 10.7 Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit of the parties to it and their respective heirs, legal representatives, successors and assigns, except
as otherwise provided herein. The Company will require any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. “Company” means the Company as hereinbefore defined and any successor to its business
and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 
 10.8 No
Assignment or Transfer by Employee. Neither this Agreement nor any of the rights, benefits, obligations or duties hereunder may be assigned or transferred by Employee. Any purported assignment or transfer by Employee shall be void. 

  
 15 

 10.9 Necessary Acts. Each party to this Agreement shall perform any further acts and
execute and deliver any additional agreements, assignments or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement. 

10.10 Governing Law. This Agreement and all subsequent agreements between the parties shall be governed by and interpreted,
construed and enforced in accordance with the laws of the State of California. 
 10.11 Notices. All notices, requests,
demands and other communications to be given under this Agreement shall be in writing and shall be delivered personally, sent by facsimile transmission or sent by certified, registered or express or overnight mail, postage prepaid, and shall be
deemed given when so delivered personally or sent by facsimile transmission (with written confirmation received) or, if mailed, four (4) days after the date of mailing or the next day after overnight mail, and properly addressed to the party at
the address set forth as follows or any other address that any party may designate by written notice to the other parties: 
  

	 	To Employee:	_________________ 

	 	 	_________________ 

	 	 	_________________ 

	 	 	Attn:
                                     

	 	 	Telephone:
                             

	 	 	Facsimile:
                             

 

	 	To the Company:	William Lyon Homes, Inc. 

	 	 	4490 Von Karman Avenue 

	 	 	Newport Beach, California 92660 

	 	 	Attn: Maureen Singer, Corporate Human Resources 

	 	 	Telephone: (949) 476-5440 

	 	 	Facsimile: (949) 252-2552 

10.12 Headings and Captions. The headings and captions used herein are solely for the purpose of reference only and are not to be
considered as construing or interpreting the provisions of this Agreement. 
 10.13 Construction. All terms and
definitions contained herein shall be construed in such a manner that shall give effect to the fullest extent possible to the express or implied intent of the parties hereby. 
 10.14 Counsel. Employee has been advised by the Company that he/she should consider seeking the advice of counsel in connection with the execution of this Agreement and Employee has had an
opportunity to do so. Employee has read and understands this Agreement, and has sought the advice of counsel to the extent he/she has determined appropriate. 

  
 16 

 10.15 Withholding of Compensation. Employee hereby agrees that the Company may deduct
and withhold from the compensation or other amounts payable to Employee hereunder or otherwise in connection with Employee’s employment any amounts required to be deducted and withheld by the Company under the provisions of any applicable
Federal, state and local statute, law, regulation, ordinance or order and any benefit deductions. 
 [Signature page to
follow] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered and effective as of the date first written above. 
  

			
	“COMPANY”
	
	WILLIAM LYON HOMES, INC.
		
	By:	 	 
		 	William H. Lyon
		 	President and Chief Operating Officer
	
	“EMPLOYEE”
		 	  

  
 18 

 **ADEA WAIVER 
 EXHIBIT A 
 William Lyon Homes, Inc. 

SEVERANCE AGREEMENT AND GENERAL RELEASE 
 William Lyon Homes, Inc. (“WLH”) and              (“Employee”) hereby agree to terminate the employment relationship
on the following basis: 
  

	1.	Employee is relieved of all job responsibilities and authority, effective             . Employee
will, on or before             , return to WLH all files, records, keys, and any other WLH property. Employee represents to WLH that he/she is signing this Severance Agreement and
General Release (the “Agreement”) voluntarily and with a full understanding of, and agreement with, its terms, for the purpose of receiving the payments and benefits set forth in Section 6.5.2 of the Employment Agreement by and
between WLH and Employee (the “Employment Agreement”), thereby resolving all claims between the parties arising out of his/her employment with, and the termination of his/her relationship with, WLH. 

 

	2.	In reliance on Employee’s representations and releases in this Agreement, WLH will provide to Employee the payments and benefits set forth in Section 6.5.2 of
the Employment Agreement at the times set forth therein. Should Employee file for unemployment insurance benefits, WLH agrees not to challenge Employee’s claim. 

 

	3.	Without in any way limiting the provisions of the Employment Agreement, Employee promises not to disparage WLH in any manner. 

 

	4.	Employee agrees that he/she is not entitled to receive, and will not claim, any payments or benefits other than what is expressly set forth in Section 6.5.2 of the
Employment Agreement, and hereby expressly waives any right to additional payments or benefits. 

  

	5.	 In exchange for the payments and benefits provided to Employee in Section 6.5.2 of the Employment Agreement, Employee agrees to, and by signing
this Agreement does hereby, unconditionally waive and release, on behalf of himself/herself and his/her heirs, legal representatives, successors and assigns, all claims, demands, actions and causes of action, known and unknown, that he/she might
otherwise have had against WLH, its related entities, and its officers, directors, employees, agents, representatives, successors, and assigns (the “WLH Released Parties”), regarding any aspect of his/her employment or its cessation,
including claims under (1) the Age Discrimination in Employment Act, 29 U.S.C. §§ 621-634; (2) the California Fair Employment and Housing Act, California Government Code Sections 12900 et seq. (race, color, national
origin, religion, ancestry, physical disability, mental disability, medical condition, marital status, sex and age); (3) Arizona Revised Statute 41-1461 et seq. (race, color, religion, sex, age, disability or national origin
discrimination); (4)

  
 A-1

	 	
Nevada Rev. Statute § 613.010 (Solicitation of Employees by Misrepresentation); (5) Nevada Rev. Statute § 613.310 et seq. (race, color, religion, sex, sexual
orientation, age, disability or national origin discrimination); (6) Title VII of the Civil Rights Act of 1964, as amended, 42 USC Sections 2000e et seq. (race, color, religion, sex and national origin discrimination); (7) 42 USC
Section 1981 (race discrimination); (8) 29 USC Section 206(d)(1) (equal pay); (9) Employee Retirement Income Security Act of 1974, 29 USC Sections 301 et seq. (retirement and benefit plans); (10) any other federal,
state or local laws, or regulations pertaining to employment, discrimination or pay; and (11) any tort law. Notwithstanding anything to the contrary contained herein, this Agreement specifically excludes any obligation of WLH under the
Employment Agreement that expressly survives the termination of the Employee’s employment with WLH, including, without limitation, the payments and benefits under Section 6.5.2 of the Employment Agreement. 

 

	6.	IT IS FURTHER UNDERSTOOD AND AGREED that as a condition of this settlement, and for the purpose of implementing a full and complete release and discharge of WLH,
Employee expressly acknowledges that this Agreement and General Release is intended to include and does include in its effect, without limitation, all claims that Employee does not know or suspect to exist in his/her favor against WLH at the time of
execution hereof, and that this settlement expressly contemplates the extinguishment of all such claims. Furthermore, if Employee hereafter institutes any legal action against WLH (except to enforce the specific provisions of this Agreement), WLH
shall be entitled to payment from him/her of all costs, expenses and attorney’s fees incurred as a result of such legal action. 

  

	7.	FOR CALIFORNIA EMPLOYEES, IT IS FURTHER UNDERSTOOD AND AGREED that as a condition of this settlement, all rights under Section 1542 of the Civil Code of the State
of California are expressly waived by Employee. Such Section reads as follows: 

 “A General Release does not
extend to claims which a creditor does not know or suspect to exist in his favor at the time of executing the Release, which if known by him must have materially affected his settlement with the debtor.” 

Notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of WLH,
Employee expressly acknowledges that this Agreement and General Release is intended to include and does include in its effect, without limitation, all claims that Employee does not know or suspect to exist in his/her favor against WLH at the time of
execution hereof, and that this settlement expressly contemplates the extinguishment of all such claims. Furthermore, if Employee hereafter institutes any legal action against WLH (except to enforce the specific provisions of this Agreement), WLH
shall be entitled to payment from him/her of all costs, expenses and attorney’s fees incurred as a result of such legal action. 
  

	8.	This Agreement contains all of the terms, promises, representations, and understandings made between the parties. Employee agrees that no promises, representations, or
inducements have been made to him/her that caused him/her to sign this Agreement other than those set forth in this Agreement. 

  
 2 

	9.	Employee acknowledges that WLH has advised him/her to take this Agreement home and carefully consider all of its provisions before signing it. Employee acknowledges and
understands that WLH has advised and does advise him/her to consult with legal counsel before signing this Agreement. Employee represents, acknowledges and agrees that he/she has fully discussed all aspects of this Agreement with his/her attorneys
to the full extent that he/she so desired; that Employee has carefully read and fully understands all of the provisions of this Agreement; that Employee has taken as much time as he/she needs for full consideration of this Agreement; that Employee
fully understands that this Agreement releases all of his/her claims, both known and unknown, against each and all of WLH Released Parties; that Employee is voluntarily entering into this Agreement; and that Employee has the capacity to enter into
this Agreement. 

  

	10.	Employee understands that, within seven (7) days of the date of signing this Agreement, he/she has the right to revoke or cancel this Agreement. Any such
revocation or cancellation must be made in a signed writing delivered to WLH within the 7-day revocation period. The original signed notice should be sent to the following address: 

William Lyon Homes, Inc. 
 4490 Von Karman Avenue 
 Newport Beach, CA 92660 

Attn: Corporate Human Resources 
  

	11.	This Agreement may be modified only by a written instrument signed by the parties hereto or, in the case of a waiver, by the party waiving compliance. No delay on the
part of WLH in exercising any right hereunder shall operate as a waiver thereof, nor shall any waiver or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege
hereunder. 

  

	12.	This Agreement will be maintained in complete confidence by Employee, and interpreted in accordance with the laws of the State of California. 

 

	13.	If any provision of this Agreement, or any part thereof, is held to be invalid for any reason by a court of competent jurisdiction or any other governmental authority,
the remainder of the provisions herein shall remain in full force and effect. 

  
 3 

	14.	To receive the payments and benefits as stated in Section 6.5.2 of the Employment Agreement, this original signed document must be received by Corporate Human
Resources by at least              (__) days after delivery of the Agreement to Employee. Employee acknowledges that he/she has been given the opportunity to review and consider this
Agreement for              (__) days from the date that Employee received a copy. If Employee elects to sign this Agreement before the expiration of the
             (__) day period, Employee acknowledges that he/she will have chosen, of his/her own free will without any duress, to waive Employee’s right to the full
             (__) day period. Should Employee have any questions, he/she should contact Corporate Human Resources at 1-888-959-6647. All pages of the original signed document should
be sent to the following address: 

 William Lyon Homes, Inc. 

4490 Von Karman Avenue 
 Newport Beach, CA 92660 
 Attn: Corporate Human Resources 

 

							
	DATED:                     	 		 	  

			
		 		 	WILLIAM LYON HOMES, INC.
				
	DATED:                     	 		 	By:	 	 
		 		 		 	 ______________

		 		 		 	 ______________

  
 4 

 EXHIBIT B 
 BONUS PROGRAM 
  

 
 The Company
appreciates the dedication and commitment you continue to demonstrate. In recognition of your unique contributions to the Company, this 2011 Key Employee Bonus Program has been developed for, and is being offered to, you and certain other key
employees. 
 We are pleased to share that we have received approval from the Compensation Committee for this 2011 Key Employee
Bonus Program. This year’s program includes a 2011 Bonus Target which is based upon the Company’s current year’s business goals, and will give certain key employees the opportunity to earn his/her 2011 Target Bonus during the course
of the year based on the Company’s performance during the first, second, third and fourth fiscal quarters for 2011. Please note that the following 2011 Key Employee Bonus Program will be in effect for 2011 only and should not be an expectation
of future bonus programs. 
 The Company has set an annual target bonus for 2011 (“Target Bonus”) for you in an
amount equal to         % of your annual base salary of $            , or
$            . The Target Bonus can be earned by you as follows: 
 (a) 15% of the Target Bonus will be based on the Company’s performance during the first fiscal quarter of 2011 (“First Quarter Bonus”); 

(b) 15% of the Target Bonus will be based on the Company’s performance during the second fiscal quarter of 2011 (“Second
Quarter Bonus”); 
 (c) 15% of the Target Bonus will be based on the Company’s performance during the third fiscal
quarter of 2011 (“Third Quarter Bonus”); and 
 (d) The remaining 55% of the Target Bonus will be based on the
Company’s performance during the fourth fiscal quarter of 2011 (“Fourth Quarter Bonus”). 
 The summaries below
detail the procedures for determining, and for payment of, the First Quarter Bonus, Second Quarter Bonus, Third Quarter Bonus and Fourth Quarter Bonus: 
  

	 	1.	First Quarter Bonus. 

Your First Quarter Bonus will be determined by comparing the actual number of residential home closings of the Company for the first
fiscal quarter against the targets for the number of residential home closings for the Company as set forth in the business plan for the 2011 first fiscal quarter prepared by the Company and presented to the Board. Based on the percentage of
closings achieved relative to the business plan, you can earn 15% of your Target Bonus, which may be increased or decreased as set forth in the table below. 

  
 B-1

									
	 % of Closings Achieved Relative

to Business Plan
	  	Percentage of
Target Bonus	 	 	Amount of First
Quarter Bonus
Earned	 
	 Less than 50%
	  	 	0	% 	 	$	0	  
	 >50% to 80%
	  	 	80	% 	 	$	______	  
	 >80% to 90%
	  	 	90	% 	 	$	______	  
	 >90% to 110%
	  	 	100	% 	 	$	______	  
	 >110% to 120%
	  	 	110	% 	 	$	______	  
	 >120%
	  	 	120	% 	 	$	______	  

 The First Quarter Bonus shall be paid to you as follows: 75% of the First Quarter Bonus shall be paid on
or before July 1, 2011, and 25% of the First Quarter Bonus shall be deferred consistent with the general policies of the Company and shall be paid on the earlier of (a) the date that payment of the deferred portion of the First Quarter
Bonus is required to be made under Section 6.5.2(a)(ii) of your Employment Agreement, if applicable, (b) the date that payment of the entire First Quarter Bonus is required to be made under Section 6.5.2(b) of your Employment
Agreement, if applicable, or (c) in the Company’s 2013 fiscal year at the same time that the deferred portion of employee bonuses are paid to other employees of the Company after the completion of the 2012 fiscal year. 

 

	 	2.	Second Quarter Bonus. 

Upon the completion of the 2011 second fiscal quarter of the Company, your Second Quarter Bonus will be determined by comparing the
actual number of residential home closings of the Company for the second fiscal quarter against the targets for the number of residential home closings for the Company as set forth in the business plan for the 2011 second fiscal quarter prepared by
the Company and presented to the Board. Based on the percentage of closings achieved relative to the business plan, you can earn 15% of your Target Bonus, which may be increased or decreased as set forth in the table below. 

 

									
	 % of Closings Achieved Relative

to Business Plan
	  	Percentage of
Target Bonus	 	 	Amount of Second
Quarter Bonus
Earned	 
	 Less than 50%
	  	 	0	% 	 	$	0	  
	 >50% to 80%
	  	 	80	% 	 	$	______	  
	 >80% to 90%
	  	 	90	% 	 	$	______	  
	 >90% to 110%
	  	 	100	% 	 	$	______	  
	 >110% to 120%
	  	 	110	% 	 	$	______	  
	 >120%
	  	 	120	% 	 	$	______	  

  
 B-2

 The Second Quarter Bonus shall be paid to you as follows: 75% of the Second Quarter Bonus
shall be paid on or before August 15, 2011, and 25% of the Second Quarter Bonus shall be deferred consistent with the general policies of the Company and shall be paid on the earlier of (a) the date that payment of the deferred portion of
the Second Quarter Bonus is required to be made under Section 6.5.2(a)(ii) of your Employment Agreement, if applicable, (b) the date that payment of the entire Second Quarter Bonus is required to be made under Section 6.5.2(b) of your
Employment Agreement, if applicable, or (c) in the Company’s 2013 fiscal year at the same time that the deferred portion of employee bonuses are paid to other employees of the Company after the completion of the 2012 fiscal year.

  

	 	3.	Third Quarter Bonus. 

Upon the completion of the 2011 third fiscal quarter of the Company, your Third Quarter Bonus will be determined by comparing the actual
number of residential home closings of the Company for the third fiscal quarter against the targets for the number of residential home closings for the Company as set forth in the business plan for the 2011 third fiscal quarter prepared by the
Company and presented to the Board. Based on the percentage of closings achieved relative to the business plan, you can earn 15% of your Target Bonus, which may be increased or decreased as set forth in the table below. 

 

									
	 % of Closings Achieved Relative

to Business Plan
	  	Percentage of
Target Bonus	 	 	Amount of Third
Quarter Bonus
Earned	 
	 Less than 50%
	  	 	0	% 	 	$	0	  
	 >50% to 80%
	  	 	80	% 	 	$	______	  
	 >80% to 90%
	  	 	90	% 	 	$	______	  
	 >90% to 110%
	  	 	100	% 	 	$	______	  
	 >110% to 120%
	  	 	110	% 	 	$	______	  
	 >120%
	  	 	120	% 	 	$	______	  

 The Third Quarter Bonus shall be paid to you as follows: 75% of the Third Quarter Bonus shall be paid on
or before November 15, 2011, and 25% of the Third Quarter Bonus shall be deferred consistent with the general policies of the Company and shall be paid on the earlier of (a) the date that payment of the deferred portion of the Third
Quarter 

  
 B-3

 
Bonus is required to be made under Section 6.5.2(a)(ii) of your Employment Agreement, if applicable, (b) the date that payment of the entire Third Quarter Bonus is required to be made
under Section 6.5.2(b) of your Employment Agreement, if applicable, or (c) in the Company’s 2013 fiscal year at the same time that the deferred portion of 2011 employee bonuses are paid to other employees of the Company after the
completion of the 2012 fiscal year. 
  

	 	4.	Fourth Quarter Bonus. 

Upon the completion of the 2011 fourth fiscal quarter of the Company, your Fourth Quarter Bonus will be determined by comparing the
actual number of residential home closings of the Company for the fourth fiscal quarter against the targets for the number of residential home closings for the Company as set forth in the business plan for the 2011 fourth fiscal quarter prepared by
the Company and presented to the Board. Based on the percentage of closings achieved relative to the business plan, you can earn 55% of your Target Bonus, which may be increased or decreased as set forth in the table below. 

 

									
	 % of Closings Achieved Relative

to Business Plan
	  	Percentage of
Target Bonus	 	 	Amount of Fourth
Quarter Bonus
Earned	 
	 Less than 50%
	  	 	0	% 	 	$	0	  
	 >50% to 80%
	  	 	80	% 	 	$	______	  
	 >80% to 90%
	  	 	90	% 	 	$	______	  
	 >90% to 110%
	  	 	100	% 	 	$	______	  
	 >110% to 120%
	  	 	110	% 	 	$	______	  
	 >120%
	  	 	120	% 	 	$	______	  

 The Fourth Quarter Bonus shall be paid to you as follows: 75% of the Fourth Quarter Bonus shall be paid
on or before March 1, 2012, and 25% of the Fourth Quarter Bonus shall be deferred consistent with the general policies of the Company and shall be paid on the earlier of (a) the date that payment of the deferred portion of the Fourth
Quarter Bonus is required to be made under Section 6.5.2(a)(ii) of your Employment Agreement, if applicable, (b) the date that payment of the entire Fourth Quarter Bonus is required to be made under Section 6.5.2(b) of your Employment
Agreement, if applicable, or (c) in the Company’s 2013 fiscal year at the same time that the deferred portion of 2011 employee bonuses are paid to other employees of the Company after the completion of the 2012 fiscal year. 

  
 B-4

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