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BANCWEST CORPORATION

2006 PHANTOM STOCK PLAN

I.      PURPOSE

The purpose of the Plan is to permit key employees of BancWest Corporation and its affiliates to
share in the return on tangible equity of BancWest Corporation, subject to certain vesting and
other terms and conditions described in the Plan.

II.      DEFINITIONS

Certain terms used in this Plan have the meanings set forth in Appendix I.

III.      ELIGIBILITY

An Award of Share Rights may be granted to any key employee of the Company, Bank of the West,
First Hawaiian Bank or other Affiliates of the Company, as may be determined by the Committee from
time to time.

IV.      SHARE RIGHT AWARDS

A.      Grant of Share Rights

The Committee may grant Share Rights to eligible employees under the Plan. Each Share Right shall
be evidenced by a Share Right Award Agreement which shall contain such terms, conditions,
limitations and restrictions as the Committee shall deem advisable and that are not inconsistent
with this Plan. Each Share Right Award Agreement shall specify the Value of the Share Right on the
Date of Grant.

B.      Vesting of Share Right Awards

Except as otherwise established and set forth in the applicable Share Right Award Agreement, and
subject to Sections 4.5 and 8.2, a Share Right Award shall vest in full upon the Participant’s
completion of four years of Employment from and including the Date of Grant. Upon termination of
the Participant’s Employment for any reason, all Share Rights which have not vested on or before
such termination shall be deemed terminated and no longer outstanding. No Share Right Awards shall
vest after termination of the Participant’s Employment.

C.      Payment of Retained Earnings Dividends on Vested Share Rights

Except as provided in Section 4.6, the Committee shall determine an annual Retained Earnings
Dividend amount as of December 31 of each calendar year for each Share Right that is outstanding on
that date, and shall credit this amount to a bookkeeping account in the name of the respective
Participant. The Company will pay to the Participant an amount equal to the accumulated Retained
Earnings Dividends credited to the Participant’s account with respect to each vested Share Right
within 2-1/2 months after the end of the Payment Year applicable to that Share Right. Unless a
later year is elected by the Participant in accordance with the provisions of Section 4.4, or the
accelerated vesting provisions of Section 4.5 apply, the Payment Year for a Share Right is the
calendar year in which the Share Right becomes vested. No Retained Earnings Dividend amounts shall
be credited to a Participant with respect to a Share Right for any year following the Payment Year.
A Share Right shall be deemed terminated and no longer outstanding after the end of the Payment
Year. No payment shall be made with respect to any Share Right that has not vested.

D.      Elective Deferral of Payment of Retained Earnings Dividends

The Committee may permit a Participant to elect a later Payment Year in accordance with the
provisions of this Section 4.4, provided that the Committee shall restrict eligibility to make
elective deferrals to a select group of

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management or highly compensated employees. No later than 30 days following the Date of Grant of a
Share Right (or such other period permitted by the Committee in accordance with the requirements of
Section 409A of the Code), and in accordance with such procedures as may be prescribed by the
Committee, the Participant may elect a Payment Year subsequent to the calendar year in which the
Share Right vests, but not later than the ninth calendar year following the calendar year in which
the Share Right is granted. This election shall not be effective with respect to any Share Right
that vests within 12 months following the date of the election, except as permitted under Section
409A of the Code. In addition, this election shall be irrevocable except as otherwise permitted by
the Committee consistent with Section 409A of the Code. The Committee shall credit to the
Participant’s account an amount equal to the Retained Earnings Dividends for each year that the
Share Right is outstanding, including the Payment Year, in accordance with the provisions of 4.3,
except as provided in Section 4.6.

E.      Retirement, Death or Disability

Each Share Right Award shall vest in full upon the Participant’s termination of Employment by
reason of Retirement, death or Disability. However, the Payment Year for any Share Right shall not
be accelerated by reason of the Participant’s Retirement, death or Disability. The Payment Year
shall remain the Payment Year in which the Share Right would otherwise have vested pursuant to
Section 4.2, or the Payment Year determined under Section 4.4. The Committee shall continue to
credit Retained Earnings Dividend amounts to the Participant’s account pursuant to Section 4.3.

F.      Termination of Employment

Upon the Participant’s termination of Employment for any reason other than Retirement, death or
Disability, the Participant shall forfeit all unvested Share Rights. The Payment Year for any
vested Share Right shall not be accelerated by reason of such termination of Employment. No
Retained Earnings Dividend amounts shall be credited to the Participant with respect to any Share
Right for the year of termination of Employment for any reason other than Retirement, death or
Disability, or for any subsequent year.

G.      Acceleration of Vesting

Notwithstanding any other provisions of the Plan, the Committee may provide, at the time of grant
of a Share Right or thereafter, for the acceleration of vesting of a Share Right under
circumstances specified by the Committee.

V.      ADMINISTRATION

The Plan shall be administered by the Committee. The Committee shall have full power and exclusive
authority, to the extent permitted by applicable law, to (a) select the Participants to whom Share
Rights may from time to time be granted under the Plan; (b) determine the number of Share Rights
granted to a Participant; (c) determine the terms and conditions of any Share Right granted under
the Plan, including whether a threshold hurdle rate shall apply in the calculation of Retained
Earnings Dividends for the Share Right, and whether the elective deferral provisions of Section 4.4
shall apply with respect to the Share Right, and approve the forms of documentation for use under
the Plan; (d) make all determinations relevant to the calculation of Retained Earnings Dividends
and the Value of Share Rights; (e) interpret and administer the Plan and any instrument evidencing
a Share Right or agreement entered into under the Plan; (f) establish such rules and regulations as
it shall deem appropriate for the proper administration of the Plan; and (g) make any other
determination and take any other action that the Committee deems necessary or desirable for
administration of the Plan. A majority of the members of the Committee may determine its actions.
All determinations, decisions, interpretations and other actions by the Committee shall be final,
conclusive and binding on all persons. The claims procedures set forth in Appendix II shall apply
with respect to all claims and inquiries under the Plan.

VI.      WITHHOLDING

The Company may require the Participant to pay to the Company (or the Participant’s employer, if
not the Company) the amount of any taxes that the Company (or employer) is required by applicable
foreign or United States federal, state or local law to withhold with respect to the grant or
vesting of Share Rights or the payment of

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Retained Earnings Dividend amounts with respect thereto. The Company shall not be required to make
any payments with respect to a Share Right until such tax withholding obligations are satisfied.

The Committee may permit or require a Participant to satisfy all or part of the Participant’s tax
withholding obligations by (a) paying cash to the Company (or employer) or (b) having the Company
(or employer) withhold an amount from any cash amounts otherwise due or to become due from the
Company (or employer) to the Participant.

VII.      ASSIGNABILITY

No Share Right or interest in a Share Right may be sold, assigned, pledged (as collateral for a
loan or as security for the performance of an obligation or for any other purpose) or transferred
by a Participant or made subject to attachment or similar proceedings. Payments due after the
death of a Participant shall be made in accordance with the written beneficiary designation filed
with the Company in accordance with such procedures as the Committee may prescribe, provided that
the designation has been received by the Company before the Participant’s death. In the absence of
a properly filed beneficiary designation, or if none of the designated beneficiaries survives the
Participant, any amounts due will be paid to the Participant’s estate. Any benefit payable to or
for the benefit of a minor, an incompetent person or other person incapable of legally receiving
the same may instead be paid to such person’s guardian or to the party providing or reasonably
appearing to provide for the care of such person, and such payment shall fully discharge the
Company and all other parties with respect thereto.

VIII.      ADJUSTMENTS

A.      Adjustment of Share Rights

In the event, at any time or from time to time, a stock dividend, stock split, spin-off,
combination or exchange of shares, recapitalization, merger, consolidation, distribution to
stockholders other than a normal cash dividend, or other change in the Company’s corporate or
capital structure results in (a) the outstanding shares of Common Stock, or any securities
exchanged therefor or received in their place, being exchanged for a different number or kind of
securities of the Company or any other company or (b) new, different or additional securities of
the Company or any other company being received by the holders of shares of Common Stock, then the
Committee may make appropriate adjustments in (i) the number and kind of securities which are
equivalent to a Share Right, (ii) the number of Share Rights subject to any outstanding Share Right
Award; (iii) the Value of any outstanding Share Rights; and (iv) the method of calculating the
Retained Earnings Dividends.

Notwithstanding the foregoing, the issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, for cash or property, or for labor or
services rendered either upon direct sale or upon the exercise of rights or warrants to subscribe
therefor, or upon conversion of shares or obligations of the Company convertible into such shares
or other securities, shall not affect, and no adjustment by reason thereof shall be made with
respect to, outstanding Share Rights.

B.      Change of Control

Notwithstanding any contrary provision of the Plan, in the event of a Change of Control, each
outstanding Share Right Award shall become fully vested and the Company shall pay to each
Participant the amount of all accumulated Retained Earnings Dividends credited to the Participant
as of the Change of Control as soon as administratively practicable following the Change of
Control. The Share Right awards shall be deemed terminated and no longer outstanding following
such payment.

C.      No Limitations

The grant of Share Rights shall in no way affect the Company’s right to adjust, reclassify,
reorganize or otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or assets. The holder of a
Share Right Award shall have no voting rights with respect to any such transaction.

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IX.      AMENDMENT AND TERMINATION

A.      Amendment, Suspension or Termination

The Board or the Committee may amend, suspend or terminate the Plan or any portion of the Plan at
any time and in such respects as it shall deem advisable. The Committee may amend the terms of any
outstanding Share Right Award, prospectively or retroactively and with or without the consent of
the affected Participant; provided, however, that any outstanding Share Right Award shall not be
materially impaired by any such amendment without the consent of the affected Participant.

B.      Term of the Plan

Unless sooner terminated as provided herein, the Plan shall terminate ten years from the Effective
Date. After the Plan is terminated, no future Share Rights may be granted, but Share Rights
previously granted shall remain outstanding in accordance with their applicable terms and
conditions and the Plan’s terms and conditions, subject to the provisions of Section 8.2.

X.      GENERAL

A.      No Individual Rights

No individual or Participant shall have any claim to be granted any Share Right Award under the
Plan, and the Company has no obligation for uniformity of treatment of Participants under the Plan.
Furthermore, nothing in the Plan or any Share Right Award granted under the Plan shall be deemed
to constitute an employment contract or confer or be deemed to confer on any Participant any right
to continue in the employ of, or to continue any other relationship with, the Company or an
Affiliate or limit in any way the right of the Company or an Affiliate to terminate a Participant’s
employment or other relationship at any time, with or without cause.

B.      No Issuance of Shares

Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or
deliver any shares of Common Stock under the Plan.

C.      No Rights as a Stockholder

No Share Right Award shall entitle the Participant to receive any dividend, voting or other right
of a stockholder of the Company.

D.      Legal Requirements

The granting of Share Rights under the Plan is subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies as may be required.

To the extent that a Participant is subject to Section 409A of the Code, the provisions of the Plan
and the applicable Share Right Award Agreement shall be interpreted and applied in a manner
consistent with the requirements of Section 409A.

E.      Effect on Other Employee Benefits

The value of the Share Rights shall be an extraordinary item of compensation outside the scope of a
Participant’s employment contract, if any, and shall not be considered a part of a Participant’s
normal or expected compensation for purposes of calculating severance, resignation, redundancy or
end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments.

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F.      Successors

All obligations of the Company under the Plan with respect to Share Rights shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or
indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business
and/or assets of the Company, subject to the provisions of Section 8.2.

G.      Choice of Law

The Plan, all Share Rights granted thereunder and all determinations made and actions taken
pursuant hereto, shall be governed by the laws of the State of California without giving effect to
principles of conflicts of law.

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APPENDIX I

	1.	 	“Affiliate” means BNP Paribas, and any entity in which the Company owns, directly or
indirectly, 50% or more of the equity.
	 
	2.	 	“Annual Return on Tangible Equity” means net income of the Company divided by Tangible Equity
for a calendar year.
	 
	3.	 	“Award” means each grant of Share Rights to a Participant.
	 
	4.	 	“Board” means the board of directors of the Company.
	 
	5.	 	“Change of Control” means:

     (1) Any “person” (within the meaning of Section 3(a)(9) of the Securities Exchange Act
of 1934 (the “Exchange Act “), and as used in Sections 13(d) and 14(d) thereof, including a
“group” as defined in Section 13(d) thereof), other than (i) a trustee or other
fiduciary holding shares under an employee benefit plan of the Company or an affiliate
thereof, or (ii) BNP Paribas or any affiliate thereof, becomes the “beneficial owner”
(within the meaning of Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of the Company representing more than 50% of the combined voting power of the
Company’s securities then outstanding;

     (2) a merger or consolidation of the Company with or into another person or the merger
or consolidation of another person into the Company, as a result of which transaction or
series of related transactions (A) any person becomes the beneficial owner of more than
50% of the total voting power of all voting securities of the Company (or, if the Company
is not the surviving or transferee company of such transaction or transactions, of such
surviving or transferee company) outstanding immediately after such transaction or
transactions, or (B) the shares of Company common stock outstanding immediately prior to
such transaction or transactions do not represent a majority of the voting power of all
voting securities of the Company (or such surviving or transferee company, if not the
Company) outstanding immediately after such transaction or transactions; or

     (3) the sale of all or substantially all of the assets of the Company and its
subsidiaries;

     provided in each case, however, that such event constitutes a “change in control” as defined
for purposes of Section 409A of the Code.

	6.	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	7.	 	“Committee” means the Board or any committee appointed by the Board to administer the Plan.
	 
	8.	 	“Common Stock” means the common stock of the Company.
	 
	9.	 	“Company” means BancWest Corporation, a Delaware corporation, including any successor thereto
by merger, consolidation, acquisition of substantially all the assets thereof, or otherwise.
	 
	10.	 	“Date of Grant” means January 1 of the calendar year in which a Share Right is granted.
	 
	11.	 	“Disability” means long-term disability as determined under the BancWest Corporation
Long-Term Disability Plan.
	 
	12.	 	“Effective Date” means January 1, 2006.
	 
	13.	 	“Employment” means employment by the Company or an Affiliate; provided, however, that
Employment includes any bona fide leave of absence that was approved by the Company or
Affiliate in writing, if the terms of the leave provide for continued service crediting, or
when continued service crediting is required by applicable law; provided further, however,
that Employment terminates in any event when the approved leave ends, unless the employee
immediately returns to active work. The Participant’s employer determines which leaves count
toward Employment, and when Employment terminates for all purposes under the Plan.

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	14.	 	“Participant” means an eligible employee to whom a Share Right has been granted under the
Plan.
	 
	15.	 	“Payment Year” is defined in Sections 4.3 and 4.4.
	 
	16.	 	“Plan” means the BancWest Corporation 2006 Phantom Stock Plan.
	 
	17.	 	“Retained Earnings Dividend” as of the end of a calendar year means the percentage Annual
Return on Tangible Equity of the Company for that calendar year, multiplied by the Value of
the Share Right at the Date of Grant. Notwithstanding the foregoing, if the Committee
determines that a hurdle rate shall apply to the calculation of Retained Earnings Dividends
for a Share Right, then “Retained Earnings Dividend” as of the end of a calendar year means
the percentage Annual Return on Tangible Equity of the Company for that calendar year
(provided that the threshold hurdle rate set forth in the Share Right Award Agreement
is met), multiplied by the Value of the Share Right at the Date of Grant. The Retained
Earnings Dividend is zero if the Annual Return on Tangible Equity does not equal or exceed the
threshold hurdle rate, if applicable.
	 
	18.	 	“Retirement” means termination of employment with the Company and its Affiliates at or after
age 55 and completion of five years of Employment with the Company or its Affiliates
(including for this purpose service credited under the Company’s Employees’ Retirement Plan).
	 
	19.	 	“Share Right” means a phantom equity return right granted under the Plan which gives the
Participant the right, without payment to the Company, to receive an amount equal to the
Annual Return on Tangible Equity multiplied by the Value of the Share Right, as determined at
the Date of Grant, subject to the terms and conditions of the Plan.
	 
	20.	 	“Share” or “Shares” means a share or shares of Common Stock, or such other securities issued
by the Company as may be the subject of an adjustment under Section 8.1.
	 
	21.	 	“Share Right Award Agreement” means an agreement establishing an Award.
	 
	22.	 	“Tangible Equity” means book equity of the Company minus goodwill and other intangible
assets.
	 
	23.	 	“Value” with respect to a Share Right means Tangible Equity divided by the number of shares
of Common Stock outstanding, calculated as of the Date of Grant of the Share Right and
constant throughout the period that the Share Right is outstanding.

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APPENDIX ii

CLAIMS PROCEDUREs

	 	(a)	 	Claims for Benefits and Inquiries. All claims for benefits and all
inquiries concerning the Plan, or concerning present or future rights to benefits
under the Plan, shall be submitted to the Committee in writing. If required by the
Committee, an application for benefits must be made on a form prescribed by the
Committee. The Participant or beneficiary may authorize a representative to act on
his or her behalf in pursuing benefit claims, in accordance with procedures
established by the Committee for determining whether an individual is so authorized.
All claim determinations shall be made by the Committee in accordance with the Plan
provisions.
	 
	 	(b)	 	Denial of Claims. In the event any claim for benefits is denied in
whole or in part, the Committee shall notify the applicant of such denial in writing
and shall advise the applicant of the right to a review thereof. Such written
notice shall set forth, in a manner calculated to be understood by the applicant,

	1.	 	specific reasons for the denial,
	 
	2.	 	specific references to the Plan provisions on which the denial is based,
	 
	3.	 	a description of any information or material necessary for the claimant to perfect the
application, including an explanation of why such material is necessary, and
	 
	4.	 	an explanation of the Plan’s claims review procedure, the time limits applicable under the
procedures and a statement regarding the claimant’s right to bring a civil action under
section 502(a) of the Employees Retirement Income Security Act of 1974 (“ERISA”) following an
adverse benefit determination on appeal.

	 	 	 	Such written notice shall be given to the applicant within 90 days after the
Committee receives the application, unless special circumstances require an extension
of time of up to an additional 90 days for processing the application. If such an
extension of time for processing is required, written notice of the extension shall be
furnished to the applicant prior to the termination of the initial 90-day period. This
notice of extension shall indicate the special circumstances requiring the extension of
time and the date by which the Committee expects to render its decision on the
application for benefits.
	 
	 	(c)	 	Requests for a Review. Any person whose application for benefits is
denied in whole or in part, or such person’s authorized representative, may appeal
from such denial by submitting to the Committee a request for a review of the
application within 60 days after receiving written notice of such denial from the
Committee. If the claimant does not request a review of the determination within
such 60-day period, the claimant shall be barred from challenging the determination.
The request for a review shall be in writing and shall set forth all of the grounds
on which it is based, all facts and documents in support of the request and any
other matters which the applicant deems pertinent. The Committee may require the
applicant to submit such additional facts, documents or other material as it may
deem necessary or appropriate in making its review. The claimant may submit written
comments, documents, records and other information related to the benefit claim on
appeal. The claimant must be provided, upon request and free of charge, reasonable
access to and copies of all documents, records and other information relevant to the
benefit claim. A document is considered relevant to the claim if it (i) was relied
upon in making the benefit determination; (ii) was submitted, considered or
generated in the course of making the benefit determination, without regard as to
whether it was relied upon in making the decision; or (iii) demonstrates compliance
in making the benefit decision with the requirement that the benefit determination
must follow the terms of the Plan and be consistent when applied to similarly
situated claimants.

	 	(d)	 	Decision on Review. The Committee on appeal must undertake a full and
fair review of the claim and consider all comments, documents, records and other
information submitted by the claimant,

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	 	 	 	without regard to whether such information was submitted or considered in the
initial benefit determination. The Committee shall act upon each request for review
within 60 days after receipt thereof unless special circumstances require an
extension of time of up to an additional 60 days for processing the request. If
such an extension is required, written notice of the extension shall be furnished to
the applicant prior to the end of the initial 60-day period. This notice of
extension shall indicate the special circumstances requiring the extension of time
and the date by which the Committee expects to render its decision on the
application for benefits. If an extension of time is required due to the claimant’s
failure to submit information necessary to review the claim, the period of time that
the Committee has to review the claim will be tolled from the date on which the
notice of extension is sent to the claimant until the date on which the claimant
responds to the request for additional information.

Within the time prescribed above, the Committee shall give written notice of its decision to the
applicant and the Bank. In the event that the Committee confirms the denial of the application for
benefits in whole or in part, such notice shall set forth, in a manner calculated to be understood
by the applicant,

	1.	 	the specific reasons for such denial,
	 
	2.	 	specific references to the Plan provisions on which the decision is based,
	 
	3.	 	a statement that the claimant is entitled to receive, upon request and free of charge,
reasonable access to and copies of all documents, records and other information relevant to
the benefit claim. A document is considered relevant to the claim if it (i) was relied upon
in making the benefit determination; (ii) was submitted, considered or generated in the course
of making the benefit determination, without regard as to whether it was relied upon in making
the decision; or (iii) demonstrates compliance in making the benefit decision with the
requirement that the benefit determination must follow the terms of the Plan and be consistent
when applied to similarly situated claimants, and
	 
	4.	 	a description of any voluntary appeal procedures offered under the Plan, the claimant’s right
to obtain information about such procedures and a statement regarding the claimant’s right to
bring a civil action under section 502(a) of ERISA following an adverse benefit determination
on appeal.

In the event that the Committee determines that the application for benefits should not have been
denied in whole or in part, the Bank shall take appropriate remedial action as soon as reasonably
practicable after receiving notice of the Committee’s decision.

	 	(e)	 	Rules and Procedures. The Committee may establish such rules and
procedures, consistent with the Plan and with ERISA, as it may deem necessary or
appropriate in carrying out its responsibilities under this Appendix II. The
Committee may require an applicant who wishes to submit additional information in
connection with an appeal from the denial of benefits in whole or in part to do so
at the applicant’s own expense.
	 
	 	(f)	 	Exhaustion of Remedies. No legal action for benefits under the Plan
shall be brought unless and until the applicant (1) has submitted a written claim
for benefits in accordance with Paragraph (a); (2) has been notified by the Plan
Committee that the application is denied; (3) has filed a written request for a
review of the application in accordance with Paragraph (c); and (4) has been
notified in writing that the Committee has affirmed the denial of the application.
However, an action may not be brought by the claimant under Section 502(a) of ERISA
if the claimant fails to bring such claim within the period prescribed by law.

4<PAGE>
                                                                   EXHIBIT 10.10

                              EMPLOYMENT AGREEMENT

          This Employment Agreement (this "Agreement") is made and entered into
effective as of January 1, 2006, by and between OLYMPIC STEEL, INC., an Ohio
corporation (the "Company"), and DAVID A. WOLFORT ("Executive").

          WHEREAS, the Company desires to continue to employ Executive in the
position of President and Chief Operating Officer of the Company, and Executive
desires to accept such employment, on the terms and subject to the conditions
hereinafter set forth; and

          WHEREAS, Executive has valuable knowledge and experience relating to
the Company's businesses and the industries in which it operates, and the
parties desire to provide for his services to the Company on the terms set forth
herein.

          NOW, THEREFORE, in consideration of the respective covenants and
agreements of the parties herein contained, the Company and Executive agree as
follows:

          1. Term of Employment. The Company hereby agrees to continue to employ
Executive, and Executive hereby agrees to continue to serve the Company, on the
terms and conditions set forth herein for the period commencing as of the date
hereof and expiring on January 1, 2011 (the "Employment Period"). The Employment
Period shall automatically be renewed on January 1, 2011 for a period of an
additional three years from such date unless, not later than July 1, 2010, the
Company or Executive has given notice to the other party that it or he, as the
case may be, does not wish to have the Employment Period extended. Such
extension shall be included in the defined term Employment Period. In any case,
the Employment Period may be terminated earlier under the terms and conditions
set forth herein.

          2. Position and Duties. Executive is the President and Chief Operating
Officer of the Company and reports to the Chief Executive Officer and the Board
of Directors for the Company, and is presently a member of the Board of
Directors. In this position, Executive has the responsibility for the general
management and operation of the Company and the performance of such other
executive services and duties as shall be reasonably assigned to and requested
of him by, and subject to the direction and supervision of, the Chief Executive
Officer and the Board of Directors of the Company. Executive shall serve in any
position and office with the Company as the Board of Directors of the Company
(the "Board") may determine from time to time. However, Executive shall always
remain as President and at the level of a senior executive officer of the
Company. During the Employment Period, Executive shall devote substantially all
his working time and efforts to the business and affairs of the Company and
serve the Company in its business and perform his duties to the best of his
ability.

          3. Compensation.

          (a) Salary. During the Employment Period, Executive shall receive a
base salary at the rate of Five Hundred Fifty Thousand Dollars ($550,000) per
year (the "Base Salary"). Executive's salary may be adjusted, although any such
adjustment shall be at the sole discretion of the Board of Directors of the
Company or any duly authorized Committee thereof, including but not limited to
the Compensation Committee. Notwithstanding the foregoing, in no

<PAGE>

event shall Executive's salary be adjusted below the Base Salary Amount. Such
salary shall be payable in accordance with the normal policies of the Company
for payment of its senior executives.

          (b) Benefits Generally. During the Employment Period, Executive shall
be eligible to participate in all welfare and benefit plans which are currently
maintained or established, or which may be established and maintained in the
future, by the Company for its senior executives generally (subject, however, to
all of the terms and conditions thereof, including any eligibility requirements
therefor), including but not limited to: (i) group life insurance coverage; (ii)
hospitalization or disability insurance coverage, (iii) retirement plans,
including but not limited to any supplemental executive retirement plan, (iv)
long term incentive and equity-based plans; and (v) the reimbursement plan for
financial services and tax planning. For purposes of this Agreement, no benefit
shall be considered to have accrued as of any date under any welfare or benefit
plan referred to in this Section 3(b) if such benefit remains subject to a
discretionary determination under the terms of such plan as of such date.

          (c) Expenses. The Company shall reimburse Executive for reasonable
direct expenses incurred by him on behalf of the Company in the performance of
his duties during the Employment Period. Executive shall furnish the Company
with such documentation as is requested by the Company in order for it to comply
with the Code and regulations thereunder in connection with the proper deduction
of such expenses.

          (d) Bonus Plan. During the Employment Period, Executive shall be
eligible for a performance bonus under the Senior Management Compensation
Program Plan of 2005, as such plan may be amended by the Board from time to
time, or such other bonus plan that replaces such plan (the "Bonus Plan"), in
such amount and based on the Company's performance against specific target
levels as is determined by the Board of Directors of the Company or any duly
authorized Committee thereof, including but not limited to the Compensation
Committee of the Board.

          If the Company is required to restate its annual financial statements
for any fiscal year and such restatement would reduce the bonus payment for the
period covered by such financial restatement by more than 5%, Executive shall
reimburse the Company for the difference between the bonus actually paid and the
bonus payable under the restated financial statement. Executive shall make such
reimbursement not later than sixty (60) days after the restated financial
statements have been made final and disclosed to the public.

          (e) Long Term Incentive Plan. During the Employment Period, Executive
shall be eligible to participate in any Long Term Incentive plan ("LTI"), as any
such plan may be created or amended by the Board from time to time.

          4. Termination of Employment.

          (a) Events of Termination. The Employment Period shall terminate
immediately upon the occurrence of any of the following events:

                                        2

<PAGE>

               (i) the death of Executive;

               (ii) upon receipt by Executive of the Company's written notice of
intent to terminate due to Disability (the "Disability Effective Date");

               (iii) voluntary termination by Executive of his employment with
the Company;

               (iv) upon receipt by the Executive of the Company's written
notice that specifies the reasons for termination for Good Cause; or

               (v) thirty (30) days after Executive's receipt of the Company's
written notice terminating Executive at any time other than for Good Cause,
Death or Disability, for any reason or no reason.

          For purposes of Section 4, expiration of the Employment Period upon a
notice of the Company under Section 1 that it does not wish to extend the
Employment Period shall be deemed a termination for Good Cause, pursuant to
Section 4(a)(iv) and expiration of the Employment Period upon a notice of
Executive under Section 1 that he does not wish to extend the Employment Period
shall be deemed a resignation of Executive pursuant to Section 4(a)(iii).

          (b) Notice of Termination. Any termination by the Company for Good
Cause (except for the failure by the Company to extend the Employment Period
beyond January 1, 2011) shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 8. For purposes of this
Agreement, a "Notice of Termination" means a written notice which (i) indicates
the specific termination provision in this Agreement relied upon, (ii) sets
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Executive's employment under the provision so indicated
and (iii) specifies the Termination Date (as defined below). The failure or
omission by the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Cause shall not waive any
right of the Company hereunder or preclude the Company from asserting such fact
or circumstance in enforcing the Company's rights hereunder.

          (c) Termination Date. "Termination Date" means (i) if Executive's
employment is terminated by the Company for Good Cause, the date of termination
of employment that is set forth in the Notice of Termination (which shall not be
earlier than the date on which such notice is given), (ii) if Executive's
employment is terminated by the Company other than for Good Cause or Disability,
or Executive resigns, the date on which the Company or Executive notifies
Executive or the Company, respectively, of such termination, or such later date
as may be specified by the terminating party in such notice, and (iii) if
Executive's employment is terminated by reason of death or Disability, the date
of death of Executive or the Disability Effective Date, as the case may be.

                                        3

<PAGE>

          5. Obligations of the Company upon Termination.

          (a) Discharge Other than for Good Cause or Disability. Executive shall
be entitled to the severance benefits specified in this Section 5(a) if, during
the Employment Period, the Company terminates Executive's employment for any
reason other than for Good Cause or Disability. In any such case:

               (i) Accrued Benefits. Executive shall be entitled to any:

                    (A) incremental Base Salary at the rate then in effect
otherwise payable through the Termination Date to the extent not previously
paid, which shall be paid in a lump sum in cash within thirty (30) calendar days
from the Termination Date;

                    (B) Annual Bonus which has been earned and accrued but
remains unpaid which shall be paid in the same form and at the same time as such
Annual Bonus, if any, is paid to other senior executive officers as further
provided under Section 5(a)(ii)(B);

                    (C) benefits provided for in Section 3(b) which have accrued
up to and including the Termination Date, subject to the terms and conditions of
the welfare and benefit plans referenced in Section 3(b); and

                    (D) reimbursement of reasonable expenses incurred up to and
including the Termination Date under the terms of Section 3(c).

               (ii) Continuation of Benefits. Provided Executive has executed
and delivered to the Company a Release and Waiver of Claims and Executive
refrains from revoking, rescinding or otherwise repudiating such Release and
Waiver of Claims for all applicable periods during which Executive may revoke
it, during the period ending on the earlier of the Termination Date of this
Agreement, a breach by Executive of any obligation set forth in Section 6, or
twenty-four (24) months following the Company's termination under Section 5(a),
Executive shall be entitled to continue to receive:

                    (A) an amount equal to Executive's Base Salary then in
effect, which shall be paid in equal monthly or more frequent installments, as
determined by the Company commencing thirty (30) days after the Termination
Date;

                    (B) an Annual Bonus, if any, determined as follows:

                         (i) if the other senior executive officers are not
     entitled to an Annual Bonus payment with respect to the fiscal year of the
     Company, then Executive shall not be paid an Annual Bonus for such year; or

                         (ii) if the other senior executive officers are
     entitled to an Annual Bonus payment with respect to the fiscal year of the
     Company, then, at the discretion of the Compensation Committee, the
     Executive may be paid a portion of the Annual Bonus that otherwise would
     have been payable to Executive had he remained employed throughout such
     year, in the same form and on the same date(s) as payment is made to the
     other senior executive officers, in an amount prorated by multiplying said

                                        4

<PAGE>

     amount by a fraction where the numerator equals the number of complete
     months in such partial year during which Executive was employed and the
     denominator equals twelve; and

                    (C) any benefits provided for in Section 3(b) under
substantially the same terms and conditions, including the cost, if any, to
Executive, subject to generally applicable changes to the level, and cost, of
coverage that may be made with respect to senior executive officers, provided
that such continuation shall not be required hereunder to the extent that
Executive is entitled, absent any individual waivers or other arrangements, to
receive during such period the same type of coverage from another employer or
recipient of Executive's services.

          (b) Death or Disability.

               (i) Accrued Benefits. Executive or his estate or beneficiaries,
hereunder, as appropriate, in the event of the death of the Executive, shall be
entitled to the severance benefits specified in this Section 5(b) if, during the
Employment Period, Executive's employment with the Company terminates as a
result of Executive's death or Disability under Section 4(a)(i) or 4(a)(ii). In
either such case, Executive shall be entitled to any (i) incremental Base
Salary, (ii) Annual Bonus which has been earned and accrued but remains unpaid
which shall be paid in the same form and at the same time as such Annual Bonus,
if any, is paid to other senior executive officers, (iii) benefits provided for
in Section 3(b) which have accrued up to and including the Termination Date,
subject to the terms and conditions of the welfare and benefit plans referenced
in Section 3(b), and (iv) reimbursement of reasonable expenses incurred up to
and including the Termination Date under the terms of Section 3(c). After the
Termination Date, Executive shall no longer be eligible to participate in any of
the welfare or benefit plans referenced in Section 3(b), except to the extent
and on the terms that participation in any such plan by former employees is
expressly provided for by the terms of such plan.

               (ii) Continuation of Benefits. In addition to the Accrued
Benefits payable under Section 5(b)(i), Executive or his estate or
beneficiaries, hereunder, as appropriate, in the event of the death of the
Executive, shall be entitled to twelve (12) month's Base Salary payable in equal
monthly or more frequent installments, as determined by the Company. Further,
Executive's surviving spouse, if any, and minor children shall be eligible to
continue to participate in the Company's health insurance programs, at the
expense of the Company, for twelve (12) months after the death or Disability of
Executive. After such one-year period, Executive's dependents shall be entitled
to participate in any insurance program of the Company to the extent required by
federal or state law. No provision of this Agreement shall limit any of
Executive's (or his beneficiaries') rights under any insurance, pension or other
benefit programs of the Company for which Executive shall be eligible at the
time of such death or disability.

          (c) Discharge for Good Cause or Resignation. If Executive's employment
with the Company is terminated by Executive on a voluntary basis under Section
4(a)(iii) or is terminated by the Company for Good Cause under Section 4(a)(iv),
Executive shall be entitled to (i) payment of incremental Base Salary only
through the Termination Date and thereafter such salary shall end and cease to
be payable, (ii) at the discretion of the Compensation Committee, payment of any
Annual Bonus which has been earned and accrued but remains unpaid which

                                        5

<PAGE>

shall be paid in the same form and at the same time as such Annual Bonus, if
any, is paid to other senior executive officers, but in no event shall any
portion of any subsequent Annual Bonus be deemed to have been earned and
accrued, (iii) receive any benefits provided for in Section 3(b) which have
accrued up to and including the Termination Date, subject to the terms and
conditions of the welfare and benefit plans referenced in Section 3(b), and (iv)
reimbursement of reasonable expenses incurred up to and including the
Termination Date under the terms of Section 3(c). After the Termination Date,
Executive shall no longer be eligible to participate in any of the welfare or
benefit plans referenced in Section 3(b), except to the extent and on the terms
that participation in any such plan by former employees is expressly provided
for by the terms of such plan.

          (d) No Further Obligations. Except as expressly set forth in this
Section 5, Executive shall not be entitled to any other payments or benefits
under this Agreement as a result of the termination of Executive's employment.

          6. Restrictive Covenants.

          (a) Non-Competition. While employed by the Company and for a period of
twenty-four (24) months after ceasing to be so employed (the "Restricted
Period") for whatever reason, Executive shall not, directly or indirectly, own,
manage, operate, control or participate in the ownership, management, operation
or control of, or be connected as an officer, partner, director, consultant or
other position, or have any financial interest in with (i) any steel service
center or distributor conducting business within those portions of the United
States wherein the Company is conducting business on the Termination Date, or
(ii) a business engaged in direct competition with any other significant
business carried on by the Company on the Termination Date. In no event shall
ownership of less than five (5) percent of the equity of a corporation, limited
liability company or other business entity, standing alone, constitute a
violation hereof.

          (b) Non-Solicitation. During the Restrictive Period, Executive shall
not directly, indirectly or through an affiliate: (i) solicit, induce, divert,
or take away or attempt to solicit, induce, divert or take away any customer,
distributor, or supplier of the Company; (ii) solicit, induce, or hire or
attempt to solicit, induce, or hire any employee of the Company or any
individual who was an employee of the Company on the Termination Date and who
has left the employment of the Company after the Termination Date within one
year of the termination of such employee's employment with the Company, or (iii)
in any way directly or indirectly interfere with such relationships.

          (c) Confidentiality.

               (i) Executive shall keep in strict confidence, and shall not,
directly or indirectly, at any time while employed by the Company or after
ceasing to be so employed, disclose, furnish, publish, disseminate, make
available or, except in the course of performing his duties of employment
hereunder, use for his benefit or the benefit of others any Confidential
Information. Executive specifically acknowledges that all Confidential
Information, in whatever media or form maintained, and whether compiled by the
Company or Executive, (1) derives independent economic value from not being
readily known to or ascertainable by proper means by others who can obtain
economic value from its disclosure or use, (2) that reasonable efforts

                                        6

<PAGE>

have been made by the Company to maintain the secrecy of such information, (3)
that such information is the sole property of the Company, and (4) that any
disclosure or use of such information by Executive while employed by the Company
(except in the course of performing his duties and obligations hereunder for the
Company) or after ceasing to be so employed shall constitute a misappropriation
of the Company's trade secrets.

               (ii) Notwithstanding the provisions of Section 6(c)(i), Executive
may disclose the Confidential Information to anyone outside of the Company with
the Company's express written consent, or Confidential information that: (i) is
at the time of receipt or thereafter becomes publicly known through no wrongful
act of Executive; or (ii) is received from a third party not under an obligation
to keep such information confidential and without breach of this Agreement.

               (iii) In addition to the above provisions of Section 6(c), all
memoranda, notes, lists, records and other documents (and all copies thereof)
made or compiled by Executive or made available to Executive concerning the
business of the Company will be delivered to the Company at any time on request.

          7. Binding Agreement; Successors. This Agreement shall inure to the
benefit of and be binding upon Executive's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees. If Executive should die while any amounts would still be payable to
him hereunder, all such amounts, unless otherwise provided herein, shall be paid
in accordance with the terms of this Agreement to Executive's spouse, or if is
spouse does not survive him, to Executive's estate. This Agreement shall inure
to the benefit of and be binding upon the successors and assigns of the Company,
including, without limitation, any person acquiring directly or indirectly all
or substantially all of the assets of the Company, whether by merger,
consolidation, sale or otherwise (and such successor shall thereafter be deemed
the "Company" for the purposes of this Agreement). The Company shall require any
such successor to assume and agree to perform this Agreement.

          8. Notice. All notices, requests and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a)
when hand delivered, (b) one business day after being sent by recognized
overnight delivery service, or (c) three business days after being sent by
registered or certified mail, return receipt requested, postage prepaid, and in
each case addressed as follows (or addressed as otherwise specified by notice
under this Section):

               (i)  If to the Company, to:

                    Olympic Steel, Inc.
                    5096 Richmond Road
                    Bedford, Ohio 44146
                    Attention: Chief Executive Officer

                                        7

<PAGE>

                    With a copy to:

                    Olympic Steel, Inc.
                    5096 Richmond Road
                    Bedford, Ohio 44146
                    Attention: Chairman, Compensation Committee

               (ii) If to Executive, to:

                    David A. Wolfort
                    70 Ridgecreek Trail
                    Moreland Hills, Ohio 44022

          9. Withholding. The Company may withhold from any amounts payable
under or in connection with this Agreement all federal, state, local and other
taxes as may be required to be withheld by the Company under applicable law or
governmental regulation or ruling.

          10. Amendments; Waivers. No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing, and is signed by Executive and an officer of the Company
specifically designated by the Board of the Company or its Compensation
Committee to execute such writing. No delay in exercising any right, power or
privilege hereunder shall operate as a waiver thereof. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

          11. Governing Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Ohio, without giving effect to the conflict of law principles of such State.

          12. Equitable Relief. Executive and the Company acknowledge and agree
that the covenants contained in Section 6 are of a special nature and that any
breach, violation or evasion by Executive of the terms of Section 6 will result
in immediate and irreparable injury and harm to the Company, for which there is
no adequate remedy at law, and will cause damage to the Company in amounts
difficult to ascertain. Accordingly, the Company shall be entitled to the remedy
of injunction, as well as to all other legal or equitable remedies to which the
Company may be entitled (including, without limitation, the right to seek
monetary damages), for any breach, violation or evasion by Executive of the
terms of Section 6.

          13. Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect. In the event that any provision of Section 6 is found by a court of
competent jurisdiction to be invalid or unenforceable as against public policy,
such court shall exercise its discretion in reforming such provision to the end
that Executive shall be subject to such restrictions and obligations as are
reasonable under the circumstances and enforceable by the Company.

                                        8

<PAGE>

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

          15. Headings; Definitions. The headings contained herein are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement. Certain capitalized terms used in this
Agreement are defined on Schedule A attached hereto.

          16. No Assignment. This Agreement may not be assigned by either party
without the prior written consent of the other party, except as provided in
Section 7.

          17. Entire Agreement; No Other Arrangements. This Agreement contains
the entire agreement between the parties with respect to the employment of
Executive and supersedes any and all other agreements, either oral or in
writing, with respect to the employment of Executive, with the exception of the
Management Retention Agreement entered into between the Company and Executive on
or about April 20, 2000 which shall remain in full force and effect. In the
event of any conflict between the Agreement and the Management Retention
Agreement, the terms of the Management Retention Agreement shall prevail.
Executive acknowledges that, in executing this Agreement, he has not relied on
any representations not set forth in this Agreement. Executive represents that
his employment by the Company will not violate any other agreement by which
Executive is bound.

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

                                        OLYMPIC STEEL, INC.

                                        By:
                                            ------------------------------------
                                        Name: Michael D. Siegal
                                        Title: Chief Executive Officer

                                        -------------------------------------
                                        DAVID A. WOLFORT
                                        ("Executive")

                                        9

<PAGE>

                                   SCHEDULE A

                               CERTAIN DEFINITIONS

     As used in this Agreement, the following capitalized terms shall have the
following meanings:

     "Affiliate" of a specified entity means an entity that directly, or
     indirectly through one or more intermediaries, controls, or is controlled
     by, or is under common control with, the entity specified.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
     time.

     "Confidential Information" means confidential business information of the
     Company and its customers and vendors, without limitation as to when or how
     Executive may have acquired such information. Such Confidential Information
     shall include, without limitation, the Company's sales figures, profit or
     loss figures or other information related to the Company's internal
     financial statements, customers, clients, suppliers, vendors and product
     information, sources of supply, customer lists or other information,
     selling and servicing methods and business techniques, product development
     plans, sales and distribution information, business plans and
     opportunities, or corporate alliances and other information concerning the
     Company's actual or anticipated business or products, or which is received
     in confidence by or for the Company from any other person.

     "Disability" means the inability of Executive for a continuous period of
     ninety (90) days or for one hundred and eighty (180) days in the aggregate
     during any twelve (12) month period to perform any material portion of the
     duties of his position hereunder on an active full-time basis by reason of
     a disability condition. The Company and Executive acknowledge and agree
     that the material duties of Executive's position are unique and critical to
     the Company and that a disability condition that causes Executive to be
     unable to perform the essential functions of his position under the
     circumstances described above will constitute an undue hardship on the
     Company. Notwithstanding the foregoing, Executive shall not be disabled
     provided that all of the following conditions have been satisfied:

               (a) after receipt of the Company's written notice of intent to
     terminate due to Disability, Executive shall have the right within ten (10)
     days to dispute the Company's ability to terminate him under this section;

               (b) within ten (10) days after exercising such right, Executive
     shall submit to a physical exam by the Chief of Medicine of any major
     hospital in the metropolitan Cleveland area;

               (c) such physician shall issue his written statement to the
     effect that in his opinion, based upon his diagnosis, Executive is capable
     of resuming his employment and devoting his full time and energy in
     discharging his duties within ten (10) days after the date of such
     statement; and

               (d) the Executive returns to work on a full-time basis and
     devotes his energy in discharging his duties.

<PAGE>

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
     the rules and regulations thereunder, as such law, rules and regulations
     may be amended from time to time.

     "Good Cause" means a reasonable determination by the Board made in good
     faith (without the participation of Executive) of the Company, pursuant to
     the exercise of its business judgment, that any one of the following events
     has occurred:

               (a) Executive is found by the Board to have engaged in (1)
     willful misconduct, (ii) willful or gross neglect, (iii) fraud, (iv)
     misappropriation, or (v) embezzlement in the performance of his duties
     hereunder;

               (b) Executive has materially breached the provisions of Section 6
     or any other material provision of this Agreement and fails to cure such
     breach within ten (10) days following written notice from the Company
     specifying such breach which notice from the Company shall be provided
     within thirty (30) days after said breach;

               (c) Executive is found by the Board to have failed to provide
     reasonable cooperation with any federal government or other governmental
     regulatory investigation, the reasonableness of such cooperation to be
     determined by reference to statutory and regulatory authorities, Federal
     Sentencing Guidelines, and relevant case law interpretations;

               (d) Executive signs or certifies statements required to be made
     pursuant to Sarbanes-Oxley Sections 302 and 906, or other similar rules or
     regulations then in effect, which turn out to be false or inaccurate in any
     material respect; provided, however, that the Board has made a reasonable
     determination in good faith that the Executive knew or should have known
     that such statements were false or inaccurate in any material respect;

               (e) Executive has been indicted by a state or federal grand jury
     with respect to a felony, a crime of moral turpitude or any crime involving
     the Company (other than pursuant to actions taken at the direction or with
     the approval of the Board) and a special committee of the Board, chaired by
     an outside director appointed by the Chair of the Audit Committee,
     considers the matter, makes a recommendation to the Board to terminate
     Executive's employment for Good Cause, and the Board concurs in that
     recommendation; or

               (f) Executive is found by the Board to have engaged in a material
     violation of the Code of Conduct of the Company as then in effect.

     "Release and Waiver of Claims" means a written release and waiver by
     Executive, to the fullest extent allowable under applicable law and in form
     reasonably acceptable to the Company, of all claims, demands, suits,
     actions, causes of action, damages and rights against the Company and its
     Affiliates whatsoever which he may have had on account of the termination
     of his employment, including, without limitation, claims of discrimination,
     including on the basis of sex, race, age, national origin, religion, or
     handicapped status, and any and all claims, demands and causes of action
     for severance or other termination pay. Such Release and Waiver of Claims
     shall not, however, apply

                                       A-2

<PAGE>

     to the obligations of the Company arising under this Agreement, any
     indemnification agreement between Executive and the Company, any retirement
     plans, any stock option agreements, COBRA Continuation Coverage or rights
     of indemnification Executive may have under the Company's Articles of
     Incorporation or Code of Regulations (or comparable charter document) or by
     statute.

     "Sarbanes-Oxley" means the Sarbanes-Oxley Act of 2002.

                                       A-3

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