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                                                                   EXHIBIT 10.14

                    FORM OF WARRANT TO PURCHASE COMMON STOCK

                                       OF

                            TARPON INDUSTRIES, INC.

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE
TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT") SHALL HAVE BECOME EFFECTIVE WITH RESPECT
THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES
ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH
TRANSFER IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. THIS LEGEND SHALL
BE ENDORSED UPON ANY WARRANT ISSUED IN EXCHANGE FOR THIS WARRANT OR ANY SHARES
OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT.

      This is to Certify That, FOR VALUE RECEIVED, [_______________] or assigns
("Holder"), is entitled to purchase, subject to the provisions of this Warrant,
from Tarpon Industries, Inc., a Michigan corporation (the "Company"), fully
paid, validly issued and nonassessable shares of common stock, no par value, of
the Company ("Common Stock") at a price per share equal to 125% of the price per
share (the "Initial Exercise Price") at which its Common Stock is being offered
in an initial public offering (the "Public Offering"), which exercise may take
place at any time or from time to time during the period of five (5) years from
the day which is ninety (90) days (which period may be extended by the Company,
before the closing of the Public Offering, to up to 180 days) following the
closing of the Public Offering (the "Exercise Period"), subject to adjustment as
set forth herein. The number of shares for which this Warrant is initially
exercisable is [_______]. The number of shares of Common Stock to be received
upon the exercise of this Warrant and the price to be paid for each share of
Common Stock may be adjusted from time to time as hereinafter set forth. The
shares of Common Stock deliverable upon such exercise, and as adjusted from time
to time, are hereinafter sometimes referred to as "Warrant Shares" and the
exercise price of a share of Common Stock in effect at any time and as adjusted
from time to time is hereinafter sometimes referred to as the "Exercise Price".

      (a)   EXERCISE OF WARRANT; CANCELLATION OF WARRANT.

            (1)   This Warrant may be exercised in whole or in part at any time
or from time to time during the Exercise Period; provided, however, that (i) if
either such day is a day on which banking institutions in the State of Michigan
are authorized by law to close,

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then on the next succeeding day which shall not be such a day, and (ii) in the
event of any merger, consolidation or sale of substantially all the assets of
the Company as an entirety, resulting in any distribution to the Company's
stockholders, prior to termination of the Exercise Period, the Holder shall have
the right to exercise this Warrant commencing at such time through the
termination of the Exercise Period into the kind and amount of shares of stock
and other securities and property (including cash) receivable by a holder of the
number of shares of Common Stock into which this Warrant might have been
exercisable immediately prior thereto. This Warrant may be exercised by
presentation and surrender hereof to the Company at its principal office with
the Purchase Form annexed hereto duly executed and accompanied by payment of the
Exercise Price for the number of Warrant Shares specified in such form. As soon
as practicable after each such exercise of the warrants, but not later than
seven (7) days following the receipt of good and available funds, the Company
shall issue and deliver to the Holder a certificate or certificate for the
Warrant Shares issuable upon such exercise, registered in the name of the Holder
or its designee. If this Warrant should be exercised in part only, the Company
shall, upon surrender of this Warrant for cancellation, execute and deliver a
new Warrant evidencing the rights of the Holder thereof to purchase the balance
of the Warrant Shares purchasable thereunder. Upon receipt by the Company of
this Warrant at its office in proper form for exercise, the Holder shall be
deemed to be the holder of record of the shares of Common Stock issuable upon
such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such shares of Common
Stock shall not then be physically delivered to the Holder.

            (2)   At any time during the Exercise Period, the Holder may, at its
option, exercise this Warrant on a cashless basis by exchanging this Warrant, in
whole or in part (a "Warrant Exchange"), into the number of Warrant Shares
determined in accordance with this Section (a)(2), by surrendering this Warrant
at the principal office of the Company or at the office of its stock transfer
agent, accompanied by a notice stating such Holder's intent to effect such
exchange, the number of Warrant Shares to be exchanged and the date on which the
Holder requests that such Warrant Exchange occur (the "Notice of Exchange"). The
Warrant Exchange shall take place on the date specified in the Notice of
Exchange or, if later, the date the Notice of Exchange is received by the
Company (the "Exchange Date"). Certificates for the shares issuable upon such
Warrant Exchange and, if applicable, a new warrant of like tenor evidencing the
balance of the shares remaining subject to this Warrant, shall be issued as of
the Exchange Date and delivered to the Holder within seven (7) days following
the Exchange Date. In connection with any Warrant Exchange, this Warrant shall
represent the right to subscribe for and acquire the number of Warrant Shares
equal to (i) the number of Warrant Shares specified by the Holder in its Notice
of Exchange (the "Total Number") less (ii) the number of Warrant Shares equal to
the quotient obtained by dividing (A) the product of the Total Number and the
existing Exercise Price by (B) the current market value of a share of Common
Stock. Current market value shall have the meaning set forth Section (c) below,
except that for purposes hereof, the date of exercise, as used in such Section
(c), shall mean the Exchange Date.

      (b)   RESERVATION OF SHARES. The Company shall at all times reserve for
issuance and/or delivery upon exercise of this Warrant such number of shares of
its Common Stock as shall be required for issuance and delivery upon exercise of
the Warrants.

      (c)   FRACTIONAL SHARES. No fractional shares or script representing
fractional shares shall be issued upon the exercise of this Warrant. With
respect to any

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fraction of a share called for upon any exercise hereof, the Company shall pay
to the Holder an amount in cash equal to such fraction multiplied by the current
market value of a share, determined as follows:

            (1)   If the Common Stock is listed on a national securities
exchange or admitted to unlisted trading privileges on such exchange or listed
for trading on the Nasdaq National Market, the current market value shall be the
last reported sale price of the Common Stock on such exchange or market on the
last business day prior to the date of exercise of this Warrant or if no such
sale is made on such day, the average of the closing bid and asked prices for
such day on such exchange or market; or

            (2)   If the Common Stock is not so listed or admitted to unlisted
trading privileges, but is traded on the Nasdaq SmallCap Market, the current
market value shall be the average of the closing bid and asked prices for such
day on such market and if the Common Stock is not so traded, the current market
value shall be the mean of the last reported bid and asked prices reported by
the NASD Electronic Bulletin Board on the last business day prior to the date of
the exercise of this Warrant; or

            (3)   If the Common Stock is not so listed or admitted to unlisted
trading privileges and bid and asked prices are not so reported, the current
market value shall be an amount, not less than book value thereof as at the end
of the most recent fiscal year of the Company ending prior to the date of the
exercise of the Warrant, determined in such reasonable manner as may be
prescribed by the Board of Directors of the Company.

      (d)   EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company or at the office of its stock transfer
agent, if any, for other warrants of different denominations entitling the
holder thereof to purchase in the aggregate the same number of shares of Common
Stock purchasable hereunder. Upon surrender of this Warrant to the Company at
its principal office or at the office of its stock transfer agent, if any, with
the Assignment Form annexed hereto duly executed and funds sufficient to pay any
transfer tax, the Company shall, without charge, execute and deliver a new
Warrant in the name of the assignee named in such instrument of assignment and
this Warrant shall promptly be cancelled. This Warrant may be divided or
combined with other warrants which carry the same rights upon presentation
hereof at the principal office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Holder
hereof. The term "Warrant" as used herein includes any Warrants into which this
Warrant may be divided or exchanged. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification, and upon surrender and cancellation of this
Warrant, if mutilated, the Company will execute and deliver a new Warrant of
like tenor and date. Any such new Warrant executed and delivered shall
constitute an additional contractual obligation on the part of the Company,
whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be at
any time enforceable by anyone.

      (e)   RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder in the Company, either at law or equity,
and the rights

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of the Holder are limited to those expressed in the Warrant and are not
enforceable against the Company except to the extent set forth herein.

      (f)   ANTI-DILUTION PROVISIONS. Subject to the provisions of Section 1
hereof, the Exercise Price in effect at any time and the number and kind of
securities purchasable upon the exercise of the Warrants shall be subject to
adjustment from time to time upon the happening of certain events as follows:

            (1)   In case the Company shall hereafter (i) declare a dividend or
make a distribution on its outstanding shares of Common Stock in shares of
Common Stock, (ii) subdivide or reclassify its outstanding shares of Common
Stock into a greater number of shares, or (iii) combine or reclassify its
outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect at the time of the record date for such dividend or distribution
or of the effective date of such subdivision, combination or reclassification
shall be adjusted so that it shall equal the price determined by multiplying the
Exercise Price by a fraction, the denominator of which shall be the number of
shares of Common Stock outstanding after giving effect to such action, and the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such action with an appropriate adjustment in the number of
shares purchasable hereunder. Such adjustment shall be made successively
whenever any event listed above shall occur.

            (2)   Subject to the provisions of Subsection (6) below, in case the
Company shall fix a record date for the issuance of rights or warrants to all
holders of its Common Stock entitling them to subscribe for or purchase shares
of Common Stock (or securities convertible into Common Stock) at a price (the
"Subscription Price") (or having a conversion price per share) less than the
current market price of the Common Stock (as defined in Subsection (9) below) on
the record date mentioned below, or less than the Exercise Price on such record
date, the Exercise Price shall be adjusted so that the same shall equal the
lower of (i) the price determined by multiplying the Exercise Price in effect
immediately prior to the date of such issuance by a fraction, the numerator of
which shall be the sum of the number of shares of Common Stock outstanding on
the record date mentioned below and the number of additional shares of Common
Stock which the aggregate offering price of the total number of shares of Common
Stock so offered (or the aggregate conversion price of the convertible
securities so offered) would purchase at such current market price per share of
the Common Stock (as defined in Subsection (9) below), and the denominator of
which shall be the sum of the number of shares of Common Stock outstanding on
such record date and the number of additional shares of Common Stock offered for
subscription or purchase (or into which the convertible securities so offered
are convertible) or (ii) in the event the Subscription Price is equal to or
higher than the current market price but is less than the Exercise Price, the
price determined by multiplying the Exercise Price in effect immediately prior
to the date of issuance by a fraction, the numerator of which shall be the sum
of the number of shares outstanding on the record date mentioned below and the
number of additional shares of Common Stock which the aggregate offering price
of the total number of shares of Common Stock so offered (or the aggregate
conversion price of the convertible securities so offered) would purchase at the
Exercise Price in effect immediately prior to the date of such issuance, and the
denominator of which shall be the sum of the number of shares of Common Stock
outstanding on the record date mentioned below and the number of additional
shares of Common Stock offered for subscription or purchase (or into which the
convertible securities so offered are convertible). Such adjustment shall be
made successively whenever such rights or warrants

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are issued and shall become effective immediately after the record date for the
determination of shareholders entitled to receive such rights or warrants; and
to the extent that shares of Common Stock are not delivered (or securities
convertible into Common Stock are not delivered) after the expiration of such
rights or warrants the Exercise Price shall be readjusted to the Exercise Price
which would then be in effect had the adjustments made upon the issuance of such
rights or warrants been made upon the basis of delivery of only the number of
shares of Common Stock (or securities convertible into Common Stock) actually
delivered.

            (3)   In case the Company shall hereafter distribute to the holders
of its Common Stock evidences of its indebtedness or assets (excluding cash
dividends or distributions and dividends or distributions referred to in
Subsection (1) above) or subscription rights or warrants (excluding those
referred to in Subsection (2) above), then in each such case the Exercise Price
in effect thereafter shall be determined by multiplying the Exercise Price in
effect immediately prior thereto by a fraction, the numerator of which shall be
the total number of shares of Common Stock outstanding multiplied by the current
market price per share of Common Stock (as defined in Subsection (9) below),
less the fair market value (as determined by the Company's Board of Directors)
of said assets or evidences of indebtedness so distributed or of such rights or
warrants, and the denominator of which shall be the total number of shares of
Common Stock outstanding multiplied by such current market price per share of
Common Stock. Such adjustment shall be made successively whenever such a record
date is fixed. Such adjustment shall be made whenever any such distribution is
made and shall become effective immediately after the record date for the
determination of shareholders entitled to receive such distribution.

            (4)   Subject to the provisions of Subsection (6) below, in case the
Company shall hereafter issue shares of its Common Stock (excluding shares
issued (a) in any of the transactions described in Subsection (1) above, (b)
upon exercise of options granted to the Company's officers, directors and
employees under a plan or plans adopted by the Company's Board of Directors and
approved by its shareholders, if such shares would otherwise be included in this
Subsection (4), but only to the extent that the aggregate number of shares
excluded hereby and issued after the date hereof, shall not exceed 10% of the
Company's Common Stock outstanding at the time of any issuance, (c) upon
exercise of options, warrants and convertible debentures outstanding as of the
date hereof, (d) to shareholders of any corporation which merges into the
Company in proportion to their stock holdings of such corporation immediately
prior to such merger, upon such merger, (e) issued in a bona fide public
offering pursuant to a firm commitment underwriting, but only if no adjustment
is required pursuant to any other specific subsection of this Section (f)
(without regard to Subsection (8) below) with respect to the transaction giving
rise to such rights) for a consideration per share (the "Offering Price") less
than the current market price per share (as defined in Subsection (8) below on
the date the Company fixes the offering price of such additional shares or less
than the Exercise Price, the Exercise Price shall be adjusted immediately
thereafter so that it shall equal the lower of (i) the price determined by
multiplying the Exercise Price in effect immediately prior thereto by a
fraction, the numerator of which shall be the sum of the number of shares of
Common Stock outstanding immediately prior to the issuance of such additional
shares and the number of shares of Common Stock which the aggregate
consideration received (determined as provided in Subsection (8) below) for the
issuance of such additional shares would purchase at such current market price
per share of Common Stock (as defined in Subsection (9) below), and the
denominator of which shall be the number of shares of Common Stock outstanding

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immediately after the issuance of such additional shares or (ii) in the event
the Offering Price is equal to or higher than the current market price per share
but less than the Exercise Price, the price determined by multiplying the
Exercise Price in effect immediately prior to the date of issuance by a
fraction, the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to the issuance of such additional shares and the
number of shares of Common Stock which the aggregate consideration received
(determined as provided in subsection (8) below) for the issuance of such
additional shares would purchase at the Exercise Price in effect immediately
prior to the date of such issuance, and the denominator of which shall be the
number of shares of Common Stock outstanding immediately after the issuance of
such additional shares. Such adjustment shall be made successively whenever such
an issuance is made.

            (5)   Subject to the provisions of Subsection (6) below, in case the
Company shall hereafter issue any securities convertible into or exchangeable
for its Common Stock (excluding securities issued in transactions described in
Subsections (2) and (3) above) for a consideration per share of Common Stock
(the "Conversion Price") initially deliverable upon conversion or exchange of
such securities (determined as provided in Subsection (8) below) less than the
current market price per share (as defined in Subsection (9) below) in effect
immediately prior to the issuance of such securities, or less than the Exercise
Price, the Exercise Price shall be adjusted immediately thereafter so that it
shall equal the lower of (i) the price determined by multiplying the Exercise
Price in effect immediately prior thereto by a fraction, the numerator of which
shall be the sum of the number of shares of Common Stock outstanding immediately
prior to the issuance of such securities and the number of shares of Common
Stock which the aggregate consideration received (determined as provided in
Subsection (8) below) for such securities would purchase at such current market
price per share of Common Stock (as defined in Subsection (9) below), and the
denominator of which shall be the sum of the number of shares of Common Stock
outstanding immediately prior to such issuance and the maximum number of shares
of Common Stock of the Company deliverable upon conversion of or in exchange for
such securities at the initial conversion or exchange price or rate or (ii) in
the event the Conversion Price is equal to or higher than the current market
price per share but less than the Exercise Price, the price determined by
multiplying the Exercise Price in effect immediately prior to the date of
issuance by a fraction, the numerator of which shall be the sum of the number of
shares outstanding immediately prior to the issuance of such securities and the
number of shares of Common Stock which the aggregate consideration received
(determined as provided in subsection (8) below) for such securities would
purchase at the Exercise Price in effect immediately prior to the date of such
issuance, and the denominator of which shall be the sum of the number of shares
of Common Stock outstanding immediately prior to the issuance of such securities
and the maximum number of shares of Common Stock of the Company deliverable upon
conversion of or in exchange for such securities at the initial conversion or
exchange price or rate. Such adjustment shall be made successively whenever such
an issuance is made.

            (6)   Whenever the Exercise Price payable upon exercise of each
Warrant is adjusted pursuant to Subsections (1), (2), (3), (4), (5) and (6)
above, the number of Shares purchasable upon exercise of this Warrant shall
simultaneously be adjusted by multiplying the number of Shares initially
issuable upon exercise of this Warrant by the Exercise Price in effect on the
date hereof and dividing the product so obtained by the Exercise Price, as
adjusted.

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            (7)   For purposes of any computation respecting consideration
received pursuant to Subsections (4) and (5) above, the following shall apply:

      (A)   in the case of the issuance of shares of Common Stock for cash, the
consideration shall be the amount of such cash, provided that in no case shall
any deduction be made for any commissions, discounts or other expenses incurred
by the Company for any underwriting of the issue or otherwise in connection
therewith;

      (B)   in the case of the issuance of shares of Common Stock for a
consideration in whole or in part other than cash, the consideration other than
cash shall be deemed to be the fair market value thereof as determined in good
faith by the Board of Directors of the Company (irrespective of the accounting
treatment thereof), whose determination shall be conclusive; and

      (C)   in the case of the issuance of securities convertible into or
exchangeable for shares of Common Stock, the aggregate consideration received
therefor shall be deemed to be the consideration received by the Company for the
issuance of such securities plus the additional minimum consideration, if any,
to be received by the Company upon the conversion or exchange thereof (the
consideration in each case to be determined in the same manner as provided in
clauses (A) and (B) of this Subsection (8)).

            (8)   For the purpose of any computation under Subsections (2), (3),
(4) and (5) above, the current market price per share of Common Stock at any
date shall be determined in the manner set forth in Section (c) hereof except
that the current market price per share shall be deemed to be the higher of (i)
the average of the prices for 30 consecutive business days before such date or
(ii) the price on the business day immediately preceding such date.

            (9)   No adjustment in the Exercise Price shall be required unless
such adjustment would require an increase or decrease of at least five cents
($0.05) in such price; provided, however, that any adjustments which by reason
of this Subsection (9) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment required to be made hereunder.
All calculations under this Section (f) shall be made to the nearest cent or to
the nearest one-hundredth of a share, as the case may be. Anything in this
Section (f) to the contrary notwithstanding, the Company shall be entitled, but
shall not be required, to make such changes in the Exercise Price, in addition
to those required by this Section (f), as it shall determine, in its sole
discretion, to be advisable in order that any dividend or distribution in shares
of Common Stock, or any subdivision, reclassification or combination of Common
Stock, hereafter made by the Company shall not result in any Federal Income tax
liability to the holders of Common Stock or securities convertible into Common
Stock (including Warrants).

            (10)  Whenever the Exercise Price is adjusted, as herein provided,
the Company shall promptly but no later than 10 days after any request for such
an adjustment by the Holder, cause a notice setting forth the adjusted Exercise
Price and adjusted number of Shares issuable upon exercise of each Warrant, and,
if requested, information describing the transactions giving rise to such
adjustments, to be mailed to the Holders at their last addresses appearing in
the Warrant Register, and shall cause a certified copy thereof to be mailed to
its transfer agent, if any. In the event the Company does not provide the Holder
with such notice and information within 10 days of a request by the Holder, then

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notwithstanding the provisions of this Section (f), the Exercise Price shall be
immediately adjusted to equal the lowest Offering Price, Subscription Price or
Conversion Price, as applicable, since the date of this Warrant, and the number
of shares issuable upon exercise of this Warrant shall be adjusted accordingly.
The Company may retain a firm of independent certified public accountants
selected by the Board of Directors (who may be the regular accountants employed
by the Company) to make any computation required by this Section (f), and a
certificate signed by such firm shall be conclusive evidence of the correctness
of such adjustment.

            (11)  In the event that at any time, as a result of an adjustment
made pursuant to Subsection (1) above, the Holder of this Warrant thereafter
shall become entitled to receive any shares of the Company, other than Common
Stock, thereafter the number of such other shares so receivable upon exercise of
this Warrant shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the
Common Stock contained in Subsections (1) to (10), inclusive above.

            (12)  Irrespective of any adjustments in the Exercise Price or the
number or kind of shares purchasable upon exercise of this Warrant, Warrants
theretofore or thereafter issued may continue to express the same price and
number and kind of shares as are stated in the similar Warrants initially
issuable pursuant to this Agreement.

      (g)   OFFICER'S CERTIFICATE. Whenever the Exercise Price shall be adjusted
as required by the provisions of the foregoing Section, the Company shall
forthwith file in the custody of its Secretary or an Assistant Secretary at its
principal office and with its stock transfer agent, if any, an officer's
certificate showing the adjusted Exercise Price determined as herein provided,
setting forth in reasonable detail the facts requiring such adjustment,
including a statement of the number of additional shares of Common Stock, if
any, and such other facts as shall be necessary to show the reason for and the
manner of computing such adjustment. Each such officer's certificate shall be
made available at all reasonable times for inspection by the holder or any
holder of a Warrant executed and delivered pursuant to Section (a) and the
Company shall, forthwith after each such adjustment, mail a copy by certified
mail of such certificate to the Holder or any such holder.

      (h)   NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be
outstanding, (i) if the Company shall pay any dividend or make any distribution
upon the Common Stock or (ii) if the Company shall offer to the holders of
Common Stock for subscription or purchase by them any share of any class or any
other rights or (iii) if any capital reorganization of the Company,
reclassification of the capital stock of the Company, consolidation or merger of
the Company with or into another corporation, sale, lease or transfer of all or
substantially all of the property and assets of the Company to another
corporation, or voluntary or involuntary dissolution, liquidation or winding up
of the Company shall be effected, then in any such case, the Company shall cause
to be mailed by certified mail to the Holder, at least fifteen days prior the
date specified in (x) or (y) below, as the case may be, a notice containing a
brief description of the proposed action and stating the date on which (x) a
record is to be taken for the purpose of such dividend, distribution or rights,
or (y) such reclassification, reorganization, consolidation, merger, conveyance,
lease, dissolution, liquidation or winding up is to take place and the date, if
any is to be fixed, as of which the holders of Common Stock or other securities
shall receive cash or other property

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deliverable upon such reclassification, reorganization, consolidation, merger,
conveyance, dissolution, liquidation or winding up.

      (i)   RECLASSIFICATION, REORGANIZATION OR MERGER. In case of any
reclassification, capital reorganization or other change of outstanding shares
of Common Stock of the Company, or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing corporation and which does not
result in any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the class issuable upon exercise of this
Warrant) or in case of any sale, lease or conveyance to another corporation of
the property of the Company as an entirety, the Company shall, as a condition
precedent to such transaction, cause effective provisions to be made so that the
Holder shall have the right thereafter by exercising this Warrant at any time
prior to the expiration of the Warrant, to purchase the kind and amount of
shares of stock and other securities and property receivable upon such
reclassification, capital reorganization and other change, consolidation,
merger, sale or conveyance by a holder of the number of shares of Common Stock
which might have been purchased upon exercise of this Warrant immediately prior
to such reclassification, change, consolidation, merger, sale or conveyance. Any
such provision shall include provision for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this
Warrant. The foregoing provisions of this Section (i) shall similarly apply to
successive reclassifications, capital reorganizations and changes of shares of
Common Stock and to successive consolidations, mergers, sales or conveyances. In
the event that in connection with any such capital reorganization or
reclassification, consolidation, merger, sale or conveyance, additional shares
of Common Stock shall be issued in exchange, conversion, substitution or
payment, in whole or in part, for a security of the Company other than Common
Stock, any such issue shall be treated as an issue of Common Stock covered by
the provisions of Subsection (1) of Section (f) hereof.

      (j)   REGISTRATION RIGHTS.

            (1)   The Company hereby agrees with the holders of the Warrants and
the Warrant Shares or their transferees (collectively, the "Holders") that upon
notice by either Joseph Gunnar & Co., LLC or Holders beneficially owning at
least 50% of the Warrants and Warrant Shares, it will, within three weeks of
such notice prepare and file with the Securities and Exchange Commission ("SEC")
a registration statement under the Securities Act of 1933, as amended (the
"Act") covering the resale of the Warrant Shares and use its best efforts to
cause such registration statement to become effective as soon as practicable
thereafter. If the Company shall determine to proceed during the Registration
Period with the actual preparation and filing of a registration statement under
the Act in connection with the proposed offer and sale of any of its securities
by it or any of its security holders (other than a registration statement on
Form S-4, S-8 or other limited purpose form), then the Company will give written
notice of its determination to all record holders of the Warrants and Warrant
Shares. Upon the written request from any Holder, the Company will, except as
herein provided, cause all such Warrant Shares to be included in such
registration statement, all to the extent requisite to permit the sale or other
disposition by the prospective seller or sellers of the Warrant Shares to be so
registered; provided, further, that nothing herein shall prevent the Company
from, at any time, abandoning or delaying any registration. If any registration
pursuant to this Section j(1) shall be underwritten in whole or in part, the
Company may require that the Warrant Shares requested for inclusion by the

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Holders be included in the underwriting on the same terms and conditions as the
securities otherwise being sold through the underwriters.

            (2)   The Company will, until such time as the Warrant Shares may be
sold under Rule 144 without volume limitation:

                  (A)   prepare and file with the SEC such amendments to such
            registration statement and supplements to the prospectus contained
            therein as may be necessary to keep such registration statement
            effective;

                  (B)   furnish to the Holders participating in such
            registration and to the underwriters of the securities being
            registered such reasonable number of copies of the registration
            statement, preliminary prospectus, final prospectus and such other
            documents as such underwriters may reasonably request in order to
            facilitate the public offering of such securities;

                  (C)   use its best efforts to register or qualify the
            securities covered by such registration statement under such state
            securities or blue sky laws of such jurisdictions as the Holders may
            reasonably request in writing within twenty (20) days following the
            original filing of such registration statement, except that the
            Company shall not for any purpose be required to execute a general
            consent to service of process or to qualify to do business as a
            foreign corporation in any jurisdiction wherein it is not so
            qualified or subject itself to taxation in any such jurisdiction;

                  (D)   notify the Holders, promptly after it shall receive
            notice thereof, of the time when such registration statement has
            become effective or a supplement to any prospectus forming a part of
            such registration statement has been filed;

                  (E)   notify the Holders promptly of any request by the SEC
            for the amending or supplementing of such registration statement or
            prospectus or for additional information;

                  (F)   prepare and file with the SEC, promptly upon the request
            of any Holders, any amendments or supplements to such registration
            statement or prospectus which, in the opinion of counsel for such
            Holders (and concurred in by counsel for the Company), is required
            under the Act or the rules and regulations thereunder in connection
            with the distribution of Common Stock by such Holders;

                  (G)   prepare and promptly file with the SEC and promptly
            notify such Holders of the filing of such amendment or supplement to
            such registration statement or prospectus as may be necessary to
            correct any statements or omissions if, at the time when a
            prospectus relating to such securities is required to be delivered
            under the Act, any event shall have occurred as the result of which
            any such prospectus or any other prospectus as then in effect would
            include an untrue statement of a material fact or omit to state any
            material fact necessary to make the statements therein, in the light
            of the circumstances in which they were made, not misleading; and

                                       10
<PAGE>

                  (H)   advise the Holders, promptly after it shall receive
            notice or obtain knowledge thereof, of the issuance of any stop
            order by the SEC suspending the effectiveness of such registration
            statement or the initiation or threatening of any proceeding for
            that purpose and promptly use its best efforts to prevent the
            issuance of any stop order or to obtain its withdrawal if such stop
            order should be issued.

         The Company may require each Holder of Warrant Shares as to which any
registration is being effected to furnish to the Company such information
regarding the distribution of such Warrant Shares as the Company may from time
to time reasonably request in writing.

            (3)   All fees, costs and expenses of and incidental to such
registration, inclusion and public offering in connection therewith shall be
borne by the Company, provided, however, that the Holders shall bear their pro
rata share of the underwriting discount and commissions and transfer taxes. The
fees, costs and expenses of registration to be borne by the Company as provided
above shall include, without limitation, all registration, filing, and NASD
fees, printing expenses, fees and disbursements of counsel and accountants for
the Company, and all legal fees and disbursements and other expenses of
complying with state securities or blue sky laws of any jurisdictions in which
the securities to be offered are to be registered and qualified (except as
provided above). Fees and disbursements of counsel and accountants for the
Holders and any other expenses incurred by the Holders not expressly included
above shall be borne by the Holders.

            (4)   The Company will indemnify and hold harmless each Holder of
Warrant Shares which are included in a registration statement pursuant to the
provisions of Section (j)(1) hereof, its directors and officers, and any
underwriter (as defined in the Act) for such Holder and each person, if any, who
controls such Holder or such underwriter within the meaning of the Act, from and
against, and will reimburse such Holder and each such underwriter and
controlling person with respect to, any and all loss, damage, liability, cost
and expense to which such Holder or any such underwriter or controlling person
may become subject under the Act or otherwise, insofar as such losses, damages,
liabilities, costs or expenses are caused by any untrue statement or alleged
untrue statement of any material fact contained in such registration statement,
any prospectus contained therein or any amendment or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not
misleading; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, damage, liability, cost or expenses
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with information furnished
by such Holder, such underwriter or such controlling person in writing
specifically for use in the preparation thereof.

            (5)   Each Holder of Warrant Shares included in a registration
pursuant to the provisions of Section (j)(1) hereof will indemnify and hold
harmless the Company, its directors and officers, any controlling person and any
underwriter from and against, and will reimburse the Company, its directors and
officers, any controlling person and any underwriter with respect to, any and
all loss, damage, liability, cost or expense to which the Company or any
controlling person and/or any underwriter may become subject under the

                                       11
<PAGE>

Act or otherwise, insofar as such losses, damages, liabilities, costs or
expenses are caused by any untrue statement or alleged untrue statement of any
material fact contained in such registration statement, any prospectus contained
therein or any amendment or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances in which they were made, not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was so made in reliance upon and in
strict conformity with written information furnished by or on behalf of such
Holder specifically for use in the preparation thereof.

            (6)   Promptly after receipt by an indemnified party pursuant to the
provisions of Sections (j)(4) or (5) of notice of the commencement of any action
involving the subject matter of the foregoing indemnity provisions such
indemnified party will, if a claim thereof is to be made against the
indemnifying party pursuant to the provisions of said Sections (j)(4) or (5),
promptly notify the indemnifying party of the commencement thereof; but the
omission to so notify the indemnifying party will not relieve it from any
liability which it may have to any indemnified party otherwise than hereunder.
In case such action is brought against any indemnified party and it notifies the
indemnifying party of the commencement thereof, the indemnifying party shall
have the right to participate in, and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel satisfactory to such indemnified party, provided, however,
if counsel for the indemnifying party concludes that a single counsel cannot
under applicable legal and ethical considerations, represent both the
indemnifying party and the indemnified party, the indemnified party or parties
have the right to select separate counsel to participate in the defense of such
action on behalf of such indemnified party or parties. After notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified
party pursuant to the provisions of said Sections (j)(4) or (5) for any legal or
other expense subsequently incurred by such indemnified party in connection with
the defense thereof other than reasonable costs of investigation, unless (i) the
indemnified party shall have employed counsel in accordance with the provisions
of the preceding sentence, (ii) the indemnifying party shall not have employed
counsel satisfactory to the indemnified party to represent the indemnified party
within a reasonable time after the notice of the commencement of the action or
(iii) the indemnifying party has authorized the employment of counsel for the
indemnified party at the expense of the indemnifying party.

            (7)   If the Company fails to carry out its obligations under this
Section (j), the Holder shall be entitled to tender this warrant for a sum equal
to the number of Warrant Shares multiplied by the current market thereof less
the Exercise Price thereof and a person who has exercised this Warrant shall be
entitled to tender the Common Stock thereby purchased for the current market
value, and in each case to be paid therefor in 10 business days thereafter.

            (8)   If the Warrant Shares have been included in Registration
Statement filed with the Securities and Exchange Commission in connection with
the Public Offering and if such Registration Statement is declared effective,
and for so long as it remains effective, the Holder shall have no rights to
demand a registration under Section (j)(1) hereof.

                                       12
<PAGE>

                                       TARPON INDUSTRIES, INC.

                                       By:
                                           ----------------------
                                           Name:
                                           Title:

Dated: April 5, 2004

                                       13<PAGE>
                                                                   EXHIBIT 10.15

THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE
TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT") SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii)
RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN
CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE
STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN
EXCHANGE FOR THIS NOTE.

THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATED TO THE DEBT OF THE
SENIOR DEBTHOLDER, AS SET FORTH IN THE SUBORDINATION AGREEMENT BETWEEN THE
PLACEMENT AGENT, JOSEPH GUNNAR & CO. LLC, AS THE AGENT AND REPRESENTATIVE OF
CERTAIN INVESTORS, AND THE SENIOR DEBTHOLDER, COMERICA BANK, DATED AS OF APRIL
5, 2004) AND MAY ALSO BE SUBJECT TO SUBORDINATION AGREEMENTS BETWEEN THE SENIOR
LENDERS OF THE COMPANY'S FUTURE SUBSIDIARIES AND THE PLACEMENT AGENT.

*SEE ADDITIONAL LEGEND ON SIGNATURE PAGE

                             TARPON INDUSTRIES, INC.

                  FORM OF 8.0% JUNIOR SECURED PROMISSORY NOTE

[_____]                                                            April 5, 2004

            FOR VALUE RECEIVED, Tarpon Industries, Inc., a Michigan corporation
(the "Company") with its principal executive office at 2420 Wills Street,
Marysville, MI 48040, promises to pay to the order of [___________], at [_______
__________________________________] (the "Payee" or the "Holder") or registered
assigns on January 5, 2005 (the "Maturity Date") the principal amount of [____]
(the "Principal Amount"), in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public and private debts. Interest on this Note shall accrue on the Principal
Amount outstanding from time to time at a rate per annum computed in accordance
with Section 3 hereof. Copies of all payments shall be sent to Joseph Gunnar &
Co., LLC, 30 Broad Street, New York, NY 10004, Attn: Stephan A. Stein (the
"Placement Agent") via facsimile (212) 440-9668.

      Any payment by the Company pursuant to this Note shall be made without
set-off or counterclaim and in immediately available funds.

      The Company (i) waives presentment, demand, protest or notice of any kind
in connection with this Note and (ii) agrees, in the event of an Event of
Default, to pay to the holder of this Note, on demand, all costs and expenses
(including reasonable legal fees) incurred in connection with the enforcement
and collection of this Note.

      In consideration for the loan represented by this Note, the Company shall
issue to the Payee, simultaneously herewith, five year cashless exercise
warrants to purchase such number of shares of the Company's Common Stock at an
initial exercise price equal to 100% of the public offering price, computed by
dividing 100% of principal amount of Note divided by 100% of the public offering
of the Common Stock price, except for Notes equal to or in excess of $350,000
the numerator is 150% of principal amount, pursuant to an initial public
offering which it files with the Securities and Exchange Commission (the "Public
Offering").

<PAGE>

      1. Early Payment. If the Public Offering is consummated prior to the
Maturity Date, the outstanding principal amount of this Note and all accrued
interest shall be then paid in full without a prepayment charge.

      2. Secured Loan. The obligations of the Company hereunder and under
similar notes aggregating the principal amount of up to $2,000,000 are secured
by a General Security Agreement dated as of April 5, 2004.

      3. Computation of Interest.

            A. Base Interest Rate. Subject to subsections 3B and 3C below, the
outstanding Principal Amount shall bear interest at the rate of eight percent
(8.0%) per annum payable in cash at maturity.

            B. Penalty Interest. In the event the Note is not repaid on the
Maturity Date, the rate of interest applicable to the unpaid Principal Amount
shall be increased to fifteen percent (15%) per annum from and after the
Maturity Date provided, that in no event shall the interest rate exceed the
Maximum Rate provided in Section 3C below.

            C. Maximum Rate. In the event that it is determined that, under the
laws relating to usury applicable to the Company or the indebtedness evidenced
by this Note ("Applicable Usury Laws"), the interest charges and fees payable by
the Company in connection herewith or in connection with any other document or
instrument executed and delivered in connection herewith cause the effective
interest rate applicable to the indebtedness evidenced by this Note to exceed
the maximum rate allowed by law (the "Maximum Rate"), then such interest shall
be recalculated for the period in question and any excess over the Maximum Rate
paid with respect to such period shall be credited, without further agreement or
notice, to the Principal Amount outstanding hereunder to reduce said balance by
such amount with the same force and effect as though the Company had
specifically designated such extra sums to be so applied to principal and the
Payee had agreed to accept such extra payment(s) as a premium-free prepayment.
All such deemed prepayments shall be applied to the principal balance payable at
maturity. In no event shall any agreed-to or actual exaction as consideration
for this Note exceed the limits imposed or provided by Applicable Usury Laws in
the jurisdiction in which the Company is resident applicable to the use or
detention of money or to forbearance in seeking its collection in the
jurisdiction in which the Company is resident.

      4. Covenants of Company

            A. Affirmative Covenants. The Company (for this purpose to include
all subsidiaries of the Company) covenants and agrees that, so long as this Note
shall be outstanding, it will perform the obligations set forth in this Section
4A:

                  (i) Taxes and Levies. The Company will promptly pay and
discharge all taxes, assessments, and governmental charges or levies imposed
upon the Company or upon its income and profits, or upon any of its property,
before the same shall become delinquent, as well as all claims for labor,
materials and supplies which, if unpaid, might become a lien or charge upon such
properties or any part thereof; provided, however, that the Company shall not be
required to pay and discharge any

                                       2
<PAGE>

such tax, assessment, charge, levy or claim so long as the validity thereof
shall be contested in good faith by appropriate proceedings and the Company
shall set aside on its books adequate reserves in accordance with generally
accepted accounting principles ("GAAP") with respect to any such tax,
assessment, charge, levy or claim so contested;

                  (ii) Maintenance of Existence. The Company will do or cause to
be done all things reasonably necessary to preserve and keep in full force and
effect its corporate existence, rights and franchises and comply with all laws
applicable to the Company, except where the failure to comply would not have a
material adverse effect on the Company;

                  (iii) Maintenance of Property. The Company will at all times
maintain, preserve, protect and keep its property used or useful in the conduct
of its business in good repair, working order and condition, and from time to
time make all needful and proper repairs, renewals, replacements and
improvements thereto as shall be reasonably required in the conduct of its
business;

                  (iv) Insurance. The Company will, to the extent necessary for
the operation of its business, keep adequately insured by financially sound
reputable insurers, all property of a character usually insured by similar
corporations and carry such other insurance as is usually carried by similar
corporations;

                  (v) Books and Records. The Company will at all times keep true
and correct books, records and accounts reflecting all of its business affairs
and transactions in accordance with GAAP. Such books and records shall be open
at reasonable times and upon reasonable notice to the inspection of the Payee or
its agents;

                  (vi) Financial Statements. The Company will provide the
Placement Agent with full quarterly financial statements within 30 days after
the end of each fiscal quarter;

                  (vii) Notice of Certain Events. The Company will give prompt
written notice (with a description in reasonable detail) to the Payee of:

                        (a) the occurrence of any Event of Default or any event
which, with the giving of notice or the lapse of time, would constitute an Event
of Default; and

                        (b) the delivery of any notice effecting the
acceleration of any indebtedness in excess of $50,000; and

                  (viii) The Company will take all reasonable steps, from and
after the date hereof, to actively pursue effectiveness and closing the Public
Offering, including obtaining all necessary audited financial statements,
preparing and filing a registration statement with the Securities and Exchange
Commission and processing the same to effectiveness, and compliance with Federal
and State law.

            B. Negative Covenants. The Company (for this purpose to include all
subsidiaries of the Company) covenants and agrees that, so long as this Note
shall be outstanding, it will perform the obligations set forth in this Section
4B (unless waived by or on behalf of the Holder):

                                       3
<PAGE>

                  (i) Liquidation, Dissolution, etc. The Company will not
liquidate or dissolve, consolidate with, or merge into or with, any other
corporation or other entity, except that any wholly-owned subsidiary may merge
with another wholly-owned subsidiary or with the Company (so long as the Company
is the surviving corporation and no Event of Default shall occur as a result
thereof);

                  (ii) Sales of Assets. The Company will not sell, transfer,
lease or otherwise dispose of, or grant options, warrants or other rights with
respect to, any of its properties or assets to any person or entity, provided
that this clause (ii) shall not restrict any disposition made in the ordinary
course of business and consisting of

                        (a) capital goods which are obsolete or have no
remaining useful life; or

                        (b) finished goods inventories;

                  (iii) Redemptions. The Company will not redeem or repurchase
any outstanding equity securities of the Company, except for (a) repurchases of
unvested or restricted shares of Common Stock at cost from employees,
consultants or members of the Board of Directors pursuant to repurchase options
of the Company (1) currently outstanding or (2) hereafter entered into pursuant
to a stock option plan or restricted stock plan approved by the Company's Board
of Directors or (b) rescission offers appropriate to address violations of
applicable securities laws;

                  (iv) Indebtedness. The Company will hereafter not create,
incur, assume or suffer to exist, contingently or otherwise, any indebtedness
for borrowed money except that outstanding on the date hereof and indebtedness
of acquisition which have the prior approval of the Holder or its
representative;

                  (v) Negative Pledge. The Company will not hereafter create,
incur, assume or suffer to exist any mortgage, pledge, hypothecation,
assignment, security interest, encumbrance, lien (statutory or other),
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement and any financing lease) (each, a "Lien") upon any of its
property, revenues or assets, whether now owned or hereafter acquired, except:

                        (a) Liens granted to secure indebtedness incurred to
finance the acquisition (whether by purchase or capitalized lease) of tangible
assets, but only on the assets acquired with the proceeds of such indebtedness;

                        (b) Liens for taxes, assessments or other governmental
charges or levies not at the time delinquent or thereafter payable without
penalty or being contested in good faith by appropriate proceedings and for
which adequate reserves in accordance with GAAP shall have been set aside on its
books;

                        (c) Liens of carriers, warehousemen, mechanics,
materialmen and landlords incurred in the ordinary course of business for sums
not overdue or being contested in good

                                       4
<PAGE>

faith by appropriate proceedings and for which adequate reserves in accordance
with GAAP shall have been set aside on its books;

                        (d) Liens (other than Liens arising under the Employee
Retirement Income Security Act of 1974, as amended, or Section 412(n) of the
Internal Revenue Code of 1986, as amended) incurred in the ordinary course of
business in connection with workers' compensation, unemployment insurance or
other forms of governmental insurance or benefits, or to secure performance of
tenders, statutory obligations, leases and contracts (other than for borrowed
money) entered into in the ordinary course of business or to secure obligations
on surety or appeal bonds;

                        (e) judgment Liens in existence less than 30 days after
the entry thereof or with respect to which execution has been stayed; and

                        (f) those Liens in existence on the date hereof which
are specifically set forth on Schedule 4B(f) hereof.

                  (vi) Investments. The Company will not purchase, own, invest
in or otherwise acquire, directly or indirectly, any stock or other securities
or make or permit to exist any investment or capital contribution or acquire any
interest whatsoever in any other person or entity or permit to exist any loans
or advances for such purposes except for investments in direct obligations of
the United States of America or any agency thereof, obligations guaranteed by
the United States of America and certificates of deposit or other obligations of
any bank or trust company organized under the laws of the United States or any
state thereof and having capital and surplus of at least $500,000,000; provided,
however, that nothing contained in this clause (vi) shall preclude the Company
from making acquisitions, organizing subsidiaries, entering into joint ventures
or other business arrangements for the purpose of expanding its business.

                  (vii) Transactions with Affiliates. The Company will not enter
into any transaction, including, without limitation, the purchase, sale, lease
or exchange of property, real or personal, the purchase or sale of any security,
the borrowing or lending of any money, or the rendering of any service, with any
person or entity affiliated directly or indirectly with the Company (including
officers, directors and shareholders owning 5% or more of the Company's
outstanding capital stock), except in the ordinary course of and pursuant to the
reasonable requirements of its business and upon fair and reasonable terms not
less favorable than would be obtained in a comparable arms-length transaction
with any other person or entity not affiliated with the Company and, where the
transaction is valued at in excess of $50,000, with the prior consent of the
Holder or its representative, not to be unreasonably withheld or delayed.

                  (viii) Dividends. The Company will not declare or pay any cash
dividends or distributions on its outstanding capital stock.

                  (ix) Bainbridge Consulting. The Company shall not default in
its performance under a consulting agreement with Bainbridge Consulting, LLC.

                  (x) No Merger, etc. The Company will not engage in a merger,
consolidation, share exchange, acquisition, reorganization, declaration of
bankruptcy, change in voting control, sale of

                                       5
<PAGE>

voting control, or sale of substantially all of its assets or business in which
its current shareholders do not own at least 51% of the outstanding shares of
the surviving corporation or entity.

      5. Events of Default

            A. The term "Event of Default" shall mean any of the events set
forth in this Section 5A (the term "Company" for this purpose shall include all
subsidiaries of the Company):

                  (i) Non-Payment of Obligations. The Company shall default in
the payment of the principal or accrued interest of this Note as and when the
same shall become due and payable, whether by acceleration or otherwise for ten
(10) days.

                  (ii) Non-Performance of Affirmative Covenants. The Company
shall default in the due observance or performance of any covenant set forth in
Section 4A, which default shall continue uncured for thirty (30) days after
notice thereof.

                  (iii) Non-Performance of Negative Covenants. The Company shall
default in the due observance or performance of any covenant set forth in
Section 4B.

                  (iv) Bankruptcy, Insolvency, etc. The Company shall:

                        (a) admit in writing its inability to pay its debts as
they become due;

                        (b) apply for, consent to, or acquiesce in, the
appointment of a trustee, receiver, sequestrator or other custodian for the
Company or any of its property, or make a general assignment for the benefit of
creditors;

                        (c) in the absence of such application, consent or
acquiesce in, permit or suffer to exist the appointment of a trustee, receiver,
sequestrator or other custodian for the Company or for any part of its property;

                        (d) permit or suffer to exist the commencement of any
bankruptcy, reorganization, debt arrangement or other case or proceeding under
any bankruptcy or insolvency law, or any dissolution, winding up or liquidation
proceeding, in respect of the Company, and, if such case or proceeding is not
commenced by the Company or converted to a voluntary case, such case or
proceeding shall be consented to or acquiesced in by the Company or shall result
in the entry of an order for relief; or

                        (e) take any corporate or other action authorizing, or
in furtherance of, any of the foregoing.

                  (v) Acquisitions. (a) The Company shall fail to consummate the
Steelbanks acquisition substantially in accordance with the definitive agreement
therefor by April 30, 2004, and/or (b) the Company shall fail to enter into a
definitive agreement for the Bolton acquisition, or a substantially equivalent
acquisition, either of which agreements shall be subject to being reasonably
acceptable to the Placement Agent, by May 15, 2004; time being of the essence as
to both (A) and (B).

                                       6
<PAGE>

                  (vi) Cross-Default. The Company shall default in the payment
when due of any amount payable under any other obligation of the Company for
money borrowed in excess of $100,000.

            B. Action if Bankruptcy. If any Event of Default described in
clauses (iv)(a) through (d) of Section 5A shall occur, the outstanding principal
amount of this Note and all other obligations hereunder shall automatically be
and become immediately due and payable, without notice or demand.

            C. Action if Other Event of Default. If any Event of Default (other
than any Event of Default described in clauses (iv)(a) through (d) of Section
5A) shall occur for any reason, whether voluntary or involuntary, and be
continuing, for 30 days after notice, the Holder may, upon notice to the
Company, declare all or any portion of the outstanding principal amount of the
Note, together with interest accrued thereon, to be due and payable and any or
all other obligations hereunder to be due and payable, whereupon the full unpaid
principal amount hereof, such accrued interest and any and all other such
obligations which shall be so declared due and payable shall be and become
immediately due and payable, without further notice, demand, or presentment.

            D. Board of Directors. Upon the occurrence and during the
continuance of an Event of Default, the holder of this Note, and the holders of
similar notes (the "Noteholders"), shall be entitled to appoint a majority of
the Board of Directors of the Company. In order to facilitate exercise of this
right, the Company shall cause an increase, if necessary, in the size of its
Board of Directors such that the vacancies existing and thus created would
constitute a majority of the full Board of Directors. Such vacancies can be
filled by the Placement Agent acting as described in Section 6E of this Note,
unless and until contrary directions are provided by Noteholders holding a
majority in interest of the Notes. The Noteholder and its representative shall
be entitled to specific performance of this provision, in addition to any and
all other remedies.

      6. Miscellaneous.

            A. Parties in Interest. All covenants, agreements and undertakings
in this Note binding upon the Company or the Payee shall bind and inure to the
benefit of the successors and permitted assigns of the Company and the Payee,
respectively, whether so expressed or not.

            B. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York. Sections 5-1401 and 5-1402 of
the General Obligations Law of the State of New York shall apply to this Note
and the Company hereby waives any right to stay or dismiss on the basis of forum
non conveniens any action or proceeding brought before the courts of the State
of New York sitting in New York County or of United States of America for the
Southern District of New York and hereby submits to the jurisdiction of such
courts.

            C. Waiver of Jury Trial. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH,
THIS NOTE OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN
CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN), OR

                                       7
<PAGE>

ACTIONS OF THE PAYEE OR THE COMPANY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR
THE PAYEE'S PURCHASING THIS NOTE.

            D. Notice. All notices shall be in writing, and shall be deemed
given when actually delivered to a party at its address set forth herein
personally, by a reputable overnight messenger, or by receipted facsimile
transmission, if to the Company at 810.364.4367 and if to the Payee at
212.440.9668.

            E. The Placement Agent. The Placement Agent is the placement agent
for certain promissory notes, including the enclosed. The holder of this Note
has signed an Agency Appointment Agreement with the Agent that may affect the
exercise of the rights set forth herein.

            F. No Waiver. No delay in exercising any right hereunder shall be
deemed a waiver thereof, and no waiver shall be deemed to have any application
to any future default or exercise of rights hereunder.

                                       8
<PAGE>

            IN WITNESS WHEREOF, this Note has been executed and delivered on the
date specified above by the duly authorized representative of the Company.

                                 TARPON INDUSTRIES, INC.

                                 By:
                                     -------------------------------------

            The rights of the holder of this Note are subordinated to the
interests of Standard Federal Bank N.A. pursuant to the terms of a Subordination
Agreement dated August 11, 2004, between Eugene Welding Co., Tarpon Industries,
Inc., the Bank and the holder of this Note.

                                       9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]