Document:

EX-10.48

 

Exhibit 10.48

NATIONAL CITY CORPORATION

2004 DEFERRED COMPENSATION PLAN

Non-Elective Deferred Compensation Award Statement

     WHEREAS, National City Corporation (“Corporation”) has adopted the National City Corporation
2004 Deferred Compensation Plan (the “Plan”); and

     WHEREAS, Article IV of the Plan provides for the granting of Non-Elective Deferred
Compensation to Eligible Employees as selected from time to time by the Committee; and

     WHEREAS, any such award of Non-Elective Deferred Compensation shall be subject to such vesting
requirements and other restrictions as the Committee shall determine appropriate; and

     WHEREAS, the individual identified as Participant on the Cover Sheet that is attached hereto
and hereby made a part hereof (“Cover Sheet”) has been awarded Non-Electived Deferred Compensation
in the amount set forth on the Cover Sheet, subject to the terms set forth in this Non-Elective
Deferred Compensation Award Statement (this “Agreement”); and

     WHEREAS, Corporation desires reasonable protection for its confidential business information
and from competitive activity by Participant; and

     WHEREAS, Participant agrees to receive an award of Non-Elective Deferred Compensation under
the Plan subject to the terms of this Agreement;

     NOW, THEREFORE, pursuant to the Plan and the terms and conditions of this Agreement,
Corporation hereby awards to Participant on the date listed on the Cover Sheet as the “Award Date”
the amount of Non-Elective Deferred Compensation as is stated on the Cover Sheet as the “Amount of
Award” (the “Award”), subject to the terms and conditions of the Plan and to the following terms,
conditions, limitations and restrictions and the Corporation and Participant hereby agree as
follows:

     1. The Award represents the right to receive the stated amount of deferred compensation,
subject to the terms and conditions set forth in the Plan and this Agreement. The non-elective
deferred compensation will be credited to Participant in an unfunded bookkeeping account maintained
in accordance with Article V of the Plan (the “Account”).

     2. The Award shall vest on the earlier of the “Vesting Date” set forth in the Cover Sheet, a
Change in Control (as hereinafter defined), or Participant’s death or Disability (as hereinafter
defined), provided such event occurs prior to termination of employment (“Vesting Date”). Upon the
occurance of any such vesting event, the Award (as adjusted for any gains and/or losses under the
terms of the Plan) shall be non-forfeitable and shall be distributed to Participant at such time as
is determined under the Plan except as set forth in the Cover Sheet. The Award or any portion of
the Award that has not vested as of the latest vesting date set forth on the Cover Sheet shall be
forfeited and such forfeited Award (or portion thereof), as adjusted for any earnings (losses) on
such Award (or portion thereof), shall be debited from the Participant’s unfunded bookkeeping
account.

     3. Participant acknowledges and agrees that in the performance of his duties of employment
with Employer he may be in contact with customers, potential customers and/or information about
customers or potential customers of Employer either in person, through the mails, by telephone or
by other electronic means. Participant also acknowledges and agrees that trade secrets and
Confidential Information of Employer, as defined in Section 3(c) of this Agreement, gained by
Participant during his employment with Employer, have been developed by Employer through
substantial expenditures of time, effort and financial resources and constitute valuable and unique
property of Employer. Participant further understands, acknowledges and agrees that the foregoing
makes it necessary for the protection of Employer’s businesses that Participant not divert business
or customers from Employer and that Participant maintain the confidentiality and integrity of the
Confidential Information as hereinafter defined:

          (a) Participant agrees that he will not, during his employment by Employer and for a period
of one (1) year after Termination Date, no matter how terminated (the “Business Protection
Period”):

          (i) directly or indirectly solicit, divert, entice or take away any customers,
business, patronage or orders from any customers, clients or businesses with whom
Participant has had contact, involvement or responsibility during Participant’s employment
with the Employer, or attempt to do so, on behalf of
any person (including Participant), firm association or corporation for the sale of any
product or service that is the same,

 

 

NATIONAL CITY CORPORATION

2004 DEFERRED COMPENSATION PLAN

Non-Elective Deferred Compensation Award Statement

similar to or a substitute for, any product or service
offered by Employer,

          (ii) directly or indirectly solicit, divert, entice or take away any potential
customer identified, selected or targeted by Employer with whom Participant has had
contact, involvement or responsibility during his or her employment with Employer, or
attempt to do so, for the sale of any product or service that is the same, similar to or a
substitute for, any product or service offered by Employer, or

          (iii) accept or provide assistance in the accepting of (including, but not limited to,
providing any service, information, assistance or other facilitation or other involvement)
business, patronage or orders from customers or any potential customers of Employer with
whom Participant has had contact, involvement or responsibility on behalf of any person
(including Participant), firm, association or corporation.

Nothing contained in this Section 3(a) shall preclude Participant from accepting employment with
a company, firm, or business that competes with Employer so long as Participant’s activities do
not violate the provisions of Sections 3(a)(i), 3(a)(ii) or 3(a)(iii) above or any of the
provisions of Sections 3(b) and 3(c) below.

          (b) Participant agrees that he will not directly or indirectly at any time during or after
the term of this Agreement solicit, induce, confer or discuss with any employee of the Employer
or attempt to solicit, induce, confer or discuss with any employee of the Employer the prospect
of leaving the employ of the Employer, termination of his or her employment with the Employer,
or the subject of employment by some other person or organization. Participant further agrees
that he will not directly or indirectly at any time during or after the term of this Agreement
hire or attempt to hire any employee of the Employer.

          (c) Participant will keep in strict confidence, and will not, directly or indirectly, at
any time during or after the term of this Agreement, disclose, furnish, disseminate, make
available or use (except in the course of performing his duties of employment with the Employer)
any trade secrets or confidential business or technical information of the Employer or
Employer’s customers (the “Confidential Information”), without limitation as to when or how
Participant may have acquired such information. The Confidential Information shall include the
whole or any portion or phase of any scientific or technical information, design, process,
procedure, formula, pattern, compilation, program, device, method, technique or improvement, or
any business information or plans, financial information, or listing of names, addresses or
telephone numbers, including without limitation, information relating to Employer’s customers or
prospective customers, Employer’s customer lists, contract information including terms, pricing
and services provided, information received as a result of customer contacts, Employer’s
products and processing capabilities, methods of operation, business plans, financials or
strategy, and agreements to which Employer may be a party. The Confidential Information shall
not include information that is or becomes publicly available other than as a result of
disclosure by Participant. Participant specifically acknowledges that the Confidential
Information, whether reduced to writing or maintained in the mind or memory of Participant and
whether compiled by Employer and/or Participant, 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, that reasonable efforts have been put forth by Employer to maintain
the secrecy of such information, that such information is the sole property of Employer and that
any retention and use of such information during or after Participant’s employment with Employer
(except in the course of performing his duties of employment with Employer) shall constitute a
misappropriation of Employer’s trade secrets. Participant further agrees that, at the time of
termination of his employment he will return to
Employer, in good condition, all property of Employer, including, without limitation, the
Confidential Information. In the event that said items are not so returned, Employer shall have
the right to charge Participant for all reasonable damages, costs, attorney’s fees and other
expenses incurred in searching for, taking, removing, and/or recovering such property. If
Participant is requested or required (either verbally or in writing) to disclose any

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NATIONAL CITY CORPORATION

2004 DEFERRED COMPENSATION PLAN

Non-Elective Deferred Compensation Award Statement

Confidential Information, he shall promptly notify Employer of this request and he shall
promptly provide Employer with a copy of the written request or a description of any verbal
request so that Employer may seek a protective order or other appropriate remedy. If a
protective order or other appropriate remedy is not obtained in a reasonable period of time,
Participant may furnish only that portion of the Confidential Information that Participant is
legally required to disclose.

     4. During the Business Protection Period (and for any extended period as provided in Section 5
below) Participant agrees to communicate the contents of this Agreement to any person, firm,
association, or corporation that Particpant intends to be employed by, associated with, or
represent.

     5. If it shall be judicially determined that the Participant has violated any of his
obligations under Section 3 of this Agreement, then the period applicable to the obligation which
he shall have been determined to have violated shall automatically be extended by a period of time
equal in length to the period during which said violation(s) occurred.

     6. Particpant acknowledges and agrees that the remedy at law available to Employer for breach
of any of his obligations under this Agreement would be inadequate, and agrees and consents that in
addition to any other rights or remedies that Employer may have at law or in equity, temporary and
permanent injunctive relief may be granted in any proceeding that may be brought to enforce any
provision contained in Sections 3 through 5 of this Agreement, without the necessity of proof of
actual damage.

     7. Participant acknowledges that Participant’s obligations under this Agreement are
reasonable in the context of the nature of Employer’s businesses and that competitive injuries
likely to be sustained by Employer if Participant violated such obligations. Participant further
acknowledges that this Agreement is made in consideration of, and is adequately supported by the
Award, which Participant acknowledges constitutes new and good, valuable and sufficient
consideration.

     8 It is expressly understood and agreed that although Participant and Corporation consider the
restrictions contained in Section 3 hereof to be reasonable, if a final judicial determination is
made by a court of competent jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unenforceable restriction against Participant, the provisions of
this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such maximum extent as such court may judicially determine or indicate to
be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction
contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make
it enforceable, such finding shall not affect the enforceability of any of the other restrictions
contained herein.

     9. The failure of Employer to enforce any provision of this Agreement shall not be construed
to be a waiver of such provision or of the right of the Employer thereafter to enforce each and
every provision.

     10. All capitalized terms used but not defined in this Agreement shall have the meaning
ascribed to such terms as set forth in the Plan.

     11. As used in this Agreement, “Disability” means the inability, by reason of a medically
determinable physical or mental impairment, to engage in substantial and gainful activity for a
continuous period of 26 weeks or more as determined by the Board.

     12. Change in Control shall mean the occurrence of any of the following events:

     (a) the Corporation is merged, consolidated or reorganized into or with a Person, and as
a result of such merger, consolidation or reorganization less than sixty-five percent of the
combined voting power of the
then-outstanding securities of such corporation or person immediately after such transaction are
held in the aggregate by the holders of Voting Stock of the Corporation immediately prior to
such transaction;

     (b) the Corporation sells or otherwise transfers all or substantially all of its assets
to another Person, and as a result of such sale or transfer less than sixty-five percent of the
combined voting power of the then-outstanding Voting Stock of
such corporation or person
immediately after such sale or transfer is held in the aggregate by the holders of Voting Stock
of

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NATIONAL CITY CORPORATION

2004 DEFERRED COMPENSATION PLAN

Non-Elective Deferred Compensation Award Statement

the Corporation immediately prior to such sale or transfer;

     (c) any individual, entity or group (within the meaning of Section 13(d)(3) or Section
14(d)(2) of the Exchange Act) becomes the beneficial owner (as the term “beneficial owner” is
defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act)
of securities representing more than fifteen percent (15%) of the Voting Stock of the
Corporation provided, however, that:

   (i) for purposes of this Section 12(c), the following acquisitions shall not constitute a
Change in Control: (A) any acquisition of the Voting Stock of the Corporation directly from
the Corporation that is approved by a majority of the Incumbent Directors (defined below), (B)
any acquisition of the Voting Stock of the Corporation by the Corporation, and (C) any
acquisition of the Voting Stock of the Corporation by a trustee or other fiduciary holding
securities under any employee benefit plan (or related trust) sponsored or maintained by the
Corporation or any Subsidiary of the Corporation;

   (ii) if any Person is or becomes the beneficial owner of 15% or more of the combined
voting power of the then-outstanding Voting Stock of the Corporation as a result of a
transaction described in clause (A) of Section 12(c)(1) above and such Person thereafter
becomes the beneficial owner of any additional shares of the Voting Stock of the Corporation
representing 1% or more of the then-outstanding the Voting Stock of the Corporation, other
than in an acquisition directly from the Corporation that is approved by a majority of the
Incumbent Directors or other than as a result of a stock dividend, stock split or similar
transaction effected by the Corporation in which all holders of the Voting Stock of the
Corporation are treated equally, such subsequent acquisition shall be treated as a Change in
Control unless exempted by Section 12(c)(iv) below;

   (iii) a Change in Control will not be deemed to have occurred if a Person is or becomes
the beneficial owner of 15% or more of the Voting Stock of the Corporation as a result of a
reduction in the number of shares of the Voting Stock of the Corporation outstanding pursuant
to a transaction or series of transactions that is approved by a majority of the Incumbent
Directors unless and until such Person thereafter becomes the beneficial owner of any
additional shares of the Voting Stock of the Corporation representing 1% or more of the
then-outstanding Voting Stock of the Corporation, other than as a result of a stock dividend,
stock split or similar transaction effected by the Corporation in which all holders of the
Voting Stock of the Corporation are treated equally; and

   (iv) if within 45 days of first learning a Person has acquired or is to acquire
beneficial ownership of 15% or more of the Voting Stock of the Corporation the Board by
majority vote of the Incumbent Directors (i) determines that a Person’s acquisition of
beneficial ownership of 15% or more of the Voting Stock of the Corporation does not constitute
a Change in Control and (ii) establishes a limit (such limit to be less than 50% of the Voting
Stock of the Corporation) as to the maximum number of shares such Person may acquire before a
Change in Control shall be deemed to have occurred, then no Change in Control shall have
occurred as a result of such Person’s applicable acquisition(s);

     (d) if, during any period of two consecutive years, individuals who at the beginning of
any such period constitute the Directors of the Corporation (“Incumbent Directors”) cease for
any reason to constitute at least a majority thereof; provided, however, that for purposes of
this clause (d) each Director who is first elected, or first nominated for election by the
Corporation’s stockholders, by a vote of at least two-thirds of the Directors of the Corporation
(or a committee thereof) then still in office who were Directors of the Corporation at the
beginning of any such period will be deemed to have been a Director of the Corporation at the
beginning of such period; or

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

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NATIONAL CITY CORPORATION

2004 DEFERRED COMPENSATION PLAN

Non-Elective Deferred Compensation Award Statement

     (f) Notwithstanding the foregoing provisions of Section 12(a), 12(b) or 12(d), in the case
where the individuals who constitute the Incumbent Directors at the time a specific transaction
described in Section 12(a) or 12(b) is first presented or disclosed to the Board, will, by the
terms of the definitive agreement for that transaction, constitute at least fifty percent (50%)
of the resulting corporation’s or Person’s directors immediately following consummation of such
transaction, provided that such resulting corporation’s or Person’s directors are not subject to
removal following the consummation of the transaction as a result of the terms and conditions of
the transaction, then, prior to the occurrence of any event that would otherwise constitute a
Change in Control under Section 12(a) 12(b) or 12(d), the Board may determine by majority vote
of the Incumbent Directors that the specific transaction does not constitute a Change in Control
under Sections 12(a), 12(b) and/or 12(d).

     (g) Notwithstanding the foregoing, in the event a Change in Control ultimately results
from discussions or negotiations involving Corporation or any of its officers or directors, the
“Effective Date” of such Change in Control shall be the date uninterrupted discussions or
negotiations commenced; otherwise, such Effective Date or Change in Control shall be the
Implementation Date of such Change in Control.

          (h) The “Implementation Date” shall be the earliest to occur of the events specified in
Sections 12(a) through 12(e).

     13. By entering into this Agreement and accepting the Award, Participant acknowledges that:
(a) the Plan is discretionary and may be modified, suspended or terminated by the Corporation at
any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not
create any contractual or other right to receive future grants of awards or benefits in lieu of
awards; (c) all determinations with respect to any such future awards, including, but not limited
to, the times when awards will be granted, the amount of such awards, and the vesting of such
awards, will be at the sole discretion of the Corporation; (d) Participant’s participation in the
Plan is voluntary; (e) the value of the Award is an extraordinary item which is outside the scope
of Participant’s employment contract, if any; (f) the Award is not part of normal or expected
compensation for any purpose, including without limitation for calculating any benefits, severance,
resignation, termination, bonuses, pension or retirement benefits or similar payments; (g) neither
the Plan nor the grant of the Award confers upon Participant any right to continue in the employ of
(or any other relationship with) Employer, nor do they limit in any respect the right of Employer
to terminate Participant’s employment or other relationship with Employer, at any time and
furthermore, the grant of the Award will not be interpreted to form an employment contract between
Participant and Employer.

     14. It is the Participant’s responsibility to execute this Agreement (the “Executed
Agreement”) and deliver the Executed Agreement to the Corporate Human Resources Department at the
address listed on the Cover Sheet. If the Executed Agreement is not received by the Corporate
Human Resources Department within 90 days after the Award Date, this Award will terminate and this
Agreement will be null and void.

     15. The Participant agrees that any action, claim, counterclaim, cross claim, proceeding, or
suit, whether at law or in equity, whether sounding in tort, contract, or otherwise at any time
arising under or in connection with this Agreement, the administration, enforcement, or negotiation
of this Agreement, or the performance of any obligations in
respect of this Agreement (each such action, claim, counterclaim, cross claim, proceeding, or suit,
an “Action”) shall be brought exclusively in a federal court or state court located in the city of
Cleveland, Ohio. Each of the parties hereby unconditionally submit to the jurisdiction of any such
court with respect to each such Action and hereby waive any objection each of the parties may now
or hereafter have to the venue of any such Action brought in any such court.

     16. Sections 3 though 9, 15 and 17 shall survive the termination of this Agreement.

     17. This Agreement shall be construed in accordance with, and governed by the internal
substantive laws of the State of Ohio.

Page 5EX-10.22

 

Exhibit 10.22

OLYMPIC STEEL, INC.

OLYMPIC STEEL, INC. 2007 OMNIBUS INCENTIVE PLAN

PERFORMANCE-EARNED RESTRICTED STOCK UNIT (PERS UNIT) AGREEMENT

     THIS PERFORMANCE-EARNED RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), is entered into as
of this 1st day of May, 2007 (the “Effective Date”), by and between Olympic Steel, Inc., an Ohio
corporation (the “Company”), and                      (the “Grantee”).

WITNESSETH:

     WHEREAS, the Compensation Committee of the Board of Directors (the “Compensation Committee”)
administers the Olympic Steel, Inc. 2007 Omnibus Incentive Plan (the “Plan”); and

     WHEREAS, the Committee desires to provide the Grantee with Performance-Earned Restricted Stock
Units under the Plan upon the terms and conditions set forth in this Agreement;

     NOW, THEREFORE, the Company and the Grantee agree as follows:

     1. Definitions. Unless the context otherwise indicates, the following words used
herein shall have the following meanings wherever used in this Agreement;

     (a) The words “Good Cause” mean a reasonable determination by the Board made in good
faith (without the participation of the Grantee), pursuant to the exercise of its business
judgment, that any one of the following events has occurred:

	 	(i)	 	Grantee is found by the Board to have engaged
in (1) willful misconduct, (2) willful or gross neglect, (3) fraud, (4)
misappropriation, or (5) embezzlement in the performance of his duties
as an employee of the Company;
	 
	 	(ii)	 	Grantee has materially breached any restrictive
covenant between him and the Company including, but not limited to, any
restrictive covenants regarding non-competition, non-solicitation or
confidentiality or any material provision of any employment agreement
with the Company 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;
	 
	 	(iii)	 	Grantee 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;

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	 	(iv)	 	Grantee 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
Grantee knew or should have known that such statements were false or
inaccurate in any material respect;
	 
	 	(v)	 	Grantee 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 Grantee’s employment for Cause, and the Board concurs in that
recommendation; or
	 
	 	(vi)	 	Grantee is found by the Board to have engaged
in a material violation of the Code of Conduct of the Company as then
in effect.

     (b) The words “Performance Period” mean the period set forth on Exhibit A of this
Agreement.

     (c) The words “Performance Requirements” mean the performance requirements as set forth
on Exhibit A of this Agreement.

Notwithstanding this Section 1 and, unless otherwise specified in the Agreement, capitalized terms
shall have the meanings attributed to them under the Plan.

     2. Grant of Performance-Earned Restricted Stock Units. As of the Effective Date, the
Company grants to the Grantee, upon the terms and conditions set forth in this Agreement, the right
to receive Common Shares after the completion of the Performance Period provided that the
Performance Requirements have been achieved at the end of the Performance Period as set forth on
Exhibit A (“Performance-Earned Restricted Stock Units” or “PERS Units”). The PERS Units are
granted in accordance with, and subject to, all the terms, conditions and restrictions of the Plan,
which is hereby incorporated by reference in its entirety. The Grantee irrevocably agrees to, and
accepts, the terms, conditions and restrictions of the Plan and this Agreement on his own behalf
and on behalf of any heirs, successors and assigns.

     3. Restrictions on PERS Units. The Grantee cannot sell, transfer, assign, hypothecate
or otherwise dispose of the PERS Units or pledge them as collateral for a loan. In addition, the
PERS Units will be subject to such other restrictions as the Compensation Committee deems necessary
or appropriate.

     4. Extraordinary Dividends on PERS Units. If Common Shares are issued after the
Performance Period, they will be credited with any extraordinary dividends paid during the period
commencing with the beginning date of the Performance Period and ending on the date of issuance of
the Common Shares, which shall be paid only in the event that the Performance Requirements are
satisfied. If the Performance Requirements are not satisfied, no extraordinary dividends shall be
paid. The Compensation Committee shall have the sole authority to determine

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whether a dividend is extraordinary and its decision shall be final and conclusive with respect to
payment of extraordinary dividends under this Agreement.

     5. Termination of Employment.

     (a) Normal or Early Retirement, Death, or Total Disability. If the Grantee
terminates employment as a result of a Normal or Early Retirement, death or Disability while
an employee of the Company, its Subsidiaries or Affiliates or dies or becomes totally
disabled within thirty (30) days of the Grantee’s having ceased to be such an employee by
reason of involuntary termination of employment not for Good Cause and prior to the last day
of the Performance Period, the Grantee (or his or her Beneficiary or Beneficiaries) shall be
entitled to a prorated issuance of Common Shares calculated by multiplying (x) by (y) where:

     (x) is the number of Common Shares, if any, that would have been earned by the Grantee
as the result of the satisfaction of the Performance Requirements set forth on Exhibit A;
and

     (y) is the number of months that the Grantee was employed (rounded up to the nearest
whole number) during the Performance Period divided by thirty-two (32).

The Compensation Committee shall determine in its sole and exclusive discretion whether the
Grantee’s employment with the Company, its Subsidiaries and Affiliates has terminated
because of his or her Disability. The issuance of Common Shares, if any, for the pro-rated
award shall be at the same time as the issuance of Common Shares under Section 7 of this
Agreement.

     (b) Reasons Other Than Normal or Early Retirement, Death or Disability. If the
Compensation Committee determines in its sole and exclusive discretion that the Grantee’s
employment with the Company, its Subsidiaries and Affiliates has terminated prior to the end
of the Performance Period for reasons other than those described in subsection (a) above,
the Grantee will forfeit his PERS Units and any right to receive Common Shares under this
Agreement except that in the case of an involuntary termination of employment not for Good
Cause, the PERS Units and issuance of Common Shares may not be forfeited if so provided
pursuant to any severance agreement entered into between the Grantee and the Company. If
the PERS Units are forfeited, the Grantee will have no further interests under this
Agreement.

     6. Change in Control. If a Change in Control as defined in the Plan has occurred
prior to the end of the Performance Period:

	 	(a)	 	the Performance Requirements shall be deemed to have been
satisfied at the greater of either the target level of the Performance
Requirements as set forth on Exhibit A as if the entire Performance Period had
elapsed or the level of actual achievement of the Performance Requirements as
of the date of the Change in Control; and
	 
	 	(b)	 	the appropriate amount of Common Shares, or if the Grantee so
elects, cash, determined in accordance with subparagraph (a) above shall be

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	 	 	 	issued or paid to the Grantee not later than 30 days after the date of the
Change in Control.

     7. Issuance of Common Shares. As soon as practicable after the satisfaction of the
Performance Requirements:

	 	(a)	 	with respect to Common Shares earned under Section 5 or 6 above, the
Company will immediately deliver to the Grantee (or his or her Beneficiary or
Beneficiaries) the Common Shares to which Grantee is entitled free and clear of
any restrictions (except any applicable securities law restrictions); and
	 
	 	(b)	 	with respect to Common Shares otherwise earned under this
Agreement, the Company will issue to the Grantee the Common Shares to which
Grantee is entitled subject to the one-year no sale restriction set forth in
Section 8 below and any applicable securities law restrictions.

Notwithstanding anything in this Agreement to the contrary, Common Shares will be issued not later
than two and one-half (2 1/2) months after the year in which the Performance Requirements are
satisfied.

     8. One-Year Holding Period for Common Shares. Except as elected by the Grantee to
satisfy withholding tax obligations as set forth at the end of this Agreement, Grantee agrees to
not sell, transfer, or otherwise dispose of the Common Shares issued pursuant to this Agreement
during the period beginning on the last day of the Performance Period and ending on the first
anniversary of such date; provided, however, that such one year holding period shall not apply if
the Grantee is entitled to Common Shares as a result of Normal or Early Retirement, Death or Total
Disability pursuant to Section 5(a) or a Change in Control pursuant to Section 6 above. Any such
Common Shares issued to the Grantee will bear a legend specifying the one-year no sale restriction.
If the Company so directs, the Common Shares may be held in escrow by the Company or a third party
designated by the Company until the lapse of the one year holding period.

     9. Voting Rights. The Grantee will not have any voting rights as a result of the
award of the PERS Units and shall only have the right to vote Common Shares once they have been
actually issued.

     10. Designation of Beneficiary. By properly executing and delivering a Designation of
Beneficiary Form to the Company, the Grantee may designate an individual or individuals as his or
her Beneficiary or Beneficiaries under the Plan. In the event that the Grantee fails to properly
designate a Beneficiary, his or her interests under the Plan will pass to the person or persons in
the first of the following classes in which there are any survivors: (i) spouse at the time of
death; (ii) issue, per stirpes; (iii) parents; and (iv) the executor or administrator of estate.
Except as the Company may determine in its sole and exclusive discretion, a properly completed
Designation of Beneficiary Form shall be deemed to revoke all prior designations upon its receipt
and approval by the Designated Representative.

     11. Non-Transferability and Legends. When issued, if the Common Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”), they may not be sold,
transferred or otherwise disposed of unless a registration statement under the Act with respect to

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the Common Shares has become effective or unless the Grantee establishes to the satisfaction of the
Company that an exemption from such registration is available. The Common Shares will bear a
legend stating the substance of such restrictions, as well as any other restrictions the
Compensation Committee deems necessary or appropriate.

     12. Termination of Agreement. This Agreement will terminate on the earliest of: (1)
the last day of the Performance Period if the Performance Requirements are not satisfied; (2) the
date of the Grantee’s termination of employment with the Company, its Subsidiaries and Affiliates
for reasons other than Early or Normal Retirement, death, or Total Disability as set forth in
Section 5(b) above prior to the last day of the Performance Period; or (3) the date that Common
Shares are issued to the Grantee. Any terms or conditions of this Agreement that the Company
determines are reasonably necessary to effectuate its purposes will survive the termination of this
Agreement.

     13. Miscellaneous Provisions.

	 	a.	 	Effect of Corporate Reorganization or Other Changes
Affecting Number or Kind of Common Shares. The provisions of this
Agreement will be applicable to the PERS Units, Common Shares and or other
securities which may be acquired by the Grantee as a result of a liquidation,
recapitalization, reorganization, redesignation or reclassification, split-up,
reverse split, merger, consolidation, Common Shares dividend, combination or
exchange of PERS Units or Common Shares, exchange for other securities, a sale
of all or substantially all assets or the like. The Committee may
appropriately adjust the number and kind of shares under the PERS Units or
Common Shares set forth in this Agreement to reflect such a change.
	 
	 	b.	 	Successors and Legal Representatives. This Agreement
will bind and inure to the benefit of the Company and the Grantee, and their
respective successors, assigns and legal representatives.
	 
	 	c.	 	Integration. This Agreement, together with the Plan,
constitutes the entire agreement between the Grantee and the Company with
respect to the subject matter hereof, and may not be modified, amended, renewed
or terminated, nor may any term, condition or breach of any term or condition
be waived, except pursuant to the terms of the Plan or by a writing signed by
the person or persons sought to be bound by such modification, amendment,
renewal, termination or waiver. Any waiver of any term, condition or breach
thereof will not be a waiver of any other term or condition or of the same term
or condition for the future, or of any subsequent breach.
	 
	 	d.	 	Notice. Any notice relating to this grant must be in
writing.
	 
	 	e.	 	No Employment Right Created. Nothing in this Agreement
will be construed to confer upon the Grantee the right to continue in the
employment or service of the Company, its Subsidiaries or Affiliates, or to be
employed or serve in any particular position therewith, or affect any

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	 	 	 	right which the Company, its Subsidiaries or an Affiliate may have to
terminate the Grantee’s employment or service with or without cause.
	 
	 	f.	 	Separability. In the event of the invalidity of any
part or provision of this Agreement, such invalidity will not affect the
enforceability of any other part or provision of this Agreement.
	 
	 	g.	 	Section Headings. The section headings of this
Agreement are for convenience and reference only and are not intended to
define, extend or limit the contents of the sections.
	 
	 	h.	 	Amendment, Waiver and Revocation of Terms. The
Compensation Committee may waive any term or condition in this Agreement that
could have been excluded on the date of grant. No such waiver will be deemed
to be a waiver of similar terms under other agreements. The Compensation
Committee may amend this Agreement to include or exclude any provision which
could have been included in, or excluded from, this Agreement on the date of
grant, but only with the Grantee’s written consent. Similarly, the
Compensation Committee may revoke this Agreement at any time except that, after
execution of the Agreement and its delivery to the Company, revocation may only
be accomplished with the Grantee’s written consent.
	 
	 	i.	 	Plan Administration. The Plan is administered by the
Compensation Committee, which has sole and exclusive power and discretion to
interpret, administer, implement and construe the Plan and this Agreement. All
elections, notices and correspondence relating to the Plan should be directed
to the Chairman of the Compensation Committee at:

Olympic Steel, Inc.

5096 Richmond Road

Bedford Heights, Ohio 44146

	 	j.	 	Governing Law. Except as may otherwise be provided in
the Plan, this Agreement will be governed by, construed and enforced in
accordance with the internal laws of the State of Ohio, without giving effect
to its principles of conflict of laws.
	 
	 	k.	 	Incapacity. If the Compensation Committee determines
that the Grantee is incompetent by reason of physical or mental disability or a
person incapable of handling his or her property, the Compensation Committee
may deal directly with or direct any payment or distribution to the guardian,
legal representative or person having the care and custody of the incompetent
or incapable person. The Compensation Committee may require proof of
incompetence, incapacity or guardianship, as it may deem appropriate before
making any payment or distribution. In the event of a payment or distribution,
the Compensation Committee will have no obligation thereafter to monitor or
follow the application of the Shares distributed or amounts so paid. Payments
or distributions made pursuant

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	 	 	 	to this paragraph shall completely discharge the Company with respect to
such payments or distributions.
	 
	 	l.	 	Code Section 409A. It is intended that this Agreement
and the compensation and benefits hereunder either be exempt from, or comply
with, Internal Revenue Code Section 409A, and this Agreement shall be so
construed and administered. In the event that the Company reasonably
determines that any compensation or benefits payable under this Agreement may
be subject to taxation under Section 409A, the Company, after consultation with
the Grantee, shall have the authority to adopt, prospectively or retroactively,
such amendments to this Agreement or to take any other actions it determines
necessary or appropriate to (a) exempt the compensation and benefits
payable            under this Agreement from Section 409A or (b) comply with the
requirements of Section 409A. In no event, however, shall this section or any
other provisions of this Agreement be construed to require the Company to
provide any gross-up for the tax consequences of any provisions of, or payments
under, this Agreement and the Company shall have no responsibility for tax
consequences to Grantee (or his beneficiary) resulting from the terms or
operation of this Agreement.

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     IN WITNESS WHEREOF, THE Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Grantee has hereunto set his hand.

	 	 	 	 	 	 	 	 	 	 	 
	Grantee	 	 	 	Olympic Steel, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	Its:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

Mandatory Sale of Common Shares to Satisfy Tax Obligations. By checking one of the
boxes below for either minimum or maximum income tax withholding and signing below, the
Grantee irrevocably elects that, upon satisfaction of the Performance Requirements, the
Compensation Committee shall cause to be sold a portion of the Common Shares sufficient to
satisfy

	 	o	 	the minimum statutory tax liability for federal, state and local
withholding taxes; or
	 
	 	o	 	the maximum tax liability based on the highest marginal federal, state and
local income taxes rates

of the Grantee resulting from satisfaction of the Performance Requirements.
The Grantee represents that, as of the date set forth below, he or she is
not aware of any material nonpublic information about the Company or its
securities. The Grantee will provide such irrevocable stock power or
additional information and documentation as the Company deems necessary to
complete such sale. The Compensation Committee will cause the proceeds of
such sale to be delivered to the appropriate taxing authorities in
satisfaction of such tax liabilities.

	 	 	 	 	 
	 

	 	 

Grantee
	 	 
	 
	 	 	 	 
	 

	 	 

Date
	 	 

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EXHIBIT A

PERFORMANCE REQUIREMENTS FOR

THE PERFORMANCE PERIOD

COMMENCING May 1, 2007

AND ENDING December 31, 2009

	1.	 	Performance Requirements.
	 
	 	 	The Performance Requirements for the Performance Period shall be based on ROIC and EBITDA.

	 	a.	 	ROIC shall mean the Company’s return on invested capital for the Performance
Period and shall be determined by dividing (i) by (ii), where:

	 	(i)	 	is the Company’s EBITDA for the Performance Period which shall
be equal to the sum of (A), (B) and (C) below where:

	 	(A)	 	is the Company’s EBITDA for the period
commencing May 1, 2007 and ending December 31, 2007 multiplied by a
fraction where the numerator is twelve (12) and the denominator is
eight (8); and
	 
	 	(B)	 	is the Company’s EBITDA for the period
commencing January 1, 2008 and ending December 31, 2008; and
	 
	 	(C)	 	is the Company’s EBITDA for the period
commending January 1, 2009 and ending December 31, 2009; and

	 	(ii)	 	is the Company’s Average Invested Capital for the Performance Period
which shall be equal to the sum of (A), (B) and (C) below where:

	 	(A)	 	is equal to the Average Invested Capital for
the period commencing May 1, 2007 and ending December 31, 2007; and
	 
	 	(B)	 	is equal to the Average Invested Capital for
the period commencing January 1, 2008 and ending December 31, 2008; and
	 
	 	(C)	 	is equal to the Average Invested Capital for
the period commending January 1, 2009 and ending December 31, 2009.

	 	b.	 	The Company’s Average Invested Capital for any of the periods described above
in a. (ii) shall be determined by the addition of the Company’s total shareholder’s
equity (common and preferred) and institutional long-term and short-term debt as of the
first day and last day of each period and dividing the sum by two (2).
	 
	 	c.	 	EBITDA shall mean the earnings of the Company before interest, taxes,
depreciation and amortization for the Performance Period.

	 	 	ROIC and EBITDA shall be determined based on the Company’s audited financial statements, or,
if there are no audited financial statements, then based on the Company’s financial
statements as prepared in accordance with generally accepted accounting principles and shall
be determined after taking into account the expense of providing for

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	 	 	all awards payable for the Performance Period. The determination of ROIC and EBITDA shall
be made by the Compensation Committee and shall be final and binding in all respects on the
Grantee and his or her Beneficiaries.
	 
	2.	 	Minimum Performance Requirement.
	 
	 	 	There shall be no issuance of Common Shares under the PERS Units unless total EBITDA for the
Performance Period equals at least $80,000,000 (“Minimum Performance Requirement”). If the
Minimum Performance Requirement is achieved, Shares may be issued to the Grantee
provided that the threshold Performance Requirements are achieved for ROIC or EBITDA as set
forth below.
	 
	3.	 	Calculation of Performance Earned Shares.
	 
	 	 	Provided that the Minimum Performance Requirement has been met, the Grantee shall be
entitled to a number of Common Shares calculated by multiplying (a) by (b) and dividing such
result by (c) where:

	 	(a)	 	equals the sum of the Percentage of Base Salary under the ROIC
Table and EBITDA Table below based upon the level of actual achievement of the
Percentage of ROIC or amount of EBITDA;
	 
	 	(b)	 	equals the Grantee’s base salary at the beginning of the
Performance Period; and
	 
	 	(c)	 	equals the closing price of a Share on the first day of the
Performance Period.

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Tier 1 — Target equals

35% of Base Salary

ROIC Table

	 	 	 	 	 	 	 	 	 
	 	 	Percentage of ROIC	 	Percentage of Base Salary
	 

	 	Less than 6%
	 	 	0	%
	Threshold

	 	 	6	%	 	 	8.8	%
	 

	 	 	7	%	 	 	10.2	%
	 

	 	 	8	%	 	 	11.7	%
	 

	 	 	9	%	 	 	13.1	%
	 

	 	 	10	%	 	 	14.6	%
	 

	 	 	11	%	 	 	16.0	%
	Target

	 	 	12	%	 	 	17.5	%
	 

	 	 	13	%	 	 	19.0	%
	 

	 	 	14	%	 	 	20.4	%
	 

	 	 	15	%	 	 	21.9	%
	 

	 	 	16	%	 	 	23.3	%
	 

	 	 	17	%	 	 	24.8	%
	Maximum

	 	 	18	%	 	 	26.25	%

Percentage of ROIC and Percentage of Base Salary will be pro-rated based on the above amounts.

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Tier 1 — Target equals

 35% of Base Salary

EBITDA Table

	 	 	 	 	 	 	 	 	 
	 	 	Amount of EBITDA	 	Percentage of Base Salary
	 

	 	Less than $80,000,000
	 	 	0	%
	Threshold

	 	$	80,000,000	 	 	 	13.1	%
	 

	 	$	88,888,889	 	 	 	14.6	%
	 

	 	$	97,777,778	 	 	 	16.0	%
	Target

	 	$	106,666,667	 	 	 	17.5	%
	 

	 	$	115,555,556	 	 	 	19.0	%
	 

	 	$	124,444,444	 	 	 	20.4	%
	 

	 	$	133,333,333	 	 	 	21.9	%
	 

	 	$	142,222,222	 	 	 	23.3	%
	 

	 	$	151,111,111	 	 	 	24.8	%
	Maximum

	 	$	160,000,000	 	 	 	26.25	%

Amount of EBITDA and Percentage of Base Salary will be pro-rated based on the above amounts.

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IRREVOCABLE STOCK POWER

     KNOW
ALL MEN BY THESE PRESENTS that for value received, the undersigned, ___ (the
“Transferor”), does hereby transfer to Olympic Steel, Inc. or its successor in interest (the
“Transferee”), all of the Common Shares, without par value, of Olympic Steel, Inc., an Ohio
corporation (the “Corporation”), which shares are or may be issued under the Performance-Earned
Restricted Unit (PERs Unit) Agreement between the Transferor and Transferee dated May 1, 2007 and
does hereby appoint the Transferee his true and lawful attorney, irrevocable for himself and in his
name and stead, to assign, transfer and set over, all or any part of the shares of Common Shares
hereby transferred to the Transferee, and for that purpose, to make and execute all necessary acts
of assignment and transfer, and one or more persons to substitute with like full power, hereby
ratifying and confirming all that his said attorney, or substitute or substitutes will lawfully do
by virtue hereof.

     IN
WITNESS WHEREOF, I have hereunto set my hand as of the ___ day of ___,
20___.

	 	 	 	 	 
	 

	 	 

TRANSFEROR
	 	 

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