Document:

<PAGE>

                                                                    EXHIBIT 10.5

                              BST ACQUISITION LTD.

                            FORM OF PROMISSORY NOTE

Date: May 14, 2004                                                CDN$800,000.00

      FOR VALUE RECEIVED, BST Acquisition Ltd. ("BST"), incorporated under the
laws of the Province of New Brunswick with its principal office and place of
business at 44 Chipman Hill, Suite 1000, P.O. Box 7289, Station "A", Saint John,
New Brunswick, E2L 2A9, PROMISES TO PAY to or to the order of Barry Seigel,
Jeffrey Greenberg and Mark Madigan (collectively, the "Vendors"), at the City of
Toronto or at such other place or places (and, if requested by the Vendors, in
such respective portions as among the Vendors) as the Vendors may designate in
writing from time to time, the principal amount of EIGHT HUNDRED THOUSAND
DOLLARS (Cdn. $800,000.00) in lawful money of Canada in instalments, as set
forth below, with interest on such amount at the rate, calculated in the manner
and payable at the times specified in this Note.

      This Note is being delivered by BST to the Vendors as evidence of BST's
obligation to pay the portion of the share purchase price payable to the Vendors
as set out in Section 2.3(b) of a share purchase agreement dated April 2, 2004
among the Vendors, Tarpon Industries, Inc. (the "Principal") and BST, as amended
by amending agreement dated May 5, 2004 (the "Share Purchase Agreement").

      The amounts remaining from time to time unpaid and outstanding under this
Note shall bear interest, both before and after the occurrence of an Event of
Default (as hereinafter defined) and before and after judgment to the date of
the payment in full of all such amounts, at the rate of 8% per annum. Interest
at such rate shall accrue annually and be calculated on the basis of the actual
number of days elapsed in a year of 365 days or 366 days, as the case may be.
Overdue interest shall bear interest at the same rate, calculated as aforesaid.

      BST covenants to make blended payments of principal and interest to the
Vendors in equal instalments, each in the amount of $15,000.00 (each such
payment to be applied first against accrued interest then outstanding with the
balance, if any, to be applied in reduction of principal then outstanding) on
the first day of each month or, if such day is not a Business Day (as defined in
the Share Purchase Agreement), then on the first Business Day immediately
thereafter, beginning July 1, 2004 until the earlier of (i) December 10, 2004,
and (ii) the date of the first sale pursuant to the initial public offering of
the shares in the capital of the Principal (the earlier of such dates being
referred to as the "Maturity Date"). On the Maturity Date, the remaining unpaid
principal amount under this Note, and all accrued and unpaid interest thereon,
shall be immediately due and payable.

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                                     - 2 -

      The Payee's realization rights under this Note shall be subject to (i) the
provisions with respect to subordination and ranking set forth in Section 2.3
(e) of the Share Purchase Agreement, and (ii) BST's right of set-off as
contained in Section 2.4 of the Share Purchase Agreement. In addition, BST shall
have the right (but without duplication) to set-off amounts owing to the Vendors
under this Note against any amounts owing by the Vendors to BST pursuant to the
Share Purchase Agreement.

      BST covenants and agrees that all amounts due and payable hereunder shall
be paid as and when due, in full, without any deduction, abatement or set-off
whatsoever, save and except to the extent otherwise specifically set out herein,
provided that BST shall have the right and privilege of prepaying the whole or
any portion of the amounts under this Note from time to time remaining unpaid
and outstanding at any time or times without notice, bonus or penalty.

      If an Event of Default (as hereinafter defined) occurs, then the whole of
the principal amount of this Note remaining unpaid, and all accrued and unpaid
interest thereon, shall be immediately due and payable upon demand.

      In this Note:

      "GSA" means the general security agreement dated the date hereof by
      Steelbank Inc. (the "Corporation") in favour of the Vendors, delivered
      pursuant to Section 2.3(b) of the Share Purchase Agreement.

      "Share Pledge Agreement" means the securities pledge agreement dated the
      date hereof by the Corporation and BST in favour of the Vendors, delivered
      pursuant to Section 2.3(b) of the Share Purchase Agreement.

      The occurrence of any of the following events shall constitute an "Event
of Default" for purposes of this Note:

1.    BST fails to pay any amount due to the Vendors under this Note when such
      amount becomes due and payable and such failure to pay such amount remains
      unremedied for two (2) calendar days;

2.    a default occurs under the Share Pledge Agreement;

3.    the Corporation defaults under the GSA;

4.    a judgment or execution order for the payment of money in excess of Fifty
      Thousand Dollars (Cdn. $50,000.00) is issued or rendered as against BST or
      the Principal, as the case may be, and either (i) enforcement proceedings
      have been commenced pursuant to such judgment or execution order, or (ii)
      there is a period of at least fifteen (15) consecutive days during which a
      stay of enforcement of the judgment or execution order (by reason of a
      pending appeal or otherwise) is not in effect; or

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                                     - 3 -

5.    BST or the Principal (i) becomes insolvent or generally not able to pay
      its debts as they become due, (ii) admits in writing its inability to pay
      its debts generally or makes a general assignment for the benefit of
      creditors, (iii) institutes or has instituted against it any proceeding
      seeking (a) to adjudicate it a bankrupt or insolvent, (b) liquidation,
      winding-up, reorganization, arrangement, adjustment, protection, relief or
      composition of it or its debts under any law relating to bankruptcy,
      insolvency, reorganization or relief of debtors including, but not limited
      to, any plan of compromise or arrangement or other corporate proceeding
      involving its creditors, or (c) the entry of an order for relief or the
      appointment of a receiver, receiver-manager, custodian, trustee or other
      similar official for it or for any substantial part of its properties
      and/or assets, and in the case of any such proceeding instituted against
      it (but not instituted by it), either the proceeding remains undismissed
      or unstayed for a period of 30 calendar days or more, or any of the
      actions sought in such proceeding (including, but not limited to, the
      entry of an order for relief against it or the appointment of a receiver,
      receiver-manager, trustee, custodian or other similar official for it or
      for any substantial part of its properties and assets) occurs, or (iv)
      takes any corporate action to authorize any of the above actions.

      BST hereby waives presentment for payment, notice of non-payment, protest
and notice of protest and agrees and consents to all extensions or renewals of
this Note without notice.

      This Note is not negotiable or otherwise transferable by the Vendors
without the prior written consent of BST.

      BST acknowledges and agrees that mention in this Note of any particular
right or remedy available to the Vendors in regards to any default by BST or any
Event of Default shall not preclude the Vendors from exercising, or limit the
extent of, any other remedy in respect thereof, whether at law or in equity, or
any other provision of this Note. No remedy available hereunder to the Vendors
shall be interpreted as being exclusive or dependent upon any other remedy, and
the Vendors may from time to time exercise, at their option, any one or more
remedies independently or in combination.

      No condoning, excusing or overlooking by the Vendors of any default by BST
under this Note shall operate as a waiver of any of the Vendors' rights or any
of BST's obligations hereunder and no waiver shall be inferred from or implied
by anything done, delayed or omitted to be done by the Vendors, save and except
only an express waiver in writing given by the Vendors to BST.

      This Note shall be construed, governed by and interpreted and enforced in
accordance with the laws of the Province of Ontario and the federal laws of
Canada applicable therein. BST irrevocably submits and agrees to attorn to the
Courts of the Province of Ontario in the event of any suit, action or other
legal proceeding in regards to this Note or any matter arising therefrom.

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                                     - 4 -

      In the event that any portion of this Note shall be declared by a Court of
competent jurisdiction to be invalid, illegal or unenforceable at law, then such
portion shall be deemed severed from this Note, and the remaining portions shall
remain in full force and effect and binding upon BST.

      This Note shall be binding upon BST and its successors (induding;but not
limited to successors by amalgamation) and permitted assigns. This Note shall
enure to the benefit of the Vendors and their respective heirs, executors,
administrators, legal personal representatives, successors and permitted
assigns.

      IN WITNESS WHEREOF BST has executed this Note.

                                                BST ACOUISITION LTD.

                                                BY
                                                    ---------------------------
                                                    Name :
                                                    Title :

                                                I have the authority to bind BST<PAGE>

                                                                    EXHIBIT 10.6

                              BST ACQUISITION LTD.

                            FORM OF PROMISSORY NOTE

Date: May 14, 2004                                                Cdn$135,000.00

      FOR VALUE RECEIVED, BST Acquisition Ltd. ("BST"), incorporated under the
laws of the Province of New Brunswick with its principal office and place of
business at 44 Chipman Hill, Suite 1000, P.O. Box 7289, Station "A", Saint John,
New Brunswick, E2L 2A9, PROMISES TO PAY to or to the order of [         ] (the
"PAYEE"), at the City of Toronto or such other place as the Payee may designate,
the principal amount of ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS (Cdn.
$135,000.00) in lawful money of Canada in instalments, as set forth below, with
interest on such amount at the rate, calculated in the manner and payable at the
times specified in this Note.

      This Note is being delivered by BST to the Payee pursuant to Section
2.3(c) of the Share Purchase Agreement (as hereinafter defined).

      The principal amount remaining from time to time unpaid and outstanding
under this Note shall bear interest only after the occurrence of an Event of
Default (as hereinafter defined) and before and after judgment to the date of
the payment in full of the principal amount, at the rate of 8% per annum.
Interest at such rate shall accrue annually and be calculated on the basis of
the actual number of days elapsed in a year of 365 days or 366 days, as the case
may be.

      BST covenants and agrees that all amounts due and payable hereunder shall
be paid as and when due, in full, without any deduction, abatement or set-off

      BST shall pay the principal amount of $135,000.00 to the Payee in
instalments in the following amounts (each an "INSTALMENT" and, collectively,
the "INSTALMENTS") on the following respective dates (each a "DEFERRED PAYMENT
DATE"):

<TABLE>
<S>                      <C>
May 14, 2005             $45,000.00
May 14, 2006             $45,000.00
May 14, 2007             $45,000.00
</TABLE>

provided, however, that in the event that (i) the Payee voluntarily terminates
his employment with Steelbank Inc. ("STEELBANK") (which shall not, for greater
certainty, include any termination of the employment of the Payee as a result of
his death, disability or that which in law would constitute constructive
dismissal), or (ii) the Payee's employment with Steelbank is terminated for Just
Cause (as hereinafter defined) prior to a given Deferred Payment Date, then (a)
the Instalment(s) becoming due as or after (but not before) such Deferred
Payment Date (and each Deferred Payment Date, if any, thereafter)

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                                     - 2 -

shall be immediately forever forfeited by and not payable to the Payee, (b) the
Payee shall thereafter have no entitlement to receive such amount, and (c) the
Share Purchase Price (as defined in the Share Purchase Agreement (as hereinafter
defined)) payable to the Payee shall be adjusted accordingly.

      The Payee's realization rights under this Note shall be subject to (i) the
provisions with respect to subordination and ranking set forth in Section 2.3
(e) of the Share Purchase Agreement, and (ii) BST's right of set-off as
contained in Section 2.4 of the Share Purchase Agreement. In addition, BST shall
have the right (but without duplication) to set-off amounts owing to the Payee
under this Note against any amounts owing by the Payee to BST pursuant to the
Share Purchase Agreement.

      BST shall have the right and privilege of prepaying the whole or any
portion of the principal amount of this Note from time to time remaining unpaid
and outstanding at any time or times without notice, bonus or penalty.

      If an Event of Default (as hereinafter defined) occurs, then the whole of
the principal amount of this Note remaining unpaid, and all accrued unpaid
interest thereon, shall be immediately due and payable upon demand.

      In this Note:

      "GSA" means the general security agreement dated the date hereof by
      Steelbank in favour of the Vendors, delivered pursuant to Section 2.3(b)
      of the Share Purchase Agreement.

      "JUST CAUSE" has the meaning ascribed to such term in the Share Purchase
      Agreement.

      "NOTE A" means the promissory note dated the hereof by BST in favour of
      the Vendors in the principal amount of $800,000.00, delivered pursuant to
      Section 2.3(b) of the Share Purchase Agreement.

      "PRINCIPAL" means Tarpon Industries, Inc.

      "SHARE PLEDGE AGREEMENT" means the securities pledge agreement dated the
      date hereof by Steelbank and BST in favour of the Vendors, delivered
      pursuant to Section 2.3(b) of the Share Purchase Agreement.

      "SHARE PURCHASE AGREEMENT" means the share purchase agreement dated April
      2, 2004 among the Vendors, BST and the Principal, as amended by amending
      agreement dated May 5, 2004.

      "VENDORS" means, collectively, the Payee, Jeffrey Greenberg and Mark
      Madigan.

      In this Note, the occurrence of each and any of the following events shall
constitute an "EVENT OF DEFAULT":

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                                     - 3 -

1.    BST fails to pay any amount due to the Payee under this Note when such
      amount becomes due and payable and such failure to pay such amount remains
      unremedied for two (2) calendar days;

2.    BST defaults under Note A;

3.    a default occurs under the Share Pledge Agreement;

4.    Steelbank defaults under the GSA;

5.    a judgment or execution order for the payment of money in excess of Fifty
      Thousand Dollars (Cdn. $50,000.00) is issued or rendered as against BST or
      the Principal, as the case may be, and either (i) enforcement proceedings
      have been commenced pursuant to such judgment or execution order, or (ii)
      there is a period of at least fifteen (15) consecutive days during which a
      stay of enforcement of the judgment or execution order (by reason of a
      pending appeal or otherwise) is not in effect; or

6.    BST or the Principal (i) becomes insolvent or generally not able to pay
      its debts as they become due, (ii) admits in writing its inability to pay
      its debts generally or makes a general assignment for the benefit of
      creditors, (iii) institutes or has instituted against it any proceeding
      seeking (a) to adjudicate it a bankrupt or insolvent, (b) liquidation,
      winding-up, reorganization, arrangement, adjustment, protection, relief or
      composition of it or its debts under any law relating to bankruptcy,
      insolvency, reorganization or relief of debtors including, but not limited
      to, any plan of compromise or arrangement or other corporate proceeding
      involving its creditors, or (c) the entry of an order for relief or the
      appointment of a receiver, receiver-manager, trustee, custodian or other
      similar official for it or for any substantial part of its properties
      and/or assets, and in the case of any such proceeding instituted against
      it (but not instituted by it), either the proceeding remains undismissed
      or unstayed for a period of 30 calendar days or more, or any of the
      actions sought in such proceeding (including, but not limited to, the
      entry of an order for relief against it or the appointment of a receiver,
      receiver-manager, trustee, custodian or other similar official for it or
      for any substantial part of its properties and assets) occurs, or (iv)
      takes any corporate action to authorize any of the above actions.

      BST hereby waives presentment for payment, notice of non-payment, protest
and notice of protest and agrees and consents to all extensions or renewals of
this Note without notice.

      This Note is not negotiable or otherwise transferable by the Payee without
the prior written consent of BST.

      This Note shall be subject to the terms and conditions of the Share
Purchase Agreement, including, without limitation, BST's right of set-off as
contained in Section 2.4 of the Share Purchase Agreement.

      BST acknowledges and agrees that mention in this Note of any particular
right or remedy available to the Payee in regards to any default by BST or any
Event of Default shall

<PAGE>

                                     - 4 -

not preclude the Payee from exercising, or limit the extent of, any other remedy
in respect thereof, whether at law or in equity, or any other provision of this
Note. No remedy available hereunder to the Payee shall be interpreted as being
exclusive or dependent upon any other remedy, and the Payee may from time to
time exercise, at his option, any one or more remedies independently or in
combination.

      No condoning, excusing or overlooking by the Payee of any default by BST
under this Note shall operate as a waiver of any of the Payee's rights or any of
BST's obligations hereunder and no waiver shall be inferred from or implied by
anything done, delayed or omitted to be done by the Payee, save and except only
an express waiver in writing given by the Payee to BST.

      This Note shall be construed, governed by and interpreted and enforced in
accordance with the laws of the Province of Ontario and the federal laws of
Canada applicable therein. BST irrevocably submits and agrees to attorn to the
Courts of the Province of Ontario in the event of any suit, action or other
legal proceeding in regards to this Note or any matter arising therefrom.

      In the event that any portion of this Note shall be declared by a Court of
competent jurisdiction to be invalid; illegal or unenforceable at law, then such
portion shall be deemed severed from this Note, and the remaining portions shall
remain in full force and effect and binding upon BST.

      This Note shall be binding upon BST and its successors (including but not
limited to successors by amalgamation) and permitted assigns. This Note shall
enure to the benefit of the Payee and his heirs, executors, administrators,
legal personal representatives, successors and permitted assigns.

      IN WITNESS WHEREOF BST has executed this Note.

                                                BST ACQUISITION LTD.

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

                                                    ____________________________
                                                I have the authority to bind BST

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