Document:

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                                                                   EXHIBIT 10.38

                               FORM OF GUARANTEE

TO: BOLTON STEEL TUBE CO. LTD. (THE "CREDITOR")

            WHEREAS the Creditor, BST Acquisition, Ltd. (the "DEBTOR"), Tarpon
Industries, Inc. (the "GUARANTOR") and others are party to an asset purchase
agreement dated [o] 2004 (the "ASSET PURCHASE AGREEMENT");

            AND WHEREAS pursuant to the Asset Purchase Agreement the Debtor has
executed and delivered to the Creditor a promissory note dated the date hereof
in the principal amount of Cdn $1,200,000 (the "NOTE");

            AND WHEREAS it is a condition of the closing of the transactions
contemplated by the Asset Purchase Agreement that the Guarantor execute and
deliver this Guarantee.

            NOW THEREFORE THIS GUARANTEE WITNESSES that for good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged by
the undersigned) the undersigned makes the agreements and acknowledgments
hereinafter set forth:

                                    SECTION I
                                    GUARANTEE

1.1 UNCONDITIONAL GUARANTEE

            The Guarantor hereby irrevocably, absolutely and unconditionally
guarantees to the Creditor:

      (a)   the payment by the Debtor to the Creditor of all present and future
            debts, liabilities and obligations (direct or indirect, absolute or
            contingent, matured or otherwise, alone or jointly with others, and
            as principal or surety) now or at any time and from time to time due
            or owing by the Debtor to the Creditor pursuant to the Note,
            pursuant to the obligation of the Debtor to pay for inventories
            pursuant to Section 1.8(d) of the Asset Purchase Agreement and
            pursuant to any security agreement or instrument related thereto to
            which the Debtor and the Creditor are parties (collectively, the
            "AGREEMENTS"); and

      (b)   any and all out of pocket costs and expenses (including reasonable
            legal costs) incurred by or on behalf of the Creditor in order to
            enforce its rights hereunder or under any of the Agreements;

(the obligations and other matters referred to in clauses (a) and (b) above
being hereinafter called the "OBLIGATIONS"). Without prejudice to anything
herein contained, the Guarantor is bound for

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the due, prompt and complete performance of the Obligations as principal obligor
and not merely as surety.

1.2 CONTINUING GUARANTEE

            This Guarantee shall be a continuing guarantee and without
limitation shall continue in full force irrespective of the legality, validity
or enforceability of any provision of the Agreements until this Guarantee shall
be terminated as hereinafter provided. Notwithstanding anything herein
contained, this Guarantee shall be in addition to, and not in substitution for
or in derogation of, any other security or guarantee held by the Creditor from
the Guarantor or others in respect of the obligations of the Debtor to the
Creditor or in respect of any other matter whatsoever.

1.3 INDEMNITY

            Without limiting anything herein contained, the Guarantor shall
indemnify and save harmless the Creditor from and against:

      (a)   the failure of the Debtor to pay, perform and comply with the
            Obligations; and

      (b)   all claims, actions, causes of action, damages, losses, liabilities,
            demands, costs and expenses (including legal expenses on a
            solicitor-client basis) in respect of the foregoing.

1.4 CONCLUSIVE STATEMENT

            Any indebtedness of the Debtor to the Creditor regarding the
Obligations which is acknowledged by the Debtor, or agreed or settled by the
Creditor and the Debtor as being outstanding shall be binding and conclusive
upon the Guarantor and, absent manifest mathematical error, any such
indebtedness which is stated to be outstanding in a certificate of an officer of
the Creditor shall be prima facie evidence thereof.

                                   SECTION II
                       OBLIGATIONS OF GUARANTOR UNAFFECTED

2.1   NO EXTENSION OF REMEDIES

      (a)   The Creditor shall not be bound or obliged to take any action or
            legal proceeding against or demand payment from or otherwise exhaust
            any recourse against the Debtor or any of the security granted to or
            held by the Creditor to secure payment of or performance of the
            Obligations or to take any action or to do any other matter or thing
            or to pursue any other remedy available to the Creditor before being
            entitled to require the Guarantor to fulfill the Guarantor's
            obligations hereunder.

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      (b)   The liability of the Guarantor hereunder is independent of the
            obligations of the Debtor under the Agreements. A separate action or
            actions may be brought against the Guarantor whether or not any
            other party is joined therein and whether or not a separate action
            or actions in respect of any of the Obligations is brought against
            any other party.

      (c)   The Creditor's rights or remedies hereunder shall not be exhausted
            by exercise of any of such rights or remedies or by any action or by
            any number of successive actions against the Guarantor in respect of
            the Guarantor's obligations hereunder unless this Guarantee shall
            have been terminated as hereinafter provided.

2.2 NO RELEASE

                  The liability of the Guarantor hereunder, shall not be
released, discharged, limited or otherwise affected by anything done, omitted,
suffered or permitted by the Creditor in connection with (i) the Debtor, (ii)
any other guarantor, (iii) the Obligations or the obligations of the Guarantor
hereunder, or (iv) any security held by or granted to the Creditor to secure
payment or performance of any of the Obligations or the obligations of the
Guarantor hereunder. The Guarantor's liability hereunder shall remain in full
force and effect until this Guarantee shall have been terminated as hereinafter
provided. Without limiting the generality of the foregoing, the liability of the
Guarantor hereunder shall not be released, discharged, limited or otherwise
affected by:

      (a)   any amendment or modification of, or revision to, or action taken
            under the Agreements or security therefor;

      (b)   any cessation or termination from any cause whatsoever, whether
            consensual or by virtue of the statute of limitations or otherwise,
            of the liability or indebtedness of the Debtor under all or any part
            of the Agreements;

      (c)   the amalgamation, consolidation or other reorganization of the
            Debtor or of its business or affairs or a winding-up, dissolution or
            liquidation of the business or affairs of the Debtor or any change
            in the status, articles of incorporation, bylaws, membership,
            constating documents, control or ownership of the Debtor, whether
            voluntary or otherwise;

      (d)   any transfer, sale, conveyance, lease, mortgage, charge, pledge,
            encumbrance of or other dealing with the assets of the Debtor;

      (e)   any voluntary or involuntary participation by the Debtor in any
            settlement or composition for the benefit of the Debtor's creditors
            either through liquidation, receivership, bankruptcy or otherwise;

      (f)   the Debtor becoming insolvent or bankrupt or subject to the
            provisions of the Bankruptcy and Insolvency Act (Canada), the United
            States Bankruptcy Code (USA) or any successor legislation or any
            failure of the
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            Creditor to file or enforce a claim in respect of such insolvency or
            bankruptcy;

      (g)   the Creditor failing to take, perfect or maintain any security for
            the Obligations or the obligations of the Guarantor hereunder;

      (h)   any extension, renewal or other modification of the time for payment
            or performance of any of the Obligations or any of the obligations
            of the Guarantor hereunder or any other indulgences, releases,
            discharges, compromises, arrangements or forebearances granted or
            accepted in respect thereof or in respect of any other guarantor or
            other person, or any delay by the Creditor in enforcing the terms
            of, or any waiver by the Creditor of any default under, the
            Agreements or any security instrument or other document;

      (i)   the actions or omissions of the Creditor regarding the realization
            or enforcement of any security held by or granted to the Creditor to
            secure payment or performance of any of the obligations of the
            Guarantor hereunder or any of the Obligations or regarding any other
            act or thing in respect of any such security, regardless of whether
            such security or any rights or defences which the Guarantor or any
            other person might have, by subrogation, reimbursement,
            indemnification or otherwise, against the Creditor or others may be
            diminished, destroyed or otherwise adversely affected by such action
            or omission and regardless of whether recourse may or may not
            thereafter be had against the Debtor or any other person for any
            deficiency;

      (j)   the loss, releasing, discharging or modification of or any security
            held by or granted to the Creditor to secure payment or performance
            of the Obligations or the obligations of the Guarantor hereunder;

      (k)   the manner in which the Creditor applies moneys received from the
            Debtor or others or received from the enforcement of any security
            agreement, guarantee or other instrument;

      (l)   the Creditor failing to pursue any recourse which might otherwise be
            available, whether by way of deficiency judgment or otherwise and
            the Guarantor hereby renounces all benefits of discussion and
            division; or

      (m)   any law, act, omission, thing or circumstance which would or might,
            but for this provision, constitute a legal or equitable discharge or
            defence of a surety, guarantor or person giving a guarantee in the
            form of this Guarantee, it being acknowledged and agreed by the
            Guarantor that the Creditor may at any time deal with the Debtor,
            any other guarantor and others, and with securities, as the Creditor
            may in the Creditor's sole discretion see fit (regardless of whether
            such dealing increases the

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            Guarantor's risk hereunder) and that such dealing shall not affect
            the Guarantor's obligations hereunder in any manner whatsoever.

2.3   NO SET-OFF

            The liability of the Guarantor hereunder shall not be released,
discharged, reduced, limited or otherwise affected by any right or alleged right
of set-off, counterclaim, appropriation or application of any claim or demand
that the Debtor may have or may allege to have against the Creditor or any other
person.

2.4   No LIMITATION

            All monies in fact borrowed or obtained from the Creditor by or on
behalf of the Debtor or owing by the Debtor to the Creditor shall be deemed to
form part of the Obligations guaranteed by the Guarantor hereunder, and the
Obligations shall otherwise be guaranteed under this Agreement, notwithstanding:

      (a)   loss of capacity of the Debtor;

      (b)   any lack or limitation of status or power, incapacity or disability
            of the Debtor or of the directors, agents or others appearing to act
            for the Debtor;

      (c)   that the Debtor may not be a legal or suable entity; or

      (d)   any irregularity, defect or informality in the Agreements, any
            security therefor or otherwise;

whether known to the Creditor or not. Without limiting anything herein
contained, any sum which may not be recoverable from the Debtor under the
Agreements shall be recoverable from the Guarantor as sole and principal debtor
in respect of such sums and shall be paid to the Creditor on demand with
interest as provided in this Guarantee.

            The validity and enforceability of this Guarantee shall not be
impaired or affected by any act or omission by Creditor (whether occurring
before or after receipt by Creditor of notice of termination of this Guarantee)
with respect to all or part of the indebtedness or any agreement relating to it,
or with respect to any present or future guarantee or other security for all or
part of the indebtedness, including, but not limited to:

      (a)   any extension, modification, renewal, indulgence or substitution;

      (b)   any failure or omission to enforce any right, power or remedy;

      (c)   any waiver of any right, power or remedy of any default;

      (d)   any release, surrender, compromise, settlement, subordination or
            modification, with or without consideration;

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      (e)   any failure by Creditor to perfect or secure any priority of its
            rights with respect to any security; or

      (f)   any consent by Creditor to any sale or transfer of any security; all
            whether or not the undersigned shall have had notice or knowledge of
            any act, omission or circumstance referred to in this paragraph.

The validity and enforceability of this Guarantee also shall not be impaired or
affected by the unenforceability or invalidity of the Note or of any present or
future guarantee or other security for all or part of the Note indebtedness.

2.5   WAIVER

            The Guarantor hereby waives:

      (a)   all requirements, if any, of demand, presentment, diligence,
            protest, notice of dishonour and notice of acceptance and all other
            notices of every kind or nature including, without limiting the
            generality of the foregoing, notice of the existence, creation or
            incurring of any new or additional indebtedness or obligation under
            the Agreement or of any action or inaction on the part of the
            Debtor, the Creditor, Guarantor or any of the obligations or any
            other person whatsoever; and

      (b)   any duty on the part of the Creditor to disclose to the Guarantor
            any fact which the Creditor may now or hereafter know and which the
            Creditor has reason to believe is known by any officer or director
            of the Debtor, regardless of whether the Creditor has reason to
            believe any such fact materially increases the risk beyond that
            which the Guarantor intends to assume or whether the Creditor has
            reason to believe that any such fact is unknown to the Guarantor or
            whether the Creditor has a reasonable opportunity to communicate any
            such fact to the Guarantor, it being understood and agreed that the
            Guarantor is fully responsible for being and keeping fully informed;
            and

      (c)   any and all defences, claims, and discharges of Debtor or any other
            obligor with respect to the Note indebtedness except the defence of
            discharge by payment. Without limiting the generality of the
            foregoing, guarantor will not assert, plea or enforce against
            creditor or any defence of waiver, release, discharge in bankruptcy,
            statute of limitations, res judicata, statute of frauds,
            anti-deficiency statute, fraud, incapacity, minority, usury, ultra
            vires, lack of authorization, illegality or unenforceability that
            may be available to Debtor or any other person, corporation, or
            entity liable with respect to any indebtedness, or any set-off
            available against Creditor to Debtor or any such other person,
            whether or not on account of a related transaction. Guarantor shall
            be liable for any deficiency remaining after foreclosure of or
            realization upon any security for all or part of the Note

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            indebtedness, whether or not the liability of Debtor or any other
            obligor for the deficiency is discharged pursuant to statute or
            judicial decision.

2.6   SUBROGATION

            The Guarantor shall not be entitled to be subrogated to the position
of the Creditor, the Guarantor shall not be entitled to the benefit of any
security held by the Creditor, nor shall the Guarantor claim or prove in the
bankruptcy or insolvency of, or take security from, the Debtor or a co-guarantor
in competition with the Creditor, until such time as the Obligations and the
obligations of the Guarantor hereunder, are paid and performed in full.

                                   SECTION III
                         REPRESENTATIONS AND WARRANTIES

3.1   REPRESENTATIONS AND WARRANTIES

            The Guarantor hereby makes the following representations and
warranties which shall survive the execution and delivery of this Guarantee:

      (a)   this Guarantee and each of the Agreements have been duly authorized,
            executed and delivered by the Guarantor and the Debtor, as the case
            may be, and constitute a legal, valid and binding obligation of the
            Guarantor and the Debtor , as the case may be, enforceable in
            accordance with their respective terms;

      (b)   neither the execution and delivery of this Guarantee by the
            Guarantor, nor consummation by the Guarantor of the transactions
            herein contemplated, nor compliance by the Guarantor with the terms,
            conditions and provisions hereof will conflict with or result in a
            breach of any of the terms, conditions or provisions of:

            (i)   the articles of incorporation, bylaws or other formation
                  documents of the Guarantor;

            (ii)  any agreement, instrument or arrangement to which the
                  Guarantor is now a party or by which the Guarantor is, or may
                  be bound, or constitute a default thereunder, or result
                  thereunder in the creation or imposition of any security
                  interest, mortgage, lien, charge or encumbrance of any nature
                  whatsoever upon the assets of the Debtor or the assets which
                  are the subject of the Agreements; or

            (iii) any judgment or order, writ, injunction or decree of any court
                  in each case, relating to the Guarantor;

      (c)   the Guarantor is the registered and beneficial owner of all of the
            issued and outstanding shares of the Debtor; and

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      (d)   the Guarantor is a corporation duly incorporated and organized and
            validly existing under the laws of the State of Michigan and has
            adequate and sufficient corporate power and authority to enter into
            this Guarantee.

                                   SECTION IV
                             DEMAND AND TERMINATION

4.1   DEMAND

            The Guarantor shall pay or perform such of the Obligations
guaranteed hereunder forthwith upon the written demand or demands therefor made
by the Creditor from time to time.

4.2   TERMINATION

            This Guarantee may be terminated by mutual agreement in writing
between the Creditor and the Guarantor and shall automatically terminate upon
the performance and payment in full of the Obligations.

4.3   INTEREST

            All amounts payable by the Guarantor to the Creditor hereunder shall
bear interest commencing on the date of receipt of the demand referred to herein
at the rate of interest specified in the Note until payment thereof to the
Creditor. Interest shall be payable before and after judgment at such rate.
Notwithstanding the foregoing, in no event shall the undersigned be required to
make any payment hereunder that would violate any applicable law regulating or
limiting the rate of interest that the holder of the Note may lawfully collect.

                                   SECTION V
                                 MISCELLANEOUS

5.1   INVESTIGATIONS

            The Guarantor acknowledges and confirms that the Guarantor is
relying solely on the Guarantor's own knowledge and is making the Guarantor's
own investigation in connection with the making of this Guarantee.

5.2   GOVERNING LAW

            This Guarantee and the rights and obligations and relations of the
Creditor and the Guarantor shall be governed by and construed in accordance with
the laws of the Province of Ontario and the federal laws of Canada applicable
therein (but without giving effect to any conflict of laws rules). The Guarantor
agrees that the Courts of Ontario shall have jurisdiction to entertain any
action or other legal proceedings based on any provisions of this Guarantee. The
Guarantor does hereby attorn to the jurisdiction of the Courts of the Province
of Ontario. Guarantor irrevocably agrees and consents that any action against
Guarantor for collection or

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enforcement of this Guarantee may be brought in the courts of the Province of
Ontario, Canada, and any such court shall have personal jurisdiction over
Guarantor for purposes of that action.

5.3   ASSIGNMENT AND ENUREMENT

            This Guarantee may not be assigned by the Guarantor without the
Creditor's prior written consent. The benefits of this Guarantee may not be
assigned by the Creditor without the Guarantor's prior written consent. Subject
to the foregoing sentence, this Guarantee shall enure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors,
administrators, personal legal representations, successors and assigns.

5.4   TIME OF THE ESSENCE

            Time shall be of the essence of this Guarantee and of every part
hereof and no extension or variation of this Guarantee shall operate as a waiver
of this provision.

5.5   PAYMENTS AND COMMUNICATIONS

            All payments and communications which may be or are required to be
given by any party to the other herein, shall (in the absence of any specific
provision to the contrary) be in writing and delivered or sent by prepaid
registered mail or telecopier to the parties at their following respective
addresses:

      (a)   If to the Guarantor or the Creditor at:

            Mr. Gary D. Lewis
            BST Acquisition, Ltd.
            P.O. Box 36940
            Grosse Pointe, Michigan 48236

            with a copy to:

            Richard E. Clark
            Stikeman Elliott
            5300 Commerce Court West
            199 Bay Street
            Toronto, Ontario M5L 1B9

      (b)   If to the Debtor at:

            Mr. Winston Penny
            Bolton Steel Tube Co. Ltd.
            455A Piercey Road
            Bolton, Ontario L7E 5B8

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            with a copy to:

            Daniel P. Ferguson
            WeirFoulds LLP
            The Exchange Tower, Suite 1600
            P.O. Box 480,130 King Street West
            Toronto, Ontario  M5X 1J5

and any such payment or communication shall be deemed to have been duly given
when mailed. A communication given by any other means shall be deemed duly given
when actually received by the addressee. Either party may from time to time
change its address hereinbefore set forth by notice to the other of them in
accordance with this Section.

5.6   PARTIAL INVALIDITY

            If any provision of this Guarantee or the application thereof to any
person or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Guarantee, or the application of such provision to persons or
circumstances other than those as to which it is held invalid or unenforceable,
shall not be affected thereby and each provision of this Guarantee shall be
valid and enforced to the fullest extent permitted by law and be independent of
every other provision of this Guarantee.

5.7   CONSTRUCTION CLAUSE

            This Guarantee has been negotiated and approved by counsel on behalf
of all parties hereto and, notwithstanding any rule or maxim of construction to
the contrary, any ambiguity or uncertainty will not be construed against any
party hereto by reason of the authorship of any of the provisions hereof.

5.8   HEADINGS

            The headings of this Guarantee are solely for convenience of
reference and do not affect the interpretation thereof or define, limit or
construe the contents of any provision of this Guarantee.

5.9   ENTIRE AGREEMENT

            With respect to the subject matter of this Guarantee, this Guarantee
(a) sets forth the entire agreement between the Creditor and the Guarantor and
any persons who have in the past or who are now representing either of them, (b)
supersedes all prior understandings and communications between the Creditor and
the Guarantor or any of them, oral or written, and (c) constitutes the entire
agreement between the Creditor and the Guarantor. The Guarantor acknowledges and
represents that this Guarantee is entered into after full investigation and that
the Guarantor is not relying upon any statement or representation made by the
Creditor which is not embodied in this Guarantee. The Guarantor acknowledges
that the Guarantor shall have no right to rely upon any amendment, promise,
modification, statement or representation made or occurring subsequent to the
execution of this Guarantee unless the same is in writing and executed by the
Creditor and the Guarantor.

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5.10  NON-PERFORMANCE

            The failure of the Creditor to enforce at any time any of the
provisions of this Guarantee or any of its rights in respect thereto or to
insist upon strict adherence to any term of this Guarantee will not be
considered to be a waiver of such provision, right or term or in any way to
affect the validity of this Guarantee or deprive the Creditor of the right
thereafter to insist upon strict adherence to that term or any other term of
this Guarantee. The exercise by the Creditor of any of its rights provided by
this Guarantee will not preclude or prejudice the Creditor from exercising any
other right the Creditor may have by reason of this Guarantee or otherwise,
irrespective of any previous action or proceeding taken by the Creditor
hereunder. Any waiver by of the performance of any of the provisions of this
Guarantee will be effective only if in writing and signed by a duly authorized
representative of the Creditor.

5.11  REMEDIES CUMULATIVE

            No remedy herein conferred upon or reserved in favour of the
Creditor shall exclude any other remedy herein or existing at law or in equity
or by statute, but each shall be cumulative and in addition to every other
remedy given hereunder or now or hereafter existing.

5.12  FURTHER ASSURANCES

            The Guarantor hereto agrees from time to time, subsequent to the
date hereof, to execute and deliver or cause to be executed and delivered to the
Creditor such instruments or further assurances as may, in the reasonable
opinion of the Creditor, be necessary or desirable to give effect to the
provisions of this Guarantee.

EACH OF CREDITOR AND GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVE ITS RIGHT
TO A TRIAL BY JURY IN ANY ACTION, INCLUDING ANY CLAIM, COUNTER-CLAIM,
CROSS-CLAIM OR THIRD PARTY CLAIM ("CLAIM") THAT IS BASED UPON, ARISES OUT OF, OR
RELATES TO THIS GUARANTEE, OR THE INDEBTEDNESS, INCLUDING, WITHOUT LIMITATION,
ANY CLAIM BASED UPON OR RISING OUT OF OR RELATING TO ANY ACTION, OR INACTION OF
CREDITOR IN CONNECTION WITH ANY ACCELERATION OF THE INDEBTEDNESS OR ANY
ENFORCEMENT OR COLLECTION OF THIS GUARANTEE.

            IN WITNESS WHEREOF the Guarantor has executed these presents under
seal as of the date first above written.

                                                TARPON INDUSTRIES, INC.

                                                By:_________________________c/s
                                                      Name:
                                                      Title:<PAGE>

                                                                   EXHIBIT 10.39

                                DECEMBER 14, 2004

Joseph Gunnar & Co., LLC
30 Broad Street
New York, New York  10004

Gentlemen:

         The undersigned understands that Joseph Gunnar & Co., LLC (the
"Underwriter"), proposes to enter into an Underwriting Agreement (the
"Agreement") with Tarpon Industries, Inc., a Michigan corporation (the
"Company"), relating to an initial public offering (the "Offering") of common
shares, no par value (the "Common Shares"), of the Company registered under the
Securities Act of 1933.

         As required by the Agreement, the undersigned agrees that the
undersigned will not, directly or indirectly, offer, sell, announce an intention
to sell, contract to sell, pledge, hypothecate, grant any option to purchase, or
otherwise dispose of any Common Shares or any securities convertible into or
exchangeable or exercisable for Common Shares for a period of one year following
the closing of the Offering (the "Closing"), without the prior written consent
of the Underwriter, which consent may be granted by the Underwriter in its sole
discretion, except for Permitted Transfers.

         "Permitted Transfers" means (1) exercises of options and warrants, and
the issuance and sale by the Company to the undersigned of the related Common
Shares, (2) the use of Common Shares (whether outstanding or withheld by the
Company from outstanding options or warrants held by the undersigned) to pay the
exercise price of options and warrants to the Company, (3) transfers to the
undersigned's spouse or lineal descendants, natural or adopted (collectively,
"Relatives"), or to an inter vivos trust for the benefit of Relatives, provided
each transferee signs a counterpart of this letter agreement, (4) transfers upon
death of the undersigned pursuant to the laws of descent and distribution or
pursuant to wills, provided each transferee signs a counterpart of this letter
agreement (5) gifts of Common Shares to a donee who agrees to be bound by this
agreement provided each transferee signs a counterpart of this letter agreement,
and (6) distributions of Common Shares by a partnership, trust, limited
liability company or corporation to its partners, beneficiaries, members or
shareholders, respectively, provided each transferee signs a counterpart of this
letter agreement .

         The undersigned agrees that the provisions of this letter agreement
shall be binding upon the successors, assigns, heirs and personal
representatives of the undersigned. In furtherance of the foregoing, the
undersigned acknowledges and agrees that the Company and American Stock Transfer
& Trust Company, the transfer agent for the Common Shares, are hereby authorized
to decline to make any transfer of securities if such transfer would constitute
a breach of this letter agreement.

         If requested by the Underwriter, each certificate representing any of
the shares covered or to be covered by this letter agreement shall be submitted
to the Company for the addition of the following legend:

         THE TRANSFER OR PLEDGE OR OTHER DISPOSITION OF THE SHARES REPRESENTED
         BY THIS CERTIFICATE IS RESTRICTED UNDER THE TERMS OF A LOCK-UP
         AGREEMENT DATED AS OF DECEMBER 14, 2004,TO WHICH THE NAMED HOLDER IS A
         PARTY, A COPY OF WHICH CAN BE OBTAINED FROM THE SECRETARY OF TARPON
         INDUSTRIES, INC.

         It is understood that, if the Agreement terminates before issuance of
the Common Shares offered in the Offering or if the Closing does not occur on or
before March 31, 2005, the terms of this letter agreement shall automatically
become null and void and of no further force and effect.

                                        Very truly yours,

                                        ----------------------------------------
                                        Print Name:

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