Christen Lisa K 4
4 · OLYMPIC STEEL INC · Filed Feb 17, 2026
Research Summary
AI-generated summary of this filing
Olympic Steel (ZEUS) VP Lisa K. Christen Sells Shares in Merger
What Happened
- Lisa K. Christen, Vice President and Treasurer of Olympic Steel, reported dispositions on Feb 13, 2026 totaling 6,596 shares or share-equivalents. The report lists a disposition of 375 company shares and four derivative/award dispositions (1,058; 1,124; 2,286; 1,753) all marked as "Disposition to the issuer." No per-share prices are shown on the Form 4 because these were merger-related conversions/cash-outs rather than open-market sales. Payments were determined under the Merger Agreement and will be paid in Parent common stock (using a 1.7105 conversion multiplier) and/or cash in lieu of fractional shares; certain cash payments are payable within 30 days of February 13, 2026.
Key Details
- Transaction date: February 13, 2026; Form 4 filed February 17, 2026 (timely given the federal holiday on Feb 16).
- Reported disposals: 375 company shares + 1,058 + 1,124 + 2,286 + 1,753 derivative/award units = 6,596 total reported.
- Price/Proceeds: Not listed on Form 4; cash amounts for converted RSUs/vested phantom units are based on the closing price of Parent common stock on Feb 13, 2026 and will be paid per the Merger Agreement (within ~30 days).
- Shares owned after transaction: Not specified in the provided Form 4 excerpt.
- Notable footnotes: Dispositions were made pursuant to the Merger Agreement (Oct 28, 2025). RSUs were converted and cancelled for cash (F2). Phantom units were converted on an as‑converted basis with pro rata vesting and partial cash payouts now and remaining units vesting later (F3–F6). These were merger-related corporate actions, not open-market trades.
Context
- These transactions are merger-driven dispositions/conversions under the Merger Agreement (conversion multiplier 1.7105 and cash in lieu of fractional shares). That means proceeds reflect contract terms of the merger rather than the insider taking a market-facing buy/sell position. Some phantom units vested pro rata at the merger and will pay out soon; remaining phantom units generally remain subject to future vesting dates (Dec 31, 2026 and Dec 31, 2027 per the footnotes).
Insider Transaction Report
Form 4Exit
Christen Lisa K
Vice President and Treasurer
Transactions
- Disposition to Issuer
Common Stock
[F1]2026-02-13−375→ 0 total - Disposition to Issuer
Restricted Share Units
[F2][F3]2026-02-13−1,058→ 0 total→ Common Stock (1,058 underlying) - Disposition to Issuer
Phantom Units
[F3][F4]2026-02-13−1,124→ 0 total→ Common Stock (1,124 underlying) - Disposition to Issuer
Phantom Units
[F3][F4][F5]2026-02-13−2,286→ 0 total→ Common Stock (2,286 underlying) - Disposition to Issuer
Phantom Units
[F3][F4][F6]2026-02-13−1,753→ 0 total→ Common Stock (1,753 underlying)
Footnotes (6)
- [F1]Disposed of pursuant to the Agreement and Plan of Merger ("Merger Agreement"), dated as of October 28, 2025, by and among Olympic Steel, Inc. (the "Company"), Ryerson Holding Corporation ("Parent"), and Crimson MS Corp. At the effective time of the merger, each share of the Company's common stock, without par value ("Company common stock"), that was issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive a number of shares of common stock, $0.01 par value per share, of Parent ("Parent common stock"), multiplied by 1.7105 (rounded down to the nearest whole share), plus a cash payment (rounded down to the nearest cent) in lieu of any fractional shares as determined pursuant to the Merger Agreement.
- [F2]Each restricted share unit ("RSU") represents the contingent right to receive one share of Company common stock. These RSUs are fully vested. Pursuant to the Merger Agreement, these RSUs were converted into RSUs with respect to Parent common stock by multiplying the number of shares of Company common stock underlying the award by 1.7105 (rounded down to the nearest whole share) and then cancelled in exchange for a cash payment equal to the number of shares of Parent common stock underlying the award, multiplied by the closing price per share of Parent common stock on February 13, 2026 (less applicable taxes), payable within 30 days of such date.
- [F3]Each phantom unit represents the contingent right to receive a cash amount equal to the closing price of a share of Company common stock on the vesting date.
- [F4]Pursuant to the Merger Agreement, these phantom units were converted into phantom units with respect to Parent common stock by multiplying the number of phantom units by 1.7105 (rounded down to the nearest whole unit). A pro rata portion of the phantom units vested at the effective time of the merger, and a cash amount equal to such portion (1,360 units on an as-converted basis), multiplied by the closing price per share of Parent common stock on February 13, 2026 (less applicable taxes), will be paid in respect thereof within 30 days of such date. The remaining portion of the phantom units (563 units on an as-converted basis) will vest, generally subject to the Reporting Person's continued employment, on December 31, 2026.
- [F5]Pursuant to the Merger Agreement, these phantom units were converted into phantom units with respect to Parent common stock by multiplying the number of phantom units by 1.7105 (rounded down to the nearest whole unit). A pro rata portion of the phantom units vested at the effective time of the merger, and a cash amount equal to such portion (1,460 units on an as-converted basis), multiplied by the closing price per share of Parent common stock on February 13, 2026 (less applicable taxes), will be paid in respect thereof within 30 days of such date. The remaining portion of the phantom units (2,450 units on an as-converted basis) will vest, generally subject to the Reporting Person's continued employment, on December 31, 2027.
- [F6]Pursuant to the Merger Agreement, these phantom units were converted into phantom units with respect to Parent common stock by multiplying the number of phantom units by 1.7105 (rounded down to the nearest whole unit).
Signature
/s/ Lisa K. Christen|2026-02-17