Christen Lisa K 4

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).