What happened to Lisa K. Christen’s restricted share units in the Olympic Steel (ZEUS) merger?

Her 1,058 fully vested restricted share units were converted into RSUs tied to Ryerson common stock and then cancelled for cash. The cash payment equals the related Ryerson share count times its February 13, 2026 closing price, less applicable taxes, payable within 30 days.

What is the share exchange ratio in the Olympic Steel (ZEUS) and Ryerson merger?

Each share of Olympic Steel common stock was converted into the right to receive 1.7105 shares of Ryerson Holding Corporation common stock. Fractional shares are not issued; instead, cash is paid in lieu of any fractional share amounts as specified in the merger agreement.

Form 4: Christen Lisa K reports disposition transactions in ZEUS

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Christen Lisa K reported disposition transactions in a Form 4 filing for ZEUS. The filing lists transactions totaling 6,596 shares.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Christen Lisa K

Role Vice President and Treasurer

Type	Security	Shares	Price	Value
Disposition	Restricted Share Units	1,058	$0.00	--
Disposition	Phantom Units	1,124	$0.00	--
Disposition	Phantom Units	2,286	$0.00	--
Disposition	Phantom Units	1,753	$0.00	--
Disposition	Common Stock	375	$0.00	--

Holdings After Transaction: Restricted Share Units — 0 shares (Direct); Phantom Units — 0 shares (Direct); Common Stock — 0 shares (Direct)

Footnotes (1)

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. 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. 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. 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. 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. 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).

Form 4 Insider Transactions: What Each Field Means →

02/17/2026 - 12:34 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Christen Lisa K

(Last)

(First)

(Middle)

C/O OLYMPIC STEEL, INC.

22901 MILL CREEK BLVD., SUITE 650

(Street)

HIGHLAND HILLS

44122

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
OLYMPIC STEEL INC [ ZEUS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President and Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/13/2026		D		375	D	⁽¹⁾	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Share Units	⁽²⁾	02/13/2026		D			1,058	⁽²⁾	⁽²⁾	Common Stock	1,058	⁽³⁾	0	D
Phantom Units	⁽³⁾	02/13/2026		D			1,124	⁽⁴⁾	⁽⁴⁾	Common Stock	1,124	⁽⁴⁾	0	D
Phantom Units	⁽³⁾	02/13/2026		D			2,286	⁽⁵⁾	⁽⁵⁾	Common Stock	2,286	⁽⁴⁾	0	D
Phantom Units	⁽³⁾	02/13/2026		D			1,753	⁽⁶⁾	⁽⁶⁾	Common Stock	1,753	⁽⁴⁾	0	D

Explanation of Responses:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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).

	/s/ Lisa K. Christen	02/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Olympic Steel (ZEUS) officer Lisa K. Christen report on this Form 4?

Lisa K. Christen reported disposing of common stock, restricted share units, and phantom units on February 13, 2026. All transactions were recorded as dispositions to the issuer in connection with Olympic Steel’s merger with Ryerson Holding Corporation.

How many Olympic Steel (ZEUS) common shares did Lisa K. Christen dispose of?

She disposed of 375 shares of Olympic Steel common stock on February 13, 2026. These shares were converted under the merger agreement with Ryerson, which exchanged each Olympic share for 1.7105 Ryerson shares plus cash for any fractional share amounts.

How were Lisa K. Christen’s phantom units treated in the Olympic Steel (ZEUS) merger?

Her phantom units were converted into Ryerson-based phantom units using a 1.7105 exchange ratio, rounded down. A portion vested at the merger’s effective time for cash within 30 days, while remaining units vest on December 31, 2026 and December 31, 2027, subject to continued employment.

Does Lisa K. Christen hold any of the reported Olympic Steel (ZEUS) securities after these transactions?

For the reported securities, the Form 4 shows zero shares or units beneficially owned following the transactions. However, some converted phantom units are scheduled to vest in future years, generally conditioned on her continued employment with the combined company.