UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) -- December 22, 2005
Commission File Number 0-23320
OLYMPIC STEEL, INC.
(Exact name of registrant as specified in its charter)
Ohio 34-1245650
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
5096 Richmond Road, Bedford Heights, Ohio 44146
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (216) 292-3800
Check the appropriate box if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under and of the following
provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)
[ ] Pre-commencement communications pursuant to Rule 13e-4 under the Exchange
Act (17 CFR 240.13e-4(c)
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGRFEEMENT
Effective January 1, 2006, the Company and Mr. David A. Wolfort entered into an
employment agreement pursuant to which Mr. Wolfort will serve as President and
Chief Operating Officer of the Company for a term ending January 1, 2011. Under
the agreement, Mr. Wolfort receives a base salary of $550,000 per year, subject
to possible increases as determined by the Board. During the period of
employment, Mr. Wolfort will be eligible for a performance bonus under the
Company's Senior Management Compensation Program Plan in place as of 2005, as
amended, or such other bonus plan that replaces that plan, and Mr. Wolfort will
be eligible to participate in any long-term incentive plan which may be created
or amended by the Board from time to time. If the Company terminates Mr.
Wolfort's employment "without cause" during his employment period, he will
continue to receive his compensation under the agreement during the period
ending on the earlier of (i) January 1, 2011 or (ii) the second anniversary of
the termination of his employment. The employment agreement contains a two-year,
non-competition prohibition.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
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10.10 Employment agreement, effective as of January 1, 2006, by and between
the Company and David A. Wolfort.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
OLYMPIC STEEL, INC.
Date: December 22, 2005 By: /s/ Richard T. Marabito
------------------------------------
Richard T. Marabito
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
------- ----------------------
10.10 Employment Agreement, effective as of January 1, 2006, by and between
the Company and David A. Wolfort.
3