FRD

Represents shares of restricted Common Stock. Half of the shares will vest in equal amounts each year for three years commencing on April 1, 2026. Half of the shares will vest depending on performance criteria related to earnings before tax and amounts of accounts receivable, inventory and property, plant and equipment over a three-year period commencing April 1, 2026. Vesting for all shares is subject to continued employment with the issuer.

Represents shares of restricted Common Stock. Half of the shares will vest in equal amounts each year for three years commencing on April 1, 2026. Half of the shares will vest depending on performance criteria related to earnings before tax and amounts of accounts receivable, inventory and property, plant and equipment over a three-year period commencing April 1, 2026. Vesting for all shares is subject to continued employment with the issuer.

Represents shares of restricted Common Stock. Half of the shares will vest in equal amounts each year for three years commencing on April 1, 2026. Half of the shares will vest depending on performance criteria related to earnings before tax and amounts of accounts receivable, inventory and property, plant and equipment over a three-year period commencing April 1, 2026. Vesting for all shares is subject to continued employment with the issuer.

Represents shares of restricted Common Stock which will vest in two equal installments on November 1, 2026 and November 1, 2027.

Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on October 1, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares withheld to cover taxes due upon the vesting of restricted stock units.

Represents shares of restricted Common Stock. Half of the shares will vest in equal amounts each year for three years commencing on April 1, 2025. Half of the shares will vest depending on performance criteria related to earnings before tax and amounts of accounts receivable, inventory and property, plant and equipment over a three-year period commencing April 1, 2025. Vesting for all shares is subject to continued employment with the issuer.

Represents shares of restricted Common Stock. Half of the shares will vest in equal amounts each year for three years commencing on April 1, 2025. Half of the shares will vest depending on performance criteria related to earnings before tax and amounts of accounts receivable, inventory and property, plant and equipment over a three-year period commencing April 1, 2025. Vesting for all shares is subject to continued employment with the issuer.

Represents shares of restricted Common Stock which will vest 100% on January 2, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on January 2, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on January 2, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on January 2, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on January 2, 2026, subject to continued service as a member of the Board of Directors of the issuer.

Represents shares of restricted Common Stock which will vest 100% on January 2, 2026, subject to continued service as a member of the Board of Directors of the issuer.

The price reported in Column 4 of the transaction dated 7/10/2024 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $14.25 to $14.45, inclusive. The reporting person undertakes to provide Friedman Industries, Inc., any shareholder of Friedman Industries, Inc., or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.