<SEC-DOCUMENT>0001437749-20-009208.txt : 20200504
<SEC-HEADER>0001437749-20-009208.hdr.sgml : 20200504
<ACCEPTANCE-DATETIME>20200504090022
ACCESSION NUMBER:		0001437749-20-009208
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200429
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200504
DATE AS OF CHANGE:		20200504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSTEEL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000764401
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				560674867
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1003

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09929
		FILM NUMBER:		20842952

	BUSINESS ADDRESS:	
		STREET 1:		1373 BOGGS DR
		CITY:			MOUNT AIRY
		STATE:			NC
		ZIP:			27030
		BUSINESS PHONE:		3367862141

	MAIL ADDRESS:	
		STREET 1:		1373 BOGGS DRIVE
		CITY:			MOUNT AIRY
		STATE:			NC
		ZIP:			27030

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXPOSAIC INDUSTRIES INC
		DATE OF NAME CHANGE:	19880511
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>iiin20200501_8k.htm
<DESCRIPTION>FORM 8-K
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Washington, D.C. 20549</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">____________________</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>Pursuant to Section 13 or 15(</b><b>d</b><b>) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date of Report (Date of earliest event reported): April 29, 2020</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">____________________</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><u><b>Insteel Industries Inc.</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>North Carolina</b></u></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction of</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">incorporation or organization)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>1-9929</b></u></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>56-0674867</b></u></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer Identification No.)</p>
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<p style="margin: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>1373 Boggs Drive&nbsp;Mount Airy, North Carolina </b></u></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of principal executive offices)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>27030</b></u></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip code)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>(</u><u><b>336) 786-2141</b></u></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(</b>Registrant&#8217;s telephone number, including area code)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Securities registered subject to Section 12(b) of the Exchange Act:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title of Each Class</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Trading Symbol(s)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Name of Each Exchange on Which Registered</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Common Stock (No Par Value)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">IIIN</p>
			</td>
			<td style="vertical-align: top; width: 40.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">The Nasdaq Stock Market LLC</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Nasdaq Global Select Market)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company&nbsp;&#9744;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; </b><b>Compensatory Arrangements of Certain Officers </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">On April 29, 2020, the Board of Directors of Insteel Industries, Inc. (the &#8220;Company&#8221;) elected Mark A. Carano Vice President, Chief Financial Officer and Treasurer of the Company, effective upon his commencement of employment with the Company on May 18, 2020. Mr. Carano, age 50, will be succeeding Michael C. Gazmarian in this role, and Mr. Gazmarian will be continuing with the Company through July 31, 2020 to assist with the leadership transition.&nbsp;&nbsp;&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Mr. Carano joins the Company from Big River Steel, where he served as Chief Financial Officer beginning in April 2019. Prior to Big River, he served in senior management roles with Babcock &amp; Wilcox Enterprises from June 2013 to October 2018, including Senior Vice President, Finance and Controller of their Industrial Segment, Senior Vice President, Corporate Development and Strategy, and Corporate Treasurer. Mr. Carano also has 14 years of investment banking experience serving as a Managing Director with Bank of America Merrill Lynch, and in various roles of increasing responsibility with Deutsche Bank and First Union Securities. He earned an BA from Vanderbilt University and an MBA from Northwestern University&#8217;s Kellogg Business School.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Mr. Carano has entered into an employment offer letter with the Company (the &#8220;Offer Letter&#8221;). Pursuant to the Offer Letter, Mr. Carano will receive the following compensation:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>Salary:</b></i> Mr. Carano&#8217;s annual base salary will be $345,000.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>Annual Bonus Opportunity:</b></i> Mr. Carano will participate in the Company&#8217;s Return on Capital Incentive Compensation Plan. His annual target bonus will be 60% of his base salary. Any bonus for the Company&#8217;s fiscal year 2020 will be based on Mr. Carano&#8217;s base salary paid by the Company during the year.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>Equity Compensation:</b></i> Mr. Carano will receive equity awards in August 2020, having a grant-date value of $125,000, with 50% of the value to consist of restricted stock units and 50% stock options. The target value of equity awards to Mr. Carano for subsequent Company fiscal years will be $250,000. Equity awards to Mr. Carano will be granted pursuant to the Company&#8217;s 2015 Equity Incentive Plan.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>Lump-sum payments:</b></i> Mr. Carano will receive a lump sum payment of $27,500 in the first full pay period following commencement of his employment, and a second lump sum payment of $27,500 in the first full pay period following six months of employment.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>Retirement Security Agreement</b></i><i><b>:</b></i>&nbsp;&nbsp;&nbsp;Mr. Carano will execute the Company&#8217;s standard Retirement Security Agreement (&#8220;RSA&#8221;). Under the RSA, if Mr. Carano is employed by the Company for 30 years, he will receive, for 15 years following retirement, annual payments equal to 50% of his average base pay for the five years preceding retirement. If Mr. Carano works for the Company for at least 10 years, his payments under the RSA will be reduced by 1/360<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup> for each month short of 360 months during which he is employed by the Company.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><i><b>Change in Control Severance Agreement</b></i><i><b>:</b></i> Mr. Carano will execute the Company&#8217;s standard Change in Control Severance Agreement (&#8220;CIC Agreement&#8221;). Under the CIC Agreement, if Mr. Carano&#8217;s employment is terminated within two years following a change in control of the Company, he will receive payments equal to one times his base salary and one times his average bonus for the prior three years, plus continuation of health and welfare benefits for one year.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A copy of the Offer Letter is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. A copy of the press release announcing the election of Mr. Carano as Vice President, Chief Financial Officer and Treasurer is attached as Exhibit 99.1 to this Current Report on Form 8-K.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 9.01.&nbsp; Financial Statements and Exhibits</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(d)&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; Exhibits</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<td style="vertical-align: top; width: 12%;">Exhibit 10.1</td>
			<td style="vertical-align: top; width: 88%;"><a href="ex_184034.htm" style="-sec-extract:exhibit;">Offer Letter to Mark A. Carano&nbsp;</a></td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Exhibit 99.1</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_184035.htm" style="-sec-extract:exhibit;">Press release dated May 4, 2020&nbsp;announcing&nbsp;the appointment of Mark A. Carano as Chief Financial Officer.</a></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><b>SIGNATURES</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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 thereunto duly authorized.</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><u>INSTEEL INDUSTRIES INC.</u></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Registrant</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: May 4, 2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ James F. Petelle</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James F. Petelle</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President &#8211; Administration and Secretary</p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_184034.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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			<p style="margin-bottom:0pt;margin-top:0pt;">April 23, 2020 (v.3)</p>
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			<p style="margin-bottom:0pt;margin-top:0pt;">Exhibit 10.1</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mr. Mark A. Carano</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2601 Beretania Circle</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Charlotte, NC 28211</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dear Mark:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Insteel is pleased to extend this offer of employment to you to serve as Vice President, Chief Financial Officer and Treasurer of Insteel Industries, Inc. This letter will serve as written confirmation of the details of the employment offer.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">For your consideration, the following is an overview of your compensation and a brief description of benefits currently offered by Insteel Industries, Inc.</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Starting Date: May 18, 2020. You will report to me.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Starting salary: $13,269.24 paid bi-weekly.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">You will be provided lump sum payments totaling $55,000 to be delivered at the following intervals: $27,500 in the first full pay period after your start date; and, $27,500 in the first full pay period following six (6) months of employment with Insteel.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">You will be eligible to participate in our Return on Capital Incentive Plan with a target of 60% of your base pay. The payout maximum is 200% of the 60% target. Therefore, the actual incentive pay can be from 0% - 120% of base pay based on Company performance during the fiscal year. Any incentive pay for Fiscal Year 2020 would be prorated for time worked during the fiscal year. Participants in the Plan must be actively employed by Insteel at the time the bonus is paid to be eligible.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">You will be eligible to participate in certain executive benefits, including: Supplemental Executive Retirement Plan (SERP), Split Dollar Life Insurance, Change in Control Agreement, and the Equity Incentive Plan. The initial Equity Incentive Plan (EIP) award will be approved at the August 2020 Insteel Board of Directors Meeting and will be fifty percent (50%) of the EIP annual target value of $250,000. Half of the award value will be delivered in Restricted Stock Units and the remaining half of the award will be delivered in Incentive Stock Options (ISO&#8217;s) or Non-Qualified Stock Options (NQSO&#8217;s). These plans are subject to change or cancellation by the Board of Directors at any time.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">After completion of a ninety-day period you will be eligible for the following benefits:</p>
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			<td style="width: 25%;">Medical Insurance</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If you incur COBRA costs to continue your present medical coverage, the Company will reimburse the cost of COBRA continuation up until the time you are eligible for the Company plans.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">As this position is in our Home Office of Mt. Airy, NC, relocation assistance is offered. You will be provided with a temporary living allowance of $20,000 to bridge the time period until you relocate your household within a commuting distance of Mount Airy, NC. Please contact Steve Burgess, Vice President of Human Resources at (336) 786-2141 extension 3025 to discuss relocation details.</p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>1373 BOGGS DRIVE / MOUNT AIRY, NORTH CAROLINA 27030 / 336-786-2141/ FAX 336-786-2144</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Mark A. Carano<br>
April 23, 2020</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">The guideline for vacation for your role is generally 15 days of vacation per calendar year. Vacation may not be carried over from one year to another.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">You will be eligible for Company paid Short-term Disability, and Long-term Disability benefits after one year of service.</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Please note: The pre-employment contingencies for the drug and background check are removed from this letter as a result of the clean drug test and background check results received by Insteel on April 23, 2020. There are no pre-employment contingencies in the offer.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Insteel requires new employees to execute the documents listed below. We can discuss any questions that may arise following your review.</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Drug and Alcohol Guidelines (Substance Abuse Policy)</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Background Checks Policy and Authorization Form</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Application Form</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Confidentiality Agreement (Please note witness signature block.)</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Code of Conduct</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Insider Trading Policy</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">E-mail Policy</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Computer Software Policy</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Internet Agreement</p>
			</td>
		</tr>

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			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Two copies of the Confirmation Letter (please retain one original for your records)</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Insteel&#8217;s most recent Annual Report, Insteel Benefits Guide and an I-9 Information form are enclosed for your information.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">While we believe our relationship will be mutually beneficial, please understand that we are not offering employment of a fixed term and you should not construe this letter, our offer of employment, or our previous meetings as intent by Insteel to enter into a contractual employment arrangement with you.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Should you have any questions as you consider your future employment with Insteel, please call me. I sincerely look forward to you joining our company.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Sincerely,</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ H. O. Woltz III</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">H.O. Woltz III</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Chairman, President, and Chief Executive Officer</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Signature page follows</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Mark A. Carano<br>
April 23, 2020</p>

<p style="margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>I have read and understand the contents of this letter.</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><i><b>/s/ Mark A Carano</b></i></u><u><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></i></u><i><b>Signature </b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Mark </b></i><i><b>A. Carano</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><i><b>April 29, 2020&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</b></i></u><i><b>&nbsp;</b></i><i><b>Date</b></i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>&nbsp;</b></i></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">3</p>

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex_184035.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><head>
	<title>ex_184035.htm</title>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;text-indent:76.9%;">&nbsp;</p>

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			<td style="width: 33%;">&nbsp;</td>
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			<div style="text-align: center;"><img alt="" src="image01.jpg"></div>
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			<td style="width: 33%; text-align: right; vertical-align: bottom;">Exhibit 99.1</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;text-indent:76.9%;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>NEWS RELEASE</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><i><b>&nbsp;</b></i></p>

<table border="0" cellpadding="0" cellspacing="0" style="width:84.3%;font-family:'Times New Roman', Times, serif;font-size:10pt;text-indent:0;">

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			<p style="margin-bottom:0pt;margin-top:0pt;">FOR IMMEDIATE RELEASE</p>
			</td>
			<td style="text-align: left; width: 12%;">
			<p style="margin-bottom:0pt;margin-top:0pt;">Contact:</p>
			</td>
			<td style="text-align: left; width: 26%;">
			<p style="margin-bottom:0pt;margin-top:0pt;">H.O. Woltz III</p>
			</td>
		</tr>
		<tr>
			<td style="text-align: left; width: 62%;">&nbsp;</td>
			<td style="text-align: left; width: 12%;">&nbsp;</td>
			<td style="text-align: left; width: 26%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">President and CEO</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Insteel Industries, Inc.</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">(336) 786-2141, Ext. 3041</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:61.5%;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>INSTEEL INDUSTRIES APPOINTS MARK A. CARANO AS CHIEF FINANCIAL OFFICER</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">MOUNT AIRY, N.C., May 4, 2020 &#8211; Insteel Industries, Inc. (NasdaqGS: IIIN) today announced the appointment of Mark A. Carano as Vice President, Chief Financial Officer and Treasurer effective May 18, 2020. Mr. Carano will be succeeding Michael C. Gazmarian, who will be continuing with the Company through July 31, 2020 to assist with the leadership transition.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Mr. Carano joins Insteel from Big River Steel, where he served as Chief Financial Officer. Prior to Big River, he served in senior management roles with Babcock &amp; Wilcox Enterprises, including Senior Vice President, Finance and Controller of their Industrial Segment, Senior Vice President, Corporate Development and Strategy, and Corporate Treasurer. Mr. Carano also has 14 years of investment banking experience serving as a Managing Director with Bank of America Merrill Lynch, and in various roles of increasing responsibility with Deutsche Bank and First Union Securities. He earned an BA from Vanderbilt University and an MBA from Northwestern University&#8217;s Kellogg Business School.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#8220;It is a pleasure to welcome Mark to the Insteel team,&#8221; said H.O. Woltz III, Insteel&#8217;s President and CEO. &#8220;His broad financial background and strong leadership skills will be a valuable addition and we look forward to his future contributions as we proceed with the execution of our strategic growth plans.&#8221;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>About Insteel</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Insteel is the nation&#8217;s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. Insteel&#8217;s products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. Headquartered in Mount Airy, North Carolina, Insteel operates ten manufacturing facilities located in the United States.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">###</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">1373 BOGGS DRIVE, MOUNT AIRY, NC 27030/PHONE: (336) 786-2141/FAX: (336) 786-2144<br>
WWW.INSTEEL.COM</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
