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<SEC-DOCUMENT>0000950129-04-009732.txt : 20041214
<SEC-HEADER>0000950129-04-009732.hdr.sgml : 20041214
<ACCEPTANCE-DATETIME>20041214121745
ACCESSION NUMBER:		0000950129-04-009732
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041213
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041214
DATE AS OF CHANGE:		20041214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRIEDMAN INDUSTRIES INC
		CENTRAL INDEX KEY:			0000039092
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				741504405
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07521
		FILM NUMBER:		041200723

	BUSINESS ADDRESS:	
		STREET 1:		4001 HOMESTEAD RD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77028
		BUSINESS PHONE:		7136729433

	MAIL ADDRESS:	
		STREET 2:		PO BOX 21147
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77226
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h20922e8vk.htm
<DESCRIPTION>FRIEDMAN INDUSTRIES, INC.- DECEMBER 13, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>Form&nbsp;8-K</B>


<P align="center" style="font-size: 12pt"><B>CURRENT REPORT</B>


<DIV align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></DIV>



<P align="center" style="font-size: 10pt"><B>Date of Report </B>(Date of earliest event reported): <B>December&nbsp;13, 2004</B>


<P align="center" style="font-size: 24pt"><B>Friedman Industries, Incorporated</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Texas</B><BR>
(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-07521</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>74-1504405</B><BR>
(IRS Employer Identification No.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>4001 Homestead Road<BR>
Houston, Texas</B><BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77028</B><BR>
(Zip Code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>713-672-9433</B><BR>
(Registrant&#146;s telephone number,<BR>including area code)



<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form&nbsp;8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17
CFR 230.425)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;&nbsp;&nbsp;&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;1.01 Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01 Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"> Index to Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="h20922exv10w1.htm">Stock Purchase Agreement - Harold Friedman</A></TD></TR>
<TR><TD colspan="9"><A HREF="h20922exv10w2.htm">Agreement - Harold Friedman</A></TD></TR>
</TABLE>
</CENTER>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link1 "Item&nbsp;1.01 Entry into a Material Definitive Agreement" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;13, 2004, Friedman Industries, Incorporated (the &#147;Company&#148;)
entered into two agreements with Harold Friedman, Vice Chairman of the Board
and a director of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to one of the agreements, a Stock Purchase Agreement, the Company
purchased 624,207 shares of common stock of the Company from Mr.&nbsp;Friedman for
an aggregate purchase price of $2,767,734, or approximately $4.434 per share.
Following such purchase, Mr.&nbsp;Friedman continues to own 624,206 shares of the
Company&#146;s common stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the other agreement, a Service Agreement, effective as of
December&nbsp;31, 2004, Mr.&nbsp;Friedman resigned as Vice Chairman of the Board and
retired as a full-time employee of the Company. The Service Agreement provides
that Mr.&nbsp;Friedman will remain a part-time employee of the Company at an annual
salary of $13,200 for an initial term beginning January&nbsp;1, 2005, and ending
December&nbsp;31, 2009 (subject to earlier termination upon certain specified
events), and, thereafter, for automatically renewing successive one-year terms
(subject to earlier termination upon such specified events and the Company&#146;s
right to terminate the agreement as of the end of any such one-year term).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each of the Stock Purchase Agreement and the Service Agreement
are attached hereto as Exhibits 10.1 and 10.2, respectively, and are
incorporated herein by reference.

<!-- link1 "Item&nbsp;9.01 Entry into a Material Definitive Agreement" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Entry into a Material Definitive Agreement</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Exhibits</I></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Purchase Agreement dated December&nbsp;13, 2004, by and
between Harold Friedman and Friedman Industries, Incorporated.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement dated December&nbsp;13, 2004, by and between Friedman
Industries, Incorporated and Harold Friedman.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.


<P align="left" style="font-size: 10pt">Date: December&nbsp;13, 2004



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">FRIEDMAN INDUSTRIES, INCORPORATED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ BEN HARPER
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Ben Harper&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Senior Vice President - Finance&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 " Index to Exhibits" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Index to Exhibits</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Purchase Agreement dated December&nbsp;13, 2004, by and
between Harold Friedman and Friedman Industries, Incorporated.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement dated December&nbsp;13, 2004, by and between Friedman
Industries, Incorporated and Harold Friedman.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">4
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>h20922exv10w1.htm
<DESCRIPTION>STOCK PURCHASE AGREEMENT - HAROLD FRIEDMAN
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;10.1</B>



<P align="center" style="font-size: 10pt"><B>STOCK PURCHASE AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stock Purchase Agreement (this &#147;Agreement&#148;) is made and entered into
this 13th day of December, 2004, by and among Harold Friedman, in his
individual capacity (&#147;Mr.&nbsp;Friedman&#148;), and the Sarah F Zoldan Harold Friedman
Testamentary Trust (the &#147;Trust&#148;), and Friedman Industries, Incorporated, a
Texas corporation (&#147;Buyer&#148;). Mr.&nbsp;Friedman and the Trust are collectively
referred to herein as &#147;Sellers&#148;.


<P align="center" style="font-size: 10pt"><B>W I T N E S S E T H:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Sellers desires to sell, and Buyer desires to acquire, an
aggregate of 624,207 shares of common stock, par value $1.00, of Buyer (the
&#147;Shares&#148;), in consideration of an aggregate of $2,767,734 (the &#147;Purchase
Price&#148;), all upon the terms and conditions set forth herein; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto desire to set forth certain representations,
warranties and agreements, all as more fully set forth below;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the respective
covenants and agreements contained herein, the parties hereto agree as follows:


<P align="center" style="font-size: 10pt"><B>ARTICLE 1</B>



<P align="center" style="font-size: 10pt"><B>PURCHASE AND SALE OF SHARES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Purchase and Sale. Subject to the terms and conditions of this
Agreement, Buyer herewith has purchased from Sellers, and Sellers herewith have
sold to Buyer, the Shares, for the Purchase Price.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Delivery of Shares. Sellers have herewith delivered and surrendered
to Buyer certificates representing the Shares, duly endorsed in blank and
accompanied by appropriate stock powers, assignments and such instruments of
conveyance as have been reasonably requested by Buyer to evidence the sale and
purchase of the Shares hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Delivery of Purchase Price. In reliance on the representations and
warranties of Sellers set forth in this Agreement and in full consideration of
the transfer by Sellers to Buyer of the Shares, Buyer has delivered the
Purchase Price to Sellers by wire transfer of $2,767,734 to a bank account
specified by Sellers.


<P align="center" style="font-size: 10pt"><B>ARTICLE 2</B>



<P align="center" style="font-size: 10pt"><B>CLOSING</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consummation of the transactions contemplated by this Agreement (the
&#147;Closing&#148;) took place at the offices of Fulbright &#038; Jaworski L.L.P., 1301
McKinney, Houston, Texas, at 1:00 p.m. (Houston time) on the date hereof (the
&#147;Closing Date&#148;). All transactions contemplated


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">by this Agreement to be consummated at the Closing shall be deemed to have
occurred simultaneously.



<P align="center" style="font-size: 10pt"><B>ARTICLE 3</B>



<P align="center" style="font-size: 10pt"><B>REPRESENTATIONS, WARRANTIES AND COVENANTS<BR>
OF SELLERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sellers jointly and severally represent and warrant to Buyer and covenant
and agree as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Ownership<B>. </B>Mr.&nbsp;Friedman and the Trust are the record and beneficial
owner of 461,286 and 162,921, respectively, of the Shares and each owns his or
its respective Shares free and clear of any liens, pledges, mortgages, claims,
charges, security interests or other encumbrances, options, defects or other
rights of any third person of any nature whatsoever (individually, a &#147;Lien and
collectively, &#147;Liens&#148;). Each Seller has full authority to transfer his or its
respective Shares and, upon Buyer&#146;s purchase of the Shares, Buyer will acquire
the Shares free and clear of all Liens.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Validity of Agreement and Conflict with Other Agreements<B>.</B>



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Seller has all requisite legal right, power, capacity and
authority to execute and deliver this Agreement and to perform fully his
or its obligations hereunder. This Agreement has been duly executed and
delivered by each Seller and is the valid and binding obligation of each
Seller, enforceable against each Seller in accordance with its terms
except as may be limited by bankruptcy, insolvency, reorganization,
fraudulent conveyance or other similar laws affecting the enforcement of
creditors&#146; rights generally and general equitable principles.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement by
each Seller and the consummation of the transactions contemplated hereby
by each Seller will not, with or without the passage of time or the
giving of notice or both:



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conflict with, constitute a breach, violation or
termination of any provision of, or constitute a default or require
any consent, approval or other third party action under, any
contract, agreement, indenture, note, lease, mortgage, license,
commitment or other binding arrangement to which either Seller is a
party or by which either Seller or his or its respective Shares may
be bound;



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) result in an acceleration or increase of any amounts due
from either Seller to any Person;



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in the creation or imposition of any Lien on the
Shares;



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) violate any provision of law, judgment, rule, order,
decree or any other restriction applicable to either Seller; or


<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) require any consent or approval of, or filing with or
notice to, any public or governmental body or authority, under any
provision of law applicable to Seller, other than those required to
be filed pursuant to the Securities Exchange Act of 1934 and the
rules and regulations promulgated pursuant thereto.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Violations.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consummation of the transactions contemplated hereby will
not cause any violation of any order of any governmental entity or any
law, ordinance, regulation, order, requirement, statute, rule, permit,
concession, grant, franchise, license or other governmental authorization
relating or applicable to either Seller or to any of Sellers&#146; properties
or assets.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There is no currently pending proceedings nor to the knowledge
of either Seller have any proceedings been filed or threatened against
either Seller or Sellers&#146; properties or assets, at law or in equity,
before or by any governmental entity that, if adversely determined, might
jeopardize or materially adversely affect the transactions contemplated
by this Agreement or materially and adversely affect the use of or value
of the Shares.


<P align="left" style="text-indent:5%;font-size: 10pt">3.4 No Bankruptcy. Neither Seller has: (i)&nbsp;filed for voluntary bankruptcy
(or have commenced against him an involuntary bankruptcy) under any chapter or
section of the United States Bankruptcy Code; (ii)&nbsp;been adjudged bankrupt or
insolvent in proceedings filed under any section or chapter of the United
States Bankruptcy Code; (iii)&nbsp;made any general assignment for the benefit of
creditors; (iv)&nbsp;been unable, or stated that he is unable, to pay his debts as
they become due or (v)&nbsp;taken any preliminary action with respect to the matters
described in clauses (i)&nbsp;or (iii).


<P align="left" style="text-indent:5%;font-size: 10pt">3.5 Finder&#146;s Fees. Neither Seller has employed nor retained any
investment banker, broker, agent, finder or other party, or incurred any
obligation for brokerage fees, finder&#146;s fees or commissions, with respect to
the sale by Sellers of the Shares or with respect to the transactions
contemplated by this Agreement, or otherwise dealt with anyone purporting to
act in the capacity of a finder or broker with respect thereto whereby any
party hereto may be obligated to pay such a fee or commission.


<P align="center" style="font-size: 10pt"><B>ARTICLE 4</B>



<P align="center" style="font-size: 10pt"><B>REPRESENTATIONS AND WARRANTIES OF BUYER</B>



<P align="left" style="text-indent:5%;font-size: 10pt">Buyer represents and warrants to Sellers as follows:


<P align="left" style="text-indent:5%;font-size: 10pt">4.1 Corporate Matters. Buyer is a corporation duly incorporated, validly
existing and in good standing under the laws of the State of Texas.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Validity of Agreement and Conflict with Other Instruments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Buyer has all requisite corporate power and authority to enter
into this Agreement and to perform its obligations hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly
authorized by all requisite corporate action of Buyer. This Agreement
has been duly executed and delivered by Buyer and is the valid and
binding obligation of Buyer, enforceable against Buyer in accordance with
its terms, except as may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance or other similar laws affecting the
enforcement of creditors&#146; rights generally and general equitable
principles.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby by Buyer will
not, with or without the passage of time or the giving of notice or both:



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conflict with, constitute a breach, violation or
termination of any provision of, or constitute a default under, any
contract, agreement, indenture, note, lease, mortgage, license,
commitment or other binding arrangement to which Buyer is a party
or by which Buyer may be bound;



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict with or violate the articles of incorporation or
the bylaws of Buyer;



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) violate any provision of law, judgment, rule, order,
decree or any other restriction applicable to Buyer; or



<P align="left" style="margin-left:10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) require any consent or approval of, or filing with or
notice to, any public or governmental body or authority, under any
provision of law applicable to Buyer other than those required to
be filed pursuant to the Securities Exchange Act of 1934 and the
rules and regulations promulgated pursuant thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 No Violations or Litigation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The consummation of the transactions contemplated hereby will
not cause any violation of any order of any governmental entity or any
law, ordinance, regulation, order, requirement, statute, rule, permit,
concession, grant, franchise, license or other governmental authorization
relating or applicable to Buyer or to any of Buyer&#146;s properties or
assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;There is no currently pending proceedings nor to the knowledge
of Buyer have any proceedings been filed or threatened against Buyer, at
law or in equity, before or by any governmental entity that, if adversely
determined, might jeopardize or materially adversely affect the
transactions contemplated by this Agreement.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 No Bankruptcy. Buyer has not: (i)&nbsp;filed for voluntary bankruptcy (or
have commenced against it an involuntary bankruptcy) under any chapter or
section of the United States Bankruptcy Code; (ii)&nbsp;been adjudged bankrupt or
insolvent in proceedings filed under any section or chapter of the United
States Bankruptcy Code; (iii)&nbsp;made any general assignment for the benefit of
creditors; (iv)&nbsp;been unable, or stated that it is unable, to pay its debts as
they become due or (v)&nbsp;taken any preliminary action with respect to the matters
described in clauses (i)&nbsp;or (iii).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Finder&#146;s Fees. Other than GulfStar Group, Buyer has not employed or
retained any investment banker, broker, agent, finder or other party, or
incurred any obligation for brokerage fees, finder&#146;s fees or commissions, with
respect to the sale by Seller of the Shares or with respect to the transactions
contemplated by this Agreement, or otherwise dealt with anyone purporting to
act in the capacity of a finder or broker with respect thereto whereby any
party hereto may be obligated to pay such a fee or commission.


<P align="center" style="font-size: 10pt"><B>ARTICLE 5</B>



<P align="center" style="font-size: 10pt"><B>INDEMNIFICATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Sellers&#146; Indemnity. Subject to the provisions of this Article&nbsp;5,
Sellers, jointly and severally, agree to indemnify and hold Buyer and its
officers, directors, shareholders, agents, employees, representatives,
successors and assigns (said Persons being sometimes referred to in this
Section&nbsp;5.1 as &#147;Buyer&#146;s Indemnitees&#148;) harmless from and against and in respect
of any loss, cost, claim, demand, assessment, judgment, liability, damage or
expense (including interest, penalties and attorneys&#146; and accountants&#146; fees)
(collectively &#147;Buyer&#146;s Damages&#148;), arising out of or resulting from, and shall
pay Buyer&#146;s Indemnitees the full amount of Buyer&#146;s Damages that Buyer&#146;s
Indemnitees may be obligated to pay on account of any breach of any
representation or warranty or failure to perform any covenant or agreement made
or undertaken by Sellers in this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Buyer&#146;s Indemnity. Subject to the provisions of this Article&nbsp;5, Buyer
agrees to indemnify and hold Sellers, their agents, representatives, successors
and assigns (said Persons being sometimes referred to in this Section&nbsp;5.2 as
&#147;Sellers&#146; Indemnitees&#148;) harmless from and against and in respect of any loss,
cost, claim, demand, assessment, judgment, liability, damage or expense
(including interest, penalties, and attorney&#146;s and accountant&#146;s fees)
(collectively &#147;Sellers&#146; Damages&#148;) arising out of or resulting from, and shall
pay Sellers&#146; Indemnitees the full amount thereof that Sellers&#146; Indemnitees may
be obligated to pay on account of any breach of any representation or warranty
or failure to perform any covenant or agreement made or undertaken by Buyer in
this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Procedure. All claims for indemnification by a party under this
Article&nbsp;5 (the party claiming indemnification and the party against whom such
claims are asserted being hereinafter called the &#147;Indemnified Party&#148; and the
&#147;Indemnifying Party&#148;, respectively) shall be asserted and resolved as follows:


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<P align="left" style="text-indent:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any claim or demand for which an Indemnifying
Party would be liable to an Indemnified Party hereunder is asserted
against or sought to be collected from such Indemnified Party by a third
party, such Indemnified Party shall, promptly but in any event within 30
days of the receipt thereof, give notice (the &#147;Claim Notice&#148;) to the
Indemnifying Party of such claim or demand, specifying the nature of and
specific basis for such claim or demand and the amount or the estimated
amount thereof to the extent then feasible, which estimate shall not be
binding upon either party in its effort to collect the final amount of
such claim or demand. To the extent the Indemnifying Party is prejudiced
thereby, the failure to so notify the Indemnifying Party of any such
claims or action shall relieve the Indemnifying Party from liability that
it may have to the Indemnified Party under the indemnification provisions
contained in this Article&nbsp;5, but only to the extent of the actual loss
incurred, and shall not relieve the Indemnifying Party from any liability
that it may have to the Indemnified Party otherwise than under this
Article&nbsp;5. In any case, if any such actions shall be brought against the
Indemnified Party and the Indemnified Party shall notify the Indemnifying
Party of the commencement thereof, the Indemnifying Party shall be
entitled to assume the defense thereof at its own expense with counsel
reasonably acceptable to the Indemnified Party. If the Indemnifying
Party does not assume such defense by written notice to the Indemnified
Party within 15&nbsp;days of a request from the Indemnified Party to the
Indemnifying Party asking if it intends to assume such defense, the
Indemnified Party shall, in its sole discretion, conduct such defense
with counsel of its choice. If the Indemnifying Party assumes the
defense, the Indemnified Party shall be entitled to participate in the
defense at its expense. The settlement of any claim hereunder by the
Indemnifying Party may only be made upon the prior approval by the
Indemnified Party of the terms of the settlement, which approval shall
not be unreasonably withheld, conditioned or delayed, unless the sole
relief provided is monetary damages that are paid in full by the
Indemnifying Party. If the Indemnifying Party has assumed the defense of
a claim in accordance with this Section&nbsp;5.3(a), the Indemnified Party
shall not settle the claim except with the written consent of the
Indemnifying Party or upon the waiver of any claim for indemnity
hereunder with respect to such claim.



<P align="left" style="text-indent:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If requested by the Indemnifying Party, the Indemnified Party
agrees, at the Indemnifying Party&#146;s expense, to cooperate with the
Indemnifying Party and its counsel in contesting any claim or demand that
the Indemnifying Party elects to contest, or, if appropriate and related
to the claim in question, in making any counterclaim against the Person
asserting the third party claim or demand, or any cross-complaint against
any Person other than an affiliate of the Indemnified Party.



<P align="left" style="text-indent:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Indemnified Party should have a claim against the
Indemnifying Party hereunder that does not involve a claim or demand
being asserted against or sought to be collected from it by a third
party, the Indemnified Party shall send a Claim Notice with respect to
such claim to the Indemnifying Party.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Failure to Pay Indemnification. If and to the extent the Indemnified
Party shall make written demand upon the Indemnifying Party for indemnification
authorized pursuant to this Article&nbsp;5 and the Indemnifying Party shall refuse
or fail to pay in full within ten business


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<P align="left" style="font-size: 10pt">days of such written demand the amounts demanded pursuant hereto and in
accordance herewith, then the Indemnified Party may utilize any legal or
equitable remedy to collect from the Indemnifying Party the amount of its
Damages plus all costs, including reasonable attorneys&#146; fees incurred in
connection with such collection efforts. Nothing contained herein is intended
to limit or constrain the Indemnified Party&#146;s rights against the Indemnifying
Party for indemnity, the remedies herein being cumulative and in addition to
all other rights and remedies of the Indemnified Party.



<P align="center" style="font-size: 10pt"><B>ARTICLE 6<BR>
NATURE OF STATEMENTS AND SURVIVAL<BR>
OF COVENANTS, REPRESENTATIONS,<BR>
WARRANTIES AND AGREEMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All representations and warranties made by the parties in this Agreement
or pursuant hereto shall survive the Closing Date, notwithstanding any
investigation heretofore or hereafter made by or on behalf of any of them and
shall not be deemed merged into any instruments or agreements delivered at
Closing and shall remain in full force and effect for a period of two years
following the Closing Date (the period during which the representations and
warranties shall survive being referred to herein with respect to such
representations and warranties as the &#147;Survival Period&#148;), except as to
representations and warranties as to title to the Shares which shall not
terminate. Any claim for indemnification made during the Survival Period shall
be valid and the representations and warranties relating thereto shall remain
in effect for purposes of such indemnification notwithstanding such claim may
not be resolved within the Survival Period.


<P align="center" style="font-size: 10pt"><B>ARTICLE 7</B>



<P align="center" style="font-size: 10pt"><B>MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Notices. All notices, requests, consents, directions and other
instruments and communications required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been duly given if
delivered personally, if mailed first-class, postage prepaid, registered or
certified mail, or if sent by telegram, telex, facsimile, telecommunication or
other similar form of communication (with receipt confirmed), as follows:

<P align="left" style="font-size: 10pt; margin-left: 6%">If to Sellers to:

<P align="left" style="font-size: 10pt; margin-left: 6%">Harold Friedman
<BR>
PMB 175
<BR>
P.O. Box 31900
<BR>
Houston, Texas 77231-1900


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<P align="left" style="font-size: 10pt; margin-left: 6%">Copies to:

<P align="left" style="font-size: 10pt; margin-left: 6%">Courtney &#038; Associates P.C.<BR>
2016 State Street<BR>
Houston, Texas 77007<BR>
Attention: J. Cal Courtney, Jr.<BR>
Facsimile: (713)&nbsp;706-4104<BR>
Confirm: (713)&nbsp;706-4100

<P align="left" style="font-size: 10pt; margin-left: 6%">If to Buyer, to:

<P align="left" style="font-size: 10pt; margin-left: 6%">Friedman Industries, Incorporated<BR>
1121 Judson Road, Suite&nbsp;124<BR>
Longview, TX 75601<BR>
Attention: President<BR>
Facsimile: (903)&nbsp;758-2265<BR>
Confirm: (903)&nbsp;758-3431

<P align="left" style="font-size: 10pt; margin-left: 6%">Copies to:

<P align="left" style="font-size: 10pt; margin-left: 6%">Fulbright &#038; Jaworski L.L.P.<BR>
1301 McKinney, Suite&nbsp;5100<BR>
Houston, TX 77010<BR>
Attention: Laura Ann Smith<BR>
Facsimile: (713)&nbsp;651-5246<BR>
Confirm: (713)&nbsp;651-5304


<P align="left" style="font-size: 10pt">or to such other address and to the attention of such other person(s) or
officer(s) as any party may designate by written notice. Any notice shall be
effective upon delivery.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Assignment. No party to this Agreement may sell, transfer, assign,
pledge or hypothecate its, his or her rights, interests or obligations under
this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Successors. This Agreement shall inure to the benefit of, be binding
upon, and be enforceable by the parties hereto and their respective successors
and assigns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Expenses. Except as otherwise set forth herein, and whether or not
the transactions contemplated by this Agreement shall be consummated, each
party agrees to pay, without right of reimbursement from any other party, the
costs incurred by such party incident to the preparation and execution of this
Agreement and performance of its obligations hereunder, including without
limitation the fees and disbursements of legal counsel, accountants and
consultants employed by such party in connection with the transactions
contemplated by this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Entire Agreement. This Agreement constitutes the entire agreement and
understanding between the parties relating to the subject matter hereof and
thereof and


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<P align="left" style="font-size: 10pt">supersedes all prior representations, communications and arrangements,
whether oral, written or inferred, between the parties relating to the subject
matter hereof. This Agreement may not be modified or amended, except upon a
written instrument executed by Sellers and by a duly authorized representative
of Buyer.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Texas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Waiver. The waiver of any breach of any term or condition of this
Agreement shall not be deemed to constitute the waiver of any other breach of
the same or any other term or condition.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Headings. The headings of the Articles and Sections of this Agreement
have been inserted for convenience of reference only and shall in no way
restrict or otherwise modify any of the terms or provisions hereof or affect in
any way the meaning or interpretation of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 Definition of Person. As used in this Agreement, &#147;Person&#148; shall mean
a corporation, an association, a partnership, an organization, a business, an
individual, a government or political subdivision thereof or a government
agency.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 Severability. Any provision hereof that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 Negotiated Transaction. The provisions of this Agreement were
negotiated by the parties hereto, and this Agreement shall be deemed to have
been drafted by all of the parties hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 Spousal Consent. Mr.&nbsp;Friedman is an individual and is married,
therefore, Mr.&nbsp;Friedman&#146;s spouse is also executing this Agreement. By
executing this Agreement, Mr.&nbsp;Friedman&#146;s spouse (i)&nbsp;acknowledges that she knows
of the contents of this Agreement, (ii)&nbsp;consents to the entering into this
Agreement by Sellers and (iii)&nbsp;agrees that this Agreement shall be binding upon
her to the extent of her community property interest and/or any other interest.


<P align="center" style="font-size: 10pt"><B>&#091;SIGNATURES ON FOLLOWING PAGES&#093;</B>



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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement
as of the date first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>SELLERS:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ HAROLD FRIEDMAN</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Harold Friedman</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SARAH F ZOLDAN HAROLD FRIEDMAN<BR>
TESTAMENTARY TRUST</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ HAROLD FRIEDMAN</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Harold Friedman<BR>
Title: Trustee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>MR. FRIEDMAN&#146;S SPOUSE:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ BEVERLY FRIEDMAN</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beverly Friedman</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<B>BUYER:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FRIEDMAN INDUSTRIES, INCORPORATED<BR>
<BR>
By: /s/ BEN HARPER</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Ben Harper<BR>

Title: Senior Vice President &#150; Finance</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>h20922exv10w2.htm
<DESCRIPTION>AGREEMENT - HAROLD FRIEDMAN
<TEXT>
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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;10.2</B>



<P align="center" style="font-size: 10pt"><B>FRIEDMAN INDUSTRIES INCORPORATED<BR>
HAROLD FRIEDMAN</B>



<P align="center" style="font-size: 10pt"><B>AGREEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (this &#147;Agreement&#148;) is entered into on December&nbsp;13, 2004, by
and between Friedman Industries, Incorporated, a Texas corporation (the
&#147;Company&#148;), and Harold Friedman (the &#147;Executive&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Executive has served the Company in various executive officer
capacities since 1975 including most recently as its Vice Chairman of the Board
since 1995;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Executive wishes to retire as a full-time employee of the
Company to have additional leisure time and to pursue other interests;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, both the Company and the Executive have determined that it is in
the Company&#146;s best interest to effect an executive succession plan in respect
of the executive services rendered by the Executive;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Executive&#146;s knowledge, expertise, experience and skills are
valuable to the Company and will continue to be so upon and after the date of
his retirement from the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in view of the foregoing, and in recognition of the
Executive&#146;s valuable contributions to the success of the Company, the mutual
promises and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Company and the Executive, intending legally to be bound, agree as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<B>Retirement</B>. Effective as of 11:59&nbsp;p.m. (Central time) on December&nbsp;31,
2004, the Executive (i)&nbsp;resigns as Vice Chairman of the Board of the Company,
from any other officer position he may hold with the Company and from any
director or officer position he may hold with any subsidiary of the Company and
(ii)&nbsp;retires from full-time employment with the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<B>Term</B>. Subject to the specific provisions for termination set forth in
Section&nbsp;7 hereof, the term of this Agreement shall be for the period beginning
on January&nbsp;1, 2005, and ending on December&nbsp;31, 2009, and shall automatically
renew thereafter for additional successive one-year periods unless and until
the Company shall send the Executive written notice of termination on or prior
to the 90<SUP>th</SUP> day preceding the last day of the then applicable one-year renewal
period (the &#147;Term&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<B>Nature of Relationship</B>. During the Term, the Executive shall be a
part-time employee of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<B>Duties of Executive</B>.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>General</I>. During the Term, the Executive will serve in such capacities
as reasonably may be designated by the Board of Directors of the Company (the
&#147;Board&#148;), the


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<P align="left" style="font-size: 10pt">Chief Executive Officer of the Company or the Chief Financial Officer of
the Company from time to time during the Term, and shall render such services
as are reasonably consistent with such capacities.




<P align="left" style="text-indent:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Other Activities</I>. Notwithstanding the provisions of this Section&nbsp;4 or
any other provisions hereof, it is understood that during the Term, the
Executive may engage in such activities on such terms and conditions for such
other person as the Executive in his sole discretion shall desire so long as
such activities do not interfere materially with or detract materially from the
Executive&#146;s performance of his duties hereunder. Notwithstanding the
immediately preceding sentence, during the Term, the Executive may not engage
in any activities for or any other company that currently or in the future is
engaged in any manner in any business in which the Company or any of its
subsidiaries is then engaged.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<B>Compensation</B>. For all the duties to be performed by the Executive
hereunder, during the Term, the Executive shall receive a salary at an annual
rate of $13,200.00, which monthly amount shall be $1,100.00. Such salary shall
be payable to the Executive in installments in accordance with the Company&#146;s
policy for the payment of executives as in effect from time to time during the
Term.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<B>Miscellaneous Provisions Regarding Duties, Compensation and Benefits</B>.



<P align="left" style="text-indent:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Service on Board of Directors</I>. The Company shall take all efforts
reasonably within its control to cause the Executive to remain a member of the
Board until the annual meeting of shareholders of the Company held in 2005,
subject to any actions taken or not taken by any person in respect of
compliance with any applicable fiduciary duties.



<P align="left" style="text-indent:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Expenses</I>. During the Term, the Executive shall be reimbursed for his
reasonable business and travel expenses in accordance with the general
reimbursement policy of the Company then in effect with respect to its
executives and as such policy may be changed from time to time thereafter by
the Company, until the expiration of the Term, provided that the expenses are
incurred in connection with the performance of services by the Executive
specifically requested in accordance with Section 4(a) hereof, and the
Executive has submitted to the Company on a timely basis such documentation as
may be necessary to substantiate such expenses and the business purpose
thereof.



<P align="left" style="text-indent:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Deductions</I>. During the Term, all compensation of any nature
whatsoever payable to the Executive hereunder shall be subject to deductions by
the Company for applicable social security taxes, federal, state and municipal
taxes and other charges as may now be in effect but which may hereinafter be
enacted or required with respect to amounts paid to a part-time employee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<B>Termination</B>. Upon the termination of this Agreement by Executive, the
termination of this Agreement by the Company in accordance with Section&nbsp;2
hereof, an Event of Termination for Cause, or the death or disability of the
Executive, this Agreement shall terminate and the Company will pay to the
Executive and provide to the Executive only the amounts provided for herein
earned and due but unpaid through the date of such termination. An &#147;Event of
Termination for Cause&#148; shall have occurred if the Company reasonably shall
determine and notifies the Executive that it reasonably has determined that (i)
the Executive willfully has neglected the performance of his duties hereunder,
(ii)&nbsp;the Executive has been convicted by a court of competent jurisdiction of a
crime involving moral turpitude, including but not limited to


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<P align="left" style="font-size: 10pt">fraud, theft, embezzlement or any crime that results in or is intended to
result in personal enrichment at the expense of the Company or (iii)&nbsp;the
Executive has committed acts amounting to gross negligence or willful
misconduct to the material detriment of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<B>Severability</B>. If any provision of this Agreement shall be held by a
court of competent jurisdiction invalid or unenforceable, the remainder of this
Agreement shall nevertheless remain in full force and effect. If any provision
is held by a court of competent jurisdiction invalid or unenforceable with
respect to particular circumstances, it shall nevertheless remain in full force
and effect in all other circumstances.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<B>Inurement</B>. This Agreement shall be binding upon, and shall inure to
the benefit of, the Company and the Executive and their respective heirs,
personal and legal representatives, successors and assigns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<B>Governing Law</B>. This Agreement and the rights and obligations of the
parties hereunder shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Texas and, to the extent controlling,
applicable federal laws of the United States of America.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<B>Notices</B>. Any notice required to be given shall be sufficient if it is
in writing, hand delivered or sent by certified or registered mail, return
receipt requested, first-class postage prepaid, in the case of the Executive,
to his residence at the address set forth on the signature page hereof or such
other address of which the Executive may hereafter notify the Company, and, in
the case of the Company, to the office address of the Company set forth on the
signature page hereof or such other address of which the Company may hereafter
notify the Executive.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<B>Entire Agreement</B>. This Agreement contains the entire agreement and
understanding by and between the Company and the Executive with respect to the
subject matter hereof, and supersedes all other representations, promises,
agreements, understandings or negotiations between the parties regarding the
subject matter hereof, whether written or oral, not contained herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<B>Amendments and Waivers</B>. No change or modification of this Agreement
shall be valid or binding unless it is in writing and duly executed by both
parties hereto. No waiver of any provision of this Agreement shall be valid
unless it is in writing and signed by the party to be charged thereby. No valid
waiver of any provision of this Agreement at any time shall be deemed a waiver
of any other provision of this Agreement at such time or at any other time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<B>Assignments</B>. This Agreement is a personal services contract. The
rights and obligations of the Executive hereunder may not be sold, transferred,
delegated, assigned, pledged or hypothecated and any attempted assignment,
transfer or sale shall be void.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<B>Captions</B>. The captions of the various sections and subsections of
this Agreement have been inserted only for purposes of convenience and shall
not be deemed in any manner to modify, explain, enlarge or restrict any of the
provisions of this Agreement.


<P align="center" style="font-size: 10pt">- 3 -
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<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day and year first above written.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#147;Company&#148;</B>:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FRIEDMAN INDUSTRIES, INCORPORATED</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ BEN HARPER</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ben Harper</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President - Finance</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company&#146;s Office Address:<BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">P. O. Box 2192</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Longview, Texas 75601</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: President</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#147;Executive&#148;</B>:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ HAROLD FRIEDMAN</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Harold Friedman</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive&#146;s Residence Address:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PMB 175</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">P.O. Box 31900</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Houston, Texas 77231-1900</TD>
</TR>

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