<SEC-DOCUMENT>0000921895-20-001613.txt : 20200527
<SEC-HEADER>0000921895-20-001613.hdr.sgml : 20200527
<ACCEPTANCE-DATETIME>20200527160526
ACCESSION NUMBER:		0000921895-20-001613
CONFORMED SUBMISSION TYPE:	DFRN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200527
DATE AS OF CHANGE:		20200527
EFFECTIVENESS DATE:		20200527

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNALLOY CORP
		CENTRAL INDEX KEY:			0000095953
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				570426694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFRN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05200
		FILM NUMBER:		20915232

	BUSINESS ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		864-585-3605

	MAIL ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKMAN UHLER INDUSTRIES INC
		DATE OF NAME CHANGE:	19710510

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Privet Fund LP
		CENTRAL INDEX KEY:			0001414517
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFRN14A

	BUSINESS ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD NE
		STREET 2:		SUITE 2670
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30305
		BUSINESS PHONE:		404-419-2670

	MAIL ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD NE
		STREET 2:		SUITE 2670
		CITY:			Atlanta
		STATE:			GA
		ZIP:			30305
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFRN14A
<SEQUENCE>1
<FILENAME>dfrn14a10638005_05272020.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. 2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid">SYNALLOY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Privet
Fund LP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Privet
Fund Management LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Ryan
Levenson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">UPG
Enterprises LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Paul
Douglass</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Christopher
Hutter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Andee
Harris</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Aldo
Mazzaferro</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Benjamin
Rosenzweig</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-transform: uppercase">John P. Schauerman</FONT></P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2020 ANNUAL MEETING OF STOCKHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SYNALLOY CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; border-top: Black 2.25pt solid; border-bottom: Black 2.25pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 12pt; padding-bottom: 12pt; text-align: center"><B>SUPPLEMENT DATED MAY 27, 2020 TO THE PROXY STATEMENT<BR>
OF<BR>
PRIVET FUND LP AND UPG ENTERPRISES LLC<BR>
DATED APRIL 9, 2020</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>PLEASE SIGN, DATE
AND MAIL THE <U>WHITE</U> PROXY CARD TODAY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Privet Fund LP (together
with its affiliates, &ldquo;Privet&rdquo;) and UPG Enterprises LLC (together with its affiliates, &ldquo;UPG&rdquo; and collectively
with Privet, the &ldquo;Stockholder Group&rdquo; or &ldquo;we&rdquo; or &ldquo;us&rdquo;) collectively beneficially own approximately
24.9% of the outstanding shares of common stock, $1.00 par value per share (&ldquo;Common Stock&rdquo;), of Synalloy Corporation,
a Delaware corporation (&ldquo;Synalloy&rdquo; or the &ldquo;Company&rdquo;), making us the Company&rsquo;s largest stockholder.
We are sending this proxy statement supplement (&ldquo;Proxy Supplement&rdquo;) and accompanying <B>WHITE</B> proxy card in connection
with the solicitation of proxies in connection with the Company&rsquo;s 2020 annual meeting of stockholders scheduled to be held
on Tuesday, June 30, 2020 at 9:00 a.m. Eastern Time, at Synalloy&rsquo;s headquarters at 4510 Cox Road, Suite 201, Richmond, Virginia
23060 (including any adjournments or postponements thereof and any meeting which may be called in lieu thereof, the &ldquo;Annual
Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Stockholder
Group filed its definitive proxy statement for the Annual Meeting with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on April 9, 2020, as supplemented on April 28, 2020 (collectively, the &ldquo;Definitive Proxy Statement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Proxy Supplement
is dated May 27, 2020, and is first being furnished to stockholders on or about May 27, 2020. This Proxy Supplement should be read
in conjunction with the Definitive Proxy Statement. Defined terms used but not defined below have the meanings ascribed to them
in the Definitive Proxy Statement. Except as updated or supplemented by this Proxy Supplement, all information set forth in the
Definitive Proxy Statement remains unchanged and should be considered in casting your vote at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For the reasons
set forth in the Definitive Proxy Statement, we are seeking your support to elect the Stockholder Group&rsquo;s five (5) director
nominees, Andee Harris, Christopher Hutter, Aldo Mazzaferro, Benjamin Rosenzweig and John P. Schauerman (each a &ldquo;Nominee&rdquo;
and collectively, the &ldquo;Nominees&rdquo;), to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) at the Annual
Meeting in opposition to the Company&rsquo;s director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IF YOU HAVE SUBMITTED
A <U>WHITE</U> PROXY CARD AND ARE A STOCKHOLDER AS OF THE RECORD DATE AND YOU DO NOT WISH TO CHANGE YOUR VOTE, THEN YOU DO NOT
HAVE TO TAKE ANY FURTHER ACTION. YOU SHOULD DISREGARD AND DISCARD ANY BLUE PROXY CARD YOU RECEIVE FROM THE COMPANY. ONLY YOUR LAST
DATED PROXY CARD WILL COUNT.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>SUPPLEMENTAL INFORMATION
REGARDING THE BACKGROUND OF THE SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On the evening of
Friday, May 22, 2020, the Company&rsquo;s legal counsel (&ldquo;Company Counsel&rdquo;) sent a letter (the &ldquo;May 22<SUP>nd</SUP>
Letter&rdquo;) to the Stockholder Group&rsquo;s legal counsel (&ldquo;Group Counsel&rdquo;) claiming that certain disclosures in
the Definitive Proxy Statement are &ldquo;insufficient, incomplete, false or misleading in multiple respects&rdquo; and demanded
that the Stockholder Group supplement and correct its disclosures. Attached as an exhibit to the May 22<SUP>nd</SUP> Letter was
a letter addressed to the Board purportedly sent on behalf of a stockholder of the Company claiming that the Definitive Proxy Statement
is misleading and incomplete in several respects (the &ldquo;Purported Stockholder Letter&rdquo; and together with the May 22<SUP>nd</SUP>
Letter, the &ldquo;Disclosure Demand&rdquo;). As set forth more fully below, the Stockholder Group disagrees with the Disclosure
Demand in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, the
May 22<SUP>nd</SUP> Letter claims to constitute notice of certain deficiencies with respect to Privet&rsquo;s letter, dated May
21, 2020 (the &ldquo;May Nomination Notice&rdquo;), nominating the Nominees for election to the Board at the Annual Meeting;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
however, the May 22<SUP>nd</SUP> Letter fails to identify how the May Nomination Notice is deficient and lacks an explanation as
to how it does not comply with the disclosure obligations established by the Company&rsquo;s Bylaws for a stockholder of the Company
to nominate director candidates for election to the Board. The Stockholder Group disagrees that there are any deficiencies. Notably,
in addition to the Company&rsquo;s failure to identify the alleged deficiencies, the May Nomination Notice is substantially the
same as the nomination notice Privet delivered to the Company on March 16, 2020 initially nominating the Nominees for election
to the Board at the Annual Meeting (the &ldquo;March Nomination Notice&rdquo;), and no alleged deficiencies were raised by the
Company with respect to the March Nomination Notice.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
Accordingly, we believe the May 22<SUP>nd</SUP> Letter represents an attempt to needlessly add time and expense to the Stockholder
Group&rsquo;s efforts to exercise its fundamental rights to nominate and seek the election of director candidates at the Annual
Meeting. The Stockholder Group expressly reserves all of its rights to take any and all action that it believes is necessary to
protect its rights with respect to the nomination of director candidates at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Purported Stockholder
Letter demanded that the Board &ldquo;take action to (i) investigate the Stockholder Group&rsquo;s disclosures made in the [Definitive]
Proxy Statement and related soliciting materials regarding the background and experience of the Stockholder Group&rsquo;s director
nominees and investigate the timing and formation of the Stockholder Group, (ii) commence litigation to compel the Stockholder
Group to make adequate disclosures to Synalloy stockholders and to do so sufficiently in advance of the stockholder vote, and (iii)
pursue such other civil remedies as may be available.&rdquo; The Purported Stockholder Letter also claimed that the purported stockholder
 &ldquo;will seek to commence litigation on behalf of the Company and/or directly to seek appropriate relief&rdquo; if the Board
does not take such demanded actions within a reasonable amount of time. Ultimately, the Disclosure Demand alleges violations of
Rule 14a-9 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), which prohibits false or misleading
disclosure, and demands supplemental disclosure be made by the Stockholder Group.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 9pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> The Company&rsquo;s Bylaws require nominations of director candidates to be submitted 30 to 60 days in advance of the applicable meeting, which is why Privet had to resubmit its nomination of the Nominees after the Annual Meeting was scheduled for June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 9pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT> On March 26, 2020, Company Counsel sent a letter to Privet seeking &ldquo;clarification&rdquo; of certain matters with respect to the March Nomination Notice. On March 27, 2020, Group Counsel sent a letter to Company Counsel on behalf of Privet explaining its belief that there was no valid basis for the requested clarification because the Company was seeking information that well exceeded Privet&rsquo;s disclosure obligations as a nominating stockholder pursuant to the Bylaws. Nevertheless, within the same letter, Group Counsel voluntarily provided the requested clarification as a courtesy, and no issues with the March Nomination Notice were subsequently raised by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Stockholder
Group firmly believes that the disclosure in the Definitive Proxy Statement complies with the requirements of the Exchange Act
and that the allegations in the Disclosure Demand are without merit. To the extent that the Company or any other party commences
litigation against the Stockholder Group alleging violations of the Exchange Act or otherwise, the Stockholder Group intends to
vigorously defend itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">First, the Disclosure
Demand claims the Definitive Proxy Statement omits certain information regarding how Privet and UPG formed the Stockholder Group,
and contends disclosure of discussions that took place before Privet and UPG entered into a group agreement (the &ldquo;Group Agreement&rdquo;)
on March 3, 2020 are required and that Privet and UPG must have coordinated their purchases of Synalloy Common Stock in advance
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Stockholder
Group disagrees. As disclosed in the Definitive Proxy Statement, Privet filed its initial Schedule 13D with respect to the Company
on September 19, 2016, and its status as a significant stockholder of the Company has been publicly known since such time. As the
Company&rsquo;s largest stockholder, Privet has had conversations with various third parties concerning Synalloy from time to time;
however, Privet had no agreements, arrangements or understandings with any third party (excluding the Company) with respect to
the securities of the Company prior to the execution of the Group Agreement on March 3, 2020. Pursuant to the Group Agreement,
Privet and UPG agreed, among other things, to form a group for the purpose of engaging in discussions with the Company regarding
means to enhance stockholder value. Notably, Schedule I of the Definitive Proxy Statement discloses the transactions in securities
of the Company during the past two years by the Stockholder Group and confirms that Privet&rsquo;s last purchase of Company securities
prior to the execution of the Group Agreement was on March 18, 2019. Meanwhile, UPG&rsquo;s first purchase of Company securities
occurred on January 23, 2020. Following the execution of the Group Agreement, Privet and UPG each made purchases of Company securities
on March 3, 2020 and March 4, 2020 (with Privet also making a purchase on March 5, 2020). As disclosed in the Definitive Proxy
Statement, once Privet and UPG jointly agreed to pursue a proxy contest, they entered into a Joint Filing and Solicitation Agreement
(the &ldquo;Joint Filing and Solicitation Agreement&rdquo;) with the Nominees on March 16, 2020, which superseded the Group Agreement.
Pursuant to the Joint Filing and Solicitation Agreement, the parties agreed, among other things, to solicit proxies for the election
of the Nominees at the Annual Meeting. Privet and UPG were already a publicly disclosed group when the Stockholder Group submitted
its nomination of director candidates for election to the Board at the Annual Meeting on March 16, 2020. Further, the Stockholder
Group has publicly disclosed its Nominees&rsquo; plans and proposals for the Company if the Nominees are elected to the Board at
the Annual Meeting, and believes that the relevant and material information concerning the Stockholder Group and its Nominees has
been publicly disclosed in order to allow stockholders to make an informed decision when casting their votes at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Disclosure Demand
does not identify any inaccurate statements regarding UPG&rsquo;s business or operations; yet, it nonetheless alleges that detailed
descriptions of UPG&rsquo;s business, operations and performance must be provided because there is a lack of publicly available
information since it is a privately held company. The Stockholder Group again disagrees. As an initial matter, the Disclosure Demand
does not indicate that anything disclosed with respect to UPG is false or misleading; rather, it suggests that UPG has some sort
of open ended obligation to provide unspecified additional information. However, UPG is just a stockholder of the Company and a
participant in the Stockholder Group&rsquo;s solicitation of proxies to elect the Nominees to the Board at the Annual Meeting.
Information required to be disclosed with respect to UPG has been disclosed in the Definitive Proxy Statement. Moreover, the Stockholder
Group has voluntarily disclosed considerable information with respect to UPG in its definitive additional materials, including
the presentation filed with the SEC on May 12, 2020, in order to familiarize stockholders with UPG. However, it is important to
keep in mind that this solicitation pertains to the election of director candidates, not a proposed merger with UPG. As we have
made clear repeatedly, Privet and UPG are not attempting to acquire the Company and have no plans to do so. We are focused on overhauling
Synalloy&rsquo;s Board and implementing a strategy to produce long-term, sustainable value. At the Annual Meeting stockholders
must decide which director candidates to elect to the Board to represent their interests &ndash; they are not being asked to make
an investment decision with respect to UPG. As such, the Stockholder Group does not believe that providing further information
with respect to UPG is necessary or material to stockholders casting their votes at the Annual Meeting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Similarly, the Disclosure
Demand claims that the disclosure with respect to Mr. Hutter is insufficient in order for stockholders to make an informed voting
decision because there is no way for stockholders to verify his qualifications since he has only worked at privately held businesses.
The Stockholder Group believes the Disclosure Demand is mistaken in this regard as well. Mr. Hutter is a director nominee and a
participant in the Stockholder Group&rsquo;s solicitation of proxies to elect the Nominees to the Board at the Annual Meeting.
Information required to be disclosed with respect to Mr. Hutter, whether in his capacity as a director nominee or a participant,
has been disclosed in the Definitive Proxy Statement. The suggestion that Mr. Hutter&rsquo;s stated qualifications and achievements
are somehow untrue because they took place at private companies is ridiculous. The Stockholder Group is required to make accurate
disclosure by Rule 14a-9 and otherwise. It has done so, including with respect to Mr. Hutter and his qualifications. The Disclosure
Demand also seemingly questions whether there is some sort of relationship between Mr. Hutter and Privet. As disclosed in the Definitive
Proxy Statement, Mr. Hutter, as a member of UPG, was a party to the Group Agreement and is a party to the Joint Filing and Solicitation
Agreement. Mr. Hutter did not have any agreements, arrangements or understandings with Privet prior to the entry of the Group Agreement.
Further, the Definitive Proxy Statement explicitly provides that, except as otherwise set forth therein &ldquo;no participant in
this solicitation is, or within the past year was, a party to any contract, arrangements or understandings with any person with
respect to any securities of the Company.&rdquo; The Stockholder Group has disclosed information with respect to Mr. Hutter which
it believes is sufficient to allow stockholders to make an informed decision with respect to his candidacy when casting their votes
at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Again, the Stockholder
Group firmly believes that the disclosure in the Definitive Proxy Statement complies with the requirements of the Exchange Act
and that the allegations in the Disclosure Demand are without merit. To the extent that the Company or any other party commences
litigation against the Stockholder Group alleging violations of the Exchange Act or otherwise, the Stockholder Group intends to
vigorously defend itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting:<BR>
The proxy materials are available at</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Blue"><B><U>www.StrengthenSynalloy.com</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">IMPORTANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Your vote is
important, no matter how many or how few shares of Common Stock you own. Please sign, date and return the <U>WHITE</U> proxy card
today to vote FOR the election of the Nominees and in accordance with the Stockholder Group&rsquo;s recommendations on the other
proposals on the agenda for the Annual Meeting.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">If your shares of Common Stock are registered in your own name, please sign and date the <B>WHITE</B>
proxy card and return it to the Stockholder Group, c/o Saratoga Proxy Consulting LLC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">If your shares of Common Stock are held in a brokerage account or bank, you are considered the
beneficial owner of the shares of Common Stock, and these proxy materials, together with a <B>WHITE</B> voting form, are being
forwarded to you by your broker or bank. As a beneficial owner, if you wish to vote, you must instruct your broker, trustee or
other representative how to vote. Your broker cannot vote your shares of Common Stock on your behalf without your instructions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Depending upon your broker or custodian, you may be able to vote either by toll-free telephone
or by the Internet. Please refer to the voting form for instructions on how to vote electronically. You may also vote by signing,
dating and returning the voting form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Since only your
latest dated proxy card will count, you should DISREGARD AND DISCARD, and NOT vote, any BLUE proxy card you receive from the Company.
Even if you return the BLUE management proxy card marked &ldquo;withhold&rdquo; as a protest against the incumbent directors, it
will revoke any proxy card you may have previously sent to us. Remember, you can vote for our Nominees only on our <B>WHITE</B>
proxy card. So please make certain that the latest dated proxy card you return is the <B>WHITE</B> proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Saratoga Proxy Consulting
LLC is assisting the Stockholder Group with its effort to solicit proxies. If you have any questions or require assistance in authorizing
a proxy or voting your shares of Common Stock, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 68px; width: 259px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saratoga Proxy Consulting, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">520 8<SUP>th</SUP> Avenue, 14<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 257-1311</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stockholders may call toll-free: (888) 368-0379</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>info@saratogaproxy.com</B></P>

</DIV>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">WHITE PROXY CARD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Synalloy
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>2020 ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THIS PROXY IS SOLICITED ON BEHALF
OF PRIVET FUND LP, UPG ENTERPRISES LLC AND THE OTHER PARTICIPANTS IN THEIR SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THE BOARD OF DIRECTORS OF <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Synalloy
Corporation</FONT><BR>
IS NOT SOLICITING THIS PROXY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>P&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y</B><BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
appoints Ryan Levenson, Benjamin Rosenzweig, John Ferguson and Ryan Nebel, and each of them, attorneys and agents with full power
of substitution to vote all shares of common stock, par value $1.00 (the &ldquo;Common Stock&rdquo;), of Synalloy Corporation (the
 &ldquo;Company&rdquo;), which the undersigned would be entitled to vote if personally present at the 2020 Annual Meeting of Stockholders
of the Company scheduled to be held on Tuesday, June 30, 2020 at 9:00 a.m. Eastern Time, at Synalloy&rsquo;s headquarters at 4510
Cox Road, Suite 201, Richmond, Virginia 23060 (including any adjournments or postponements thereof and any meeting which may be
called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
revokes any other proxy or proxies heretofore given to vote or act with respect to the shares of Common Stock of the Company held
by the undersigned, and hereby ratifies and confirms all action the herein named attorneys and proxies, their substitutes, or any
of them may lawfully take by virtue hereof. If properly executed, this Proxy will be voted as directed on the reverse and in the
discretion of the herein named attorneys and proxies or their substitutes with respect to any other matters as may properly come
before the Annual Meeting that are unknown to Privet Fund LP and UPG Enterprises LLC (together, the &ldquo;Stockholder Group&rdquo;)
a reasonable time before this solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>IF NO DIRECTION
IS INDICATED WITH RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo; PROPOSAL 1, &ldquo;AGAINST&rdquo;
PROPOSAL 2 AND &ldquo;FOR&rdquo; PROPOSAL 3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Proxy will be valid
until the completion of the Annual Meeting. This Proxy will only be valid in connection with the Stockholder Group&rsquo;s solicitation
of proxies for the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>IMPORTANT: PLEASE SIGN, DATE AND MAIL
THIS PROXY CARD PROMPTLY!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CONTINUED AND TO BE SIGNED ON REVERSE
SIDE</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>[X] Please mark vote as in this example</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THE STOCKHOLDER GROUP
RECOMMENDS A VOTE &ldquo;FOR&rdquo; THE NOMINEES LISTED IN PROPOSAL 1 AND &ldquo;AGAINST&rdquo; PROPOSAL 2. THE STOCKHOLDER GROUP
MAKES NO RECOMMENDATION WITH RESPECT TO PROPOSAL 3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Stockholder Group&rsquo;s proposal to elect Andee Harris, Christopher Hutter, Aldo Mazzaferro,
Benjamin Rosenzweig and John P. Schauerman as directors of the Company:</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>FOR ALL NOMINEES</B></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>WITHHOLD AUTHORITY TO VOTE FOR ALL NOMINEES</B></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>FOR ALL EXCEPT NOMINEE(S) WRITTEN BELOW </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 48.6pt; text-indent: -48.6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -44pt; padding-right: 5.4pt; padding-left: 48.6pt">Nominees:&#9;Andee Harris<BR>
Christopher Hutter<BR>
Aldo Mazzaferro<BR>
Benjamin Rosenzweig<BR>
John P. Schauerman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT><BR>
        ______________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 48.6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Stockholder Group does not expect
that any of its nominees will be unable to stand for election, but, in the event that any nominee is unable to serve or for good
cause will not serve, the shares of Common Stock represented by this proxy card will be voted for substitute nominee(s), to the
extent this is not prohibited under the Bylaws and applicable law. In addition, the Stockholder Group has reserved the right to
nominate substitute person(s) if the Company makes or announces any changes to its Bylaws or takes or announces any other action
that has, or if consummated would have, the effect of disqualifying any nominee, to the extent this is not prohibited under the
Bylaws and applicable law. In any such case, shares of Common Stock represented by this proxy card will be voted for such substitute
nominee(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NOTE: If you do not wish for your
shares to be voted &ldquo;FOR&rdquo; a particular nominee, mark the &ldquo;FOR ALL EXCEPT NOMINEE(S) WRITTEN BELOW&rdquo; box and
write the name(s) of the nominee(s) you do not support on the line(s) above. Your shares will be voted for the remaining nominee(s).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Unless vote allocation instructions
are provided, this Proxy confers discretionary authority upon the Proxies to cumulate votes in favor of one or more of the nominees,
at the Proxies&rsquo; sole discretion, in order to elect as many of the nominees as possible. The shares represented by this Proxy
will not be cumulated with respect to any nominee for whom the authority to vote has been withheld. If you wish to provide vote
allocation instructions, you must check the box below, submit the proxy card by mail and hand mark the number of votes you wish
to allocate to any particular nominee. You do not need to check the &ldquo;FOR ALL&rdquo; box to allocate votes among all of our
nominees. If you provide vote allocation instructions for less than all of the votes that you are entitled to cast, the Proxies
will retain discretionary authority to cast your remaining votes, except for any nominee for whom you have withheld authority by
marking the &ldquo;FOR ALL EXCEPT&rdquo; box. NOTE: If you hold your shares in street name and wish to provide vote allocation
instructions, you must contact your broker, banker or other custodian for instructions.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><B>To specify different directions with respect to cumulative voting, mark the adjacent box and
write your instructions in the space provided below under &#8220;CUMULATIVE VOTING INSTRUCTIONS.&#8221;</B></TD></TR></TABLE>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Company&rsquo;s proposal of the non-binding, advisory resolution approving the compensation of
the Company&rsquo;s named executive officers:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>FOR</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>AGAINST</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>ABSTAIN</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Company&rsquo;s proposal of the ratification of the appointment of KPMG, LLP as the Company&rsquo;s
independent registered public accounting firm for the fiscal year ended December 31, 2020:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>FOR</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>AGAINST</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>ABSTAIN</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>CUMULATIVE VOTING INSTRUCTIONS: </B>Provide below any
instructions with respect to how the undersigned&rsquo;s shares should be cumulatively voted at the Annual Meeting, including the
number of shares of Common Stock to be voted for any particular nominee and/or the name of any nominee with respect to whom the
undersigned is withholding authority to cumulate votes, as applicable. Unless indicated to the contrary in the space provided below,
all cumulative votes of such stockholder will be distributed among the remaining nominees at the discretion of the proxy holders
named herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">______________________________<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">DATED: ____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Signature, if held jointly)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Title)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEN SHARES ARE HELD JOINTLY, JOINT OWNERS
SHOULD EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH SIGNING. PLEASE SIGN EXACTLY
AS NAME APPEARS ON THIS PROXY.</P>

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