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Trademark Security Agreement

This is an actual contract by Tarpon Industries,.
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THIS AGREEMENT made as of August 9, 2007 by Steelbank Tubular Inc., a New Brunswick corporation (the "Grantor"), in favour of Laurus Master Fund, Ltd. (the "Secured Party").


A. Pursuant to an Amended and Restated Master Security Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "Security Agreement") among the Grantor, certain other Assignors (as defined in the Security Agreement), and the Secured Party, the terms and provisions of which are hereby incorporated herein as if fully set forth herein, the Grantor and the other Assignors have granted a security interest to the Secured Party in consideration of the Secured Party's agreement to provide financial accommodations to Tarpon Industries, Inc. and certain of its Subsidiaries.


B. The Grantor has adopted, used and is using the trademarks reflected in the trademark registrations and trademark applications in the Canadian Intellectual Property Office more particularly described on Schedule 1 annexed hereto as part hereof (the "Trademarks").


C. The Grantor wishes to confirm its grant to the Secured Party of a security interest in all right, title and interest of the Grantor in and to the Trademarks, and all proceeds thereof, together with the business as well as the goodwill of the business symbolized by, or related or pertaining to, the Trademarks, and the customer lists and records related to the Trademarks and all causes of action which may exist by reason of infringement of any of the Trademarks (collectively, the "Collateral"), to secure the payment, performance and observance of the Obligations (as that term is defined in the Security Agreement).


NOW, THEREFORE, for good and val
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