X0304 4 2011-12-07 0000709804 Steel Excel Inc. SXCL 0001228146 MUTCH JOHN 691 SOUTH MILPITAS BLVD MILPITAS CA 95035 1 0 0 0 Common Stock 2011-12-07 4 M 0 1250 0 A 4750 D Restricted Stock Units 0 2011-12-07 4 M 0 1250 0 D 2011-12-07 2011-12-07 Common Stock 1250 0 D Shares of the company's common stock received from the vesting of the restricted stock units granted on December 7, 2010. Restricted stock units granted on December 7, 2010 became fully vested on December 7, 2011. Remarks: On October 3, 2011, the company's common stock underwent a reverse stock split at the ratio of 500-for-1, immediately followed by a forward stock split at the ratio of 1-for-50. The shares of common stock being reported reflect the number of shares resulting from the reverse/forward split. /s/ John Mutch 2011-12-07