X0305 4 2012-05-17 0000709804 Steel Excel Inc. SXCL.PK 0001228146 MUTCH JOHN 2603 CAMINO RAMON, SUITE 200 SAN RAMON CA 94583 1 0 0 0 Common Stock 2012-05-17 4 A 0 2500 .001 A 7250 D Represents an award of restricted stock units from the company's 2006 Director Plan for 2,500 shares of common stock that will be fully vested on the earlier of May 17, 2013 or the date on which the director ceases to be a member of the company's board of directors for any reason. /s/ John Mutch 2012-05-17