X0306 4 2014-05-27 0000709804 Steel Excel Inc. SXCL 0001228146 MUTCH JOHN 1133 WESTCHESTER AVENUE SUITE N222 WHITE PLAINS NY 10604 1 Common Stock, $.001 Par Value 2014-05-27 4 A 0 2500.0000 0.0000 A 20750.0000 D Represents an award of restricted stock units from the Issuer's 2006 Director Plan for 2,500 shares of common stock that will be fully vested on the earlier of May 27, 2015 or the date on which the director ceases to be a member of the Issuer's board of directors for any reason. /s/ John Mutch 2014-05-28