Document:

Form of notice restricted stock grant

 Exhibit 10.1 
 FORM OF NOTICE OF GRANT OF RESTRICTED STOCK AWARD 
 UNIVERSAL
STAINLESS & ALLOY PRODUCTS, INC. 
 OMNIBUS INCENTIVE PLAN 

FOR GOOD AND VALUABLE CONSIDERATION, Universal Stainless & Alloy Products, Inc. (the “Company”) hereby grants, pursuant to the
provisions of the Company’s Omnibus Incentive Plan (the “Plan”), to the Participant designated in this Notice of Grant of Restricted Stock Award (the “Notice”) the number of shares of the common stock of the Company set
forth in the Notice, subject to certain restrictions as outlined below in this Notice and the additional provisions set forth in the attached Terms and Conditions of Restricted Stock Award (the “Agreement”). 

 

			
	Participant:	 	[                    ]
		
	Grant Date:	 	[                    
]

			
		
	# of Shares of Restricted Stock:	 	[                ]

 Vesting Schedule: Subject to the provisions contained in Paragraphs 4, 5 and 6 of the Terms and Conditions, this
Restricted Stock Award shall vest, and the applicable Restrictions set forth in the Terms and Conditions shall lapse in accordance with the following schedule, in the event the Participant does not have a Termination of Service prior to the
applicable vesting date: 
  

					
	 Date of Vesting
	  	Cumulative Amount Vested	 
		
	
[                    ]
	  	 	[        	] 
	
[                  
  ]
	  	 	[        	] 

 Change in Control: Notwithstanding the foregoing vesting schedule, the Restricted Stock Award will be deemed fully
vested and no longer subject to forfeiture in the event of a Change in Control of the Company (as defined in and subject to the provisions of the Plan). 
 Forfeiture: The Participant’s rights in the Restricted Stock Award on which the Restrictions have not lapsed pursuant to the vesting schedule provisions above shall be forfeited in full in the
event of the Participant’s Termination of Service for any reason. 
 By signing below, the Participant agrees that this Restricted Stock
Award is granted under and governed by the terms and conditions of the Company’s Omnibus Incentive Plan and the attached Terms and Conditions. 
  

									
	Participant	 		 	Universal Stainless & Alloy Products, Inc.
				
	  
	 		 	By:	 	  

		 		 		 	Title:	 	  

	Date:	 	  
	 		 	Date:	 	  

 TERMS AND CONDITIONS OF RESTRICTED STOCK AWARD 

These Terms and Conditions of Restricted Stock Award relate to the Notice of Grant of Restricted Stock Award (the “Notice”) attached hereto, by
and between the Company and the designated Participant. 
 The Committee has approved an award to the Participant of a number of shares of the
Company’s common stock, conditioned upon the Participant’s acceptance of the provisions set forth in the Notice and these Terms and Conditions within 60 days after the Notice and these Terms and Conditions are presented to the Participant
for review. For purposes of the Notice and these Terms and Conditions, any reference to the Company shall include a reference to any Affiliate. 
  

	1.	Grant of Restricted Stock. 

 (a) Subject to the terms and conditions of the Plan, as of the Grant Date, the Company grants to the Participant the number of shares of Common Stock set forth in the Notice (the “Restricted
Shares”), subject to the restrictions set forth in Paragraph 2 of these Terms and Conditions, the provisions of the Plan and the other provisions contained in these Terms and Conditions. If and when the restrictions set forth in Paragraph 2
expire in accordance with these Terms and Conditions without forfeiture of the Restricted Shares, and upon the satisfaction of all other applicable conditions as to the Restricted Shares, such shares shall no longer be considered Restricted Shares
for purposes of these Terms and Conditions. 
 (b) As soon as practicable after the Grant Date, the Company shall
direct that a stock certificate or certificates representing the applicable Restricted Shares be registered in the name of and issued to the Participant. Such certificate or certificates shall be held in the custody of the Company or its designee
until the expiration of the applicable Restricted Period (as defined in Paragraph 3). On or before the date of execution of the Notice, the Participant has delivered to the Company one or more stock powers endorsed in blank relating to the
Restricted Shares. 
 (c) Except as provided in Paragraph 1(d), in the event that a certificate for the
Restricted Shares is delivered to the Participant, such certificate shall bear the following legend (the “Legend”): 

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) of the Universal Stainless & Alloy Products, Inc. Omnibus Incentive Plan and a Restricted Stock Award Notice entered into between the registered owner and the Company. Copies of such Plan and Notice are on file in the
executive offices of Universal Stainless & Alloy Products, Inc. 
 In addition, the stock certificate or certificates
for the Restricted Shares shall be subject to such stop-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon
which the Common Stock is then listed, and any applicable federal or state securities law, and the Company may cause a legend or legends to be placed on such certificate or certificates to make appropriate reference to such restrictions. 

(d) As soon as administratively practicable following the expiration of the Restricted Period without a forfeiture of the
Restricted Shares, and upon the satisfaction of all other applicable conditions as to the Restricted Shares, including, but not limited to, the payment by the Participant of all applicable withholding taxes, the Company shall deliver or cause to be
delivered to the Participant the applicable Restricted Shares which shall not bear the Legend. 
  

	2.	Restrictions. 

 (a) The Participant shall have all rights and privileges of a stockholder as to the Restricted Shares, including the right to vote and receive dividends or other distributions with respect to the
Restricted Shares (subject to the proviso in Section 7.02(b) of the Plan), except that the following restrictions shall apply: 
 (i) the Participant shall not be entitled to delivery of the Restricted Shares until the expiration of the Restricted Period without a forfeiture of the Restricted Shares and upon the satisfaction of all
other applicable conditions; 

 (ii) none of the Restricted Shares may be sold, transferred, assigned,
pledged or otherwise encumbered or disposed of during the Restricted Period applicable to such shares, except as provided in Section 7.02(c) of the Plan or as otherwise permitted by the Committee in its sole discretion or pursuant to rules
adopted by the Committee in accordance with the Plan; and 
 (iii) all of the Restricted Shares shall be
forfeited and returned to the Company and all rights of the Participant with respect to the Restricted Shares shall terminate in their entirety on the terms and conditions set forth in Paragraph 4. 

(b) Any attempt to dispose of Restricted Shares or any interest in the Restricted Shares in a manner contrary to the
restrictions set forth in these Terms and Conditions shall be void and of no effect. 
  

	3.	Restricted Period and Vesting. The “Restricted Period” is the period beginning on the Grant Date and ending on the date the Restricted Shares, or such
applicable portion of the Restricted Shares, are deemed vested under the schedule set forth in the Notice. The Restricted Shares shall be deemed vested and no longer subject to forfeiture under Paragraph 4 in accordance with the vesting schedule set
forth in the Notice or earlier in the event of a Change in Control. 

  

	4.	Forfeiture. 

 (a) Subject to Paragraph 6 below, if during the Restricted Period (i) the Participant incurs a Termination of Service, (ii) there occurs a material breach of the Notice or these Terms and
Conditions by the Participant or (iii) the Participant fails to meet the tax withholding obligations described in Paragraph 5(b), all rights of the Participant to the Restricted Shares that have not vested in accordance with Paragraph 3 as of
the date of such event shall terminate immediately and be forfeited in their entirety. 
 (b) In the event of any
forfeiture under this Paragraph 4, the certificate or certificates representing the forfeited Restricted Shares shall be canceled to the extent of any Restricted Shares that were forfeited. 

 

	5.	Withholding. 

 (a) The Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any income recognized by the Participant with respect to
the Restricted Shares. 
 (b) The Participant shall be required to meet any applicable tax withholding obligation
in accordance with the provisions of Section 10.05 of the Plan. 
 (c) Subject to any rules prescribed by
the Committee, the Participant shall have the right to elect to meet any withholding requirement (i) by having withheld from this Award at the appropriate time that number of whole shares of common stock whose fair market value is equal to the
amount of any taxes required to be withheld with respect to such Award, (ii) by direct payment to the Company in cash of the amount of any taxes required to be withheld with respect to such Award or (iii) by a combination of shares and
cash. 

	6.	Committee Discretion. Notwithstanding any provision of the Notice or these Terms and Conditions to the contrary, the Committee shall have discretion to waive, in
accordance with the provisions of Section 3.02 of the Plan, any forfeiture of the Restricted Shares as set forth in Paragraph 4, the Restricted Period and any other conditions set forth in the Notice or these Terms and Conditions.

  

	7.	Defined Terms. Capitalized terms used but not defined in the Notice and Agreement shall have the meanings set forth in the Plan, unless such term is defined in
any employment or similar agreement between the Participant and the Company or an Affiliate. Any terms used in the Notice and Agreement, but defined in such employment or similar agreement are incorporated herein by reference and shall be effective
for purposes of the Notice and these Terms and Conditions without regard to the continued effectiveness of such agreement. 

  

	8.	Nonassignability. The Restricted Shares may not be sold, assigned, transferred (other than by will or the laws of descent and distribution, or to an inter vivos
trust with respect to which the Participant is treated as the owner under Sections 671 through 677 of the Code), pledged, hypothecated, or otherwise encumbered or disposed of until the restrictions on such Shares, as set forth in the Notice and
Agreement, have lapsed or been removed. 

  

	9.	Participant Representations. The Participant hereby represents to the Company that the Participant has read and fully understands the provisions of the Notice,
these Terms and Conditions and the Plan and the Participant’s decision to participate in the Plan is completely voluntary. Further, the Participant acknowledges that the Participant is relying solely on his or her own advisors with respect to
the tax consequences of this restricted stock award. 

  

	10.	Regulatory Restrictions on the Restricted Shares. Notwithstanding any other provision of the Plan, the obligation of the Company to issue Restricted Shares under
the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of the Restricted Shares pursuant to
these Terms and Conditions prior to the satisfaction of all legal requirements relating to the issuance of such shares, to their registration, qualification or listing or to an exemption from registration, qualification or listing.

  

	11.	Miscellaneous. 

  

	 	11.1	Notices. All notices, requests, deliveries, payments, demands and other communications which are required or permitted to be given under these Terms and
Conditions shall be in writing and shall be either delivered personally or sent by registered or certified mail, or by private courier, return receipt requested, postage prepaid to the parties at their respective addresses set forth herein, or to
such other address as either shall have specified by notice in writing to the other. Notice shall be deemed duly given hereunder when delivered or mailed as provided herein. 

 

	 	11.2	Waiver. The waiver by any party hereto of a breach of any provision of the Notice or these Terms and Conditions shall not operate or be construed as a waiver of
any other or subsequent breach. 

  

	 	11.3	Entire Agreement. These Terms and Conditions, the Notice and the Plan constitute the entire agreement between the parties with respect to the subject matter
hereof. 

  

	 	11.4	Binding Effect; Successors. These Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and to the extent not prohibited
herein, their respective heirs, successors, assigns and representatives. Nothing in these Terms and Conditions, express or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs,
successors, assigns and representatives any rights, remedies, obligations or liabilities. 

  

	 	11.5	Governing Law. The Notice and these Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Delaware.

	 	11.6	Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or
interpretation of any of the terms or provisions of these Terms and Conditions. 

  

	 	11.7	Conflicts; Amendment. The provisions of the Plan are incorporated in these Terms and Conditions in their entirety. In the event of any conflict between the
provisions of these Terms and Conditions and the Plan, the provisions of the Plan shall control. The Agreement may be amended at any time by written agreement of the parties hereto. 

 

	 	11.8	No Right to Continued Employment. Nothing in the Notice or these Terms and Conditions shall confer upon the Participant any right to continue in the employ or
service of the Company or affect the right of the Company to terminate the Participant’s employment or service at any time. 

  

	 	11.9	Further Assurances. The Participant agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional
documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of the Notice and these Terms and Conditions and the Plan.Form of non-statutory stock option grant

 Exhibit 10.2 
 UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC. 
 NON-STATUTORY STOCK
OPTION AGREEMENT 
  

	1.	Grant of Options 

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC., a Delaware corporation (the “Company”), hereby grants to
«FirstName» «LastName» (the “Optionee”), «NumberofShares» Options (the “Options”), pursuant to the Company’s Omnibus Incentive Plan as amended (the “Plan”), to
purchase an aggregate of «NumberofShares» shares of common stock, $.001 par value per share (“Common Stock”), of the Company at a price of $         per share
(the “Exercise Price Per Share”), purchasable as set forth in and subject to the terms and conditions of this Option Agreement and the Plan. All undefined capitalized terms herein shall have the same meaning as set forth in the Plan.

  

	2.	Exercise of Options and Provisions for Termination 

 (a) Exercisability of Options. The Options shall become exercisable and option shares may be purchased based on the number of full years of service for the Company or a Subsidiary that have expired
since the date of grant (set forth on the signature page hereof), in accordance with the following schedule: 
  

					
	 Number of Years of Service Since First Date of Grant
	  	Percentage of Option 
Shares
Available
for Purchase (Cumulative)	 
	 1
	  	 	25	% 
	 2
	  	 	50	% 
	 3
	  	 	75	% 
	 4
	  	 	100	% 

 Notwithstanding the foregoing, the Options shall not be exercisable unless such exercise is in compliance with the
Securities Act of 1933, as amended (the “Securities Act”), all other applicable laws and regulations (including state securities laws) and the requirements of any securities exchange on which the shares of Common Stock are listed.

 (b) Expiration Date. Except as otherwise provided in this Option Agreement or the Plan, the Options may not be exercised after the
date (hereinafter the “Expiration Date”) that is the tenth anniversary of the date of grant. 
 (c) Effect of Termination of
Employment. The Options may not be exercised by an Optionee unless, at the time of such exercise, the Optionee is, and continuously since the date of grant of his or her Options has been, an employee of the Company or a Subsidiary, except that
subject to the Options vesting as of the date of termination of employment: 
 (i) if the Optionee ceases to be an employee of
the Company or a Subsidiary for any reason other than death or disability or a discharge for “cause” (as defined in (iv) below), the right to exercise the Options shall terminate three months after such cessation; 

(ii) if the Optionee dies while an employee of the Company or a Subsidiary, or within three months after the Optionee ceases to be such
an employee, the Options may be exercised by the administrator of the Optionee’s estate, or by the person to whom the Options are transferred by will or the laws of descent and distribution, within the period of one year after the date of
death; 
 (iii) if the Optionee becomes disabled (within the meaning of the Plan) while an employee of the Company or a
Subsidiary, the Options may be exercised within the period of one year after the date the Optionee ceases to be an employee of the Company or Subsidiary because of such disability; and 

 (iv) if the Optionee, prior to the expiration date of the Options, ceases his or her
services as an employee of the Company or a Subsidiary, because he or she is discharged for “cause” (as defined below), the right to exercise the Options shall terminate immediately upon such cessation of such services. “Cause”
shall mean: willful misconduct in connection with the Optionee’s performance of services for the Company or willful failure to perform his or her services in the best interest of the Company, as determined by the Board of Directors, which
determination shall be conclusive; 
 provided, however, that in no event may the Options be exercised after the expiration date
thereof. 
 (d) Exercise Procedure. Subject to the conditions set forth in this Agreement and, if applicable, Section 6 of the Plan,
the Options shall be exercised by the Optionee’s delivery of written notice of exercise to the Secretary of the Company, specifying the number of shares to be purchased and the Exercise Price Per Share to be paid therefor and accompanied by
payment in accordance with Section 3 hereof. The Optionee may purchase less than the total number of shares covered hereby, provided that no exercise of less than all the Options may be for less than 100 whole shares. 

 

	3.	Payment of Purchase Price 

 Payment of the
Exercise Price Per Share for shares purchased upon exercise of an Option shall be made by delivery to the Company of the purchase price, payable in cash (by check) or any other method of payment that is permitted by the Plan and specifically
authorized by the Committee on or before the time of exercise. 
  

	4.	Delivery of Shares 

 The Company shall,
upon payment of the Exercise Price Per Share for the number of shares purchased and paid for, make prompt delivery of such shares to the Optionee. No shares shall be issued and delivered upon exercise of an Option unless and until, in the opinion of
counsel for the Company, any applicable registration requirements of the Securities Act, any applicable listing requirements of any national securities exchange on which stock of the same class is then listed, and any other requirements of law,
including state securities laws, or of any regulatory bodies having jurisdiction over such issuance and delivery, shall have been fully complied with. 
  

	5.	Non-transferability of Options 

 Except as
provided in Section 2(c)(ii) hereof, the Options are personal and no rights granted hereunder may be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise), except by will or the laws of descent and
distribution, nor shall any such rights be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of an Option or of such rights contrary to the provisions hereof, or upon
the levy of any attachment or similar process upon any Option or such rights, this Option Agreement and such rights shall, at the election of the Company, become null and void. 

 

	6.	No Special Employment Rights 

 Nothing
contained in the Plan or this Option Agreement shall be construed or deemed by any person under any circumstances to bind the Company to continue the services of the Optionee for the period within which the Options may be exercised. However, during
the period in which the Optionee is rendering services, the Optionee shall render diligently and faithfully the services which are assigned to him or her from time to time by the Board of Directors or by the executive officers of the Company and
shall at no time take any action which directly or indirectly would be inconsistent with the best interests of the Company. 
  

	7.	Rights as a Stockholder 

 The Optionee
shall have no rights as a stockholder with respect to any shares which may be purchased by exercise of the Options unless and until a certificate representing such shares is duly issued to the Optionee. Except as otherwise expressly provided in the
Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date on such stock certificate. 

  
 2 

	8.	Recapitalization 

 In the event that the
outstanding shares of Common Stock of the Company are changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any recapitalization, reclassification, stock split, stock dividend, combination
or subdivision, an appropriate and proportionate adjustment shall be made in the number and kind of shares subject to the Plan and in the number, kind, and per share exercise price, of shares subject to unexercised Options or portions thereof
granted prior to such adjustment. Any such adjustment to an outstanding Option shall be made without change in the total price applicable to the unexercised portion of such Option as of the date of the adjustment. 

 

	9.	Reorganization 

 In the event the Company
is merged or consolidated with another entity and the Company is not a surviving entity, or in the event all or substantially all of the assets or more than 20% of the outstanding voting stock of the Company entitled to vote for directors is
acquired by any other entity or person other than an Affiliate, or in the event of a reorganization or liquidation of the Company, prior to the Expiration Date or termination of this Option Agreement, the Optionee shall, with respect to the Options
or any unexercised portion hereof, be entitled to the rights and benefits, and be subject to the limitations, set forth in Section 14 of the Plan. 
  

	10.	Withholding Taxes 

 The Company’s
obligation to deliver shares upon the exercise of an Option shall be subject to the Optionee’s satisfaction of all applicable federal, state and local income and employment tax withholding requirements (“Withholding Taxes”) with
respect to the Option. The Optionee shall pay the Withholding Taxes to the Company in cash prior to the issuance, or release from escrow, of shares of Common Stock. In satisfaction of the Withholding Taxes, the Committee may, in its discretion and
subject to compliance with applicable securities laws and regulations, withhold a portion of the shares issuable to the Optionee upon exercise of the Option having an aggregate Fair Value on the date preceding the date of such issuance equal to the
Withholding Taxes. 
  

	11.	Optionee Representations; Legend 

 (a)
Representations. The Optionee represents, warrants and covenants that he or she has had such opportunity as he or she has deemed adequate to obtain from representatives of the Company such information as is necessary to permit the Optionee to
evaluate the merits and risks of his or her investment in the Company. The Optionee understands that there may be restrictions on his or her ability to resell any shares acquired on exercise of an Option, including insider trading laws and the
Company’s insider trading policy, as well as other restrictions that will apply if the Optionee is an “affiliate” of the Company. By making payment upon exercise of an Option, the Optionee shall be deemed to have reaffirmed, as of the
date of such payment, the representations made in this Section 11. 
 (b) Legend on Stock Certificate. The Optionee understands
that, any shares of Common Stock acquired upon exercise of an Option may not have been registered under the Securities Act nor the securities laws of any state. Accordingly, unless all such registrations are then in effect, all stock certificates
representing shares of Common Stock issued to the Optionee upon exercise of an Option shall have affixed thereto a legend substantially in the following form, in addition to any other legends required by applicable state law: 

“THE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR THE SECURITIES LAW OF ANY STATE. CONSEQUENTLY,
THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION, OR AN EXEMPTION FROM REGISTRATION UNDER SUCH LAWS.” 

  
 3 

	12.	Miscellaneous 

 In the event that the Plan
terminates prior to the expiration date of the Options granted hereunder, this Option Agreement shall incorporate by reference all applicable provisions of the Plan until the earlier of 1. the close of business on the day the Option(s) granted
hereunder expire, or 1. the date on which all shares available for issuance hereunder shall have been issued pursuant to the exercise of Options granted hereunder. 
 Except as provided herein or in the Plan, this Option Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Optionee. 

All notices under this Option Agreement shall, unless otherwise provided herein, be mailed or delivered by hand to the parties at their respective
addresses set forth beneath their names below or at such other address as may be designated in writing by either of the parties to the other. 

This Option Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

This Option Agreement shall be binding upon and inure to the heirs, successors and assigns of the Optionee (subject, however, to the limitations set
forth herein with respect to assignment of the Options or rights therein) and the Company, and shall be construed in a manner that is consistent with the provisions of the Plan. 

 

							
	Date of Grant:	 		 	UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
				
	  
	 		 	By:	 	  

				
		 		 	Name:	 	
				
		 		 	Title:	 	
				
		 		 	Address:	 	

  
 4 

 OPTIONEE’S ACCEPTANCE 
 The undersigned hereby accepts the foregoing Option Agreement regarding Stock Options granted as of
                     and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s
Omnibus Incentive Plan. The undersigned understands and agrees that the Option Agreement is not meant to interpret, extend, or change the Plan in any way, nor to represent the full terms of the Plan. If there is any discrepancy, conflict or omission
between this Option Agreement and the provisions of the Plan as interpreted by the Company, the provisions of the Plan shall govern. 
  

			
	OPTIONEE:
		
	By:	 	  

		
	Name:	 	«FirstName» «LastName»
		
	Title:	 	«JobTitle»
		
	Address:	 	«Address1»
		 	«Address2»
		 	«City», «State» «PostalCode»

  
 5

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