Document:

EX-10.27

 Exhibit 10.27 

AMENDMENT NO. 1 
 TO
AMENDED AND RESTATED LEASE 
 THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED LEASE (the “Amendment”),
effective December 31, 2015, is by and between RAMACO NORTHERN APPALACHIA, LLC, a Delaware limited liability company (“Ramaco”), RAM FARMS, LLC, a Delaware limited liability company (“Ram Farms”
and, together with Ramaco, the “Lessor”), RAM MINING, LLC, a Delaware limited liability company (“Lessee”). 

Recitals 
 WHEREAS,
the foregoing parties entered into that certain Amended and Restated Lease dated August 20, 2015 (the “Lease”); and 

WHEREAS, the foregoing parties desire to modify certain terms of the Lease pursuant to this Amendment. 

Agreement 
 NOW,
THEREFORE, in consideration of One Dollar cash-in-hand paid, the mutual agreement of the parties, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to the following: 

1. Base Rent. The first paragraph of Section 4(A) of the Lease is hereby deleted in its entirety, and replaced with the following
paragraph: 
 A. MINIMUM ANNUAL ROYALTY; SURFACE RENTAL. Lessee shall pay (i) to Ramaco, in advance, an advance
minimum annual royalty in the amount of One Hundred Thousand and 00/ 100 Dollars ($100,000.00) per year (the “Initial Minimum Annual Royalty Payment”), with the first Initial Minimum Annual Royalty Payment being due on or before the
earlier of (a) May 20, 2016, or (b) the twentieth (20th) day of the calendar month following the month in which Lessee receives the proceeds from third-party equity offerings
of the stock of Ramaco Resources, Inc. or its subsidiaries, and (ii) to Ram Farms, in advance, an annual non-recoupable surface rental in the amount of Twelve Thousand and 00/100 Dollars ($12,000.00), with the first payment of such surface
rental being payable within thirty (30) days following the commencement of 

  
 Page 1 of 2 

 
surface disturbance and site preparation in connection with the development of Lessee’s mine on the Leased Premises. The first payment of each of the foregoing shall be pro rata for the
number of days remaining in the lease year bears to the entire current lease year. Thereafter, such payments shall be made, in advance, on or before the anniversary date of this Lease. Beginning on January l of the calendar year following
Lessee’s receipt of all necessary governmental permits for the construction and operation of a preparation plant, or the execution of a contract with a third party for the processing of coal mined from the Leased Premises, and continuing each
year thereafter during the term of this Lease, the advance minimum annual royalty shall be increased to Five Hundred Thousand and 00/100 Dollars ($500,000.00) per year. 

2. No Other Modifications. All other terms and conditions of the Lease shall continue to remain in full force and effect,
notwithstanding this Amendment. 
 IN WITNESS WHEREOF, the parties acknowledge their agreement to the foregoing Amendment by causing
their duly authorized representatives to sign below : 
  

			
	LESSOR:
	
	 RAMACO CENTRAL APPALACHIA, LLC,

a Delaware limited liability company

		
	By:	 	/s/ Randall W. Atkins
	Name:	 	Randall W. Atkins
	Its:	 	Authorized Agent
	
	LESSEE:
	
	 RAMACO RESOURCES, LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Michael D. Bauersachs
	Name:	 	Michael D. Bauersachs
	Its:	 	Authorized Agent

  
 Page 2 of 2EX-10.28

 Exhibit 10.28 

AMENDMENT NO. 2 
 TO
AMENDED AND RESTATED LEASE 
 THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED LEASE (the “Amendment”),
effective March 31, 2016, is by and between RAMACO NORTHERN APPALACHIA, LLC, a Delaware limited liability company (“Ramaco”), RAM FARMS, LLC, a Delaware limited liability company (“Ram Farms” and,
together with Ramaco, the “Lessor”), RAM MINING, LLC, a Delaware limited liability company (“Lessee”). 

Recitals 
 WHEREAS,
the foregoing parties entered into that certain Amended and Restated Lease dated August 20, 2015, as amended by that certain Amendment No. 1 to Amended and Restated Lease (the “First Amendment,” and as amended, collectively, the
“Lease”); and 
 WHEREAS, the foregoing parties desire to modify certain terms of the Lease pursuant to this
Amendment. 
 Agreement 

NOW, THEREFORE, in consideration of One Dollar cash-in-hand paid, the mutual agreement of the parties, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged , the parties agree to the following: 
 1. First Amendment
Superseded. The First Amendment is hereby superseded and of no further force and effect. 
 2. Base Rent. The first paragraph of
Section 4(A) of the Lease is hereby deleted in its entirety, and replaced with the following paragraph: 
 A. MINIMUM
ANNUAL ROYALTY; SURFACE RENTAL. Lessee shall pay (i) to Ramaco, in advance, an advance minimum annual royalty in the amount of One Hundred Thousand and 00/100 Dollars ($100,000.00) per year (the “Initial Minimum Annual Royalty
Payment”), with the first Initial Minimum Annual Royalty Payment 

  
 Page 1 of 2 

 
being due on or before the earlier of (a) July 20, 2016, or (b) the twentieth (20th) day of the calendar month following
the month in which Lessee receives the proceed s from third-party equity offerings of the stock of Ramaco Resources, Inc. or its subsidiaries, and (ii) to Ram Farms, in advance, an annual non-recoupable surface rental in the amount of Twelve
Thousand and 00/100 Dollars ($12,000.00), with the first payment of such surface rental being payable within thirty (30) days following the commencement of surface disturbance and site preparation in connection with the development of
Lessee’s mine on the Leased Premises. The first payment of each of the foregoing shall be pro rata for the number of days remaining in the lease year bears to the entire current lease year. Thereafter, such payments shall be made, in advance,
on or before the anniversary date of this Lease. Beginning on January 1 of the calendar year following Lessee’s receipt of all necessary governmental permits for the construction and operation of a preparation plant, or the execution of a
contract with a third party for the processing of coal mined from the Leased Premises, and continuing each year thereafter during the term of this Lease, the advance minimum annual royalty shall be increased to Five Hundred Thousand and 00/100
Dollars ($500,000.00) per year. 
 3. No Other Modifications. All other terms and conditions of the Lease shall continue to remain in
full force and effect, notwithstanding this Amendment. 
 IN WITNESS WHEREOF, the parties acknowledge their agreement to the
foregoing Amendment by causing their duly authorized representatives to sign below : 
  

			
	LESSOR:
	
	 RAMACO CENTRAL APPALACHIA, LLC,

a Delaware limited liability company

		
	By:	 	/s/ Randall W. Atkins
	Name:	 	Randall W. Atkins
	Its:	 	Authorized Agent
	
	LESSEE:
	
	 RAMACO RESOURCES, LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Michael D. Bauersachs
	Name:	 	Michael D. Bauersachs
	Its:	 	Authorized Agent

  
 Page 2 of 2EX-10.29

 Exhibit 10.29 

AMENDMENT NO. 3 
 TO
AMENDED AND RESTATED LEASE 
 [Pennsylvania] 

THIS AMENDMENT NO. 3 TO AMENDED AND RESTATED LEASE (the “Amendment”), effective August 31st, 2016, is by and between RAMACO NORTHERN APPALACHIA, LLC, a Delaware limited liability company (“Ramaco”), RAM FARMS, LLC, a Delaware limited liability company
(“Ram Farms” and, together with Ramaco, the “Lessor”), and RAM MINING, LLC, a Delaware limited liability company (“Lessee”). 

Recitals 
 WHEREAS,
the foregoing parties entered into that certain Amended and Restated Lease dated August 20, 2015, as amended by that certain Amendment No. 1 to Amended and Restated Lease (the “First Amendment”), and that certain Amendment
No. 2 to Lease, effective March 31, 2016 (the “Second Amendment,” and as so amended, collectively, the “Lease”); and 

WHEREAS, to induce certain investors to provide debt or equity financing to Lessee in order to facilitate development of mining
operations on the Leased Premises, which will inure to the benefit of Lessor, Lessor and Lessee desire to modify certain terms of the Lease pursuant to this Amendment. 

Agreement 
 NOW,
THEREFORE, in consideration of One Dollar cash-in-hand paid, the mutual agreement of the parties, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to the following: 

1. Notwithstanding anything contained in the Lease to the contrary, from and after the date hereof, Lessee shall timely pay directly to the
applicable third party, rather than to Lessor, those amounts required to be paid pursuant to Section 5(A) (TAXES) of the Lease. 
 2.
The Initial Term under Section 3 (TERM) of the Lease is amended to continue for twelve (12) years from the Effective Date. Notwithstanding anything contained in the Lease to the contrary, upon the first payment of Minimum Annual Royalty
and Surface Rental under the Lease after application of the provision of Section 3 of this Amendment below, if any (the “Minimum Royalty Commencement Date”), the Initial Term, as defined in Section 3 of the Lease, shall be
extended for ten (10) years following the Minimum Royalty Commencement Date. If no Minimum Royalty Commencement Date occurs, the Initial Term shall be calculated as set forth in Section 3 of the Lease. 

  
 Page 1 of 4 

 3. Notwithstanding anything contained in the Lease to the contrary, Minimum Annual Royalty and
Surface Rental under Section 4(A) (MINIMUM ANNUAL ROYALTY; SURFACE RENTAL) of the Lease (a) shall commence to be paid by Lessee on or before August 20, 2017, but (b) notwithstanding the foregoing, shall not be paid or payable by
Lessee until such time as the earnings before interest, taxes, depreciation and amortization (“EBITDA”) of Lessee’s parent, RAMACO Development, LLC (“Development”), on a consolidated basis for Development and
all of its subsidiaries (collectively, the “Company Group”), for the immediately preceding twelve (12) month period (“LTM”) less Company Group’s capital expenditures (“CapEx”) for the same
period are greater than or equal to Forty Million Dollars ($40,000,000.00) (the “Threshold”). Each year that such EBITDA less CapEx for the LTM falls below the Threshold for the LTM, no Minimum Annual Royalty or Surface Rental shall
be paid until the Threshold is again met. Minimum Annual Royalty and Surface Rental not paid pursuant to this section shall not be accrued for subsequent payment or recoupment. Only Minimum Annual Royalty actually paid shall be subject to recoupment
under the terms of the Lease. 
 4. Lessor represents and warrants to Lessee that, as of the date of this Amendment, there is no mortgage or
other similar lien encumbering the Leased Premises or any portion thereof. Notwithstanding anything contained in the Lease to the contrary, Lessor agrees that it shall not grant a mortgage or other similar lien or encumbrance with respect to the
Leased Premises or any portion thereof, unless: (a) Lessor first provides Lessee with written notice of its intention to grant such lien, identifying its proposed mortgagee; and (b) Lessor’s mortgagee enters into a written, recordable
agreement with Lessee, in such form as is reasonably acceptable 

  
 Page 2 of 4 

 
to Lessee and such mortgagee, which subordinates Lessee’s interest in the Leased Premises to the lien of such mortgage, agreeing to give such mortgagee reasonable notice and opportunity to
cure Lessor’s default under the Lease and to attorn to such mortgagee, provided that (i) such mortgagee agrees in writing to recognize Lessee’s possession and rights under this Lease and not disturb or impair Lessee’s rights to
quiet enjoyment of the Leased Premises as long as Lessee is not in default beyond any applicable cure period, and (ii) any default by Lessor under such mortgage shall not affect Lessee’s rights under this Lease as long as Lessee is not in
default beyond any applicable cure period. 
 5. Notwithstanding anything contained in the Lease to the contrary, in the event that Lessor
grants a mortgage as permitted in Section 4 above to secure its obligations with respect to any loan, no later than December 31 of each calendar year following the extension of such loan until such loan is satisfied in full and the
mortgage securing Lessor’s obligations in connection therewith is released, Lessor shall provide Lessee with evidence, in a form reasonably acceptable to Lessee, of Lessor’s compliance with its loan obligations, which shall be accompanied
by a certificate executed by Lessee’s manager, secretary or such other similar administrative representative of Lessor. 
 6.
Notwithstanding anything contained in the Lease to the contrary, and provided this Lease is in full force and effect and has not otherwise expired or been terminated in accordance with the terms hereof, and further provided that Lessee is not then
in default beyond any applicable notice and cure period provided for hereunder, Lessee shall have an ongoing right of first refusal to purchase all or any portion of the Leased Premises as follows: If Lessor receives a bona fide offer to all or any
portion of the Leased Premises (an “Offer”), Lessor shall send written notice thereof to Lessee, which shall (i) identify the portion of the Leased Premises 

  
 Page 3 of 4 

 
that is subject to the Offer and (ii) set forth the proposed terms of the Offer. Within ten (10) business days after receipt of Lessor’s notice, Lessee shall reply by written
notice either accepting the terms set forth in the Offer or rejecting the same. Failure to respond within the ten (10) business day period shall constitute a rejection of the Offer. In the event that Lessee rejects the Offer, Lessor shall be
free to sell the Leased Premises to the offering third party, subject to the terms and conditions of the Lease. In the event that Lessee accepts the terms of the Offer in a timely manner as set forth above, Lessor and Lessee shall thereafter work in
good faith to execute a mutually agreeable purchase and sale agreement consistent with the terms and conditions contained in the Offer. 

7. Promptly upon receipt of request thereof from Lessee, Lessor shall execute a memorandum or short-form of the Lease, which shall be lodged
for recording by Lessee (at Lessee’s sole cost and expense). 
 8. Capitalized terms not defined herein shall have the meaning ascribed
thereto in the Lease. 
 9. Except as expressly modified herein, all other terms and conditions of the Lease shall continue to remain in
full force and effect. To the extent of any conflicts between the language of the Lease and the language of this Amendment, the language of this Amendment shall control. 

[ THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK ] 

  
 Page 4 of 4 

 IN WITNESS WHEREOF, Ramaco acknowledges its agreement to the foregoing Amendment by
causing its duly authorized representative to sign below. 
  

			
	 RAMACO NORTHERN APPALACHIA, LLC,

a Delaware limited liability company

		
	By:	 	/s/ Randall W. Atkins
	Name:	 	Randall W. Atkins
	Its:	 	Authorized Agent

  

AMENDMENT NO. 3 TO AMENDED AND RESTATED
LEASE 
 SIGNATURE PAGE OF SUBLESSOR 

 IN WITNESS WHEREOF, Ram Farms acknowledges its agreement to the foregoing Amendment by
causing its duly authorized representative to sign below. 
  

			
	 RAM FARMS, LLC,
 a Delaware
limited liability company

		
	By:	 	/s/ Randall W. Atkins
	Name:	 	Randall W. Atkins
	Its:	 	Authorized Agent

  

AMENDMENT NO. 3 TO AMENDED AND RESTATED
LEASE 
 SIGNATURE PAGE OF SUBLESSOR 

 IN WITNESS WHEREOF, Lessee acknowledges its agreement to the foregoing Amendment by
causing its duly authorized representative to sign below. 
  

			
	 RAM MINING, LLC,
 a Delaware
limited liability company

		
	By:	 	/s/ Michael D. Bauersachs
	Name:	 	Michael D. Bauersachs
	Its:	 	Authorized Agent

  

AMENDMENT NO. 3 TO AMENDED AND RESTATED
LEASE 
 SIGNATURE PAGE OF SUBLESSOR

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}]]