Document:

LEGEND OIL AND GAS, LTD. 8-K 

Exhibit 10.4

ASSIGNMENT
OF OIL AND GAS LEASE

AND BILL OF SALE

KNOW ALL MEN BY
THESE PRESENTS, that LEGEND OIL AND GAS, LTD, a Colorado corporation, at 555 Northpoint Center East, Suite 470, Alpharetta, GA
30022, hereinafter called “Assignor,” for valuable consideration, the receipt of which is hereby acknowledged, does
grant, bargain, sell convey, transfer, assign and deliver unto HPH Kansas LLC, a Delaware limited liability company, at c/o Corporation
Service Company, 2900 SW Wanamaker Dr., Suite 2014, Topeka, KS 66614, hereinafter called “Assignee” (whether one or
more), its successors and assigns, all of Assignor’s right, title and interest in and to the following:

(A)

Assignor’s leasehold
interests in oil, gas, and other minerals, including working interests, carried working interests, net profits interests, rights
of assignment and reassignment, and all other rights and interests in the oil and gas leases described on Exhibit “1”
(the “Leases”); and

(B)

All overriding royalty
interests and production payments; and

(C)

All rights and interests
in or derived from unit agreements, orders and decisions of state and federal regulatory authorities establishing units, joint
operating agreements, enhanced recovery agreements, waterflood agreements, farmout and farmin agreements, options, drilling agreements,
unitization, pooling and communitization agreements, oil and/or gas sales agreements, processing agreements, gas gathering and
transmission agreements, gas balancing agreements, salt water disposal and injection agreements, assignments of operating rights,
subleases, and any and all other agreements to the extent they pertain to the Leases; and

(D)

All rights of way,
easements, surface fees, surface leases, servitudes and franchises insofar as they pertain to the Leases; and

(E)

All permits and licenses
of any nature, owned, held, or operated by Assignor in connection with the Leases; and

(F)

All producing, nonproducing,
and shut-in oil and gas wells, salt water disposal wells, water wells, injection wells, and all other wells on or attributable
to the Leases; and

 

    	Page 1 of 5

    	 

    

 

(G)

All pumping units,
pumps, casing, rods, tubing, wellhead equipment, separators, heater treaters, tanks, pipelines, compressors, dehydrators, gas processing
equipment, gathering lines, flow lines, valves, fittings and all other surface and downhole equipment, fixtures, related inventory,
gathering and treating facilities, personal property and equipment used in connection with the Leases, lands or personal property
located thereupon and all other interests described above; and

(H)

All personal property,
to include fixtures and improvements, currently located on the Leases, and used or useable in connection with oil and gas exploration
and production activities.

The Lease and above described interests
and property are collectively referred to as the “Assigned Property.”

ASSIGNMENT TERMS:

1.

SPECIAL WARRANTY. Assignee
accepts the Assigned Property with warranty by Assignor that Assignor is the owner of the Assigned Property which consists of not
less than 100% of the working interest of each Lease representing not less than the net revenue interest in each Lease set forth
in Exhibit “1” together with an undivided 100% interest in all personal property which is part of the Assigned Property;
and has good and marketable title thereto free and clear of any encumbrances created by, through or under Assignor or while Assignor
was the owner of the Property.

2.

INDEMNITY. Assignor
agrees to indemnify Assignee against any liability, claim, demand, damage, or cost arising out of failure, prior to the date of
this Assignment, to fulfill the express or implied covenants created by the Lease and for any cause of action, claim, demand or
liability which arose prior to the Assignor’s execution of this Assignment. Assignee agrees to indemnify Assignor against
any liability, claim, demand, damage, or cost arising out of failure, on or after the date of this Assignment, to fulfill the express
or implied covenants created by the Lease and for any cause of action, claim, demand or liability which arose on or after the Assignor’s
execution of this Assignment. Indemnity rights include reasonable attorney fees and litigation costs necessary to defend any matter
covered by either party’s obligation to indemnify.

3.

TRANSFER OF RIGHTS.
To the extend transferable, Assignee is hereby granted the right of full substitution and subrogation in and to any and all rights
and warranties which Assignor has or may have with respect to the Assigned Property conveyed herein of which Assignor has or may
have against any and all preceding owners, vendors or warrantors. The Assigned Property shall include all right, title and interest
which Assignor may have in and to the Leases or the real property covered thereby, including but not limited to, lease hold interests,
rights of assignment or reassignment, fee interests, royalties or overriding royalties, contractual rights, regulatory authorities
and permits or licenses, easements and rights-of-way.

 

    	Page 2 of 5

    	 

    

 

4.

FURTHER ASSURANCES.
The parties agree to execute, acknowledge and deliver such other and further instruments or documents, and to take such other and
further actions as may be reasonably necessary to carry out the provisions of this Assignment.

5.

EFFECTIVE DATE. This
Conveyance shall be effective as of November 1, 2015, at 7:00 a.m., Central Standard Time. 

TO HAVE AND TO HOLD
the Assigned Property with all and singular the rights, privileges, and appurtenances thereunto or in any wise belonging to the
said Assignee herein, its successors, personal representatives, administrators, executors and assigns forever.

	Legend Oil and Gas, Ltd.	 	HPH Kansas LLC
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By: 	 
	 	 	 	 	 
	Printed Name: Warren S. Binderman	 	Printed Name: James Schroeder
	 	 	 
	Title: President & CFO	 	Title: Manager

 

 

 

Acknowledgment for
Legend Oil and Gas, Ltd.

	STATE OF GEORGIA	)	 
	 	)       	ss:
	COUNTY OF FULTON       	)	 

 

BE IT REMEMBERED
that on this _____ day of _______________, 2015, before me, the undersigned, a Notary Public, duly commissioned, in and for the
county and state aforesaid, came Warren S. Binderman, President and CFO of Legend
Oil and Gas, Ltd., a Colorado corporation, personally known to me to be such officer, and to be the same person who executed as
such officer the foregoing instrument of writing on behalf of said corporation, and he duly acknowledged the execution of the same
for himself and for said Legend Oil and Gas, Ltd. for the uses and purposes therein
set forth.

IN WITNESS WHEREOF,
I have hereunto set my hand and official seal on the day and year last above written.

	 	 
	Appointment/Commission Expires:	Notary Public

 

    	Page 3 of 5

    	 

    

 

Acknowledgment
for HPH Kansas LLC

	STATE OF GEORGIA	)	 
	 	)       	ss:
	COUNTY OF FULTON       	)	 

 

BE IT REMEMBERED
that on this _____ day of _______________, 2015, before me, the undersigned, a Notary Public, duly commissioned, in and for the
county and state aforesaid, came James Schroeder, Manager of HPH Kansas LLC, a Delaware limited liability company, personally known
to me to be such officer, and to be the same person who executed as such officer the foregoing instrument of writing on behalf
of said corporation, and he duly acknowledged the execution of the same for himself and for said HPH Kansas LLC for the uses and
purposes therein set forth.

IN WITNESS WHEREOF,
I have hereunto set my hand and official seal on the day and year last above written.

	 	 
	Appointment/Commission Expires:	Notary Public

 

    	Page 4 of 5

    	 

    

 

EXHIBIT “1”
TO

ASSIGNMENT OF OIL AND GAS LEASE

AND BILL OF SALE

(1)

Lander Lease:

	LESSOR:	 	Hattie Hamilton and Elsie Wyant
	LESSEE:	 	Dave Morgan
	DATE:	 	March 11, 1960
	RECORDED:	 	Book 81, Misc., Page 301
	PROPERTY:	 	SE/4, Section 28, T29S, R15E, Wilson County, Kansas
	W.I. ASSIGNED:	 	100%
	N.R.I. ASSIGNED:	 	.7853120

 

(2)

Volunteer Unit:

(a)

The Stewart Lease:

	LESSOR:	 	R.E. Stewart, et ux.
	LESSEE:	 	Fredonia Gas Company
	DATE:	 	November 8, 1917
	RECORDED:	 	Book 26, Misc., Page 323
	PROPERTY:	 	NW/4, Section 27, T29S, R15E, Wilson County, Kansas

 

(b)

The VanCamp Lease:

	LESSOR:	 	Joe VanCamp and Patsy VanCamp
	LESSEE:	 	Candace L. House
	DATE:	 	June 3, 1936
	RECORDED:	 	Book 57, Misc., Page 267
	PROPERTY:	 	T29S, R15E, Wilson County, Kansas
	 	 	Section 27:	-SW/4 and S/2 SE/4, less tract
	 	 	Section 34:	-N/2 NW/4 and SW/4 NW/4
	 	 	 	-N/2 NE/4 and SE/4 NE/4
	 	 	 	-NE/4 SE/4
	 	 	Section 35:	-SW/4 NW/4 and NW/4 SW/4
	W.I. ASSIGNED:	 	100%
	 N.R.I. ASSIGNED:	 	.7853120

 

    	Page 5 of 5EX-10.1

 Exhibit 10.1 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

Fourth Amendment to Credit Agreement, dated the 23rd day of October, 2015, by and among
UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC., a Delaware corporation (“Universal”), DUNKIRK SPECIALTY STEEL, LLC, a Delaware limited liability company (“Dunkirk”), NORTH JACKSON SPECIALTY STEEL, LLC, a
Delaware limited liability company (“North Jackson”) (Universal, Dunkirk and North Jackson are, each, a “Borrower” and collectively, the “Borrowers”), PNC BANK, NATIONAL ASSOCIATION
(“PNC”), and various other financial institutions from time to time (PNC and such other financial institutions are each, a “Lender” and collectively, the “Lenders”) and PNC, as administrative agent
for the Lenders (PNC, in such capacity, the “Administrative Agent”) (the “Fourth Amendment”). 

W I T N E S S E T H: 

WHEREAS, the Borrowers, USAP Holdings, Inc., a Delaware corporation and the other Guarantors (as defined therein) party thereto, the Lenders
party thereto and the Administrative Agent entered into that certain Credit Agreement, dated as of August 18, 2011, as amended by that certain (i) First Amendment to Credit Agreement, dated March 19, 2012, (ii) Second Amendment
to Credit Agreement, dated March 29, 2013 and (iii) Third Amendment to Credit Agreement, dated November 7, 2013 (as may be further amended, modified, supplemented or restated from time to time, the “Credit
Agreement”), pursuant to which, among other things, the Lenders agreed to extend credit to the Borrowers; and 
 WHEREAS, the
Borrowers desire to amend certain provisions of the Credit Agreement and the Administrative Agent and the Lenders desire to permit such amendments pursuant to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises contained herein and other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. All capitalized terms used herein
which are defined in the Credit Agreement shall have the same meaning herein as in the Credit Agreement unless the context clearly indicates otherwise. 

2. Effective as of September 30, 2015, Section 1.1 of the Credit Agreement is hereby amended by deleting the following
defined term in its entirety and in its stead inserting the following: 
 Consolidated EBITDA for any period of
determination shall mean (i) the sum of net income, depreciation, amortization, non-cash impairment charges and other non-cash charges to net income, interest expense, income tax expense, non-recurring severance and healthcare expenses incurred
in the fiscal year ending December 31, 2015 not to exceed Four Hundred Thousand and 00/100 Dollars ($400,000.00) in the aggregate and extraordinary losses incurred in the fiscal year ending December 31, 2015 related to supplier defected
ceramic refractories not to 

 
exceed Nine Hundred Fifty Thousand and 00/100 Dollars ($950,000.00) in the aggregate minus (ii) non-cash credits to net income, in each case of Universal and its Subsidiaries for such
period determined and consolidated in accordance with GAAP. For purposes of calculating Consolidated EBITDA, (a) with respect to any Permitted Acquisition, Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers,
in accordance with GAAP as if such Permitted Acquisition had been consummated at the beginning of such period, and (b) with respect to a business liquidated, sold or disposed of by the Loan Parties in accordance with and as permitted by the
terms and provisions of the final loan documentation, Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers, in accordance with GAAP as if such liquidation, sale or disposition had been consummated at the beginning
of such period. 
 3. Section 1.1 of the Credit Agreement is hereby amended by deleting the following defined terms in their entirety
and in their stead inserting the following: 
 Guaranty Agreement or Guaranty Agreements shall mean, singularly
or collectively, as the context may require, any Guaranty and Suretyship Agreement made by any Guarantor to the Administrative Agent (for its benefit and for the benefit of the Lenders), in form and substance satisfactory to the Administrative
Agent. 
 Pledge Agreement or Pledge Agreements shall mean, singularly or collectively, as the context may
require, (i) the Pledge Agreement in substantially the form of Exhibit 1.1(P)(1) executed and delivered by Universal to the Administrative Agent (for its benefit and for the benefit of the Lenders) with respect to all of the membership
interests of Dunkirk and North Jackson owned by Universal, and (ii) any other Pledge Agreement executed and delivered by any Loan Party to the Administrative Agent (for its benefit and for the benefit of the Lenders), in form and substance
satisfactory to the Administrative Agent. 
 Undrawn Availability shall mean, as of any date of determination, an
amount equal to (a) the lesser of (i) the Borrowing Base or (ii) the Revolving Credit Commitments, minus (b) the sum of (i) the Revolving Facility Usage plus (ii) all amounts due and owing to any Borrower’s trade
creditors which are outstanding beyond normal trade terms (excluding any such amounts being disputed by the applicable Borrower in good faith but only to the extent of such dispute), plus (iii) fees and expenses then due from the Borrowers
hereunder which have not been paid or charged to the account of the Borrowers. 

 4. The defined term Daily LIBOR Rate set forth in Section 1.1 of the Credit Agreement
is hereby amended by inserting the following new sentence to the end thereof: “Notwithstanding the foregoing, if the Daily LIBOR Rate as determined under the method above would be less than zero (0.00), such rate shall be deemed to be zero
(0.00) for purposes of this Agreement.” 
 5. The defined term LIBOR Rate set forth in Section 1.1 of the Credit Agreement
is hereby amended by (i) deleting the phrase “which has been approved by the British Bankers’ Association” appearing therein and (ii) inserting the following new sentence to the end thereof: “Notwithstanding the
foregoing, if the LIBOR Rate as determined under any method above would be less than zero (0.00), such rate shall be deemed to be zero (0.00) for purposes of this Agreement.” 

6. The defined term Permitted Prepayment Condition set forth in Section 1.1 of the Credit Agreement is hereby amended by deleting
the reference therein to “after giving effect to such prepayment, a pro forma Leverage Ratio not to exceed 0.50 below the then applicable Leverage Ratio required pursuant to Section 8.2.18 [Maximum Leverage Ratio]” and in its stead
inserting a reference to “after giving effect to such prepayment, a pro forma Leverage Ratio not to exceed 2.50 to 1.00”. 
 7.
Section 1.1 of the Credit Agreement is hereby amended by deleting the following defined terms in their entirety: 

Transaction Expenses 

USAP Holdings 

8. Section 8.2.6 of the Credit Agreement is hereby amended by deleting sub-clauses (y) and (z) of clause (ii)(E) in their
entirety and in their stead inserting the following: 
 and (y) after giving effect to such Permitted Acquisition and
the incurrence of any Loans, other Indebtedness or contingent obligations in connection therewith, a pro forma Leverage Ratio not to exceed 2.50 to 1.00 for the period equal to the four (4) consecutive fiscal quarters most recently ended for
which financial statements are available prior to the date of such Permitted Acquisition 
 9. Section 8.2.9 of the Credit Agreement is
hereby amended by deleting clauses (y) and (z) that follow the proviso set forth therein in their entirety and in their stead inserting the following: 

and (y) after giving effect to the consummation of such Joint Venture and the incurrence of any Loans, other Indebtedness
or contingent obligations in connection therewith, pro forma Leverage Ratio does not exceed 2.50 to 1.00 for the period equal to the four (4) consecutive fiscal quarters most recently ended for which financial statements are available prior to
the date of consummation of such Joint Venture 

 10. Effective as of September 30, 2015, Section 8.2.17 of the Credit Agreement
is hereby deleted in its entirety and in its stead is inserted the following: 
 8.2.17 Minimum Fixed Charge Coverage
Ratio. The Loan Parties shall not permit the Fixed Charge Coverage Ratio to be less than 1.10 to 1.00, calculated as of September 30, 2016 and the end of each fiscal quarter thereafter, in each case for the four (4) fiscal quarters
then ended. 
 11. Section 8.2.18 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following:

 8.2.18 Maximum Leverage Ratio. The Loan Parties shall not permit the Leverage Ratio to exceed 3.50 to 1.00,
calculated as September 30, 2015 for the four (4) fiscal quarters then ended. 
 12. Section 8.2.19 of the Credit Agreement
is hereby deleted in its entirety and in its stead is inserted the following: 
 8.2.19 Minimum Consolidated EBITDA.
The Loan Parties shall not permit Consolidated EBITDA to be less than (i) Twelve Million Four Hundred Thousand and 00/100 Dollars ($12,400,000.00), calculated as of December 31, 2015 for the four (4) fiscal quarters then ended,
(ii) Ten Million Two Hundred Thousand and 00/100 Dollars ($10,200,000.00), calculated as of March 31, 2016 for the four (4) fiscal quarters then ended, (iii) Ten Million Eight Hundred Thousand and 00/100 Dollars ($10,800,000.00),
calculated as of June 30, 2016 for the four (4) fiscal quarters then ended, (iv) Sixteen Million Eight Hundred Thousand and 00/100 Dollars ($16,800,000.00), calculated as of September 30, 2016 for the four (4) fiscal
quarters then ended, and (v) Twenty-Three Million and 00/100 Dollars ($23,000,000.00), calculated as of December 31, 2016 for the four (4) fiscal quarters then ended. 

13. Section 8.2 of the Credit Agreement is hereby amended by inserting a new Section 8.2.21 as follows, immediately after
Section 8.2.20: 
 8.2.21 Minimum Liquidity. Commencing on December 31, 2015, the Loan Parties shall not at
any time permit Undrawn Availability to be less than Ten Million and 00/100 Dollars ($10,000,000.00). 
 14. Exhibit 8.2.6 of the
Credit Agreement is hereby deleted in its entirety and in its stead is inserted the updated Exhibit 8.2.6 attached hereto as Annex 1. 

15. Exhibit 8.3.3 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the updated Exhibit
8.3.3 attached hereto as Annex 2. 

 16. The provisions of Sections 2 through 15 of this Fourth Amendment shall not become effective
until the Administrative Agent has received the following, each in form and substance acceptable to the Administrative Agent: 
  

	 	(a)	this Fourth Amendment, duly executed by the Borrowers, the Lenders and the Administrative Agent; 

  

	 	(b)	payment of (i) all fees due and payable on or prior to the date of this Fourth Amendment pursuant to a certain letter agreement, dated of even date herewith, executed by PNC and PNC Capital Markets LLC and accepted
and agreed to by the Borrowers (the “Fourth Amendment Fee Letter”) and (ii) any other fees and expenses owed to the Administrative Agent and its counsel in connection with the Credit Agreement or this Fourth Amendment; and

  

	 	(c)	such other documents as may be reasonably requested by the Administrative Agent. 

 17. The Loan
Parties hereby reconfirm and reaffirm all representations and warranties, agreements and covenants made by and pursuant to the terms and conditions of the Credit Agreement, except as such representations and warranties, agreements and covenants may
have heretofore been amended, modified or waived in writing in accordance with the Credit Agreement or as set forth in this Fourth Amendment and except any such representations or warranties made as of a specific date or time, which shall have been
true and correct in all material respects as of such date or time. 
 18. The Loan Parties acknowledge and agree that each and every
document, instrument or agreement which at any time has secured payment of the Obligations including, but not limited to, the Credit Agreement, each Patent, Trademark and Copyright Security Agreement, each Pledge Agreement, the Security Agreement,
the Mortgage and the Lease Assignment continue to secure prompt payment when due of the Obligations. 
 19. The Loan Parties hereby
represent and warrant to the Lenders and the Administrative Agent that (i) the Loan Parties have the legal power and authority to execute and deliver this Fourth Amendment; (ii) the officers of the Loan Parties executing this Fourth
Amendment have been duly authorized to execute and deliver the same and bind the Loan Parties with respect to the provisions hereof; (iii) the execution and delivery hereof by the Loan Parties and the performance and observance by the Loan
Parties of the provisions hereof and of the Credit Agreement and all documents executed or to be executed therewith, do not violate or conflict with the organizational documents of the Loan Parties or any law applicable to the Loan Parties or result
in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against the Loan Parties and (iv) this Fourth Amendment, the Credit Agreement and the documents executed or to
be executed by the Loan Parties in connection herewith or therewith constitute valid and binding obligations of the Loan Parties in every respect, enforceable in accordance with their respective terms. 

 20. The Loan Parties represent and warrant that (i) no Event of Default exists under the
Credit Agreement, nor will any occur as a result of the execution and delivery of this Fourth Amendment or the performance or observance of any provision hereof; and (ii) they presently have no claims or actions of any kind at law or in equity
against the Lenders and/or the Administrative Agent arising out of or in any way relating to the Credit Agreement or the other Loan Documents. 

21. Each reference to the Credit Agreement that is made in the Credit Agreement or any other document executed or to be executed in connection
therewith shall hereafter be construed as a reference to the Credit Agreement as amended hereby. 
 22. The agreements contained in this
Fourth Amendment are limited to the specific agreements contained herein. Except as amended hereby, all of the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect. This Fourth Amendment
amends the Credit Agreement and is not a novation thereof. 
 23. This Fourth Amendment may be executed in any number of counterparts and by
the different parties hereto on separate counterparts each of which, when so executed, shall be deemed to be an original, but all such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature
page of this Fourth Amendment by telecopy or e-mail (or other electronic communication) shall be effective as delivery of a manually executed counterpart of this Fourth Amendment. 

24. The Loan Parties acknowledge and agree that (a) the Credit Agreement and certain of the other Loan Documents may contain one or more
provisions authorizing the Administrative Agent and/or other Persons (the Administrative Agent and such other Persons, acting in such capacity, are each an “Authorized Person”), to act as the Loan Parties’ attorney-in-fact or
agent (collectively, the “Power of Attorney”); (b) the purpose of the Power of Attorney is to give each Authorized Person broad powers to take any action which any Authorized Person may deem necessary or advisable to accomplish
the purposes hereof and otherwise act in the name of the Loan Parties; (c) the Power of Attorney is coupled with an interest and, as such, any Authorized Person, in exercising any of its rights under the Power of Attorney is not a fiduciary of
the Loan Parties; (d) any Authorized Person may exercise any of its rights under the Power of Attorney for the sole benefit of such Authorized Person, without regard to the interests of the Loan Parties; (e) the Power of Attorney shall in
no way be construed as to benefit the Loan Parties; (f) no Authorized Person shall have any duty to exercise any powers granted by the Power of Attorney for the benefit of the Loan Parties or in the Loan Parties’ best interest; (g) no
Authorized Person shall have any duty of loyalty to the Loan Parties; (h) each Authorized Person shall, to the extent exercisable, exercise any and all powers granted by the Power of Attorney solely for the benefit of such Authorized Person;
(i) any rights the Loan Parties may have under 20 Pa.C.S. §§ 5601 - 5612, as amended (the “POA Act”), are hereby forever waived and relinquished; (j) without limiting the generality of the foregoing, (A) the
Power of Attorney shall not be construed in accordance with the provisions of the POA Act, and (B) no Authorized Person shall have any of the duties described in 20 Pa.C.S. § 5601.3(b); (k) the Power of Attorney is irrevocable; and
(l) the Loan Parties have read and understand the Power of Attorney. 

 25. This Fourth Amendment shall be governed by, and shall be construed and enforced in accordance
with, the Laws of the Commonwealth of Pennsylvania without regard to the principles of conflicts of law thereof. The Loan Parties hereby consent to the jurisdiction and venue of any federal or state court located in the Commonwealth of Pennsylvania
with respect to any suit arising out of or mentioning this Fourth Amendment. 
 [INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto, have caused this
Fourth Amendment to be duly executed by their duly authorized officers on the day and year first above written. 
  

									
		 		 	BORROWERS:
			
		 		 	UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.,
	WITNESS:	 		 	a Delaware corporation
					
	 /s/ Paul A. McGrath
	 		 	By:	 	 /s/ Ross C. Wilkin
	 	(SEAL)
		 		 	Name:	 	 Ross C. Wilkin
	 	
		 		 	Title:	 	 V.P. Finance, CFO and Treasurer
	 	
			
		 		 	DUNKIRK SPECIALTY STEEL, LLC,
	WITNESS:	 		 	a Delaware limited liability company
					
	 /s/ Paul A. McGrath
	 		 	By:	 	 /s/ Ross C. Wilkin
	 	(SEAL)
		 		 	Name:	 	 Ross C. Wilkin
	 	
		 		 	Title:	 	 Executive Officer
	 	
			
		 		 	NORTH JACKSON SPECIALTY STEEL, LLC,
	WITNESS:	 		 	a Delaware limited liability company
					
	 /s/ Paul A. McGrath
	 		 	By:	 	 /s/ Ross C. Wilkin
	 	(SEAL)
		 		 	Name:	 	 Ross C. Wilkin
	 	
		 		 	Title:	 	 Treasurer

 
			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Lender and as Administrative Agent

		
	By:	 	 /s/ David B. Gookin

	Name:	 	 David B. Gookin

	Title:	 	 Executive Vice President

	
	 THE HUNTINGTON NATIONAL BANK,
 as a
Lender

		
	By:	 	 /s/ Brian Sheridan

	Name:	 	 Brian Sheridan

	Title:	 	 Vice President

	
	 FIFTH THIRD BANK,
 as a
Lender

		
	By:	 	 /s/ Paul J. Oris

	Name:	 	 Paul J. Oris

	Title:	 	 Senior Vice President

	
	 FIRST NATIONAL BANK OF PENNSYLVANIA,

as a Lender

		
	By:	 	 /s/ Diane Geisler

	Name:	 	 Diane Geisler

	Title:	 	 Vice President

	
	 FIRST COMMONWEALTH BANK,
 as a
Lender

		
	By:	 	 /s/ Brian J. Sohocki

	Name:	 	 Brian J. Sohocki

	Title:	 	 Senior Vice President

 ANNEX 1 

EXHIBIT 8.2.6 

FORM OF 
 ACQUISITION
COMPLIANCE CERTIFICATE 
                 ,
201   
 PNC Bank, National Association, 
 as
Administrative Agent 
 Three PNC Plaza 
 255 Fifth Avenue 

Pittsburgh, PA 15222 
 Ladies and Gentlemen: 

I refer to the Credit Agreement, dated as of August 18, 2011, by and among Universal Stainless & Alloy Products, Inc., a
Delaware corporation (“Universal”), Dunkirk Specialty Steel, LLC, a Delaware limited liability company (“Dunkirk”), North Jackson Specialty Steel, LLC, a Delaware limited liability company (“North
Jackson”) (Universal, Dunkirk, and North Jackson are each, a “Borrower” and collectively, the “Borrowers”), the Guarantors (as defined therein) party thereto, PNC Bank, National Association (“PNC
Bank”) and various other financial institutions from time to time (PNC Bank and such other financial institutions are each a “Lender” and collectively, the “Lenders”), and PNC Bank, as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”), as amended by that certain (i) First Amendment to Credit Agreement, dated March 19, 2012, (ii) Second Amendment to Credit Agreement, dated March 29,
2013, (iii) Third Amendment to Credit Agreement, dated November 7, 2013 and (iv) Fourth Amendment to Credit Agreement, dated October 23, 2015 (as may be further amended, modified, supplemented or restated from time to time, the
“Credit Agreement”). Unless otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings. 

                     [insert name of
applicable Loan Party] intends to enter into a Permitted Acquisition with                      [enter name of the target company] pursuant to which
                     [insert name of applicable Loan Party] will
                     [provide a brief description of the transactions contemplated by such Permitted Acquisition]. This Certificate is delivered to
the Administrative Agent in accordance with Section 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions] of the Credit Agreement. I, the
                     [Chief Executive Officer/President/Chief Financial Officer/Treasurer or Assistant Treasurer] of each Borrower, do hereby certify
as of                  , 201  , which is at least five (5) Business Days prior to such Permitted Acquisition (the “Report Date”), as
follows: 
  

	1.	The representations and warranties of the Loan Parties contained in Section 6 [Representations and Warranties] of the Credit Agreement and in each of the other Loan Documents to which they are a party are true and
correct in all respect with the same effect as though such representations and warranties had been made on and as of the Report Date (except representations and warranties which relate solely to an earlier date or time, which representations and
warranties were true and correct in all respects on and as of the specific dates or times referred to therein). 

 2. No Event of Default or Potential Default exists on the Report Date; and no Event of Default or Potential
Default shall exist immediately prior to or after giving effect to such Permitted Acquisition. 
 [NOTE: If any Event of Default or Potential
Default has occurred and is continuing, set forth on an attached sheet the nature thereof and the action which the Loan Parties have taken, are taking or propose to take with respect thereto.] 

3. Aggregate Consideration. The Consideration (excluding any Consideration in the form of equity) to be paid for such Permitted Acquisition is
$        .    , and the aggregate Consideration (excluding any Consideration in the form of equity) paid for all Permitted Acquisitions (after giving effect to such Permitted Acquisition)
in the current fiscal year is $        .    . 
 Under
Section 8.2.6(ii)(E)(w) of the Credit Agreement, the aggregate Consideration (excluding any Consideration in the form of equity) paid for all Permitted Acquisitions in any fiscal year shall not exceed Fifty Million and 00/100 Dollars
($50,000,000.00). Therefore, the Loan Parties              [will/will not] be in compliance with Section 8.2.6(ii)(E)(w) of the Credit Agreement after giving effect to such Permitted
Acquisition. 
 4. Undrawn Availability. After giving effect to such Permitted Acquisition, Undrawn Availability is
$        .    . 
 Under Section 8.2.6(ii)(E)(x) of the Credit Agreement,
Undrawn Availability is required to be at least Thirty Million and 00/100 Dollars ($30,000,000.00). Therefore, the Loan Parties                     
[will/will not] be in compliance with Section 8.2.6(ii)(E)(x) of the Credit Agreement after giving effect to such Permitted Acquisition. 
 5.
Maximum Leverage Ratio. After giving effect to such Permitted Acquisition (including in such computation Indebtedness or other liabilities assumed or incurred in connection with such Permitted Acquisition), the Leverage Ratio for the twelve
(12) month period ending as of the Report Date is              to 1.0. 

Senior Indebtedness as of the Report Date equals $         (the calculation of which is set forth in
the attached spreadsheet). 
 Consolidated EBITDA for the twelve (12) month period ending as of the Report Date equals
$         (the calculation of which is set forth in the attached spreadsheet). 

 The ratio of item 5(A) to item 5(B) equals the Leverage Ratio. 

Under Section 8.2.6(ii)(E)(y) of the Credit Agreement, the Leverage Ratio is not permitted to be greater than 2.50 to 1.00 for the
relevant period. Therefore, the Loan Parties                      [will/will not] be in compliance with Section 8.2.6(ii)(E)(y) of the Credit
Agreement after giving effect to such Permitted Acquisition. 
 [INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, and intending to be legally bound, the undersigned have executed this
Acquisition Compliance Certificate this      day of             , 201  . 
  

									
		 		 	BORROWERS:
			
	WITNESS:	 		 	Universal Stainless & Alloy Products, Inc., a Delaware corporation
					
	  
	 		 	By:	 	  
	 	(SEAL)
		 		 	Name:	 	  

		 		 	Title:	 	  

			
	WITNESS:	 		 	Dunkirk Specialty Steel, LLC, a Delaware limited liability company
					
	  
	 		 	By:	 	  
	 	(SEAL)
		 		 	Name:	 	  

		 		 	Title:	 	  

			
	WITNESS:	 		 	North Jackson Specialty Steel, LLC, a Delaware limited liability company
					
	  
	 		 	By:	 	  
	 	(SEAL)
		 		 	Name:	 	  

		 		 	Title:	 	  

 SPREADSHEET 

[see attached] 

 ANNEX 2 

EXHIBIT 8.3.3 

FORM OF 
 COMPLIANCE
CERTIFICATE 
                 , 201   

PNC Bank, National Association, 
 as Administrative Agent 

Three PNC Plaza 
 255 Fifth Avenue 

Pittsburgh, PA 15222 
 Ladies and Gentlemen: 

I refer to the Credit Agreement, dated as of August 18, 2011, by and among Universal Stainless & Alloy Products, Inc., a
Delaware corporation (“Universal”), Dunkirk Specialty Steel, LLC, a Delaware limited liability company (“Dunkirk”), North Jackson Specialty Steel, LLC, a Delaware limited liability company (“North
Jackson”) (Universal, Dunkirk, and North Jackson are each, a “Borrower” and collectively, the “Borrowers”), the Guarantors (as defined therein) party thereto, PNC Bank, National Association (“PNC
Bank”) and various other financial institutions from time to time (PNC Bank and such other financial institutions are each a “Lender” and collectively, the “Lenders”), and PNC Bank, as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”), as amended by that certain (i) First Amendment to Credit Agreement, dated March 19, 2012, (ii) Second Amendment to Credit Agreement, dated March 29,
2013, (iii) Third Amendment to Credit Agreement, dated November 7, 2013 and (iv) Fourth Amendment to Credit Agreement, dated October     , 2015 (as may be further amended, modified, supplemented or restated from
time to time, the “Credit Agreement”). Unless otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings. 

I, the                      [Chief
Executive Officer/President/Chief Financial Officer/Treasurer or Assistant Treasurer] of each Borrower, do hereby certify on behalf of the Borrowers as of the              [quarter/year]
ended                  , 201   (the “Report Date”), as follows: 

1. CHECK ONE: 
  

			
	        	  	The annual financial statements of Universal and its Subsidiaries, consisting of an audited consolidated balance sheet and related audited consolidated statements of income, stockholders’ equity and cash flows being delivered
to the Administrative Agent and the Lenders with this Compliance Certificate (a) are all in reasonable detail and set forth in comparative form the financial

			
		  	statements as of the end of and for the preceding fiscal year, and (b) comply with the reporting requirements for such financial statements as set forth in Section 8.3.2 [Annual Financial Statements] of the Credit
Agreement.
		
		  	OR
		
	        	  	The quarterly unaudited financial statements of Universal and its Subsidiaries, consisting of a consolidated balance sheet and related consolidated statements of income, stockholders’ equity and cash flows being delivered to
the Administrative Agent and the Lenders with this Compliance Certificate (a) are all in reasonable detail and have been prepared in accordance with GAAP, consistently applied (subject to normal year-end audit adjustments), and set forth in
comparative form the respective financial statements for the corresponding date and period in the previous fiscal year, and (b) comply with the reporting requirements for such financial statements as set forth in Section 8.3.1 [Quarterly
Financial Statements] of the Credit Agreement.

 2. The representations and warranties of the Loan Parties contained in Section 6 [Representations and Warranties]
of the Credit Agreement and in each of the other Loan Documents to which they are a party are true and correct in all respects with the same effect as though such representations and warranties had been made on and as of the Report Date (except
representations and warranties which relate solely to an earlier date or time, which representations and warranties were true and correct in all respects on and as of the specific dates or times referred to therein). 

3. In accordance with Section 6.2 [Updates to Schedules] of the Credit Agreement, attached hereto as Exhibit A are updates to the schedules to the
Credit Agreement (the “Updated Schedules”). Notwithstanding the foregoing, the Borrowers hereby acknowledge and agree that no schedule shall be deemed to have been amended, modified or superseded by the Updated Schedules, nor shall
any breach of warranty or representation resulting from the inaccuracy or incompleteness of any such Schedule be deemed to have been cured by the Updated Schedules, unless and until the Required Lenders, in their commercially reasonable discretion,
shall have accepted in writing the Updated Schedules. 
 4. No Event of Default or Potential Default has occurred and is continuing on the Report Date. 

[NOTE: If any Event of Default or Potential Default has occurred and is continuing, set forth on an attached sheet the nature thereof and the
action which the Loan Parties have taken, are taking or propose to take with respect thereto.] 

 5. Indebtedness (Section 8.2.1(iii)). Indebtedness of the Loan Parties and their Subsidiaries with respect
to Purchase Money Security Interests and capitalized leases, in the aggregate, as of the Report Date is $        , which does not exceed Ten Million and 00/100 Dollars ($10,000,000.00) in the aggregate for all
such Indebtedness. 
 6. Indebtedness (Section 8.2.1(vii)). Unsecured Indebtedness of the Loan Parties and their Subsidiaries, in the aggregate, as
of the Report Date is $        , which is Indebtedness other than the Indebtedness permitted by clauses (i) through (vi) of Section 8.2.1 of the Credit Agreement, which is not more than the
permitted maximum of Five Million and 00/100 Dollars ($5,000,000.00) in the aggregate at any time outstanding. 
 7. Subsidiaries, Partnerships and Joint
Ventures. The aggregate investment by the Loan Parties or any of them in all Joint Ventures as of the Report Date is $        , which is not more than the permitted maximum of Fifteen Million and 00/100
Dollars ($15,000,000.00) at any time. 
 8. Minimum Fixed Charge Coverage Ratio (Section 8.2.17). The Fixed Charge Coverage Ratio for the period
equal to the four (4) consecutive fiscal quarters ending as of the Report Date is              to 1.0, which is not less than the required ratio of 1.10 to 1.00 for such period.1 
 (A) Consolidated EBITDA for the period equal to the four (4) consecutive fiscal
quarters ending as of the Report Date equals $         (the calculation of which is set forth in the attached spreadsheet). 

(B) Fixed Charges for the period equal to the four (4) consecutive fiscal quarters ending as of the Report Date equals
$         (the calculation of which is set forth in the attached spreadsheet). 
 (C) the ratio of
item 8(A) to item 8(B) equals the Fixed Charge Coverage Ratio. 
 9. [Maximum] Leverage Ratio [(Section 8.2.18)]. The Leverage Ratio
for the period equal to the four (4) consecutive fiscal quarters ending as of the Report Date is              to 1.0[, which is not greater than the permitted ratio for such period
of 3.50 to 1.00].2 
 (A) Senior Indebtedness as of the Report Date equals
$            (the calculation of which is set forth in the attached spreadsheet). 

(B) Consolidated EBITDA for the period equal to the four (4) consecutive fiscal quarters ending as of the Report Date equals
$            (the calculation of which is set forth in the attached spreadsheet). 

(C) The ratio of item 9(A) to item 9(B) equals the Leverage Ratio. 

 

	1 	Include this calculation for the September 30, 2016 Report Date and each Report Date thereafter. 

	2 	Include the bold/bracketed items for the September 30, 2015 Report Date; remove the bold/bracketed items for all other Report Dates but retain the Leverage Ratio calculation in order to determine grid pricing.

 10. Minimum Consolidated EBITDA (Section 8.2.19). Consolidated EBITDA for the period equal to the four
(4) consecutive fiscal quarters ending as of the Report Date is $        , which is not less than the required amount, if applicable, as follows (select one). 

     Twelve Million Four Hundred Thousand and 00/100 Dollars ($12,400,000.00), calculated as of December 31,
2015. 
 OR 

     Ten Million Two Hundred Thousand and 00/100 Dollars ($10,200,000.00), calculated as of March 31, 2016.

 OR 

     Ten Million Eight Hundred Thousand and 00/100 Dollars ($10,800,000.00), calculated as of June 30, 2016.

 OR 

     Sixteen Million Eight Hundred Thousand and 00/100 Dollars ($16,800,000.00), calculated as of September 30,
2016. 
 OR 

     Twenty-Three Million and 00/100 Dollars ($23,000,000.00), calculated as of December 31, 2016. 

11. Minimum Liquidity (Section 8.2.21). Undrawn Availability as of the Report Date is $        , which is not
less than Ten Million and 00/100 Dollars ($10,000,000.00). 
 [INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, and intending to be legally bound, the undersigned have executed this
Compliance Certificate this      day of             , 201  . 
  

											
		 		 		 	BORROWERS:
				
		 		 		 	Universal Stainless & Alloy Products, Inc.,
	WITNESS:	 		 	a Delaware corporation
						
	By:	 	  
	 		 	By:	 	  
	 	(SEAL)
	Name:	 	  
	 		 	Name:	 	  

		 		 		 	Title:	 	  

				
		 		 		 	Dunkirk Specialty Steel, LLC,
	WITNESS:	 		 	a Delaware limited liability company
						
	By:	 	  
	 		 	By:	 	  
	 	(SEAL)
	Name:	 	  
	 		 	Name:	 	  

		 		 		 	Title:	 	  

				
		 		 		 	North Jackson Specialty Steel, LLC,
	WITNESS:	 		 	a Delaware limited liability company
						
	By:	 	  
	 		 	By:	 	  
	 	(SEAL)
	Name:	 	  
	 		 	Name:	 	  

		 		 		 	Title:	 	  

 EXHIBIT A 

[see attached] 

 SPREADSHEET 

[see attached]

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