Document:

Fourth Amendment to Second Amended and Restated Credit Agreement

 Exhibit 10.2 
 Execution Version 
  

 
  

FOURTH AMENDMENT 
 TO 
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 
 February 25, 2011 
 among 

GOODRICH PETROLEUM COMPANY, L.L.C., 
 as Borrower, 
 BNP PARIBAS, 

as Administrative Agent, 
 and 
 The Lenders Party Hereto 

 
  

 
 BNP SECURITIES CORP.,

 as Sole Lead Arranger and Bookrunner 

 FOURTH AMENDMENT TO SECOND 

AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Fourth Amendment”) dated as of February 25, 2011, is among GOODRICH PETROLEUM COMPANY,
L.L.C., a Louisiana limited liability company (“Borrower”); each of the undersigned Guarantors (collectively, the “Guarantors”); BNP PARIBAS, as administrative agent (in such capacity, together with its
successors in such capacity, “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and the undersigned Lenders. 

R E C I T A L S 
 A. Borrower, Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of May 5, 2009, as amended by that certain First Amendment dated
September 22, 2009, that certain Second Amendment dated October 29, 2010 and that certain Third Amendment dated February 4, 2011 (as amended, the “Credit Agreement”), pursuant to which the Lenders have made certain
loans to and other extensions of credit on behalf of Borrower. 
 B. The Borrower, the Administrative Agent and the Lenders
desire to amend certain provisions of the Credit Agreement. 
 C. NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement. Unless otherwise indicated, all article
and section references in this Fourth Amendment refer to articles and sections of the Credit Agreement. 
 Section 2.
Amendments to Credit Agreement. 
 2.1 Amendment to Section 1.02. Section 1.02 is hereby amended by amending and
restating or adding the following definitions: 
 “2019 High Yield Notes” means the up to
$300,000,000 aggregate principal amount of Senior Notes due 2019 issued by the Parent Guarantor with terms substantially as described in a preliminary Offering Memorandum of the Parent Guarantor dated February 22, 2011. 

“Agreement” means this Second Amended and Restated Credit Agreement, as amended by that certain First
Amendment to Second Amended and Restated Credit Agreement dated September 22, 2009, that certain Second Amendment to Second Amended and Restated Credit Agreement dated October 29, 2010, that certain Third Amendment to Second Amended and
Restated Credit Agreement dated February 4, 2011 and that certain Fourth Amendment to Second Amended and Restated Credit Agreement dated February 25, 2011, as the same may from time to time be amended, amended and restated, supplemented or
otherwise modified. 

 “Applicable Margin” means, for any day, with respect to any
ABR or Eurodollar Loan, as the case may be, the rate per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect: 

 

																	
	Borrowing Base Utilization Grid	  
	 Borrowing Base
 Utilization Percentage
	  	<50%	 	 	350%, but
<75%	 	 	375%, but
<90%	 	 	390%	 
	 Eurodollar Loans
	  	 	2.00	% 	 	 	2.25	% 	 	 	2.50	% 	 	 	2.75	% 
	 ABR Loans
	  	 	1.00	% 	 	 	1.25	% 	 	 	1.50	% 	 	 	1.75	% 

 Each Change
in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change; provided, however, that if at any time the
Borrower fails to deliver a Reserve Report pursuant to Section 8.12(a), then the “Applicable Margin” means the rate per annum set forth on the grid when the Borrowing Base Utilization Percentage is at its highest level.

 “Borrowing Base Commitment” means, with respect to each Lender, such Lender’s Applicable
Percentage of the Borrowing Base. 
 “Equity Interests” means shares of capital stock,
partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such Equity Interests, provided that any Debt that is convertible into Equity Interest is not “Equity Interests”. 
 “Fourth Amendment Effective Date” means February 25, 2011. 
 “Majority Lenders” means, at any time while no Loans or LC Exposure is outstanding, Lenders having greater than fifty percent (50%) of the Aggregate Maximum Credit Amounts; and at
any time while any Loans or LC Exposure is outstanding, Lenders holding greater than fifty percent (50%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit (subject to
Section 4.05(b) and without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)). 
 “Maturity Date” means July 1, 2014, provided, that if the proceeds of any Permitted Refinancing Debt and/or net cash proceeds of any sale of Equity Interests of the Parent
Guarantor (other than Disqualified Capital Stock), in an aggregate amount sufficient to prepay the principal of the 2029 Convertible Notes on October 1, 2014, are deposited into an escrow account pursuant to Section 8.16 on or before
June 30, 2014, the Maturity Date will be automatically extended to February 25, 2016. 

  
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 “Permitted Refinancing Debt” means Debt (for purposes of
this definition, “new Debt”) incurred in exchange for, or proceeds of which are used to refinance, all or any portion of the 2029 Convertible Notes or the 2019 High Yield Notes; provided that (a) such new Debt is in an
aggregate principal amount not in excess of the sum of (i) the then outstanding principal amount of all existing Debt (including the 2029 Convertible Notes (prior to any exchange, redemption or refinancing thereof with the new Debt) and the
2019 High Yield Notes (prior to any exchange, redemption or refinancing thereof with the new Debt)) and (ii) $150,000,000; (b) such new Debt has a stated maturity no earlier than July 1, 2017; (c) such new Debt does not have a
stated interest rate in excess of 11% per annum; (d) such new Debt does not contain any covenants taken as a whole which are materially more onerous to the Parent Guarantor and the Borrower than those imposed by the 2019 High Yield Notes
and (e) such new Debt (and any guarantees thereof) is unsecured. 
 “Required Lenders”
means, at any time while no Loans or LC Exposure is outstanding, Lenders having at least sixty-six and two-thirds percent (66-2/3%) of the Aggregate Maximum Credit Amounts; and at any time while any Loans or LC Exposure is outstanding, Lenders
holding at least sixty-six and two-thirds percent (66-2/3%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit (subject to Section 4.05(b) and without regard to any sale by a Lender of a
participation in any Loan under Section 12.04(c)). 
 “Total Debt” means, at any date, all
Debt of the Parent Guarantor and the Consolidated Subsidiaries on a consolidated basis, excluding (a) non-cash obligations under FAS 133 and (b) accounts payable and other accrued liabilities (for the deferred purchase price of Property or
services) from time to time incurred in the ordinary course of business which are not greater than 60 days past the date of invoice or delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have
been maintained in accordance with GAAP. The term “Total Debt” shall be reduced by the amount of any restricted cash being held in escrow pursuant to Section 8.16 pending repayment of either the Convertible Notes, the 2029
Convertible Notes or the 2019 High Yield Notes. 
 2.2 Amendment to Section 2.07(b). Section 2.07(b) is hereby amended
and restated in its entirety to read as follows: 
 (b) Scheduled and Interim Redeterminations. The
Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and
applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on April 1st and October 1st of each year. In addition, (i) the Borrower may, by notifying the Administrative Agent

  
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thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month period, each elect to cause the Borrowing Base
to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”) in accordance with this Section 2.07 and (ii) the Administrative Agent shall have the right, no later than 10 Business Days after
receiving notice of the offering of any Permitted Refinancing Debt, to initiate an Interim Redetermination in accordance with this Section 2.07(b), and such Interim Redetermination shall not count against the maximum Interim Redeterminations
allowed in any calendar year. 
 2.3 Amendment to Section 2.07(c)(i). Section 2.07(c)(i) is hereby amended to
replace all occurrences of the term “Majority Lenders” with the term “Required Lenders”. 
 2.4 Amendment
to Section 2.07(c)(iii). Section 2.07(c)(iii) is hereby amended to replace all occurrences of the term “Majority Lenders” with the term “Required Lenders”. 

2.5 Amendment to Section 2.07(d). Section 2.07(d) is hereby amended to replace the term “Majority Lenders” in
the first sentence thereof with the term “Required Lenders.” 
 2.6 Amendment to Section 2.07(e).
Section 2.07(e) is hereby amended to replace the term “Majority Lenders” in the last sentence thereof with the term “Required Lenders”. 
 2.7 Amendment to Section 2.07. Section 2.07 is hereby amended by adding the following subsection (f) to the end of such Section 2.07: 

(f) Reduction of Borrowing Base Upon Issuance of New Debt. If the Parent Guarantor shall (i) issue 2019 High
Yield Notes in an aggregate principal amount in excess of $300,000,000 or (ii) incur additional Debt as a result of any Permitted Refinancing Debt with regard to the 2029 Convertible Notes and/or the 2019 High Yield Notes, the excess of the
principal of such Permitted Refinancing Debt over the principal of the Debt it refinances, in each of (i) and (ii) the Borrowing Base will simultaneously be reduced in amount equal to 25% of such excess. 

2.8 Amendment to Section 2.08(j). Section 2.08(j) is hereby amended to replace the term “Majority Lenders” in
the first sentence thereof with the term “Required Lenders”. 
 2.9 Amendment to Section 3.03(b).
Section 3.03(b) is hereby amended to replace the term “Majority Lenders” in the first sentence thereof with the term “Required Lenders”. 
 2.10 Amendment to Section 3.05. Section 3.05 is hereby amended by adding the following subsection (d) at the end of such section: 

(d) Maturity Extension Upfront Fees. If the Maturity Date is extended to February 25, 2016 pursuant to the
definition thereof, the Borrower agrees to pay to the Administrative Agent for the account of each Lender on the date of such extension an upfront fee equal to (i) 30 basis points of each such Lender’s Applicable Percentage of the then
current Borrowing Base if such Lender’s Borrowing Base Commitment on the Fourth Amendment Effective Date was less 

  
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than $40,000,000 or (ii) 40 basis points of each such Lender’s Applicable Percentage of the then current Borrowing Base if such Lender’s Borrowing Base Commitment on the Fourth
Amendment Effective Date was equal to or greater than $40,000,000. 
 2.11 Amendment to Section 4.05(c)(ii).
Section 4.05(c)(ii) is hereby amended and restated in its entirety to read as follows: 
 (ii) The
Commitment, the Maximum Credit Amount, the outstanding principal balance of the Loans and participation interests in Letters of Credit of such Defaulting Lender shall not be included in determining whether all Lenders, the Majority Lenders or the
Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 12.02), provided that any waiver, amendment or modification requiring (A) the consent of all Lenders
or (B) the consent of each affected Lender and which affects such Defaulting Lender, shall require the consent of such Defaulting Lender; and provided further that any redetermination or affirmation of the Borrowing Base shall occur without
participation of a Defaulting Lender, but the Commitments (i.e., the Applicable Percentage of the Borrowing Base of a Defaulting Lender) may not be increased without the consent of such Defaulting Lender. 

2.12 Amendment to Section 8.16. Section 8.16 is hereby amended and restated in its entirety to read as follows:

 Section 8.16 Maturity Date Escrow. 

(a) Redemption of Convertible Notes. Upon receipt of net cash proceeds from the sale or issuance of the 2019 High
Yield Notes, the Parent Guarantor shall deposit such proceeds in an aggregate amount sufficient to Redeem the principal of all of the then outstanding Convertible Notes on or prior to December 1, 2011 into an account with the Administrative
Agent. The Parent Guarantor may from time to time withdraw funds from such account to Redeem all or a portion of the Convertible Notes in an amount of the principal of the Convertible Notes so Redeemed at any time thereafter. 

(b) Maturity Date Escrow. For purposes of extending the Maturity Date as provided for in the definition thereof,
the Parent Guarantor and the Borrower, upon receipt of the net cash proceeds received from any Permitted Refinancing Debt and/or the sale or issuance of any Equity Interests of the Parent Guarantor (other than Disqualified Capital Stock), shall
deposit such proceeds in an aggregate amount sufficient to Redeem the principal of the 2029 Convertible Notes on or before July 1, 2014 into an account with the Administrative Agent. The Parent Guarantor may from time to time withdraw funds
from such account to Redeem all or a portion of the 2029 Convertible Notes in an amount of the principal of the 2029 Convertible Notes so Redeemed at any time thereafter. 

  
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 2.13 Amendment to Section 9.01(a). Section 9.01(a) is hereby amended and
restated in its entirety to read as follows: 
 (a) Interest Coverage Ratio. The Parent Guarantor will
not, as of the last day of any fiscal quarter, permit its ratio of EBITDAX for the period of four fiscal quarters then ending to cash Interest Expense for such period to be less than 2.5 to 1.0; provided that for the fiscal quarter ending on
(i) March 31, 2011, EBITDAX shall be calculated based upon EBITDAX for the fiscal quarter ending on such date multiplied by four (4), (ii) June 30, 2011, EBITDAX shall be calculated based upon EBITDAX for the two (2) fiscal
quarters ending on such date multiplied by two (2) and (iii) September 30, 2011, EBITDAX shall be calculated based upon EBITDAX for the three (3) fiscal quarters ending on such date multiplied by four (4) and divided by
three (3). 
 2.14 Amendment to Section 9.01(b). Section 9.01(b) is hereby amended and restated in its entirety
to read as follows: 
 (b) Ratio of Total Debt to EBITDAX. The Parent Guarantor will not, at any time,
permit its ratio of Total Debt as of such time to EBITDAX for the four fiscal quarters ending on the last day of the fiscal quarter immediately preceding the date of determination for which financial statements are available to be greater than 4.0
to 1.0; provided that for the fiscal quarter ending on (i) March 31, 2011, EBITDAX shall be calculated based upon EBITDAX for the fiscal quarter ending on such date multiplied by four (4), (ii) June 30, 2011, EBITDAX shall be
calculated based upon EBITDAX for the two (2) fiscal quarters ending on such date multiplied by two (2) and (iii) September 30, 2011, EBITDAX shall be calculated based upon EBITDAX for the three (3) fiscal quarters ending on
such date multiplied by four (4) and divided by three (3). 
 2.15 Amendment to Section 9.02(k).
Section 9.02(k) is hereby amended and restated in its entirety to read as follows: 
 (k) (i) Debt
under the 2029 Convertible Notes, (ii) any Permitted Refinancing Debt of the 2029 Convertible Notes and (iii) any guarantees of the foregoing. 
 2.16 Amendment to Section 9.02. Section 9.02 is hereby amended by adding the following Section 9.02(l) 

(l) (i) Debt under the 2019 High Yield Notes, the principal amount of which does not exceed $300,000,000 in the aggregate,
(ii) any Permitted Refinancing Debt of the 2019 High Yield Notes and (iii) any guarantees of the foregoing. 
 2.17
Amendment to Section 9.04(a). Section 9.04(a) is hereby amended and restated in its entirety to read as follows: 
 (a) Restricted Payments. The Parent Guarantor and Borrower will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, return any capital to its stockholders
or make any distribution of its Property to its Equity Interests holders; provided, however, that, so long as no Default, Event of Default or Borrowing Base Deficiency exists or would result 

  
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therefrom (i) the Parent Guarantor and Borrower may declare, make or pay Restricted Payments with respect to its Equity Interests payable solely in additional shares of its Equity Interests
(other than Disqualified Capital Stock), (ii) the Parent Guarantor may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Parent Guarantor and the
Subsidiaries, (iii) the Parent Guarantor may make required payments, in cash or in Equity Interests of the Parent Guarantor, on the 2029 Convertible Notes and (iv) the Parent Guarantor may pay regularly scheduled dividends, in cash, on the
Existing Preferred Stock. 
 2.18 Amendment to Section 9.04(c). Section 9.04(c) is hereby amended and restated
in its entirety to read as follows: 
 (c) Redemption of Convertible Notes. Subject to
Section 8.16(a), the Parent Guarantor may Redeem the Convertible Notes with the proceeds of the issuance of the 2019 High Yield Notes if (i) no Default or Event of Default has occurred and is continuing and (ii) after giving pro forma
effect to any such Redemption, there is unfunded availability of not less than $25,000,000 under this Agreement. 
 2.19
Amendment to Section 9.04(d). Section 9.04(d) is hereby amended and restated in its entirety to read as follows: 
 (d) Redemption of 2029 Convertible Notes. Neither the Parent Guarantor, the Borrower, nor any other Guarantor will, prior to the date that is 91 days after the Maturity Date: call, make or offer to
make any optional or voluntary Redemption of or otherwise optionally or voluntarily Redeem (whether in whole or in part) the 2029 Convertible Notes; provided that, subject to the terms of Section 8.16, the Parent Guarantor, the Borrower
or such other Guarantor may Redeem the 2029 Convertible Notes with the proceeds of (i) the sale of any 2019 High Yield Notes, (ii) any Permitted Refinancing Debt or (iii) the net cash proceeds of any sale of Equity Interests (other
than Disqualified Capital Stock) if (y) no Default or Event of Default has occurred and is continuing and (z) after giving pro forma effect to any such Redemption, there is unfunded availability of not less than $25,000,000 under this
Agreement. 
 2.20 Amendment to Section 9.04. Section 9.04 is hereby amended by adding the following
Section 9.04(e): 
 (e) Redemption of 2019 High Yield Notes. Neither the Parent Guarantor, the
Borrower, nor any other Guarantor will, prior to the date that is 91 days after the Maturity Date: call, make or offer to make any optional or voluntary Redemption of or otherwise optionally or voluntarily Redeem (whether in whole or in part) the
2019 High Yield Notes; provided that, subject to the terms of Section 8.16, the Parent Guarantor, the Borrower or such other Guarantor may make Redeem the 2019 High Yield Notes with the proceeds of any Permitted Refinancing Debt or the
net cash proceeds of any sale of Equity Interests (other than Disqualified Capital Stock) if (i) no Default or Event of Default has occurred and is continuing and (ii) after giving pro forma effect to any such Redemption, there is unfunded
availability of not less than $25,000,000 under this Agreement. 

  
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 2.21 Amendment to Section 9.18. Section 9.18 is hereby amended and restated
in its entirety to read as follows: 
 Swap Agreements. Neither the Parent Guarantor nor the Borrower will
enter into any commodity Swap Agreements (a) with any Person other than an Approved Counterparty or (b) which would cause the notional volumes for which (when aggregated with other commodity Swap Agreements then in effect other than basis
differential swaps on volumes already hedged pursuant to other Swap Agreements) to exceed, as of the date such Swap Agreement is executed, (i) 100% of the Current Production for each month during the period during which such Swap Agreement is
in effect for each of crude oil, natural gas and natural gas liquids, calculated separately, for the 24 month period following the date such Swap Agreement is entered into, (ii) 75% of the Current Production for each month during the period
during which such Swap Agreement is in effect for each of crude oil, natural gas and natural gas liquids, calculated separately, for the 18 month period following the 24 month period referenced in Section 9.18(b)(i) and (iii) 50% of the
Current Production for each month during the period during which such Swap Agreement is in effect for each of crude oil, natural gas and natural gas liquids, calculated separately, for the 6 month period following the 42 month period referenced in
Sections 9.18(b)(i) and (b)(ii). In no event shall any Swap Agreement contain any requirement, agreement or covenant for the Parent Guarantor or the Borrower to post collateral or margin to secure their obligations under such Swap Agreement or to
cover market exposures. 
 2.22 Amendment to Section 9.19. Section 9.19 is hereby amended by replacing the term
“Majority Lenders” in the last sentence thereof with the term “Required Lenders”. 
 2.23 Amendment to
Section 10.02(a). Section 10.02(a) is hereby amended to replace the term “Majority Lenders” in the first sentence thereof with the term “Required Lenders”. 

2.24 Amendment to Section 11.03. Section 11.03 is hereby amended to replace all occurrences of the term “Majority
Lenders” with the term “Required Lenders”. 
 2.25 Amendment to Section 11.06. Section 11.06 is
hereby amended to replace all occurrences of the term “Majority Lenders” with the term “Required Lenders”. 

2.26 Amendment to Section 12.02(b). Section 12.02(b) is hereby amended and restated in its entirety to read as follows:

 (b) Neither this Agreement nor any provision hereof nor any Security Instrument nor any provision thereof may
be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Parent Guarantor, the Borrower and the Majority Lenders or by the Parent Guarantor, the Borrower and the Administrative Agent with the
consent of the Majority Lenders; provided that no such agreement shall (i) increase the Commitment or the Maximum Credit Amount of any Lender without the written consent of such 

  
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Lender, (ii) increase the Borrowing Base without the written consent of each Lender, decrease or maintain the Borrowing Base without the consent of the Required Lenders, or modify
Section 2.07 in any manner without the consent of each Lender (other than any Defaulting Lender); provided that a Scheduled Redetermination may be postponed by the Required Lenders, (iii) reduce the principal amount of any Loan or
LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, or reduce any other Indebtedness hereunder or under any other Loan Document, without the written consent of each Lender affected thereby,
(iv) postpone the scheduled date of payment or prepayment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or any other Indebtedness hereunder or under any other Loan Document, or
reduce the amount of, waive or excuse any such payment, or postpone or extend the Termination Date without the written consent of each Lender affected thereby, (v) change Section 4.01(b) or Section 4.01(c) in a manner that would alter
the pro rata sharing of payments required thereby, without the written consent of each Lender, (vi) waive or amend Section 3.04(c), Section 6.01, Section 8.14, Section 10.02(c) or Section 12.16 or change the definition
of the term “Subsidiary” without the written consent of each Lender (other than any Defaulting Lender), (vii) release any Guarantor (except as set forth in the Guaranty Agreement), release all or substantially all of the collateral
(other than as provided in Section 11.10), or reduce the percentage set forth in Section 8.14(a) to less than 80%, without the written consent of each Lender (other than any Defaulting Lender), or (viii) change any of the provisions
of this Section 12.02(b) or the definitions of “Majority Lenders” or “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or
under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender (other than any Defaulting Lender); provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent, any other Agent, or the Issuing Bank hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, such other Agent or the
Issuing Bank, as the case may be. Notwithstanding the foregoing, any supplement to Schedule 7.14 shall be effective simply by delivering to the Administrative Agent a supplemental schedule clearly marked as such and, upon receipt, the
Administrative Agent will promptly deliver a copy thereof to the Lenders. 
 2.27 Amendment to Annex I. Annex I is hereby
amended by deleting such Annex in its entirety and replacing it with the attached Annex I. 
 Section 3. Borrowing
Base. For the period from and including the Fourth Amendment Effective Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $225,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject
to further adjustments from time to time pursuant to Section 2.07(f), Section 8.13(c) or Section 9.12. 

  
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 Section 4. Conditions Precedent. This Fourth Amendment shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Fourth Amendment Effective Date”): 

4.1 The Administrative Agent shall have received from all of the Lenders, Borrower and the Guarantors, counterparts (in such number as
may be requested by Administrative Agent) of this Fourth Amendment signed on behalf of such Persons. 
 4.2 The Administrative
Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the date hereof, including, (a) an upfront closing fee equal to (i) 45 basis points of each such Lender’s Applicable Percentage of the
current Borrowing Base if such Lender’s Borrowing Base Commitment on the Fourth Amendment Effective Date is less than $40,000,000 or (ii) 60 basis points of each such Lender’s Applicable Percentage of the current Borrowing Base if
such Lender’s Borrowing Base Commitment on the Fourth Amendment Effective Date is equal to or greater than $40,000,000 and (b) to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be
reimbursed or paid by the Borrower under the Credit Agreement. 
 4.3 The Administrative Agent shall have received duly executed
counterparts (in such number as may be requested by the Administrative Agent) of mortgages dated as of the Fourth Amendment Effective Date extending the Maturity Date consistent with this Sixth Amendment. 

4.4 The Parent Guarantor shall have successfully completed the issuance of the 2019 High Yield Notes in an aggregate principal amount of
not less than $175,000,000 and either used such proceeds to Redeem Convertible Notes or deposited the net proceeds of such issuance, in an aggregate amount sufficient to prepay the principal of all outstanding Convertible Notes, into an escrow
account acceptable to the Administrative Agent which is subject to a deposit account control agreement acceptable to the Administrative Agent granting the Administrative Agent a first priority perfected lien in such proceeds. 

4.5 No Default shall have occurred and be continuing, after giving effect to the terms of this Fourth Amendment. 

4.6 The Administrative Agent shall have received an opinion of Michael J. Killelea, Senior Vice President, General Counsel and Corporate
Secretary of the Parent Guarantor and the Borrower, in form and substance reasonably satisfactory to the Administrative Agent. 

4.7 The Administrative Agent shall have received such other documents as Administrative Agent or special counsel to Administrative Agent
may reasonably request. 
 The Administrative Agent is hereby authorized and directed to declare this Fourth Amendment to be
effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted in Section 12.02
of the Credit Agreement. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

  
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 Section 5. Miscellaneous. 

5.1 Confirmation. The provisions of the Credit Agreement, as amended by this Fourth Amendment, shall remain in full force and
effect following the effectiveness of this Fourth Amendment. 
 5.2 Ratification and Affirmation; Representations and
Warranties. Borrower and each Guarantor hereby (a) acknowledges the terms of this Fourth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document
to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended or modified hereby, notwithstanding the amendments and modifications contained herein and
(c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fourth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true
and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date,
(ii) no Default has occurred and is continuing and (iii) no event, development or circumstance have occurred which individually or in the aggregate could reasonably be expected to be a Material Adverse Event. 

5.3 Loan Document. This Fourth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all
of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto. 
 5.4 Counterparts.
This Fourth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fourth
Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
 5.5 NO ORAL
AGREEMENT. THIS FOURTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 
 5.6 GOVERNING
LAW. THIS FOURTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 

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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed
as of the date first written above. 
  

					
	BORROWER:	 	GOODRICH PETROLEUM COMPANY, L.L.C.
			
		 	By:	 	 /s/ Michael J. Killelea

		 	Name:	 	Michael J. Killelea
		 	Title:	 	Senior Vice President, General Counsel and Corporate Secretary
		
	GUARANTOR:	 	GOODRICH PETROLEUM CORPORATION
			
		 	By:	 	 /s/ Jan L. Schott

		 	Name:	 	Jan L. Schott, CPA
		 	Title:	 	Senior Vice President and Chief Financial Officer

					
	ADMINISTRATIVE AGENT:	 	BNP PARIBAS, as Administrative Agent and as a Lender
			
		 	By:	 	 /s/ Betsy Jocher

		 	Name:	 	Betsy Jocher
		 	Title:	 	Director
			
		 	By:	 	 /s/ Courtney Kubesch

		 	Name:	 	Courtney Kubesch
		 	Title:	 	Vice President

					
	LENDER:	 	BANK OF MONTREAL, as a Lender
			
		 	By:	 	 /s/ Gumaro Tijerna

		 	Name:	 	Gumaro Tijerna
		 	Title:	 	Director

					
	LENDER:	 	COMPASS BANK, as a Lender
			
		 	By:	 	 /s/ Spencer Stasney

		 	Name:	 	Spencer Stasney
		 	Title:	 	Vice President

					
	LENDER:	 	JPMORGAN CHASE BANK, N.A., as a Lender
			
		 	By:	 	 /s/ Michael A. Kamauf

		 	Name:	 	Michael A. Kamauf
		 	Title:	 	Authorized Officer

					
	LENDER:	 	WELLS FARGO BANK, N.A., as a Lender
			
		 	By:	 	 /s/ Parker Atherton

		 	Name:	 	Parker Atherton
		 	Title:	 	AVP

					
	LENDER:	 	BANK OF AMERICA, N.A., as a Lender
			
		 	By:	 	 /s/ Christopher Renyi

		 	Name:	 	Christopher Renyi
		 	Title:	 	Vice President

					
	LENDER:	 	ROYAL BANK OF CANADA, as a Lender
			
		 	By:	 	 /s/ Jay Sartain

		 	Name:	 	Jay Sartain
		 	Title:	 	Authorized Signatory

 ANNEX I 
 LIST OF MAXIMUM CREDIT AMOUNTS 
 Aggregate Maximum Credit Amounts 

 

									
	 Name of Lender
	  	Applicable Percentage	 	 	Maximum Credit Amount	 
	 BNP Paribas
	  	 	16.00000000	% 	 	$	96,000,000.00	  
	 Bank of Montreal
	  	 	14.66666667	% 	 	$	88,000,000.00	  
	 Compass Bank
	  	 	14.66666667	% 	 	$	88,000,000.00	  
	 JP Morgan Chase Bank, N.A.
	  	 	14.66666667	% 	 	$	88,000,000.00	  
	 Wells Fargo Bank, N.A.
	  	 	13.33333333	% 	 	$	80,000,000.00	  
	 Bank of America, N.A.
	  	 	13.33333333	% 	 	$	80,000,000.00	  
	 Royal Bank of Canada
	  	 	13.33333333	% 	 	$	80,000,000.00	  
	 TOTAL
	  	 	100.00000000	% 	 	$	600,000,000.00	  

  
 Annex IEmployment Agreement - Christopher M. Zimmer

 Exhibit 10.7 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT made as of the 21st day of
April 2008, by and between UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC., a Delaware corporation (the “Company”), and Christopher M .Zimmer (the “Executive”). 

WITNESSETH: 
 In consideration of the covenants and agreements herein contained, and intending to be legally bound hereby, the Company and Executive agree as follows: 

Article 1. - Employment 
 1.1. Employment. The Company agrees to employ Executive, and Executive agrees to serve the Company, for the period stated in Article 2 hereof (the “Term of Employment”) and upon the other
terms and conditions herein provided. 
 1.2. Position and Responsibilities. The Company employs Executive, and Executive
agrees to serve as Vice President of Sales & Marketing of the Company and to accept such other responsibilities as may be assigned to Executive by the Company from time to time during the Term of Employment. 

1.3. Duties. During the Term of Employment, Executive shall devote all of his business time, attention, skill and efforts to the
faithful performance of his duties hereunder. 
 Article 2. - Term 

The Term of Employment shall commence as of April 28, 2008 (the “Effective Date”), and shall continue until April 31,
2009 (the “Initial Term”). Thereafter, subject to the termination provisions of this Agreement, this Agreement will be automatically extended for successive one year terms unless either party provides written notice to the other party on
or before March 1 of any year, of his or its election not to extend the term of this Agreement. 
 Article 3. -
Compensation 
 3.1. Salary. As compensation to the Executive for the performance of services hereunder, the
Company shall pay to the Executive a base salary (the “Salary”) of $170,000.00. Installments of the Salary shall be paid to the Executive in accordance with the standard procedure of the Company, which at the present time is once every two
weeks. During the period of this Agreement, Executive’s salary shall be reviewed at least annually and may be increased if the Board of Directors of the Company (the “Board”) acting after approval of the Compensation Committee (the
“Compensation Committee”), determines that an increase is appropriate on the basis of the types of factors it generally takes into account in increasing the salaries of employees similarly situated in the Company. 

3.2. Reimbursement of Expenses. The Company will reimburse the Executive for those customary and necessary business expenses
incurred by him in the performance of his duties and activities on behalf of the Company. Except as provided in this Agreement, such expenses will be reimbursed only on presentation by the Executive of appropriate documentation to substantiate such
expenses pursuant to the policies and procedures of the Company governing reimbursement of business expenses to its executives. 

3.3. Participation in Plans. The Executive shall be entitled to participate in any life, medical, dental, health, hospitalization,
travel, accident and/or disability insurance plans and in any sick leave and/or salary continuation plan, vacation (which shall not be less than three (3) weeks per year), holiday pay, retirement or employee benefit plan or program generally
offered by the Company to its salaried employees. In addition, Executive shall be entitled to participate in the variable incentive compensation plan and the perquisites described on Schedule A attached hereto. 

 Article 4. - Termination of Employment 

4.1. Definitions. For the purposes hereof: 

(a) “Disability” shall be deemed to have occurred when the Executive is eligible, due to a health
condition, to collect benefits under the Company’s short term disability plan and has been determined by the Board of Directors to be unable to perform substantially the duties associated with the Executives position for a period of three
months. 
 (b) “Cause” shall mean any of the following: (i) Executive’s personal
dishonesty or willful misconduct; (ii) Executive’s willful violation of any law or material rule or regulation, provided that such violation is demonstrably injurious to the assets, operations or business prospects of the Company;
(iii) the conversion or embezzlement for the personal benefit of the Executive of corporate funds or property or a material business opportunity of the Company; (iv) the misuse by the Executive for his personal benefit of any trade secrets
or other information of the Company in violation of the provisions of Article 7 of this Agreement; or (v) Executive’s material breach of any other provision of this Agreement which is not cured within thirty (30) days of receipt of
notice of such breach from Company. 
 (c) “Good Reason” shall, absent the Executive’s
consent to such action, mean the occurrence of any one of the following: (i) following a Change of Control, the removal of the Executive as Vice President of Sales & Marketing (by reason other than death, Disability or Cause);
(ii) any breach by the Company of a material obligation under this Agreement; (iii) a substantial and material alteration in the nature or status of Executive’s duties and responsibilities that renders the Executive’s position to
be of substantially less responsibility or scope; (iv) a material reduction by the Company in the Executive’s Salary, except for proportional across-the-board salary reductions similarly affecting all senior executives of the Company; or
(v) any material reduction by the Company of the benefits, taken as a whole, enjoyed by the Executive on the date of this Agreement under any savings, life insurance, medical, health and accident, disability or other employee welfare benefit
plans or programs, including vacation programs, provided that this paragraph (v) shall not apply to any proportional across the board reduction or action similarly affecting all senior executives of the Company. 

Notwithstanding the foregoing, no event of “Good Reason” shall be deemed to have occurred unless Executive provides to the
Chairman of the Compensation Committee of the Board of Directors of the Company written notice of the facts and circumstances which Executive believes constitutes Good Reason under this Section 4.1(c) within 30 days of such initial occurrence
and such facts and circumstances are not corrected or otherwise cured by the Company within thirty (30) days of receipt thereof. Termination by Executive for Good Reason must occur within 90 days of the initial occurrence of the Good Reason
event. 
 For purposes of this Agreement, a Change of Control shall be deemed to have occurred on the earlier of (x) if, in
any transaction or series of related transactions consummated in a ninety day period, more than fifty percent (50%) of the then outstanding voting common stock of the Company is sold to a person or group; (y) a merger or consolidation of
the Company and another entity in which the Company is not the surviving corporation or in which more than fifty percent(50%) of the equity ownership of the Company changes, or (z) the sale of 50% or more of all of the assets of the Company.

 (d) “Notice of Termination” shall mean written notice which shall indicate the specific
termination or resignation provisions in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination or resignation under the provision so indicated and the Company
shall submit to the Executive a certified statement signed by the Chairman of the Compensation Committee of the Board of Directors of the Company approving such termination in the case of a Termination by the Company for Cause or Without Cause.

 (e) “Date of Termination” shall mean the date specified in the Notice of Termination as the
effective date the Executive’s employment is terminated for any reason or the Executive’s effective date of resignation, which ever is earlier. 
 Article 5. - Compensation Upon Termination 
 5.1. Death. If
the Executive’s employment hereunder terminates by reason of his death, his beneficiaries shall be entitled to receive from the Company such amounts as are then provided pursuant to plans, programs or arrangements currently in effect or as
approved from time to time by the Board of Directors. 
 5.2. Disability. If the Executive’s employment hereunder
terminates by reason of his Disability, the Executive shall be entitled to receive such amounts as are then provided pursuant to Company’s then existing disability plans, programs or arrangements. Notwithstanding any provisions herein to the
contrary, the Executive shall be entitled to receive all benefits to which the Executive is entitled as a terminated employee under the terms of any of the Company’s qualified employee benefit plans and any other plan, program or arrangement
relating to retirement or other benefits including, without limitation, any employee stock ownership plan or any plan now in effect or which is established (with approval of the Board of Directors) as a supplement to any of the forenamed plans,
except as otherwise provided in such plans as a result of the Executive’s termination of employment. 

 5.3. Cause. If the Executive’s employment hereunder is terminated by the Company
for Cause, the Company shall pay to the Executive his full base Salary through the Date of Termination but at a rate no greater than that in effect at the time Notice of Termination is given, and the Company shall have no further obligations to the
Executive under this Agreement. 
 5.4. By the Company Without Cause or by the Executive by Resignation for Good Reason.
If the Executive’s employment hereunder is terminated by the Company without Cause or is terminated by the Executive pursuant to his resignation for Good Reason, then the Executive shall be entitled to the benefits provided below, which shall
constitute complete satisfaction of the obligations of the Company to the Executive under this Agreement: 
 (a)
The Company shall pay the Executive his full annual base Salary through the Date of Termination at the rate in effect at the time Notice of Termination is given. 

(b) Subsequent to the Date of Termination, the Company shall pay as severance pay to the Executive, a
lump sum severance payment equal to 18 months of the Executive’s base monthly Salary at the rate in effect at the time Notice of Termination is given. Such payment shall be less applicable taxes and mandatory deductions, paid on or before
the 30th calendar day after the Date of Termination.

 (c) The Company will provide health care benefits under the group policies covering the other corporate
employees covering Medical, Dental, Vision and Prescription Drugs, subject to any changes made to the group policies, as provided prior to the Date of Termination for the Executive and eligible dependents, that were covered prior to any Date of
Termination, for a period of eighteen (18) months at no cost to the Executive. This period will not reduce the eligible COBRA period. 
 (d) The Executive shall not be required to mitigate the amount of any payments provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in
this Agreement be reduced by any compensation earned by the Executive as the result of employment by another employer, or otherwise. 
 (e) Notwithstanding any provisions herein to the contrary, the Executive shall be entitled to receive all benefits to which the Executive is entitled as a terminated employee under the terms of any of the
Company’s qualified employee benefit plans and any other plan, program or arrangement relating to retirement or other benefits including, without limitation, any employee stock ownership plan or any plan now in effect or which is established
(with approval of the Board of Directors) as a supplement to any of the forenamed plans, except as otherwise provided in such plans as a result of the Executive’s termination of employment. 

Article 6. - Duties of Executive After 
 Termination of Employment 
 Following any termination of
Executive’s employment and for a period of ninety (90) days thereafter, the Executive shall fully cooperate with the Company in all matters relating to the winding up and orderly transfer of the Executive’s work on behalf of the
Company. Not later than the effective date of any termination of the employment, the Executive will immediately deliver to the Company any and all of the Company’s property of any kind or nature whatsoever in the Executive’s possession,
custody or control, including, without limitation any and all Confidential Information as that term is defined in Section 7 of this Agreement. 
 Article 7. - Confidential Information; Invention Assignment 
 7.1.
Confidential Relationship. Executive understands and agrees that all company manuals, company policies, marketing plans and surveys, product designs, schematics, specifications and product location and installation data, formulae, processes,
methods, machines, compositions, customer information, ideas, inventions, financial information and plans of the Company and all records, correspondence, files, customer lists, data and other information pertaining to or concerning the Company, its
principals, vendors and customers (collectively the “Confidential Information”) contain valuable confidential information that is owned by the Company, and, therefore, that during the period of employment hereunder and at all times
thereafter, Executive shall not utilize such Confidential Information for his own benefit or for the benefit of any person or entity other than the Company, nor shall he divulge or communicate any such Confidential Information to any person or
entity without the express authorization of the Company. Confidential Information shall not include any information that is or becomes generally available to the public other than as a result of a disclosure by Executive. The Executive agrees that,
on the termination of his employment, he will immediately surrender to the Company any and all Confidential Information in his possession pertaining to the Company and its business. 

7.2. Assignment of Rights. All inventions, discoveries, designs, developments, technology, computer programs, writings and reports
that are made or conceived of by the Executive in the course of his employment with the Company, whether or not patentable or copyrightable, shall become and remain the sole property of the Company without additional compensation to Executive. The
Executive recognizes that all such works shall be considered works-for-hire and hereby transfers and assigns any right, title, copyright 

 
and interest that Executive acquires in such works to the Company and will, from time to time, give the Company all reasonable assistance, execute all papers and do all things that may reasonably
be required to protect and preserve the rights of the Company in such works. 
 7.3. No Breach of Other Obligations. The
Executive represents that, in the course of performing services for the Company, he will not breach any agreement he may have with others with respect to confidential information, and will not bring to the Company or use in any way any materials or
documents obtained from others under an agreement of confidentiality. 
 Article 8. - Source of Payments

 All payments provided for under this Agreement shall be paid in cash from the general funds of the Company and no
special or separate fund shall be established and no other segregation of assets shall be made to assure payment. No trust or fiduciary relationship with respect to payments shall be deemed created hereby and, to the extent that any person acquires
a right to receive payments hereunder, such right shall be no greater than the rights of a general creditor of the Company. 

Article 9. - Miscellaneous 
 9.1. Indulgences, Etc. Neither the failure nor any delay on the part of either party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. 
 9.2. Notices. All notices or communications hereunder shall be in writing, addressed as follows: 
 To the Company: 
 Dennis M. Oates, President and CEO 

Universal Stainless & Alloy Products, Inc. 
 600 Mayer Street 
 Bridgeville, PA 15017 

To the Executive: 

Christopher Zimmer 
 4404 Sunflower Court 
 Doylestown, PA 18902 

Any such notice or communication shall be sent by certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such
other address as such party may designate in writing from time to time), and the actual date of receipt, as shown by the receipt therefor, shall determine the time at which notice was given. 

9.3. Assignment; Agreement. This Agreement shall be binding upon and inure to the benefit of the heirs and personal
representatives of the Executive and the successors and assigns of the Company, but neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive. 

9.4. Entire Agreement; Amendment. This Agreement represents the entire agreement of the parties with respect to the subject matter
hereof. This Agreement may be amended or any provision hereof waived at any time only by written agreement of the parties hereto. 
 9.5. Governing Law. This Agreement and its validity, interpretation, performance and enforcement shall be governed by the laws of the Commonwealth of Pennsylvania, other than the conflict of laws
provisions of such laws. 
 9.6. Severability. If, for any reason, any provision of this Agreement is held invalid, such
invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of this Agreement shall be held
invalid in part, such invalidity shall in no way affect the remainder of such provision that is not held so invalid, and the remainder of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with
law continue in full force and effect. 
 9.7. Headings. The Article and Section headings in this Agreement are for
convenience of reference only; they form no part of this Agreement and shall not affect its interpretation. 

 9.8. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 
 IN WITNESS
WHEREOF, the Company and the Executive have duly executed this Agreement as of the day and year first written above. 
  

			
	UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
		
	By:	 	/s/    Dennis M. Oates
	Title:	 	President and CEO

  

	
	EXECUTIVE
	
	/s/    Christopher M. Zimmer
	Christopher M. Zimmer

 Schedule A

 Incentive Compensation 
 And Perquisites 
 1. Incentive Compensation. Executive will be entitled to participate in
the Company’s variable incentive compensation plan. The maximum award under such plan for the Executive shall be 100% of his annual base Salary. A guaranteed minimum incentive compensation award based on continued employment for Executive shall
be $125,000.00. The payments of the guaranteed variable incentive compensation shall be as follows: $25,000 payable upon hire, $50,000 paid in the last pay of December 2008 and $50,000 payable in the last pay of March 2009, subject to the terms and
conditions of variable incentive compensation plan. 
 2. Stock Options. Executive shall be granted 15,000 stock options pursuant to the
Company’s stock option plan. The exercise price of the stock options will be the closing price of the Company’s common stock on the Effective Date. One forth of the stock options will vest on each of the first four anniversaries of the
Effective Date. All stock options shall be subject to the terms and conditions of a separate stock option agreement to be entered into by Executive and the Company. 
 3. Automobile. The Company shall provide the Executive with a monthly car allowance of $550.00 per month. 
 4. Moving Expenses. A moving and relocation allowance will be provided as follows: $100,000 (subject to mandatory withholdings) to be paid as follows: $50,000 upon hire and $50,000 upon
Executive’s closing on a residence in the Greater Pittsburgh metropolitan area. 
 The relocation allowance amount of $100,000 is subject
to your agreeing to work for Universal Stainless & Alloy Products, Inc., as the Vice President of Sales and Marketing for a period of at least two (2) years. Should you terminate your employment before that time, the relocation
allowance amount of $100,000 is to be returned to Universal Stainless & Alloy Products, Inc. 
 5. Club Membership. The Company
shall pay the membership dues for Executive at South Point Golf Club. Charges related to the use of the Club shall be the responsibility of the Executive. 
 6. Temporary Living Expense. For a period of five (5) months starting with the commencement of employment the Company shall reimburse Executive for the cost of local extended stay hotel
expenses and a per diem of $25.00 for meals.

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