Document:

exv10w53

Exhibit 10.53

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) made as of the 1st day of June, 2011,
by and between CENTRA BANK, INC., a West Virginia corporation (“Employer”), and Kevin D.
Lemley (“Employee”), joined in by CENTRA FINANCIAL HOLDINGS, INC., a West Virginia corporation
(“Centra Financial”), and by CENTRA FINANCIAL CORPORATION-MORGANTOWN, INC., a West Virginia
corporation (“CFC”).

WITNESSETH THAT:

WHEREAS, Employer desires to retain the services of Employee as its SVP and Chief Credit
Administration Officer, and Employee is willing to make his or her services available to
Employer, on the terms and subject to the conditions set forth herein; and

WHEREAS, Employee acknowledges that this Agreement is a benefit to him or her, that this
Agreement is not required for continued employment with Employer or any affiliate and that
Employee is executing this Agreement voluntarily and of his or her free will and volition.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto
agree as follows:

1. Employment. Employee is hereby employed as SVP and Chief Credit Administration
Officer, to have such duties and responsibilities as are commensurate with such position.
Employee hereby accepts and agrees to such employment, subject to the general supervision and
pursuant to the orders, advice, and direction of Employer and its Board of Directors. Employee
shall perform such duties as are customarily performed by one holding such position in other same
or similar businesses or enterprises as that engaged in by Employer, and shall also additionally
render such other services and duties as may be reasonably assigned to him or her from time to time
by Employer, consistent with his position.

 

 

 

2. Term of Agreement. The term of this Agreement (Term) shall commence from and after
the date hereof, and shall terminate on May 31, 2013.

3. Compensation; Other Benefits.

a. For all services rendered by Employee to Employer under this Agreement, Employer shall pay
to Employee, for the stated period beginning on the date hereof, an annual salary of
$135,964.00, payable in accordance with the payroll practices of Employer applicable to all
officers. This salary may be reviewed for an increase sooner if approved by Employee’s Board of
Directors. Any salary increase payable to Employee shall be determined based on a review of
Employee’s total compensation package, Employer’s performance, the performance of Employee and
market competitiveness. Employee’s annual salary, as it may be adjusted from time to time, will be
his or her base salary for purposes of future calculations of benefits. The base salary for
purposes of future calculation of benefits may not be reduced.

b. Except as modified by this Agreement, Employee shall be entitled to participate in all
compensation or employee benefit plans or programs for which Employee may legally be eligible.
Employee shall be entitled to four weeks of vacation per year.

c. Employer shall pay or reimburse Employee for all reasonable travel and other expenses
incurred by Employee (and his or her spouse where there is a legitimate business reason for his or
her spouse to accompany him or her) in connection with the performance of his or her duties and
obligations under this Agreement, subject to Employee’s presentation of appropriate vouchers in
accordance with such procedures as Employer may from time to time establish for executive officers
generally.

 

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4. Termination.

a. Termination of Employment. Except for Just Cause, in the event that Employee
shall suffer a termination of employment by Employer or a material change in title, position,
status, pay or benefits, location of employment or authority or duties, the Employee shall be
entitled to receive two year’s compensation, including base salary for purposes of benefit
calculation, and customary and usual incentives and bonuses (based on the average of the incentives
and bonuses paid to Employee during or for the previous two full years, or if less than two full
years the amount of said incentives and bonuses so paid divided by two, prior to termination)
payable to Employee within ninety (90) days after termination, and all benefits as set forth in
this Agreement, including the benefits provided for in Section 3 hereof, except use of an
automobile and country club membership, will continue to be paid by Employer for a period of two
(2) years or until Employee is employed by a third party who provides or makes available such
benefits to its employees, generally, whichever is earlier. At the time of said termination, this
Agreement shall terminate and the Employer shall be obligated to make the payments as set forth in
this Subsection 4(a) as severance compensation to the Employee. Provided, however, that the
payments provided for herein shall not be payable to Employee in the event of voluntary termination
by Employee, except a voluntary termination by Employee following a material change in title,
position, status, pay or benefits, location of employment or authority or duties by Employer
without Just Cause.

b. Death. If Employee shall die during the Term, this Agreement and the employment
relationship hereunder will automatically terminate on the date of death, which date shall be the
last date of the Term. Notwithstanding this Subsection 4(b), if Employee dies while employed by
Employer, Employee’s estate shall receive Employee’s Compensation as defined in Section 3 herein
for a period of two years. If the Employee shall die while terminated from the Bank and is
receiving payments as set forth in Subsection 4(a) hereinabove, then the Employee’s beneficiaries
shall, at their option, be entitled to receive the remainder of payments due hereunder in a lump
sum. Said amount shall be payable on the first day of the second month following the decease of
the Employee.

 

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c. Just Cause. Employer shall have the right to terminate Employee’s employment under
this Agreement at any time for Just Cause, which termination shall be effective immediately.
Termination for “Just Cause” shall be defined as (i) the willful and/or continued failure of
Employee to perform substantially his or her duties with the Employer to the Employer’s reasonable
satisfaction (other than any such failure resulting from Employee’s incapacity due to illness),
(ii) the willful engaging by Employee in illegal conduct, personal dishonesty, gross personal
misbehavior, or gross misconduct that is demonstrably injurious to Employer, Centra Financial, or
CFC, (iii) the Employee’s conviction of, or plea of guilty or nolo contendere to, a felony
involving moral turpitude, (iv) breach of any fiduciary duty involving personal profit, (v) failure
to pass any legal drug test given by or on behalf of the Employer pursuant to a drug testing policy
applicable to Employer’s employees generally, (vi) a material breach by Employee of this Agreement
or any employment agreement with Employer or (vii) breach of Section 6 hereof, with a breach to be
determined in Employer’s sole discretion. In the event Employee’s employment under this Agreement
is terminated for Just Cause, Employee shall have no right to receive compensation or other
benefits under this Agreement for any period after such termination.

d. Non-Competition. During any period in which or for which Employee receives
compensation pursuant to this Agreement, including any period represented by payments under Section
4(a) hereof, Employee will not directly or indirectly, either as a principal, agent, employer,
stockholder, co-partner or in any other individual or representative capacity whatsoever, engage in
the banking and financial services business, which includes consumer, savings, commercial banking
and the insurance and trust businesses, or the savings and loan or mortgage banking business, or
any other business in which Employer or its Affiliates are engaged, anywhere in any county in which
Employer or its Affiliates have an office, and in any county contiguous to any county in which
Employer or its Affiliates have an office, nor will Employee solicit, or assist any other person in
soliciting, any depositors or customers of Employer or its Affiliates or induce any then or former
employee of Employer or its Affiliates to terminate their employment with Employer or its
Affiliates. The term Affiliate as used in this Agreement means a Person that directly or
indirectly through one or more intermediaries, controls, or is controlled by, or is under
common control with, another Person. The term Person as used in this Agreement means any person,
partnership, corporation, group or other entity.

 

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e. No Mitigation. In receiving any payments pursuant to this Section 4, Employee shall
not be obligated to seek other employment or take any other action by way of mitigation of the
amounts payable to Employee hereunder and such amounts shall not be reduced or terminated whether
or not Employee obtains other employment.

f. Parachute Payments.

(1) Notwithstanding anything in this Agreement to the contrary, in the event it shall be
determined that any payment, award, benefit or distribution (or any acceleration of any payment,
award, benefit or distribution) by Employer (or any of its affiliated entities) or any successor
(or any of its affiliated entities) to or for the benefit of Employee (whether pursuant to the
terms of this Agreement or otherwise) (the Payments) would be subject to the excise tax (the Excise
Tax) under Section 4999 of the Internal Revenue Code of 1986, as amended (the Code), then the
amounts payable to Employee under this Agreement shall be reduced (reducing first the payments
under Section 3(b), unless an alternative method of reduction is elected by Employee) to the
maximum amount as will result in no portion of the Payments being subject to such Excise Tax (the
Safe Harbor Cap). For purposes of reducing the Payments of the Safe Harbor Cap, only amounts
payable under this Agreement (and no other Payments) shall be reduced, unless consented to by
Employee.

 

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(2) All determinations required to be made under this Subsection 4(f) shall be made by
the public accounting firm that is generally retained by Employer (the Accounting Firm). In the
event that the Accounting Firm is serving as accountant or auditor for any individual, entity or
group effecting a Change of Control (or if the Accounting Firm fails to make the Determination),
Employee may appoint another nationally recognized public accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). If payments are reduced to the Safe Harbor Cap, the Accounting
Firm shall provide a reasonable opinion to Employee that he or she is not required to report any
Excise Tax on his federal income tax return. All fees, costs and expenses (including, but not
limited to the costs of retaining experts) of the Accounting Firm shall be borne by Employer, and
the determination by the Accounting Firm shall be binding upon Employer and Employee (except as
provided in Subsection (3) below).

(3) If it is established pursuant to a final determination of a court or an Internal
Revenue Service (the IRS) proceeding which has been finally and conclusively resolved, that
Payments have been made to, or provided for the benefit of, Employee by Employer, which are in
excess of the limitations provided in this Section 4 (hereinafter referred to as an Excess
Payment), such Excess Payment shall be deemed for all purposes to be a loan to Employee made on the
date Employee received the Excess Payment and Employee shall repay the Excess Payment to Employer
on demand, together with interest on the Excess Payment at the applicable federal rate (as defined
in Section 1274(d) of the Code) from the date of Employee’s receipt of such Excess Payment until
the date of such repayment. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the determination, it is possible that Payments which will not have been
made by Employer shall have been made (an Underpayment), consistent with the calculations required
to be made under this Subsection 4(f). In the event that it is determined (i) by the Accounting
Firm, Employer (which shall include the position taken by Employer, or together with its
consolidated group, on its federal income tax return) or the IRS, or (ii) pursuant to a
determination by a court, that an Underpayment has occurred, Employer shall pay an amount equal to
such Underpayment to Employee within ten (10) days of such determination together with interest on
such amount at the applicable federal rate from the date such amount would have been paid to
Employee until the date of payment.

 

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g. Key Employee. To the extent that Employee is a “key employee” (as defined under
Section 416(i) of the Internal Revenue Code, disregarding Section 416(i)(5) of the Internal Revenue
Code) of the Company, no payment of Termination Compensation may be made under this Section 4 prior
to the earlier of (i) the expiration of the six (6) month period measured
from the date of Employee’s separation from service, or (ii) the date of the Employee’s death;
provided, however, that the six (6) month delay required under this Section 4(g) shall not apply to
the portion of any payment resulting from the Employee’s “involuntary separation from service” (as
defined in Treas. Reg. 1.409A 1(n) and including a “separation from service for good reason” as
defined in Treas. Reg. 1.409A i(n)(2) that (a) is payable no later than the last day of the second
year following the year in which the separation of service occurs, and (b) does not exceed two
times the lesser of (i) the Employee’s annualized compensation for the year prior to the year in
which the separation from services occurs, or (ii) the dollar limit described in Section 401
(a)(17) of the Code. To the extent Termination Compensation payable in monthly installments under
this Section 4 is required to be deferred under the preceding sentence, the first six months of
monthly installments shall be payable in month seven following Employee’s separation from service
and the remaining monthly payments shall be made when otherwise scheduled.

h. Termination of Employment. Any reference in this Agreement to a termination of
employment, severance from employment or separation from employment shall be deemed to mean a
“Termination of Employment.” A “Termination of Employment” means the termination of the Employee’s
employment with the Company and its Affiliates for reasons other than death or disability. Whether
a Termination of Employment takes place is determined based on the facts and circumstances
surrounding the termination of the Employee’s employment. A Termination of Employment will be
considered to have occurred if it is reasonably anticipated that:

(i) the Employee will not perform any services for the Company or its Affiliates after
Termination of Employment, or

(ii) the Employee will continue to provide services for the Company or its Affiliates at an
annual rate that is less than fifty percent (50%) of the bona fide services rendered during the
immediately preceding twelve (12) months of employment.

 

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5. Other Employment. Employee shall devote all of his or her business time,
attention, knowledge and skills solely to the business and interest of Employer and its Affiliates,
and Employer and its Affiliates shall be entitled to all of the benefits, profits and other
emoluments arising from or incident to all work, services and advice of Employee, and Employee
shall not,
during the Term hereof, become interested directly or indirectly, in any manner, as partner,
officer, director, stockholder, advisor, employee or in any other capacity in any other business
similar to Employer’s business; provided, however, that nothing herein contained shall be deemed to
prevent or limit the right of Employee to invest in a business similar to Employer’s business if
such investment is limited to less than 5% of the capital stock or other securities of any
corporation or similar organization whose stock or securities are publicly owned or are regularly
traded on any public exchange or less than 1% of the capital stock of any other entity.

6. Nondisparagement. Employee agrees that during the Term of this Agreement and for
five (5) years thereafter not to make any statements that disparage Employer, its respective
affiliates, employees, officers, directors, products or services. Notwithstanding the foregoing,
statements made in the course of sworn testimony in administrative, judicial or arbitral
proceedings (including, without limitation, depositions in connection with such proceedings) shall
not be subject to this Section 6.

7. Arbitration. Except as otherwise provided in this Section 7, all disputes
arising out of or relating to this Agreement, the interpretation or application of this Agreement,
or Employee’s employment with Employer (hereinafter “Covered Disputes”), shall be resolved solely
and exclusively by binding arbitration, applying the law of West Virginia.

Unless otherwise agreed in writing by the parties:

(i) the arbitration will be conducted before a single arbitrator of the American Arbitration
Association (“AAA”), in accordance with the rules of the AAA then in effect regarding arbitration
of employment disputes; and

(ii) the arbitration will be conducted in Morgantown, West Virginia.

 

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The award rendered by the arbitrator shall be binding on the parties, and judgment on such
award may be entered by any court of competent jurisdiction.

a. Injunctions to Enforce Arbitration and to Restrain Violations Pending Arbitration.
Notwithstanding the foregoing, either party may file a lawsuit to compel arbitration of disputes
between the parties and to enjoin violations of this Agreement pending arbitration. Such lawsuit
may be brought only in the Circuit Court of Monongalia County, West Virginia, or the United States
District Court for the Northern District of West Virginia, and Employee and Employer hereby waive
any right that they might have to challenge the selection of those forums, including but not
limited to challenges to personal jurisdiction, venue, or the convenience of the forum.
Specifically, by executing this Agreement, Employee and Employer agree, consent, and stipulate
that, in any action to compel arbitration of a Covered Dispute or to enjoin violations of this
Agreement pending arbitration: (i) the aforesaid courts have personal jurisdiction over Employee
and Employer, (ii) venue is proper in those courts, and (iii) those courts provide a convenient
forum for that action.

To the maximum extent permitted by the law, the parties stipulate and agree that this
provision supersedes any analysis of choice of laws. To the extent that a choice-of-laws analysis
is required, the parties stipulate and agree that West Virginia and Federal law shall govern such
analysis.

b. Arbitration Costs. Employer shall pay all costs and fees charged by AAA for the
arbitration, including the arbitrator’s fees and expenses (“Arbitration Costs”) provided, however,
the arbitrator shall apportion the award of Arbitration Costs between the parties based upon their
relative degree of success.

8. Joinder by Centra Financial and CFC. Centra Financial and CFC join into this
Agreement to evidence their consent to the terms hereof.

9. Miscellaneous.

a. This Agreement shall be governed by and construed in accordance with the laws of the State
of West Virginia without regard to conflicts of law principles thereof.

b. This Agreement, together with any Stock Option Agreements and Non-Solicitation and
Confidentiality Agreements among any of the parties hereto, constitutes the entire Agreement
between Employee and Employer, with respect to the subject matter hereof, and supersedes all prior
agreements with respect thereto.

 

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c. This Agreement may be executed in one or more counterparts, all of which, taken together,
shall constitute one and the same instrument.

d. Any notice or other communication required or permitted under this Agreement shall be
effective only if it is in writing and delivered in person or by reliable overnight courier service
or deposited in the mails, postage prepaid, return receipt requested, addressed as follows:

To Employer:

President

Centra Bank, Inc.

990 Elmer Prince Drive

P. O. Box 656

Morgantown, WV 26507-0656

with a copy to:

President

Centra Financial Holdings, Inc.

Centra Financial Corporation — Morgantown, Inc.

990 Elmer Prince Drive

P.O. Box 656

Morgantown, WV 26507-0656

To Employee:

Kevin D. Lemley

206 Lemley Road

Waynesburg, PA 15370

 

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Notices given in person or by overnight courier service shall be deemed given when delivered to the
address required by this Section 9(d), and notices given by mail shall be deemed given three days
after deposit in the mails. Any party hereto may designate by written notice to the other party in
accordance herewith any other address to which notices addressed to him shall be sent.

e. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. It is understood and agreed that no failure or delay by Employer or Employee in
exercising any right, power or privilege under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder.

f. The Employer shall not merge or consolidate into or with another bank or sell substantially
all its assets to another bank, firm or person until such bank, firm or person expressly agrees, in
writing, to assume and discharge the duties and obligations of the Bank under this Agreement. This
Agreement shall be binding upon the parties hereto, their successors, beneficiaries, heirs and
personal representatives.

g. It is agreed by and between the parties hereto that, during the lifetime of the Employee,
this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual
written consent of the Employee and the Employer.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and
year first above written.

	 	 	 	 	 
	 

	 	CENTRA BANK, INC.	 	 
	 
	 	 	 	 
	 

	 	Douglas J. Leech

President and CEO	 	 
	 
	 	 	 	 
	 

	 	CENTRA FINANCIAL HOLDINGS, INC.	 	 
	 
	 	 	 	 
	 

	 	Douglas J. Leech

President and CEO	 	 
	 
	 	 	 	 
	 

	 	CENTRA FINANCIAL CORPORATION-

MORGANTOWN, INC.	 	 
	 
	 	 	 	 
	 

	 	Douglas J. Leech

President and CEO	 	 
	 
	 	 	 	 
	 

	 	EMPLOYEE:	 	 
	 
	 	 	 	 
	 

	 	 

Kevin D. Lemley
	 	 

 

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Exhibit 10.1

[Execution Version]

AMENDMENT NO. 1 TO CREDIT AGREEMENT

     This Amendment No. 1 to Credit Agreement, dated as of June 7, 2011, (this
“Amendment”), is entered into by BASIC ENERGY SERVICES, INC., a Delaware corporation (the
“Borrower”), the lenders party to the Credit Agreement described below, and BANK OF
AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), a
Swing Line Lender and L/C Issuer.

INTRODUCTION

     Reference is made to the Credit Agreement dated as of February 15, 2011 (as modified from time
to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party
thereto (collectively, the “Lenders” and individually, a “Lender”), and the
Administrative Agent.

     The Borrower has notified the Administrative Agent and the Lenders that the Borrower wishes to
acquire all of the outstanding equity of (i) Maverick Stimulation Company, LLC, (ii)
Maverick Coil Tubing Services, LLC, (iii) MCM Holdings, LLC, (iv) Maverick Thru-Tubing, LLC, (v)
The Maverick Companies, (vi) Maverick Solutions, LLC and (vii) MSM Leasing, LLC pursuant to a
letter of intent dated as of June 1, 2011 and a form of Purchase and Sale Agreement as contemplated
therein (the “Proposed Acquisition”).

     In connection with the Proposed Acquisition, the Borrower has requested, and the Lenders and
the Administrative Agent have agreed, to make certain amendments to, and waive certain requirements
of, the Credit Agreement as set forth herein.

     THEREFORE, in connection with the foregoing and for other good and valuable consideration, the
Borrower, the Lenders, and the Administrative Agent hereby agree as follows:

     Section 1. Definitions; References. Unless otherwise defined in this Amendment, each
term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to
such term in the Credit Agreement.

     Section 2. Amendment of Credit Agreement.

     (a) Section 1.01 of the Credit Agreement is hereby amended by inserting the following
definition after the definition of “Pro Forma Basis”:

          “Proposed Acquisition” means the acquisition by the Borrower of all of the
outstanding equity of Maverick Stimulation Company, LLC, (ii) Maverick Coil Tubing Services,
LLC, (iii) MCM Holdings, LLC, (iv) Maverick Thru-Tubing, LLC, (v) The Maverick Companies,
(vi) Maverick Solutions, LLC and (vii) MSM Leasing, LLC pursuant to a letter of intent dated
as of June 1, 2011 and a form of Purchase and Sale Agreement as contemplated therein.

 

 

     (b) Section 2.14(a) of the Credit Agreement is hereby amended by deleting such
clause (a) in its entirety and replacing it with the following:

          (a) Request for Increase. Provided there exists no Default, upon notice to the
Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time
to time, request an increase in the Aggregate Commitments to an amount up to but not
exceeding (giving effect to all such increases) $300,000,000; provided that (i) any
such request for an increase shall be in a minimum amount of $15,000,000, and (ii) the
Borrower may make a maximum of four (4) such requests. At the time of sending such notice,
the Borrower (in consultation with the Administrative Agent) shall specify the time period
within which each Lender is requested to respond (which shall in no event be less than ten
Business Days from the date of delivery of such notice to the Lenders).

     (c) Section 2.14(c) of the Credit Agreement is hereby amended by deleting such
clause (c) in its entirety and replacing it with the following:

(c) Notification by Administrative Agent; Additional Lenders. The Administrative
Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request
made hereunder. Subject to the approval of the Administrative Agent, the L/C Issuer and the
Swing Line Lenders (which approvals shall not be unreasonably withheld), the Borrower may
also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement
in form and substance satisfactory to the Administrative Agent and its counsel, which
invitation may be made concurrently with the notice required by Section 2.14(a).

     (d) Section 7.02 of the Credit Agreement is hereby amended by deleting the word “and”
at the end of clause (k) thereof, replacing the period at the end of clause (l)
thereof with “; and”, and inserting the following clause (m) at the end of such Section
7.02:

          (m) unsecured Indebtedness in an aggregate principal amount not to exceed $250,000,000
issued by the Borrower or any of its Subsidiaries on a single issuance date and any
refinancings, refundings, renewals or extensions thereof; provided that (i) the
proceeds of such Indebtedness are utilized (A) if the Proposed Acquisition is consummated,
for the purpose of financing the Proposed Acquisition, paying fees and expenses incurred
with respect thereto, and for general corporate purposes or (B) if the Proposed Acquisition
is not consummated, for the purpose of refinancing existing Indebtedness of the Borrower and
its Subsidiaries and for general corporate purposes, (ii) immediately prior to and after
giving effect to the issuance of such Indebtedness, there would be no Default under this
Agreement, (iii) such Indebtedness’ scheduled maturity is no earlier than twelve (12) months
after the Maturity Date, (iv) such Indebtedness does not require any scheduled repayments,
defeasance or redemption (or sinking fund therefor) of any principal amount thereof prior to
maturity, (v) no indenture or other agreement governing such Indebtedness contains (A)
maintenance financial covenants or (B) covenants or events of default that are more
restrictive in any material respect on the Borrower or any of its Subsidiaries than those
contained in the 2019 Senior Notes Documents, and (vi) with respect to any refinancings,
refundings, renewals or extensions thereof; (x) the amount of such Indebtedness is not
increased at the time of such

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refinancing, refunding, renewal, or extension except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in
connection with such refinancing, refunding, renewal, or extension and (y) the terms of such
refinancing, refunding, renewing, or extending Indebtedness satisfy the requirements of this
Section 7.02(m);

     (e) Section 7.09 of the Credit Agreement is hereby amended by deleting such Section in
its entirety and replacing it with the following:

          7.09 Burdensome Agreements. Enter into or permit to exist any Contractual Obligation
(other than this Agreement or any other Loan Document) that (a) limits the ability (i) of
any Subsidiary to make Restricted Payments to the Borrower or any Guarantor or to otherwise
transfer property to or invest in the Borrower or any Guarantor, except for any agreement in
effect (A) on the date hereof and set forth on Schedule 7.09 or (B) at the time any
Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement was not entered
into solely in contemplation of such Person becoming a Subsidiary of the Borrower, (ii) of
any Subsidiary to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any
Subsidiary to create, incur, assume or suffer to exist Liens on its property to secure the
Obligations; provided, however, that this clause (iii) shall not prohibit
any negative pledge incurred or provided in favor of any holder of Indebtedness permitted
under Section 7.02(f) solely to the extent any such negative pledge relates to the
property financed by or the subject of such Indebtedness; or (b) requires the grant of a
Lien to secure an obligation of such Person if a Lien is granted to secure the Obligations.

     (f) Section 7.12 of the Credit Agreement is hereby amended by deleting such Section in
its entirety and replacing it with the following:

          7.12 Capital Expenditures. Make or become legally obligated to make (without
duplication) any Capital Expenditure, except for Capital Expenditures in the ordinary course
of business not exceeding, in the aggregate for the Borrower and it Subsidiaries during each
fiscal year, $130,000,000; provided, however, that so long as no Default has
occurred and is continuing or would result from such expenditure, (a) up to 50% of any
unused amount set forth above, if not expended in the fiscal year for which it is permitted
above, may be carried over for expenditure in the next following fiscal year (such amount,
the “CapEx Rollover Amount”); and provided, further, if a CapEx
Rollover Amount is so carried over, it will be deemed used in the immediately succeeding
fiscal year before the amount set forth opposite for such fiscal year above and (b) for any
fiscal year, the amount of Capital Expenditures that would otherwise be permitted in such
fiscal year pursuant to this Section 7.12 (including as a result of the application
of any CapEx Rollover Amount) may be increased by an amount not to exceed $25,000,000 of the
scheduled amount permitted for the immediately succeeding fiscal year (the “CapEx
Pull-Forward Amount”), provided that the actual CapEx Pull-Forward Amount in
respect of any such fiscal year shall reduce, on a dollar-for-dollar basis, the amount of
Capital Expenditures that are permitted to be made in the immediately succeeding fiscal
year.

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     (g) Section 7.15 of the Credit Agreement is hereby amended by deleting such Section in
its entirety and replacing it with the following:

          7.15 Prepayments, Etc. of Indebtedness. Prepay, redeem, purchase, defease or otherwise
satisfy prior to the scheduled maturity thereof in any manner, or make any payment in
violation of any subordination terms of, any Indebtedness, except (a) the prepayment of the
Credit Extensions in accordance with the terms of this Agreement, (b) regularly scheduled
payments of Indebtedness set forth on Schedule 7.02, (c) refinancings, refundings,
extensions or renewals of Indebtedness to the extent such refinancing, refunding, extension
or renewal is permitted by Sections 7.02(d), 7.02(g) or 7.02(m), and
(d) the conversion to or exchange for Equity Interests of convertible or exchangeable debt
securities permitted under Sections 7.02(d), 7.02(g) and 7.02(m),
and customary payments in cash in lieu of fractional shares in connection therewith.

     Section 3. Waiver. In addition to the foregoing amendments, the Borrower has
requested that the Administrative Agent and the Lenders waive certain requirements set forth in the
Credit Agreement with respect to the Proposed Acquisition. The Administrative Agent and the
Lenders hereby waive the maximum pro forma Consolidated Leverage Ratio requirement set forth in
clause (c)(i) of the definition of “Permitted Acquisition” in the Credit Agreement solely
with respect to the Proposed Acquisition, and acknowledge and agree that the Proposed Acquisition
shall constitute a “Permitted Acquisition” so long as the other requirements set forth in the
definition of Permitted Acquisition are satisfied. This waiver is limited to the extent described
herein and shall not be construed to be a waiver of any other terms of the Credit Agreement or any
other Loan Document.

     Section 4. Representations and Warranties. The Borrower represents and warrants that
(a) the execution, delivery, and performance of this Amendment by each Loan Party are within the
corporate or equivalent power and authority of such Loan Party and have been duly authorized by all
necessary corporate or other organizational action, (b) this Amendment, and the Credit Agreement as
amended hereby, constitute legal, valid, and binding obligations of each Loan Party, enforceable
against each Loan Party in accordance with their terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws of
general applicability affecting the enforcement of creditors’ rights and the application of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or law); (c) the representations and warranties of the Borrower and each other Loan Party
contained in each Loan Document are true and correct as of the date of this Amendment, except to
the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct as of such earlier date; (d) no Default or Event of Default
exists under the Loan Documents; and (e) the Liens under the Security Documents are valid and
subsisting.

     Section 5. Effect on Credit Documents. Except as amended herein, the Credit Agreement
and all other Loan Documents remain in full force and effect as originally executed. Nothing
herein shall act as a waiver of any of the Administrative Agent’s or any Lender’s rights under the
Loan Documents as amended, including the waiver of any default or event of default, however
denominated. The Borrower acknowledges and agrees that this Amendment shall in no manner impair or
affect the validity or enforceability of the Credit Agreement. This Amendment

-4-

 

is a Loan Document for the purposes of the provisions of the other Loan Documents. Without
limiting the foregoing, any breach of representations, warranties, and covenants under this
Amendment may be a default or event of default under the other Loan Documents.

     Section 6. Effectiveness. This Amendment shall become effective, and the Credit
Agreement shall be amended as provided for herein, upon the satisfaction of the following
conditions:

     (a) the Administrative Agent (or its counsel) shall have received (i) counterparts hereof duly
executed and delivered by a duly authorized officer of the Borrower, each Guarantor, and by the
Lenders whose consent is required to effect the amendments and waiver contemplated hereby; and

     (b) the Administrative Agent shall have received, or shall concurrently receive (i) for the
account of each Lender that has delivered an executed counterpart of this Amendment to the
Administrative Agent (or its counsel) by 12:00 p.m. (Central time) on June 6, 2011, a consent fee
equal to 12.5 basis points on the amount of such executing Lender’s Commitment then in effect and
(ii) for the account of the applicable Person, payment of all other fees payable in connection with
this Amendment.

     Section 7. Reaffirmation of Guaranty. By its signature hereto, each Guarantor
represents and warrants that such Guarantor has no defense to the enforcement of the Guaranty, and
that according to its terms the Guaranty will continue in full force and effect to guaranty the
Borrower’s obligations under the Credit Agreement and the other amounts described in the Guaranty
following the execution of this Amendment.

     Section 8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     Section 9. Miscellaneous. The miscellaneous provisions set forth in Article X
of the Credit Agreement apply to this Amendment. This Amendment may be signed in any number of
counterparts, each of which shall be an original, and may be executed and delivered by telecopier
or other electronic imaging means.

     Section 10. ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT
THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

[Signature pages follows.]

-5-

 

     EXECUTED as of the first date above written.

	 	 	 	 	 
	 	BASIC ENERGY SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Kenneth V. Huseman 	 
	 	 	President and Chief Executive Officer 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	BASIC ENERGY SERVICES GP, LLC

ACID SERVICES, LLC

ADMIRAL WELL SERVICE, INC.

BASIC MARINE SERVICES, INC.

CHAPARRAL SERVICE, INC.

JETSTAR ENERGY SERVICES, INC.

JETSTAR HOLDINGS, INC. 

JS ACQUISITION LLC

PERMIAN PLAZA, LLC

PLATINUM PRESSURE SERVICES, INC.

SLEDGE DRILLING CORP.

WILDHORSE SERVICES, INC.

XTERRA FISHING & RENTAL TOOLS CO. 	 
	 
	 	By:  	                                                  /s/ Kenneth V. Huseman
 	 
	 	 	Kenneth V. Huseman 	 
	 	 	President and Chief Executive Officer 	 
	 
	 	BASIC ENERGY SERVICES LP, LLC, as a 

Guarantor

 	 
	 	By:  	/s/ Jerry Tufly
 	 
	 	 	Jerry Tufly 	 
	 	 	Sole Manager 	 
	 

Signature
Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	BASIC ENERGY SERVICES, L.P.

 	 
	 	By:  	BASIC ENERGY SERVICES GP, 	 
	 	 	LLC, its General Partner 	 
	 
	 	By:  	BASIC ENERGY SERVICES,
 	 
	 	 	INC., its Sole Member 	 
	 
	 	By:  	                                                  /s/ Kenneth V. Huseman
 	 
	 	 	Kenneth V. Huseman 	 
	 	 	President 	 
	 
	 	BASIC ESA, INC.

FIRST ENERGY SERVICES COMPANY

GLOBE WELL SERVICE, INC.

HENNESSEY RENTAL TOOLS, INC. 

LEBUS OIL FIELD SERVICE CO.

OILWELL FRACTURING SERVICES, INC. 

SCH DISPOSAL, L.L.C.	 
	 
	 	By:  	                                                  /s/ Kenneth V. Huseman
 	 
	 	 	Kenneth V. Huseman 	 
	 	 	President 	 
	 
	 	TAYLOR INDUSTRIES, LLC

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Kenneth V. Huseman 	 
	 	 	Chief Executive Officer 	 

Signature
Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	/s/ Michelle D. Diggs
 	 
	 	 	Name:  	Michelle D. Diggs 	 
	 	 	Title:  	Agency Management Officer 	 

Signature
Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender, L/C Issuer

and Swing Line Lender

 	 
	 	By:  	/s/ Julie Castano
 	 
	 	 	Name:  	Julie Castano 	 
	 	 	Title:  	Vice President 	 

Signature
Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	CAPITAL ONE, NATIONAL
ASSOCIATION, 
as a Lender,
L/C Issuer and Swing Line Lender

 	 
	 	By:  	/s/ Bobby Hamilton
 	 
	 	 	Name:  	Bobby Hamilton 	 
	 	 	Title:  	Vice President 	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Donald W. Herrick, Jr.
 	 
	 	 	Name:  	Donald W. Herrick, Jr.                 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	AMEGY BANK, N.A.

 	 
	 	By:  	/s/ G. Scott Collins
 	 
	 	 	Name:  	G. Scott Collins 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	/s/ Gary Culbertson
 	 
	 	 	Name:  	Gary Culbertson 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 1 to Credit Agreement

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