Document:

EX-10.1

 Exhibit 10.1 
 Execution Version 
 FOURTH AMENDMENT TO DELAYED DRAW TERM LOAN
CREDIT AGREEMENT 
 FOURTH AMENDMENT TO DELAYED DRAW TERM LOAN CREDIT AGREEMENT (this
“Amendment”), dated as of April 19, 2013 (the “Fourth Amendment Effective Date”) by and among Par Petroleum Corporation, a Delaware corporation (the “Borrower”), the
Guarantors party thereto (the “Guarantors” and together with the Borrower, each a “Credit Party” and collectively, the “Credit Parties”), the undersigned Lenders party hereto,
and Jefferies Finance LLC, as administrative agent (the “Administrative Agent”). 
 WHEREAS, the Credit
Parties, Jefferies Finance LLC, as administrative agent, and the Lenders party thereto from time to time entered into that certain Delayed Draw Term Loan Credit Agreement dated as of August 31, 2012 (as amended by the First Amendment dated as
of September 28, 2012, as amended by the Second Amendment dated as of November 29, 2012, as amended by the Third Amendment dated as of December 28, 2012, and as may be further amended, amended and restated, modified, supplemented,
extended, renewed, restated or replaced from time to time, the “Credit Agreement”); 
 WHEREAS, the
Borrower consummated the Target Acquisition on December 31, 2012, as permitted under the terms of the Third Amendment; 

WHEREAS, the Borrower desires to use the Net Cash Proceeds from the sale of certain compressor packages for general corporate purposes
and for partial repayment of Tranche B Obligations; 
 WHEREAS, in the future, Texadian intends to enter into a secured credit
facility with one or more financial institutions providing loans, letters of credit or other extensions of credit to finance Texadian’s working capital and business; 
 WHEREAS, the Borrower has requested that the Lenders extend the maturity date for Tranche B Obligations to December 31, 2013; 
 WHEREAS, the Borrower has requested that the Lenders agree to amend certain provisions of the Credit Agreement; and 
 WHEREAS, the Borrower, the Guarantors, and the Lenders have agreed to so amend the Credit Agreement subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Defined Terms. All
capitalized terms used herein (including the recitals hereto) shall have the respective meaning assigned to such terms in the Credit Agreement as amended by this Amendment, unless otherwise defined herein. 

 2. Amendments to Credit Agreement. 

(a) Appendix 1 of the Credit Agreement is hereby amended by (i) adding the new defined terms which
appear on Appendix 1-A to this Amendment in alphabetical order and (ii) restating in their entirety the existing definitions for the defined terms which appear on Appendix 1-B to this Amendment as they appear on such
Appendix 1-B. 
 (b) Appendix 2 (Tranche B) of the Credit Agreement is hereby amended to add a new
Section 2.14 as set forth on Appendix 2 to this Amendment. 
 (c)
Section 2.8(c) (Asset Sales) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 “(c)(i) Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Disposition of any Property of any Credit Party (except for Dispositions of the JV Interests
or of the type described in Sections 2.8(e), (f) and (g)) now owned or hereafter acquired, such Credit Party shall apply 100% of such Net Cash Proceeds to make repayments of the Obligations, if any are then outstanding, in accordance
with Sections 2.8(h) and (i); provided that no such repayment shall be required under this Section 2.8(c) with respect to (A) the Disposition of Property that constitutes a Casualty Event, (B) Dispositions
for fair market value resulting in no more than $150,000 in Net Cash Proceeds per Disposition (or series of related Dispositions) and less than $300,000 in aggregate Net Cash Proceeds before the Maturity Date, (C) any Disposition to the extent
no Obligations are then outstanding on the date of receipt of such Net Cash Proceeds, or (D) Dispositions permitted by Section 6.4(b)(i), (ii), (iii) (other than subclause (B) of
Section 6.4(b)(iii)), (iv), (v), (vii), (viii) and (ix).” 
 (d) Section 2.8(d) (Debt Issuance) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

“Debt Issuance. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Debt Issuance
or of any Permitted Subordinated Debt by any Credit Party, the Borrower shall make repayments of the Obligations, if any are then outstanding, in accordance with Section 2.8(h) in an aggregate principal amount equal to 100% of such Net
Cash Proceeds.” 
 (e) Section 2.8(g) (Equity Issuances) of the Credit Agreement is
hereby deleted in its entirety and replaced with the following: 
 “Equity Issuances. No later than five
(5) Business Days following the date of receipt by the Borrower of any Net Equity Proceeds, the Borrower shall prepay the Obligations in an aggregate amount equal to 75% (the “Equity Percentage”) of such Net Equity
Proceeds.” 

  
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 (f) Section 5.6(c) (Reporting Requirements) of the Credit
Agreement is hereby amended by adding the phrase “or of Texadian or any of its Subsidiaries” in clause (ii) thereof immediately after the phrase “any Credit Party.” 

(g) Section 5.12(b) (Additional Guarantors) of the Credit Agreement is hereby amended by adding the
phrase “or a Foreign Subsidiary” immediately following the words “Immaterial Subsidiary” in the parenthetical in clause (i) thereof.” 

(h) Section 5.18 (Immaterial Subsidiaries) of the Credit Agreement is hereby amended to delete the
period at the end of the first sentence thereof and to replace it with a semicolon and to insert the following proviso after such semicolon: “and provided further, that Castle Exploration Company, Inc., a Pennsylvania corporation, which
is an Immaterial Subsidiary, may be legally dissolved at any time after December 31, 2013, so long as (i) it does not cease to be an Immaterial Subsidiary and (ii) the Borrower is diligently pursuing the clearances necessary to apply
for dissolution under Pennsylvania law and takes commercially reasonable action to complete the dissolution process (which could take three years or longer).” 

(i) Section 6.1 (Liens, Etc.) of the Credit Agreement is amended to delete the period at
the end of clause (m) thereof and to replace it with a semicolon, and to add new clause (n) after such clause (m) as follows: “and (n) any Liens on Property of Texadian or Texadian-Canada securing Debt
under the Texadian Trade Facility to the extent such Debt is permitted to be incurred under this Agreement.” 
 (j) Section 6.2 (Debts, Guarantees, and Other Obligations) of the Credit Agreement is amended as follows: 

 

	 	(i)	to delete clause (d) in its entirety and to replace it with the following: 

“(d) Debt of the Credit Parties under Hydrocarbon Hedge Agreements and other Hedge Contracts with respect to which a Credit Party is
the obligor, in each case, entered into in the ordinary course of business (including, prior to the time when Texadian and its Subsidiaries are released from their obligations as Credit Parties in accordance with Section 2.14 of
Appendix 2, in the ordinary course of the trading business of Texadian and Texadian-Canada so long as such trading is conducted in accordance with the risk management policy adopted by the Board of Directors of Texadian and Texadian-Canada)
and not purely for speculative purposes; provided that (i) except with respect to Texadian and Texadian-Canada, such Debt shall not be secured, (ii) such Debt shall not obligate any Credit Party (other than Texadian or Texadian-Canada) to
any margin call requirements including any requirement to post cash collateral, property collateral or a letter of credit, and (iii) except with respect to Texadian and Texadian-Canada, such Debt shall not include any deferred premium payments
associated with such Hydrocarbon Hedge Contracts.” 

  
 3 

	 	(ii)	to delete the period at the end of clause (l) and to replace it with a semicolon, and to add a new clause (m) after such clause
(l) as follows: 

 “and (m) Debt of Texadian and Texadian-Canada owing under the Texadian Trade
Facility.” 
 (k) Section 7.1 (Events of Default) of the Credit Agreement is amended as
follows: 
  

	 	(i)	to delete the “or” at the end of clause (s) thereof; and 

 

	 	(ii)	to delete the period at the end of clause (t) thereof and to replace it with a semicolon, followed by an “or” and then to add a new clause
(u) as follows: 

 Insolvency of Texadian. (i) (a) Texadian or any of its Subsidiaries
shall become unable or shall admit in writing its inability or shall fail generally to pay its debts as such debts become due, or shall make a general assignment for the benefit of creditors; or (b) any writ or warrant of attachment or
execution or similar process is issued or levied against all or any material part of the property of Texadian or any of its Subsidiaries and is not released, vacated or fully bonded within sixty (60) days after its issue or levy; (ii) any
proceeding shall be instituted by or against Texadian or any of its Subsidiaries seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or
composition of it or its debts under any law relating to any Debtor Relief Law, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its
Property and, in the case of any such proceeding instituted against Texadian or any of its Subsidiaries, either such proceeding shall remain undismissed or unstayed for a period of sixty (60) days or any of the actions sought in such proceeding
(including, without limitation, the entry of an order for relief against Texadian or any of its Subsidiaries or the appointment of a receiver, trustee, custodian or other similar official for any of them or for any substantial part of their
Property) shall occur; or Texadian or any of its Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this paragraph (u). 

(l) Section 7.1(d) (Events of Default) of the Credit Agreement is amended as follows: 

 

	 	(i)	to delete the “or” immediately prior to clause (iv); 

  

	 	(ii)	to delete the period at the end of clause (iv) and to replace it with a semicolon, and to add a new clause (v) as follows:

 “or (v) any event or circumstance occurs and is continuing which constitutes an event of default
under the Texadian Trade Facility, regardless of whether an Event of Default is declared under the Texadian Trade Facility on account thereof, provided, however, that if any event of default under the Texadian Trade Facility is cured or waived, any
related Event of Default arising under this Section 7.1(d)(v) shall be deemed to have been cured or waived, as applicable.” 

  
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 3. Fourth Amendment Fee. The Borrower shall pay a non-refundable amendment fee in an
amount equal to 0.25% of the aggregate principal amount of the Tranche B Loans on the Fourth Amendment Effective Date, which fee is payable pro rata to each Tranche B Lender who has Tranche B Loans on the Fourth Amendment Effective Date, based on
its Pro Rata Share of the Tranche B Loans (the “Fourth Amendment Fee”). The Fourth Amendment Fee shall be fully earned on the Fourth Amendment Effective Date and is due and payable in full in immediately available funds from 50% of
the Net Cash Proceeds of the Specified Disposition (defined below) when the Borrower makes the partial repayment of Tranche B Obligations as specified in Section 4 below. 

4. Consent. On or around February 19, 2013, HEWW Equipment LLC sold two new (built 2008) 2370 HP G3608LE Ariel JGC4 Gas
Compressor Packages stored at Enerflex Yard in Caspar, Wyoming, more particularly described as Toromont Energy Systems Unit #42226 and Toromont Energy Systems Unit #42227 (the “Disposed Property”), for an aggregate cash purchase
price of up to $2,850,000 (the “Specified Disposition”). The Borrower delivered a certificate to Administrative Agent certifying that the Specified Disposition is permitted under Section 6.4(b)(iii)(B) of the
Credit Agreement. Notwithstanding Section 2.8(c)(i) of the Credit Agreement to the contrary and that certain Notice of Reinvestment delivered by the Borrower to the Administrative Agent on March 5, 2013 (the “Notice
of Reinvestment”), the Credit Parties and the undersigned Lenders consent and agree that (a) 50% of the Net Cash Proceeds from the Specified Disposition shall be applied to pay (i) first, the Fourth Amendment Fee and
(ii) second, to repay Tranche B Loans in accordance with each Tranche B Lender’s Pro Rata Share, in each case within 5 Business Days following receipt by the Administrative Agent of such Net Cash Proceeds, and (b) 50% of the Net Cash
Proceeds from the Specified Disposition shall be retained by HEWW Equipment LLC or the Borrower and used for general corporate purposes in the business of Borrower or its Subsidiaries. Notwithstanding the Notice of Reinvestment, the Borrower shall
provide a Notice of Repayment to the Administrative Agent with respect to the portion of the 50% of the Net Cash Proceeds to be applied to the payment of the Fourth Amendment Fee and the Tranche B Obligations on the Fourth Amendment Effective Date
in accordance with the second sentence of Section 2.8(h)(iii) of the Credit Agreement. The Administrative Agent has executed and delivered the Partial Release attached as Exhibit A hereto and has taken certain action
requested by the Borrower (at the Borrower’s sole expense) to evidence the release of such Disposed Property from the Secured Parties’ Liens, including, filing or causing to be filed the UCC-3 amendment statement attached as Exhibit
B hereto. The Lenders authorize and instruct the Administrative Agent to take all other actions requested by the Borrower (at the Borrower’s sole expense) that the Borrower certifies in writing are necessary or desirable to evidence the
release of the Administrative Agent’s Lien on the Disposed Property and all such action taken by the Administrative Agent on or prior to the date hereof to facilitate the Specified Disposition free and clear of all liens or security interests
of the Administrative Agent is hereby ratified and approved by the Credit Parties and the Lenders in all respects. The Lenders’ entry into this Amendment shall not obligate or commit the Lenders to provide any other consents or waivers under
the Credit Agreement or the other Loan Documents in the future, whether for purposes similar to those described herein or otherwise. 

  
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 5. Representations and Warranties. Each of the Borrower and each of the Guarantors
hereby confirms, reaffirms and restates the representations and warranties made by it in the Credit Agreement, as amended hereby, and confirms that all such representations and warranties are true and correct in all material respects as of the date
hereof. The Borrower and each Guarantor further represent and warrant (which representations and warranties shall survive the execution and delivery of this Amendment) to the Lenders that: 

(a) The execution, delivery, and performance by each Credit Party of this Amendment and the consummation of the transactions contemplated
hereby, (i) are within such Credit Party’s governing powers, (ii) have been duly authorized by all necessary governing action, (iii) do not contravene (x) such Credit Party’s Organizational Documents or (y) any law
or any contractual restriction binding on or affecting such Credit Party, and (iv) will not result in or require the creation or imposition of any Lien prohibited by the Loan Documents; 

(b) No consent, order, authorization, or approval or other action by, and no notice to or filing with, any Governmental Authority or any
other Person is required for the due execution, delivery, and performance by any Credit Party of this Amendment, or the consummation of the transactions contemplated hereby, except for those consents and approvals that have been obtained or made on
or prior to the date hereof and that are in full force and effect; 
 (c) This Amendment has been duly executed and delivered by
such Credit Party and is the legal, valid, and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or transfer, or similar law affecting creditors’ rights generally and by general principles of equity; and 
 (d) No Default or Event of Default has occurred and is continuing. 
 6. Effect
of this Amendment. Except as expressly amended hereby, the Credit Agreement and the other Loan Documents are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. The terms of
this Amendment shall not be deemed (i) a waiver of any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition, or obligation of the Borrower or any other Credit Party in the Credit Agreement
or any other Loan Document except as expressly set forth above, (iii) a consent, waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the Loan Documents or (iv) to
prejudice any right or remedy which the Administrative Agent or any Lender may now or in the future have under or in connection with the Credit Agreement or any other Loan Document. 

7. Conditions Precedent. This Amendment shall become effective as of the Fourth Amendment Effective Date when, and only when,
(i) all Lenders shall have executed this Amendment and the Administrative Agent has received counterparts of this Amendment, duly executed by each Lender, the Borrower and each Guarantor, (ii) the Administrative Agent shall have received
payment from the Borrower for all fees and disbursements pursuant to Section 8(c), and (iii) the Administrative Agent shall have received from the Borrower, in immediately available funds, an amount equal to 50% of the Net Cash
Proceeds from the Specified Disposition to be applied as provided herein. 

  
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 8. Miscellaneous. 

(a) Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other document
furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and such other documents, and no investigation by the Administrative Agent or the Lenders or any closing of any transaction shall affect the
representations and warranties or the right of the Administrative Agent or the Lenders to rely upon them. 
 (b) Notices.
All notices required to be made under this Amendment shall be made in the manner and at the address set forth in Section 10.2 of the Credit Agreement. 
 (c) Expenses. The Borrower agrees to pay or reimburse the Administrative Agent and the Lenders for all reasonable fees and out-of-pocket disbursements incurred by the Administrative Agent or the
Lenders in connection with the preparation, execution, delivery, administration and enforcement of this Amendment, including without limitation the reasonable fees and disbursements of counsel for the Administrative Agent and the Lenders, to the
same extent that the Borrower would be required to do so pursuant to Section 10.4 of the Credit Agreement. 

(d) Reference to Credit Agreement. From and after the effectiveness of this Amendment, all references to the Credit Agreement
shall mean the Credit Agreement as amended hereby and as hereafter modified, amended, restated or supplemented from time to time, and each reference in any other Loan Document to the Credit Agreement shall mean the Credit Agreement as amended hereby
and as hereafter modified, amended, restated or supplemented from time to time. The Amendment shall constitute a Loan Document under the Credit Agreement for all purposes. 
 (e) Severability. If any provision of this Amendment is held by a court of competent jurisdiction to be invalid or unenforceable, such provision shall be inapplicable to the extent of such
invalidity without affecting the validity or enforceability of the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

(f) Section Headings. Section headings herein are included for convenience of reference only and shall not affect the meaning or
interpretation of this Amendment. 
 (g) Entire Agreement. This Amendment shall be deemed to be a Loan Document and,
together with the other Loan Documents and the agreements, documents and instruments contemplated hereby, constitutes the entire understanding of the parties with respect to the subject matter hereof and thereof, and any other prior or
contemporaneous agreements, whether written or oral, with respect hereto or thereto are expressly superseded hereby and thereby. 

  
 7 

 (h) Counterparts. This Amendment may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of
this Amendment by facsimile or .pdf shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile or .pdf also shall deliver an original
executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

(i) Successors and Assigns. This Amendment shall be binding on and inure to the benefit of the parties hereto and their heirs,
beneficiaries, successors and assigns. The Credit Parties may not assign this Amendment or any of their respective rights or obligations hereunder to any Person without the prior written consent of the Requisite Lenders, which consent may be
withheld or given in each such Lender’s sole discretion. 
 (j) Governing Law; Venue; Jury Trial. THIS AMENDMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH IN SECTION 10.12 OF THE CREDIT AGREEMENT, AND SHALL BE SUBJECT TO THE JURY TRIAL WAIVER SET
FORTH IN SECTION 10.14 OF THE CREDIT AGREEMENT. 
 (k) Guarantors. Each Guarantor, for value received, hereby expressly
consents and agrees to the Borrower’s execution and delivery of this Amendment, and to the performance by the Borrower of its agreements and obligations hereunder. This Amendment and the performance or consummation of any transaction or matter
contemplated under this Amendment, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Administrative Agent and Lenders with respect to the payment and other performance obligations of such Guarantor
pursuant to the Guarantees. Each Guarantor hereby ratifies, confirms and approves its Guarantee and acknowledges that it is unconditionally liable to the Administrative Agent and Lenders for the full and timely payment of the Guaranteed Obligations
(on a joint and several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with respect to the full and timely payment of any or all Guaranteed Obligations. 

[Remainder of Page Intentionally Left Blank; Signature Pages to Follow] 

  
 8 

 Execution Version 

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Fourth Amendment to Delayed Draw Term Loan Credit Agreement as of
the date first written above. 
  

			
	BORROWER:
	
	PAR PETROLEUM CORPORATION,
	a Delaware corporation
		
	By:	 	     /s/ R. Seth Bullock

		 	    R. Seth Bullock
		 	    Chief Financial Officer
	
	GUARANTORS:
	
	TEXADIAN ENERGY, INC., a Delaware corporation
		
	By:	 	     /s/ R. Seth Bullock

		 	    R. Seth Bullock
		 	    Vice President and Treasurer
	
	PAR PICEANCE ENERGY EQUITY LLC,
	a Delaware limited liability company
	
	PAR UTAH LLC,
	a Delaware limited liability company
	
	EWI LLC, a Delaware limited liability company
	
	PAR WASHINGTON LLC,
	a Delaware limited liability company
	
	PAR NEW MEXICO LLC,
	a Delaware limited liability company
	
	HEWW EQUIPMENT LLC,
	a Delaware limited liability company
	
	PAR POINT ARGUELLO LLC,
	a Delaware limited liability company

 

							
		
		 	By: PAR PETROLEUM CORPORATION,
		 	 a Delaware corporation, as Sole Member of
 each of the foregoing companies

				
		 		 	By:	 	             /s/ R. Seth
Bullock

		 		 		 	    R. Seth Bullock
		 		 		 	    Chief Financial Officer

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

			
	ADMINISTRATIVE AGENT:
	
	JEFFERIES FINANCE LLC
		
	By:	 	         /s/ E. Joseph Hess

	Name:    E. Joseph Hess
	Title:      Managing Director

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

 Execution Version 

 

			
	LENDERS:
	
	 WB DELTA, LTD.,
 as
a Lender

		
	 By:
	 	         /s/ Mark Strefling

	 Name:    Mark Strefling

	 Title:      Director

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

 Execution Version 

 

			
	ZCOF PAR PETROLEUM HOLDINGS, L.L.C.,
	as a Lender
		
	 By:
	 	         /s/ Jon Wasserman

	 Name:    Jon Wasserman

	 Title:      Vice President

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

 Execution Version 

 

							
	WATERSTONE OFFSHORE ER FUND, LTD.,	  	
	as a Lender	  	
		
	By: Waterstone Capital Management, L.P.	  	
				
		 	By:	 	         /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	PRIME CAPITAL MASTER SPC, GOT WAT	  	
	MAC SEGREGATED PORTFOLIO, as a Lender	  	
		
	By: Waterstone Capital Management, L.P.	  	
				
		 	By:	 	         /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	 WATERSTONE MARKET NEUTRAL MAC51, LTD.,
 as a Lender
	  	
		
	By: Waterstone Capital Management, L.P.	  	
				
		 	By:	 	         /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	WATERSTONE MARKET NEUTRAL MASTER	  	
	FUND, LTD., as a Lender	  	
		
	By: Waterstone Capital Management, L.P.	  	
				
		 	By:	 	         /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	WATERSTONE MF FUND, LTD., as a Lender	  	
		
	By: Waterstone Capital Management, L.P.	  	
				
		 	By:	 	         /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

 Execution Version 

 

							
	 NOMURA WATERSTONE MARKET
	  	
	 NEUTRAL FUND LTD., as a Lender
	  	
		
	 By: Waterstone Capital Management, L.P.
	  	
				
		 	By:	 	         /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	 WATERSTONE OFFSHORE BLR FUND, LTD.,

as a Lender
	  	
		
	 By: Waterstone Capital Management, L.P.
	  	
				
		 	By:	 	     /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	 WATERSTONE DISTRESSED OPPORTUNITIES BLR FUND, LTD.,

as a Lender
	  	
		
	 By: Waterstone Capital Management, L.P.
	  	
				
		 	By:	 	     /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	
		
	 WATERSTONE OFFSHORE AD BLR FUND LTD.,

as a Lender
	  	
		
	 By: Waterstone Capital Management, L.P.
	  	
				
		 	By:	 	     /s/ Martin Kalish
	  	
		 	Name:    Martin Kalish	  	
		 	Title:      COO	  	

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

 Execution Version 

 

			
	HIGHBRIDGE INTERNATIONAL, LLC,
	as a Lender
	 By: Highbridge Capital Management, LLC,
 as Trading Manager

		
	By:	 	      /s/ Jonathan Segal

	Name: Jonathan Segal
	Title: Managing Director

 Signature Page to Fourth Amendment to Delayed Draw Term Loan Credit Agreement 

 Execution Version 

APPENDIX 1-A 
 NEW DEFINED TERMS 

“Foreign Subsidiary” shall mean any Subsidiary of any Person, which Subsidiary is not organized or incorporated in the
United States, any State or territory thereof or the District of Columbia. 
 “Fourth Amendment” means that
certain Fourth Amendment to Delayed Draw Term Loan Credit Agreement dated as of April 19, 2013, among Borrower, the other Credit Parties party thereto, the Lenders party thereto, and the Administrative Agent. 

“Fourth Amendment Effective Date” means April 19, 2013. 

“Fourth Amendment Fee” has the meaning given to such term in the Fourth Amendment. 

“Texadian-Canada” means Texadian Energy Canada Limited, a company organized under the laws of the Province of Alberta,
formerly known as Seacor Energy Canada Limited. 
 “Texadian Trade Facility” means any revolving credit
facility entered into by Texadian and Texadian-Canada, as borrowers, with one or more financial institutions which finances Texadian and Texadian-Canada’s trading activities by providing loans, letters of credit, or other extensions of credit
in furtherance of Texadian’s and Texadian-Canada’s business, and which credit facility is secured by a lien on any or substantially all of the assets of Texadian and Texadian-Canada. 

  
 Appendix 1-A
– Page 1 

 APPENDIX 1-B 

EXISTING DEFINED TERMS 

“Guarantor” means a Subsidiary of Borrower that is listed on Schedule 4.21, and each other Subsidiary that is or that
becomes a party to this Agreement as a Guarantor pursuant to Section 5.12; provided that, (a) no Subsidiary shall be required to be a Guarantor hereunder so long as it remains an Immaterial Subsidiary, (b) no Foreign Subsidiary
of the Borrower shall be required to be a guarantor under this Agreement, and (c) to the extent that Texadian has been released in accordance with Section 2.14 of Appendix 2, Texadian will no longer be required to be a Guarantor
under this Agreement. 
 “Target” or “Texadian” means Texadian Energy, Inc., a Delaware
corporation, formerly known as Seacor Energy Inc. 
 “Tranche B Maturity Date” means, in accordance with the
terms of this Agreement, the earlier to occur of (i) the acceleration (whether automatic or by written notice) of any Obligation, and (ii) December 31, 2013. 

  
 Appendix 1-B
– Page 1 

 APPENDIX 2 

TRANCHE B 

2.14 Release of Liens on Texadian and Texadian-Canada. Upon the closing of a Texadian Trade Facility that has been duly approved by the board of
directors of Texadian and receipt of a written certificate from a Responsible Officer of the Borrower stating that (i) all conditions precedent to such Texadian Trade Facility have been met, and (ii) after giving effect to such Texadian
Trade Facility, no Default has occurred and is continuing, the Lenders authorize and instruct the Administrative Agent (a) to release any and all Liens and security interests in favor of the Administrative Agent on the Property of Texadian or
Texadian-Canada, including but not limited to any Lien on the equity interests of Texadian pledged by the Borrower but only if the lender under the Texadian Trade Facility so demands as a condition to closing the Texadian Trade Facility (and the
Borrower so specifies in such written certificate), (b) to fully and completely release Texadian from its guaranty under Article IX of this Agreement; provided that, Texadian shall only be released from its guaranty under
Article IX of this Agreement if the lender under the Texadian Trade Facility so demands as a condition to closing the Texadian Trade Facility, after the Borrower and Texadian have negotiated in good faith with the lender under the Texadian
Trade Facility to permit Texadian to continue to guarantee the Obligations under Article IX of this Agreement on an unsecured basis, and the Borrower has so notified the Administrative Agent and the Lenders in writing (in which case, such
guaranty by Texadian shall be automatically released immediately upon acknowledgment of receipt by the Administrative Agent and the Lenders of such notice), and (c) to cooperate in all requests by Texadian for the Administrative Agent to
execute, acknowledge and deliver or cause the execution, acknowledgement and delivery of, lien releases, UCC termination statements, notices, agreements or other instruments, in each case, that the Borrower certifies in writing are necessary or
desirable to accomplish the release or termination of Security Instruments in respect of any Collateral (including, but not limited to deposit accounts, equity interests, or receivables) pledged by Texadian or the Borrower and which the Borrower
advises the Administrative Agent in writing are express conditions to closing the Texadian Trade Facility. 

  
 Appendix 2
– Page 1EX-10.1

 Exhibit 10.1 
 DONEGAL GROUP INC. 
 2013 EQUITY INCENTIVE PLAN FOR EMPLOYEES 

1.        Purpose. The purpose of this 2013 equity incentive plan for employees (this
“Plan”) is to encourage the employees of Donegal Group Inc. (the “Company”), its subsidiaries and its affiliates to acquire a proprietary interest in the growth and performance of the Company, and to continue to align the
interests of those employees with the interests of the Company’s stockholders to generate an increased incentive for such persons to contribute to the growth, development and financial success of the Company, Donegal Mutual Insurance Company
and their respective subsidiaries and affiliates (the “Group”). To accomplish these purposes, this Plan provides a means whereby employees may receive stock options, stock awards and other stock-based awards that are based on, or measured
by or payable in shares of the Company’s Class A common stock. 

2.        Administration. 

(a)    Administrators. The Board of Directors of the Company (the “Board”) shall administer this
Plan. The Board shall appoint a committee, which initially shall be the compensation committee of the Board (the “Committee”), to assist in the administration of this Plan. The Committee, with the advice of the Company’s chief
executive officer, shall recommend to the Board the employees to whom the Company should grant awards and the type, size and terms of each grant. The Board has the authority to make all other determinations necessary or advisable for the
administration of this Plan. All decisions, determinations and interpretations of the Board shall be final and binding on all grantees and all other holders of awards granted under this Plan. 

(b)    The Committee. The Committee shall be comprised of two or more members of the Board, each of whom shall
be a “non-employee director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). In addition, each member of the Committee shall be an “outside director” within the meaning
of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). Subject to the foregoing, from time to time, the Board may increase or decrease the size of the Committee, appoint additional members, remove members
with or without cause, appoint new members, fill vacancies or remove all members of the Committee and thereafter directly administer this Plan. The Committee shall have those duties and responsibilities assigned to it under this Plan, and the Board
may assign to the Committee the authority to make certain other determinations and interpretations under this Plan. All decisions, determinations and interpretations of the Committee in such cases shall be final and binding on all grantees and all
other holders of awards granted under this Plan. 

  
 1 

 3.        Shares Subject to this Plan.

 (a)    Shares Authorized. The total aggregate number of shares of Class A common stock that
the Company may issue under this Plan is 4,500,000 shares, subject to adjustment as described below. The shares may be authorized but unissued shares or reacquired shares for purposes of this Plan. 

(b)    Share Counting. For administrative purposes, when the Board approves an award payable in shares of
Class A common stock, the Board shall reserve, and count against the share limit, shares equal to the maximum number of shares that the Company may issue under the award. If and to the extent options granted under this Plan terminate, expire or
are canceled, forfeited, exchanged or surrendered without having been exercised, and if and to the extent that any restricted stock awards are forfeited or terminated, or otherwise are not issued in full, the Company shall make the shares reserved
for such awards available again for purposes of this Plan. 
 (c)    Individual Limits. All awards
under this Plan shall be expressed in shares of Class A common stock. The maximum number of shares of Class A common stock with respect to all awards that the Company may issue to any individual under this Plan during any calendar year
shall be 250,000 shares, subject to adjustment as described below. 
 (d)    Adjustments. If any
change in the number or kind of shares of Class A common stock outstanding occurs by reason of: 
  

	 	•	 	 a stock dividend, spinoff, recapitalization, stock split or combination or exchange of shares; 

 

	 	•	 	 a merger, reorganization or consolidation; 

  

	 	•	 	 a reclassification or change in par value; or 

  

	 	•	 	 any other extraordinary or unusual event affecting the outstanding Class A common stock as a class without the Company’s receipt of
consideration for such extraordinary or unusual event or if the value of outstanding shares of Class A common stock is substantially reduced as a result of a spinoff or the Company’s payment of any extraordinary dividend or distribution in
cash, 

 the maximum number of shares of Class A common stock available for issuance under this Plan, the maximum number
of shares of Class A common stock for which any individual may receive grants in any year, the kind and number of shares covered by outstanding awards, the kind and number of shares to be issued or issuable under this Plan and the price

  
 2 

 
per share or applicable market value of such grants shall be automatically and equitably adjusted to reflect any increase or decrease in the number of, or change in the kind or value of, issued
shares of Class A common stock to preclude, to the extent practicable, the enlargement or the dilution of rights and benefits under this Plan and such outstanding grants. The Company shall eliminate any fractional shares resulting from such
adjustment. Any adjustments to outstanding awards shall be consistent with Section 409A of the Code, to the extent applicable. 
 4.        Eligibility for Participation. All employees of member companies of the Group, including employees who are officers or members of the Board of any
of the foregoing companies, shall be eligible to participate in this Plan. The Committee shall recommend to the Board from time to time the names of the employees to receive awards and the number of shares of Class A common stock subject to
each award. 
 5.        Awards. Awards under this Plan may consist of stock
options as described in Section 7, stock awards as described in Section 8 and other stock-based awards as described in Section 9. The Committee shall specify the terms and conditions of the award granted to the grantee in an
agreement. The award shall be conditioned upon the grantee’s execution of an agreement accepting the award and acknowledging that all decisions and determinations of the Committee and the Board shall be final and binding on the grantee, the
grantee’s beneficiaries and any other person having or claiming an interest under the award. Awards under this Plan need not be uniform as among the grantees. The Board may grant awards that are contingent on, and subject to, stockholder
approval of this Plan or of an amendment to this Plan. 
 6.        Definition of
Fair Market Value. For purposes of this Plan, “fair market value” shall mean the last sales price of a share of Class A common stock on the NASDAQ Global Select Market, or NASDAQ, on the day immediately preceding the date on which
the Board determines the fair market value, as reported by NASDAQ. In the event that there are no transactions in shares of Class A common stock on NASDAQ on such day, the Board will determine the fair market value as of the immediately
preceding day on which there were transactions in shares of Class A common stock on that exchange. If shares of common stock are not listed on NASDAQ, the Board shall determine the fair market value pursuant to Section 422 of the Code.

 7.        Stock Options. The Committee may recommend to the Board the grant of
stock options to an employee upon such terms and conditions as the Committee deems appropriate under this Section 7. 

(a)    Number of Shares Subject to a Stock Option. The Committee shall recommend the number of shares of
Class A common stock that will be subject to each grant of a stock option. 

  
 3 

 (b)    Type of Stock Option and Price. The Committee may
recommend to the Board the grant of stock options to purchase Class A common stock that the Company intends to qualify as incentive stock options within the meaning of Section 422 of the Code, or incentive stock options, or stock options
that the Company does not intend to so qualify, or non-qualified stock options. Except as otherwise required in the case of incentive stock options or by this Plan, all options shall be exercisable for a term of ten years at a price equal to the
closing market value of a share of Class A common stock on the day before the date of the grant. 

(c)    Exercisability of Stock Options. Each stock option agreement shall specify the period or periods of
time within which a grantee may exercise a stock option, in whole or in part, as the Board determines. No grantee may exercise a stock option after ten years from the grant date of the stock option. The Board may accelerate the exercisability of any
or all outstanding stock options at any time for any reason. 
 (d)    Termination of Employment.
Except as provided in the stock option agreement, a grantee may exercise a stock option only while a member company of the Group employs the grantee. The Board shall specify in the option agreement under what circumstances and during what time
periods a grantee may exercise a stock option after employment terminates. If the term of an incentive stock option continues for more than three months after employment terminates due to retirement or more than one year after termination of
employment due to death or disability, the stock option shall lose its status as an incentive stock option and the Company shall treat such stock option as a non-qualified stock option. 

(e)    Exercise of Stock Options. A grantee may exercise a stock option that has become exercisable, in whole
or in part, by delivering a notice of exercise to the Company. The grantee shall pay the exercise price for the stock option: 
  

	 	•	 	 in cash; 

  

	 	•	 	 by delivery of shares of Class A common stock at fair market value, shares of Class B common stock at fair market value or a combination of those
shares, as the Committee or the Board may determine from time to time and subject to such terms and conditions as the Committee or the Board may prescribe; 

 

	 	•	 	 by payment through a brokerage firm of national standing whereby the grantee will simultaneously exercise the stock option and sell the shares acquired
upon exercise through the brokerage firm and the brokerage firm shall remit to the Company from the proceeds of the sale of the shares the exercise price as to which the option has been exercised in accordance with the procedures permitted by
Regulation T of the Federal Reserve Board; or 

  
 4 

	 	•	 	 by any other method the Committee or the Board authorizes. 

 The Company must receive payment for the shares acquired upon exercise of the stock option, and any required withholding taxes and related amounts, by the time the Committee specifies depending on the
type of payment being made, but in all cases prior to the issuance and delivery of the shares to the grantee. 

(f)    Incentive Stock Options. The Company may issue each of the shares authorized under this Plan pursuant
to incentive stock option awards within the meaning of Section 422 of the Code. The Committee shall recommend other terms and conditions of an incentive stock option as the Committee deems necessary or desirable in order to qualify such stock
option as an incentive stock option under Section 422 of the Code, including the following provisions, which the Committee may omit or modify if no longer required under Section 422 of the Code: 

 

	 	•	 	 As determined as of the grant date, the aggregate fair market value of shares subject to incentive stock options that first become exercisable by a
grantee during any calendar year under all plans of the Company shall not exceed $100,000; 

  

	 	•	 	 The exercise price of any incentive stock option granted to an individual who owns stock having more than 10% of the total combined voting power of all
outstanding shares of all classes of stock of the Company must be at least 110% of the fair market value of the shares subject to the incentive stock option on the grant date, and the individual may not exercise the incentive stock option after the
expiration of five years from the date of grant; and 

  

	 	•	 	 The grantee may not exercise the incentive stock option more than three months after termination of employment or one year in the case of death or
disability within the meaning of the applicable Code provisions. 

8.        Stock Awards. The Committee may recommend to the Board the issuance of shares of
Class A common stock to an employee upon such terms and conditions as the Committee deems appropriate under this Section 8. The Committee may recommend to the Board the issuance of shares of Class A common stock for cash consideration
or for no cash consideration, and subject to restrictions or no restrictions. The Committee may recommend conditions under which restrictions on stock awards shall lapse over a period of time or according to other criteria as the Committee deems
appropriate, including restrictions based upon the achievement of specific performance goals. 

(a)    Number of Shares Subject to a Stock Award. The Committee shall recommend the number of shares of
Class A common stock to be issued pursuant to a stock award and any restrictions applicable to the stock award. 

  
 5 

 (b)    Requirement of Service. The Board shall specify in the
stock award agreement under what circumstances a grantee may retain stock awards after termination of the grantee’s employment and under what circumstances the grantee must forfeit the stock awards. 

(c)    Restrictions on Transfer. During the period that the stock award is subject to restrictions, a grantee
may not sell, assign, transfer, pledge or otherwise dispose of the shares subject to the stock award except upon death as described in Section 13. Each certificate representing a share of Class A common stock issued under a stock award
shall contain a legend giving appropriate notice of the transfer restrictions on the stock award. The grantee shall have the right to have the legend removed when all transfer restrictions on the shares subject to the stock award have lapsed. The
Company may maintain possession of any certificates representing shares subject to the stock award until all transfer restrictions on the shares subject to a stock award have lapsed. 

(d)    Right To Vote and To Receive Dividends. The grantee shall have the right to vote the shares subject to
the stock award and to receive any dividends or other distributions paid on the shares during the restriction period. 

9.        Other Stock-Based Awards. The Committee may recommend to the Board the grant of
other awards that are based on, measured by or payable in Class A common stock to an employee on such terms and conditions as the Committee deems appropriate under this Section 9. The Committee may recommend to the Board the grant of other
stock-based awards subject to achievement of performance goals or other conditions and may be payable in shares of Class A common stock or cash, or a combination of cash and shares of Class A common stock, as the Committee recommends in
the stock-based award agreement. 
 10.        Grant Date. The grant date of an
award under this Plan shall be the date of the Board of Directors approval or such later date as the Board may determine at the time it authorizes the award. The Board may not make retroactive grants of awards under this Plan. The Company shall
provide notice of the award to the grantee within a commercially reasonable time after the grant date. 

11.        Withholding. All grants under this Plan shall be subject to applicable federal
taxes, including FICA, and state and local tax withholding requirements. The Company may require that the grantee or other person receiving or exercising a grant pay to the Company the amount of any federal taxes, state or local taxes that
applicable law requires the Company to withhold with respect to the grant, or the Company may deduct from other salary paid to the grantee the amount of any withholding taxes due with respect to the grants. The Board or the Committee may permit a
grantee to elect to satisfy the Company’s tax withholding obligations with respect to grants paid in shares of Class A common stock by having shares of Class A common stock withheld, at the time such grants become taxable, up to an
amount that does not exceed the minimum applicable withholding tax rate for federal, including FICA, state and local tax liabilities. The Board or the Committee will value any shares so withheld as of the date the grants become taxable. 

  
 6 

 12.        Transferability of Grants. Only
the grantee of an award may exercise rights under the award during the grantee’s lifetime, and a grantee may not transfer those rights except by will or by the laws of descent and distribution. When a grantee dies, the personal representative
or other person entitled to succeed to the rights of the grantee may exercise those rights. Any successor to a grantee must furnish proof satisfactory to the Company of the grantee’s right to succeed to the award under the grantee’s will
or under the applicable laws of descent and distribution. 
 13.        Requirements
for Issuance of Shares. The Company shall not issue shares of Class A common stock in connection with any award under this Plan until and unless the issuance of the shares complies with all applicable legal requirements to the satisfaction
of the Board. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which the Company’s counsel has deemed such authority to be necessary to the lawful issuance and sale of any shares under this Plan,
shall relieve the Company of any liability for the failure to issue or sell any shares as to which the Company has not obtained such requisite authority. The Board shall have the right to condition any award made to any employee under this Plan on
the employee’s undertaking in writing to comply with the restrictions on the grantee’s subsequent disposition of shares subject to the award as the Board shall deem necessary or advisable. Certificates representing shares of Class A
common stock issued under this Plan shall be subject to such stop-transfer orders and other restrictions as applicable laws, regulations and interpretations may require, including any requirement that the certificate bear a restrictive legend. No
grantee shall have any right as a stockholder with respect to shares of Class A common stock covered by an award until shares have been issued to the grantee. 
 14.        Amendment and Termination of this Plan. 
 (a)    Amendments. The Board may amend or terminate this Plan at any time, except that the Board shall not amend this Plan without approval of the stockholders of the Company if
the Code or applicable laws require such approval or to comply with applicable stock exchange requirements. The Board may not, without the consent of the grantee, negatively affect the rights of a grantee under any award previously granted under
this Plan. 
 (b)    No Repricing Without Stockholder Approval. The Board may not reprice stock
options nor may the Board amend this Plan to permit repricing of options unless the stockholders of the Company provide prior approval of the repricing. 
 (c)    Termination. This Plan shall terminate on April 17, 2023, unless the Board terminates this Plan earlier or extend the term of this Plan with the approval of the
stockholders of the Company. The termination of this Plan shall not impair the power and authority of the Board or the Committee with respect to an outstanding award. 

  
 7 

 15.        Grants in Connection with Corporate
Transactions and Otherwise. Nothing contained in this Plan shall be construed to: 
  

	 	•	 	 limit the right of the Board to grant awards under this Plan in connection with the acquisition, by purchase, lease, merger, 100% reinsurance,
consolidation or otherwise, of the business or assets of any corporation, firm or association, including awards to employees of those entities who become employees of the Company, or for other proper corporate purposes; or

  

	 	•	 	 limit the right of the Company to grant stock options or make other stock-based awards outside of this Plan. 

Without limiting the foregoing, the Board may grant an award to an employee of another corporation or other entity who becomes an employee by reason of a
merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company in substitution for a grant made by that corporation or other entity. The terms and conditions of the awards may vary from the terms and
conditions this Plan requires and from those of the substituted stock awards, as the Board determines. 

16.        Right to Terminate Employment. Nothing contained in this Plan or in any award
agreement entered into pursuant to this Plan shall confer upon any grantee the right to continue in the employment of any member company of the Group or affect any right that any member company of the Group may have to terminate the employment of
the grantee. 
 17.        Reservation of Shares. The Company, during the term of
this Plan, shall at all times reserve and keep available the number of shares of Class A common stock needed to satisfy options and awards granted under this Plan. 
 18.        Effect on Other Plans. Participation in this Plan shall not affect an employee’s eligibility to participate in any other benefit or incentive
plan of any member company of the Group. The Company shall not use any awards granted pursuant to this Plan in determining the benefits provided under any other plan unless specifically provided. 

19.        Forfeiture for Dishonesty. Notwithstanding anything to the contrary in this
Plan, if the Board finds, by a majority vote, after full consideration of the facts presented on behalf of both the Company and any grantee, that the grantee has engaged in fraud, embezzlement, theft, commission of a felony or dishonest conduct in
the course of the employee’s employment that damaged any member company of the Group or that the grantee has disclosed confidential information of any member company of the Group, the grantee shall forfeit all unexercised or unvested awards and
all exercised or vested awards 

  
 8 

 
under which the Company has not yet delivered the certificates for shares that shall automatically terminate without any further action by the Board and all of such awards shall be of no further
force or effect. The decision of the Board in interpreting and applying the provisions of this Section 19 shall be final. No decision of the Board, however, shall affect the finality of the discharge or termination of the grantee. 

20.        No Prohibition on Corporate Action. No provision of this Plan shall be
construed to prevent the Company or any officer or director of the Company from taking any action the Company or such officer or director of the Company deems to be appropriate or in the Company’s best interest, whether or not such action could
have an adverse effect on this Plan or any awards granted under this Plan, and no grantee or grantee’s estate, personal representative or beneficiary shall have any claim against the Company or any officer or director of the Company as a result
of the taking of any such action. 
 21.        Indemnification. With respect to
the administration of this Plan, the Company shall indemnify each present and future member of the Committee and the Board against, and each member of the Committee and the Board shall be entitled, without further action on such member’s part,
to indemnity from the Company for all expenses, including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself, such member
reasonably incurs in connection with or arising out of, any action, suit or proceeding in which the member may be involved by reason of being or having been a member of the Committee or the Board, whether or not the member continues to be such
member at the time of incurring such expenses; provided, however, that this indemnity shall not include any expenses such member incurs (i) in respect of matters as to which the member shall be finally adjudged in any such action, suit or
proceeding to have been guilty of gross negligence or willful misconduct in the performance of the member’s duty as such member of the Committee or the Board or (ii) in respect of any matter in which any settlement is effected for an
amount in excess of the amount approved by the Company on the advice of its legal counsel; and provided further that no right of indemnification under the provisions set forth in this Section 21 shall be available to or enforceable by any such
member of the Committee or the Board unless, within 60 days after institution of any such action, suit or proceeding, the member shall have offered the Company in writing the opportunity to represent the member of the Committee or the Board and
defend the same at its own expense. The foregoing right of indemnification shall inure to the benefit of the heirs, executors or administrators of each such member of the Committee or the Board and shall be in addition to all other rights to which
such member of the Committee or the Board may be entitled as a matter of law, contract or otherwise. 

22.        Miscellaneous Provisions. 

(a)    Compliance with Plan Provisions. No grantee or other person shall have any right with respect to this
Plan, the Class A common stock reserved for issuance under this Plan or in any award granted pursuant to this Plan until the Company and the grantee have executed a written agreement and all the terms, conditions and provisions of this Plan and
the award applicable to the grantee have been met. 

  
 9 

 (b)    Approval of Counsel. In the discretion of the Board, no
shares of Class A common stock, other securities or property of the Company or other forms of payment shall be issued under this Plan with respect to any award unless counsel for the Company is satisfied that such issuance will be in compliance
with applicable federal, state, local and foreign legal, securities exchange and other applicable requirements. 

(c)    Compliance with Rule 16b-3. To the extent that Rule 16b-3 under the Exchange Act applies to this Plan
or to awards granted under this Plan, it is the intention of the Company that this Plan comply in all respects with the requirements of Rule 16b-3, that any ambiguities or inconsistencies in construction of this Plan be interpreted to give effect to
such intention and that, if this Plan shall not so comply, whether on the date of adoption or by reason of any later amendment to or interpretation of Rule 16b-3, the provisions of this Plan shall be deemed to be automatically amended so as to bring
them into full compliance with Rule 16b-3. 
 (d)    Section 409A Compliance. This Plan is
intended to comply with the requirements of Section 409A of the Code and the regulations issued thereunder. To the extent of any inconsistencies of this Plan with the requirements of Section 409A, the Committee and the Board shall
interpret this Plan in order to meet the requirements of Section 409A. Notwithstanding anything contained in this Plan to the contrary, it is the intent of the Company to have this Plan interpreted and construed to comply with any and all
provisions of Section 409A including any subsequent amendments, rulings or interpretations from appropriate governmental agencies. 
 (e)    Effects of Acceptance of the Award. By accepting any award or other benefit under this Plan, each grantee and each person claiming under or through the grantee shall be
conclusively deemed to have indicated his acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the Board or the Committee. 

  
 10

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