Document:

Exhibit

Executed Version

FIFTH AMENDMENT
TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of February 23, 2016
AMONG
OASIS PETROLEUM NORTH AMERICA LLC,
AS BORROWER,
THE GUARANTORS PARTY HERETO,

WELLS FARGO BANK, N.A.,
AS ADMINISTRATIVE AGENT,
AND
THE LENDERS PARTY HERETO

FIFTH AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth Amendment”) dated as of February 23, 2016, is among OASIS PETROLEUM NORTH AMERICA LLC, a Delaware limited liability company (the “Borrower”); the Guarantors party hereto (the “Guarantors” and collectively with the Borrower, the “Credit Parties”); each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”) party hereto; and WELLS FARGO BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as the issuing bank (in such capacity, the “Issuing Bank”).
R E C I T A L S
A.    Parent, OP LLC, the Borrower, the Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of April 5, 2013, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of September 3, 2013, that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of September 30, 2014, that certain Third Amendment to Second Amended and Restated Credit Agreement dated as of April 13, 2015 and that certain Fourth Amendment to Second Amended and Restated Credit Agreement dated as of November 13, 2015 (the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 
B.    The Borrower, the Guarantors, the Administrative Agent and the Lenders party hereto desire to amend certain provisions of the Credit Agreement as set forth herein including providing for a reduction of the Aggregate Elected Commitment Amounts to $1,150,000,000 effective as of the Fifth Amendment Effective Date (as defined below).
C.    The Lenders desire to provide for the April 1, 2016 Scheduled Redetermination, pursuant to which the Borrowing Base will be reduced to $1,150,000,000 effective as of the Fifth Amendment Effective Date.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Fifth Amendment.  Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of the Credit Agreement.  
Section 2.    Amendments to Credit Agreement.
2.1    Amendments to Section 1.02.
(a)     The following definition is hereby amended and restated as follows:

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“Agreement” means this Second Amended and Restated Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment and as the same may be further amended or supplemented from time to time.
(b)    The following definitions are hereby added where alphabetically appropriate to read as follows: 
 “Fifth Amendment” means that certain Fifth Amendment to Second Amended and Restated Credit Agreement, dated as of February 23, 2016, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.
“Specified Redemption Test” means, at the time of determination, with respect to any event in connection with which such determination is made, each of the following conditions is satisfied: (a) no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing or would result from such event, (b) the amount of the undrawn Commitments after giving effect to such event shall represent at least 50% of the aggregate Commitments at such time and (c) the Borrower is able to satisfy each of the conditions contained in Section 6.02 at the time of determination.
2.2    Amendment to Section 2.06(c).  Section 2.06(c) is hereby amended by adding the following as the new Section 2.06(c)(viii) and the new Section 2.06(c)(ix) at the end thereof:
(viii)     Upon any redetermination or other adjustment in the Borrowing Base pursuant to this Agreement that would otherwise result in the Borrowing Base becoming less than the Aggregate Elected Commitment Amounts, the Aggregate Elected Commitment Amounts shall be automatically reduced (ratably among the Lenders in accordance with each Lender’s Applicable Percentage) so that they equal such redetermined Borrowing Base (and Annex I shall be deemed amended to reflect such amendments to each Lender’s Elected Commitment and the Aggregate Elected Commitment Amounts).
(ix)    Contemporaneously with any increase in the Borrowing Base pursuant to this Agreement, if (A) the Borrower elects to increase the Aggregate Elected Commitment Amount and (B) each Lender has consented to such increase in its Elected Commitment, then the Aggregate Elected Commitment Amount shall be increased (ratably among the Lenders in accordance with each Lender’s Applicable Percentage) by the amount requested by the Borrower (subject to the limitations set forth in Section 2.06(c)(ii)(A)) without the requirement that any Lender deliver an Elected Commitment Increase Certificate, and Annex I shall be deemed amended to reflect such amendments to each Lender’s Elected Commitment and the Aggregate Elected Commitment Amount. The Administrative Agent shall record the information regarding such increases in the Register required to be maintained by the Administrative Agent pursuant to Section 12.04(b)(iv).

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2.3    Amendment to Section 2.08(j).  Section 2.08(j) of the Credit Agreement is hereby amended by inserting “or Section 3.04(e)” after each reference to “Section 3.04(c)”.
2.4    Amendment to Section 3.04.  Section 3.04 is hereby amended by adding the following as the new Section 3.04(e) at the end thereof:
(e)     Excess Cash Balances.  If at any time while there are any Borrowings outstanding, the Borrower or any other Credit Party have any cash or cash equivalents (other than cash collateral) in excess of $50,000,000 in the aggregate at any time (other than (i) any cash set aside to pay royalty obligations of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within one Business Day) in order to pay, (ii) any cash set aside to pay in the ordinary course of business amounts (other than royalty obligations) of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers in order to pay and (iii) any cash of the Credit Parties constituting purchase price deposits held in escrow by an unaffiliated third party pursuant to a binding and enforceable purchase and sale agreement with an unaffiliated third party containing customary provisions regarding the payment and refunding of such deposits) (the “Excess Cash”), then the Borrower shall prepay the Borrowings in an amount equal to the Excess Cash; provided that to the extent that any Excess Cash results from the receipt of the proceeds of any sale or disposition of Property, then the Borrower shall not be required to prepay such Excess Cash until the fifth Business Day following the receipt of such proceeds.  Each prepayment of Borrowings pursuant to this Section 3.04(e) shall be applied as directed by the Borrower, provided that if the Borrower does not provide instructions for the application of such prepayment, such prepayment shall be applied, first, ratably to any ABR Borrowings then outstanding, and, second, to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding, to each such Eurodollar Borrowing in order of priority beginning with the Eurodollar Borrowing with the least number of days remaining in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the Interest Period applicable thereto.  Each prepayment of Borrowings pursuant to this Section 3.04(e) shall be applied ratably to the Loans included in the prepaid Borrowings.  Prepayments pursuant to this Section 3.04(e) shall be accompanied by accrued interest to the extent required by Section 3.02.
2.5    Amendments to Section 6.02.  
(a)    Section 6.02 of the Credit Agreement is hereby amended by inserting the following as the new clause (f) at the end thereof:

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(f)     At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, the Borrower together with the other Credit Parties shall not have any cash or cash equivalents (other than cash collateral) in excess of $50,000,000 in the aggregate (other than (i) any cash set aside to pay royalty obligations of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within 24 hours of such time) in order to pay, (ii) any cash set aside to pay in the ordinary course of business amounts (other than royalty obligations) of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers in order to pay and (iii) any cash of the Credit Parties constituting purchase price deposits held in escrow by an unaffiliated third party pursuant to a binding and enforceable purchase and sale agreement with an unaffiliated third party containing customary provisions regarding the payment and refunding of such deposits).
(b)    Section 6.02 of the Credit Agreement is further amended by inserting “and Section 6.02(f)” at the end of the final paragraph of such section. 
2.6    Amendment to Section 8.14(a).  Section 8.14(a) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
(a)    In connection with each redetermination of the Borrowing Base, the Borrower shall review the Reserve Report and the list of current Mortgaged Properties (as described in Section 8.12(c)(iv)) to ascertain whether the Mortgaged Properties represent at least 90% of the total value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report after giving effect to exploration and production activities, acquisitions, dispositions and production.  In the event that the Mortgaged Properties do not represent at least 90% of such total value, then the Borrower shall, and shall cause the Subsidiaries to, grant, within thirty (30) days of delivery of the certificate required under Section 8.12(c), to the Administrative Agent as security for the Indebtedness a first-priority Lien interest (provided that Excepted Liens of the type described in clauses (a) to (d) and (f) of the definition thereof may exist, but subject to the provisos at the end of such definition) on additional Oil and Gas Properties of the Credit Parties not already subject to a Lien of the Security Instruments such that after giving effect thereto, the Mortgaged Properties will represent at least 90% of such total value; provided that notwithstanding the foregoing, until the date that is thirty (30) days following the Fifth Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), the Mortgaged Properties shall only need to represent 80% of the total value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report.  All such Liens will be created and perfected by and in accordance with the provisions of deeds of trust, security agreements and financing statements or other Security Instruments, all in form and substance reasonably 

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satisfactory to the Administrative Agent and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes.  In order to comply with the foregoing, if any Subsidiary places a Lien on its Oil and Gas Properties and such Subsidiary is not a Guarantor, then it shall become a Guarantor and comply with Section 8.14(b).
2.7    Amendment to Section 9.04(b).  Section 9.04(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(b)    Repayment of Senior Notes; Amendment to Terms of Senior Notes.  The Parent, OP LLC and the Borrower will not, and will not permit any of their respective Subsidiaries to, prior to the date that is ninety-one (91) days after the Maturity Date:  (i) call, make or offer to make any optional or voluntary Redemption of or otherwise optionally or voluntarily Redeem (whether in whole or in part) the Senior Notes; provided that (A) the Parent may prepay the Senior Notes in one or more transactions in an aggregate amount not to exceed the net cash proceeds of any sale of Equity Interests (other than Disqualified Capital Stock) of the Parent to the extent that (x) such prepayment is consummated within 180 days of the consummation of such sale of Equity Interest and (y) after giving pro forma effect to such prepayment, no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing, and (B) the Parent may Redeem the Senior Notes in one more transactions to the extent that (x) the Specified Redemption Test is satisfied at the time of such Redemption, (y) the amount paid in respect of any Senior Note does not exceed 60% of the stated principal amount of such Senior Note and (z) the aggregate cash consideration paid by the Parent in respect of all Redemptions of Senior Notes pursuant to this Section 9.04(b)(i)(B) shall not exceed $175,000,000, or (ii) amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Senior Notes or the Senior Notes Indenture if (A) the effect thereof would be to shorten its maturity or average life or increase the amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest thereon or (B) such action requires the payment of a consent fee (howsoever described), provided that the foregoing shall not prohibit the execution of supplemental indentures associated with the incurrence of additional Senior Notes to the extent permitted by Section 9.02(j) or the execution of supplemental indentures to add guarantors if required by the terms of any Senior Notes Indenture provided such Person complies with Section 8.14(b) or (C) with respect to Senior Notes that are subordinated to the Indebtedness or any other Debt, designate any Debt (other than obligations of the Borrower and the Subsidiaries pursuant to the Loan Documents) as “Specified Senior Indebtedness” or “Specified Guarantor Senior Indebtedness” or give any such other Debt any other similar designation for the purposes of any Indenture related to Senior Notes that are subordinated to the Indebtedness or any other Debt.

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2.8    Replacement of Annex I.  Annex I to the Credit Agreement is hereby amended and restated in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement.
2.9    Amendment to Exhibit B.  Exhibit B to the Credit Agreement is hereby amended and restated in its entirety with Exhibit B attached hereto.
Section 3.    Borrowing Base Redetermination and Reduction in Aggregate Elected Commitment Amounts.  Pursuant to Section 2.07 of the Credit Agreement, the Administrative Agent and the Lenders agree that for the period from and including the Fifth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $1,150,000,000.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.7(e), Section 8.13(c) or Section 9.12(d).  For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2016 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2016 Scheduled Redetermination.  Furthermore, the parties hereto agree that the Aggregate Elected Commitment Amounts shall be reduced to $1,150,000,000.00, effective as of the Fifth Amendment Effective Date, and the Borrower and the Lenders agree and acknowledge that the Elected Commitment of each Lender shall be as more particularly set forth on Annex I attached hereto.
Section 4.    Conditions Precedent.  This Fifth Amendment shall become effective as of the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Fifth Amendment Effective Date”):
4.1    The Administrative Agent shall have received from the Borrower, each Guarantor and the Required Lenders counterparts (in such number as may be requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Person.
4.2    The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the date hereof, including those fees and other amounts payable pursuant to the Fee Letter dated as of February 23, 2016.
4.3    No Default shall have occurred and be continuing as of the date hereof after giving effect to the terms of this Fifth Amendment.
4.4    The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably require.
The Administrative Agent is hereby authorized and directed to declare this Fifth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 5.    Post-Closing Covenant.  On or prior to the date that is thirty (30) days following the Fifth Amendment Effective Date (or such later date as the Administrative Agent may agree in 

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its sole discretion), the Borrower and each Guarantor shall deliver to the Administrative Agent such title information and additional duly executed mortgages and/or mortgage supplements as may be necessary to comply with the requirements of Section 8.14(a) of the Credit Agreement as modified by this Fifth Amendment.  
Section 6.    Miscellaneous.
6.1    Confirmation and Effect.  The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the effectiveness of this Fifth Amendment.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.
6.2    No Waiver.    Neither the execution by the Administrative Agent or the Lenders of this Fifth Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of this Fifth Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this Fifth Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except as expressly provided herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  
6.3    Ratification and Affirmation; Representations and Warranties.  Each Credit Party hereby (a) acknowledges the terms of this Fifth Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fifth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

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6.4    Counterparts.  This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Fifth Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.
6.5    No Oral Agreement.  This Fifth Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.
6.6    GOVERNING LAW.  THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
6.7    Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
6.8    Severability.  Any provision of this Fifth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
6.9    Successors and Assigns.  This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
6.10    Loan Document.  This Fifth Amendment shall constitute a “Loan Document” under and as defined in Section 1.02 of the Credit Agreement.

[SIGNATURES BEGIN NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed as of the date first written above.
	
					
	BORROWER:
	 
	OASIS PETROLEUM NORTH AMERICA LLC

	 
	 
	 
	 
	 

	 
	 
	By:  /s/ Michael Lou                    

	 
	 
	Name:
	Michael Lou
	 

	 
	 
	Title:
	Executive Vice President and Chief

	 
	 
	 
	Financial Officer

	
					
	GUARANTORS:
	 
	OASIS PETROLEUM INC.

	 
	 
	OASIS PETROLEUM LLC

	 
	 
	OASIS PETROLEUM MARKETING LLC

	 
	 
	OASIS WELL SERVICES LLC

	 
	 
	OASIS MIDSTREAM SERVICES LLC

	 
	 
	 
	 
	 

	 
	 
	By:  /s/ Michael Lou                    

	 
	 
	Name:
	Michael Lou
	 

	 
	 
	Title:
	Executive Vice President and Chief

	 
	 
	 
	Financial Officer

                    

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	ADMINISTRATIVE AGENT,
	 
	 
	 

	ISSUING BANK AND LENDER:
	WELLS FARGO BANK, N.A.,

	 
	 
	as Administrative Agent, Issuing Bank and as a

	 
	 
	Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Edward Pak                            

	 
	 
	Name: Edward Pak

	 
	 
	Title:   Director

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	LENDERS:
	 
	CITIBANK, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Phil Ballard            

	 
	 
	Name:  Phil Ballard

	 
	 
	Title:    Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	JPMORGAN CHASE BANK, N.A.,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:   /s/ Anson Williams    

	 
	 
	Name:   Anson Williams

	 
	 
	Title:     Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	ROYAL BANK OF CANADA, as a Lender

	 
	 
	 

	 
	 
	By:   /s/ Evans Swann Jr.    

	 
	 
	Name:   Evans Swann Jr.

	 
	 
	Title:     Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	CAPITAL ONE, NATIONAL ASSOCIATION,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Kristin N. Oswald    

	 
	 
	Name: Kristin N. Oswald

	 
	 
	Title:   Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	COMPASS BANK,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Kathleen J. Bowen

	 
	 
	Name: Kathleen J. Bowen

	 
	 
	Title:   Managing Director

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,

	 
	 
	as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:   /s/ Trudy Nelson    

	 
	 
	Name:   Trudy Nelson

	 
	 
	Title:     Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	By:  /s/ William M. Reid    

	 
	 
	Name:  William M. Reid

	 
	 
	Title:    Authorized Signatory

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	DEUTSCHE BANK AG NEW YORK BRANCH,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Peter Cucchiara

	 
	 
	Name: Peter Cucchiara

	 
	 
	Title:   Vice President

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Michael Shannon

	 
	 
	Name: Michael Shannon

	 
	 
	Title:   Vice President

	 
	 
	 
	 
	 

                        

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	ING CAPITAL LLC,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By:    /s/ Josh Strong

	 
	 
	Name:   Josh Strong

	 
	 
	Title:    Director

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Michael Price

	 
	 
	Name: Michael Price

	 
	 
	Title:   Managing Director

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	CITIZENS BANK, N.A.,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Scott Donaldson

	 
	 
	Name: Scott Donaldson

	 
	 
	Title:   Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	U.S. BANK NATIONAL ASSOCIATION,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ John C. Lozano     

	 
	 
	Name: John C. Lozano

	 
	 
	Title:   Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	ZB, N.A. DBA AMEGY BANK,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ G. Scott Collins    

	 
	 
	Name: G. Scott Collins

	 
	 
	Title:   Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	By: /s/ John Moffitt

	 
	 
	Name: John Moffitt

	 
	 
	Title:   Assistant Vice President

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	BOKF, NATIONAL ASSOCIATION DBA

	 
	 
	BANK OF TEXAS, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Mari Salazar

	 
	 
	Name: Mari Salazar

	 
	 
	Title:   SVP, Energy Lending

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

    

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	BRANCH BANKING 

	 
	 
	TRUST COMPANY, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Kelly Graham

	 
	 
	Name: Kelly Graham

	 
	 
	Title:   Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	COMERICA BANK,

	 
	 
	as a Lender
	 
	 

	 
	 
	 
	 
	 

	 
	 
	By: /s/ William Robinson

	 
	 
	Name: William Robinson

	 
	 
	Title:   Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

    

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	CREDIT SUISSE AG,

	 
	 
	CAYMAN ISLANDS BRANCH, 

	 
	 
	as a Lender

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Nupur Kumar

	 
	 
	Name: Nupur Kumar

	 
	 
	Title:    Authorized Signatory

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Warren Van Heyst

	 
	 
	Name: Warren Van Heyst

	 
	 
	Title:    Authorized Signatory

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	REGIONS BANK, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Iris Zhang

	 
	 
	Name: Iris Zhang
	 

	 
	 
	Title:   Director

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

	
					
	 
	 
	IBERIABANK, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By: /s/ Stacy Goldstein    

	 
	 
	Name: Stacy Goldstein

	 
	 
	Title:   Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Signature Page to Fifth Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

ANNEX I
 
LIST OF MAXIMUM CREDIT AMOUNTS
AND
ELECTED COMMITMENTS

Aggregate Maximum Credit Amounts and 
Aggregate Elected Commitment Amounts
	
									
	Name of Lender
	Applicable Percentage
	Maximum 
Credit Amount
	Elected Commitment

	Wells Fargo Bank, N.A.
	11.147540980
	%
	

	$278,688,524.52
	

	

	$128,196,721.29
	

	Citibank, N.A.
	9.836065574
	%
	

	$245,901,639.31
	

	

	$113,114,754.10
	

	JPMorgan Chase Bank, N.A.
	9.836065574
	%
	

	$245,901,639.31
	

	

	$113,114,754.10
	

	Royal Bank of Canada
	8.852459016
	%
	

	$221,311,475.41
	

	

	$101,803,278.69
	

	Capital One, National Association
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	Compass Bank
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	Canadian Imperial Bank Of Commerce, New York Branch
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	Deutsche Bank AG New York Branch
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	ING Capital LLC
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	Citizens Bank, N.A.
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	U.S. Bank National Association
	5.573770492
	%
	

	$139,344,262.31
	

	

	$64,098,360.66
	

	Amegy Bank National Association
	3.278688525
	%
	

	$81,967,213.12
	

	

	$37,704,918.03
	

	BOKF, National Association DBA Bank of Texas
	3.278688525
	%
	

	$81,967,213.12
	

	

	$37,704,918.03
	

	Branch Banking and Trust Company
	3.278688525
	%
	

	$81,967,213.12
	

	

	$37,704,918.03
	

	Comerica Bank
	3.278688525
	%
	

	$81,967,213.12
	

	

	$37,704,918.03
	

	Credit Suisse AG, Cayman Islands Branch
	3.278688525
	%
	

	$81,967,213.12
	

	

	$37,704,918.03
	

	Regions Bank
	3.278688525
	%
	

	$81,967,213.12
	

	

	$37,704,918.03
	

	Iberiabank
	1.639344262
	%
	

	$40,983,606.56
	

	

	$18,852,459.02
	

	         TOTAL
	100.00%
	

	$2,500,000,000.00
	

	

	$1,150,000,000.00
	

EXHIBIT A

Annex I

EXHIBIT B 
FORM OF BORROWING REQUEST
[                   ], 201[ ]
Oasis Petroleum North America LLC, a Delaware limited liability company (the “Borrower”), pursuant to Section 2.03 of the Second Amended and Restated Credit Agreement dated as of April 5, 2013 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”) among the Borrower, Oasis Petroleum Inc., a Delaware corporation (the “Parent”), Oasis Petroleum LLC, a Delaware limited liability company (“OP LLC”), Wells Fargo Bank, N.A., as Administrative Agent and the other agents and lenders (the “Lenders”) which are or become parties thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit Agreement), hereby request a Borrowing as follows:
(i)    Aggregate amount of the requested Borrowing is $[                   ];
(ii)    Date of such Borrowing is [                   ], 201[   ];
(iii)    Requested Borrowing is to be [an ABR Borrowing] [a Eurodollar Borrowing];
(iv)    In the case of a Eurodollar Borrowing, the initial Interest Period applicable thereto is [                   ];
(v)    Amount of Borrowing Base in effect on the date hereof is $[                   ];
(vi)    Amount of the Aggregate Elected Commitment Amounts on the date hereof is $[                   ];
(vii)    Total Revolving Credit Exposures on the date hereof (i.e., outstanding principal amount of Loans and total LC Exposure) is $[                   ]; and
(viii)    Pro forma total Revolving Credit Exposures (giving effect to the requested Borrowing) is $[                   ]; 
(ix)    At the time of and immediately after giving effect to the requested Borrowing, the Borrower together with the other Credit Parties shall not have any cash or cash equivalents (other than cash collateral) in excess of $50,000,000 in the aggregate (other than (i) any cash set aside to pay royalty obligations of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within 24 hours of such time) in order to pay, (ii) any cash set aside to pay in the ordinary course of business amounts (other than royalty obligations) of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers in order to pay and (iii) any cash of the Credit Parties constituting purchase price deposits held in escrow by an unaffiliated third party pursuant to a binding and enforceable purchase and sale agreement with an unaffiliated third party containing customary provisions regarding the payment and refunding of such deposits); and

Exhibit B

(x)    Location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05 of the Credit Agreement, is as follows:
[                ]
[                ]
[                ]
[                ]
[                ]

Exhibit B

The undersigned certifies that he/she is the [                ] of the Borrower, and that as such he/she is authorized to execute this certificate on behalf of the Borrower.  The undersigned further certifies (only in his/her capacity as an officer and not individually), represents and warrants on behalf of the Borrower that the Borrower is entitled to receive the requested Borrowing under the terms and conditions of the Credit Agreement.
OASIS PETROLEUM NORTH AMERICA LLC

By:        
Name:        
Title:        

Exhibit BExhibit 10.4

 

SECOND AMENDMENT TO LEASE

 

This Second Amendment to Lease (this “Amendment”) is dated as of August 1, 2015, by and between DIV NEEDHAM 115 LLC, a Massachusetts limited liability company (successor-in-interest to Fourth Avenue Ventures Limited Partnership), as landlord (“Landlord”), and CELLDEX THERAPEUTICS, INC., a Delaware corporation (successor-by name-change to T Cell Sciences, Inc. and Avant Immunotherapeutics, Inc.), as tenant (“Tenant”), with respect to that certain Lease dated as of May 1, 1996 (the “1996 Lease”), as amended by that certain First Amendment to Lease dated as of November 29, 2005 (the “First Amendment”; the 1996 Lease as amended by the First Amendment is referred to herein as the “Original Lease”, and the Original Lease as amended hereby is referred to herein as the “Lease”), by and between Landlord and Tenant, regarding certain premises (the “Existing Premises”) constituting approximately 35,189 rentable square feet on the first (1st) floor of the building located at 115-119 Fourth Avenue, Needham, Massachusetts (the “Building”), as more particularly described in the Lease.

 

WHEREAS, Landlord and Tenant desire to enter into this Amendment to modify certain terms and conditions of the Lease, as more particularly set forth herein.

 

NOW, THEREFORE, for One Dollar ($1.00) and other good and valuable consideration, and in consideration of the mutual covenants and agreements set forth herein, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree that:

 

A.                                    Defined Terms.  Unless otherwise defined herein, all capitalized terms used in this Amendment shall have the meanings ascribed to them in the Original Lease.

 

B.                                    Lease Amendments.  The Original Lease is hereby amended as follows:

 

1.                                      Term.  Landlord and Tenant acknowledge and agree that the Lease Term commenced on May 1, 1996 and is scheduled to expire on April 30, 2017.  Landlord and Tenant hereby extend the Lease Term for the period commencing on May 1, 2017 and expiring on July 31, 2020 (the “Additional Term”), unless further extended or earlier terminated in accordance with the provisions of the Lease.

 

2.                                      Expansion Premises.  Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, certain space currently leased to Partners Community Healthcare, Inc. (“Partners”), such space consisting of approximately 11,540 rentable square feet on the first (1st) floor of the Building as more particularly described on Exhibit A attached hereto (the “Expansion Premises”).  Tenant acknowledges that Partners, under its lease, has the right to occupy the Expansion Premises through and including November 30, 2017, with an option to extend its lease term through and including November 30, 2022.  Effective as of the date on which Landlord delivers the Expansion Premises to Tenant in the condition required by Section 3 of this Amendment (the “Expansion Premises Commencement Date”), and continuing for the duration of the Lease Term (as extended by the Additional Term), the Expansion Premises

 

1

 

shall be added to the “Premises” demised under the Lease.  Landlord shall use commercially reasonable efforts to provide written notice to Tenant at least ninety (90) days prior to the date which Landlord reasonably anticipates to be the Expansion Premises Commencement Date, it being acknowledged that Landlord estimates that the Expansion Premises Commencement Date will occur approximately fifteen (15) days after the date on which Partners vacates the Expansion Premises and delivers the Expansion Premises to Landlord.  As of the Expansion Premises Commencement Date, (i) the “Premises” shall be deemed to include both the Existing Premises and the Expansion Premises, (ii) the rentable area of the Premises shall be deemed to equal 46,729 rentable square feet, and (iii) Tenant’s Proportionate Fraction shall be increased from 44.78% to 59.47%.  Except as expressly provided herein, all terms and provisions of the Original Lease shall be applicable to Tenant’s leasing of the Expansion Premises.

 

3.                                      Delivery Condition of Expansion Premises.  Landlord shall deliver the Expansion Premises in its “as is” condition as of the Expansion Premises Commencement Date, without any obligation on the part of Landlord to perform any construction therein or to prepare the same for Tenant’s occupancy; provided, however, that Landlord agrees (i) to deliver in good working order those base building systems which exclusively serve the Expansion Premises, and (ii) to deliver the Expansion Premises in compliance with applicable law (except Landlord shall have no obligation to perform upgrades to bring ADA-noncompliant bathrooms into compliance).

 

4.                                      Delivery Condition of Existing Premises.  Tenant shall continue in possession of the Existing Premises in its “as is” condition as of the date of this Amendment, without any obligation on the part of Landlord to perform any construction therein or to prepare the same for Tenant’s occupancy.

 

5.                                      Second Amendment Allowance.

 

(i)                                     Subject to the terms of this Amendment, Tenant shall be entitled to receive from Landlord an allowance (the “Second Amendment Allowance”) up to and not to exceed $321,617.50 (i.e., calculated at the rate of $7.50 per rentable square foot of the Existing Premises, plus $5.00 per rentable square foot of the Expansion Premises) for tenant improvements within, at Tenant’s sole election, either the Existing Premises or the Expansion Premises (the “Second Amendment Improvements”).  Upon the request of Tenant, Landlord shall provide Tenant with one (1) initial fit plan as well as one (1) revision to the initial fit plan, all at Landlord’s sole cost and without resort to the Second Amendment Allowance; provided, however, that as of December 31, 2015, Landlord shall have no further obligation to provide the initial fit plan or to make any revisions thereto.  The Second Amendment Allowance shall be used to contribute toward the payment of documented, out-of-pocket, so-called “hard” construction costs incurred by Tenant in constructing the Second Amendment

 

2

 

Improvements (the “Second Amendment Work Cost”) consistent with the plans, drawings and specifications (“Second Amendment Plans”) which have been reviewed and approved by Landlord (such approval not to be unreasonably withheld or delayed) prior to the commencement of such Second Amendment Improvements.  Notwithstanding the foregoing, no more than ten percent (10%) of the Second Amendment Allowance (i.e., $32,161.75) shall be eligible for application to so-called “soft costs” incurred by Tenant in designing and constructing the Second Amendment Improvements.  Tenant shall provide Landlord with information as reasonably requested by Landlord to substantiate the complete Second Amendment Work Cost following acceptance of any bids for the Second Amendment Improvements in accordance with the Second Amendment Plans.  At the expiration or earlier termination of the Lease Term, Tenant shall, at Tenant’s sole cost and expense, remove and restore (a) any components of the Second Amendment Improvements for which Landlord requires restoration in writing at the time of Landlord’s approval of the Second Amendment Plans, and (b) any specialty alterations not typically performed under tenancies having general office use, as determined by Landlord in its reasonable discretion.

 

(ii)                                  Tenant shall notify Landlord of the parties which Tenant intends to use as architect, engineer and contractor for the Second Amendment Improvements, and such consultants shall be subject to Landlord’s prior written consent (not to be unreasonably withheld, conditioned or delayed).

 

(iii)                               Tenant shall obtain and furnish to Landlord true and complete copies of all necessary governmental permits and certificates as may be required (a) for the commencement and prosecution of the Second Amendment Improvements and (b) to evidence final approval thereof upon completion.  It shall be the responsibility of Tenant: (i) to submit, at its sole cost and expense, all Second Amendment Plans to any governmental authority requiring the same, and (ii) to secure and pay for all permits or governmental approvals necessary to construct the Second Amendment Improvements and to use and occupy the Premises (including, without limitation, any required certificate of occupancy).  Landlord shall not charge Tenant any oversight or supervisory fee with regard to Tenant’s initial construction of the Second Amendment Improvements.

 

(iv)                              Tenant shall construct the Second Amendment Improvements in accordance with the Second Amendment Plans, and any material deviations from the Second Amendment Plans shall require resubmission to Landlord, for Landlord’s prior approval, of detailed plans and drawings describing such material deviations.  Tenant shall construct and complete the Second Amendment Improvements in a good and workmanlike manner, using materials of first quality (using no less than building standard materials and finishes) and shall comply with the Landlord’s

 

3

 

construction standards, all applicable requirements of insurance bodies and with the Second Amendment Plans.

 

(v)                                 Tenant shall pay all debts incurred and shall satisfy or bond all liens of contractors, subcontractors, mechanics, laborers, and materialmen in respect to construction, alteration and repair in and on the Premises.  If any mechanic’s, laborer’s, or materialman’s lien shall at any time be filed against the Building (or any portion thereof) by reason of any act or omission of Tenant, Tenant shall cause the same to be discharged by payment, deposit, bond or order of a court of competent jurisdiction within twenty (20) days of written notice of Landlord.

 

(vi)                              The Second Amendment Allowance shall be payable by Landlord to Tenant not more than one (1) time per month on a progress payment basis.  In connection with each request for payment, Tenant shall submit to Landlord a detailed requisition request satisfactory to Landlord (each, a “Requisition Request”).  Each disbursement to Tenant shall be made within thirty (30) days after Tenant has delivered to Landlord evidence of the completion of the Second Amendment Improvements (or any portion thereof) pursuant to the Second Amendment Plans and a complete Requisition Request and shall be in an amount equal to the substantiated amount of the expense paid or incurred by Tenant with respect to the Second Amendment Work Cost.  Landlord shall not be obligated to pay any portion of the Second Amendment Allowance during such time that Tenant is in default of any of its obligations under the Lease.  In no event shall Landlord be responsible for any sums in excess of the Second Amendment Allowance, and as a result, after Landlord has disbursed the full amount of the Second Amendment Allowance, Tenant shall be financially responsible for all remaining construction expenses for its Second Amendment Improvements.  Each Requisition Request shall be accompanied by (a) reasonably detailed invoices and billing statements evidencing the completion of the work that is the subject of such Requisition Request, (b) sworn tenant’s and contractor’s statements in customary form in use by Chicago Title Insurance Company reflecting (i) the total cost of the Second Amendment Improvements, provided, however, that line items for work or materials not yet bid or let (e.g., furniture) shall reflect a projected amount and clearly reflect such line items as not yet let; (ii) the progress payments funded to date; (iii) the amount to be funded for the draw being requested; and (iv) the balance to be disbursed, (c) such contractor’s affidavits and partial or final lien waivers as Landlord shall require; (d) with respect to the final draw request, a certificate from Tenant’s architect stating that the Second Amendment Work has been completed in accordance with the Second Amendment Plans and applicable zoning, building, environmental and other laws and final lien waivers, and (e) any other commercially reasonable documentation that may be requested by Landlord.  Tenant

 

4

 

shall submit all Requisition Requests no sooner than the Expansion Premises Commencement Date and no later than the day that is six (6) months following the Expansion Premises Commencement Date, unless delayed by Acts of God (as defined in Section 14.5 of the 1996 Lease), and Landlord shall have no obligation to pay any monies with respect to the Second Amendment Improvements outside of such period.

 

(vii)                           Tenant no longer shall have the right to seek reimbursement from Landlord for Qualified Tenant Improvements.  Accordingly, Section 15.3 of the 1996 Lease is hereby made void and shall be of no further force and effect.

 

6.                                      Annual Fixed Rent.

 

(i)                                     Effective as of August 1, 2015, notwithstanding the Annual Fixed Rent chart set forth in Section 5(a) of the First Amendment, Annual Fixed Rent for the Existing Premises shall be payable in the manner set forth in Section 4 of the 1996 Lease, at the rates set forth below.

 

	
Period
    	
 
    	
Annual Fixed Rent
    	
 
    	
Monthly Installment
    	
 
    
	
August 1, 2015 – July 31, 2016
    	
 
    	
$
    	
1,073,264.50
    	
 
    	
$
    	
89,438.71
    	
 
    
	
August 1, 2016 – July 31, 2017
    	
 
    	
$
    	
1,102,823.26
    	
 
    	
$
    	
91,901.94
    	
 
    
	
August 1, 2017 – July 31, 2018
    	
 
    	
$
    	
1,133,085.80
    	
 
    	
$
    	
94,423.82
    	
 
    
	
August 1, 2018 – July 31, 2019
    	
 
    	
$
    	
1,164,404.01
    	
 
    	
$
    	
97,033.67
    	
 
    
	
August 1, 2019 – July 31, 2020
    	
 
    	
$
    	
1,196,426.00
    	
 
    	
$
    	
99,702.17
    	
 
    

 

(ii)                                  Effective as of the Expansion Premises Commencement Date, Annual Fixed Rent for the Expansion Premises shall be payable in the manner set forth in Section 4 of the 1996 Lease, at the rates set forth below.  For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Tenant shall owe no Annual Fixed Rent in respect of the Expansion Premises for the period prior to the Expansion Premises Commencement Date.

 

	
Period*
    	
 
    	
Annual Fixed Rent
    	
 
    	
Monthly Installment
    	
 
    
	
August 1, 2015 – July 31, 2016
    	
 
    	
$
    	
351,970.00
    	
 
    	
$
    	
29,330.83
    	
 
    
	
August 1, 2016 – July 31, 2017
    	
 
    	
$
    	
361,663.60
    	
 
    	
$
    	
30,138.63
    	
 
    
	
August 1, 2017 – July 31, 2018
    	
 
    	
$
    	
371,588.00
    	
 
    	
$
    	
30,965.67
    	
 
    
	
August 1, 2018 – July 31, 2019
    	
 
    	
$
    	
381,858.60
    	
 
    	
$
    	
31,821.55
    	
 
    
	
August 1, 2019 – July 31, 2020
    	
 
    	
$
    	
392,360.00
    	
 
    	
$
    	
32,696.67
    	
 
    

 

5

 

* Notwithstanding the foregoing, provided that no default has occurred beyond applicable notice and cure periods under the Lease, Tenant shall not be obligated to make payments of Annual Fixed Rent in respect of the Expansion Premises for the period commencing on the Expansion Premises Commencement Date and ending on the earlier of (a) the day before the Town of Needham issues a temporary or permanent certificate of occupancy for the Expansion Premises, and (b) the one hundred twentieth (120th) day following the Expansion Premises Commencement Date.

 

7.                                      Additional Rent.  From the date of this Amendment through and including the Additional Term, Tenant shall continue to pay Additional Rent and all other charges due under the Lease in respect of the Existing Premises.  From and after the Expansion Premises Commencement Date, through and including the Additional Term, Tenant shall pay Additional Rent and all other charges due under the Lease in respect of the Existing Premises.  Landlord represents and warrants that the Expansion Premises will be submetered for electricity as of the Expansion Premises Commencement Date.

 

8.                                      Utilities.  For the period commencing on the date of this Amendment through and including the Additional Term, Tenant shall continue to pay all charges for Tenant’s utilities in respect of the Existing Premises in accordance with Section 7.1 of the 1996 Lease.  For the period commencing on the Expansion Premises Commencement Date through and including the Additional Term, Tenant shall pay all charges for Tenant’s utilities in respect of the Expansion Premises in accordance with Section 7.1 of the 1996 Lease.  HVAC shall be available in the Expansion Premises Monday through Friday from 7:30 a.m. to 6:30 p.m. and Saturdays from 9:00 a.m. to 3:00 p.m.

 

9.                                      HVAC Maintenance.  For the period commencing on the date of this Amendment through and including the Additional Term, Tenant shall continue to be solely responsible for the cost of maintenance, replacement and repair of those portions of the HVAC equipment and systems solely serving the Existing Premises, all in accordance with Section 13 of the First Amendment.  Within the period of sixty (60) days prior to the Expansion Premises Commencement Date, Landlord shall cause the HVAC equipment serving the Expansion Premises to be inspected by a properly qualified technical firm selected by Landlord in its reasonable discretion, which technical firm shall certify that such HVAC equipment is in good working condition. If such HVAC equipment is not then in good working condition, then Landlord shall cause such HVAC equipment to be placed in good working condition at Landlord’s expense prior to the Expansion Premises Commencement Date.  For the period commencing on the Expansion Premises Commencement Date through and including the Additional Term, Landlord shall have control of and shall maintain, repair and replace the HVAC equipment and systems serving the Expansion Premises, all in accordance with Section 13 of the First Amendment, it being acknowledged and agreed that the

 

6

 

HVAC equipment and systems serving the Expansion Premises are “Common HVAC” under Section 13 of the First Amendment.

 

10.                               Parking.  Effective as of the Expansion Premises Commencement Date, (i) thirteen (13) of the spaces which Tenant is entitled to use under Section 1.3 of the 1996 Lease, which thirteen (13) parking spaces are shown on Exhibit B attached hereto (the “Reserved Parking Spaces”), will be designated, marked and identified by Landlord as being reserved for the exclusive use of Tenant and its employees and invitees, it being acknowledged, however, that Landlord shall be under no obligation to enforce Tenant’s exclusive parking rights, and (ii) Tenant shall be entitled to use one hundred thirty-seven (137) unreserved parking spaces (the “Unreserved Parking Spaces”), subject to and in accordance with Section 1.3 of the 1996 Lease.  For the avoidance of doubt, Landlord and Tenant hereby acknowledge and agree that the Unreserved Parking Spaces shall be allocated as follows: 103 unreserved parking spaces on the “Building Parcel” (as designated on Exhibit B) and 34 unreserved parking spaces on the “Parking Parcel” (as designated on Exhibit B).

 

11.                               Extension Terms.  Tenant shall have the right to extend the Lease Term for two (2) periods of five (5) years each, subject to and in accordance with the terms and conditions of Section 8 of the First Amendment.  Accordingly, Section 8 of the First Amendment is hereby amended by (i) deleting the phrase “one extended term” and substituting therefor the phrase “two extended terms (the “Second Extension Term” and the “Third Extension Term”, respectively)”, and (ii) except for the instance of “Second Extension Term” in the first (1st) sentence of said Section 8 (which is modified by the foregoing clause (i)), deleting the phrase “Second Extension Term” in each instance and substituting therefor the phrase “Second Extension Term or Third Extension Term, as applicable”, it being acknowledged that (notwithstanding the foregoing deletion and substitution), during the Second Extension Term, Tenant shall have one (1) further option to extend the Lease Term for the Third Extension Term.

 

12.                               Insurance.  Effective as of the date of this Amendment, Section 6.1(g) of the First Amendment is hereby amended by deleting the phrase “the Extension Term” and substituting therefor the phrase “any extended term of this Lease”, it being agreed that Landlord shall have the right to increase insurance limits or require additional types of insurance coverage, all as more particularly provided in Section 6.1(g) of the First Amendment, effective as of the first day of the Additional Term, the Second Extension Term, the Third Extension Term or any other extended term of the Lease.

 

13.                               Exterior Signage.  Subject to Landlord’s reasonable approval as to size, design, location and method of installation, not to be unreasonably withheld, delayed or conditioned, and to applicable laws, Tenant shall have the right, prior to the first anniversary of the Expansion Premises Commencement Date, to install and thereafter maintain one sign on the exterior of the Building (the “Exterior

 

7

 

Building Signage”).  Tenant shall be responsible, at Tenant’s expense, for obtaining all permits related to the installation of Tenant’s Exterior Building Signage.  The provisions of this paragraph are personal to Celldex Therapeutics, Inc. or a successor entity under a “Merger” or as a result of a transfer to a parent or subsidiary of Tenant for which Landlord’s consent is not required, all as more particularly provided in Section 9.13(a) of the 1996 Lease (as amended and restated by Section 9(a) of the First Amendment) .  Notwithstanding anything herein to the contrary, if (i) Tenant defaults beyond applicable notice and cure periods under the Lease, or (ii) Tenant subleases more than forty percent (40%) of the then rentable area of the Premises, or (iii) the Lease expires or otherwise terminates, Tenant’s right to the Exterior Building Signage shall terminate, and Tenant shall remove the Exterior Building Signage and repair any damage caused by such removal, at Tenant’s sole cost, in a commercially reasonable manner that restores the portion of the Building that was subject to the Exterior Building Signage to substantially the condition that existed prior to the installation of the Exterior Building Signage.  If Tenant’s Exterior Building Signage requires municipal or other governmental approval, and such approval is denied, Landlord shall not be deemed to be in default hereunder and the Lease shall continue in full force and effect, it being agreed, however, that Landlord shall use reasonable efforts (at no cost or legal obligation to Landlord) to cooperate with Tenant in obtaining such approvals, including, without limitation, executing such documentation that is required of Landlord by such municipal or governmental authority in connection therewith.  If Tenant does not install Exterior Building Signage prior to the first anniversary of the Expansion Premises Commencement Date, then Tenant’s rights to install Exterior Building Signage shall terminate.  Landlord shall have the right to relocate the Exterior Building Signage on a temporary basis in connection with the maintenance and repair of the Building.

 

14.                               Right of First Refusal.  Commencing on the Expansion Premises Commencement Date, Tenant shall have a right of first refusal on certain space in the Building, as more particularly provided in Exhibit C attached hereto.

 

15.                               Roof Penetrations.  Subject to Landlord’s approval, which shall not be unreasonably withheld, conditioned or delayed, Tenant shall have the right to repair and service Tenant’s existing HVAC equipment on the roof of the Building and to replace such equipment in the same location and to add new equipment that is substantially similar in size and function, except as provided in the next succeeding sentence.  Tenant shall not install any new HVAC equipment on the lower, front, roof of the Building (commonly called the “view roof”) or make any new penetrations on that portion of the roof of the Building (collectively, “New Lower Roof Equipment and Penetrations”) without Landlord’s prior written consent to the location, design, materials and installation method thereof, which consent Landlord reserves the right to withhold for any reason in Landlord’s sole and absolute discretion.  In the event that Landlord approves any roof penetrations (whether New Lower Roof Penetration or any others), (i) Tenant shall be solely responsible for obtaining any and all permits and approvals required in connection

 

8

 

with installation of such penetrations and the ongoing maintenance thereof, and for any and all costs in connection with the permitting, fabrication, installation and maintenance of such penetrations, (ii) Tenant shall maintain all such penetrations in good condition at all times, and (iii) at the expiration or earlier termination of the Lease, Tenant shall remove all such penetrations, repair all damage caused by such removal, and restore the roof of the Building to its condition immediately prior to installation of all such penetrations.

 

16.                               Landlord’s Address for Notices and Payments.  Section 1.1 of the 1996 Lease is hereby amended by deleting the “Address of Landlord” set forth therein and substituting therefor “c/o Davis Management Company, LLC, 125 High Street, 21st Floor, Boston, Massachusetts 02110”.

 

C.                                    Broker.  Tenant hereby represents and warrants that it has not directly or indirectly dealt with any broker or other party entitled to a commission or fee by virtue of this Amendment other than Jones Lang LaSalle and The Garibaldi Group (collectively, the “Broker”) and agrees to indemnify, defend and hold Landlord harmless from any and all loss, cost, damage, claim or expense arising from any claims for commissions or fees by any third parties, other than the Broker, based on dealing with Tenant in connection with the Premises or this Amendment.

 

D.                                    Governing Law/Binding Effect.  The Lease and this Amendment and the rights and obligations of both parties thereunder and hereunder shall be governed by the laws of the Commonwealth of Massachusetts and shall be binding upon and inure to the benefit of the Landlord and Tenant and their respective legal representatives, successors and assigns.

 

E.                                     Entire Understanding.  This Amendment contains the entire understanding between the Landlord and Tenant and supersedes any prior understandings and agreements between them respecting the subject matter of this Amendment.  No modification of the Lease as amended by this Amendment shall be valid or effective unless in writing and signed by the party against whom the modification is to be enforced.

 

F.                                      General Provisions.  Except as specifically amended in this Amendment, the Original Lease is and shall remain in full force and effect and has not been amended, modified, terminated or assigned.  No portion of the Premises has been assigned, sublet or licensed for use by any other occupant.  In the event there is a contradiction between the Original Lease and this Amendment, this Amendment shall govern.  Tenant acknowledges that Landlord’s and Tenant’s lease covenants are independent and that Tenant has no claim of default, setoff, counterclaim or defenses and no claim of abatement, reduction, adjustments, or concessions with respect to rent and/or other charges under the Original Lease as of the date hereof, and to the extent any of the same exist, they are hereby waived in full.

 

[signatures on following page]

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9

 

	
EXECUTED as a sealed instrument as of the date   first set forth above.
    
	
 
    	
 
    
	
LANDLORD:
    	
 
    
	
 
    	
 
    
	
DIV NEEDHAM 115 LLC, a Massachusetts limited   liability company
    
	
 
    	
 
    
	
By: Fourth Avenue Ventures Limited Partnership,   its manager
    
	
 
    	
 
    
	
By: Cendav Investment Corp., its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jonathan Davis
    	
 
    
	
 
    	
Name:   Jonathan Davis
    	
 
    
	
 
    	
Title:   President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TENANT:
    	
 
    
	
 
    	
 
    
	
CELLDEX   THERAPEUTICS, INC., a Delaware corporation
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Avery W. Catlin
    	
 
    
	
 
    	
Name:   Avery W. Catlin
    	
 
    
	
 
    	
Title:   SVP & CFO
    	
 
    
					

 

 

SECRETARY’S CERTIFICATE

 

I, Anthony S. Marucci, President & CEO of CELLDEX THERAPEUTICS, INC., a Delaware corporation (the “Company”), hereby certify that by Board Meeting on September 9, 2015, approval was given for the Company, as tenant, to enter into a Second Amendment to Lease with DIV NEEDHAM 115 LLC, as landlord, with respect to the Company’s lease in the building located at, known as and numbered 115-119 Fourth Avenue, Needham, Massachusetts, a copy of which Second Amendment to Lease is attached hereto and made a part hereof.

 

I further certify that Avery W. Catlin, as SVP & CFO of the Company has authority to execute and deliver to the landlord said Second Amendment to Lease on behalf of the Corporation.

 

Witness my hand and seal of the Corporation this 30th day of October, 2015.

 

	
 
    	
 
    
	
 
    	
/s/   Anthony S. Marucci
    
	
 
    	
Name:   Anthony S. Marucci
    
	
 
    	
Title:   President & CFO
    

 

 

EXHIBIT A

 

Expansion Premises

 

 

 

EXHIBIT B

 

Parking Spaces

 

 

 

EXHIBIT C

 

Right of First Refusal

 

Tenant shall have an ongoing right of first refusal (the “Right of First Refusal”) to lease certain ROFR Space (hereinafter defined), subject to the terms and conditions of this Exhibit C and the existing rights of any other tenants leasing space at the Building as of the date of this Amendment.

 

1.                                      Notice Of Availability.  Commencing on the Expansion Premises Commencement Date and continuing until July 31, 2018 (the “ROFR Period”), at such time as Landlord shall receive a bona fide written offer which Landlord is prepared to accept (a “Bona Fide Offer”) from a prospective third-party tenant to lease any space in the Building which is contiguous to the then Premises (such space, the “ROFR Space”), Landlord shall give Tenant written notice thereof (the “ROFR Notice”).  The ROFR Notice shall set out the terms and conditions of the Bona Fide Offer in respect of the ROFR Space.  Tenant shall have no Right of First Refusal during the Second Extension Term or the Third Extension Term, neither of which Extension Term shall constitute a portion of the ROFR Period.

 

2.                                      Conditions to Exercise.  In addition to any other terms or conditions set forth herein, Tenant’s exercise of its Right of First Refusal is conditioned upon Tenant’s compliance with the following requirements:

 

(a)                                 Tenant delivers to Landlord written notice exercising its right to lease the ROFR Space on the terms of the Bona Fide Offer within five (5) days after Tenant’s receipt of the ROFR Notice, it being agreed and acknowledged by the parties hereto that in the event of any failure by Tenant to timely exercise its right to lease the ROFR Space, Landlord shall have a period of twelve (12) months after delivery of the ROFR Notice within which to fully execute and deliver a lease with the tenant which submitted the Bona Fide Offer on substantially the terms and conditions set forth in the Bona Fide Offer, failing which the Right of First Refusal shall renew and Landlord shall again notify Tenant of any Bona Fide Offer received during the ROFR Period.

 

(b)                                 Tenant is not in default under the Lease beyond all applicable notice and cure periods at the time Landlord gives the ROFR Notice and at the commencement of the lease of ROFR Space by Tenant; and

 

(c)                                  Tenant must lease all of the ROFR Space on the terms and conditions of the Bona Fide Offer

 

(d)                                 On the date of the Bona Fide Offer, Celldex Therapeutics, Inc. must be occupying one hundred percent (100%) of the then Premises demised under the Lease, without any portion of the then Premises subject to a sublease or other occupancy agreement.

 

3.                                      Terms.  The following terms shall apply to and govern the lease of the ROFR Space:

 

 

(a)                                 For any Bona Fide Offer received during the period of twenty-four (24) months immediately following the Expansion Premises Commencement Date, Annual Fixed Rent, tenant improvement allowance and tenant inducements shall be equitably and proportionately adjusted to be consistent with the terms of this Amendment (it being agreed that, for purposes of such equable and proportionate adjustment, the applicable tenant improvement allowance shall be $5.00 per rentable square foot of the ROFR Space, consistent with the portion of the Second Amendment Allowance granted by Landlord in respect of the Expansion Premises), and the term of Tenant’s tenancy of the ROFR Space shall begin on the date proposed for occupancy in the Bona Fide Offer and shall expire coterminous with the expiration or earlier termination of the Lease Term.

 

(b)                                 For any Bona Fide Offer received after the period of twenty-four (24) months immediately following the Expansion Premises Commencement Date, Annual Fixed Rent, tenant improvement allowance, tenant inducements, and term commencement and expiration shall be as set forth in the Bona Fide Offer.

 

(c)                                  The other terms and conditions, including, without limitation, the payment by Tenant of Additional Rent and other charges, shall be the same as set forth in the Lease with respect to the balance of the Premises.

 

4.                                      Documentation.  Within fifteen (15) days after receipt from Landlord, Tenant shall execute and deliver to Landlord those instruments Landlord reasonably requests to evidence any lease of ROFR Space under this Exhibit C.

 

5.                                      Termination.  Notwithstanding anything to the contrary contained herein, any assignment or subletting by Tenant pursuant to the provisions of the Lease shall terminate the Right of First Refusal and the same shall be null and void and without recourse to either party hereto.  In addition, the Right of First Refusal granted hereby shall expire by its own terms at such time as less than twenty-four (24) months remain in the Additional Term from the date on which the term of Tenant’s tenancy of the ROFR Space would have commenced in accordance with the provisions of this Exhibit C.

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