Document:

Exhibit 10.1

 

AMENDMENT TO THE TESARO, INC.

2012 EMPLOYEE STOCK PURCHASE PLAN

 

The TESARO, Inc. 2012 Employee Stock Purchase Plan (the “ESPP”) is hereby amended as set forth below, effective as of the date of adoption (the “Adoption Date”) of this Amendment by the Board of Directors of TESARO, Inc. (the “Company”), subject to the approval of this Amendment by the stockholders of the Company, as provided below:

 

1.             The definition of Participating Affiliate in Section 1.9 of the ESPP is amended and restated to read as follows:

 

“‘Participating Affiliate’ means any company or other trade or business that is a subsidiary of the Company (determined in accordance with the principles of Section 424(e) and (f) of the Code and the regulations thereunder) that has been specifically designated by the Board from time to time as participating in the Plan.”

 

2.             The first sentence of Section 2 of the ESPP is amended and restated to read as follows:

 

“Subject to adjustment as provided in Section 28 below, the aggregate number of shares of Common Stock that may be made available for purchase by participating employees under the Plan is five hundred and fifty thousand (550,000) shares.”

 

3.             Section 17 of the ESPP is amended and restated to be renamed “Termination of Employment or Discharge” and shall be amended and restated to read as follows:

 

“In the event a participating employee leaves the employ of the Company or a Participating Affiliate for any reason other than due to death, the amount in the employee’s account will be distributed and the employee’s option to purchase will terminate.”

 

4.             Section 18 of the ESPP is amended and restated to read “Intentionally Omitted.”

 

5.             The first sentence of Section 22 of the ESPP is amended and restated to read as follows:

 

“A participating employee will be refunded all moneys in his or her account, and his or her participation in the Plan will be terminated if (a) the Board elects to terminate the Plan as provided in Section 27 below, (b) the employee ceases to be eligible to participate in the Plan under Section 5 above, or (c) the employee terminates employment pursuant to the terms set forth in Section 17.”

 

6.             The ESPP shall otherwise be unchanged by this Amendment.

 

7.             This Amendment is adopted subject to approval within 12 months of the Adoption Date by a majority of the stockholders of the Company.  If the stockholders fail to approve this Amendment within 12 months of the Adoption Date, the number of shares of stock reserved for issuance under the ESPP shall not exceed the number permitted under the Plan as in effect before the Adoption Date.

 

*              *              *

 

The foregoing Amendment to the ESPP was duly adopted and approved by the Board of Directors of the Company by resolution at a meeting held on February 21, 2018, subject to the approval of the Amendment by the stockholders of the Company.

 

	
 
    	
Joseph L. Farmer
    
	
 
    	
SecretaryEX-10.1

 Exhibit 10.1 

Execution Version 

This LIMITED WAIVER AND FOURTH FORBEARANCE AGREEMENT (as may be amended, supplemented or otherwise modified, this
“Agreement”), dated as of May 10, 2018, is by and among REX ENERGY CORPORATION, a Delaware Corporation (the “Borrower”), the Lenders (as defined below) party hereto from time to time and ANGELO, GORDON ENERGY
SERVICER, LLC, as administrative agent and collateral agent for the Lenders (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H : 

WHEREAS, the Borrower, the lending and other financial institutions from time to time party thereto as lenders (collectively,
the “Lenders”), Macquarie Bank Limited (in its capacity as the issuer of Letters of Credit under the Credit Agreement, the “Issuing Bank”), and the Administrative Agent are parties to the Term Loan Credit Agreement,
dated as of April 28, 2017 (as amended, supplemented or otherwise modified, the “Credit Agreement”). 

WHEREAS, pursuant to the Credit Agreement, the Issuing Bank and the Lenders have made certain loans and other extensions of
credit to the Borrower. 
 WHEREAS, each of the Loan Parties hereby acknowledges and agrees that prior to the date hereof
certain Defaults and Events of Default identified on Schedule I hereto have occurred under the Credit Agreement and that after the date hereof certain Defaults and Events of Default identified on Schedule I hereto may occur under the
Credit Agreement (such Defaults and Events of Default, solely to the extent they exist or come to exist for the reasons described on Schedule I, the “Specified Events of Default”). 

WHEREAS, as a result of the occurrence of Specified Events of Default under the Credit Agreement, the Administrative Agent,
the Issuing Bank and the Lenders are entitled to exercise at any time their rights and remedies and to commence enforcement, litigation and collection actions under the Credit Agreement, the other Loan Documents and applicable law, including without
limitation, to terminate the Commitments, to set off funds and to declare to be immediately due and payable the principal amount of the Loans and Notes now outstanding, all accrued interest, fees, Yield Maintenance Amount, Call Protection Amount and
other similar amounts thereon and the other obligations of the Loan Parties accrued under the Credit Agreement, the Notes and the other Loan Documents (such rights, remedies and actions, collectively, other than the rights, remedies and actions
contained in Section 10.02(a)(i) of the Credit Agreement, “Enforcement Actions”), in each case in accordance with the Loan Documents and applicable law. 

WHEREAS, the Loan Parties, the Lenders and the Administrative Agent are party to the Forbearance Agreement, dated as of
April 3, 2018 (the “First Forbearance Agreement”), to the Limited Waiver and Second Forbearance Agreement, dated as of April 16, 2018 and to the Limited Waiver and Third Forbearance Agreement, dated as of April 23,
2018 (the “Third Forbearance Agreement”), pursuant to which the Lenders have agreed to forbear from taking Enforcement Actions. 

WHEREAS, on April 27, 2018, the Administrative Agent, at the direction of the Majority Lenders, in accordance with
Section 10.02(a)(i) of the Credit Agreement (i) declared the principal amount of the Notes and the Loans outstanding, and accrued interest, fees, Yield Maintenance Amount, Call Protection Amount and other similar amounts thereon to be
immediately due and payable in whole and (ii) terminated the Commitments (together, the “Acceleration”). 

WHEREAS, the Forbearance Period under and as defined in the Third Forbearance Agreement terminates on May 9, 2018. 

  
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 WHEREAS, the Borrower has requested that (x) the Administrative Agent and
the Lenders agree to continue to forbear from taking any Enforcement Actions to afford the Borrower an opportunity to pursue a potential financial restructuring and (y) notwithstanding the termination of the Commitments, the Lenders agree to
provide, and to grant a limited waiver with respect to the Specified Events of Default solely to permit the extension of, Bridge Loans (as defined below) to the Borrower, which shall be Delayed Draw Loans made hereunder and under the Credit
Agreement in an amount not to exceed $6,185,567. 
 WHEREAS, the Lenders hereto have agreed to such request, subject to the
terms and provisions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises herein contained and
for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 

SECTION 1.      DEFINITIONS. Unless otherwise defined herein, capitalized terms are used
herein as defined in the Credit Agreement. 
 SECTION 2.      ACKNOWLEDGEMENTS. 

2.1        Amount of Obligations. 

  (a)        Each Loan Party acknowledges and agrees that
(i) as of May 10, 2018, the Secured Obligations included, without limitation, the amounts set forth on Schedule II attached hereto on account of the outstanding unpaid amount of principal of, accrued and unpaid interest on, and fees
and commissions related to, the Loans and the aggregate principal balance of the outstanding LC Exposure under the Credit Agreement and (ii) such Loan Party is indebted to the Lenders and the Administrative Agent for such Secured Obligations
(including the LC Exposure, the Yield Maintenance Amount and the Call Protection Amount) and all other Secured Obligations without defense, counterclaim or offset of any kind, and such Loan Party ratifies and reaffirms the validity, enforceability
and binding nature of all such Secured Obligations. 

  (b)        Each Loan Party acknowledges and agrees that
the Call Protection Amount and the Yield Maintenance Amount constitute part of the Secured Obligations and are immediately due and payable. Each Loan Party waives any defenses to the validity and enforceability of the Call Protection Amount and the
Yield Maintenance Amount. 
 2.2        Events of Default. Each Loan Party
acknowledges and agrees that (a)(i) Specified Events of Default exist, and will continue to exist, after the Forbearance Effective Date (as defined below) and (ii) no other Default or Event of Default has occurred and continues to exist as
of the Forbearance Effective Date and (b) absent the agreement of the Administrative Agent and the Lenders to forbear from taking Enforcement Actions as provided in this Agreement, the occurrence of the Specified Events of Default entitles the
Administrative Agent and the Lenders to at any time take one or more Enforcement Actions. 

2.3        Collateral. Each Loan Party ratifies and reaffirms the validity and
enforceability (without defense, counterclaim or offset of any kind) of the Liens granted to secure the Secured Obligations by such Loan Party to the Administrative Agent, for the benefit of the Lenders, pursuant to the Security Instruments to which
such Loan Party is a party. Each Loan Party acknowledges and agrees that all such Liens granted by such Loan Party continue to secure the Secured Obligations notwithstanding the occurrence of the Forbearance Effective Date. Each Loan Party hereby
represents and 

  
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 warrants to the Administrative Agent and the Lenders that, pursuant to the Security Instruments
to which such Loan Party is a party, the Secured Obligations are secured by a first priority (subject to certain Liens permitted under Section 9.03 of the Credit Agreement) Lien on all of such Loan Party’s assets to the extent required by
the Security Instruments. 
 SECTION 3.      FORBEARANCE. 

3.1          Forbearance Period. 

  (a)          Subject to the terms and conditions
of this Agreement, the Administrative Agent and the Lenders shall forbear from taking any Enforcement Actions as a result of the occurrence of the Specified Events of Default during the period from and including the Forbearance Effective Date until
the earliest to occur of any of the following events (each such event, a “Forbearance Termination Event”; the date of such occurrence, the “Forbearance Termination Date”; and such period, the
“Forbearance Period”): 
  

	 	(i)	 11:59 p.m. (New York City time) on May 17, 2018, provided that the Administrative Agent (at the direction
of the Majority Lenders) and Borrower may agree to extend such date in writing (which writing may be in the form of electronic mail), whereupon this clause (i) shall be deemed to reference such later specified date;  

  

	 	(ii)	 the occurrence of a Default or Event of Default that is not a Specified Event of Default;

  

	 	(iii)	 the commencement against any Loan Party, the Administrative Agent or any Lender of any material litigation or
other exercise of any material rights or remedies by or on behalf of the Second Lien Agent or any holder of Second Lien Notes (for the avoidance of doubt, it being understood that delivery of a notice of event of default or reservation of rights by
the Second Lien Agent shall not alone constitute a Forbearance Termination Event under this clause (iii)); 

  

	 	(iv)	 the occurrence of any Forbearance Expiration Date under and as defined in the forbearance agreement dated
May 3, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Second Lien Noteholder Forbearance Agreement”) entered into among the Borrower, certain subsidiary guarantors listed therein and
certain holders of the Second Lien Notes; 

  

	 	(v)	 any representation or warranty made by any Loan Party in this Agreement proving (after giving effect to
Section 3.2 below) to have been untrue, inaccurate or incomplete on or as of the date made or deemed made, except where such representations and warranties expressly relate to an earlier date in which case such representations and warranties
were true and correct in all material respects as of such earlier date; 

  

	 	(vi)	 failure of any Loan Party to perform, as and when required, any of their respective covenants or other
obligations set forth in this Agreement (it being understood that time is of the essence for each such covenant and 

  
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	 	 obligation), including without limitation, any provision of Section 4 below; and 

 

	 	(vii)	 the date any Loan Party delivers a Junior Priority Payment Notice (as defined below) or makes any Junior
Priority Payment (as defined below), including making any Interest Payment (as defined in Schedule I) under the Second Lien Indenture. 

(b)      Notwithstanding anything to the contrary contained herein but subject
to Section 3.2 hereof, (i) the Specified Events of Default constitute actionable Events of Default for the purpose of triggering all limitations, restrictions or prohibitions on certain actions that may be taken or omitted or otherwise
acquiesced to by or on behalf of any Loan Party pursuant to the Credit Agreement or any other Loan Document, including, without limitation, any and all limitations, restrictions or prohibitions with respect to any distribution, advance or other
payment directly or indirectly from or for the benefit of any Loan Party to any other Loan Party, any direct or indirect owner of an equity interest in any Loan Party or any Affiliate of any of the foregoing and any actions or inactions taken or
omitted or otherwise acquiesced to, by or on behalf of any Loan Party in violation of such provisions, in each case while any Default or Event of Default (including the Specified Events of Default) exists, will constitute additional Events of
Default under the Credit Agreement and the other Loan Documents under this Agreement, (ii) any and all rights, benefits and remedies of the Administrative Agent and the Lenders under the Second Lien Intercreditor Agreement and the Swap
Intercreditor Agreement are expressly reserved and not waived, impaired or otherwise affected hereby and (iii) interest shall continue to accrue and be payable on the Secured Obligations at the default rate to the extent provided under
Section 3.02(b) of the Credit Agreement. Each of the Loan Parties hereby acknowledges and agrees that as a result of the Specified Events of Default the Lenders have no obligation to make any Loan and the Issuing Bank has no obligation to
issue, increase, renew or extend any Letter of Credit other than with respect to Bridge Loans to be made in accordance with Section 3.2. 

3.2      Limited Waiver and Consent. This Agreement shall constitute a limited waiver of
the Credit Agreement (the “Limited Waiver”) solely for purposes of satisfying the conditions precedent set forth in Section 6.02 of the Credit Agreement and the requirements of Section 2.03(b) of the Credit
Agreement (and for no other purposes) and solely so as to permit the Borrower to borrow Loans in an amount not to exceed $6,185,567 to be used in accordance with the most recently delivered Cash Flow Projections (as defined in the First Forbearance
Agreement) (the “Bridge Loans”). The Borrower hereby requests the Lenders to, and each Lender hereby agrees to, fund on or prior to May 14, 2018 its ratable portion (measured by the Delayed Draw Commitments of the
Lenders prior to the termination thereof pursuant to the Acceleration) of the Bridge Loans notwithstanding the termination of the Commitments (and notwithstanding the failure of the Borrower to satisfy the conditions of Section 6.02 of the
Credit Agreement), subject to the terms hereof. The Company and other Loan Parties acknowledge and agree that the Bridge Loans constitute Loans and Secured Obligations for all purposes under the Credit Agreement (including for purposes of the
accrual of interest and the calculation of the Call Protection Amount and Yield Maintenance Amount), that such Bridge Loans are deemed immediately due and payable and that the funding of the Bridge Loans shall not constitute a waiver or rescission
of the termination of the Commitments or the acceleration of the Loans, and shall not modify, reduce or constitute a defense to the amount of the Call Protection Amount and the Yield Maintenance Amount.  

3.3      Limitation on Forbearance. Each Loan Party acknowledges and agrees that,
notwithstanding the agreement of the Administrative Agent and the Lenders to forbear from taking any Enforcement Actions during the Forbearance Period in respect of the Specified Events of Default, (i) other than as set forth in
Section 3.2, such forbearance shall not constitute a waiver of the occurrence or 

  
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 the continuance of any Event of Default (including the Specified Events of Default), and each
such Event of Default which has occurred and is otherwise still continuing shall continue to exist during and after the Forbearance Effective Date and (ii) nothing contained in this Agreement shall be construed to limit or affect the right of
the Administrative Agent and the Lenders to bring or maintain during the Forbearance Period any action to enforce or interpret any term or provision of this Agreement, the Second Lien Intercreditor Agreement or the Swap Intercreditor Agreement, or
to file or record instruments of public record (or take other action) to perfect or further protect the Liens and security interests granted by the Loan Parties to the Administrative Agent. 

3.4        Enforcement Actions After Forbearance Period. Each Loan Party
acknowledges and agrees that, on the Forbearance Termination Date, the Forbearance Period shall automatically terminate and the Limited Waiver set forth herein and the agreement of the Lenders and the Administrative Agent to forbear from taking any
Enforcement Actions in respect of the Specified Events of Default shall immediately and automatically cease and be of no further force or effect, and the Administrative Agent and the Lenders shall be entitled to immediately take any or all
Enforcement Actions under (and in accordance with) the Credit Agreement, the other Loan Documents and applicable law, all without further notice or demand, in respect of the Specified Events of Default or any other Event of Default then existing.
Following the occurrence of the Forbearance Termination Date, the Administrative Agent and the Lenders shall have no obligation whatsoever to extend the maturity of the Credit Agreement, waive any Events of Default, defer any payments, or further
forbear from exercising their rights and remedies. 
 SECTION 4.      AGREEMENTS. To
induce the Administrative Agent and the Lenders to enter into this Agreement, the Borrower agrees as follows: 

4.1        Payment of Fees and Expenses. Each of the Loan Parties hereby
agrees to pay the reasonable and documented fees, charges and disbursements of Simpson Thacher & Bartlett LLP and PJT Partners. 

4.2        Cooperation. The Loan Parties and their advisors shall reasonably
cooperate in good faith with the Administrative Agent and its advisors regarding a potential restructuring of the Loan Parties’ financial obligations and shall provide updates and reasonably detailed information regarding such potential
restructuring and sale process (including copies of letters of intent, memorandum of understanding or draft term sheets subject to confidentiality restrictions existing as of the date hereof) and information regarding the operations, business
affairs and financial condition of any Loan Party as reasonably requested by the Administrative Agent or its advisors; provided, however, that the Loan Parties and their advisors will not be required to disclose, or permit the inspection or
discussion of, any document, information or other matter (i) that in their good faith judgment constitutes non-financial trade secrets or non-financial proprietary
information, (ii) in respect of which in their good faith judgment disclosure is prohibited by any Governmental Requirement or any binding agreement or (iii) that in their good faith judgment is subject to attorney client or similar
privilege or constitutes attorney work product; provided that if the Loan Parties are restricted from sharing documents or information as a result of existing confidentiality agreements, the Loan Parties shall use good faith efforts to
(x) amend such restrictions or (y) get the consent of the applicable parties, in each case, to share such documents or information with the Administrative Agent and its advisors. 

4.3        Reporting; Notices. In addition to the requirements set forth in
the Credit Agreement, the Loan Parties shall provide the following reporting and notices to the Administrative Agent:  

  
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  (a)        (i) on Friday of each calendar week, commencing
on April 6, 2018, an updated Cash Flow Projection (as defined in the First Forbearance Agreement) for the 13-week period commencing on the immediately succeeding Monday, in a form consistent with the
initial Cash Flow Projections, and (ii) so long as this Agreement remains in effect, on Friday of each calendar week, commencing on April 13, 2018, a reconciliation report and a variance
report with respect to the most recently delivered Cash Flow Projection, which shall (x) compare the actual cash receipts and disbursements projected in the most recently delivered Cash Flow Projection for such period, (y) indicate the
percentage variance, if any, of actual results of aggregate cash receipts and aggregate cash disbursements versus projections therefor for such period, together with an explanation for such variance, and (z) be in a form reasonably satisfactory
to the Administrative Agent and its financial advisor; 

  (b)        the Borrower shall provide written notice to
the Administrative Agent (a “Junior Priority Payment Notice”) no later than five (5) Business Days prior to any repurchase, redemption, repayment, prepayment, defeasance, interest payment or other payment of indebtedness or
payments on account of such indebtedness (including the payment of any Interest Payment or consent or amendment fees) with respect to, or to the holders of, the Second Lien Notes or Unsecured Senior Notes (a “Junior Priority
Payment”), which Junior Priority Payment Notice shall specify the nature, amount and timing of such payment; 

  (c)        the Borrower shall provide to the
Administrative Agent prompt written notice of, or the threat in writing to the Borrower or any other Loan Party of, any action, suit, proceeding, exercise of remedies or notice of acceleration commenced against the Borrower, any other Loan Party or
any of its or their officers or directors by or on behalf of the Second Lien Agent or any holder of Second Lien Notes; 

  (d)        the Borrower shall not, and shall not permit
any of its Subsidiaries to, make any Restricted Payments in respect of the Series A Preferred Stock; and 

  (e)        the Borrower shall provide written notice
promptly upon receipt by the Borrower or any of its Subsidiaries of a material demand by any creditor, guarantor, vendor, operator, surety provider or supplier (including oil and gas gathering, processing and transportation providers) to post
additional collateral or provide additional credit support with respect to such entities’ services, goods or obligations. 

SECTION 5.      CONDITIONS PRECEDENT. 

5.1        Forbearance Effective Date. This Agreement shall become effective
as of the date first set forth above (the “Forbearance Effective Date”) on the first date on which all of the following conditions have been satisfied or waived by the Administrative Agent and the Majority Lenders: 

  (a)        Execution and Delivery. The
Administrative Agent shall have received counterparts of this Agreement duly executed by (i) the Borrower and the Guarantors, (ii) the Majority Lenders and, (iii) each Lender. 

  (b)        Third Forbearance Agreement. No
Forbearance Termination Event under and as defined in the Third Forbearance Agreement shall have occurred prior to the date hereof, other than a Forbearance Termination Event under Section 3.1(a)(i) of the Third Forbearance Agreement. 

  
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  (c)        Second Lien Noteholder Forbearance
Agreement. The Second Lien Noteholder Forbearance Agreement shall be in full force and effect and have an outside termination date no earlier than 11:59 p.m. (New York City time) on May 17, 2018. 

  (d)        No Default. Upon giving effect to this
Agreement, there shall be no Default or Event of Default (other than the Specified Events of Default). 

  (e)        Representations and Warranties. As of
the Forbearance Effective Date, the representations and warranties contained in this Agreement, the Credit Agreement and in each other Loan Document (other than with respect to Specified Events of Default) shall be true and correct in all material
respects (or in any respect to the extent such representation or warranty is qualified by materiality) on and as of the Forbearance Effective Date as if made on and as of the Forbearance Effective Date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (or in any respect to the extent such representation or warranty is qualified by
materiality) on and as of such earlier date. 

  (f)        Administrative Agent Fees and Expenses.
The Borrower shall have paid all reasonable fees and accrued expenses of the Administrative Agent, including, without limitation, the reasonable fees and expenses of Simpson Thacher & Bartlett LLP, invoiced to the Borrower in reasonable
detail at least one (1) business day prior to the date hereof. 
 SECTION
6.      REPRESENTATIONS AND WARRANTIES. In order to induce the Administrative Agent and the Lenders party hereto to enter into this Agreement, the Loan Parties hereby represent and warrant to the Administrative
Agent and the Lenders that: 
   (a)        each Loan
Party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, and has all requisite power and authority to execute, deliver and perform this Agreement; 

  (b)        the representations and warranties of each Loan
Party contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Forbearance Effective Date (except with respect to the Specified Events of Default) as if made on and as of the
Forbearance Effective Date, except where such representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date; 

  (c)        each Loan Party has granted to the
Administrative Agent Liens on and security interests in all of such Loan Party’s assets to the extent required by the Loan Documents; 

  (d)        the execution, delivery, and performance by
each Loan Party of this Agreement, (i) have been duly authorized by all necessary corporate or limited liability company and, if required, stockholder or member action on the part of such Loan Party, (ii) does not and will not violate any
applicable law or regulation applicable to such Loan Party or the charter, limited liability company agreement, by-laws or other organizational documents of such Loan Party or any order of any Governmental
Authority, (iii) does not require any consent or approval of, registration or filing with (other than any disclosure filing), or any other action by, any Governmental Authority, except as have been made or obtained or made and are in full
force; 
   (e)        this Agreement constitutes the
legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable 

  
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 bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and 

  (f)        attached hereto as Exhibit A is a true
and complete list (with recent balance statements) of all Deposit Accounts of the Borrower and each Subsidiary. 
 SECTION
7.      CONTINUING EFFECT. The Credit Agreement shall continue to be and shall remain in full force and effect in accordance with its terms. This Agreement shall not constitute an amendment, waiver or
modification of any provision of the Credit Agreement except as expressly referred to herein and shall not be construed as an amendment, waiver or modification of any action on the part of the Borrower or the other Loan Parties that would require an
amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further waive any provision of the Credit Agreement
waived hereby for any other period, circumstance or event. This Agreement is a Loan Document. 
 SECTION
8.      CONSENT OF GUARANTORS. Each of the Guarantors hereby consents to this Agreement, and to the amendments and modifications to the Credit Agreement pursuant hereto. 

SECTION 9.      RELEASE. Each of the Loan Parties (on behalf of itself and its
Affiliates) and its successors-in-title, legal representatives and assignees and, to the extent the same is claimed by right of, through or under any of the Loan
Parties, for its past, present and future employees, agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party” and collectively, the “Releasing Parties”), does hereby
release and discharge, and shall be deemed to have forever released and discharged, the Administrative Agent, the Issuing Bank and each other Lender, and the Administrative Agent’s, the Issuing Bank’s and each other Lender’s
respective successors-in-title, legal representatives and assignees, past, present and future officers, directors, affiliates, shareholders, trustees, agents, employees,
consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the foregoing would be liable if such persons or entities were found to be liable to any Releasing Party, or any of them
(collectively hereinafter the “Lender Parties”), from any and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims, suits, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, damages, judgments, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any
liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise (including, without limitation, any so called “lender liability” claims, interest or other carrying costs, penalties, legal,
accounting and other professional fees and expenses and incidental, consequential and punitive damages payable to third parties, or any claims arising under 11 U.S.C. §§ 541-550 or any claims for
avoidance or recovery under any other federal, state or foreign law equivalent), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual
or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore accrue against any of the Lender Parties in their capacities as such
under any of the Loan Documents or Security Instruments, whether held in a personal or representative capacity, solely to the extent based on any act, fact, event or omission or other matter, cause or thing occurring at or from any time prior to and
including (but not after) the date hereof in any way, directly or indirectly arising out of, connected with or relating to any of this Agreement, the Loan Documents or Security Instruments and the transactions contemplated hereby or thereby, or any
other agreements, certificates, instruments and other documents and statements (whether written or oral) related to any of the foregoing (each, a “Claim” and 

  
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 collectively, the “Claims”). Each Releasing Party further stipulates and agrees
with respect to all Claims, that it hereby waives, to the fullest extent permitted by applicable law, any and all provisions, rights, and benefits conferred by any applicable U.S. federal or state law, or any principle of common law, that would
otherwise limit a release or discharge of any unknown Claims pursuant to this Section 9. 
 SECTION
10.    GOVERNING LAW. THIS AGREEMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 11.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

SECTION 12.    SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the
benefit of the Borrower, the Guarantors, the Administrative Agent, and the Lenders, and each of their respective successors and assigns, and shall not inure to the benefit of any third parties. The execution and delivery of this Agreement by any
Lender prior to the Forbearance Effective Date shall be binding upon its successors and assigns and shall be effective as to any Loans or Commitments assigned to it after such execution and delivery. 

SECTION 13.    NO THIRD PARTY BENEFICIARIES. This Agreement is made and entered into for the sole
protection and benefit of the parties hereto and no other person or entity shall have any right of action hereon, right to claim any right or benefit from the terms contained herein, or be deemed a third party beneficiary hereunder. 

SECTION 14.    REVIEW AND CONSTRUCTION OF DOCUMENTS. Each party hereto hereby acknowledges, and
represents and warrants to the other parties hereto, that: 

(a)        it has had the opportunity to consult with legal counsel of
its own choice and has been afforded an opportunity to review this Agreement with legal counsel; 

(b)        it has carefully reviewed this Agreement and fully
understands all terms and provisions of this Agreement; 

(c)        it has freely, voluntarily, knowingly, and intelligently
entered into this Agreement of its own free will and volition; 

(d)        none of the Administrative Agent or the Lenders have a
fiduciary relationship with any of the Loan Parties and the Loan Parties do not have a fiduciary relationship with the Administrative Agent or Lenders, and the relationship between the Administrative Agent and the Lenders, on the one hand, and the
Loan Parties, on the other hand, is solely that of creditor and debtor; and 

(e)        no joint venture exists among the Loan Parties, the
Administrative Agent and the Lenders. 
 SECTION 15.    Notices. All notices and requests in
connection with this Agreement or the Credit Agreement (notwithstanding Section 12.01 thereof) to the Borrower or the Administrative 

 
 10
 
  

 
Agent or the Collateral Agent shall be sufficiently given or made if given or made in writing via hand delivery, overnight courier, U.S. Mail (postage prepaid) or email, and addressed as follows:

  

					
		 	If to the Borrower:	 	 Rex Energy Corporation

366 Walker Drive

State College, PA 16801

Attn: Tom Stabley
 Tel: 814.278.7267

Email: tstabley@rexenergycorp.com

			
		 		 	 with a copy to:
  

Jones Day
 250 Vesey Street

New York, NY 10281-1047
 Attn: Scott J. Greenberg

Tel: 212.326.3939
 Email: sgreenberg@jonesday.com

			
		 	If to the Administrative Agent or the Collateral Agent:	 	 Angelo, Gordon Energy Servicer, LLC, as Administrative Agent and Collateral Agent

c/o Cortland Capital Market Services LLC
 225 W. Washington St.
21st Floor
 Chicago, Illinois 60606
 Attn: Agency Services
– Angelo, Gordon
 and Legal Department
 Email:

AngeloGordonAgency@cortlandglobal.com
  

and

			
		 		 	 legal@cortlandglobal.com
 Tele: 312-564-5078
 Fax:
312-376-0751
  

with a copy to:

			
		 		 	 AG Energy Funding, LLC
 245 Park Ave

26th Floor
 NYC, NY 10167

Attn: Scott McMurtry
 Email: smcmurtry@angelogordon.com;

 
 and a copy to:

			
		 		 	 Nicholas Baker
 Simpson Thacher &
Bartlett LLP

		 		 	 425 Lexington Avenue
 New York, NY 10017

Tel: 212.455.2032

  
 11 

					
		 		 	nbaker@stblaw.com

 SECTION 16.    ENTIRE AGREEMENT; AMENDMENT. THIS AGREEMENT
EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO REGARDING THE ADMINISTRATIVE AGENT’S AND THE LENDERS’ FORBEARANCE WITH RESPECT TO THEIR RIGHTS AND REMEDIES WHICH MAY ARISE AS A RESULT OF THE SPECIFIED EVENTS OF DEFAULT AND
SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSION OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. The provisions of this Agreement may be amended or waived only by an instrument in writing signed by the Borrower, the Administrative Agent and
the Lenders constituting the Majority Lenders under the Credit Agreement. 
 SECTION
17.    SEVERABILITY. Any provision of this Agreement that 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 portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

SECTION 18.    COUNTERPARTS. This Agreement may be executed by the parties hereto in any number of
separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. An executed signature page of this Agreement may be delivered by facsimile transmission or electronic PDF of the relevant
signature page hereof. 
 SECTION 19.    FURTHER ASSURANCES. The Loan Parties agree to execute,
acknowledge, deliver, file and record such further certificates, instruments and documents, and to do all other acts and things, as may be reasonably requested by the Administrative Agent and necessary or advisable to carry out the intents and
purposes of this Agreement. 
 SECTION 20.    HEADINGS. Section headings used in this Agreement
are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their duly authorized officers as of the date first written above. 
  

					
	REX ENERGY CORPORATION	 	
			
	By:	 	 /s/ Thomas C. Stabley
	 	        
		 	Name: Thomas C. Stabley	 	
		 	Title: President and CEO	 	
		
	GUARANTORS:	 	
		
	REX ENERGY I, LLC	 	
			
	By:	 	 /s/ Thomas C. Stabley
	 	
		 	Name: Thomas C. Stabley	 	
		 	Title: President and CEO	 	
		
	REX ENERGY OPERATING CORP.	 	
			
	By:	 	 /s/ Thomas C. Stabley
	 	
		 	Name: Thomas C. Stabley	 	
		 	Title: President and CEO	 	
		
	R.E. GAS DEVELOPMENT, LLC	 	
			
	By:	 	 /s/ Thomas C. Stabley
	 	
		 	Name: Thomas C. Stabley	 	
		 	Title: President and CEO	 	

  
 [Rex Energy
Corporation – Limited Waiver and Fourth Forbearance Agreement] 

 
					
	ANGELO, GORDON ENERGY SERVICER, LLC, as Administrative Agent, Collateral Agent and Lender
			
	By:	 	 /s/ Todd Dittmann
	 	                
		 	Name: Todd Dittmann	 	
		 	Title: Authorized Person	 	

  
 [Signature Page to
Forbearance Agreement] 

 
					
	ANGELO, GORDON ENERGY FUNDING, LLC,
	Lender	 	
			
	By:	 	 /s/ Todd Dittmann
	 	                
		 	Name: Todd Dittmann	 	
		 	Title: Authorized Person	 	

  
 [Signature Page to
Forbearance Agreement] 

 
					
	AB Private Credit Investors Middle Market Direct Lending Fund, L.P.
	By: AB Private Credit Investors Middle Market Direct Lending Fund G.P. L.P., its General Partner
			
	By:	 	 /s/ Kevin Alexander
	 	        
		 	Name: Kevin Alexander	 	
		 	Title: Vice President	 	

  
 [Signature Page to
Forbearance Agreement] 

					
		 	AB ENERGY OPPORTUNITY FUND, L.P.,
		 	Lender
			
		 	By:	 	/s/ Daniel Posner                                
		 		 	Name: Daniel Posner
		 		 	      Title: Co-Chief Investment Officer

  
 [Signature Page to
Forbearance Agreement] 

					
		 	 CANYON DISTRESSED OPPORTUNITY

MASTER FUND II, L.P.,

		 	Lender
			
		 	By:	 	      Canyon Capital Advisors LLC,
		 		 	      its Investment Advisor
			
		 	By:	 	/s/ Jonathan M. Kaplan                     
		 		 	Name: Jonathan M. Kaplan
		 		 	Title: Authorized Signatory

  
 [Signature Page to
Forbearance Agreement] 

					
		 	 CANYON DISTRESSED OPPORTUNITY

INVESTING FUND II, L.P.,

		 	Lender
			
		 	By:	 	      Canyon Capital Advisors LLC,
		 		 	      its Investment Advisor
			
		 	By:	 	/s/ Jonathan M. Kaplan                     
		 		 	Name: Jonathan M. Kaplan
		 		 	Title: Authorized Signatory

  
 [Signature Page to
Forbearance Agreement] 

					
		 	CANYON NZ-DOF INVESTING, L.P.,
		 	Lender
			
		 	By:	 	      Canyon Capital Advisors LLC,
		 		 	      its Investment Advisor
			
		 	By:	 	/s/ Jonathan M. Kaplan                  
		 		 	Name: Jonathan M. Kaplan
		 		 	Title: Authorized Signatory

  
 [Signature Page to
Forbearance Agreement] 

					
		 	CANYON VALUE REALIZATION FUND, L.P.,
		 	Lender
			
		 	By:	 	      Canyon Capital Advisors LLC,
		 		 	      its Investment Advisor
			
		 	By:	 	/s/ Jonathan M. Kaplan                  
		 		 	Name: Jonathan M. Kaplan
		 		 	Title: Authorized Signatory

  
 [Signature Page to
Forbearance Agreement] 

 
			
	MSD CREDIT OPPORTUNITY FUND, L.P.,
	Lender
		
	By:	 	/s/ Marcello Ligouri                                
    
		 	Name: Marcello Ligouri
		 	Title: Managing Director

  
 [Rex Energy
Corporation – Limited Waiver and Fourth Forbearance Agreement] 

 
			
	TPG Specialty Lending, Inc.,
	Lender
		
	By:	 	 /s/ Robert “Bo” Stanley

		 	Name: Robert “Bo” Stanley
		 	Title: President

  
 [Signature Page to
Forbearance Agreement] 

 
			
	TAO Talents LLC,
	Lender
		
	By:	 	 /s/ Steven S. Pluss

		 	Name: Steven S. Pluss
		 	Title: Vice President

  
 [Signature Page to
Forbearance Agreement] 

 Schedule I 

SPECIFIED EVENTS OF DEFAULT 

1.        The Borrower failed to timely deliver (i) its quarterly financial
statements for the quarter ended December 31, 2017 on or before February 14, 2018 as required by Section 8.01(b) of the Credit Agreement and (ii) the related certificates required under Sections 8.01(c) and (e) of the Credit
Agreement, the failure of which resulted in Defaults (the “Financial Statement Default”). The quarterly financial statements for the quarter ended December 31, 2017 were delivered on March 22, 2018 but the related
certificates have not been delivered, which failure will become an Event of Default under Section 10.01(e)(ii) of the Credit Agreement if not remedied within the period stated therein. 

2.        Subsequent to the Financial Statement Default, on February 26, 2018,
the Borrower presented a certificate to request a Delayed Draw Loan. In such certificate, the Borrower represented and warranted that no Defaults or Events of Default existed, and that as of such date all representations and warranties in the Credit
Agreement were true and correct, which resulted in an Event of Default under Section 10.01(c) of the Credit Agreement (the “Borrowing Certificate Event of Default”). 

3.        The Borrower failed to provide the Administrative Agent prompt written
notice of the Financial Statement Default or the Borrowing Certificate Event of Default which resulted in an Event of Default under Section 10.01(d) of the Credit Agreement. 

4.        The Borrower has not paid the approximately $23,504,242.44 in cash interest
due April 1, 2018 (the “Interest Payment”) with respect to the Second Lien Notes and may fail to timely deliver financials or comply with other reporting obligations under the Second Lien Indenture, which constitutes an Event
of Default under Section 10.01(f) of the Credit Agreement. 
 5.        The
Borrower’s annual audited financial statements for the fiscal year ending December 31, 2017 delivered under Section 8.01(a) of the Credit Agreement include a “going concern” qualification not permitted under such section,
which qualification constitutes a Default, and which Default will become an Event of Default under Section 10.01(e)(ii) of the Credit Agreement if not remedied within the period specified therein. 

6.        The Borrower has failed to be in compliance with Section 8.19 of the
Credit Agreement, which failure(s) may result in an Event of Default under Section 10.01(e)(ii) of the Credit Agreement if not remedied within the period stated therein. 

7.        As a result of the Acceleration, the Borrower is in default under the
Second Lien Indenture, which constitutes an Event of Default under Section 10.01(g) of the Credit Agreement. 

8.        One or more Events of Default under Section 10.01(d) may exist or arise due
to breaches of (x) Section 9.02 resulting from the existence of Debt consisting of accounts payable or accrued expenses, liabilities or other obligations to pay the deferred purchase price of Property or services that does not meet all
requirements of Section 9.02(b) or (y) Section 9.03 resulting from the existence of Liens that are not Excepted Liens as a result of the failure of such Liens to meet all requirements of clauses (c) or (d) or the proviso of the
definition thereof. 
 9.        As a result of or in connection with the foregoing
Specified Events of Default, termination events and/or Events of Default may occur under one or more Swap Agreements, which may result in a Default under Section 8.20 of the Credit Agreement and an Event of Default under
Section 10.01(e)(i) of the Credit Agreement. 

 10.        The Borrower may fail to
provide prompt written notice of any of the other Specified Events of Default, which failure would be an Event of Default under Section 10.01(d) of the Credit Agreement. 

11.        The Borrower has not made any payment on account of Secured Obligations,
which became due and payable upon the Acceleration, which constitutes an Event of Default under Section 10.01(a) of the Credit Agreement. 

 Schedule II 

AMOUNT OF SECURED OBLIGATIONS1 

 

					
	 Loans
	  	$	        255,129,754.54	
	 Accrued and Unpaid Interest on Loans
	  	$	4,859,036.57	 
	 Accrued and Unpaid Fees and Commissions
	  	$	347,446.29	 
	 LC Exposure
	  	$	31,986,649.05	 

  
  
  

 
  

1             Amounts do not reflect other
Secured Obligations that may now or hereafter be due and owing, including the Yield Maintenance Amount or Call Protection Amount as acknowledged and agreed by the Loan Parties pursuant to Section 2.1(b) of this Agreement. 

 Exhibit A 

Deposit Accounts 
  

					
	Account Name	  	Account Number               
 	  	      
              Balance                    
	REX ENERGY OPERATING CORPORATION	  	XXXXXXXX9171	  	$2,503.98  
	REX ENERGY OPERATING CORP.	  	XXXXXX2717	  	$40,027.85  
	R.E. GAS DEVELOPMENT, LLC	  	XXXXXXXX9126	  	$0.00  
	REX ENERGY CORPORATION	  	XXXXXXXX9139	  	$2,503.98  
	REX ENERGY I, LLC	  	XXXXXXXX9142	  	$0.00  
	REX ENERGY OPERATING CORPORATION	  	XXXXXXXX9155	  	$6,324,521.22  
	REX ENERGY OPERATING CORPORATION	  	XXXXXXXX9168	  	$8,615.16  
	REX ENERGY CORPORATION	  	XXXXXXXX7794	  	$33,106,181.90

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