Document:

FS Investment Corporation III 8-K

Exhibit 10.1

 

FIRST AMENDMENT AGREEMENT

 

AMENDMENT AGREEMENT (“Amendment”) dated as of
March 11, 2015 to the Committed Facility Agreement dated as of October 17, 2014 between BNP Paribas Prime Brokerage, Inc., on behalf
of itself and as agent for the BNPP Entities (“BNPP PB, Inc.”) and Burholme Funding LLC (“Customer”).

 

WHEREAS, BNPP PB, Inc. and Customer previously entered into a Committed
Facility Agreement dated as of October 17, 2014 (as amended from time to time, the “Agreement”);

 

WHEREAS, the parties hereto desire to amend the Agreement as provided
herein;

 

NOW THEREFORE, in consideration of the mutual agreements provided
herein, the parties agree to amend the Agreement as follows:

 

 

		1.	Amendment to Section 1 of the Agreement (‘Definitions’)

 

The definition of “Maximum Commitment Financing”
in Section 1 of the Agreement is hereby amended by replacing the number “100,000,000” currently appearing therein with
the number “200,000,000”.

 

		2.	Amendment to Appendix A to the Agreement (‘Collateral Requirements’)

 

Appendix A to the Agreement is hereby deleted and replaced
in its entirety with the attached Appendix A.

 

		3.	Representations

 

Each party represents to the other party that all representations
contained in the Agreement are true and accurate as of the date of this Amendment and that such representations are deemed to be
given or repeated by each party, as the case may be, on the date of this Amendment, in each case, however, except for any representation
that refers to a specific date, as to which each party represents to the other party that such representation is true and accurate
as of such specific date and is deemed to be given or repeated by each party, as the case may be, as of such specific date.

 

		4.	Miscellaneous

 

		(a)	Definitions. Capitalized terms used in this Amendment and not otherwise defined herein
shall have the meanings specified for such terms in the Agreement.

		(b)	Entire Agreement. The Agreement as amended and supplemented by this Amendment constitutes
the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communications
and prior writings (except as otherwise provided herein) with respect thereto. Except as expressly set forth herein, the terms
and conditions of the Agreement remain in full force and effect.

		(c)	Counterparts.  This Amendment may be executed and delivered in counterparts (including
by facsimile transmission), each of which will be deemed an original.

		(d)	Headings. The headings used in this Amendment are for convenience of reference only and
are not to affect the construction of or to be taken into consideration in interpreting this Amendment.

		(e)	Governing Law. This Amendment will be governed by and construed in accordance with the
laws of the State of New York (without reference to choice of law doctrine).

 

(Signature page follows)

 

    	 

    	 

    

 

IN WITNESS WHEREOF the parties have executed this Amendment
with effect from the first date specified on the first page of this Amendment.

 

	BNP PARIBAS PRIME
    BROKERAGE, INC. 	 	BURHOLME FUNDING
    LLC 	 
	 	 	 	 
	/s/ Jeffrey Lowe	 	/s/ Gerald F. Stahlecker	 
	 	 	 	 
	Name: Jeffrey Lowe 	 	Name: Gerald F. Stahlecker	 
	Title: Managing Director	 	Title: Executive Vice President	 
	 	 	 	 
	/s/ JP Muir	 	 	 
	Name: JP Muir	 	 	 
	Title: Managing Director	 	 	 

 

 

    	 

    	 

    

 

Appendix
A – Collateral Requirements

THIS
APPENDIX A forms a part of the Committed Facility Agreement entered into between BNP Paribas Prime Brokerage, Inc. ("BNPP
PB, Inc.") and Burholme Funding LLC ("Customer") (the "Committed Facility Agreement").

 

	1.	Collateral Requirements -
	 	 
	 	The
Collateral Requirements in relation to all positions held in the accounts established pursuant to the 40 Act Financing Agreements
(the "Positions") consisting of Eligible Securities shall be the greatest of:

 

		(a)	the
                                         sum of the Position Charges of all Positions consisting of Eligible Securities;

 

		(b)	the
                                         sum of the collateral requirements of such Positions as per Regulation T or Regulation
                                         X, as applicable, of the Board of Governors of the Federal Reserve System, as amended
                                         from time to time;

 

		(c)	the
                                         sum of the collateral requirements of such Positions as per Financial Industry Regulatory
                                         Authority, Inc. Rule 4210, as amended from time to time, to the extent applicable;

 

		(d)	35%
                                         of the Portfolio Gross Market Value; and

 

		(e)	the
                                         Issuer Concentration Floor.

 

	2.	Eligible Securities -

		(a)	Positions
                                         in the following eligible equity and fixed income security types ("Eligible Securities",
                                         which term shall exclude any securities described in Section 2(b)) are covered under
                                         the Committed Facility Agreement:

 

		i.	USD
                                         common stock traded on the New York Stock Exchange, NASDAQ, NYSE Arca and NYSE Amex Equities;

 

		ii.	non-convertible
                                         corporate debt securities or preferred securities, provided that such securities
                                         are (A) issued by an issuer incorporated in one of the following countries: USA, Canada,
                                         United Kingdom, France, Germany, Switzerland, Austria, Spain, Italy, The Netherlands,
                                         Finland, Belgium, Japan, Australia or Portugal and (B) denominated in USD, CAD or EUR;

 

		iii.	Treasury
                                         Securities; or

 

		iv.	non-USD
                                         common stock, provided such stock is (A) listed in the FTSE World Index, (B) traded
                                         on a major exchange in one of the following countries: Canada, United Kingdom, France,
                                         Germany, Switzerland, Austria, Spain, Italy, The Netherlands, Finland, Belgium, Japan,
                                         Australia, Sweden or Portugal and (C) denominated in one of the following currencies:
                                         CAD, GBP, EUR, JPY, CHF, AUD or SEK.

 

		(b)	Notwithstanding
                                         the foregoing, the following will not be part of the collateral commitment and shall
                                         have no collateral value:

 

		i.	any
                                         security type not covered above, as determined by BNPP PB, Inc. in its sole discretion;

 

		ii.	any
                                         short security position;

    	 

    	 

    

 

		iii.	any
                                         security offered through a private placement or any restricted securities; provided
                                         that a non-convertible corporate debt security that is eligible for resale pursuant
                                         to Rule 144A under the Securities Act of 1933, as amended, shall not be deemed restricted
                                         for this purpose;

 

		iv.	any
                                         security that is not maintained as a book-entry security on a major depository, such
                                         as The Depository Trust Company, Euroclear or Clearstream;

 

		v.	any
                                         securities that are municipal securities, asset-backed securities, mortgage securities,
                                         Structured Securities or capital contingent convertible bonds (notwithstanding the fact
                                         that such securities would otherwise be covered);

 

		vi.	any
                                         security where Customer or Customer's Advisor (i) is an Affiliate of the Issuer of the
                                         relevant equity securities or (ii) beneficially owns more than 9% of either (a) the voting
                                         interests of the Issuer or (b) any voting class of equity securities of the Issuer (in
                                         each case, whether such positions are held in accounts established pursuant to the 40
                                         Act Financing Agreements or otherwise);

 

		vii.	to
                                         the extent that the Gross Market Value of non-USD-denominated Positions exceeds 50% of
                                         the Portfolio Gross Market Value, any such securities in excess of such 50% (and BNPP
                                         PB, Inc. shall determine in its sole discretion which specific securities shall be considered
                                         to be in excess of 50%);

 

		viii.	to
                                         the extent that the Gross Market Value of the aggregate of non-convertible corporate
                                         debt securities and/or preferred securities denominated in CAD exceeds 20% or more of
                                         the Portfolio Gross Market Value, any non-convertible corporate debt securities and/or
                                         preferred securities denominated in CAD in excess of such 20% (and BNPP PB, Inc. shall
                                         determine in its sole discretion which specific securities shall be considered to be
                                         in excess of 20%);

		ix.	any
                                         equity security of an Issuer with a market capitalization of less than USD $300,000,000;

		x.	any
                                         Debt Security which (i) trades below 40% of its nominal value or (ii) is greater than
                                         10% of the Issue Size;

		xi.	any
                                         Debt Security whose outstanding issuance, calculated pursuant to its Face Value, is less
                                         than USD $75,000,000;

		xii.	to
                                         the extent that the Gross Market Value of any Debt Securities with an outstanding issuance,
                                         calculated pursuant to its Face Value, between USD
                                         $75,000,000 and USD $150,000,000 exceeds 10% of the Portfolio Gross Market Value, any
                                         Debt Securities in excess of such 10% (and BNPP PB, Inc. shall determine in its sole
                                         discretion which specific securities shall be considered to be in excess of 10%);

		xiii.	any
                                         Positions with a long-term debt rating below CCC- by S&P or below Caa3 by Moody's
                                         or that have defaulted (excluding, for the avoidance of doubt, unrated securities);

		xiv.	any
                                         Positions with Days of Trading Volume equal to or greater than 4;

		xv.	any
                                         Positions with Equity Volatility equal to or greater than 100%; and

		xvi.	to
                                         the extent that the Gross Market Value of Positions in any industry sector (as defined
                                         by Bloomberg) exceeds 20% of the Portfolio Gross Market Value, any Positions in excess
                                         of such 20% (and BNPP PB, Inc. shall determine in its sole discretion which specific
                                         securities shall be considered to be in excess of such 20%).

 

    	 

    	 

    

 

	3.	Equity
                                         Securities Collateral Percentage -

 

The
Collateral Percentage for a Position consisting of applicable equity securities that are Eligible Securities shall be:

 

		i.	subject
                                         to paragraph (ii) below, the sum of (A) the Equity Core Collateral Rate and (B)
the product of (I) the Equity Core Collateral Rate and (II) the sum of the Equity Liquidity Factor and the Equity Volatility Factor,
or

 

		ii.	100%
                                         if the product determined under paragraph (i) above is greater than 100%.

 

(a)  
Equity Liquidity Factor.

 

The
"Equity Liquidity Factor" shall be determined pursuant to the following table.

 

	Days
    of Trading Volume	Equity
    Liquidity Factor
	Less
    than 2	0
	2to
    4	1

 

(b)  
Equity Volatility Factor.

 

The
"Equity Volatility Factor" shall be determined pursuant to the following table.

 

	Equity
    Volatility	Equity
    Volatility Factor
	Less
    than 35%	0
	Equal
    to or greater than 35% and less than 50%	0.5
	Equal
    to or greater than 50% and less than 75%	1
	Equal
    to or greater than 75% and less than 100%	2

 

	4.	Debt
                                         Securities Collateral Percentage -
	 	 
	 	The
                                         Collateral Percentage for a Position consisting of applicable Debt Securities that are
                                         Eligible Securities shall be Debt Core Rate; provided
                                         that (i) the Collateral Percentage
                                         for any Debt Security which trades below 40% of its nominal value shall be 100%, (ii)
                                         if a Debt Security's remaining maturity is greater than 10 years, its Collateral Percentage
                                         shall be the Debt Core Rate plus 10%, and (iii) if a Debt Security is a Payment-in-Kind
                                         Bond, its Collateral Percentage shall be the Debt Core Rate plus 10%.

  

		(a)	Debt
                                         Core Rate.
	 	 	 
	 	 	(i)	The
                                         "Debt Core Rate"
                                         with respect to an applicable Position in an Eligible Security shall be (A) for Treasury
                                         Securities, 6%, and (B) for all other Debt Securities, as determined pursuant to the
                                         following table using the lower of the S&P or Moody's rating as shown below; provided
                                         that (I) if there is only one
                                         such rating, then the Debt Core Rate corresponding to such rating shall be used and (II)
                                         if there is no such rating, then the Debt Core Rate shall be 30%.

 

    	 

    	 

    

 

	S&
    P’s Rating	Moody’s
    Rating	Debt
    Core Rate
	AAA
    to A-	Aaa
    to A3	10%
	BBB+
    to BBB-	Baa1
    to Baa3	12%
	BB+
    to BB-	Ba1
    to Ba3	15%
	B+
    to B- / NR	B1
    to B3	20%
	CCC+
    to CCC-	Caa1
    to Caa3 / NR	30%

 

	5.	Positions
                                         Outside the Scope of this Appendix A -
	 	 
	 	For
                                         the avoidance of doubt, the Collateral Requirements set forth herein are limited to the
                                         types and sizes of securities specified herein. The Collateral Requirement for any Position
                                         or part of a Position not covered by the terms of this Appendix A shall be determined
                                         by BNPP PB, Inc. in its sole discretion.

 

	6.	One-off
                                         Collateral Requirements -
	 	 
	 	From
time to time BNPP PB, Inc., in its sole discretion, may agree to a lower Collateral Requirement than the Collateral Requirement
determined pursuant to this Appendix A for the portfolio or for one or more Positions or Eligible Securities in the portfolio;
provided that, for the avoidance of doubt, the commitment in Section 6(a) of the Committed Facility Agreement shall apply
only with respect to the Collateral Requirement determined in accordance with this Appendix A and BNPP PB, Inc. shall have the
right at any time to increase the Collateral Requirement up to the Collateral Requirement that would be required as determined
in accordance with this Appendix A.

  

		7.	Certain
                                         Definitions -

 

		(a)	"Affiliate"
                                         means an affiliate as defined in Rule 144(a)(1) under the Securities Act of 1933, as
                                         amended.

 

		(b)	"Bloomberg"
                                         means the Bloomberg Professional service.

 

		(c)	"Collateral
                                         Percentage" means the percentage as determined by BNPP PB, Inc. according to
                                         this Appendix A.

 

		(d)	"Current
                                         Market Value" means, with respect to a Position, an amount equal to the product
                                         of (i) the number of units of the relevant security and (ii) the price per unit of the
                                         relevant security (determined by BNPP PB, Inc.).

 

		(e)	"Days
                                         of Trading Volume" means, with respect to an equity security, an amount equal
                                         to the quotient of (i) the number of shares of such security constituting the Position,
                                         as numerator, and (ii) the 90-day average daily trading volume of such security as shown
                                         on Bloomberg (or, if the 90-day average daily trading volume of such security is unavailable,
                                         the 30-day average daily trading volume of such security, as determined by BNPP PB, Inc.
                                         in its sole discretion), as denominator.

 

		(f)	"Debt
                                         Security" means non-convertible preferred securities and corporate debt securities.

 

		(g)	"Equity
                                         Core Collateral Rate" means 15%.

 

		(h)	"Equity
                                         Volatility" means, with respect to an equity security, the 90-day historical
                                         volatility of such security as determined by BNPP PB, Inc. in its sole discretion or,
                                         if the 90-day historical price volatility of such security is unavailable, the 30-day
                                         historical price volatility of such security as determined by BNPP PB, Inc. in its sole
                                         discretion.

 

    	 

    	 

    

 

		(i)	"Face
                                         Value" means the value in USD representing the principal of a Debt Security.

 

		(j)	"Gross
                                         Market Value" of one or more Positions means an amount equal to the sum of all
                                         Current Market Values of all such Positions, where, for the avoidance of doubt, the Current
                                         Market Value of each Position is expressed as a positive number whether or not such Position
                                         is held long.

 

		(k)	"Issuer"
                                         means, with respect to a Debt Security or equity security, the ultimate parent company
                                         or similar term as used by Bloomberg; provided that, if the relevant security
                                         was issued by a company or a subsidiary of a company that has issued common stock, the
                                         Issuer shall be deemed to be the entity that has issued common stock; provided further
                                         that, with respect to any exchange-traded funds, the Issuer of such securities shall
                                         be the index to which the relevant securities relate, if any.

 

		(l)	"Issuer
                                         Concentration Floor" means, as of any date, the product of (i) the largest Issuer
                                         Jump-to-default loss and (ii) 3. Jump-to-default loss is the theoretical loss upon a
                                         bond default with a 20% of par recovery.

 

		(m)	"Issue
                                         Size" means, with respect to a Position in a Debt Security of an Issuer, the
                                         Current Market Value of all such Debt Securities issued by the Issuer and still outstanding.

 

		(n)	"Moody’s"
                                         means Moody's Investor Service, Inc.

 

		(o)	“Payment-in-Kind
                                         Bond” means a Debt Security whose interest or principal payments may be paid
                                         with additional Debt Securities, as opposed to cash.

 

		(p)	"Portfolio
                                         Gross Market Value" means the Gross Market Value of all of the Positions that
                                         are Eligible Securities.

 

		(q)	"Position
                                         Charge" means, with respect to a Position consisting of Eligible Securities,
                                         the product of (x) the Collateral Percentage applicable to such Position and (y) the
                                         Current Market Value of such Position.

 

		(r)	"Structured
                                         Securities" means any security (i) the payment to a holder of which is linked
                                         to a different security, provided that such different security is issued by a
                                         different issuer or (ii) structured in such a manner that the credit risk of acquiring
                                         the security is primarily related to an entity other than the issuer of the security
                                         itself.

 

		(s)	"S&P"
                                         means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
                                         Inc.

 

		(t)	"Treasury
                                         Security" means any security that is a direct obligation of the United States
                                         Treasury. For the avoidance of doubt, neither Treasury Inflation-Protected Securities
                                         nor securities issued under the Separate Trading of Registered Interest and Principal
                                         of Securities program nor securities issued by any other United States government agency
                                         or government sponsored enterprise are herein considered Treasury Securities.Restricted Stock Agreement

EXHIBIT 10.15

ABRAXAS PETROLEUM CORPORATION
RESTRICTED STOCK AWARD AGREEMENT

This Restricted Stock Award Agreement (the “Agreement”), made as of the ___ day of _____________(the “Grant Date”) by and between Abraxas Petroleum Corporation, a Nevada corporation (the “Company”), and ___________ (the “Participant”), evidences the grant by the Company of an Award of Restricted Stock (the “Award”) to the Participant on such date and the Participant’s acceptance of the Award in accordance with the provisions of the Abraxas Petroleum Corporation 2005 Employee Long-Term Equity Incentive Plan, as amended or restated from time to time (the “Plan”).  The Company and the Participant hereby agree as follows: 

1.Basis for Award. This Award is made under the Plan pursuant to Section 9 thereof.
2.Stock Awarded. 
(a)The Company hereby awards to the Participant, in the aggregate, _________ Shares (“Restricted Stock”), which shall be subject to the restrictions and conditions set forth in the Plan and in this Agreement. 
(b)Each certificate issued in respect of the Restricted Stock shall be registered in the Participant’s name and deposited by the Participant, together with a share power endorsed in blank, with the Company and shall bear the following (or a similar) legend: 
“THE TRANSFERABILITY OF THIS CERTIFICATE AND THE COMMON STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE ABRAXAS PETROLEUM CORPORATION 2005 LONG-TERM EQUITY INCENTIVE PLAN AND THE RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND ABRAXAS PETROLEUM CORPORATION IN RESPECT OF SUCH STOCK.”

At the expiration of the restrictions, the Company shall redeliver to the Participant (or the Participant’s legal representative, beneficiary or heir) share certificates for the Restricted Stock deposited with it without any legend except as otherwise provided by the Plan, this Agreement or as otherwise required by applicable law.  Except as otherwise provided by the Plan, until the issuance (as evidenced by the appropriate entry on the books of the Company, or of a duly authorized transfer agent of the Company) of the share certificates evidencing such Restricted Stock, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Restricted Stock, notwithstanding the exercise of the Restricted Stock.  Notwithstanding the foregoing, the Company shall retain custody of all securities or other property (other than regular cash dividends) distributed by the Company in respect of the Restricted Stock (“Retained Distributions”) subject to the restrictions set forth in this Agreement and such Retained Distributions shall be subject to the same restrictions on terms and conditions as are applicable to such Restricted Stock.

Except as provided in the Plan or this Agreement, the restrictions on the Restricted Stock covered by this Agreement are that the stock will be forfeited by the Participant and all of the Participant’s rights to such stock shall immediately terminate without any payment or consideration by the Company, in the event of any sale, assignment, transfer, hypothecation, pledge or other alienation of such Restricted Stock made or attempted, whether voluntary or involuntary, and if involuntary whether by process of law in any civil or criminal suit, action or proceeding, whether in the nature of an insolvency or bankruptcy proceeding or otherwise, except that the Restricted Stock may be transferred by will or by the laws of descent or distribution 

and may be exercised, during the lifetime of the Participant, only by the Participant, unless the Committee permits further transferability, on a general or specific basis, in which case the Committee may impose conditions and limitations on any permitted transferability.

Subject to the terms of this Agreement and the Plan, upon termination of the Participant’s employment for any reason, all Restricted Stock may vest or be forfeited in accordance with the terms and conditions established by the Committee or as specified in this Agreement.  Each Restricted Stock Award may, in the sole and absolute discretion of the Committee, have different forfeiture and vesting provisions.

3.Vesting. The restrictions described in Section 2 of this Agreement will lapse with respect to 100% of the Restricted Stock on November 4, 2018.  All restrictions will lapse with respect to 100% of the Restricted Stock and the Restricted Stock shall become fully vested upon the earliest to occur of (a) November 4, 2018 (b) the Participant’s death or total disability, or (c) the effective date of a Change of Control, as defined in the Plan.  All determinations as to whether the Participant has become totally disabled shall be made by a majority of the remaining members of the Board upon the basis of such evidence as it deems necessary or desirable, and shall be final and binding on all interested persons.  If the Participant ceases to be an employee of the Company for any reason, at any time prior to the vesting dates, vesting of Restricted Stock shall cease and any unvested Restricted Stock shall automatically be forfeited upon cessation of employment.

4.Beneficiary Designations.  The Participant shall file with the Secretary of the Company a written designation of his beneficiary (“Designated Beneficiary”) to whom Restricted Stock otherwise due the Participant shall be distributed in the event of Participant’s death.  The Participant shall have the right to change the Designated Beneficiary from time to time, provided, however, that any change shall not become effective until received in writing by the Secretary of the Company.  If any Designated Beneficiary shall survive the Participant but shall die before receiving all of the Restricted Stock under the Plan, any remaining Restricted Stock due the Participant shall be distributed to the deceased Designated Beneficiary’s estate.  If there is no Designated Beneficiary on file at the time of the Participant’s death, or if the Designated Beneficiary has predeceased such Participant, the payment of any remaining benefits shall be made to the Participant’s estate.

5.Prerequisites to Benefits.  Neither the Participant, nor any person claiming through the Participant, shall have any right or interest in the Restricted Stock awarded hereunder, unless and until all terms, conditions and provisions of this Agreement and the Plan which affect the Participant or such other person shall have been complied with as specified herein or in the Plan.

6.Compliance with Laws and Regulations. The issuance and transfer of Restricted Stock shall be subject to compliance by the Company and the Participant with all applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Restricted Stock may be listed at the time of such issuance or transfer, and further subject to the approval of counsel for the Company with respect to such compliance.  The Participant understands that the Company is under no obligation to register or qualify the Restricted Stock with the Securities and Exchange Commission (“SEC”), any state securities commission or any stock exchange to effect such compliance.

7.Tax Withholding. 

(a)The Participant agrees that, subject to clause 7(b) below, no later than the date as of which the restrictions on the Restricted Stock shall lapse with respect to all or any of the Restricted Stock covered by this Agreement, the Participant shall pay to the Company (in cash or to the extent permitted by the 

Committee, Restricted Stock held by the Participant whose Fair Market Value on the day preceding the date the Restricted Stock vests is equal to the amount of the Participant’s tax withholding liability) any federal, state or local taxes of any kind required by law to be withheld, if any, with respect to the Restricted Stock for which the restrictions shall lapse. The Company or its affiliates shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the shares of Restricted Stock. 

(b)If the Participant properly elects, within thirty (30) days of the Grant Date, to include in gross income for federal income tax purposes an amount equal to the Fair Market Value as of the Grant Date of the Restricted Stock granted hereunder pursuant to Section 83(b) of the Code, the Participant shall pay to the Company, or make other arrangements satisfactory to the Committee to pay to the Company in the year of such grant, any federal, state or local taxes required to be withheld with respect to such Restricted Stock. If the Participant fails to make such payments, the Company or its affiliates shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to such Restricted Stock. 

8.No Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to confer upon the Participant the right to continue in the employment or service of the Company, or impose any limitation on any right of the Company or any of its affiliates to terminate the Participant’s employment or service at any time for any reason.

9.Representations and Warranties of Participant. The Participant represents and warrants to the Company that: 

(a)Agrees to Terms of the Plan. The Participant has received a copy of the Plan and has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions. The Participant acknowledges that there may be adverse tax consequences upon the vesting of Restricted Stock or disposition of the Restricted Stock once vested, and that the Participant should consult a tax adviser prior to such time. 

(b)Cooperation. The Participant agrees to sign such additional documentation as may reasonably be required from time to time by the Company.

(c)Shares Not Being Acquired for Distribution.  The Participant represents and agrees the Restricted Stock is being acquired without a view to distribution thereof.

10.Adjustments to Shares. Pursuant to Section 4 of the Plan, the Committee may make appropriate adjustments to the number and class of shares relating to Restricted Stock as it deems appropriate, in its sole discretion, to preserve the value of this Award.  The Committee’s adjustment shall be made in accordance with the provisions of Section 4 of the Plan and shall be effective and final, binding and conclusive for all purposes of the Plan and this Agreement. 

11.Governing Law; Modification. This Agreement shall be governed by the laws of the State of Texas without regard to the conflict of law principles.  The Agreement may not be modified except in writing signed by both parties. 

12.Defined Terms. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms used but not defined herein have the definitions as provided in the Plan.  The terms and provisions of the Plan are incorporated herein by reference, and the Participant hereby acknowledges 

receiving a copy of the Plan. In the event of a conflict or inconsistency between the discretionary terms and provisions of the Plan and the provisions of this Agreement, this Agreement shall govern and control. 

13.Miscellaneous. The masculine pronoun shall be deemed to include the feminine, and the singular number shall be deemed to include the plural unless a different meaning is plainly required by the context.

IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date first above written. 
 
ABRAXAS PETROLEUM CORPORATION

By: 
Name: Robert L.G. Watson
Title: President & Chief Executive Officer

PARTICIPANT

By:                             
Name: ____________________________________

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