Document:

Exhibit

Exhibit No. 10.11.1

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED 
CREDIT AGREEMENT

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of May 14, 2014, by and among PDC ENERGY, INC., a Nevada corporation formerly known as Petroleum Development Corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER, as Guarantors (the “Guarantors”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”).  Unless the context otherwise requires or unless otherwise expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in the Credit Agreement (as defined below).

WITNESSETH:

WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Lenders have entered into that certain Third Amended and Restated Credit Agreement dated as of May 21, 2013 (as the same has been and may hereafter be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrower and the Guarantors have requested that the Administrative Agent and the Lenders amend the Credit Agreement in certain respects and the Administrative Agent and the Lenders have agreed to do so on the terms and conditions hereinafter set forth.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, the Borrower, the Guarantors, the Administrative Agent and the Lenders hereby agree as follows:

SECTION 1.    Amendments to Credit Agreement.  Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 3 of this Amendment, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement shall be amended in the manner provided in this Section 1.

1.1    Additional Definitions.  The following definitions are hereby added to Section
1.01 of the Credit Agreement in appropriate alphabetical order:

“Impacted  Interest  Period”  has  the  meaning  assigned  to  it  in  the definition of “LIBO Rate”.

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded upward to four decimal places) determined by the Administrative  Agent  (which  determination  shall  be  conclusive  and  binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time.

“LIBO  Screen  Rate”  has  the  meaning  assigned  to  such  term  in  the definition of “LIBO Rate”.

“RNG” means Riley Natural Gas Company, a West Virginia corporation.

1.2    Amended Definitions.   The following definitions in Section 1.01 shall be and they hereby are amended and restated in their entirety as follows:

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, with respect to the determination of the Alternate Base Rate, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute page) at approximately 11:00 a.m. London time on such day (without any rounding).  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal 

Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest Period, the London interbank offered rate administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest  Period  as  displayed  on  pages  LIBOR01  or  LIBOR02  of  the  Reuters screen or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two  (2) Business  Days  prior  to  the  commencement  of  such  Interest  Period; provided that, (x) if any LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and (y) if the LIBO Screen Rate shall not be available at such time such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.14 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base Rate.

Marcellus JV Services Agreement” means that certain Transition, Administrative and Marketing Services Agreement dated as of October 29, 2009 among the Borrower, RNG, PDC Eastern, PDC Mountaineer, PDC Mountaineer Operating, LLC and Marcellus JV Investor Partner relating to the Marcellus Joint Venture, as the same may be amended, restated, supplemented or otherwise modified from time to time to the extent permitted hereunder.

1.3    Disposition of RNG.  Section 7.03 of the Credit Agreement shall be amended by deleting the period “.” at the end of clause (a)(vii)(6) of such Section and replacing it with “; and”, and inserting the following after clause (a)(vii)(6) of such Section:

(viii) Borrower may Dispose of all (but not less than all) of the Equity Interests of RNG or all or substantially all of RNG’s assets in any transaction or series of related transactions; and

1.4    Fundamental Changes.  Section 7.03 of the Credit Agreement shall be amended by deleting clause (viii) at the end of such Section and replacing is with the following as clause (c) of such Section:

(c)    the Borrower or any Restricted Subsidiary may enter into Hedge
Modifications solely to the extent required under Section 6.16.

1.5     Release of Guarantor.    Article VIII of the Credit Agreement shall be and it hereby is amended by adding the following at the end of such Article:

Section 8.15.   Release of Guarantor.   So long as no Default shall have occurred and be continuing, upon the consummation of the Disposition of Riley Natural Gas in accordance with clause (viii) of Section 7.03(a), RNG (i) shall be automatically released from its obligations under the Loan Documents, including its obligations as a Guarantor under Article VIII of the Credit Agreement and as a Grantor under the Pledge Agreement, and (b) all Liens on and security interests in the assets of, and the Equity Interests in, RNG granted to the Administrative Agent under the Loan Documents (including, without limitation, the Pledge Agreement) shall automatically be released and terminated.

SECTION 2.    Redetermined Borrowing Base.  This Amendment shall constitute notice of the Redetermination of the Borrowing Base pursuant to Section 3.04 of the Credit Agreement, and the Administrative Agent, the Lenders, Borrower and the Guarantors hereby acknowledge that effective as of the First Amendment Effective Date, the Borrowing Base is $450,000,000, and such redetermined Borrowing Base shall remain in effect until the earlier of (i) the next Redetermination of the Borrowing 

Base and (ii) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.

SECTION 3.    Conditions.  The amendments to the Credit Agreement contained in Section 1 of this Amendment and the redetermination of the Borrowing Base contained in Section 2 of this Amendment, shall be effective upon the satisfaction of each of the conditions set forth in this Section 3.

3.1    Execution and Delivery.  Each Credit Party, the Lenders, and the Administrative Agent shall have executed and delivered this Amendment and each other required document, all in form and substance satisfactory to the Administrative Agent.

3.2    No Default.   No Default shall have occurred and be continuing or shall result from the effectiveness of this Amendment.

3.3    Other Documents.  The Administrative Agent shall have received such other instruments and documents incidental and appropriate to the transaction provided for herein as the Administrative Agent or its special counsel may reasonably request, and all such documents shall be in form and substance satisfactory to the Administrative Agent.

SECTION 4.    Post-Closing Covenant.  Within ninety (90) days following the date hereof (or such longer period as permitted by the Administrative Agent in its sole discretion), the Borrower shall deliver to the Administrative Agent Mortgages and title information with respect to the Borrowing Base Properties, or the portion thereof, as required by Sections 6.11 and 6.12 of the Credit Agreement, in form and substance satisfactory to the Administrative Agent.

SECTION 5.    Representations and Warranties of Credit Parties.  To induce the Lenders to enter into this Amendment, each Credit Party hereby represents and warrants to the Lenders as follows:

5.1    Reaffirmation of Representations and Warranties/Further Assurances.  After giving effect to the amendments contained herein, each representation and warranty of such Credit Party contained in the Credit Agreement and in each of the other Loan Documents is true and correct in all material respects on the date hereof (except to the extent such representations and warranties relate solely to an earlier date, in which case they are true and correct as of such earlier date).

5.2    Corporate Authority; No Conflicts.  The execution, delivery and performance by such Credit Party of this Amendment and all documents, instruments and agreements contemplated herein are within such Credit Party’s corporate or other organizational powers, have been duly authorized by necessary action, require no action by or in respect of, or filing with, any court or agency of government and do not violate or constitute a default under any provision of any applicable law or other agreements binding upon such Credit Party or result in the creation or imposition of any Lien upon any of the assets of such Credit Party.

5.3    Enforceability.  This Amendment constitutes the valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application.

5.4    No Default.   As of the date hereof, both before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 6.    Miscellaneous.

6.1    Reaffirmation of Loan Documents and Liens.  Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except as amended and modified hereby, remain in full force and effect and are hereby in all respects ratified and confirmed by each Credit Party.  Each Credit Party hereby agrees that the amendments and modifications herein contained shall in no manner affect or impair the liabilities, duties and obligations of any Credit Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof.

6.2    Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

6.3    Legal Expenses.  Each Credit Party hereby agrees to pay all reasonable fees and expenses of counsel to the Administrative Agent incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this 

Amendment and all related documents.

6.4    Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail shall be effective as delivery of manually executed counterparts of this Amendment.

6.5    Complete Agreement.   THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

6.6    Headings.  The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

6.7    Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York without regard to conflicts of law .

[Remainder of Page Intentionally Blank.  Signature Pages Follow.]
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written. 
 
	
			
	 
	 
	 

	BORROWER:

	 

	PDC ENERGY, INC.

	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	 

	GUARANTOR:

	 

	RILEY NATURAL GAS COMPANY

	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Bank and as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	Authorized Officer

 
Signature Page 

	
			
	 
	 
	 

	BANK OF AMERICA, N.A., as a Lender and as a Co-Documentation Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	BANK OF MONTREAL, as a Lender and as a Co-Documentation Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	THE ROYAL BANK OF SCOTLAND PLC, as a Lender and as Co-Documentation Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	WELLS FARGO BANK, N.A.,
as a Lender and as Syndication Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	COMPASS BANK, as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

	 
	 

	By:
	 
	 

	Name:

	Title:

 
Signature Page 

	
			
	 
	 
	 

	THE BANK OF NOVA SCOTIA, as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	SCOTIABANC INC.,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	BOKF, NA,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	CAPITAL ONE, N.A.,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	COMERICA BANK,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	NATIXIS,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	TEXAS CAPITAL BANK, N.A.,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	U.S. BANK NATIONAL ASSOCIATION,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	KEYBANK NATIONAL ASSOCIATION,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 
  

SECOND AMENDMENT TO THIRD AMENDED AND RESTATED 
CREDIT AGREEMENT 
SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of September 30, 2015, by and among PDC ENERGY, INC., a Delaware corporation formerly known as Petroleum Development Corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER, as Guarantors (the “Guarantors”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”). Unless the context otherwise requires or unless otherwise expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in the Credit Agreement (as defined below). 
WITNESSETH: 
WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Lenders have entered into that certain Third Amended and Restated Credit Agreement dated as of May 21, 2013 (as the same has been and may hereafter be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 
WHEREAS, the Borrower and the Guarantors have requested that the Administrative Agent and the Lenders amend the Credit Agreement in certain respects and the Administrative Agent and the Lenders have agreed to do so on the terms and conditions hereinafter set forth. 
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, the Borrower, the Guarantors, the Administrative Agent and the Lenders hereby agree as follows: 
SECTION 1.     Amendments to Credit Agreement. Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 3 of this Amendment, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement shall be amended in the manner provided in this Section 1.
1.1 Amended Definition. The following definition in Section 1.01 shall be and it hereby is amended and restated in its entirety as follows: 
“Maturity Date” means (a) May 21, 2020 and (b) any earlier date on which the Commitments are reduced to zero or otherwise terminated as permitted herein. 
SECTION 2.     Redetermined Borrowing Base. This Amendment shall constitute notice of the Redetermination of the Borrowing Base pursuant to Section 3.04 of the Credit Agreement, and the Administrative Agent, the Lenders, Borrower and the Guarantors hereby acknowledge that effective as of the Second Amendment Effective Date, the Borrowing Base is $700,000,000, and such redetermined Borrowing Base shall remain in effect until the earlier of (i) the next Redetermination of the Borrowing Base and (ii) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement. For the avoidance of doubt, the redetermination of the Borrowing Base contained in this Section 2 constitutes the Scheduled Redetermination, which otherwise would have occurred on or about November 1, 2015 pursuant to Section 3.02 of the Credit Agreement. 
SECTION 3.     Conditions. The amendments to the Credit Agreement contained in Section 1 of this Amendment and the redetermination of the Borrowing Base contained in Section 2 of this Amendment, shall be effective upon the satisfaction of each of the conditions set forth in this Section 3 (the date on which each such condition has been satisfied is referred to herein as the “Second Amendment Effective Date”). 
3.1     Execution and Delivery. Each Credit Party, the Lenders, and the Administrative Agent shall have executed and delivered this Amendment and each other required document, all in form and substance satisfactory to the Administrative Agent. 
3.2     No Default. No Default shall have occurred and be continuing or shall result from the effectiveness of this Amendment. 
3.3     Other Documents. The Administrative Agent shall have received such other instruments and documents incidental and appropriate to the transaction provided for herein as the Administrative Agent or its special counsel may reasonably request, and all such documents shall be in form and substance satisfactory to the Administrative Agent. 

3.4     Fees. Borrower and the Administrative Agent shall have executed and delivered a fee letter in connection with this Amendment, and the Administrative Agent shall have received, for its own account and for the account of the Lenders, the fees separately agreed upon in such fee letter. 
SECTION 4.     Representations and Warranties of Credit Parties. To induce the Lenders to enter into this Amendment, each Credit Party hereby represents and warrants to the Lenders as follows: 
4.1     Reaffirmation of Representations and Warranties/Further Assurances. After giving effect to the amendments contained herein, each representation and warranty of such Credit Party contained in the Credit Agreement and in each of the other Loan Documents is true and correct in all material respects on the date hereof (except to the extent such representations and warranties relate solely to an earlier date, in which case they are true and correct as of such earlier date). 
4.2     Corporate Authority; No Conflicts. The execution, delivery and performance by such Credit Party of this Amendment and all documents, instruments and agreements contemplated herein are within such Credit Party’s corporate or other organizational powers, have been duly authorized by necessary action, require no action by or in respect of, or filing with, any court or agency of government and do not violate or constitute a default under any provision of any applicable law or other agreements binding upon such Credit Party or result in the creation or imposition of any Lien upon any of the assets of such Credit Party. 
4.3     Enforceability. This Amendment constitutes the valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application. 
4.4     No Default. As of the date hereof, both before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 
SECTION 5.     Post-Closing Covenant. Within forty-five (45) days following the Second Amendment Effective Date (or such longer period as permitted by Administrative Agent in its sole discretion), Borrower shall deliver to Administrative Agent (a) Mortgages and title information, in each case, reasonably satisfactory to Administrative Agent with respect to the Borrowing Base Properties, or the portion thereof, as required by Sections 6.11 and 6.12 of the Credit Agreement. 
SECTION 6.     Miscellaneous. 
6.1     Reaffirmation of Loan Documents and Liens. Any and all of the terms and provisions of the Credit Agreement and the other Loan Documents shall, except as amended and modified hereby, remain in full force and effect and are hereby in all respects ratified and confirmed by each Credit Party. Each Credit Party hereby agrees that the amendments and modifications herein contained shall in no manner affect or impair the liabilities, duties and obligations of any Credit Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof. 
6.2     Parties in Interest. All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. 
6.3     Legal Expenses. Each Credit Party hereby agrees to pay all reasonable fees and expenses of counsel to the Administrative Agent incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and all related documents. 
6.4     Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail shall be effective as delivery of manually executed counterparts of this Amendment. 
6.5     Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

6.6     Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof. 
6.7     Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York without regard to conflicts of law. 
[Remainder of Page Intentionally Blank. Signature Pages Follow.] 
 
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written. 
 
	
			
	 
	 
	 

	BORROWER:

	 

	PDC ENERGY, INC.

	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	 

	GUARANTOR:

	 

	RILEY NATURAL GAS COMPANY

	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Bank and as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	Authorized Officer

 
Signature Page 

	
			
	 
	 
	 

	BANK OF AMERICA, N.A., as a Lender and as a Co-Documentation Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	BANK OF MONTREAL, as a Lender and as a Co-Documentation Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	THE ROYAL BANK OF SCOTLAND PLC, as a Lender and as Co-Documentation Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	WELLS FARGO BANK, N.A.,
as a Lender and as Syndication Agent

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	COMPASS BANK, as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

	 
	 

	By:
	 
	 

	Name:

	Title:

 
Signature Page 

	
			
	 
	 
	 

	THE BANK OF NOVA SCOTIA, as a Lender

	 
	 

	By:

	Name:
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	SCOTIABANC INC.,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	BOKF, NA,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	CAPITAL ONE, N.A.,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	COMERICA BANK,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	NATIXIS,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	TEXAS CAPITAL BANK, N.A.,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	U.S. BANK NATIONAL ASSOCIATION,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	KEYBANK NATIONAL ASSOCIATION,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature Page 

	
			
	 
	 
	 

	TORONTO DOMINION (TEXAS) LLC,

	as a Lender

	 
	 

	By:
	 

	Name:
	 
	 

	Title:
	 
	 

 
Signature PageExhibit

Exhibit 10(o)

PITNEY BOWES INC.
Pitney Bowes Director Equity Deferral Plan

		
	I.
	Establishment and Purpose

The purpose of the Pitney Bowes Director Equity Deferral Plan (“Plan”) is to allow Directors of Pitney Bowes Inc. (“Company”) who receive equity awards, such as stock units (“Units”), as part of their Director compensation under the Pitney Bowes Inc. Director Stock Plan as amended and restated as of May 12, 2014 or any subsequent approved stock plan(s), to defer settlement of those equity awards until termination of service or retirement from the Company’s Board of Directors.  The plan was approved by the Board of Directors November 8, 2013 effective May 12, 2014.  The Plan is intended to comply with the rules under the Internal Revenue Code and specifically Section 409A (“IRC 409A”).

		
	II.
	Eligibility to Participate

A Director becomes eligible to participate in this Plan upon election or appointment to the Company’s Board of Directors. 

		
	III.
	Deferral Election

A Director shall submit a deferral election on an approved form furnished by the Company regarding an equity award.  The election generally must be made in the year prior to the year that the award is approved by the Board or upon commencement of Board service.  The Board may set up procedures to accept deferral elections at such other times as are consistent with IRC 409A such as: (1) elections for newly eligible Directors, where the election is to be made within 30 days of initial eligibility, and (2) performance based compensation deferral elections, where the election can be made up to six months before the end of the performance period if (a) the Director performs services continuously from the later of the beginning of the performance period or the date the performance criteria are established and (b) the satisfaction of the performance criteria is not readily ascertainable as of the time the election is made.  A deferral election will not be allowed for awards or portions thereof that otherwise would vest and be settled within 12 months of the election, unless specifically allowed under the Plan and under IRC 409A.

An election to defer the settlement of an award must include the entire award type made on that award date.  That is, a Director cannot defer only part of an award type, but can elect to defer all of an award type in one year and none the next year.

    

The Company may allow Directors to elect a modification of a prior election but only if the modification is made more than 12 months prior to when the settlement would otherwise occur and does not take effect for at least 12 months from the date of the modification election.  Where the modification is deemed a subsequent election under IRC 409A, the deferral period or award settlement date is postponed by five years from the original Default Settlement Date or elected distribution date, as applicable.

Once a deferral election is made, the election may not be revoked and the deferral period may not be accelerated except as provided under this Plan document.

A Director’s deferral election will be cancelled (1) for the balance of the Plan Year in which an unforeseeable emergency payment is made and (2) during the period in which the Director is unable to perform duties of his or her position or substantially similar position due to a mental or physical impairment that can be expected to result in death or last for a continuous period of at least six months.

		
	IV.
	Deferral Term  

A Director may elect to defer settlement of an equity award to termination of service or retirement from the Company’s Board of Directors   

		
	V.
	Settlement  

Settlement of deferred equity Units means the conversion of an equity Unit into a full unrestricted share of Company common stock and the distribution of such shares to the Director, to the extent allowable under law. Fractional shares at settlement will either be payable in cash or used for additional withholding taxes.

The Plan’s Default Date of Settlement is the month immediately following the third month after the Director’s termination or retirement from Board service.  If the Director elects settlement over a ten-year period following termination or retirement from Board service the settlement shall be made in equal share installments with the first settlement being made during the fourth month following the Director’s termination or retirement from Board service and each successive installment being in the same month in successive calendar years.  Installment payments shall be treated as a single form of payment under the Plan.  

		
	VI.
	Vesting  

Equity Awards shall vest in accordance with the underlying equity award terms.  Directors who submit a deferral election are deferring the settlement, not the vesting, of such awards to the deferral date elected or allowed under this Plan.

    

		
	VII.
	Dividend Equivalents

The underlying equity award shall specify when and if dividends or dividend equivalents are payable under the equity award.  Dividend equivalents on deferred awards will be paid out to the Directors quarterly within 30 days of the dividend payment date on outstanding Company stock. 

		
	VIII.
	Voting Rights  

Deferred equity awards are considered notional or phantom shares and do not carry voting rights until they are settled into common shares at the end of the deferral period.

		
	IX.
	Death 

  
In the event of a Director’s death, vested deferred Units will be settled and converted in Company common stock within 90 days of the Director’s death and will be payable to the Director’s estate unless the Director has designated in writing a specific beneficiary(ies).

		
	X.
	Change of Control  

If a Change of Control of Pitney Bowes Inc. meets the requirements of IRC Section 409A, deferred equity Units will be converted into Company common stock upon the Change of Control.  Change of Control shall be defined as in the Pitney Bowes Inc. Directors’ Stock Plan.

		
	XI.
	Tax Withholding  

Withholding from the award settlement into common stock will occur only if and to the extent required by federal, state, local or foreign law. 

		
	XII.
	Amendment  

Except for non-material administrative changes which can be made by the Executive Committee of the Board of Directors, all other amendments to this Plan requires the approval of the full Board.  The Board may delegate ministerial actions to administer the Plan to Company’s Chief Executive Officer or other senior executive officers as the case maybe.  The Board may terminate this Plan and settle all outstanding deferred awards.   Amendments and termination may occur without prior notification. 

    

		
	XIII.
	General Assets  

To the extent any person acquires a right to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Company.  Nothing contained in this Plan and no action taken pursuant to its provisions shall create or be construed to create a trust of any kind.  No Director shall have any right, title or interest whatever in the assets of the Company.

		
	XIV.
	Anti-assignment Rule  

A Director may not assign any interest or benefit under this Plan for any purposes.  Purported assignments shall be null and void and of no effect.  Notwithstanding anything to the contrary herein the Board may, at is sole discretion, make distributions to an alternate payee in accordance with the terms of domestic relations order (See IRC Section 414(p)(1)(B)).

		
	XV.
	No Acquired Right

The benefits provided by this Plan shall not rise to the level of an acquired right. 

		
	XVI.
	Director Stock Ownership Policy  

Fully vested but deferred Units shall count toward the ownership requirements under the Director Stock Ownership Policy.

		
	XVII.
	Director Duties 

Directors must keep the Company advised at all times of his or her current mailing address and other contact information.

		
	XVIII.
	Designation of Beneficiary  

A Director may designate a beneficiary(ies) by submitting to the Company the beneficiary information in writing according to the format approved by the Company.  If a distribution is to be made to a minor, or to a person who is incompetent, the Company may make the distribution to (1) a legal guardian, or if none, to a parent at the minor’s residence, or (2) to a conservator, or (3) to a person having custody of an incompetent payee.  Such distribution shall fully discharge the liability under this Plan.

		
	XIX.
	IRC Section 409A

 
This Plan is intended to comply with the Internal Revenue Code and specifically IRC 409A and shall in all respects be administered in accordance with its rules.  Distributions may only be made under the Plan upon an event and in a manner permitted under IRC 

    

Section 409A.  All payments made upon termination of service or retirement under this Plan may only be made upon a “separation of service” under IRC Section 409A.  All deferral elections shall be consistent with permissible elections under IRC Section 409A.

		
	XX.
	Plan Administrator and Administration  

This Plan shall be administered by the Executive Committee of the Board (“Committee”).  The Committee shall have discretionary authority to make, amend, interpret and enforce all appropriate rules and regulations for administration of this Plan and to utilize its discretion to decide or resolve any and all questions as may arise in connection with the Plan.  The Committee may delegate certain ministerial actions to the Company’s Chief Executive Officer or other senior executive officers as the case maybe.  

		
	XXI.
	Governing Law  

The laws of the State of Connecticut shall govern the construction and administration of the Plan.

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