Document:

exv10w5

Exhibit 10.5

FORM OF PROMISSORY NOTE

			
	 	 	 
	$[                    ]
	 	New York, New York
	 	 	[·
], 2011

          ZaZa Energy Corporation, a Delaware corporation (“Maker”), hereby promises to pay to
[•], (“Payee”), on the fourth anniversary of the date hereof (the “Maturity
Date”), in lawful money of the United States of America, the principal amount of [_______]
DOLLARS ($[______]), and to pay simple interest at the rate of 8% per annum on the outstanding
principal balance hereof from the date hereof until payment of the principal balance in full or in
part without premium or penalty on the Maturity Date (or any extension thereof), pursuant to the
terms and conditions set forth in this secured, non-negotiable, non-transferable promissory note
(this “Note”). Interest payments shall be made in cash on the last day of each month and
on the Maturity Date.

          If the obligation of Maker to pay any principal or interest on this Note becomes due on a
Saturday, Sunday or day on which banks in New York State are permitted or required to be closed,
then such due date shall be extended to the next succeeding day that is not a Saturday, Sunday or a
day on which banks in New York State are permitted or required to be closed. All payments of
principal and interest due hereunder shall be paid in lawful money of the United States of America
by wire transfer at the account specified by Payee.

          This Note shall be secured by a pledge of collateral in favor of Payee in accordance with that
certain pledge agreement executed by and between Maker and Payee concurrently with the execution of
this Note (the “Pledge Agreement”).

          The Maker may prepay all or a portion of the principal amount hereof, in whole or in part
at any time, and to repay any interest accrued on the principal amount hereof at any time and from
time to time, in each case, without premium or penalty. If Maker or any of its subsidiaries
consummate any debt or equity financing (other than a revolving credit facility), Maker shall,
within five (5) days of the consummation of such financing, prepay a portion of the Note equal to
the lesser of (i) all amounts of accrued interest and outstanding principal hereunder or (ii)
twenty percent (20%) of the net cash proceeds of such financing multiplied by a fraction, the
numerator of which is the outstanding balance of this Note and the denominator of which is the sum
of the outstanding balance of this Note and the other similar notes issued by Maker on or about the
date of this Note to [•] (a “Mandatory Prepayment”), which Mandatory Prepayment shall
be applied first to any interest accrued on the outstanding principal amount hereof at the time of
such prepayment and second to the outstanding principal amount hereof. Maker shall also make
prepayments, if applicable, as required under the terms of the Contribution Agreement (as
hereinafter defined).

          Payee represents that it is acquiring this Note for investment and not with a view to the sale
or distribution thereof.

          Maker represents, warrants and covenants that (i) the issuance and delivery of this Note has
been duly and validly authorized and (ii) this Note is a valid and

 

 

legally binding obligation of the Maker, enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy and similar laws affecting creditors’ rights generally
and that the granting of specific performance lies at the discretion of a court in equity.

          This Note evidences secured, non-negotiable and non-transferable indebtedness of the Maker.

          If an Event of Default (as defined below) under this Note shall occur and be continuing, then
the Payee shall have the right to declare the entire principal balance and all accrued interest
under this Note due and payable. An “Event of Default” shall occur hereunder upon the occurrence
of any one or more of the following events with respect to Maker: (i) if Maker shall fail to make
any payment of principal or interest on this Note required hereby when due; (ii) any security
interest purported to be created by the Pledge Agreement shall cease to be, or shall be asserted by
the Maker not to be, a valid, perfected) security interest in the collateral covered thereby; (iii)
default shall be made in the due observance or performance by Maker of any covenant, condition or
agreement contained in the Pledge Agreement and such default shall continue unremedied for a period
of 30 days after the receipt of notice thereof by the Maker from the Payee, (iv) if, pursuant to or
within the meaning of the United States Bankruptcy Code or any other federal or state law relating
to insolvency or relief of debtors (a “Bankruptcy Law”), Maker shall (1) commence a
voluntary case or proceeding; (2) consent to the entry of an order for relief against it in an
involuntary case; (3) consent to the appointment of a trustee, receiver, assignee, liquidator or
similar official; (4) make an assignment for the benefit of its creditors; or (5) admit in writing
its inability to pay its debts as they become due; or (v) if a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that (1) is for relief against Maker in an
involuntary case; (2) appoints a trustee, receiver, assignee, liquidator or similar official for
Maker or substantially all of Maker’s properties; or (3) orders the liquidation of Maker, and in
each case the order or decree is not dismissed within 30 days.

          All notices in respect of this Note shall be given by hand delivery, by a recognized overnight
courier service, or by registered or certified United States mail, return receipt requested, to
Maker or Payee and their respective agents at their addresses set forth in Section 7.02 of the
Contribution Agreement (the “Contribution Agreement”), dated as of August ___, 2011, among
the Maker, Payee and Toreador Resources Corporation, a Delaware corporation. Any notice deemed to
have been given two business days after delivery to the courier service or five days after
deposited in the U.S. mail, as the case may be.

          This Note is not transferable or assignable by its holder without the prior written consent of
the Maker.

          Maker covenants and agrees, and Payee by its acceptance of this Note likewise covenants and
agrees, that the payment of the principal of this Note is subordinated, to the extent and in the
manner provided herein, to the prior payment in full of all Senior Indebtedness (as hereinafter
defined) and that the subordination is for the

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benefit of the lenders under such Senior Indebtedness (the “Lenders”). Maker, and Payee by
its acceptance of this Note likewise, hereby (i) authorizes each Lender to demand specific
performance of the terms hereof, whether or not Maker shall have complied with any of the
provisions hereof applicable to it, at any time when Maker shall have failed to comply with any
provisions hereof which are applicable to it, and (ii) irrevocably waives any defense based on the
adequacy of a remedy at law, which might be asserted as a bar to such remedy of specific
performance. Upon any payment of any amounts hereunder by Maker to Payee, or upon any distribution
of assets of Maker in any dissolution, winding up, liquidation or reorganization (whether in
bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of
creditors or otherwise):

          (i) The Lenders shall first be entitled to receive payment in full in cash of the
Senior Indebtedness before Payee is entitled to receive any payment on account of any
obligations evidenced hereby; provided that so long as no Default or Event of
Default (as such terms are defined in the definitive agreements governing any Senior
Indebtedness) shall have occurred and continue under any definitive agreement governing any
Senior Indebtedness, Maker may pay to Payee and Payee may receive for itself and not for
the benefit of the Lenders regularly scheduled payments of interest hereunder and Mandatory
Prepayments in accordance with the terms hereof;

          (ii) Any payment or distribution of assets of Maker of any kind or character, whether
in cash, property or securities, to which Payee would be entitled except for the provisions
hereof, shall be paid by the liquidating trustee or agent or other person making such
payment or distribution directly to the Lenders, to the extent necessary to make payment in
full of all Senior Indebtedness remaining unpaid after giving effect to any concurrent
payment or distribution or provisions therefor to the Lenders; and

          (iii) In the event that notwithstanding the provisions hereof, any payment or
distribution of assets of Maker of any kind or character (other than regularly scheduled
interest and Mandatory Prepayments paid in accordance with clause (i) above), whether in
cash, property or securities, shall be received by Payee on account of this Note before all
Senior Indebtedness is paid in full, such payment or distribution shall be received and
held in trust for and shall be paid over to the Lenders for application to the payment of
the Senior Indebtedness until all of the Senior Indebtedness shall have been paid in full
in cash, after giving effect to any concurrent payment or distribution or provision
therefor to the Lenders.

          No right of any Lender or any other present or future holders of any Senior Indebtedness to
enforce the subordination provisions herein shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of Maker or Payee or by any act or failure to act, in good
faith, by any Lender, or by any noncompliance by Maker or Payee with the terms of this Note,
regardless of any knowledge thereof which any Lender may have or be otherwise charged with; and
such indebtedness of Maker to the Payee, if any Lender, after a Default or Event of Default (as
such terms are defined in the

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definitive agreements governing any Senior Indebtedness) has occurred, so requests, shall be
collected, enforced and received by Payee as trustee for the Lenders and be paid over to the
Lenders on account of Senior Indebtedness, but without affecting or impairing in any manner the
liability of Maker under the provisions of this Note.

          As used herein, “Senior Indebtedness” means any obligation of Maker to any
unaffiliated third part for borrowed money which, by its express terms, is senior to the
obligations of Maker under this Note, and all obligations and liabilities (including all principal
and any interest accruing on the foregoing), fees, charges and collection expenses in connection
therewith; provided, however, that in no event shall the principal amount of the
Senior Indebtedness exceed $150,000,000.

          This Note shall be governed by and construed in accordance with the laws and the State of New
York, and the terms hereof may only be changed by written agreement duly executed by Maker and
Payee.

[Remainder of this page has been intentionally left blank]

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          IN WITNESS WHEREOF, the Maker has caused this Note to be executed and delivered as of the date
first above written.

	 	 	 	 	 	 	 

	 	 	ZAZA ENERGY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:exv10w6

Exhibit 10.6

PLEDGE AGREEMENT

     This PLEDGE AGREEMENT (this “Agreement”), is effective as of the ___ day of _____,
2011 (the “Effective Date”), by and between ZaZa Energy Corporation, a Delaware corporation
(“Pledgor”), and [•], a [_______] (“Pledgee”).1

RECITALS:

     WHEREAS, Pledgor desires to purchase all of the membership interests (the “Membership
Interests”) in ZaZa Energy, LLC, a Texas limited liability company (“ZaZa”) pursuant to
that certain Contribution Agreement (the “Contribution Agreement”), dated as of August 9,
2011, by and among Pledgor and the members of ZaZa, including Pledgee;

     WHEREAS, in consideration for the Pledged Membership Interests (as defined below), Pledgor has
issued to Pledgee a promissory note having an aggregate principal balance of $_________ (the
“Note”) payable to Pledgee in the manner described therein; and

     WHEREAS, Pledgee has conditioned its contribution of its Membership Interests to Pledgor
pursuant to the Contribution Agreement upon the execution and delivery by Pledgor of this
Agreement, and Pledgor has agreed to enter into this Agreement with Pledgee.

AGREEMENTS:

     NOW, THEREFORE, in order to comply with the terms and conditions of the Contribution Agreement
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Pledgor hereby agrees with Pledgee, as follows:

     Section 1. Pledge. Pledgor hereby pledges, assigns and grants to Pledgee a security
interest in one-third (1/3) of the Membership Interests (the “Pledged Membership
Interests”), and all dividends, distributions, proceeds, and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any of the Pledged
Membership Interests.

     Section 2. Security for Obligations. This Agreement secures the payment of all
principal from time to time outstanding under the Note and all interest thereon and all other
obligations of Pledgor now or hereafter existing thereunder pursuant to the Note and this Agreement
(collectively, the “Obligations”).

     Section 3. Delivery of Pledged Membership Interests; UCC Filing.

          (a) Pledgor shall, from time to time, as may be required by Pledgee, with respect to the
Pledged Membership Interests, take all actions as may be requested by Pledgee to perfect the
security interest of Pledgee in the Pledged Membership Interests. All certificates or instruments
representing or evidencing the Pledged Membership Interests shall be delivered to and held by or on
behalf of Pledgee pursuant hereto and shall be in suitable form for transfer by

 

			
	1	 	Pledge Agreement for Lara Energy Inc. will
also include a pledge of all of the shares of ZaZa Holdings, Inc., and ZaZa
Holdings, Inc. will also be a party and will pledge the 1% membership interest
in ZaZa owned by it.

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delivery, or shall be accompanied by duly executed instruments of transfer or assignment in
blank so that control of the Pledged Membership Interests is obtained and at all times held by
Pledgee.

          (b) Pledgor hereby irrevocably authorizes Pledgee at any time and from time to time to file in
the state of Delaware and any other applicable jurisdiction any financing statements and amendments
thereto that contain the information required by Article 9 of the Uniform Commercial Code of each
applicable jurisdiction for the filing of any financing statement or amendment relating to the
Pledged Membership Interests, without the signature of Pledgor where
permitted by law.

     Section 4. Further Assurances. Pledgor agrees that at any time and from time to time,
at the expense of Pledgor, Pledgor will promptly execute and deliver all further instruments and
documents, and take all further action, as may be reasonably requested by Pledgee in order to
perfect and protect any security interest granted hereby or to enable Pledgee to exercise and
enforce its rights and remedies hereunder with respect to the Pledged Membership Interests.

     Section 5. Representations and Warranties. Pledgor represents and warrants as follows:

          (a) At the time the Pledged Membership Interests becomes subject to the lien and security
interest created by this Agreement, Pledgor will be the sole, direct, legal and beneficial owner
thereof, free and clear of any lien, security interest, option or other encumbrance except for the
security interest created by this Agreement.

          (b) The pledge of the Pledged Membership Interests pursuant to this Agreement creates a valid
and perfected first priority security interest in the Pledged Membership Interests, securing the
payment and performance when due of the Obligations.

          (c) It has full power, authority and legal right to pledge the Pledged Membership Interests
pursuant to this Agreement.

          (d) Each of this Agreement and the Note has been duly authorized, executed and delivered by
Pledgor and constitutes a legal, valid and binding obligation of Pledgor enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and subject to equitable principles (regardless
of whether enforcement is sought in equity or at law).

          (e) No authorization, approval, or other action by, and no notice to or filing with, any
governmental authority, regulatory body or any other entity is required for the pledge by Pledgor
of the Pledged Membership Interests pursuant to this Agreement or for the execution and delivery of
the Note and this Agreement by Pledgor or the performance by Pledgor of its obligations thereunder.

          (f) The execution and delivery of the Note and this Agreement by Pledgor and the performance
by Pledgor of its obligations thereunder, will not violate any provision of any applicable law or
regulation or any order, judgment, writ, award or decree of any court, arbitrator or governmental
authority, domestic or foreign, applicable to Pledgor or any of its

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property, or the organizational or governing documents of Pledgor or any agreement or
instrument to which Pledgor is party or by which it or its property is bound.

          (g) All certificates, agreements or instruments representing or evidencing the Pledged
Membership Interests in existence on the date hereof have been delivered to Pledgee in suitable
form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment
in blank.

     Section 6. Voting Rights; Dividends; Etc.

          (a) So long as no Event of Default (as hereinafter defined) shall have occurred and be
continuing, Pledgor shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Pledged Membership Interests or any part thereof for any purpose and from time to
time, upon request from Pledgor, Pledgee shall deliver to Pledgor suitable proxies so that Pledgor
may cast such votes or consents.

          (b) Upon the occurrence (but only during the continuation) of any Event of Default, all the
rights of Pledgor to exercise the voting and other consensual rights which it would otherwise be
entitled to exercise pursuant to Section 6(a) hereof shall cease, and all such rights shall
thereupon become vested in Pledgee who shall thereupon have the sole right, but not the obligation,
to exercise such voting and other consensual rights.

          (c) Unless an Event of Default shall have occurred and remains uncured, Pledgor shall be
entitled to receive for its own use all cash dividends or distributions or other payments on or
associated with the Pledged Membership Interests. Upon the occurrence of an Event of Default and
prior to any cure thereof, Pledgee may require any such cash dividends or distributions to be
delivered to Pledgee as additional security hereunder or applied toward the satisfaction of the
Obligations.

     The foregoing shall be, and shall be forthwith delivered to Pledgee to be held by Pledgee as,
Pledged Membership Interests and shall, if received by Pledgor, be received in trust for the
benefit of Pledgee, be segregated from the other property or funds of Pledgor and be forthwith
delivered to Pledgee as Pledged Membership Interests in the same form as so received (with any
necessary endorsement).

     Section 7. Transfers and Other Liens. Pledgor agrees that, until all of the
Obligations have been satisfied in full, Pledgor will not (a) sell or otherwise dispose of, or
grant any option with respect to, any of the Pledged Membership Interests or (b) grant, create,
permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first
offer, encumbrance or other restriction or limitation of any nature whatsoever on or with respect
to any of the Pledged Membership Interests, except for the security interests created by this
Agreement.

     Section 8. Events of Default. “Event of Default” under this Agreement shall
have the meaning assigned to such term in the Note.

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     Section 9. Remedies Upon Default. If any Event of Default shall have occurred and be
continuing:

          (a) Pledgee may assert all rights and remedies of a secured party under the Uniform Commercial
Code as is in effect in the state of New York (the “UCC”) or other applicable law,
including, without limitation, the right to take possession of, hold, collect, sell, lease,
deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion
of the Pledged Membership Interests. If notice prior to disposition of the Pledged Membership
Interests or any portion thereof is necessary under applicable law, written notice mailed to
Pledgor at its notice address as provided in Section 21 hereof ten days prior to the date
of such disposition shall constitute reasonable notice, but notice given in any other reasonable
manner shall be sufficient. So long as the sale of the Pledged Membership Interests is made in a
commercially reasonable manner, Pledgee may sell such Pledged Membership Interests on such terms
and to such purchaser(s) as Pledgee in its absolute discretion may choose, without assuming any
credit risk and without any obligation to advertise or give notice of any kind other than that
necessary under applicable law. Without precluding any other methods of sale, the sale of the
Pledged Membership Interests or any portion thereof shall have been made in a commercially
reasonable manner if conducted in conformity with reasonable commercial practices of creditors
disposing of similar property. Pledgor hereby waives and releases to the fullest extent permitted
by law any right or equity of redemption with respect to the Pledged Membership Interests, whether
before or after sale hereunder, and all rights, if any, of marshalling the Pledged Membership
Interests and any other security for the Obligations or otherwise. At any such sale, unless
prohibited by applicable law, Pledgee or any custodian may bid for and purchase all or any part of
the Pledged Membership Interests so sold free from any such right or equity of redemption. Neither
Pledgee nor any custodian shall be liable for failure to collect or realize upon any or all of the
Pledged Membership Interests or for any delay in so doing, nor shall it be under any obligation to
take any action whatsoever with regard thereto.

          (b) All rights of Pledgor to (i) exercise the voting and other consensual rights it would
otherwise be entitled to exercise pursuant to Section 6(a) and (ii) receive the dividends
and other distributions which it would otherwise be entitled to receive and retain pursuant to
Section 6(c) shall immediately cease, and all such rights shall thereupon become vested in
Pledgee, which shall have the sole right to exercise such voting and other consensual rights and
receive and hold such dividends and other distributions as additional collateral.

          (c) Any cash held by Pledgee as collateral and all cash proceeds received by Pledgee in
respect of any sale of, collection from, or other realization upon all or any part of the Pledged
Membership Interests shall be applied in whole or in part by Pledgee against all or any part of the
Obligations in such order as Pledgee shall elect. Any surplus of such cash or cash proceeds held
by Pledgee and remaining after payment in full of all the Obligations shall be paid over to Pledgor
or to whomsoever may be lawfully entitled to receive such surplus. Pledgor shall remain liable for
any deficiency if such cash and the cash proceeds of any sale or other realization of the Pledged
Membership Interests are insufficient to pay the Obligations and the fees and other charges of any
attorneys employed by Pledgee to collect such deficiency.

          (d) If Pledgee shall determine to exercise its rights to sell all or any of the Pledged
Membership Interests pursuant to this Section 9, Pledgor agrees that, upon request of

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Pledgee, Pledgor will, at its own expense, do or cause to be done all such acts and things as
may be necessary to make such sale of the Pledged Membership Interests or any part thereof valid
and binding and in compliance with applicable law.

     Section 10. Reasonable Care. Pledgee shall be deemed to have exercised reasonable
care in the custody and the preservation of the Pledged Membership Interests in Pledgee’s
possession, if the Pledged Membership Interests are accorded treatment substantially equal to that
which Pledgee accords Pledgee’s own property, it being understood that Pledgee shall have no
responsibility for (a) ascertaining or taking action with respect to costs, conversions, changes,
maturities, tenders or other matters relative to any Pledged Membership Interests, whether or not
Pledgee has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to
preserve rights against any parties with respect to any Pledged Membership Interests.

     Section 11. Pledgee Appointed Attorney-in-Fact. Pledgor hereby appoints Pledgee as
Pledgor’s attorney-in-fact, with full authority in the place and stead of Pledgor and in the name
of Pledgor or otherwise, from time to time during the continuance of an Event of Default in
Pledgee’s discretion to take any action and to execute any instrument which Pledgee may deem
necessary or advisable to accomplish the purposes of this Agreement, including, without limitation,
to receive, indorse and collect all instruments made payable to Pledgor representing any dividend,
interest payment or other distribution in respect of the Pledged Membership Interests or any part
thereof and to give full discharge for the same. Such appointment, being coupled with an interest,
shall be irrevocable. Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to
be done by virtue hereof.

     Section 12. Pledgee May Perform. If Pledgor fails to perform any obligation contained
in this Agreement, Pledgee may itself perform, or cause performance of, such obligation, and the
expenses of Pledgee incurred in connection therewith shall be payable by Pledgor; provided that
Pledgee shall not be required to perform or discharge any obligation of Pledgor.

     Section 13. Security Interest Absolute. All rights of Pledgee and liens and security
interests hereunder, and all Obligations of Pledgor hereunder, shall be absolute and unconditional
irrespective of:

     (a) any illegality or lack of validity or enforceability of any Obligation or any related
agreement or instrument;

     (b) any change in the time, manner or place of payment of, or in any other term of, all or any
of the Obligations, or, if a third party shall have assumed the Obligations of Pledgor, any
amendment or waiver of, or any consent to any departure from, any assumption or similar agreement
executed and delivered in connection with such assumption;

     (c) any exchange, release or non-perfection of the Pledged Membership Interests or any other
collateral, or any release or amendment or waiver of, or any consent to any departure from, any
guaranty, for all or any of the Obligations; or

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     (d) any other circumstance which might otherwise constitute a defense available to, or a
discharge of, Pledgor or a third party pledgor, subject to Section 15 below.

     Section 14. Continuing Security Interest; Further Actions. This Agreement shall create
a continuing first priority lien and security interest in the Pledged Membership Interests and
shall (i) remain in full force and effect until payment and performance in full of the Obligations,
(ii) be binding upon Pledgor, its successors and assigns, and (iii) inure to the benefit of Pledgee
and its successors, transferees and assigns; provided that Pledgor may not assign or otherwise
transfer any of its rights or obligations under this Agreement without the prior written consent of
Pledgee.

     Section 15. Return of the Pledged Membership Interests. Upon the full payment and
performance of the Obligations, (i) this Agreement and the pledge effected hereby shall be null and
void and the Pledged Membership Interests shall promptly be returned to Pledgor by Pledgee, at
Pledgee’s expense and (ii) Pledgee shall execute and deliver to Pledgor a proper instrument or
instruments acknowledging the satisfaction and termination of this Agreement.

     Section 16. Subordination. Notwithstanding anything to the contrary contained herein,
Pledgee acknowledges and agrees that the indebtedness of Pledgor arising under or in connection
with the Note is and will be subordinated pursuant to the terms of the Note to Senior Indebtedness
(as such term is defined in the Note). Pledgee hereby agrees to enter into customary subordination
agreements and intercreditor agreements and to take any and all other actions reasonably necessary
to evidence such subordination that are requested by Pledgee in connection with such Senior
Indebtedness.

     Section 17. Expenses. Pledgor shall upon demand pay to Pledgee any and all reasonable
expenses (including reasonable attorneys’ fees and legal expenses) incurred by Pledgee in
connection with protecting Pledgee against the claims or interests of any third person with respect
to the Pledged Membership Interests, and in exercising any right or remedy conferred by this
Agreement or by law.

     Section 18. Amendments. No amendment or waiver of any provision of this Agreement
shall in any event be effective unless the same shall be in writing and signed by both Pledgor and
Pledgee.

     Section 19. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.

     Section 20. Severability. The provisions of this Agreement are severable, and if any
clause or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction,
then such invalidity or unenforceability shall affect only such clause or provision or part thereof
in such jurisdiction and shall not in any manner affect such clause or provision in any other
jurisdiction or any other clause or provision in this Agreement in any jurisdiction.

     Section 21. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly delivered and received hereunder (a) four

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business days after being sent by registered or certified mail, return receipt requested,
postage prepaid, (b) one business day after being sent for next business day delivery, fees
prepaid, via a reputable nationwide overnight courier service, or (c) immediately upon delivery by
hand or by facsimile (with a written or electronic confirmation of delivery), if sent during normal
business hours of the recipient, or if not sent during normal business hours of the recipient, then
on the recipient’s next business day, in each case to the intended recipient as set forth below:

	 	(a)	 	if to Pledgor:

ZaZa Energy Corporation

c/o Toreador Holding SAS

5 rue Scribe

Paris, France

Attn: Corporate Secretary

Facsimile: 33 (0) 1 47 03 33 71

with a copy (which shall not constitute notice) to:

[__________]

[__________]

[__________]

Attn: [__________]

Facsimile: [__________]

	 	(b)	 	if to Pledgee:

[ZaZa Member]

[__________]

[__________]

Attn: [__________]

Facsimile: [__________]

with a copy (which shall not constitute notice) to:

[__________]

[__________]

[__________]

Attn: [__________]

Facsimile: [__________]

     Section 22. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall constitute an original but all of which, taken together, shall
constitute but one and the same instrument. Notices and documents, including this Agreement,
delivered by fax shall be sufficient for purposes of binding the sending party.

[Remainder of Page Intentionally Left Blank]

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Effective as of the date first written above.

	 	 	 	 	 	 	 

	 	 	PLEDGOR:	 	 
	 
	 	 	 	 	 	 
	 	 	ZaZa Energy Corporation,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	PLEDGEE:	 	 
	 
	 	 	 	 	 	 
	 	 	[ZaZa Member],

a [__________]	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

Signature Page to Pledge Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]