Document:

exhibit103_03252010.htm

    Exhibit
10.3

    

    

    AMENDMENT
NO. 1

    TO

    SECOND
AMENDED AND RESTATED EMPLOYMENT AGREEMENT

    

     

    THIS AMENDMENT NO. 1 (this
“Amendment”) is entered into effective the 25th day
of March, 2010, by and between Ryan R. Gilbertson, a resident of the State of
Minnesota (“Employee”), and Northern Oil and Gas, Inc., a Nevada corporation
having its principal office at 315 Manitoba Avenue, Suite 200, Wayzata,
Minnesota (the “Company”).

     

    WHEREAS, the Company and Employee
have entered into that certain Second Amended and Restated Employment Agreement,
effective January 30, 2009 (the “Agreement”).

     

    WHEREAS, as of the Effective
Date, the Employee’s title with the Company is changing from “Chief Financial
Officer” to “President,” and the parties desire to amend the Agreement to
reflect the same.

     

    NOW, THEREFORE, the parties
agree as follows:

     

    1.           Amendment.  The Agreement is
hereby amended to replace the phrase “Chief Financial Officer” in each place it
appears with the word “President”.

     

    2.           Miscellaneous.  Except as
specifically set forth herein, all terms and provisions of the Agreement shall
remain in full force and effect with no other modification or
waiver.  This Amendment may be executed in two or more counterparts,
and delivered by facsimile or other means of electronic communication, each of
which shall be considered an original.

     

    IN WITNESS WHEREOF, the
parties have executed this Amendment effective as of the date first set forth
above.

    

     

    NORTHERN
OIL AND GAS, INC.

    

    

    By /s/ Michael L.
Reger                                                                

        By:  Michael
L. Reger

        Its:  Chief
Executive Officer

    

    

    

    EMPLOYEE:

    

    

    /s/ Ryan R.
Gilbertson                                                                

    Ryan R.
GilbertsonExhibit 4.1

 

EXECUTION VERSION

 

€217,968,138.95 ADDITIONAL FACILITY W ACCESSION AGREEMENT

 

	
  To:

  	
   

  	
  Toronto
  Dominion (Texas) LLC as Facility Agent and TD Bank Europe Limited as Security
  Agent

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  The persons listed in Schedule 1 to this Agreement
  (the Additional Facility W Lenders)

  

 

Date: 24 March 2010

 

UPC
Broadband Holding B.V. (formerly known as UPC Distribution Holding B.V) -
€1,072,000,000 Term Credit Agreement dated 16 January 2004 as amended from
time to time (the Credit Agreement)

 

1.                                       In
this Agreement:

 

Facility
W means the €217,968,138.95 redrawable term loan
facility made available under this Agreement.

 

Facility
W Advance means a euro denominated advance made to UPC
Financing by the Additional Facility W Lenders under Facility W.

 

Facility
W Commitment means, in relation to an Additional Facility
W Lender, the amount in euros set opposite its name under the heading “Facility
W Commitment” in Schedule 1 to the counterpart of this Agreement executed by
that Additional Facility W Lender, to the extent not cancelled, transferred, or
reduced under the Credit Agreement.

 

Majority
Facility W Lenders means Additional Facility W
Lenders the aggregate of whose Facility W Commitments exceeds 662/3 per cent. of the aggregate of Facility W
Commitments of all Additional Facility W Lenders.

 

2.                                       Unless
otherwise defined in this Agreement, terms defined in the Credit Agreement
shall have the same meaning in this Agreement and a reference to a Clause is a
reference to a Clause of the Credit Agreement. 
The principles of construction set out in Clause 1.2 (Construction) of
the Credit Agreement apply to this Agreement as though they were set out in
full in this Agreement.

 

3.                                       We
refer to Clause 2.2 (Additional Facilities) of the Credit Agreement.

 

4.                                       This
Agreement will take effect on the date on which the Facility Agent notifies UPC
Broadband and the Additional Facility W Lenders that it has received the
documents and evidence set out in Schedule 2 to this Agreement, in each case in
form and substance satisfactory to it or, as the case may be, the requirement
to provide any of such documents or evidence has been waived by the Facility
Agent on behalf of the Additional Facility W Lenders (the Effective
Date).

 

5.                                       We,
the Additional Facility W Lenders, agree:

 

(a)                                  to become
party to and to be bound by the terms of the Credit Agreement as Lenders in
accordance with Clause 2.2 (Additional Facilities) of the Credit
Agreement; and

 

(b)                                 to
become party to the Security Deed as Lenders and to observe, perform and be
bound by the terms and provisions of the Security Deed in the capacity of
Lenders in accordance with Clause 9.3 (Transfers by Lenders) of the Security
Deed.

 

 

6.                                       The
Additional Facility Commitment in relation to an Additional Facility W Lender
(for the purpose of the definition of Additional Facility Commitment in Clause
1.1 (Definitions) of the Credit Agreement) is its Facility W Commitment.

 

7.                                       Any
interest due in relation to Facility W will be payable on the last day of each
Interest Period in accordance with Clause 8 (Interest) of the Credit Agreement.

 

8.                                       The
Availability Period for Facility W shall be the period from and including the
Effective Date up to and including the date falling one month before the Final
Maturity Date in respect of Facility W.

 

9.                                       Facility
W shall comprise a committed term loan facility which shall (subject to
paragraph 10 below) be capable of being reborrowed in relation to any sums that
are prepaid in accordance with Clause 7.10(d) (Miscellaneous provisions)
of the Credit Agreement.

 

10.                                 UPC
Broadband shall not deliver a Request in relation to Facility W if as a result
of the proposed Request more than 10 Advances under Facility W would be
outstanding.

 

11.                                 The
Facility W Advances will be used for general corporate purposes and working
capital purposes, including the repayment or prepayment of existing
indebtedness.

 

12.                                 The
Final Maturity Date in respect of this Facility W will be the earlier of:

 

(a)                                  31 March 2015;
and

 

(b)                                 17 October 2013
(the Relevant Date) being the date falling 90
days prior to the date on which the UPC Holding B.V. issued bonds due 2014 (the
Bonds) are currently scheduled to fall
due, if on the Relevant Date, Bonds are outstanding in an aggregate amount
equal to or greater than €250,000,000.

 

13.                                 The
outstanding Facility W Advances will be repaid in full on the Final Maturity
Date.

 

14.                                 The
Margin in relation to Facility W is 3.00 per cent. per annum.

 

15.                                 The
Borrower in relation to Facility W is UPC Financing.

 

16.                                 The
Borrower shall pay to the Facility Agent for distribution to each Additional
Facility W Lender in accordance with Clause 20.1(b) (Commitment fee) of
the Credit Agreement a commitment fee in an amount equal to 1.20 per cent. per
annum of the undrawn uncancelled portion of the Total Additional Facility W
Commitment.  Such commitment fee shall be
calculated and shall accrue on a daily basis and shall be payable on the
Effective Date and thereafter quarterly in arrears.

 

17.                                 (a)                                  Provided that any
upsizing of Facility W permitted under this paragraph will not breach any term
of the Credit Agreement, Facility W may be upsized by any amount, by the
signing of one or more further Additional Facility W Accession Agreements, that
specify (along with the other terms specified therein) UPC Financing as the
sole Borrower and which specify Additional Facility W Commitments denominated
in euros, to be drawn in euros, with the same Final Maturity Date and Margin as
specified in this Additional Facility W Accession Agreement.

 

(b)                                 For
the purposes of this paragraph 17 (unless otherwise specified), references to
Additional Facility W Lenders and Facility W Advances shall include Lenders and

 

 

Advances made under any such
further and previous Additional Facility W Accession Agreement.

 

(c)                                  Where
any Facility W Advance has not already been consolidated with any other
Facility W Advance, on the last day of any Interest Period for such Facility W
Advance, that Facility W Advance will be consolidated with any other Facility W
Advance which has an Interest Period ending on the same day as that Facility W
Advance, and all such Facility W Advances will then be treated as one Advance.

 

18.                                 Each
of UPC Broadband and UPC Financing confirms, on behalf of themselves and each
other Obligor that the representations and warranties set out in Clause 15
(Representations and Warranties) of the Credit Agreement (with the exception of
Clauses 15.6(a) (Consents), 15.10 (Financial condition), 15.12 (Security
Interests), 15.13(b) (Litigation and insolvency proceedings), 15.14
(Business Plan), 15.15 (Tax liabilities), 15.16 (Ownership of assets), 15.18
(Works Council), 15.19 (Borrower Group Structure), 15.20 (ERISA), 15.24 (UPC
Financing) and 15.25 (Dutch Banking Act)) are true and correct as if made at the
Effective Date with reference to the facts and circumstances then existing, and
as if each reference to the Finance Documents includes a reference to this
Agreement.

 

19.                                 UPC
Broadband further represents and warrants on the Effective Date that the execution
and delivery by it of this Agreement and the performance of the transactions
contemplated by this Agreement will not violate any agreement or instrument to
which UPC Holding is a party or binding upon UPC Holding or any member of the
Borrower Group or any assets of UPC Holding or any member of the Borrower Group’s
assets, where such violation would or is reasonably likely to have a Material
Adverse Effect.

 

20.                                 Each
Additional Facility W Lender confirms to each Finance Party that:

 

(a)                                  it
has made its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection
with its participation in the Credit Agreement and has not relied on any
information provided to it by a Finance Party in connection with any Finance
Document; and

 

(b)                                 it
will continue to make its own independent appraisal of the creditworthiness of
each Obligor and its related entities while any amount is or may be outstanding
under the Credit Agreement or any Additional Facility Commitment is in force.

 

21.                                 Each
of the Additional Facility W Lenders agrees that without prejudice to Clause
26.3 (Procedure for novations) of the Credit Agreement, each New Lender (as
defined in the Novation Certificate referred to below) shall become, by the
execution by the Facility Agent of a Novation Certificate substantially in the
form of part 1 or part 2 of Schedule 3 to this Agreement, bound by the terms of
this Agreement as if it were an original party hereto as an Additional Facility
W Lender and shall acquire the same rights and assume the same obligations
towards the other parties to this Agreement as would have been acquired and
assumed had the New Lender been an original party to this Agreement as an
Additional Facility W Lender.

 

22.                                 The
prior consent of UPC Broadband is required for any such assignment, transfer or
novation (unless to an Additional Facility W Lender or an Affiliate of an
Additional Facility W Lender), provided that:

 

(a)                                  UPC
Broadband’s consent must not be unreasonably withheld or delayed;

 

 

(b)                                 the
consent of UPC Broadband to an assignment, transfer or novation must not be
withheld solely because the assignment, novation or transfer may result in an
increase to the Mandatory Cost or the Sterling Mandatory Cost;

 

(c)                                  the
prior consent of UPC Broadband is not required when an Event of Default is
outstanding;

 

(d)                                 nothing
in this paragraph 23 restricts the ability of any Additional Facility W Lender
to enter into any sub-participation or other arrangement with any third party
relating to the Finance Documents which does not transfer to that third party
any obligation and/or legal or equitable interest in any of the rights arising
under the Credit Agreement.

 

23.                                 The
Facility Office and address for notices of each Additional Facility W Lender
for the purposes of Clause 32.2 (Addresses for notices) of the Credit
Agreement will be that notified by each Additional Facility W Lender to the
Facility Agent.

 

24.                                 This
Agreement and any non-contractual obligations arising out of or in connection
with it are governed by English law.

 

25.                                 This Agreement may be executed in any number of
counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all
counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature
page of this Agreement by e-mail (PDF) or telecopy shall be as effective
as delivery of a manually executed counterpart of this Agreement.

 

 

SCHEDULE 1

 

ADDITIONAL FACILITY W LENDERS AND COMMITMENTS

 

	
  Additional Facility W Lender

  	
   

  	
  Facility W Commitment

  (€)

  	
   

  
	
  UPC
  Broadband Operations B.V.

  	
   

  	
  217,968,138.95

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  217,968,138.95

  	
   

  

 

 

SCHEDULE 2

 

CONDITIONS PRECEDENT DOCUMENTS

 

1.                                      Constitutional
Documents

 

(a)                                  A copy of the
constitutional documents of each Obligor (other than UPC Financing) and the
partnership agreement of UPC Financing or, if the Facility Agent already has a
copy, a certificate of an authorised signatory of the relevant Obligor
confirming that the copy in the Facility Agent’s possession is still correct,
complete and in full force and effect as at a date no earlier than the date of
this Agreement.

 

(b)                                 An extract of the
registration of each Obligor established in the Netherlands in the trade
register of the Dutch Chamber of Commerce.

 

2.                                      Authorisations

 

(a)                                  A copy of a
resolution of the board of managing and, to the extent applicable, board of
supervisory directors (or equivalent) and, to the extent that a shareholders’
resolution is required, a copy of the shareholders’ resolution of each Obligor:

 

(i)                                     approving
the terms of and the transactions contemplated by this Agreement and (in the
case of each of UPC Broadband and UPC Financing) resolving that it execute the
same (and, in the case of the Guarantors and the Charging Entities (as defined
in the Security Deed) resolving that it execute the confirmation described at
paragraph 4(a) below; and

 

(ii)                                  (in
the case of UPC Broadband and UPC Financing) authorising the issuance of a
power of attorney to a specified person or persons to execute this Agreement on
its behalf and (in the case of the Guarantors and the Charging Entities (as
defined in the Security Deed)) authorising the issuance of a power of attorney
to a specified person or persons to execute the confirmation described in
paragraph 4(a) below.

 

(b)                                 A specimen of the
signature of each person authorised pursuant to its constitutional documents or
to the power of attorney referred to in paragraph (a) above to sign this
Agreement or the confirmation described in paragraph 4(a) below (as
appropriate).

 

(c)                                  A certificate of
an authorised signatory of UPC Broadband, each Guarantor and each Charging
Entity certifying that each copy document specified in this Schedule and
supplied by UPC Broadband, each Guarantor and each Charging Entity is correct,
complete and in full force and effect as at a date no earlier than the date of
this Agreement.

 

(d)                                 A copy of any
other authorisation or other document, opinion or assurance which the Facility
Agent has notified UPC Broadband is necessary in connection with the entry into
and performance of, and the transactions contemplated by, this Agreement or for
the validity and enforceability of this Agreement.

 

3.                                      Legal
opinions

 

(a)                                  A legal opinion
of Allen & Overy LLP, English legal advisers to the Facility Agent,
addressed to the Finance Parties.

 

 

(b)                                 A legal opinion
of Allen & Overy LLP, Dutch legal advisers to the Facility Agent,
addressed to the Finance Parties.

 

(c)                                  A legal opinion
of Allen & Overy LLP, New York legal advisers to the Facility Agent,
addressed to the Finance Parties.

 

4.                                      Other
documents

 

Confirmation (in writing)
from (i) each of the Guarantors that its obligations under Clause 14
(Guarantee) of the Credit Agreement and (ii) each of the Charging Entities
(as defined in the Security Deed) that the Security Interests granted to the
Beneficiaries pursuant to the Security Documents and its obligations under the
Finance Documents, shall continue unaffected and that such obligations extend
to the Total Commitments as increased by the addition of Facility W and that
such obligations shall be owed to each Finance Party including the Additional
Facility W Lenders.

 

 

SCHEDULE 3

 

NOVATION CERTIFICATES

 

PART 1

 

NOVATION CERTIFICATE (CASH)

 

	
  To:

  	
   

  	
  [     ]
  as Facility Agent and [BORROWER]

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  [THE EXISTING
  LENDER] and [THE NEW LENDER]

  

 

Date:
[          ]

 

UPC Broadband Holding B.V.
- ε1,072,000,000 Term Credit Agreement dated 16 January, 2004 (the Credit
Agreement)

 

We refer to
Clause 26.3 (Procedure for novations) of the Credit Agreement and clause
9.3 (Transfers by the Lenders) of the Security Deed.  Terms defined in the Credit Agreement or, if
not defined in the Credit Agreement, the Additional Facility Accession
Agreement between the Facility Agent, the Security Agent and the Additional
Facility W Lenders dated [         ]
2010, have the same meaning in this Novation Certificate.

 

1.                                       We
[             ]
(the Existing Lender) and
[     ] (the New Lender)
agree to the Existing Lender transferring to the New Lender by novation, all of
the Existing Lender’s rights and obligations referred to in the Schedule in
accordance with Clause 26.3 (Procedure for novations) of the Credit
Agreement and clause 9.3 (Transfers by the Lenders) of the Security Deed.

 

2.                                       The New Lender
confirms that it is bound by
the terms of the Additional Facility Accession Agreement as if it were an
original party thereto as an Additional Facility W Lender
and shall acquire the same rights and assume the same obligations towards the
other parties to this Agreement as would have been acquired and assumed had the
New Lender been an original party to this Agreement as an Additional Facility W
Lender.

 

3.                                       The Facility
Office and address for notices of the New Lender for the purposes of
Clause 32.2 (Addresses for notices) are set out in the Schedule.

 

4.                                       This Novation
Certificate
may be executed in any number of counterparts, and by each party on separate
counterparts.  Each counterpart is an original,
but all counterparts shall together constitute one and the same
instrument.  Delivery of an executed
counterpart signature page of this Novation
Certificate by
e-mail (PDF) or telecopy shall be as effective as delivery of a manually
executed counterpart of this Novation Certificate.

 

5.                                       This Novation
Certificate and any non-contractual obligations arising out of or in connection
with it are governed by English law.

 

 

THE SCHEDULE

 

Rights and obligations to
be novated

 

[Details of the rights and obligations of the Existing Lender to be
novated.]

 

	
  [New Lender]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Facility
  Office

  	
  Address for
  notices for administrative purposes

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for
  notices for credit purposes]

  	
   

  
	
   

  	
   

  	
   

  
	
  [Existing
  Lender]

  	
  [New Lender]

  	
  [                    ]

  
	
   

  	
   

  	
   

  
	
  By:

  	
  By:

  	
  By:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  Date:

  	
  Date:

  
	
   

  	
   

  	
   

  

 

 

PART 2

 

NOVATION CERTIFICATE (BACK TO BACK)

 

To:          Toronto Dominion (Texas) LLC
as Facility Agent and UPC Financing as Borrower

 

From:      UPC Broadband Operations B.V. and [the
EXISTING [·]
LENDER / NEW W LENDER]

 

Date:     2010

 

UPC Broadband Holding B.V.
- ε1,072,000,000 Term Credit Agreement dated 16 January 2004 (the
Credit Agreement)

 

We refer to:

 

(a)           Clause 26.3 (Procedure
for novations) of the Credit Agreement;

 

(b)           Clause
9.3 (Transfers by the Lenders) of the Security Deed;

 

(c)           the
Additional Facility [·]
Accession Agreement; and

 

(d)           the €217,968,138.95
Additional Facility W Accession Agreement.

 

Terms defined in
the Credit Agreement or, if not defined in the Credit Agreement, the Additional
Facility [·]
Accession Agreements, have the same meaning in this Novation Certificate.

 

1.             [             ]
(the Existing [·] Lender) agrees to novate and UPC Broadband Operations B.V.
(the New [·] Lender) agrees to accept novation on the Effective Date, of
all the Existing [·]
Lender’s rights and obligations referred to in the Schedule in accordance with
Clause 26.3 (Procedure for novations) of the Credit Agreement and clause
9.3 (Transfers by the Lenders) of the Security Deed.

 

2.             UPC
Broadband Operations B.V. (the Existing W Lender)
agrees to novate and [                          ]
(the New W Lender) agrees to accept the
novation on the Effective Date of all the Existing W Lender’s rights and
obligations referred to in the Schedule in accordance with Clause 26.3
(Procedure for novations) of the Credit Agreement and clause 9.3 (Transfers by
the Lenders) of the Security Deed.

 

3.             The
New [·]
Lender confirms that it is bound by
the terms of the Additional Facility [·] Accession Agreement as if it were an
original party thereto as an Additional Facility [·] Lender and
shall acquire the same rights and assume the same obligations towards the other
parties to the Additional
Facility [·]
Accession Agreement as would have been acquired and
assumed had the New [·] Lender
been an original party to the
Additional Facility [·] Accession Agreement
as an Additional Facility [·] Lender.

 

4.             The
New W Lender confirms that it
is bound by the terms of the Additional Facility W Accession Agreement as if it
were an original party thereto as an Additional Facility W
Lender and shall acquire the same rights and assume the same obligations
towards the other parties to the
Additional Facility W Accession Agreement as would have
been acquired and assumed had the New W Lender been an original party to the Additional Facility W Accession
Agreement as an Additional Facility W Lender.

 

 

5.             This
certificate shall take effect on the date of this certificate.

 

6.             For
the purposes of this certificate, “Effective Date”
has the same meaning given to such term in the Additional Facility W Accession
Agreement.

 

7.             Each
party to this document agrees, the Facility Agent agrees on behalf of each
Finance Party, and UPC Broadband Holding B.V. agrees on behalf of each Obligor,
that this document is a Novation Certificate notwithstanding that its form is
different to that required by the Credit Agreement.

 

8.             This
Novation Certificate is a Finance Document.

 

9.             This Novation Certificate may be executed in any
number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all
counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart signature
page of this Novation Certificate by e-mail (PDF) or telecopy shall be as
effective as delivery of a manually executed counterpart of this Novation
Certificate.

 

10.           This
Novation Certificate and any non-contractual obligations arising out of or in
connection with it are governed by English law.

 

 

THE SCHEDULE

 

Rights
and obligations to be novated:

 

1.             EXISTING
[·] LENDER

 

Existing [·] Commitment: €[            ]

 

Assignee: New [·] Lender

 

2.             EXISTING
W LENDER

 

Existing W
Commitment: €[            ]

 

Assignee: New W Lender

 

 

[THE EXISTING [·] LENDER], as the
Existing [·] Lender

 

 

By:

Name:

Title:

 

UPC BROADBAND
OPERATIONS B.V., as the New [·] Lender

 

 

By:

Name:

Title:

 

UPC BROADBAND
OPERATIONS B.V., as the Existing W Lender

 

 

By:

Name:

Title:

 

 

[THE NEW W
LENDER], as the New W Lender

 

 

By:

Name:

Title:

 

 

UPC BROADBAND
HOLDING B.V., as Obligors agent

 

 

By:

Name:

Title:

 

 

TORONTO DOMINION
(TEXAS) LLC, as Facility Agent

 

 

By:

Name:

Title:

 

The Facility
Agent confirms that the Effective Date is the date on which it countersigns
this Novation Certificate.

 

 

SIGNATORIES

 

TORONTO DOMINION
(TEXAS) LLC as Facility Agent

 

By:  Authorized Signatory

 

 

TD BANK EUROPE
LIMITED as Security Agent

 

By:  Authorized Signatory

 

 

UPC BROADBAND
HOLDING B.V.

 

By:  Authorized Signatory

 

By:  Authorized Signatory

 

 

UPC FINANCING
PARTNERSHIP

 

By:  Authorized Signatory

 

By:  Authorized Signatory

 

 

ADDITIONAL FACILITY
W LENDERS

 

 

UPC BROADBAND OPERATIONS B.V.

 

By:   Authorized Signatory

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