Document:

Exhibit

Exhibit 10.1

FOURTH AMENDMENT TO
CREDIT AGREEMENT
This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of March [13], 2019, is by and among Roan Resources LLC, Delaware limited liability company (the “Borrower”); Citibank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”) and the Lenders signatory hereto.
Recitals
WHEREAS, Borrower, Administrative Agent and the Lenders are parties to the Credit Agreement dated as of September 5, 2017 (as amended by the First Amendment to Credit Agreement dated as of April 9, 2018, as amended by the Second Amendment to Credit Agreement dated as of May 30, 2018, as amended by the Third Amendment to Credit Agreement dated as of September 27, 2018, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of Borrower.
    
WHEREAS, Borrower has requested and the Lenders have agreed to amend the Credit Agreement in certain respects as hereinafter provided.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.Defined Terms.  Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Amendment, shall have the meaning ascribed such term in the Credit Agreement.  Unless otherwise indicated, all references to sections and articles in this Amendment refer to sections and articles of the Credit Agreement.

Section 2.Amendments to Credit Agreement.  

(a)Section 1.1 of the Credit Agreement is hereby amended and restated by inserting the following defined term in proper alphanumeric order:

“Fourth Amendment Effective Date” shall mean March 13, 2019.
(b)Section 2.14(b) of the Credit Agreement is hereby amended and restated by inserting the following proviso at the end of the first sentence thereof:

“; provided, that notwithstanding the foregoing, the Scheduled Redetermination scheduled for April 1, 2019 shall occur on or about June 1, 2019.”
(c)Section 2.14(f) of the Credit Agreement is hereby amended and restated in its entirety to the following:

“(f)    Reduction of Borrowing Base Upon Issuance of Permitted Additional Debt.  Upon the issuance or incurrence of any Permitted Additional Debt in accordance with Section 10.1(d) and Section 

10.1(m), the Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by the stated principal amount of such Permitted Additional Debt (without regard to any original issue discount) issued or incurred and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance or incurrence, effective and applicable to the Borrower, the Administrative Agent, the Letter of Credit Issuers and the Lenders on such date until the next redetermination or modification thereof pursuant to the terms of the Credit Agreement; provided that with respect to not more than one (1) issuance or incurrence of Permitted Additional Debt (the “2019 Interim Debt”) on or prior to the occurrence of the Scheduled Redetermination scheduled to occur on or about June 1, 2019, the Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by the stated principal amount of the 2019 Interim Debt (without regard to any original issue discount) issued or incurred in excess of either (a) $400,000,000 in respect of unsecured Indebtedness or (b) $250,000,000 in respect of secured Indebtedness; provided, further, that one hundred percent (100%) of the net proceeds of the 2019 Interim Debt shall be used to prepay the principal amount of the Loans and Letter of Credit Exposure outstanding at such time.”
(a)Section 9.13 of the Credit Agreement is hereby amended and restated by inserting the following sentence at the end thereof:

“Notwithstanding the foregoing, the Reserve Report otherwise required to be furnished on or before February 15, 2019 may be furnished to the Administrative Agent on or about May 1, 2019.”
(b)Section 10.2 of the Credit Agreement is hereby amended and restated by (i) deleting “and” at the end of subclause (x) thereof, (ii) inserting “and” at the end of subclause (y) thereof and (iii) inserting a new subclause (z), which shall read in its entirety as follows:
“(z)    Liens securing any Indebtedness permitted by Section 10.1(d) in an aggregate amount not to exceed $350,000,000 outstanding at any time; provided that (i) a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent shall have been executed and delivered to the Administrative Agent by the Administrative Agent and the holders of such Indebtedness and (ii) such Indebtedness shall not be secured by any assets other than the Collateral.”
(c)Schedule 1.1(a) of the Credit Agreement is hereby amended and restated in its entirety and replaced with Schedule 1.1(a) attached hereto.

Section 1.Conditions Precedent

Section 3.1.The Administrative Agent shall have received from the Lenders counterparts (in such number as may be requested by Administrative Agent) of this Amendment signed on behalf of such Persons. 
Section 3.2    The Administrative Agent shall have received for the account of each Lender, an upfront fee equal to the increase of such Lender’s Commitment over its Commitment immediately prior to the effectiveness of this Amendment (as defined below) times 0.30%.

Section 3.3    The representations and warranties set forth in Section 4.3 of this Amendment shall be true and correct in all material respects.

Administrative Agent is hereby authorized and directed to declare this Amendment to be effective (and the “Amendment Effective Date” shall occur) when it has received documents confirming or certifying, to the satisfaction of Administrative Agent, compliance with the conditions set forth in this Section 3 or the 

waiver of such conditions as permitted in Section 13.1 of the Credit Agreement.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 
Section 2.Borrowing Base. This will confirm that effective on the Amendment Effective Date, but subject to satisfaction of the conditions set forth in Section 3 of this Amendment, the Borrowing Base under the Credit Agreement is increased by $75,000,000 (the “Borrowing Base Increase”) from $675,000,000 to $750,000,000 and such Borrowing Base shall remain in effect until the next determination or adjustment of the Borrowing Base pursuant to the terms of the Credit Agreement.  The Borrowing Base established pursuant to this Section 4 is the Borrowing Base to be established pursuant to Section 2.14 of the Credit Agreement and shall be an Interim Redetermination attributable to the Borrower.  This Amendment constitutes the New Borrowing Base Notice pursuant to Section 2.14(d) of the Credit Agreement.

Section 3.Miscellaneous.

Section 5.1    Confirmation.  The provisions of the Credit Agreement, as amended and modified by this Amendment, shall remain in full force and effect following the Amendment Effective Date.

Section 5.2    Ratification and Affirmation.  The Borrower and each Guarantor hereby (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Credit Document to which it is a party and agrees that each Credit Document to which it is a party remains in full force and effect as expressly amended hereby; and (c) agrees that from and after the Amendment Effective Date each reference to the Credit Agreement in the Guarantee and the other Credit Documents shall be deemed to be a reference to the Credit Agreement, as amended and modified by this Amendment.  

Section 5.3    Representations and Warranties.  The Borrower hereby represents and warrants to the Lenders that, immediately prior to and after giving effect to this Amendment, (a) no Default or Event of Default has occurred and is continuing; (b) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect; and (c) all representations and warranties made by any Credit Party contained in the Credit Agreement or in the other Credit Documents are true and correct in all material respects (unless such representation or warranty contains a materiality qualifier in which case such representation or warranty shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the Amendment Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (unless such representation or warranty contains a materiality qualifier in which case such representation or warranty shall be true and correct in all respects) as of such earlier date).

Section 5.4    Credit Document.  This Amendment is a Credit Document and shall be construed, administered and applied in accordance with the terms and provisions of the Credit Agreement.  On and after the effectiveness of this Agreement, each reference in each Credit Document to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Amendment.

Section 5.5    Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other similar electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

Section 5.6    No Oral Agreement.  This Amendment, the Credit Agreement and the other Credit Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.

Section 5.7    No Waiver.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.

Section 5.8    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 5.9    Payment of Expenses.  In accordance with Section 13.5 of the Credit Agreement, Borrower agrees to pay or reimburse Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to Administrative Agent.

Section 5.10    Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 5.11    Exiting Lenders; Assignment of Commitments.  By its execution and delivery hereof, effective as of the Amendment Effective Date, Cadence Bank, N.A. and BOKF, NA dba Bank of Oklahoma (the “Exiting Lenders”) each shall cease to be a Lender, shall have no Commitments under the Credit Agreement and shall relinquish its respective rights (provided that each Exiting Lender shall still be entitled to any rights of indemnification in respect of any circumstance or event or condition arising prior to the Amendment Effective Date) and be released from its respective obligations under the Credit Agreement and the other Credit Documents.

Effective as of the Amendment Effective Date, each Exiting Lender hereby sells, assigns, transfers and conveys to the relevant other Lenders, and each such other Lender hereby purchases and accepts, in each case so much of such Exiting Lender’s aggregate Commitments under, Loans outstanding under, and/or participations in Letters of Credit issued pursuant to, the Credit Agreement such that, after giving effect to this Amendment, the Commitments, Allocation and Commitment Percentage shall be as set forth on Schedule 1.1(a) attached hereto.  The foregoing sales, assignments, transfers and conveyances shall be deemed to have been made pursuant to an Assignment and Acceptance pursuant to Section 13.6(b)(ii)(C) of the Credit Agreement.  
Section 5.12    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Section 5.13    WAIVER OF JURY TRIAL.  THE BORROWER, THE GUARANTORS, THE ADMINISTRATIVE AGENT, EACH LETTER OF CREDIT ISSUER AND EACH LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL 

ACTION OR POCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.
(Signature Pages Follow)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed effective as of the Amendment Effective Date.
                            
                            	
	
	ROAN RESOURCES LLC, as Borrower

	 

	By: /s/ David Edwards

	Name:  David Edwards

	Title:    CFO

A-1
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	CITIBANK, N.A.,
as Administrative Agent and Lender 

	 

	By: /s/ Phil Ballard

	Name:  Phil Ballard

	Title:    Vice President

    

A-2
Signature Page to Fourth Amendment to Credit Agreement

                                	
	
	ROYAL BANK OF CANADA,
as Lender 

	 

	By: /s/ Emilee Scott

	Name:  Emilee Scott

	Title:    Authorized Signatory

A-3
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	PNC BANK, NATIONAL ASSOCIATION,
as Lender 

	 

	By: /s/ Denise S. Davis

	Name:  Denise S. Davis

	Title:    Vice President

A-4
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	BARCLAYS BANK PLC,
as Lender

	 

	By: /s/ Sydney G. Dennis

	Name:  Sydney G. Dennis

	Title:    Director

A-5
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	JPMORGAN CHASE BANK, N.A.,
as Lender

	 

	By:/s/ Ronald Dierker

	Name:  Ronald Dierker

	Title:    Authorized Officer

A-6
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	MORGAN STANLEY BANK, N.A.,
as Lender

	 

	By: /s/ Michael King

	Name: Michael King

	Title: Authorized Signatory

A-7
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	ABN AMRO CAPITAL USA LLC,
as Lender 
	 

	 
	 

	By: /s/ Darrell Holley
	 

	Name:  Darrell Holley
	 

	Title:    Managing Director
	 

	 
	 

	By: /s/ David Montgomery
	 

	Name:  David Montgomery
	 

	Title:    Managing Director
	 

A-8
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	CAPITAL ONE, NATIONAL ASSOCIATION,
as Lender 
	 

	 
	 

	By: /s/ Nancy Mak
	 

	Name: Nancy Mak
	 

	Title: Sr. Vice President
	 

A-9
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	CANADIAN IMPERIAL BANK OF COMMERCE,
as Lender 

	 

	By: /s/ Trudy Nelson

	Name: Trudy Nelson

	Title: Authorized Signatory

	 

	By: /s/ Scott W. Danvers

	Name: Scott W. Danvers

	Title: Authorized Signatory

A-10
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	FIFTH THIRD BANK,
as Lender 
	 

	 
	 

	By: /s/ Justin Bellamy
	 

	Name: Justin Bellamy
	 

	Title: Director
	 

A-11
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	SOCIÉTÉ GÉNÉRALE,
as Lender 
	 

	 
	 

	By: /s/ Farhan Musharrif
	 

	Name:  Farhan Musharrif
	 

	Title: Director
	 

A-12
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	SUNTRUST BANK, 
as Lender 
	 

	 
	 

	By: /s/ Benjamin L. Brown
	 

	Name: Benjamin L. Brown
	 

	Title: Director
	 

A-13
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	GOLDMAN SACHS BANK USA, 
as Lender 
	 

	 
	 

	By: /s/ Ryan Durkin
	 

	Name: Ryan Durkin
	 

	Title: Authorized Signatory
	 

A-14
Signature Page to Fourth Amendment to Credit Agreement

                            	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS 
BRANCH,
as Lender 
	 

	 
	 

	By: /s/ Nupur Kumar
	 

	Name: Nupar Kumar
	 

	Title: Authorized Signatory
	 

	 
	 

	By: /s/ Emerson Almeida
	 

	Name: Emerson Almeida
	 

	Title: Authorized Signatory
	 

A-15
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	CADENCE BANK, N.A.
as Lender 

	 

	By: /s/ Anthony Blanco

	Name:  Anthony Blanco

	Title:    Senior Vice President

A-16
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	

COMERICA BANK,
as Lender 

	 

	By: /s/ Britney P. Geidel

	Name:  Britney P. Geidel

	Title:    Portfolio Manager

A-17
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	DNB CAPITAL LLC,
as Lender 

	 

	By: /s/ James Grubb

	Name: James Grubb

	Title: First Vice President

	 

	By: /s/ Rob Dupree

	Name: Rob Dupree

	Title: Senior Vice President

A-18
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	KEY BANK, N.A.,
as Lender 

	 

	By: /s/ David M. Bornstein

	Name:   David M. Bornstein

	Title:     Senior Vice President

A-19
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	BOKF, NA dba Bank of Oklahoma,
as Lender 

	 

	By: /s/ John Krenger

	Name: John Krenger

	Title: Vice President

A-20
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	MIDFIRST BANK, 
as Lender 

	 

	By: /s/ Ryan Thompson

	Name:   Ryan Thompson

	Title:     Vice President

A-21
Signature Page to Fourth Amendment to Credit Agreement

                            	
	
	BMO HARRIS BANK N.A., 
as Lender 

	 

	By: /s/ James V. Ducote

	Name: James V. Ducote

	Title: Managing Director

A-22
Signature Page to Fourth Amendment to Credit AgreementExhibit 10.1

 

MIDSTATES PETROLEUM COMPANY, INC.

 

RESTRICTED STOCK UNIT AGREEMENT

 

PURSUANT TO THE

 

2016 LONG TERM INCENTIVE PLAN

 

(TIME VESTING)

 

*  *  *  *  *

 

Participant:  Executive Name

 

Grant Date:  March 7, 2019

 

Number of Restricted Stock Units Granted:  TBD

 

*  *  *  *  *

 

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between MIDSTATES PETROLEUM COMPANY, INC., a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Midstates Petroleum Company, Inc. 2016 Long Term Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee (as defined in the Plan); and

 

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the Restricted Stock Units (“RSUs”) provided herein to the Participant.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby mutually covenant and agree as follows:

 

1.                                      Incorporation By Reference; Plan Document Receipt.  This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.  Except as provided otherwise herein, any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.  The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content.

 

2.                                      Grant of Restricted Stock Unit Award.  The Company hereby grants to the Participant, as of the Grant Date specified above, the number of RSUs specified above.  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in

 

 

this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Stock underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement.

 

3.                                      Vesting.

 

(a)                                 Subject to the provisions of Sections 3(b) - 3(e) hereof, the RSUs subject to this Award shall vest in full (100%) on March 1, 2021, provided that the Participant has not incurred a Termination prior to such vesting date.  Subject to the provisions of Sections 3(b) - 3(e) hereof, there shall be no proportionate or partial vesting in the periods prior to the vesting date and all vesting shall be subject to the Participant’s continued service with the Company or any of its Subsidiaries on the vesting date.

 

(b)                                 Termination Without Cause, due to death or Disability; Resignation for Good Reason.  In the event of the Participant’s Termination by the Company without Cause, due to the Participant’s death or Disability or by the Participant for Good Reason (each, a “Qualifying Termination”), Participant shall fully vest in all time-vested RSUs granted hereunder.

 

(c)                                  Change in Control.  All unvested RSUs shall become fully vested upon the occurrence of a Qualifying Termination on or within twelve (12) months following a Change in Control.

 

(d)                                 Committee Discretion to Accelerate Vesting.  In addition to the foregoing, the Committee may, in its sole discretion, accelerate vesting of the RSUs at any time and for any reason.

 

(e)                                  Forfeiture.  Subject to the terms of this Section 3, all unvested RSUs (taking into account any vesting that may occur upon the Participant’s Termination in accordance with Section 3(b) hereof) shall be immediately forfeited upon the Participant’s Termination for any reason.

 

4.                                      Delivery of Shares.

 

(a)                                 General.  Subject to the provisions of Section 4(b) hereof, within ten (10) days following the applicable vesting date of the RSUs, the Participant shall receive the number of shares of Stock that correspond to the number of RSUs that have become vested on the applicable vesting date, less any shares withheld by the Company pursuant to Section 8 hereof.

 

(b)                                 Blackout Periods. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed by the Company on the date such distribution would otherwise be made pursuant to Section 4(a) hereof, such distribution shall be instead made on the earlier of (i) the date that the Participant is not subject to any such policy or restriction and (ii) the later of (A) the end of the calendar year in which such distribution would otherwise have been made and (B) a date that is immediately prior to the expiration of two and one-half months following the date such distribution would otherwise have been made hereunder.

 

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5.                                      Dividends; Rights as Stockholder.  Cash dividends on the number of shares of Stock issuable hereunder shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant; provided that such cash dividends shall not be deemed to be reinvested in shares of Stock and shall be held uninvested and without interest and paid in cash at the same time that the shares of Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.  Stock dividends on shares of Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant; provided that such stock dividends shall be paid in shares of Stock at the same time that the shares of Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.  Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Stock covered by any RSU unless and until the Participant has become the holder of record of such shares.

 

6.                                      Non-Transferability.  The RSUs, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not be sold, exchanged, transferred, assigned, pledged, encumbered or otherwise disposed of or hypothecated in any way by the Participant (or any beneficiary of the Participant who holds the RSUs as a result of a Transfer by will or by the laws of descent and distribution), other than in accordance with the provisions of Section 10(a) of the Plan.

 

7.                                      Governing Law; Jurisdiction and Venue.  All questions arising with respect to the provisions of this Agreement shall be determined by application of the laws of Delaware, without giving any effect to any conflict of law provisions thereof, except to the extent Delaware state law is preempted by federal law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. The Company and the Participant shall irrevocably and unconditionally (a) submit in any proceeding relating to the Plan or this Agreement, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts located in Tulsa County, Oklahoma, the court of the United States of America for the Northern District of Oklahoma, and appellate courts having jurisdiction of appeals from any of the foregoing, and agree that all claims in respect of any such Proceeding shall be heard and determined in such Oklahoma State court or, to the extent permitted by law, in such federal court, (b) consent that any such Proceeding may and shall be brought in such courts and waives any objection that the Company and the Participant may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to the Plan or this Agreement, (d) agree that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel, and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other manner permitted by the laws of the State of Delaware.

 

8.                                      Withholding of Tax.  The Company may require the Participant to pay to the Company (or the Company’s Subsidiary if the Participant is an employee of a Subsidiary of the

 

3

 

Company), an amount the Company deems necessary to satisfy its (or its Subsidiary’s) current or future obligation to withhold federal, state or local income or other taxes that the Participant incurs as a result of the Award. With respect to any required tax withholding, the Participant may (a) direct the Company to withhold from the shares of Stock to be issued to the Participant under this Agreement, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs (such amount, in the aggregate, the “Withholding Obligation”), which determination will be based on the shares’ Fair Market Value at the time such determination is made; (b) deliver to the Company shares of Stock sufficient to satisfy the Withholding Obligation, based on the shares’ Fair Market Value at the time such determination is made; or (c) deliver cash to the Company sufficient to satisfy the Withholding Obligation. Without limiting the foregoing, the Company shall withhold shares of Stock otherwise deliverable to the Participant hereunder in order to pay the Participant’s income and employment taxes due upon vesting of the RSUs, but only to the extent permitted by applicable accounting rules so as not to affect accounting treatment.

 

9.                                      Legend.  The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates, if any, representing shares of Stock issued pursuant to this Agreement.  The Participant shall, at the request of the Company, promptly present to the Company any and all certificates, if any, representing shares of Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 9.

 

10.                               Securities Representations.  This Agreement is being entered into by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant hereby acknowledges, represents and warrants that:

 

(a)                                 The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 10.

 

(b)                                 If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Stock issuable hereunder must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares of Stock and the Company is under no obligation to register such shares of Stock (or to file a “re-offer prospectus”).

 

(c)                                  If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that (i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then exists for the Stock of the Company, (B) adequate information concerning the Company is then available to the public, and (C) other terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Stock issuable hereunder may be made only in limited amounts in accordance with the terms and conditions of Rule 144 or any exemption therefrom.

 

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11.                               Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  This Agreement may be amended the Board or by the Committee at any time (a) if the Board or the Committee determines, in its sole discretion, that amendment is necessary or advisable in light of any addition to or change in any federal or state, tax or securities law or other law or regulation, which change occurs after the Grant Date and by its terms applies to the Award; or (b) other than in the circumstances described in clause (a) or provided in the Plan, with the Participant’s consent.

 

12.                               Notices.  All notices required or permitted under this Agreement must be in writing and personally delivered or sent by certified mail, return receipt requested, and shall be deemed to be delivered on the date on which it is actually received by the person to whom it is properly addressed, in the case of a Participant, at the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel. Any person entitled to notice hereunder may waive such notice in writing.

 

13.                               No Right to Employment.  Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee.  Nothing in this Agreement confers upon you the right to continue in the employ of or performing services for the Company or any Subsidiary, or interfere in any way with the rights of the Company or any Subsidiary to terminate your employment or service relationship at any time, subject to any employment agreement or other service agreement in effect between the Company and the Participant.

 

14.                               Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely given by the Participant.

 

15.                               Compliance with Laws.  Notwithstanding any provision of this Agreement to the contrary, the issuance of the RSUs (and the shares of Stock upon settlement of the RSUs) pursuant to this Agreement will be subject to compliance with all applicable requirements of federal, state, or foreign law with respect to such securities and with the requirements of any stock exchange or market system upon which the Stock may then be listed. No Stock will be issued hereunder if such issuance would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, Stock will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the “Act”), is at the time of issuance in effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject to the Award will relieve the Company of any liability in respect of the failure to issue such shares of Stock as to which such requisite authority has not been obtained. As a condition to any issuance hereunder, the Company

 

5

 

may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company. From time to time, the Board and appropriate officers of the Company are authorized to take the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate Persons to make shares of Stock available for issuance.

 

16.                               Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the RSUs are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

 

17.                               Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns.  The Participant shall not assign any part of this Agreement without the prior express written consent of the Company, which consent may not be unreasonably withheld, conditioned or delayed.

 

18.                               Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

 

19.                               Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

 

20.                               Further Assurances.  Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

 

21.                               Severability.  If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.

 

[Remainder of Page Intentionally Left Blank]

 

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By signing below, the Participant hereby acknowledges receipt of the RSUs issued on the Grant Date indicated above, which have been issued under the terms and conditions of the Plan and this Agreement.

 

	
MIDSTATES   PETROLEUM COMPANY, INC.
    
	
 
    
	
By:
    	
 
    	
 
    
	
Name:   Kim Harding
    
	
Title:   Vice President — Human Resources and Administration
    
	
 
    
	
Accepted   by:
    
	
 
    
	
 
    	
 
    
	
 Executive Name
    
	
 
    
	
Date:
    	
 
    	
 
    
	
 
    
	
Confirmation   of Receipt by Company:
    
	
 
    
	
By:
    	
 
    	
 
    
	
 
    
	
Date:
    	
 
    	
 
    
				

 

7

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