Document:

Exhibit

EXHIBIT 10.1

INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO  
AMENDED AND RESTATED CREDIT AGREEMENT
This Increase Agreement, Joinder and Amendment No. 1 to Amended and Restated Credit Agreement (this “Agreement”) dated as of October 11, 2017 (the “Effective Date”), is among Extraction Oil & Gas, Inc., a Delaware corporation (the “Borrower”), 7N, LLC, a Delaware limited liability company (“7N”), 8 North, LLC, a Delaware limited liability company (“8 North”), Bison Exploration, LLC, a Delaware limited liability company (“Bison”), Elevation Midstream, LLC, a Delaware limited liability company (“Elevation”), Extraction Finance Corp., a Delaware corporation (“Finance Corp.”), Mountaintop Minerals, LLC, a Delaware limited liability company (“MTM”), Table Mountain Resources, LLC, a Delaware limited liability company (“TMR”), XOG Services, Inc., a Colorado corporation (“XOG Inc.”), XOG Services, LLC, a Delaware limited liability company (“XOG LLC”), XTR Midstream, LLC, a Delaware limited liability company (together with 7N, 8 North, Bison, Elevation, Finance Corp., MTM, TMR, XOG Inc., and XOG LLC, collectively, the “Guarantors”), the undersigned Existing Lenders (as defined below), The Huntington National Bank (“Huntington”), PNC Bank, National Association (“PNC”), and Capital One, National Association (together with Huntington and PNC, each a “New Lender” and, collectively, the “New Lenders”), and Wells Fargo Bank, National Association, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”) and as Issuing Lender (the “Issuing Lender”).
INTRODUCTION
A.     The Borrower, the financial institutions party thereto as Lenders (the “Existing Lenders”, and together with the New Lenders, collectively, the “Lenders”), the Issuing Lender, and the Administrative Agent have entered into the Amended and Restated Credit Agreement dated as of August 16, 2017 (the “Credit Agreement”).
B.    The Guarantors have entered into the Amended and Restated Guaranty Agreement dated as of August 16, 2017 (the “Guaranty”) in favor of the Administrative Agent for the benefit of the Secured Parties (as defined in the Credit Agreement). 
C.    Subject to the terms and conditions of this Agreement, the Lenders agree to increase the Borrowing Base to $525,000,000 as the August 1, 2017 redetermination of the Borrowing Base.
D.    In connection with the Borrowing Base redetermination provided for herein, each New Lender desires to become party to the Credit Agreement as a Lender and the Commitments of the Existing Lenders and the New Lenders shall be adjusted to the amounts set forth on Schedule I attached hereto.
E.    The Borrower has requested that the Lenders and the Administrative Agent, subject to the terms and conditions hereof amend the Credit Agreement as set forth herein.
THEREFORE, in fulfillment of the foregoing, the Borrower, the Guarantors, the Administrative Agent, the Issuing Lender, and the undersigned Lenders hereby agree as follows:

Section 1.    Definitions; References.  Unless otherwise defined in this Agreement, each term used in this Agreement which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.
Section 2.    Joinder of New Lender.  In lieu of executing and delivering an Assignment and Assumption, each Existing Lender whose Pro Rata Share is decreasing in connection herewith (each an “Assignor” and, collectively, the “Assignors”) and the New Lenders and each Existing Lender whose Pro Rata Share is increasing in connection herewith (each an “Increasing Lender”; and together with the New Lenders, each an “Assignee” and, collectively, the “Assignees”) hereby agree to, and the Borrower hereby accepts, the following:
(a)    For an agreed consideration, each Assignor hereby irrevocably sells and assigns to the respective Assignees, and each Assignee hereby irrevocably purchases and assumes from the respective Assignors, subject to and in accordance with the terms hereof and the Credit Agreement, as of the Effective Date, (i) such percentage in and to all of the respective Assignors’ rights and obligations in their respective capacities as Lenders under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount identified in Schedule I hereto that would result in the Existing Lenders and the New Lenders having the respective Commitments set forth in Schedule I attached hereto (including without limitation any letters of credit and guaranties provided in connection with the Credit Agreement) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the respective Assignors (in their respective capacities as Lenders) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by any Assignor to any Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as an “Assigned Interest”).  Each such sale and assignment is without recourse to any Assignor and, except as expressly provided in this Agreement, without representation or warranty by any Assignor.
(b)    Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements referred to in Section 5.2 of the Credit Agreement and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to agree to the various matters set forth herein.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement.
(c)    From and after the Effective Date, Administrative Agent shall make all payments in respect of each Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignees whether such amounts have accrued prior to, on or after the Effective Date.  The Assignors and Assignees shall make all appropriate adjustments in payments by 

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Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.
(d)    Administrative Agent, Issuing Lender and Borrower hereby consent to the Assignors’ assignment of the Assigned Interests to the Assignees, waive any other conditions to the effectiveness of such assignment that are not expressly set forth in this Agreement, and agree that the terms of this Agreement shall constitute an Assignment and Assumption.  Administrative Agent hereby consents to an one-time waiver of the $3,500 processing and recordation fee that would otherwise be payable by each New Lender pursuant to Section 9.7(b)(iv) of the Credit Agreement as a result of the assignment provided for herein. 
Section 3.    Agreement – Increase in Borrowing Base.  Subject to the terms of this Agreement and after giving effect to the assignment made pursuant to Section 2, as of the Effective Date, the Borrowing Base shall be increased by $150,000,000, resulting in a new Borrowing Base equal to $525,000,000.  Such new Borrowing Base shall, unless otherwise adjusted in accordance with the terms of the Credit Agreement, remain in effect at that level until the effective date of the next Borrowing Base redetermination made in accordance with the Credit Agreement, as amended hereby.  The parties hereto acknowledge and agree that the Borrowing Base redetermination set forth in this Section 3 shall be deemed to be the redetermination provided for in Section 2.02(b)(i) of the Credit Agreement and scheduled for August 1, 2017.  Each Lender's Pro Rata Share of the resulting Borrowing Base, after giving effect to the assignment made pursuant to Section 2 above and the increase in the Borrowing Base set forth in this Section 3, is set forth next to its name in Schedule II attached hereto.
Section 4.    Amendments to Credit Agreement.  Upon the satisfaction of the conditions specified in Section 8 of this Agreement, and effective as of the date set forth above, the Credit Agreement is amended as follows:
(a)    Section 1.1 of the Credit Agreement (Certain Defined Terms) is amended by deleting the defined term “Fee Letter” in its entirety and replacing it with the following:
"Fee Letter" means, collectively, (a) that certain Engagement Letter dated as of June 30, 2017, among the Borrower, Wells Fargo and Arranger and (b) that certain borrowing base increase fee letter dated as of October 11, 2017, among the Borrower, Wells Fargo and Arranger.
(b)    The definition of “Adjusted EBITDAX” in Section 1.1 of the Credit Agreement is amended by replacing clause (d) thereof in its entirety with the following:
(d) for each fiscal quarter ending on or after March 31, 2018, the consolidated EBITDAX of the Borrower and its Restricted Subsidiaries for the four fiscal quarter period then ended.
(c)    Schedule I to the Credit Agreement (Commitments, Contact Information) is amended to read in its entirety as set forth in Schedule I attached hereto.
Section 5.    Reaffirmation of Liens.  

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(a)    Each of the Borrower and each Guarantor (i) is party to certain Security Documents securing and supporting the Borrower's and Guarantors’ obligations under the Loan Documents, (ii) represents and warrants that it has no defenses to the enforcement of the Security Documents and that according to their terms the Security Documents will continue in full force and effect to secure the Borrower’s and Guarantors’ obligations under the Loan Documents, as the same may be amended, supplemented, or otherwise modified, and (iii) acknowledges, represents, and warrants that the liens and security interests created by the Security Documents are valid and subsisting and create a first and prior Lien (subject only to Permitted Liens) in the Collateral to secure the Secured Obligations. 
(b)    The delivery of this Agreement does not indicate or establish a requirement that any Loan Document requires any Guarantor's approval of amendments to the Credit Agreement.
Section 6.    Reaffirmation of Guaranty.  Each Guarantor hereby ratifies, confirms, and acknowledges that its obligations under the Guaranty and the other Loan Documents are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, of all of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed Obligations may have been amended by this Agreement.  Each Guarantor hereby acknowledges that its execution and delivery of this Agreement do not indicate or establish an approval or consent requirement by such Guarantor under the Credit Agreement in connection with the execution and delivery of amendments, modifications or waivers to the Credit Agreement, the Notes or any of the other Loan Documents.
Section 7.    Representations and Warranties.  Each of the Borrower and each Guarantor represents and warrants to the Administrative Agent and the Lenders  that:
(a)    the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of this Agreement, except that any representation and warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) only as of such specified date.
(b)    (i) the execution, delivery, and performance of this Agreement are within the corporate, limited partnership or limited liability company power, as appropriate, and authority of the Borrower and Guarantors and have been duly authorized by appropriate proceedings and (ii) this Agreement constitutes a legal, valid, and binding obligation of the Borrower and Guarantors, enforceable against the Borrower and Guarantors in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; and
(c)    as of the effectiveness of this Agreement and after giving effect thereto, no Default or Event of Default has occurred and is continuing.

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Section 8.    Effectiveness.  This Agreement shall become effective as of the date hereof upon the occurrence of all of the following: 
(a)    Documentation. The Administrative Agent shall have received: 
(1)    this Agreement, duly and validly executed by the Borrower, the Guarantors, the Administrative Agent, the Issuing Bank each Existing Lender and each New Lender, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders;
(2)    a Note payable to each New Lender in the amount of such New Lender’s Commitment (after giving effect to this Agreement), duly and validly executed by the Borrower; and
(3)    a Note payable to each Increasing Lender in the amount of such Increasing Lender’s Commitment (after giving effect to this Agreement), duly and validly executed by the Borrower.
(b)    Representations and Warranties.  The representations and warranties in this Agreement being true and correct in all material respects before and after giving effect to this Agreement (except to the extent such representations and warranties relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); provided that such materiality qualifier shall not apply if such representation or warranty is already subject to a materiality qualifier in the Credit Agreement or such other Loan Document.
(c)    No Default or Event of Default. There being no Default or Event of Default which has occurred and is continuing.
(d)    Expenses.  The Borrower’s having paid (1) all costs, expenses, and fees which have been invoiced and are payable pursuant to Section 9.1 of the Credit Agreement or any other agreement and (2) all fees required under the Fee Letter (as such term is amended hereby).
Section 9.    Title.  On or before November 13, 2017 (or such later date as may be acceptable to the Administrative Agent in its sole discretion), the Borrower shall from time to time upon the reasonable request of the Administrative Agent, take such actions and execute and deliver such documents and instruments as the Administrative Agent shall require to ensure that the Administrative Agent shall, at all times, have received satisfactory title evidence, which title evidence shall be in form and substance acceptable to the Administrative Agent in its sole reasonable discretion and shall include information regarding the before payout and after payout ownership interests held by the Borrower and the Borrower's Restricted Subsidiaries, for all wells located on the Oil and Gas Properties, covering at least (x) 80% of the present value of the Proven Reserves of the Borrower and its Restricted Subsidiaries or (y) 95% of the present value of PDP Reserves of the Borrower and its Restricted Subsidiaries, in each case, as reasonably determined by the Administrative Agent.

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Section 10.    Effect on Loan Documents.  Except as amended herein, the Credit Agreement and the Loan Documents remain in full force and effect as originally executed and are hereby ratified and confirmed, and nothing herein shall act as a waiver of any of the Administrative Agent's or Lenders' rights under the Loan Documents.  This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement is a Default or Event of Default under other Loan Documents.
Section 11.    Choice of Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without regard to conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York).
Section 12.    Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original.
THIS WRITTEN AGREEMENT AND THE LOAN DOCUMENTS, AS DEFINED IN THE CREDIT AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
[Remainder of page intentionally left blank; Signature pages follow.]

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EXECUTED as of the date first set forth above.

	
			
	 
	BORROWER:

	 
	 
	 

	 
	EXTRACTION OIL & GAS, INC.

	 
	 
	 

	 
	By:
	/s/ Russell T. Kelley, Jr.

	 
	Name:
	Russell T. Kelley, Jr.

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	 
	GUARANTORS:

	 
	 
	 

	 
	 
	7N, LLC

	 
	 
	8 NORTH, LLC

	 
	 
	BISON EXPLORATION, LLC

	 
	 
	ELEVATION MIDSTREAM, LLC

	 
	 
	MOUNTAINTOP MINERALS, LLC

	 
	 
	XOG SERVICES, INC.

	 
	 
	XOG SERVICES, LLC

	 
	 
	XTR MIDSTREAM, LLC

	 
	 
	TABLE MOUNTAIN RESOURCES, LLC

	 
	 
	 

	 
	Each By:
	/s/ Russell T. Kelley, Jr.

	 
	Name:
	Russell T. Kelley, Jr.

	 
	Title:
	Chief Financial Officer

	 
	 
	 

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	ADMINSISTRATIVE AGENT/ISSUING LENDER/LENDERS:

	 
	 
	 

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 
	as Administrative Agent, Issuing Lender, and an Existing Lender

	 
	 
	 

	 
	By:
	/s/ Joseph T. Rottinghaus

	 
	Name:
	Joseph T. Rottinghaus

	 
	Title:
	Director

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	LENDERS:

	 
	BARCLAYS BANK PLC,

	 
	as an Existing Lender

	 
	By:
	/s/ Sydney G. Dennis

	 
	Name:
	Sydney G. Dennis

	 
	Title:
	Director

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	CREDIT SUISSE AG, 

	 
	CAYMAN ISLANDS BRANCH,

	 
	as an Existing Lender

	 
	By:
	/s/ Nupur Kumar

	 
	Name:
	Nupur Kumar

	 
	Title:
	Authorized Signatory 

	 
	 
	 

	 
	By:
	/s/ Christopher Zybrick

	 
	Name:
	Christopher Zybrick

	 
	Title:
	Authorized Signatory 

	 
	 
	 

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	SUNTRUST BANK,

	 
	as an Existing Lender

	 
	By:
	/s/ Arize Agumadu

	 
	Name:
	Arize Agumadu

	 
	Title:
	Vice President

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	ABN AMRO CAPITAL USA LLC,

	 
	as an Existing Lender

	 
	By:
	/s/ Darrell Holley

	 
	Name:
	Darrell Holley

	 
	Title:
	Managing Director

	 
	 
	 

	 
	By:
	/s/ Michaela Braun

	 
	Name:
	Michaela Braun

	 
	Title:
	Director

	 
	 
	 

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	KEYBANK NATIONAL ASSOCIATION,

	 
	as an Existing Lender

	 
	By:
	/s/ George E. McKean

	 
	Name:
	George E. McKean

	 
	Title:
	Senior Vice President

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	CITIBANK, N.A.,

	 
	as an Existing Lender

	 
	By:
	/s/ Cliff Vaz

	 
	Name:
	Cliff Vaz

	 
	Title:
	Vice President

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	GOLDMAN SACHS BANK USA,

	 
	as an Existing Lender

	 
	By:
	/s/ Josh Rosenthal

	 
	Name:
	Josh Rosenthal

	 
	Title:
	Authorized Signatory

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	ROYAL BANK OF CANADA,

	 
	as an Existing Lender

	 
	By:
	/s/ Kristan Spivey

	 
	Name:
	Kristan Spivey

	 
	Title:
	Authorized Signatory

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	BANK OF AMERICA, N.A.,

	 
	as an Existing Lender

	 
	By:
	/s/ Ronald E. McKaig

	 
	Name:
	Ronald E. McKaig

	 
	Title:
	Managing Director

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	MERCURIA EASTERN US HOLDINGS LLC,

	 
	as an Existing Lender

	 
	By:
	/s/ Marty Bredehoft

	 
	Name:
	Marty Bredehoft

	 
	Title:
	Treasurer

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	THE HUNTINGTON NATIONAL BANK, 

	 
	as a New Lender

	 
	By:
	/s/ Jason A. Zilewicz

	 
	Name:
	Jason A. Zilewicz

	 
	Title:
	Vice President

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	PNC BANK, NATIONAL ASSOCIATION, 

	 
	as a New Lender

	 
	By:
	/s/ Denise S. Davis

	 
	Name:
	Denise S. Davis

	 
	Title:
	Vice President

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
			
	 
	CAPITAL ONE, NATIONAL ASSOCIATION, 

	 
	as a New Lender

	 
	By:
	/s/ Nancy Mak

	 
	Name:
	Nancy Mak

	 
	Title:
	Senior Vice President

[SIGNATURE PAGE TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

SCHEDULE I
Commitments, Contact Information
	
		
	ADMINISTRATIVE AGENT/ ISSUING LENDER

	Wells Fargo Bank, National Association
	Address:    1700 Lincoln St., 6th Floor
      Denver, CO 80203
Attn:       Joe Rottinghaus
Telephone:   303-863-5367
Facsimile:   303-863-5196

	LOAN PARTIES

	Borrower/Guarantors
	Address:   370 17th Street, Suite 5300 
      Denver, CO 80202
Attn:       Mr. Rusty Kelley
Telephone:   720-557-8302
Facsimile:   720-557-8301
Email:      rtkelley@extractionog.com
Website:   www.extractionog.com

[Schedule I continues on the following page]

[SCHEDULE I TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

	
				
	Lender
	Commitment

	Wells Fargo Bank, National Association
	

	$192,857,142.86
	

	Barclays Bank PLC
	

	$128,571,428.57
	

	Credit Suisse AG, Cayman Islands Branch
	

	$128,571,428.57
	

	SunTrust Bank
	

	$128,571,428.57
	

	ABN AMRO Capital USA LLC
	

	$128,571,428.57
	

	KeyBank National Association
	

	$128,571,428.57
	

	Citibank, N.A.
	

	$105,714,285.72
	

	Goldman Sachs Bank USA
	

	$105,714,285.72
	

	Royal Bank of Canada
	

	$105,714,285.72
	

	Bank of America, N.A.
	

	$62,857,142.85
	

	Mercuria Eastern US Holdings LLC
	

	$10,000,000.01
	

	The Huntington National Bank
	

	$105,714,285.72
	

	PNC Bank, National Association
	

	$105,714,285.72
	

	Capital One, National Association
	

	$62,857,142.85
	

	Total:
	

	$1,500,000,000.00
	

[SCHEDULE I TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

SCHEDULE II
BORROWING BASE
	
				
	Lender
	Pro Rata Share of Borrowing Base*

	Wells Fargo Bank, National Association
	

	$67,500,000.00
	

	Barclays Bank PLC
	

	$45,000,000.00
	

	Credit Suisse AG, Cayman Islands Branch
	

	$45,000,000.00
	

	SunTrust Bank
	

	$45,000,000.00
	

	ABN AMRO Capital USA LLC
	

	$45,000,000.00
	

	KeyBank National Association
	

	$45,000,000.00
	

	Citibank, N.A.
	

	$37,000,000.00
	

	Goldman Sachs Bank USA
	

	$37,000,000.00
	

	Royal Bank of Canada
	

	$37,000,000.00
	

	Bank of America, N.A.
	

	$22,000,000.00
	

	Mercuria Eastern US Holdings LLC
	

	$3,500,000.00
	

	The Huntington National Bank
	

	$37,000,000.00
	

	PNC Bank, National Association
	

	$37,000,000.00
	

	Capital One, National Association
	

	$22,000,000.00
	

	Total:
	

	$525,000,000.00
	

* Borrowing Base in effect as of October 11, 2017.  Borrowing Base is subject to redetermination pursuant to the terms of this Agreement.

[SCHEDULE II TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO 
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]Exhibit

FIRST AMENDMENT TO RIGHTS AGREEMENT

This First Amendment to Rights Agreement (this “Amendment”) is dated as of October 13, 2017, by and between Spectrum Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a national banking association (the “Rights Agent”), and amends the Rights Agreement, dated as of December 13, 2010, by and between the Company and the Rights Agent (the “Rights Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Rights Agreement.  All section and exhibit references herein are to sections and exhibits of the Rights Agreement.
WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent may from time to time supplement or amend any provision of the Rights Agreement in accordance with the terms of such Section 27.
NOW, THEREFORE, in consideration of the foregoing premises and mutual agreements set forth in this Amendment, the parties hereto hereby amend the Rights Agreement as follows:
1.The definition of the term “Acquiring Person” set forth in Section 1(a) of the Rights Agreement is hereby amended and restated in its entirety to read as follows:
“(a)    “Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of 15% or more of the Common Shares then outstanding, but shall not include (i) an Exempt Person or (ii) any Designated Holder, unless and until such time as such Designated Holder shall become the Beneficial Owner of 20% or more of the Common Shares then outstanding.  Notwithstanding the foregoing:
(i)    any Person who becomes the Beneficial Owner of 15% (or, in the case of a Designated Holder, 20%) or more of the Common Shares then outstanding as a result of a reduction in the number of Common Shares outstanding due to the repurchase of Common Shares by the Company shall not be deemed an “Acquiring Person” unless and until such Person acquires Beneficial Ownership of any additional Common Shares (other than as a result of a stock dividend, stock split, or similar transaction effected by the Company in which all registered holders of Common Shares are treated substantially equally) while the Beneficial Owner of 15% (or, in the case of a Designated Holder, 20%) or more of the Common Shares then outstanding; and
(ii)    if the Board of Directors of the Company determines in good faith that a Person who would otherwise be an Acquiring Person has become such inadvertently (including, without limitation, because (A) such Person was unaware that it Beneficially Owned a percentage of Common Shares that would otherwise cause such Person to be an Acquiring Person or (B) such Person was aware of the extent of its Beneficial Ownership of Common Shares but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement and had no intention of changing or influencing control of the Company), and such Person divests as promptly as practicable a sufficient number of Common Shares so that such Person is no longer the Beneficial Owner 

of 15% (or, in the case of a Designated Holder, 20%) or more of the Common Shares then outstanding then such Person shall not be deemed to be or ever to have been an “Acquiring Person” for any purposes of this Agreement as a result of such inadvertent acquisition.”
2.The definition of the term “Designated Holder” is hereby added as a new Section 1(tt) of the Rights Agreement to read as follows:
“(tt)    “Designated Holder” shall mean BlackRock, Inc., together with all of its Affiliates and Associates (“BlackRock”), until the earliest of (a) such time as BlackRock ceases to beneficially own 10% or more of the Common Shares of the Company, (b) such time as BlackRock, Inc. or any Parent (as defined in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement) is subject to a change of control as determined by the Board of Directors in its sole discretion, or (c) such time as BlackRock reports or is required to report on Schedule 13D (or any successor or comparable report) its beneficial ownership of Common Shares of the Company.”
3.    Nothing in the Rights Agreement, as amended by this Amendment, shall be construed to give to any Person other than the Company, the Rights Agent, and the registered holders of the Rights Certificates (and, prior to the Distribution Date, of the Common Shares) any legal or equitable right, remedy, or claim under the Rights Agreement, as amended by this Amendment; but the Rights Agreement, as amended by this Amendment, shall be for the sole and exclusive benefit of the Company, the Rights Agent, and the registered holders of the Rights Certificates (and, prior to the Distribution Date, of the Common Shares).
4.    If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
5.    This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.
6.    This Amendment shall be effective as of the date hereof and, except as expressly set forth herein, the Rights Agreement shall remain in full force and effect and be otherwise unaffected hereby.
7.    This Amendment may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all such counterparts shall together constitute one and the same document.
[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

	
			
	 
	SPECTRUM PHARMACEUTICALS, INC.

	 
	 
	 

	 
	By:
	/s/ Rajesh C. Shrotriya, M.D.

	 
	Name:
	Rajesh C. Shrotriya, M.D.

	 
	Title:
	Chief Executive Officer

	
			
	 
	COMPUTERSHARE TRUST COMPANY, N.A.

	 
	 
	 

	 
	By:
	/s/ David L. Adamson

	 
	Name:
	David L. Adamson

	 
	Title:
	Vice President

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