Document:

Exhibit

    

AEROJET ROCKETDYNE HOLDINGS, INC.

DEFERRED COMPENSATION PLAN
FOR DIRECTORS

(Effective January 1, 1992)

as adopted by the Board of Directors
November 13, 1991

Approved by Shareholders
March 25, 1992

and

as last amended by the
Board of Directors
effective February 22, 2017AEROJET ROCKETDYNE HOLDINGS, INC.
DEFERRED COMPENSATION PLAN
FOR DIRECTORS

TABLE OF CONTENTS

Article        Section                        Page

   1        Establishment of Plan                1

   2        Definitions and Construction
2.1    Definitions                    1
2.2    Construction                    4

   3        Eligibility and Participation                4

   4        Deferral of Director Pay
4.1    Deferral Election                4
4.2    Irrevocability                    6

   5        Investment Programs for Cash Deferrals    
5.1    Individual Accounts                6
5.2    No Trust Fund                6
5.3    Description of Investment
  Programs            6
5.4    Responsibility for Investment
  Choices                        8

   6        Distribution of Deferred Amounts
6.1    Distribution                                   8
6.2    Survivor Benefits                              9
6.3    Change in Control                              9
6.4    Conversion and Adjustment in
  Event of Recapitalization     9

   7        Miscellaneous
7.1    Finality of Determinations                     10
7.2    Plan Administration                            10
7.3    Amendment, Suspension or
  Termination of the Plan       10
7.4    Limitations on Transfer                        10
7.5    Governing Law                                  11
7.6    Expenses of Administration                 11
7.7    Rabbi Trust                             11
7.8    Internal Revenue Code Section 409A     11
    

AEROJET ROCKETDYNE HOLDINGS, INC.
DEFERRED COMPENSATION PLAN
FOR DIRECTORS

Article 1
Establishment of Plan

Aerojet Rocketdyne Holdings, Inc. (the "Company"), hereby adopts the deferred compensation plan set forth herein, effective as of January 1, 1992, provided that the provisions for the Aerojet Rocketdyne Holdings Stock Fund shall be effective only upon approval by the Company's shareholders.  The purpose of the Plan is to provide the Company's Nonemployee Directors and Executive Chairman with the opportunity to defer the receipt of Director Pay on a pre‐tax basis and to earn investment income on the amount of their deferred pay. The Plan predates the effective date of Section 409A of the Internal Revenue Code.  The terms and conditions of the Plan as in effect on October 3, 2004, continue to apply to deferrals that were vested as of December 31, 2004 (and earnings thereon).  For ease of reference, a copy of the Plan, as in effect on that date, is attached hereto as Appendix 1.

Article 2
Definitions and Construction

2.1    Definitions.  The following capitalized words and phrases when used in the text of the Plan shall have the meanings set forth below:

		
	(a)
	"Board" means the Board of Directors of the Company.

		
	(b)
	"Calendar Year" means each consecutive twelve‐month period commencing January 1 and ending December 31.

		
	(c)
	“Change in Control” means the occurrence of any of the following events:

		
	(1)
	All or substantially all (meaning having a total gross fair market value at least equal to 50.1% of the total gross fair market value of all of the Company’s assets immediately before such acquisition or acquisitions) of the assets of the Company are acquired by a Person (during a twelve month period ending on the date of the most recent acquisition by such person); or

		
	(2)
	the Company is merged, consolidated or reorganized into or with another corporation or entity during a twelve-month period with the result that upon the conclusion of the transaction less than 50.1% of the outstanding securities entitled to vote generally in the election of directors or other capital interests of the surviving, resulting or acquiring corporation are beneficially owned (as that term is defined in Rule 13-d 3 under the Exchange Act) by the shareholders of the Company immediately prior to the completion of the transaction.

		
	 
	(d)    "Company" means Aerojet Rocketdyne Holdings, Inc.

		
	(e)
	"Deferral Dates" means the dates on which Director payments are normally made, are paid, namely February 15, May 15, August 15 and November 15, as well as any other date on which an equity grant is made to a Nonemployee Director or Executive Chairman.

(f)    "Director" means a member of the Board.

		
	(g)
	"Director Pay" means (i) in the case of a Nonemployee Director, the aggregate compensation payable by the Company to a Director, including committee chair and membership pay whether payable in cash or Aerojet Rocketdyne Holdings Common Stock, including restricted Aerojet Rocketdyne Holdings Common Stock payable as a matching grant or other stock grants; and (ii) in the case of an Executive Chairman, restricted Aerojet Rocketdyne Holdings Common Stock payable as compensation for his service as Executive Chairman.

		
	(h)
	"Effective Date" means January 1, 1992 (except the provisions for the Aerojet Rocketdyne Holdings Stock Fund which will become effective upon approval of the Plan by the Company's shareholders).

		
	(i)
	“Executive Chairman” means a Director who has been appointed by the Board to serve in the role of Executive Chairman as an employee of the Company.

		
	(j)
	"Market Value" means

		
	      
	(1)    in the case of shares of Aerojet Rocketdyne Holdings Common Stock (except as otherwise provided in Section 6.3 hereof), the closing price (or if no trading occurs on any trading day, the mean between the closing bid and asked prices) as quoted in the New York Stock Exchange Composite Transactions as published in the Wall Street Journal (or, if not so listed, as quoted on such other exchange on which such securities shall then be listed, or if unlisted, the mean average between the over‐the‐counter high bid and low asked quotation) on the day for which the determination is to be made, or if such day is not a trading day, the trading day immediately preceding such day, and as used in Section 6.4 hereof, in the event of a Recapitalization, the weighted average of the trading prices on the day (or the weighted average of such trading prices on such trading days) following the occurrence thereof as determined by the Organization & Compensation Committee of the Board in its discretion, or in the event of an issuer tender offer in connection with a Recapitalization, the weighted average of the trading prices on the trading day immediately following the termination date of such issuer tender offer, or any extensions thereof (or the weighted average of such trading prices on the five trading days immediately following such termination date) as determined by the Organization & Compensation Committee in its discretion; and

		
	     
	 (2)    in the case of shares of the Designated Equity Fund (i) for a bank commingled fund, the closing price of a share as determined by the trustee of such fund, (ii) for a closed‐end fund, the closing price of a share on the New York Stock Exchange, or (iii) for an open‐end mutual fund, the net asset value per share of a share as determined by such fund, on the date 

for which the determination is to be made, or if such date is not a trading day, the trading day immediately preceding such determination date.

		
	(k)
	"Nonemployee Director" means a Director who is not an employee of the Company.

		
	(l)
	"Participant" means a Nonemployee Director or Executive Chairman who elects to defer all or a portion of his Director Pay in accordance with Article 4.

		
	(m)
	"Plan" means the Aerojet Rocketdyne Holdings, Inc. Deferred Compensation Plan for Directors described in this document, as approved by the Board on November 13, 1991 and as amended from time to time; provided further that with respect to deferrals vested prior to January 1, 2005, “Plan” means the Aerojet Rocketdyne Holdings, Inc. Deferred Compensation Plan for Nonemployee Directors as in effect on October 3, 2004 (and including any non-material amendments made thereafter) and attached hereto as Appendix 1.

     
(n)    "Recapitalization" means a significant change in the capital structure of the Company (which may include an issuer tender offer made to all of the Company's shareholders to purchase outstanding shares of the 
Company's Common Stock), as determined in the discretion of the Board as constituted immediately prior to the occurrence thereof.

2.2    Construction.  Whenever any word is used herein in the singular form, it shall be construed as though it were also used in the plural form in all cases where it would so apply.  Headings of articles and sections are inserted for convenience and reference, and they constitute no part of the Plan.  Except where otherwise indicated by the context, any masculine terminology herein shall include the feminine and neuter.

Article 3
Eligibility and Participation

Any Nonemployee Director or Executive Chairman shall be eligible to participate in the Plan.  A Nonemployee Director or Executive Chairman may become a Participant in the Plan by electing to defer all or a portion of his Director Pay in accordance with Article 4.

Article 4
Deferral of Director Pay

4.1    Deferral Election.  By written notice to the Secretary of the Company which is either received by the Secretary or postmarked no later than 30 days after a director’s initial appointment or subsequent annual reappointment, any Nonemployee Director may elect to defer all or a portion of the Director Pay which may be payable to him for services rendered during such term and to have such deferred Director Pay held for his benefit under the terms of the Plan.  Notwithstanding the foregoing, if the term of a Nonemployee Director’s appointment exceeds one year, then any deferral of Director Pay for services after the one year term must be received no later than the December 31st of the calendar year preceding the beginning of the subsequent term.  By written notice to the Secretary of the Company which is received by the 

Secretary or postmarked concurrent with the date of a grant of restricted Aerojet Rocketdyne Holdings Common Stock payable as compensation for his service as Executive Chairman, the Executive Chairman may elect to defer all or a portion of such Director Pay.  Any election made by a Participant pursuant to this Section 4.1 must specify his amount of deferral, investment choice[s] and time and manner of distribution, as described in subsections (a), (b) and (c) below:

		
	(a)
	Amount of Deferral.  Subject to a minimum annual deferral of $5,000, a Participant must specify the amount of his deferral as

     
(1)    his total Director Pay for the Calendar Year,

		
	(2)
	a percentage of his total Director Pay for the Calendar Year, or

		
	(3)
	a flat annual dollar amount not in excess of his total Director Pay for the Calendar Year;

and, in the case of a Participant serving as the Executive Chairman, the Participant must specify the amount of his deferral as a percentage of any grant of restricted Aerojet Rocketdyne Holdings Common Stock.

If a Participant elects to defer less than 100 percent of his Director Pay, deferrals pursuant to paragraphs (2) or (3) will be deducted by the Company on a pro rata basis from the regular quarterly payments of Director Pay.  

		
	(b)
	Investment Choices.  A Participant must specify the amount or percentage of his deferred Director Pay to be applied to one or more of the following investment programs as further described in Article 5:

		
	(1)
	Aerojet Rocketdyne Holdings Stock Fund, but only for amounts deferred prior to November 30, 2009 and on or after March 24, 2010;

		
	(2)
	Designated Equity Fund;

		
	(3)
	Cash Deposit Fund.

		
	 
	(c)    Distribution.  A Participant must elect to receive the cash value of his deferred Director Pay, plus earnings thereon,

		
	(1)
	in either (i) a single payment, or (ii) in two or more approximately equal annual installments, not to exceed ten; and

		
	(2)
	commencing, at his election, (i) 30 days following the date he ceases to be a Director and has a “separation from service” (as defined in Treas. Reg. 1.409A-1(h)), provided that if the Director is then a "specified employee" as defined in Section 409A of the Internal Revenue Code, this shall be the first day of the seventh month following the end of the month in which occurs such separation from service, (ii) on a fixed future date specified in the written election notice, or (iii) upon the Participant's attainment of an age specified by him in the written election notice.

In addition, a Participant may elect to have the cash value of his deferred Director Pay, plus earnings thereon, distributed in the event of his death as a single payment on the first day of the month following the month in which death occurs, notwithstanding any election made by the Participant pursuant to paragraphs (1) and (2) above.

4.2    Irrevocability.  Except to the extent permissible under Code Section 409A and the regulations thereunder, all deferral elections under Section 4.1 shall be irrevocable.  For the avoidance of doubt, a previous deferral election may be amended if (i) the amendment is made at least one year prior to the original  distribution commencement date; and (ii) the amendment delays distribution of deferred amounts (in the form of Common Stock in a rabbi trust or otherwise) at least five years beyond the original distribution commencement date.

Article 5
Investment Programs for Cash Deferrals

5.1    Individual Accounts.  When a Participant has made a cash deferral election pursuant to Section 4.1, the Company shall establish an account on its books in his name and shall, in the case of the investment programs described in Sections 5.3(a) and (b), cause to be credited to such account as of each Deferral Date the number of full and fractional phantom shares which could be purchased with the amount deferred on such Deferral Date and, in the case of the investment program described in Section 5.3(c), cause to be credited to such account as of each Deferral Date the dollar amount deferred on such Deferral Date.

5.2    No Trust Fund.  The Company shall not be required to reserve or otherwise set aside funds for the payment of any amounts credited to any account created hereunder.  In addition, the Company shall not, and shall not be required to, actually purchase any stock, security or mutual fund units described in Sections 5.3 (a) and (b).

5.3    Description of Investment Programs.

		
	(a)
	Aerojet Rocketdyne Holdings Stock Fund.  Under this investment program, the Participant's account shall be credited with the number of full and fractional phantom shares of Aerojet Rocketdyne Holdings Common Stock which could be purchased at the Market Value on the Deferral Date with the deferred amount designated for this investment program. The provisions of this Section 5.3(a) will not apply to any amounts deferred on or after November 30, 2009 and before March 24, 2010.

		
	 
	(1)    In the event that the shares of Aerojet Rocketdyne Holdings Common Stock shall be increased or decreased or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation, whether through reorganization, merger, consolidation, recapitalization, stock split‐up, combination of shares, stock offerings, spin‐off or otherwise, such number of phantom shares of Aerojet Rocketdyne Holdings Common Stock as shall be credited to the account of any Participant as of the record date for such action shall be proportionately or appropriately adjusted as of the payment or effective date to reflect such action.  If any such adjustment shall result in 

a fractional share, such fractional phantom share shall also be credited to the account of the Participant.

		
	(2)
	The Participant's account shall further be credited with the number of phantom shares, including fractions, which would be purchasable at the Market Value on the date a dividend is paid on Aerojet Rocketdyne Holdings Common Stock, with an aggregate amount equal to any dividend or the value of any other distribution (other than a distribution for which an adjustment in the number of phantom shares in the account is made pursuant to paragraph (1)) paid on that number of shares of Aerojet Rocketdyne Holdings Common Stock which is equivalent to the number of phantom shares credited to the Participant's account on the record date of such dividend or other distribution.

		
	(b)
	Designated Equity Fund.

		
	(1)
	The Designated Equity Fund initially shall be the Northern Trust Company’s Collective Daily S&P 500 Equity Index Fund - Lending, which is designed to match the performance of and changes in Standard and Poor's 500 Index.  The Designated Equity Fund may be changed from time to time by action of the Board, except that such change shall be only for future application and shall not affect the phantom shares previously credited to the account of any Participant.

		
	(2)
	Under this program, the Participant's account is credited with the number of full and fractional phantom shares of the Designated Equity Fund, which could be purchased at the Market Value on the Deferral Date with the deferred amount designated for this investment program.

         
(3)    If and when any dividend is declared and paid, the Participant's account shall further be credited with the number of phantom shares, including fractions, which could be purchased at the Market Value on the dividend payment date with an aggregate amount equal to any ordinary or capital cash dividend paid on that number of shares of the Designated Equity Fund which is equivalent to the number of phantom shares credited to the Participant's account on the dividend record date.

		
	(c)
	Cash Deposit Fund.  Under this program, the Participant's account is credited on the Deferral Date with that deferred dollar amount designated for this investment program.  After the end of each Calendar Year quarter, there shall further be credited to each Participant's account an amount equal to three months' interest on the average balance credited to such account during such quarter computed at the prime interest rate payable by the Company at the beginning of each such quarter as determined by the Treasurer of the Company.

5.4    Responsibility For Investment Choices.  Each Nonemployee Director is solely responsible for his decision to participate in the Plan and accepts all investment risks entailed by his participation and/or selection of an investment program, including the risk of loss of and a decrease in the value of his deferred Director Pay.

Article 6
Distribution of Deferred Amounts

6.1    Distribution.  Subject to the terms of Sections 6.2, 6.3, 6.4 and 6.5, a Participant's interests in the Plan shall be distributed to him in accordance with his elections made pursuant to Section 4.1(c).  Except as provided in Section 7.7, all amounts shall be distributed in cash.

In the case of phantom shares credited to a Participant's account in the Aerojet Rocketdyne Holdings Stock Fund or Designated Equity Fund of the Plan, the value of a Participant's interest on any distribution date elected by a Participant, whether such distribution is to be made in a single payment or in annual installments, will be the product of the pro rata portion of the Participant's phantom shares which is to be distributed on such date multiplied by the Market Value of Aerojet Rocketdyne Holdings Common Stock or shares of the Designated Equity Fund, as the case may be, on such distribution date.  In the case of annual installments, the value of a Participant's interest on each annual distribution date after the initial distribution will be calculated in a like manner based upon the applicable Market Value on each subsequent distribution date.

In the case of the Cash Deposit Fund, if a single payment has been elected, the entire cash value of a Participant's account on the distribution date will be paid in a single payment.  Where annual installments have been elected, the cash value of the pro rata portion of the Participant's account balance to be distributed on such date (plus accrued interest thereon), shall be paid to the Participant on each annual installment distribution date.

6.2    Survivor Benefits.  If a Participant dies before all or any portion of his interests under the Plan have been distributed to him, the interests remaining to be paid shall be distributed, on the date or dates and in the manner specified in such Participant's written deferral elections, to such beneficiary or beneficiaries as the Participant may have designated in writing to the Company or, in the absence of any such designation to his estate or to, or as directed by, his legal representatives.

6.3    Change in Control. 

		
	(a)
	Notwithstanding any other provisions of the Plan, in the event of a Change in Control, such Participant shall be immediately paid in a single payment, the sum of (1) the Cash Value of his Aerojet Rocketdyne Holdings Stock Fund account (excluding Aerojet Rocketdyne Holdings shares that are held in a rabbi trust in accordance with Section 7.7), (2) the Market Value of his Designated Equity Fund account and (3) the cash value of his Cash Deposit Fund account.

		
	(b)
	For purposes of this Section 6.3, the Cash Value of a Participant's Aerojet Rocketdyne Holdings Stock Fund account shall be determined using as a conversion price the greater of (1) the tender offer or exchange offer price (if any), or (2) the highest market value of Aerojet Rocketdyne Holdings Common Stock (or other security for which Aerojet Rocketdyne Holdings Common Stock may have been exchanged pursuant to Section 5.3(a)(1)) during the ninety-day period preceding the Change in Control.

6.4    Conversion and Adjustment in Event of Recapitalization.

Notwithstanding any other provisions of the Plan, upon the occurrence of a Recapitalization, all shares credited to the Participant's account in the Aerojet Rocketdyne Holdings Stock Fund ("Shares") shall first be adjusted to a Cash Value either (x) in the event of a Recapitalization not occurring in connection with an issuer tender offer, by multiplying the aggregate number of Shares by an amount, on a per share basis, equal to the prorated value as determined by the Organization & Compensation Committee of the Board of the (A) Cash and Market Value of any security or property distributed to shareholders in connection with the Recapitalization, (B) Cash and Market Value of any security or property paid to shareholders in exchange for Aerojet Rocketdyne Holdings Common Stock in connection with the Recapitalization, and (C) Market Value of Aerojet Rocketdyne Holdings Common Stock (or its successor), or (y) in the event of a Recapitalization occurring in connection with an issuer tender offer, by determining the sum of A + B obtained pursuant to the following calculations:

Tender Offer
Aggregate   X        Proration      X        Tender               = A
Shares               Rate                      Offer Price

and

Tender Offer
Aggregate   X   one ‐     Proration     X    Market    = B
Shares                        Rate                  Value

For purposes of the foregoing calculations, the term Tender Offer Proration Rate shall mean the ratio (excluding consideration of any odd lot shares tendered or repurchased) of the number of shares repurchased by the Company in an issuer tender offer to the number of shares tendered to the Company in connection with such offer.

Article 7
Miscellaneous

7.1    Finality of Determinations.  Authority to determine contested issues or claims arising under the Plan shall be vested in the Aerojet Rocketdyne Holdings Administrative Committee, and any determination by the Administrative Committee pursuant to such authority shall be final and binding for all purposes and upon all interested persons and their heirs, successors, and personal representatives.

7.2    Plan Administration.  Authority and responsibility for administration of the Plan, including maintenance of Participants' accounts hereunder and preparation and delivery of individual annual account statements to Participants, shall be vested in the Aerojet Rocketdyne Holdings Organization & Compensation Committee.  Responsibility for oversight of investment programs, and reporting on the performance thereof to the Board, shall be vested in the Aerojet Rocketdyne Holdings Benefits Management Committee.

7.3    Amendment, Suspension or Termination of the Plan.  The Board may amend, suspend or terminate the Plan in whole or in part at any time, provided that such amendment, suspension or termination shall not adversely affect rights or obligations with respect to funds or interests previously credited to the account of any Participant.

7.4    Limitations on Transfer.  Participants shall have no rights to any funds or interests credited to their accounts except as set forth in this Plan.  Such rights may not be anticipated, assigned, alienated or transferred, except in writing to a designated beneficiary or beneficiaries or by will or by the laws of descent and distribution.  Any attempt to alienate, sell, exchange, transfer, assign, pledge, hypothecate or otherwise encumber or dispose of any such funds or interests by a Participant shall be void and of no effect.  The foregoing limitations shall apply with equal force and effect to any beneficiary or beneficiaries designated by a Participant hereunder.

7.5    Governing Law.  The Plan shall be governed by the laws of the State of Delaware.  The Plan is not governed by the Employee Retirement Income Security Act of 1974.

7.6    Expenses of Administration.  All costs and expenses incurred in the operation and administration of this Plan shall be borne by the Company.

7.7    Rabbi Trust.  In the case of a Aerojet Rocketdyne Holdings Common Stock deferral, and notwithstanding Section 5.2 herein, the Board may, in its sole discretion, cause the Company to establish one or more so-called “rabbi trusts” (as described in Revenue Procedure 92-64, I.R.B. 1992-33, 11, as modified by Notice 2000-56), to which shares of Aerojet Rocketdyne Holdings Common Stock shall, to the extent permissible under Code Section 409A(b)(3), be contributed with respect to such Participant.  

		
	(a)
	In such event, references to “phantom stock” herein shall refer to Aerojet Rocketdyne Holdings Common Stock so transferred to the rabbi trust. 

 
		
	(b)
	Distributions of deferred amounts shall be payable solely in shares of Aerojet Rocketdyne Holdings Common Stock (notwithstanding Section 4.1(c) herein), valued for tax purposes as of the distribution date elected by the Participant, subject to any limitations set forth in the rabbi trust agreement, in addition to the provisions set forth in Article 6 herein, and in the case of any inconsistency, the terms set forth in the rabbi trust agreement shall apply.  

		
	(c)
	Each Participant is solely responsible for his decision to defer shares of Aerojet Rocketdyne Holdings Common Stock into a rabbi trust and accepts all risks entailed by his participation in investment.

		
	(d)
	Beginning 6 months after departure from the Board, a Participant who has deferred shares of Common Stock into a rabbi trust would be permitted, once every 6 months, to diversify up to 25 percent of his then-current holdings of Common Stock into investment funds established within the rabbi trust.

7.8    Internal Revenue Code Section 409A.  Notwithstanding any other provision in this Plan, to extent any deferrals and/or any amounts payable are subject to Internal Revenue Code section 409A, it is the intention of the Company that the Plan will be administered in order to be in compliance with Code section 409A.  If the time or form of any payment cannot be modified in such a way as to be in compliance with Code section 409A, then the payment will be made as otherwise provided in this Plan.  While the Plan is intended to comply with Code section 409A and will be construed accordingly, the Company will not be liable to any Participant or beneficiary with respect to any adverse tax consequences arising under section 409A or other provision of the Code.

Appendix 1

Appendix 1 is the Aerojet Rocketdyne Holdings, Inc. Deferred Compensation Plan for Nonemployee Directors as in effect on October 3, 2004 (and including any non-material amendments made thereafter).  A copy of Appendix 1 will be provided by the Company upon request.Exhibit

EXHIBIT 10.1

Execution Version

NINTH AMENDMENT 
TO 
THIRD AMENDED AND RESTATED CREDIT AGREEMENT

DATED AS OF MAY 4, 2017
AMONG
NORTHERN OIL AND GAS, INC., 
as Borrower,
ROYAL BANK OF CANADA, 
as Administrative Agent,
AND
THE LENDERS PARTY HERETO

NINTH AMENDMENT TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
This NINTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 4, 2017 (the “Ninth Amendment Effective Date”), is by and among Northern Oil and Gas, Inc., a Minnesota corporation (the “Borrower”), Royal Bank of Canada (the “Administrative Agent”), and the Lenders party hereto.
R E C I T A L S:
WHEREAS, the Borrower, the Administrative Agent and the other Lenders party thereto entered into that certain Third Amended and Restated Credit Agreement, dated as of February 28, 2012 (as previously amended by the First Amendment dated as of June 29, 2012, the Second Amendment dated as of September 28, 2012, the Third Amendment dated as of March 28, 2013, the Fourth Amendment dated as of September 30, 2013, the Fifth Amendment dated as of April 7, 2015, the Sixth Amendment dated as of May 13, 2015, the Seventh Amendment dated as of October 21, 2015 and the Eighth Amendment dated as of May 6, 2016, as the same may be further amended, modified, supplemented or restated from time to time, the “Credit Agreement”);
WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth below; and
WHEREAS, the Lenders have agreed to redetermine the Borrowing Base, which redetermination of the Borrowing Base shall constitute the Scheduled Redetermination for April 1, 2017.
WHEREAS, the Administrative Agent and the Lenders are willing to (i) amend the Credit Agreement and (ii) take such other actions as provided herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I
Definitions
Each capitalized term used in this Amendment and not defined herein shall have the meaning assigned to such term in the Credit Agreement.
ARTICLE II
Amendments to Credit Agreement

Section 2.01    Amendment to Definition of “Change in Control”.  The definition of “Change in Control” in Section 1.02 of the Credit Agreement is hereby amended by deleting “35%” and inserting in lieu thereof “50%”.

Section 2.02    Amendment to Section 9.01 of the Credit Agreement. Section 9.01(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“(c)    Ratio of EBITDAX to Interest.  The Borrower will not permit its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended (i) as of the last day of the fiscal quarters ending on or after March 31, 2016 but prior to December 31, 2016, to be less than 2.5 to 1.00, (ii) as of the last day of the fiscal quarter ending on December 31, 2016, to be less than 1.75 to 1.00, (iii) as of the last day of the fiscal quarters ending on or after March 31, 2017 but prior to June 30, 2018, to be less than 1.50 to 1.00 and (iv) as of the last day of the fiscal quarters ending on or after June 30, 2018, to be less than 1.75 to 1.00; provided however, if, in accordance with GAAP, the Borrower realizes any non-cash charges categorized as interest expense (including any such charges resulting from the accelerated realization of amortizing fees paid to the Administrative Agent or any Lender in connection with this Agreement in any given fiscal quarter as a result of a Borrowing Base reduction), then such non-cash charges shall be excluded from the calculation of interest expense for purposes of this Section 9.01(c).”
Section 2.03    Amendment and Restatement of Section 9.04 of the Credit Agreement.  Section 9.04 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:
“Section 9.04    Dividends and Distributions.  The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, return any capital to its stockholders, make any distribution of its Property to its Equity Interest holders or Redeem Debt permitted under Section 9.02(f) or Section 9.02(g), except (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its Equity Interests (other than Disqualified Capital Stock), (b) Subsidiaries may declare and pay dividends and make distributions to the Borrower with respect to their Equity Interests, (c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Credit Parties, (d) the Borrower may make Restricted Payments and Redeem Debt permitted under Section 9.02(f) or Section 9.02(g) in an amount not to exceed, in the aggregate for all Restricted Payments and Redemptions under this subsection (d), $10,000,000 and (e) the Borrower and any of its Subsidiaries may voluntarily Redeem (including pursuant to an exchange) (i) Debt permitted under Section 9.02(f) with the proceeds of any Permitted Refinancing permitted thereunder, (ii) Debt permitted under Section 9.02(g) with the proceeds of any Permitted Additional Debt permitted thereunder, (iii) Debt permitted under Section 9.02(f) or Section 9.02(g) with the issuance of additional Equity Interests (other than Disqualified Capital Stock) of the Borrower in exchange for all or a portion of such Debt and (iv) Debt permitted under Section 9.02(f) or Section 9.02(g) with cash proceeds of an offering of Equity Interests (other than Disqualified Capital Stock) of the Borrower so long as, in the case of this clause (iv), (A) no Default or Borrowing Base Deficiency has occurred and is continuing both before and after giving effect to such Redemption and such Redemption occurs substantially contemporaneously therewith, and in any event within three (3) Business Days following, 

the receipt by the Borrower of cash proceeds in respect of such offering and (B) the Borrower is in (1) compliance with Section 9.01(a) as of the end of the most recently ended fiscal quarter (calculated on a pro forma basis after giving effect to such Redemption), (2) compliance with Section 9.01(b) as of the end of the most recently ended fiscal quarter (calculated on a pro forma basis after giving effect to such Redemption) and (3) compliance with Section 9.01(c) as of the end of the most recently ended four fiscal quarter period (calculated on a pro forma basis after giving effect to such Redemption).
ARTICLE III
Borrowing Base

Section 3.01    Redetermination of the Borrowing Base.  Effective as of the Ninth Amendment Effective Date, the amount of the Borrowing Base shall be reduced to $325,000,000.00, subject to further adjustments from time to time pursuant to Section 2.07, Section 8.13(c) or Section 9.12(d) of the Credit Agreement. The redetermination of the Borrowing Base pursuant to this Section 3.01 shall constitute the Scheduled Redetermination for April 1, 2017.
ARTICLE IV
Conditions Precedent

This Amendment shall become effective as of the date first referenced above when and only when the following conditions are satisfied :
(a)the Administrative Agent shall have received duly executed counterparts of this Amendment from the Borrower and the Lenders constituting at least the Required Lenders, in such numbers as the Administrative Agent or its counsel may reasonably request;

(b)the Administrative Agent shall have received, for the account of each of the Lenders party to this Amendment (including, without limitation, Royal Bank of Canada), an Amendment Fee for each such Lender equal to 10.0 basis points (.10%) on the amount of such Lender’s Commitment (after giving effect to the reduction of the Borrowing Base set forth in Section 3.01).   
(c)at the time of and immediately after giving effect to this Amendment, no Default has occurred and is continuing; 

(d)at the time of and immediately after giving effect to this Amendment, the representations and warranties of the Credit Parties set forth in the Credit Agreement and in the other Loan Documents are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties are true and correct as of such specified earlier date; 

(e)the Administrative Agent and the Lenders shall have received all fees due and payable on or prior to the effectiveness hereof as provided in any Loan Document, including reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement (including, without limitation, the reasonable fees and expenses of counsel to the Administrative Agent).

ARTICLE V
Representations and Warranties

The Borrower hereby represents and warrants to the Administrative Agent and each Lender that:
(a)    Each of the representations and warranties made by the Borrower under the Credit Agreement and each other Loan Document is true and correct on and as of the actual date of execution of this Amendment by the Borrower, as if made on and as of such date, except for any representations and warranties made as of a specified date, which are true and correct as of such specified date.
(b)    At the time of, and immediately after giving effect to, this Amendment, no Default has occurred and is continuing.
(c)    The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by the Borrower.
(d)    This Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(e)    The execution, delivery and performance by the Borrower of this Amendment (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including the members or any class of directors of the Borrower or any other Person, whether interested or disinterested), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except (a) such as have been obtained or made and are in full force and effect, and (b) the Borrower may need to file a current report on Form 8‐K with the SEC disclosing this Amendment, (ii) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or their Properties, or give rise to a right thereunder to require any payment to be made by the Borrower or such Subsidiary and (iv) will not result in the creation or imposition of any Lien on any Property of the Borrower or any of its Subsidiaries (other than the Liens created by the Loan Documents).

ARTICLE VI
Miscellaneous

Section 6.01    Credit Agreement in Full Force and Effect as Amended.  Except as specifically amended hereby, the Credit Agreement and other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed as so amended.  Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification of any provisions of the Credit Agreement or any other Loan Document or any right, power or remedy of the Administrative Agent or the Lenders, or constitute a waiver of any provision of the Credit Agreement or any other Loan Document, or any other document, instrument and/or agreement executed or delivered in connection therewith or of any Default or Event of Default under any of the foregoing, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder.  This Amendment also shall not preclude the future exercise of any right, remedy, power, or privilege available to the Administrative Agent and/or the Lenders whether under the Credit Agreement, the other Loan Documents, at law or otherwise.  All references to the Credit Agreement shall be deemed to mean the Credit Agreement as modified hereby.  The parties hereto agree to be bound by the terms and conditions of the Credit Agreement and Loan Documents as amended by this Amendment, as though such terms and conditions were set forth herein.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment, and each reference herein or in any other Loan Documents to the “Credit Agreement” shall mean and be a reference to the Credit Agreement as amended and modified by this Amendment.
Section 6.02    Governing Law.  THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
Section 6.03    Descriptive Headings, Etc.  The descriptive headings of the sections of this Amendment are inserted for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.  The statements made and the terms defined in the recitals to this Amendment are hereby incorporated into this Amendment in their entirety.
Section 6.04    Entire Agreement.  This Amendment and the documents referred to herein represent the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior and contemporaneous oral and written agreements of the parties hereto with respect to the subject matter hereof.  
Section 6.05    Loan Document.  This Amendment is a Loan Document executed under the Credit Agreement, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

Section 6.06    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one agreement.  Delivery of an executed counterpart of the signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof.
Section 6.07    Successors.  The execution and delivery of this Amendment by any Lender shall be binding upon each of its successors and assigns.

(Signature Pages Follow)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first written above.
NORTHERN OIL AND GAS, INC., as the Borrower 
By:      /s/ Thomas Stoelk                                   
Name:   Thomas Stoelk
Title:      Interim CEO & CFO

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

ROYAL BANK OF CANADA, as Administrative Agent

By:  /s/ Rodica Dutka    
Name:    Rodica Dutka
Title:    Manager, Agency

ROYAL BANK OF CANADA, as a Lender

By:      /s/ Don J. McKinnerney    
Name:    Don J. McKinnerney
Title:    Authorized Signatory

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

SUNTRUST BANK, as a Lender

By:      /s/ William S. Krueger    
Name:    William S. Krueger
Title:    First Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

BMO HARRIS FINANCING, INC., as a Lender

By:      /s/ James V. Ducote    
Name:    James V. Ducote
Title:    Managing Director

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

KEYBANK NATIONAL ASSOCIATION, as a Lender

By:      /s/ John Dravenstott    
Name:    John Dravenstott
Title:    Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

SANTANDER BANK, N.A., as a Lender

By:      /s/ David O’Driscoll    
Name:    David O’Driscoll
Title:    Senior Vice President

By:      /s/ Mark Connelly    
Name:    Mark Connelly
Title:    Senior Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

By:      /s/ Mark Brewster    
Name:    Mark Brewster
Title:    Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

BOKF, NA dba BANK OF OKLAHOMA, as a Lender

By:      /s/ Benjamin H. Adler    
Name:    Benjamin H. Adler
Title:    Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

BRANCH BANKING & TRUST COMPANY, as a Lender

By:      /s/ Greg Krablin    
Name:    Greg Krablin
Title:    Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

CADENCE BANK, N.A., as a Lender

By:      /s/ Kyle Gruen    
Name:    Kyle Gruen
Title:    Assistant Vice President

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

ING CAPITAL LLC, as a Lender

By:      /s/ Josh Strong    
Name:    Josh Strong
Title:    Director

By:      /s/ Charles Hall    
Name:    Charles Hall
Title:    Managing Director

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

FIFTH THIRD BANK, as a Lender

By:      /s/ Thomas Kleiderer    
Name:    Thomas Kleiderer
Title:    Director

SIGNATURE PAGE 
NINTH AMENDMENT TO CREDIT AGREEMENT

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