Document:

exv4w4

Exhibit 4.4

FIRST AMENDMENT TO

SECTION 382 RIGHTS AGREEMENT

     This First Amendment to the Section 382 Rights Agreement (this “Amendment”) is entered into as
of January 7, 2010, by and between Beazer Homes USA, Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the
“Rights Agent”).

WITNESSETH:

     WHEREAS, the Company and the Rights Agent entered into that certain Section 382 Rights
Agreement, dated July 31, 2009 (the “Rights Agreement”), to implement a stockholder rights plan as
more fully described therein. Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed to them in the Rights Agreement;

     WHEREAS, the Company’s Board of Directors has determined that it is advisable and in the best
interests of the Company and its stockholders to amend the Rights Agreement as set forth herein;

     WHEREAS, Section 26 of the Rights Agreement provides, among other things, that prior to the
Distribution Date, the Company may supplement or amend any provision of the Rights Agreement
without the approval of any holders of Common Stock, and that upon the delivery of a certificate
from an appropriate officer of the Company which states that such proposed supplement or amendment
is in compliance with the terms of Section 26 of the Rights Agreement, the Rights Agent shall
execute such supplement or amendment;

     WHEREAS, the Distribution Date has not occurred as of the date hereof;

     WHEREAS, the Company desires to amend the Rights Agreement as set forth herein; and

     WHEREAS, the Company has delivered to the Rights Agent, concurrently with the execution and
delivery of this Amendment, a certificate from an appropriate officer of the Company stating that
this Amendment complies with Section 26 of the Rights Agreement.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the Company and the Rights Agent hereby agree as follows:

     1. Amendment to Section 7(a). Section 7(a) of the Rights Agreement is hereby amended
by deleting such Section 7(a) in its entirety and replacing it with the following:

“(a) Subject to Section 7(e) and Section 27 hereof, the registered holder of any Rights
Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein
including, without limitation, the restrictions on exercisability set forth in Section 9(c),
Section 11(a)(iii) and Section 23(a) hereof) in whole or in part at any time after the
Distribution Date upon surrender of the Rights Certificate, with the form of election to
purchase and the certificate on the reverse side thereof duly executed, to the

 

 

Rights Agent at the principal office or offices of the Rights Agent designated for such purpose, together
with payment of the aggregate Purchase Price with respect to the total number of one
one-thousandth of a share of Preferred Stock (or other securities, cash or other assets, as
the case may be) as to which such surrendered Rights are then exercisable, at or prior to
the earliest of (i) the close of business on July 31, 2019 (the “Final Expiration
Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof,
(iii) the time at which all of the Rights (other than Rights that have become void pursuant
to the provisions of Section 7(e) hereof) are exchanged for Common Stock or other assets or
securities as provided in Section 27 hereof, (iv) the close of business on the effective
date of the repeal of Section 382 or any successor statute if the Board of Directors of the
Company determines that this Agreement is no longer necessary or desirable for the
preservation of Tax Benefits, (v) the close of business on the first day of a taxable year
of the Company to which the Board of Directors of the Company determines that no Tax
Benefits may be carried forward, (vi) the first anniversary of adoption of the Agreement if
shareholder approval of the Agreement has not been received by or on such date, or (vii) at
9 A.M. (Eastern Time) on January 7, 2010 (the earliest of (i) and (ii) and (iii) and (iv)
and (v) and (vi) and (vii) being herein referred to as the “Expiration Date”).”

     2. Amendments to Exhibits. The Exhibits to the Rights Agreement shall be deemed
amended and restated to reflect this Amendment, including all necessary and conforming changes.

     3. Remaining Terms. All other provisions of the Rights Agreement that are not
expressly amended hereby shall continue in full force and effect. Notwithstanding the foregoing,
the Rights Agent and the Company acknowledge and agree that upon the Expiration Date (as amended
hereby), the Rights Agreement shall terminate and be of no further force and effect.

     4. Counterparts. This Amendment may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

     5. Governing Law. This Amendment shall be deemed to be a contract made under the
laws of the State of New York and for all purposes shall be governed by and construed in accordance
with the laws of such state applicable to contracts to be made and performed entirely within such
state.

[Signature Page Follows]

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first set forth above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	BEAZER HOMES USA, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Deborah M. Danzig	 	 	 	By:	 	/s/ Kenneth F. Khoury	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Deborah M. Danzig
	 	 	 	 	 	Name:
	 	Kenneth F. Khoury	 	 
	 

	 	Title:
	 	Vice President and Compliance Officer
	 	 
	 	 	 	Title:
	 	Executive Vice President and General Counsel
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Felix Orihuela	 	 	 	By:	 	/s/ Herbert J. Lemmer	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Felix Orihuela
	 	 	 	 	 	Name:
	 	Herbert J. Lemmer	 	 
	 

	 	Title:
	 	Vice President
	 	 	 	 	 	Title:
	 	Vice President	 	 

3exv4w1

Exhibit 4.1

Execution Version

AMENDMENT NO. 2

     This Amendment No. 2 dated as of January 11, 2010 (this “Agreement”) is among Stone
Energy Corporation, a Delaware corporation (“Borrower”), Stone Energy Offshore, L.L.C., a
Delaware limited liability company (“Guarantor”), the financial institutions party to the
Credit Agreement described below as Banks (“Banks”), and Bank of America, N.A., as Agent
for the Banks (“Agent”) and as Issuing Bank (“Issuing Bank”).

INTRODUCTION

     A. The Borrower, the Banks, the Issuing Bank, and the Agent have entered into the Second
Amended and Restated Credit Agreement dated as of August 28, 2008, as amended by Amendment No. 1
dated as of April 29, 2009 (as so amended, the “Credit Agreement”).

     B. The Guarantor entered into that certain Guaranty dated as of August 28, 2008, as amended by
Amendment No. 1 dated as of April 29, 2009 (as so amended, the “Stone Offshore Guaranty”).

     C. The Borrower plans to issue up to $300,000,000 in unsecured senior notes due 2017 pursuant
to the Indenture to be entered into by the Borrower, the Guarantor, and The Bank of New York Mellon
Trust Company, N.A, as Trustee (the “2010 Indenture”).

     D. The parties hereto desire to amend the Credit Agreement to permit the issuance of up to
$300,000,000 in unsecured senior notes pursuant to the 2010 Indenture.

     E. The Guarantor wishes to reaffirm its guarantee of the Obligations as amended by this
Agreement.

     THEREFORE, in fulfillment of the foregoing, the Borrower, the Guarantor, the Agent, the
Issuing Bank, and the Banks 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. Amendment. Upon the satisfaction of the conditions specified in
Section 6 of this Agreement, and, unless otherwise specified, effective as of the date set
forth above, the Credit Agreement is amended as follows:

          (a) A new definition of “2010 Indenture” shall be added in Section 1.1 of the Credit Agreement
to read in its entirety as follows:

     “2010 Indenture” means the Indenture to be entered into by the
Borrower, the Guarantor, and The Bank of New York Mellon Trust Company, N.A., as
Trustee, relating to the issuance of unsecured senior notes due 2017.

 

 

          (b) Section 2.2(a) of the Credit Agreement shall be amended to read in its entirety as
follows:

          (a) The Borrowing Base has been set by the Banks and acknowledged by the
Borrower as $425,000,000 as of the date of this Agreement. On the date of any
issuance of Debt under the 2010 Indenture, the Borrowing Base shall be reduced
automatically by an amount equal to 40% of the excess, if any, of (A) all Debt
outstanding under the 2010 Indenture after giving effect to such issuance over (B)
$200,000,000. The automatic reduction described in this Section 2.2(a)
shall not be deemed to take the place of regularly scheduled or other
redeterminations of the Borrowing Base in accordance with this Section 2.2.

          (c) The references in Section 6.3 of the Credit Agreement to the “2001 Indenture and the 2004
Indenture” shall be deleted and replaced with references to the “2001 Indenture, the 2004 Indenture
and the 2010 Indenture”.

          (d) Schedule 6.2 of the Credit Agreement shall be replaced with Schedule 6.2 attached hereto.

     Section 3. Reaffirmation of Liens.

          (a) Each of the Borrower and the Guarantor (i) is party to certain Security Documents securing
and supporting the Borrower’s and Guarantor’s obligations under the Credit 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 Guarantor’s obligations under the Credit 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 an Acceptable Security Interest in the Collateral to secure the Borrower’s and Guarantor’s
obligations under the Credit Documents, as the same may be amended, supplemented, or otherwise
modified.

          (b) The delivery of this Agreement does not indicate or establish a requirement that any
Guaranty or Security Document requires the Borrower’s or any Guarantor’s approval of amendments to
the Credit Agreement.

     Section 4. Representations and Warranties. The Borrower represents and warrants to
the Agent and the Banks that:

          (a) the representations and warranties set forth in the Credit Agreement and in the other
Credit Documents are true and correct in all material respects as of the date of 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 Credit
Document;

-2-

 

          (b) (i) the execution, delivery, and performance of this Agreement are within the corporate
power and authority of the Borrower and have been duly authorized by appropriate proceedings and
(ii) this Agreement constitutes a legal, valid, and binding obligation of the Borrower, enforceable
against the Borrower 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.

     Section 5. Reaffirmation of Guaranty. The Guarantor hereby ratifies, confirms, and
acknowledges that its obligations under the Stone Offshore Guaranty are in full force and effect
and that the 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 Obligations (subject to the terms of the Stone Offshore Guaranty), as such Obligations may have
been amended by this Agreement. The Guarantor hereby acknowledges that its execution and delivery
of this Agreement do not indicate or establish an approval or consent requirement by the Guarantor
under the Stone Offshore Guaranty in connection with the execution and delivery of amendments,
modifications or waivers to the Credit Agreement, the Notes or any of the other Credit Documents.

     Section 6. Effectiveness. This Agreement shall become effective as of the date
hereof, and the Credit Agreement shall be amended as provided herein, upon the occurrence of all of
the following: (a) the Majority Banks’, the Borrower’s, and the Guarantor’s duly and validly
executing originals of this Agreement and delivery thereof to the Agent, (b) the representations
and warranties in this Agreement being true and correct in all material respects before and after
giving effect to this Agreement, (c) the Borrower’s having made a prepayment of Advances, and if
the Advances have been repaid in full, made deposits into the Cash Collateral Account to provide
cash collateral for the Letter of Credit Exposure, in an aggregate amount equal to the amount of
any Borrowing Base Deficiency that would exist immediately after giving effect to the reduction of
the Borrowing Base specified in Section 2(c) of this Agreement, and (d) the Borrower’s
having paid all costs, expenses, and fees which have been invoiced and are payable pursuant to
Section 9.4 of the Credit Agreement or any other written agreement.

     Section 7. Effect on Credit Documents. Except as amended herein, the Credit Agreement
and the Credit Documents remain in full force and effect as originally executed, and nothing herein
shall act as a waiver of any of the Agent’s or Banks’ rights under the Credit Documents, as
amended. This Agreement is a Credit Document for the purposes of the provisions of the other
Credit Documents. Without limiting the foregoing, any breach of representations, warranties, and
covenants under this Agreement may be a Default or Event of Default under other Credit Documents.

     Section 8. Choice of Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Texas.

     Section 9. Counterparts. This Agreement may be signed in any number of counterparts,
each of which shall be an original.

-3-

 

     THIS WRITTEN AGREEMENT AND THE CREDIT 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.

     EXECUTED as of the date first set forth above.

	 	 	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 	 	 
	 	 	STONE ENERGY CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David H. Welch
 

David H. Welch
	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kenneth H. Beer
 

Kenneth H. Beer
	 	 
	 

	 	Title:
	 	Senior Vice President and 

Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	GUARANTOR:
	 
	 	 	 	 	 	 
	 	 	STONE ENERGY OFFSHORE, L.L.C.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David H. Welch
 

David H. Welch
	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kenneth H. Beer
 

Kenneth H. Beer
	 	 
	 

	 	Title:
	 	Senior Vice President and 

Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	AGENT AND ISSUING BANK:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Agent and Issuing Bank
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Ronald E. McKaig
 

Ronald E. McKaig
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANKS:
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Ronald E. McKaig
 

Ronald E. McKaig
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Douglas R. Liftman
 

Douglas R. Liftman
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Edward Pak
 

Edward Pak
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	NATIXIS
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Donovan C. Broussard
 

Donovan C. Broussard
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Louis P. Laville, III
 

Louis P. Laville, III
	 	 
	 

	 	Title:
	 	Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Mills
 

David Mills
	 	 
	 

	 	Title:
	 	Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	CAPITAL ONE, N.A.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul D. Hein
 

Paul D. Hein
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	TORONTO DOMINION (TEXAS) LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Debbi L. Brito
 

Debbi L. Brito
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

 

 

	 	 	 	 	 	 	 
	 	 	ALLIED IRISH BANKS p.l.c.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Edward M. Fenk
 

Edward M. Fenk
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James Giordano
 

James Giordano
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Ann E. Sutton
 

Ann E. Sutton
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	REGIONS BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William A. Philipp
 

William A. Philipp
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Daria Mahoney
 

Daria Mahoney
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WHITNEY NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Will Jochetz
 

Will Jochetz
	 	 
	 

	 	Title:
	 	Lending Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Jo Linda Papadakis
 

Jo Linda Papadakis
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	SUMITOMO MITSUI BANKING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Masakazu Hasegawa
 

Masakazu Hasegawa
	 	 
	 

	 	Title:
	 	General Manager	 	 

 

 

SCHEDULE 6.2

PERMITTED EXISTING DEBT

1. Prior to the date that is 45 days after the initial issuance of Debt under the 2010 Indenture,
$200 million of unsecured Debt related to the 2001 issuance of 8.25% senior subordinated notes due
2011 pursuant to the 2001 Indenture.

2. $200 million of unsecured Debt related to the 2004 issuance of 6.75% senior subordinated notes
due 2014 pursuant to the 2004 Indenture.

3. Up to $300 million of unsecured Debt related to the 2010 issuance of senior notes due 2017
pursuant to the 2010 Indenture.

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