Document:

exv4w7

Exhibit 4.7

FOURTH SUPPLEMENTAL INDENTURE

Dated as of February 9, 2009

to

INDENTURE

Dated as of April 12, 2006

among

BASIC ENERGY SERVICES, INC.

as Issuer,

The GUARANTORS named therein

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

as Trustee

 

7.125% Senior Notes due 2016, Series A

7.125% Senior Notes due 2016, Series B

 

 

FOURTH SUPPLEMENTAL INDENTURE

     SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of February 9, 2009,
among Basic Energy Services, Inc. (or its successor), a Delaware corporation (the
“Issuer”), Chaparral Service, Inc., a New Mexico corporation (“Chaparral”),
Hennessey Rental Tools, Inc., an Oklahoma corporation (“Hennessey”), Wildhorse Services,
Inc., an Oklahoma corporation (“Wildhorse”), and Xterra Fishing and Rental Tools Co., a
Texas corporation (“Xterra,” and together with Chaparral, Hennessey and Wildhorse, the
“New Guarantors”), each an indirect subsidiary of the Issuer, the Guarantors (the
“Existing Guarantors”) under the Indenture referred to below, and The Bank of New York
Mellon Trust Company, N.A., formerly The Bank of New York Trust Company, N.A., as trustee under the
Indenture referred to below (the “Trustee”).

WITNESSETH :

     WHEREAS the Issuer has heretofore executed and delivered to the Trustee an Indenture (as such
may be amended from time to time, the “Indenture”), dated as of April 12, 2006 providing
for the issuance of its 7.125% Senior Notes due 2016 (the “Notes”);

     WHEREAS under certain circumstances the Issuer is required to cause the New Guarantors to
execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantors
shall unconditionally guarantee all of the Issuer’s obligations under the Notes pursuant to a Note
Guarantee on the terms and conditions set forth herein; and

     WHEREAS pursuant to Section 8.01 of the Indenture, the Trustee, the Issuer and the Existing
Guarantors are authorized to execute and deliver this Supplemental Indenture;

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Issuer, the
Existing Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders as follows:

     1. Definitions. (a) Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

     (b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly
provided or unless the context otherwise requires: (i) the terms and expressions used herein shall
have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

     2. Agreement to Guarantee. Each of the New Guarantors hereby agrees, jointly and
severally with all other Existing Guarantors, to guarantee the Issuer’s

 

 

obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of
the Indenture and to be bound by all other applicable provisions of the Indenture. From and after
the date hereof, each of the New Guarantors shall be a Guarantor for all purposes under the
Indenture and the Notes.

     3. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or
hereafter authenticated and delivered shall be bound hereby.

     4. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     5. Trustee Makes No Representation. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which are made solely by the Issuer.

     6. Multiple Counterparts. The parties may sign multiple counterparts of this
Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them
together represent one and the same agreement.

     7. Headings. The headings of this Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify
or restrict any of the terms or provisions hereof.

[Signatures on following pages]

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date and year first above written.

	 	 	 	 	 
	 	BASIC ENERGY SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	NEW GUARANTORS:

CHAPARRAL SERVICE, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	HENNESSEY RENTAL TOOLS, INC.

 	 
	 	By:  	                   /s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	WILDHORSE SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	XTERRA FISHING AND RENTAL TOOLS CO.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	EXISTING GUARANTORS:

BASIC ENERGY SERVICES GP, LLC

By:  BASIC ENERGY SERVICES, INC., 

        its sole Member

BASIC ENERGY SERVICES, L.P.

By:  BASIC ENERGY SERVICES GP, LLC,

         its General Partner

By:  BASIC ENERGY SERVICES, INC., 

        its sole Member

BASIC ESA, INC.

BASIC MARINE SERVICES, INC.

FIRST ENERGY SERVICES COMPANY

LEBUS OIL FIELD SERVICE CO.

OILWELL FRACTURING SERVICES, INC.

GLOBE WELL SERVICE, INC.

SCH DISPOSAL, L.L.C.

JS ACQUISITION LLC

ACID SERVICES, LLC

JETSTAR ENERGY SERVICES, INC.

JETSTAR HOLDINGS, INC.

SLEDGE DRILLING CORP.

 	 
	 	By:  	/s/ Kenneth V. Huseman
 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BASIC ENERGY SERVICES LP, LLC

 	 
	 	By:  	/s/ Jerry Tufly
 	 
	 	 	Name:  	Jerry Tufly 	 
	 	 	Title:  	President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,

as Trustee

 	 
	 	By:  	/s/ Mauri Cowen
 	 
	 	 	Name:  	Mauri Cowen 	 
	 	 	Title:  	Vice Presidentexv10w15

EXHIBIT 10.15

AMENDMENT TO THE

MOVE, INC. 1999 STOCK INCENTIVE PLAN

(F/K/A HOMESTORE.COM, INC. 1999 STOCK INCENTIVE PLAN)

     THIS AMENDMENT (this “Amendment”) to the Move, Inc. 1999 Stock Incentive Plan (f/k/a
Homestore.com, Inc. 1999 Stock Incentive Plan) is made this 10th day of December, 2008.

     1. The Plan is hereby amended by deleting the first sentence of Section 5.4 and replacing it
with the following:

     “5.4 Exercise Price. The Exercise Price of an Option will be determined by the
Committee when the Option is granted and may not be less than 100% of the Fair market Value of the
Shares on the date of grant; provided that the Exercise Price of an ISO granted to a Ten Percent
Stockholder will not be less than 110% of the Fair Market Value of the Shares on the date of
grant.”

     2. The Plan is hereby amended by adding a new Section 24 to read as follows:

     “24. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE.

     (a) General. It is intended that the payments and benefits provided under the Plan and
any Award shall either be exempt from the application of, or comply with, the requirements of
Section 409A of the Code. The Plan and all Award Agreements shall be construed in a manner that
effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or
any Award is not warranted or guaranteed. Neither the Company, its affiliates nor their respective
directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties
or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any
Award.

     (b) Definitional Restrictions. Notwithstanding anything in the Plan or in any Award
Agreement to the contrary, to the extent that any amount or benefit that would constitute
non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be
payable or distributable, or a different form of payment (e.g., lump sum or installment) would be
effected, under the Plan or any Award Agreement by reason of the occurrence of a Corporate
Transaction (as described in Section 18.1 hereof), or the Participant’s Disability or separation
from service, such amount or benefit will not be payable or distributable to the Participant,
and/or such different form of payment will not be effected, by reason of such circumstance unless
the circumstances giving rise to such Corporate Transaction, Disability or separation from service
meet any description or definition of “change in control event”, “disability” or “separation from
service”, as the case may be, in Section 409A of the Code and applicable regulations (without
giving effect to any elective provisions that may be available under such definition). This
provision does not prohibit the vesting of any Award upon a Corporate Transaction, Disability or
separation from service, however defined. If this provision prevents the payment or distribution
of any amount or benefit, such payment or distribution shall be made on the next earliest payment
or distribution date or event specified in the Award Agreement that is permissible under Section
409A of the Code. If this provision prevents the application of a

 

 

different form of payment of any amount or benefit, such payment shall be made in the same
form as would have applied absent such designated event or circumstance.

     (c) Allocation among Possible Exemptions. If any one or more Awards granted under the
Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg.
Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the
separation pay exemptions, the Company shall determine which Awards or portions thereof will be
subject to such exemptions.

     (d) Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any
Award Agreement to the contrary, if any amount or benefit that would constitute non-exempt
“deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or
distributable under this Plan or any Award Agreement by reason of a Participant’s separation from
service during a period in which the Participant is a Specified Employee (as defined below), then,
subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section
1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi)
(payment of employment taxes):

          (i) the amount of such non-exempt deferred compensation that would otherwise be payable during
the six-month period immediately following the Participant’s separation from service will be
accumulated through and paid or provided on the first day of the seventh month following the
Participant’s separation from service (or, if the Participant dies during such period, within 30
days after the Participant’s death) (in either case, the “Required Delay Period”), and

          (ii) the normal payment or distribution schedule for any remaining payments or distributions
will resume at the end of the Required Delay Period.

     For purposes of this Plan, the term “Specified Employee” has the meaning given such term in
Section 409A of the Code and the final regulations thereunder, provided, however, that, as
permitted in such final regulations, the Company’s Specified Employees and its application of the
six-month delay rule of 409A(a)(2)(B)(i) of the Code shall be determined in accordance with rules
adopted by the Board or any committee of the Board, which shall be applied consistently with
respect to all nonqualified deferred compensation arrangements of the Company, including this Plan.

     (e) Grants to Employees of Affiliates. Eligible Participants who are service providers
to an affiliate may be granted Options under this Plan only if the affiliate qualifies as an
“eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the
final regulations under Section 409A of the Code.

     (f) Design Limits on Options. Notwithstanding anything in this Plan or any Award
Agreement, no Option granted under this Plan shall have any feature for the deferral of
compensation other than the deferral of recognition of income until the exercise or disposition of
the Option.

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     (g) Anti-Dilution Adjustments. Notwithstanding any anti-dilution provision in the
Plan, the Committee shall not make any adjustments to outstanding Options that would constitute a
modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that
would be treated as the grant of a new stock right or change in the form of payment for purposes of
Code Section 409A.”

     3. Except as expressly amended hereby, the terms of the Plan, as previously amended, shall be
and remain unchanged and the Plan as amended hereby shall remain in full force and effect.

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized representative on the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Move, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James S. Caulfield
 

  James S. Caulfield

  Executive Vice President, General Counsel

  & Secretary
	 	 

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