Document:

EX-10.1

 Exhibit 10.1 
 Execution Version 
 FIFTH
AMENDMENT 
 TO 
 CREDIT AGREEMENT 
 DATED
AS OF OCTOBER 7, 2014 
 AMONG 

CARRIZO OIL & GAS, INC., 

AS BORROWER, 
 THE GUARANTORS PARTY HERETO, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 AS ADMINISTRATIVE AGENT, 

AND 
 THE LENDERS PARTY HERETO 
  

 

WELLS FARGO SECURITIES, LLC, 

AS SOLE LEAD ARRANGER AND BOOKRUNNER

 FIFTH AMENDMENT TO CREDIT
AGREEMENT 
 THIS FIFTH AMENDMENT TO
CREDIT AGREEMENT (this “Fifth Amendment”) dated as of October 7, 2014, among CARRIZO OIL & GAS, INC., a Texas corporation (the “Borrower”); each of the
undersigned guarantors (the “Guarantors”); the Lenders listed on the signature pages hereto; and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such
capacity, the “Administrative Agent”). 
 R E C I T A L S 

WHEREAS, the Borrower, the Administrative Agent, the Lenders and the other Agents party thereto are parties to that certain Credit
Agreement dated as of January 27, 2011 (as amended by that certain First Amendment dated as of March 26, 2012, that certain Resignation, Consent and Appointment Agreement dated as of April 20, 2012, that certain Second Amendment dated
as of September 4, 2012, that certain Third Amendment dated as of September 27, 2012, that certain Fourth Amendment dated as of October 9, 2013, and as otherwise amended, supplemented or modified, the “Credit
Agreement”), pursuant to which the Lenders have made certain credit and other financial accommodations available to and on behalf of the Borrower. 
 WHEREAS, the Borrower has requested that the Lenders amend certain provisions of the Credit Agreement, and the Lenders are willing to do so on the terms and subject to the conditions set forth herein.

 NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Fifth Amendment, and in consideration
of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in
the Credit Agreement, as amended by this Fifth Amendment. Unless otherwise indicated, all section and article references in this Fifth Amendment refer to sections and articles of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 
 2.1 Amendments to Section 1.02: Section 1.02 is hereby amended by: 

(a) adding, amending or restating the following defined terms as follows: 

“ ‘Additional Lender’ has the meaning assigned such term in Section 2.07A(b)(i). 

‘Additional Lender Agreement’ has the meaning assigned to such term in Section 2.07A(b)(ii)(G).

 ‘Aggregate Elected Commitment Amount’ at any time shall
equal the sum of the Elected Commitment Amounts, as the same may be modified from time to time pursuant to Section 2.07A. As of the Fifth Amendment Effective Date, the Aggregate Elected Commitment Amount is $585,000,000. 

‘Agreement’ means this Credit Agreement, as amended by that certain First Amendment to Credit Agreement
dated as of March 26, 2012, that certain Resignation, Consent and Appointment Agreement dated as of April 20, 2012, that certain Second Amendment to Credit Agreement dated as of September 4, 2012, that certain Third Amendment to
Credit Agreement dated as of September 27, 2012, that certain Fourth Amendment to Credit Agreement dated as of October 9, 2013 and that certain Fifth Amendment to Credit Agreement dated as of October 7, 2014, as the same may from time
to time be further amended, modified, supplemented or restated. 
 ‘Applicable Percentage’
means, with respect to any Lender, the percentage of the Aggregate Elected Commitment Amount represented by such Lender’s Elected Commitment Amount as such percentage is set forth on Annex I; provided that if the Commitments have terminated or
expired, the Applicable Percentages shall be determined based upon the Revolving Credit Exposures then outstanding. 
 ‘Commitment’ means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount
representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) modified from time to time pursuant to Section 2.06 and Section 2.07A and (b) modified from time
to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b), and “Commitments” means the aggregate amount of the Commitments of all Lenders. The amount representing each Lender’s Commitment shall at any time
be the least of such Lender’s: (i) Maximum Credit Amount, (ii) Elected Commitment Amount and (iii) Applicable Percentage of the then effective Borrowing Base. 

‘Elected Commitment Amount’ means, as to each Lender, the amount set forth opposite such Lender’s
name on Annex I under the caption “Elected Commitment Amount”, as the same may be modified from time to time pursuant to Section 2.07A. 
 ‘Elected Commitment Amount Increase Agreement’ has the meaning assigned to such term in Section 2.07A(b)(ii)(F). 

‘Indentures’ means the indentures, supplemental indentures or other agreements under or pursuant to which
any Senior Notes are issued. 
 ‘LC Commitment’ at any time means Thirty Million dollars
($30,000,000) or, if less, the total Commitments. 

  
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 ‘Maximum Credit Amount’ means, as to each Lender, the
amount set forth opposite such Lender’s name on Annex I under the caption “Maximum Credit Amount”, as such amount may be (a) reduced or terminated from time to time in connection with a reduction or termination of the Aggregate
Maximum Credit Amounts pursuant to Section 2.06(b), (b) increased from time to time pursuant to Section 2.07(A)(b) or (c) modified from time to time pursuant to any assignment permitted by Section 12.04(b). 

‘Senior Notes’ means any unsecured senior, senior subordinated or convertible notes issued by the
Borrower under Section 9.02(f). 
 ‘Utilization Percentage’ means, as of any day, the
fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures on such day, and the denominator of which is the total Commitments in effect on such day.”. 

(b) deleting the following defined terms: “Additional 2018 Notes”, “Existing 2018 Notes”, “Existing 2018 Notes
Indenture”, “Existing Senior Notes” and “Permitted Additional Senior Notes”. 
 2.2 Amendments to
Section 1.02. The definition of “Borrowing Base Utilization Percentage is hereby deleted in its entirety and replacing it in each instance of its use with the defined term “Utilization Percentage”. 

2.3 Amendment to Section 2.03. Section 2.03 is hereby amended by deleting the penultimate sentence thereof and replacing
it with the following: 
 “Each Borrowing Request shall constitute a representation that the amount of the requested
Borrowing shall not cause the total Revolving Credit Exposures to exceed the total Commitments (i.e., the least of the Aggregate Maximum Credit Amounts, the Aggregate Elected Commitment Amount and the then effective Borrowing Base).”

 2.4 Amendment to Section 2.03(v). Section 2.03(v) is hereby amended by deleting such Section in its entirety
and replacing it with the following 
 “ (v) the amount of the then effective Borrowing Base, the Aggregate Elected
Commitment Amount and the current total Revolving Credit Exposures (without regard to the requested Borrowing) and the pro forma total Revolving Credit Exposures (giving effect to the requested Borrowing); and”. 

2.5 Amendment to Section 2.07(e). Section 2.07(e) is hereby amended by deleting the term “Permitted Additional
Senior Notes” in each instance of its use and replacing it with the term “Senior Notes”. 
 2.6 Amendment to
Article II. Article II is hereby amended by adding the following Section 2.07A after Section 2.07: 

  
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 “Section 2.07A Optional Modifications of Aggregate Elected Commitment Amount.

 (a) Establishment of Aggregate Elected Commitment Amount. Within the three Business Day period
following its receipt of the New Borrowing Base Notice as a result of a Scheduled Redetermination or Interim Redetermination, as applicable, the Borrower shall provide written notice to the Administrative Agent and the Lenders that specifies for the
period from the effective date of the New Borrowing Base Notice until the earliest of the next succeeding Scheduled Redetermination Date or Interim Redetermination Date the amount it requests that the Lenders provide as the Aggregate Elected
Commitment Amount in accordance with the following procedure: 
 (i) if the amount of the Aggregate Elected
Commitment Amount is unchanged, then each Lender’s Elected Commitment Amount will remain unchanged; 
 (ii)
if the amount of the Aggregate Elected Commitment Amount is to decrease, then each Lender’s Elected Commitment Amount will be decreased ratably in accordance with its Applicable Percentage of the reduction; and 

(iii) if the amount of the Aggregate Elected Commitment Amount is to increase, then any increase will be effected in
accordance with Section 2.07A(b). 
 (b) Optional Increase of Aggregate Elected Commitment Amount.

 (i) In addition to any increase in the Aggregate Elected Commitment Amount pursuant to Section 2.07A(a),
and subject to the conditions set forth in Section 2.07A(b)(ii), the Borrower may increase the Aggregate Elected Commitment Amount then in effect by increasing the Elected Commitment Amount of any one or more Lenders and/or by causing a Person
that is reasonably acceptable to the Administrative Agent that at such time is not a Lender to become a Lender (an “Additional Lender”). 
 (ii) Any increase in the Aggregate Elected Commitment Amount shall be subject to the following additional conditions: 

(A) such increase shall not (i) result in the Aggregate Elected Commitment Amount or the total Revolving Credit
Exposure exceeding the Borrowing Base then in effect and (ii) if not in connection with any Scheduled Redetermination or Interim Redetermination, be less than $25,000,000 unless such increase is equal to the remaining difference between the
Aggregate Elected Commitment Amount and the Borrowing Base then in effect; 

  
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 (B) following any Scheduled Redetermination Date or Interim Redetermination
Date, the Borrower may not increase the Aggregate Elected Commitment Amount more than once before the next Scheduled Redetermination Date or Interim Redetermination Date, as applicable; 

(C) no Default shall have occurred and be continuing on the effective date of such increase; 

(D) on the effective date of such increase, if any Eurodollar Borrowings are outstanding, then (i) the effective date
of such increase shall be the last day of the Interest Period in respect of such Eurodollar Borrowings, (ii) the Lenders shall each take a ratable share of such increase or (iii) the Borrower shall pay compensation required by
Section 5.02; 
 (E) no Lender’s Elected Commitment Amount may be increased without the consent of such
Lender; 
 (F) if the Borrower elects to increase the Aggregate Elected Commitment Amount by increasing the
Elected Commitment Amount of a Lender, then (1) the Borrower and such Lender shall execute and deliver to the Administrative Agent an agreement substantially in the form of Exhibit I-1 (an “Elected Commitment Amount Increase
Agreement”); and (2) the Borrower shall (i) if requested by such Lender, deliver a Note payable to such Lender in a principal amount equal to its Maximum Credit Amount, and otherwise duly completed (if its Maximum Credit Amount
has also increased) and (ii) pay any fees as may have been agreed to between the Borrower, such Lender and/or the Administrative Agent; and 
 (G) if the Borrower elects to increase the Aggregate Elected Commitment Amount by causing an Additional Lender to become a party to this Agreement, then (1) the Borrower and such Additional Lender
shall execute and deliver to the Administrative Agent an agreement substantially in the form of Exhibit I-2 (an “Additional Lender Agreement”), together with an Administrative Questionnaire and a processing and recordation fee of
$3,500; and (2) the Borrower shall (i) if requested by such Lender, deliver a Note payable to such Additional Lender in a principal amount equal to its Maximum Credit Amount, and otherwise duly completed and (ii) pay any fees as may
have been agreed to between the Borrower, the Additional Lender and/or the Administrative Agent. 
 (iii) Subject
to acceptance and recording thereof pursuant to Section 2.07A(b)(iv), from and after the effective date specified in the Elected Commitment Amount Increase Agreement or the Additional Lender Agreement: (A) the amount of the Aggregate
Elected Commitment Amount shall be increased as set forth therein, and (B) in the case of an Additional Lender Agreement, any Additional Lender party thereto shall be a party to this Agreement and have the rights and obligations of a Lender
under this Agreement and the other Loan 

  
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Documents. In addition, the Lender or the Additional Lender, as applicable, shall purchase a pro rata portion of the outstanding Loans (and participation interests in Letters of Credit) of each
of the other Lenders (and such Lenders hereby agree to sell and to take all such further action to effectuate such sale) such that each Lender (including any Additional Lender, if applicable) shall hold its Applicable Percentage of the outstanding
Loans (and participation interests in Letters of Credit) after giving effect to the increase in the Aggregate Elected Commitment Amount. 
 (iv) Upon its receipt of a duly completed Elected Commitment Amount Increase Agreement or an Additional Lender Agreement, executed by the Borrower and the Lender or by the Borrower and the Additional
Lender party thereto, as applicable, the processing and recording fee referred to in Section 2.07A(b)(ii) and the Administrative Questionnaire referred to in Section 2.07A(b)(ii), if applicable, the Administrative Agent shall accept such
Elected Commitment Amount Increase Agreement or Additional Lender Agreement and record the information contained therein in the Register required to be maintained by the Administrative Agent pursuant to Section 12.04(b)(iv). No increase in the
Aggregate Elected Commitment Amount shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this Section 2.07A(b)(iv). 

(v) Upon any increase in the Aggregate Elected Commitment Amount pursuant to this Section 2.07A(b), (A) each
Lender’s Maximum Credit Amount shall be automatically deemed amended to the extent necessary so that each such Lender’s Applicable Percentage equals the percentage of the Aggregate Elected Commitment Amount represented by such
Lender’s Elected Commitment Amount, in each case after giving effect to such increase, and (B) Annex I to this Agreement shall be deemed amended to reflect the Maximum Credit Amount and Elected Commitment Amount of each Lender (including
any Additional Lender) as thereby amended and any resulting changes in the Lenders’ Applicable Percentages. 

(vi) In the event that any Lender’s Maximum Credit Amount increases or decreases as a result of the foregoing clause
(v), if requested, the Borrower shall deliver or cause to be delivered, to the extent such Lender is then holding a Note, on the effective date of such increase or decrease, a new Note payable to such Lender in a principal amount equal to its
Maximum Credit Amount after giving effect to such increase or decrease, and otherwise duly completed. 
 (c)
Optional Reduction of Aggregate Elected Commitment Amount. 
 (i) The Borrower may at any time reduce the
Aggregate Elected Commitment Amount; provided that (A) each reduction shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Elected
Commitment Amount unless, after giving effect to any concurrent prepayment of the Loans, the total Revolving Credit Exposures would not exceed the total Commitments. 

  
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 (ii) The Borrower shall notify the Administrative Agent of any election to
reduce the Aggregate Elected Commitment Amount under Section 2.07A(c)(i) at least three Business Days prior to the effective date of such reduction, specifying such election and the effective date thereof. Promptly following receipt of any
notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.07A(c)(ii) shall be irrevocable. Each reduction of the Aggregate Elected Commitment Amount shall
be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage. 
 2.7 Amendment to
Section 2.08. Section 2.08 is hereby amended by deleting the second paragraph thereof and replacing it with the following: 
 “Each such notice shall constitute a representation that after giving effect to the requested issuance, amendment, renewal or extension, as applicable, (i) the LC Exposure shall not exceed the
LC Commitment and (ii) the total Revolving Credit Exposures shall not exceed the total Commitments (i.e. the least of the Aggregate Maximum Credit Amounts, the Aggregate Elected Commitment Amounts and the then effective Borrowing Base).”

 2.8 Amendment to Section 3.04(c)(i). Section 3.04(c)(i) is hereby amended by deleting such Section in its
entirety and replacing it with the following: 
 “(i) If, after giving effect to any termination or reduction of the
Aggregate Maximum Credit Amounts or Aggregate Elected Commitment Amount pursuant to Section 2.06(b) or Section 2.07A, the total Revolving Credit Exposures exceeds the total Commitments, then the Borrower shall immediately (and in any event
on the Business Day of such termination or reduction) (A) prepay the Borrowings on the date of such termination or reduction in an aggregate principal amount equal to such excess, and (B) if any excess remains after prepaying all of the
Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j).” 

2.9 Amendment to Section 3.04(c)(iii). Section 3.04(c)(iii) is hereby amended by deleting the term “Permitted
Additional Senior Notes” and replacing it with the term “Senior Notes”. 
 2.10 Amendment to
Section 3.05. Section 3.05 is hereby amended by adding subparagraph (d) to the end thereof: 
 “(d)
Elected Commitment Amount Increase Fee. The Borrower agrees to pay to the Administrative Agent, for the account of each Lender then party to this Agreement, ratably in accordance with its Applicable Percentage, an Elected Commitment Amount
increase fee to be agreed by the Lenders and the Borrower 

  
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on the amount of any increase of the Aggregate Elected Commitment Amount over the highest Aggregate Elected Commitment Amount previously in effect, payable on the effective date of any such
increase to the Aggregate Elected Commitment Amount.” 
 2.11 Amendment to Section 5.01(b).
Section 5.01(b) is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this
Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing
Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with
respect to capital adequacy or liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such
Lender’s or the Issuing Bank’s holding company for any such reduction suffered.” 
 2.12 Amendment to
Section 8.01(j). Section 8.01(j) is hereby amended by deleting the term “Permitted Additional Senior Notes” in each instance of its use and replacing it with the term “Senior Notes”. 

2.13 Amendment to Section 9.02. Section 9.02 is hereby amended by deleting such Section in its entirety and replacing it
with the following: 
 “Section 9.02 Debt. The Borrower will not, and will not permit any of the
Restricted Subsidiaries to, incur, create, assume or suffer to exist any Debt, except: 
 (a) The Loans and any other Obligations
and any guaranty of or suretyship arrangement in respect thereof. 
 (b) Debt of the Borrower and the Credit Parties existing on
October 7, 2014 that is reflected in the financial statements of the Borrower and its consolidated Subsidiaries delivered pursuant to Section 8.01(b) for the fiscal quarter ended June 30, 2014 or in Schedule 9.02, and any Permitted
Refinancing Debt in respect thereof. 
 (c) Debt associated with bonds or surety obligations (i) required in connection with
self-insurance or the performance of contracts, (ii) required by Governmental Requirements in connection with the operation of the Oil and Gas Properties or (iii) required in connection with the enforcement of rights or claims of the
Borrower or any of the Restricted Subsidiaries or in connection with the appeal of judgments that do not result in a Default or an Event of Default. 

  
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 (d) Intercompany Debt between the Borrower and any Restricted Subsidiary or between
Restricted Subsidiaries to the extent permitted by Section 9.05(g); provided that such Debt is not held, assigned, transferred, negotiated or pledged to any Person other than the Borrower or any of the Restricted Subsidiaries, and, provided
further, that any such Debt for borrowed money owed by a Credit Party to a non-Credit Party shall be subordinated to the Obligations on terms set forth in the Guaranty Agreement. 

(e) Endorsements of negotiable instruments for collection in the ordinary course of business. 

(f) Senior Notes issued by the Borrower and any guarantees of such Debt by the Borrower or any other Guarantor, provided that (i) at
the time of incurring such Debt (A) no Default has occurred and is then continuing and (B) no Default would result from the incurrence of such Debt after giving effect to the incurrence of such Debt (and any concurrent repayment of Debt
with the proceeds of such incurrence), (ii) such Debt does not have any scheduled amortization prior to 91 days after the Maturity Date, (iii) such Debt does not mature sooner than 91 days after the Maturity Date, (iv) the covenants
applicable to such Debt are not materially more onerous, taken as a whole, than the covenants applicable to the Loans, (v) the Borrowing Base is reduced pursuant to Section 2.07(e) and prepayment is made to the extent required by
Section 3.04(c)(iii), and (vi) after giving pro forma effect to the issuance of such Debt the Borrower is in compliance with Section 9.01. 
 (g) Debt under Capital Leases and Debt secured by Liens permitted under Section 9.03(d) in an aggregate principal amount at any time not to exceed $20,000,000. 

(h) Debt in the form of guaranties by the Borrower or any of the Restricted Subsidiaries of Debt of (i) the Borrower or any of the
Restricted Subsidiaries permitted under this Section 9.02 and (ii) other Subsidiaries to the extent an Investment would be permitted under Section 9.05(g)(iv) or Section 9.05(q). 

(i) Debt owed to insurance companies for premiums on policies required by Section 8.06. 

(j) Other Debt not to exceed $25,000,000 (measured as of the date of incurrence) in the aggregate at any one time outstanding.”

 2.14 Amendment to Section 9.05(g). Section 9.05(g) is hereby amended by deleting the phrase “Section
9.02(h)(B)” and replacing it with the phrase “Section 9.02(h)(ii)”. 

  
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 2.15 Amendment to Section 12.04(b)(iv). Section 12.04(b)(iv) is hereby
amended by inserting the phrase “and Elected Commitment Amount” after the phrase “Maximum Credit Amount” therein. 
 2.16 Amendment to Annex I. Annex I is hereby amended by deleting such Annex in its entirety and replacing it with Annex I attached hereto. 

2.17 Amendment to Credit Agreement Exhibits. The Exhibits to the Credit Agreement are hereby amended by adding Exhibits I-1 and
I-2 attached hereto. 
 Section 3. Borrowing Base. From and after the Fifth Amendment Effective Date, the Borrowing
Base shall be, and hereby is, equal to the amount of $675,000,000, which Borrowing Base shall remain in effect until the next Scheduled Redetermination or the Borrowing Base is otherwise redetermined or adjusted in accordance with the Credit
Agreement. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 8.12(c) or Section 9.11. Each of the Borrower, on the one hand, and the
Administrative Agent and the Lenders, on the other hand, agree that the redetermination of the Borrowing Base pursuant to this Section 3 shall constitute a Scheduled Redetermination. This Section 3 constitutes notice of the redetermined
Borrowing Base in accordance with Section 2.07(d) of the Credit Agreement. 
 Section 4. Conditions Precedent. This
Fifth Amendment shall become effective on the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02) (such date, the “Fifth Amendment Effective Date”): 

4.1 The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Fifth Amendment Effective
Date and all other fees the Borrower has agreed to pay in connection with this Fifth Amendment, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the
Credit Agreement. 
 4.2 The Administrative Agent shall have received from all of the Lenders, the Borrower and the Guarantors,
counterparts (in such number as may be requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Person. 
 4.3 No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Fifth Amendment. 

4.4 The Administrative Agent shall have received such other documents as the Administrative Agent or its counsel may reasonably require
in connection with the transactions contemplated hereby. 
 The Administrative Agent is hereby authorized and directed to
declare this Fifth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such conditions
as permitted in Section 12.02. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

  
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 Section 5. Miscellaneous. 

5.1 Confirmation. The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and
effect following the effectiveness of this Fifth Amendment. 
 5.2 Ratification and Affirmation; Representations and
Warranties. Each Credit Party hereby (a) acknowledges the terms of this Fifth Amendment; (b) ratifies and affirms (i) its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party
and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby, and (ii) that the Liens created by the Loan Documents to which it is a party are valid and continuing and secure the
Obligations in accordance with the terms thereof, after giving effect to this Fifth Amendment; and (c) represents and warrants to the Lenders that on and as of the date hereof, and immediately after giving effect to the terms of this Fifth
Amendment: 
 (i) all of the representations and warranties of the Borrower and the Guarantors contained in the
Loan Documents are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and
correct in all material respects as of such specified earlier date, and 
 (ii) no Default or Event of Default
has occurred and is continuing. 
 5.3 Loan Document. This Fifth Amendment is a Loan Document. 

5.4 Counterparts. This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate
counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fifth Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 5.5 NO ORAL AGREEMENT. THIS FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN
CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES. 
 5.6 GOVERNING LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF TEXAS. 
 5.7 Payment of Expenses. In accordance with Section 12.03, the Borrower agrees to
pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the transactions contemplated
hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent. 

  
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 5.8 Severability. Any provision of this Fifth Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 5.9 Successors and
Assigns. This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 [SIGNATURES BEGIN NEXT PAGE] 

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

							
	BORROWER:	 		 	CARRIZO OIL & GAS, INC.
				
		 		 	By:	 	  /s/ David L. Pitts
		 		 		 	David L. Pitts
		 		 		 	Vice President and Chief Financial Officer
			
	GUARANTORS:	 		 	BANDELIER PIPELINE HOLDING, LLC,
		 		 	CARRIZO (EAGLE FORD) LLC,
		 		 	CARRIZO (MARCELLUS) LLC,
		 		 	CARRIZO (MARCELLUS) WV LLC,
		 		 	CARRIZO MARCELLUS HOLDING INC.,
		 		 	CARRIZO (NIOBRARA) LLC,
		 		 	CARRIZO (UTICA) LLC,
		 		 	CLLR, INC.,
		 		 	HONDO PIPELINE, INC.,
		 		 	And
		 		 	MESCALERO PIPELINE, LLC,
				
		 		 	By:	 	   /s/ David L. Pitts

		 		 		 	David L. Pitts
		 		 		 	Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
	LENDERS:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and a Lender
				
		 		 	 By:
	 	 /s/ Collin Mayer

		 		 	 Name:
	 	Collin Mayer
		 		 	 Title:
	 	Assistant Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
				
		 		 	 By:
	 	 /s/ Ting Lee

		 		 	 Name:
	 	Ting LEE
		 		 	 Title:
	 	Managing Director
				
		 		 	 By:
	 	 /s/ Nimisha Srivastav

		 		 	 Name:
	 	Nimisha SRIVASTAV
		 		 	 Title:
	 	Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	ROYAL BANK OF CANADA, as a Lender
				
		 		 	 By:
	 	 /s/ Mark Lumpkin, Jr

		 		 	 Name:
	 	Mark Lumpkin, Jr
		 		 	 Title:
	 	Authorized Signatory

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	CAPITAL ONE, N.A., as a Lender
				
		 		 	 By:
	 	 /s/ Robert James

		 		 	 Name:
	 	Robert James
		 		 	 Title:
	 	Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	COMPASS BANK, as a Lender
				
		 		 	 By:
	 	 /s/ Kathleen J. Bowen

		 		 	 Name:
	 	Kathleen J. Bowen
		 		 	 Title:
	 	Senior Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	REGIONS BANK, as a Lender
				
		 		 	 By:
	 	 /s/ Daniel G. Steele

		 		 	Name:	 	 Daniel G. Steele

		 		 	Title:	 	 Senior Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	MUFG UNION BANK, N.A. f/k/a UNION BANK, N.A., as a Lender
				
		 		 	 By:
	 	 /s/ Stacy A. Goldstein

		 		 	Name:	 	Stacy A. Goldstein
		 		 	Title:	 	Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	SOCIETE GENERALE, as a Lender
				
		 		 	 By:
	 	 /s/ Elena Robciuc

		 		 	Name:	 	Elena Robciuc
		 		 	Title:	 	Managing Director

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
				
		 		 	 By:
	 	 /s/ Michael Spaight

		 		 	Name:	 	Michael Spaight
		 		 	Title:	 	Authorized Signatory
				
		 		 	 By:
	 	 /s/ Lingzi Huang

		 		 	Name:	 	Lingzi Huang
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	ASSOCIATED BANK, N.A., as a Lender
				
		 		 	 By:
	 	 /s/ Elizabeth Reinke

		 		 	Name:	 	Elizabeth Reinke
		 		 	Title:	 	Portfolio Manager

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	IBERIABANK, as a Lender
				
		 		 	 By:
	 	 /s/ W. Bryan Chapman

		 		 	Name:	 	W. Bryan Chapman
		 		 	Title:	 	Executive Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

							
		 		 	KEYBANK NATIONAL ASSOCIATION, as a Lender
				
		 		 	 By:
	 	 /s/ John Dravenstott

		 		 	Name:	 	John Dravenstott
		 		 	Title:	 	Vice President

  
 Signature Page
to Fifth Amendment 
 Carrizo Oil & Gas, Inc. 

 ANNEX I 
 LIST OF APPLICABLE PERCENTAGES, MAXIMUM CREDIT AMOUNTS AND 
 ELECTED
COMMITMENT AMOUNTS 
  

													
	 Name of Lender
	  	 Applicable
Percentage
	 	 	 Maximum Credit
Amount
	 	  	 Elected Commitment
Amount
	 
	 Wells Fargo Bank, National Association
	  	 	11.3	% 	 	$	113,207,547.18	  	  	$	66,226,415.07	  
	 Capital One, N.A.
	  	 	10.4	% 	 	$	103,773,584.91	  	  	$	60,707,547.17	  
	 Compass Bank
	  	 	10.4	% 	 	$	103,773,584.91	  	  	$	60,707,547.17	  
	 Credit Agricole Corporate and Investment Bank
	  	 	10.4	% 	 	$	103,773,584.91	  	  	$	60,707,547.17	  
	 Royal Bank of Canada
	  	 	10.4	% 	 	$	103,773,584.91	  	  	$	60,707,547.17	  
	 Credit Suisse AG, Cayman Islands Branch
	  	 	7.5	% 	 	$	75,471,698.11	  	  	$	44,150,943.40	  
	 Regions Bank
	  	 	7.5	% 	 	$	75,471,698.11	  	  	$	44,150,943.40	  
	 Societe Generale
	  	 	7.5	% 	 	$	75,471,698.11	  	  	$	44,150,943.40	  
	 MUFG Union Bank, N.A. f/k/a Union Bank, N.A.
	  	 	7.5	% 	 	$	75,471,698.11	  	  	$	44,150,943.40	  
	 Associated Bank, N.A.
	  	 	5.7	% 	 	$	56,603,773.58	  	  	$	33,113,207.55	  
	 Iberiabank
	  	 	5.7	% 	 	$	56,603,773.58	  	  	$	33,113,207.55	  
	 KeyBank National Association
	  	 	5.7	% 	 	$	56,603,773.58	  	  	$	33,113,207.55	  
	 TOTAL
	  	 	100.00	% 	 	$	1,000,000,000.00	  	  	$	585,000,000.00	  

  
 Annex I - 1

 EXHIBIT I-1 
 FORM OF ELECTED COMMITMENT AMOUNT INCREASE AGREEMENT 
 THIS ELECTED
COMMITMENT AMOUNT INCREASE AGREEMENT (this “Agreement”) dated as of [            ], is between [Insert name of Exercising Lender] (the “Exercising Lender”)
and Carrizo Oil & Gas, Inc. (the “Borrower”). Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement referred to below. 

R E C I T A L S 
 A. The Borrower, Wells Fargo Bank, National Association, as the Administrative Agent and the other Agents and certain Lenders have entered into that certain Credit Agreement dated as of January 27,
2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B. The Borrower has requested, pursuant to Section 2.07A(b) of the Credit Agreement, that the Aggregate Elected Commitment Amount be
increased by an additional $[—] to a total of $[—] and that the Elected Commitment Amount of the Exercising Lender be increased by an additional
$[—] to a total of $[—]. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
 Section 1.01 Elected Commitment Amount Increase. 

(a) Pursuant to Section 2.07A(b) of the Credit Agreement, effective as of the date hereof in accordance with Section 1.04
hereof, the Exercising Lender’s Elected Commitment Amount is hereby increased from $[—] to $[—]. 

(b) Annex I of the Credit Agreement is hereby amended to reflect the increase in the Exercising Lender’s Elected Commitment Amount
contemplated hereby. 
 Section 1.02 Agreements. The Exercising Lender hereby agrees that (i) it has heretofore
and will continue to hereafter, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, make its own credit decisions in taking or not
taking action under the Credit Agreement, and (ii) it will perform in accordance with the terms of the Credit Agreement, all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender
(including, without limitation, any obligations of it, if any, under Section 2.07A(b) of the Credit Agreement). 

Section 1.03 Confirmation. The provisions of the Credit Agreement, as amended from time to time in accordance with its terms,
shall remain in full force and effect following the effectiveness of this Agreement. 

  
 Exhibit I-1 -
1 

 Section 1.04 Effectiveness. This Agreement shall become effective on the date
hereof in accordance with Section 2.07A(b) of the Credit Agreement. 
 Section 1.05 Counterparts. This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Agreement by facsimile or other electronic image scan transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 1.06 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
TEXAS. 
 Section 1.07 Severability. In case any one or more of the provisions contained in this Agreement should be
held invalid, illegal or unenforceable in any respect, none of the parties hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and
enforceability of the remaining provisions contained herein and in the Credit Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 Section 1.08 Notices. All communications and notices hereunder shall be in writing and given as provided in Section 12.01 of the Credit Agreement. 

Section 1.09 Loan Document. This Agreement is a Loan Document. 

[Signature Page Follows] 

  
 Exhibit I-1 -
2 

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

					
	 Carrizo Oil & Gas, Inc.,
 as the Borrower

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	 [Exercising Lender],

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

					
	Acknowledged and accepted by:
	
	 Wells Fargo Bank, National Association,
 as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 Exhibit I-1 -
3 

 EXHIBIT I-2 
 FORM OF ADDITIONAL LENDER AGREEMENT 
 THIS ADDITIONAL LENDER AGREEMENT
(this “Agreement”) dated as of [—], is between [Insert name of Additional Lender] (the “Additional Lender”) and Carrizo Oil & Gas, Inc.
(“Borrower”). Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement referred to below. 
 R E C I T A L S 
 A. The Borrower, Wells Fargo Bank, National Association,
as the Administrative Agent and the other Agents and certain Lenders have entered into that certain Credit Agreement dated as of January 27, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). 
 B. The Borrower has requested, pursuant to Section 2.07A(b) of the Credit Agreement, that the
Aggregate Elected Commitment Amount be increased by an additional $[—] to a total of $[—] and that the Additional Lender’s Maximum Credit
Amount of $[—] and Elected Commitment Amount $[—] be established hereby. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.01
Additional Lender. 
 (a) Pursuant to Section 2.07A(b) of the Credit Agreement, effective as of the date hereof in
accordance with Section 1.04 hereof, the Additional Lender shall hereby (i) become a Lender under, and for all purposes of, the Credit Agreement with a Maximum Credit Amount of $[—] and
an Elected Commitment Amount of $[—] and (ii) have all of the rights and obligations of a Lender under the Credit Agreement. 

(b) Annex I of the Credit Agreement is hereby amended to reflect the establishment of the Additional Lender’s Maximum Credit Amount
and Elected Commitment Amount as contemplated hereby. 
 Section 1.02 Agreements. The Exercising Lender hereby
agrees that (i) it has heretofore and will continue to hereafter, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, make its
own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with the terms of the Credit Agreement, all of the obligations which by the terms of the Credit Agreement are required to be
performed by it as a Lender (including, without limitation, any obligations of it, if any, under Section 2.07A(b) of the Credit Agreement). 
 Section 1.03 Confirmation. The provisions of the Credit Agreement, as amended from time to time in accordance with its terms, shall remain in full force and effect following the effectiveness
of this Agreement. 

  
 Exhibit I-2 -
1 

 Section 1.04 Effectiveness. This Agreement shall become effective on the date
hereof in accordance with Section 2.07A(b) of the Credit Agreement. 
 Section 1.05 Counterparts. This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Agreement by facsimile or other electronic image scan transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 1.06 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE TEXAS.

 Section 1.07 Severability. In case any one or more of the provisions contained in this Agreement should be held
invalid, illegal or unenforceable in any respect, none of the parties hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability
of the remaining provisions contained herein and in the Credit Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 Section 1.08 Notices. All communications and notices hereunder shall be in writing and given as provided in Section 12.01 of the Credit Agreement; provided that all communications and
notices hereunder to each Additional Lender shall be given to it at the address set forth in its Administrative Questionnaire. 

Section 1.09 Loan Document. This Agreement is a Loan Document. 

[Signature Page Follows] 

  
 Exhibit I-2 -
2 

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

					
	 CARRIZO OIL & GAS, INC.,
 as the Borrower

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	 [Additional Lender],

as the Additional Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
	[Consented to and]
	Acknowledged and Accepted by:
	
	 Wells Fargo Bank, National Association,
 as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 Exhibit I-2 -
3Exhibit 10(ab) - Long Term Performance Share Agreement

Exhibit 10(ab)

LONG TERM PERFORMANCE SHARE AWARD AGREEMENT 
PURSUANT TO THE 
COMTECH TELECOMMUNICATIONS CORP. 
2000 STOCK INCENTIVE PLAN
 
THIS LONG TERM PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), made effective as of [GRANT DATE], by and between Comtech Telecommunications Corp. (the “Company”) and [PARTICIPANT NAME] (the “Participant”).

WHEREAS, the Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved, the Comtech Telecommunications Corp. 2000 Stock Incentive Plan (Amended and Restated Effective October 2, 2013) (the “Plan”);

WHEREAS, pursuant to Section 3.3 of the Plan, the Committee appointed by the Company’s Board of Directors to administer the Plan (the “Committee”) has adopted the Guidelines for Deferrable Long Term Performance Shares Granted under the Plan, as amended and in effect at the date hereof (the “Guidelines”);

WHEREAS, the Company, through the Committee under the Plan, wishes to grant to the Participant a Performance Share Award under Article IX of the Plan that, following the achievement of the specified levels of performance, as set forth on the document titled “Performance Goals and Corresponding Earned Shares” attached hereto as Appendix A (the “Performance Goals”), and, subject to the Participant’s continuing service with the Company or an Affiliate through the Final Certification/Vesting Date (as defined below), may provide for the issuance of a number of shares of the Company’s Common Stock corresponding to the level of achievement of the Performance Goals (subject to accelerated earning, vesting and payment of such shares as specifically provided herein);

WHEREAS, the Performance Goals are intended to constitute “Performance Goals,” as set forth under the Plan; and

WHEREAS, such shares of Common Stock, when issued to the Participant, shall be subject to the terms of this Agreement.

NOW, THEREFORE, the Company and the Participant agree as follows

1. Grant of Performance Share Award.  Subject to the restrictions, terms and conditions of the Plan, the Guidelines and this Agreement, on [GRANT DATE] (the “Grant Date”) the Company awarded and granted to the Participant an award under Article IX of the Plan with the designated target number of [TARGET PERFORMANCE SHARES] Performance Shares (the “Target Performance Shares”), and providing to the Participant a conditional right to earn the Target Performance Shares, or a number of Performance Shares for each Applicable Performance Period (as defined below) ranging from 70% (at each applicable Threshold Performance level) to 200% (at each applicable Maximum Performance level) of the Target Performance Shares, by achievement of the designated levels of performance of each performance criteria as specified in the Performance Goals attached hereto as Appendix A, the earning of which would entitle the Participant to receive for each Performance Share earned, in accordance with Section 2 below, one share of Common Stock, subject to the provisions of Sections 3 and 4 below (the “Performance Share Award”).  The Performance Shares granted under the Performance Share Award are Deferrable Performance Shares under the Guidelines, and the payment of shares of 

Common Stock upon vesting of Earned Shares (as defined below) in accordance with the terms and conditions of this Agreement may be deferred by the Participant in accordance with Section 4.2 of the Guidelines.  If the Participant desires to defer the payment of Earned Shares, the Participant must complete an election form prescribed by the Committee and deliver it to the Company no later than six months before the end of the Performance Period (as defined in Section 2) or, if earlier, the date the number of Performance Shares to be earned has become readily ascertainable within the meaning of Treasury Regulation Section 1.409A-2(a)(8).

2.  Certification/Vesting Date.  Subject to the Participant’s not incurring a Termination of Employment prior to the Final Certification/Vesting Date (except as otherwise specifically set forth in this Agreement), upon the Committee determining and certifying the achievement of the applicable Performance Goals on each of the applicable Annual Certification Dates with respect to the performance period beginning on August 1, 2014 and ending on July 31, 2017 (the “Full Three-Year Performance Period”), the performance period commencing on August 1, 2014 and ending on July 31, 2015, or the performance period beginning on August 1, 2014 and ending on July 31, 2016 (each an “Applicable Performance Period”), the Participant shall have the right to receive one share of Common Stock for each Performance Share earned based on the level of attainment of the applicable Performance Goals for the Applicable Performance Period in accordance with Appendix A (“Earned Shares”) during the Applicable Performance Period, subject to the Participant meeting the service-based vesting requirements of Section 3.  The Committee shall certify the level of achievement of each of the Performance Goals no later than seventy-five (75) days following the end of the Applicable Performance Period (the date of each such certification the “Annual Certification Date”, and the date of the Annual Certification Date following the Full Three-Year Performance Period, the “Final Certification/Vesting Date”).  If on the Final Certification/Vesting Date the Committee determines and certifies that the Performance Goal has not been achieved at the designated Threshold Performance level, then all of the remaining unearned Performance Shares subject to such Performance Goal shall be forfeited on the Final Certification/Vesting Date.  If on the Final Certification/Vesting Date the Committee determines and certifies that the Performance Goal has been achieved at a level equal to or greater than the designated Threshold Performance level but less than the designated Target Performance level or the designated Maximum Performance level, then any Performance Shares subject to such Performance Goal in excess of the number of Earned Shares as determined in accordance with Appendix A shall be forfeited on the Final Certification/Vesting Date.

3.  Death or Disability/Change in Control before the Final Certification/Vesting Date; Effect of Terminations of Employment.

3.1.  Death, Disability and Termination of Employment.  

		
	(i)
	In the event of the Participant’s death or Disability prior to the Final Certification/Vesting Date and prior to forfeiture of the Performance Shares, the Performance Goals for the Full Three-Year Performance Period shall be deemed to be satisfied at a level equal to the greater of the designated Target Performance level or the Projected Performance Level (as defined in Appendix A) as of the date of such death or Disability, and the resulting number of Earned Shares less any Earned Shares earned for a prior completed Applicable Performance Period (if any), together with the number of Earned Shares earned for any prior completed Applicable Performance Period shall become fully vested and shall (subject to Plan Section 17.13) be distributed to the Participant or his or her beneficiary within sixty (60) days following the end of the fiscal quarter in which the Participant’s death or Disability occurs.  The term “Disability” shall have the meaning as set forth in Plan Section 2.14 treating the Performance Shares as being subject to Code Section 

409A, provided that a “Disability” shall be deemed to have occurred only if it qualifies as a disability within the meaning of Treasury Regulation Section 1.409A-1(e)(1).

		
	(ii)
	In the event of the Participant’s Termination of Employment without Cause (and other than due to death or Disability) on a date that is both prior to the Final Certification/Vesting Date and prior to a 409A Change in Control occurring, the Participant shall earn for each Applicable Performance Period not completed on the date of the Termination of Employment a number of Earned Shares (which shall not be less than zero) in an amount equal to: (I) the product of (x) the number of Performance Shares the Participant would have earned based on the projected achievement of each of the Performance Goals for the Applicable Performance Period which shall be calculated utilizing the actual achievement of the applicable portion of the Performance Goals and assuming the same level of performance through the end of the Applicable Performance Period, measured on the last day of the fiscal quarter in which the Termination of Employment without Cause occurs, times (y) a fraction, the numerator of which is the number of days during the Applicable Performance Period in which the Participant was employed, and the denominator of which is the number of days in the Applicable Performance Period; less (II) any Earned Shares earned for any previously completed Applicable Performance Periods.  The resulting number of Earned Shares (if any) plus the Earned Shares previously earned for previously completed Applicable Performance Periods (if any), shall become fully vested and shall (subject to Plan Section 17.13) be distributed to the Participant (i) with respect to the previously Earned Shares described in clause (II) above, within sixty (60) days following the Participant’s Termination of Employment without Cause and (ii) with respect to the remaining Earned Shares, within sixty (60) days following the end of the fiscal quarter in which the Participant’s Termination of Employment without Cause occurs.

		
	(iii)
	In the event of any Termination of Employment (other than a Termination of Employment without Cause or due to death or after Disability) prior to the Final Certification/Vesting Date, except as otherwise provided in Section 3.2 (with respect to Alternative Performance Shares following a 409A Change in Control), all Performance Shares, including any Earned Shares, shall be forfeited on the date of such Termination of Employment.  

3.2.   409A Change in Control.  In the event of a 409A Change in Control prior to the Final Certification/Vesting Date, no acceleration of earning or vesting shall occur with respect to the Performance Shares solely due to such event if the Committee has reasonably determined in good faith, prior to the Assumption Deadline (as defined below), that the Performance Shares shall be honored or assumed, or new awards substituted therefor (each such honored, assumed or substituted Performance Share hereinafter called an "Alternative Performance Share"), by Participant's employer (or the parent or a subsidiary of such employer) by the Assumption Deadline, provided that such Alternative Performance Shares must meet the following criteria:

		
	(i)
	Each Alternative Performance Share must be based on stock which is traded on an established securities market, or which will be so traded within 30 days after the 409A Change in Control, or provide for a cash payment not less than the cash value of the Performance Share based on the highest consideration per share received by a holder of Common Stock in the transaction or series of transactions that gave rise to the 409A Change in Control;

		
	(ii)
	The Alternative Performance Shares must provide such Participant with rights, terms, 

conditions and entitlements substantially equivalent to or better than the rights, terms, conditions and entitlements applicable under the Performance Shares, including, but not limited to, an identical or better vesting schedule;

(iii)The Alternative Performance Share must have economic value substantially equivalent to the value of each Performance Share (such equivalent values to be determined as of the time of the 409A Change in Control); 

		
	(iv)
	In furtherance of clause (ii) above, the performance goal applicable to the Alternative Performance Shares (the “Alternative Performance Goal”) and the corresponding level at which Alternative Performance Shares shall be earned must be determined by the Committee to be not less probable of being achieved than the Performance Goal immediately prior to the 409A Change in Control (assuming the 409A Change in Control had not occurred and assuming that the Company had incurred no expense in connection with the 409A Change in Control);

		
	(v)
	The Alternate Performance Shares must be structured in a manner intended to comply with Section 409A of the Code to avoid any adverse tax consequences thereunder, to the extent applicable;

		
	(vi)
	The Alternative Performance Shares shall provide that, in the event that, within two years following the 409A Change in Control and prior to the Final Certification/Vesting Date, either the Participant has a Termination of Employment by his or her employer other than for Cause (with the result that immediately thereafter the Participant is not employed by such employer or its parent or other affiliates or that the Alternative Performance Shares otherwise would be forfeited under their terms but for this provision), or if the Participant would be paid a CIC Payment under Section 3(b)(i) of the Company’s Change-in-Control Agreement upon a Termination of Employment by the Participant for “Good Reason” (however designated), or under any other agreement with the employer or its parent or other affiliates and Participant effects a Termination of Employment for such Good Reason, then the Alternative Performance Goal for the Full Three-Year Performance Period shall be deemed to be satisfied at the Maximum Performance level as of the date of such Termination of Employment, and the resulting number of earned Alternative Performance Shares less any Performance Shares previously earned for a completed Applicable Performance Period, which together with Performance Shares previously earned for previously completed Applicable Performance Periods (if any) shall be the resulting Earned Shares (or awarded cash), shall become fully vested and shall be distributed to the Participant within five business days thereafter. 

		
	(vii)
	Any changes after the 409A Change in Control to the businesses the performance of which is measured under the Alternative Performance Goal, including but not limited to asset sales or dispositions, reorganizations, restructurings, acquisitions, or discontinuations of operations, that will or could have an adverse effect on the performance criteria under the Alternative Performance Goal during the Full Three-Year Performance Period shall be accompanied by adjustments to the Alternative Performance Goal to the extent permitted under Section 162(m) of the Code so that such changes do not reduce the probability of the Performance Goal being achieved at the level that would have been obtained in the absence of such changes.

If the foregoing conditions are not met by the Assumption Deadline (as defined below) (with reasonable provision made for compliance with those conditions to be performed after the 

Assumption Deadline), the Performance Goal shall be deemed to be satisfied at a level equal to the greater of the designated Target Performance level or the Projected Performance Level (as defined in Appendix A) as of the date of such 409A Change in Control, and the resulting number of earned Performance Shares, which shall be the resulting Earned Shares, shall become fully vested as of the 409A Change in Control (including in the case of a Participant whose employment terminated between the time of the 409A Change in Control and the Assumption Deadline) and shall (subject to Plan Section 17.13) be distributed to the Participant within sixty (60) days following the end of the fiscal quarter in which the 409A Change in Control occurs.  For purposes of this Section 3.2, the “Assumption Deadline” shall be the date of the 409A Change in Control if the Company had at least 20 days’ advance notice that the 409A Change in Control was anticipated to occur, and otherwise the Assumption Deadline shall be the date ten business days after the 409A Change in Control.  

The provisions of this Agreement supersede Plan Section 14.1(a).

4.  Vesting and Distribution of Earned Shares. Subject to Sections 3 and 5, Earned Shares shall vest and become payable at the Final Certification/Vesting Date if the Participant has not incurred a Termination of Employment prior to the Final Certification/Vesting Date. Vested Earned Shares shall be distributed to the Participant on the Final Certification/Vesting Date; provided, that in the event the Participant has made a valid deferral election in accordance with Section 4.2 of the Guidelines the vested Earned Shares shall be distributed to the Participant in accordance with such deferral election and the Guidelines (a “Deferral Election”).

Except as otherwise provided herein, there shall be no proportionate or partial vesting in the periods prior to the Final Certification/Vesting Date and all vesting shall occur only on the Final Certification/Vesting Date. 

5. Dividend Equivalents.  In the event that the Company declares and pays ordinary cash dividends on its outstanding Common Stock the record date for which is on or after the Grant Date and on or before the date of distribution of Earned Shares (including during any period of deferral at the election of the Participant), the Participant shall be credited, as of the dividend payment date, for each Performance Share that is potentially earnable under this Agreement, a cash amount equivalent to the cash amount paid at that date on one share of Common Stock, under Section 9.2(d) of the Plan.  Such credited cash amount of dividend equivalents shall be earned and vested if and only if the related Performance Share becomes earned and vested (i.e., it is forfeitable to the same extent as the related Performance Share).  No interest will be credited on accrued dividend equivalents.  Dividend equivalents will be distributable at such time as the Earned Shares resulting from the earning and vesting of the Performance Shares to which the dividend equivalents relate are distributed; provided, however, that the Company may withhold cash dividend equivalents to satisfy then applicable tax withholding obligations relating to Earned Shares (to minimize the number of Earned Shares being withheld to satisfy tax obligations) under Section 12. 

6.  Detrimental Activity.  In the event the Participant engages in Detrimental Activity prior to, or during the one year period following the earlier of the Participant’s Termination of Employment or the Final Certification/Vesting Date, the Committee may direct (at any time within one year thereafter) that all Performance Shares shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal to the gain realized at the time of vesting of any Earned Shares. 

7.  Restrictions on Transfer.  The Participant shall not sell, negotiate, transfer, pledge, 

hypothecate, assign, encumber, anticipate or otherwise dispose of the Performance Share Award or Performance Shares, and such Performance Share Award and Performance Shares shall not be subject to attachment or garnishment by creditors of Participant or Participant’s beneficiaries (if any), except as specifically permitted by the Plan and this Agreement, and only to the extent permitted under Code Section 409A.  Any attempted Transfer in violation of this Agreement and the Plan shall be void and of no effect. 

8.  Issuance Restrictions.  The Company is not obligated to issue any securities if, in the opinion of counsel for the Company, the issuance of such Common Stock shall constitute a violation by the Participant or the Company of any provisions of any law or of any regulations of any governmental authority or any national securities exchange.

9.  Securities Representations.  The shares of Common Stock will be issued to the Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant acknowledges, represents and warrants that:

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

9.2.  The Common Stock must be held indefinitely by the Participant unless (i) an exemption from the registration requirements of the Securities Act is available for the resale of such Common Stock or (ii) the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the resale of such Common Stock and the Company is under no obligation to continue in effect a Form S-8 Registration Statement or to otherwise register the resale of the Common Stock (or to file a “re-offer prospectus”);

9.3.  The exemption from registration under Rule 144 will not be available under current law unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions.

10.  Not an Employment Agreement.  Neither the execution of this Agreement nor the issuance of the Performance Share Award or the Common Stock hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire, or any portion of, the term of this Agreement, including but not limited to any period during which any shares of Common Stock are outstanding.

11.  Power of Attorney.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest.  The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of Common Stock and property provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof.  Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.

12.  Withholding.  The Participant acknowledges that the Participant is solely responsible for all applicable foreign, federal, state, and local taxes with respect to the Performance Share Award and the payments thereunder; provided, however, that at any time the Company is required to withhold any such taxes (including, without limitation, any employment taxes), the Participant shall pay, or make arrangements to pay, in a manner satisfactory to the Company, an amount equal to the amount of all applicable  minimum statutory federal, state and local or foreign taxes that the Company is required to withhold at any time, including, if then permitted by the Company, by electing to reduce the number of shares of Common Stock otherwise then deliverable to the Participant under this Agreement.  In the absence of such arrangements, the Company or one of its Affiliates shall have the right to make such required withholding from any amounts payable to the Participant, including, but not limited to, the right to withhold shares of Common Stock (or any other payments to be made under this Agreement) otherwise deliverable to the Participant under this Agreement.  If the Company has announced that it will withhold shares in the absence of alternative arrangements, the Participant must make arrangements for such alternative payment (if he or she wishes to do so) either 60 days in advance of the applicable tax date or at a time when the Participant is not otherwise precluded from trading Common Stock under the Company’s insider trading policies (unless otherwise determined by the Company).  For clarity, the Company will not withhold, or permit the Participant to require that the Company withhold, taxes in excess of the statutory minimums (e.g., federal, state and local taxes, including payroll taxes) and the Company, as a matter of practice, will not withhold taxes in excess of statutory minimums.  If a taxing authority or jurisdiction has multiple statutory withholding rates to choose from, the lowest withholding rate must be withheld.

13.  Miscellaneous.

13.1.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or any affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, the Participant may not assign this Agreement other than with respect to shares of Common Stock Transferred in compliance with the terms hereof.

13.2.  This award of the Performance Share Award and the issuance of Common Stock thereunder shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.  Performance Shares and Earned Shares shall be subject to adjustment in accordance with Section 4.2(b) of the Plan, including during any period in which payment of the Award is deferred at the election of Participant.  For clarity, ordinary dividends on Common Stock will not trigger adjustments to Performance Shares and Earned Shares, and any adjustments to Performance Shares and Earned Shares shall take into account dividend equivalents credited thereon under Section 5.

13.3.  The Participant agrees that the award of the Performance Share Award under this Agreement and the issuance of Common Stock thereunder is special incentive compensation and that the Performance Share Award (even if treated as compensation for tax purposes) will not be 

taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.

13.4.  No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.

13.5.  The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

13.6.  The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.

13.7.  All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice.  Notices to the Company shall be addressed to the Compensation Committee of the Board.

13.8.  This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

13.9.  The right to receive each payment of Earned Shares shall be treated as a separate award for purposes of Section 409A of the Code.

14.  Rights as a Stockholder.  The Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Performance Share Award unless and until the Participant has become the holder of record of the shares of Common Stock.  

15.  Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference.  A copy of the Plan has been delivered to the Participant.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant.

16.  Agreement and Grant Not Effective Unless Accepted.  By signing below the Participant agrees (i) to enter into this Agreement, and (ii) to the terms and conditions of the Agreement. Until the Participant signs below and the Agreement is countersigned by the Company, this Performance Share Award shall not be effective and, if the Participant does not sign below and 

return to the Company within 14 days from the date the Agreement is made available to the Participant, this Performance Share Award shall be null and void.
 
IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

	
					
	 
	COMTECH TELECOMMUNICATIONS CORP.

	Employee’s Signature
	 

	Social Security No.
	 
	 

	 
	By:
	 

	Home Address:
	 
	 
	Authorized Officer

	 
	Street
	 

	 
	 
	 

	 
	City   State   Zip Code
	 

APPENDIX A

LONG TERM PERFORMANCE SHARE AWARD AGREEMENT
Performance Goal and Corresponding Earned Shares
Under the Comtech Telecommunications Corp.
2000 Stock Incentive Plan, as Amended and Restated October 2, 2013

Fiscal [YEAR – YEAR] Performance Period

The Participant shall earn Performance Shares in accordance with the provisions set forth below, with any earned Performance Shares constituting Earned Shares under the Participant’s Long Term Performance Share Award Agreement of which this Appendix is a part (the “Performance Share Agreement”).  Capitalized terms in this Appendix shall have the meanings as defined in the Performance Share Agreement. 

[PERFORMANCE GOALS]

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