Document:

EX-10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) by and among Vapor Corp., a Nevada corporation (the “Company”), and Christopher Santi, a resident of the State of Florida (“ Executive ”) is entered into as of
December 12, 2012. 
 WITNESSETH: 
 WHEREAS, Christopher Santi, who has been employed as Director of Operations of the Company since October 24, 2011, desires to continue being employed as the Chief Operating Officer of the
Company pursuant to the terms and subject to the conditions of this Agreement.
 WHEREAS, the Board of Directors of the
Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to employ Executive as Chief Operating Officer of the Company pursuant to the terms and subject to the conditions of
this Agreement; and 
 WHEREAS, the Executive desires to accept employment as the Chief Operating Officer of the Company
pursuant to the terms and subject to the conditions of this Agreement. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. EMPLOYMENT 
 Upon the terms and subject to the conditions of this
Agreement, the Company employs the Executive, and the Executive accepts employment. 
 2. TERM, DATES AND PLACE OF PERFORMANCE

 2.1 Term. The term of this Agreement shall begin on December 12, 2012 (the “Effective
Date”), and, unless sooner terminated in accordance with the provisions of this Agreement, shall end on December 11, 2015 (the “Initial Term”), and will thereafter automatically extend for successive
one-year periods (each a “Renewal Term”) unless either party gives at least six months’ advance written notice to the other party of its intention not to extend the Initial Term or any Renewal Term, as applicable (a
“Notice of Non-Renewal”). 
 2.2 Dates. This Agreement refers to the dates defined in this
Section as follows: (i) the period of time during which the Executive is an employee of the Company during the Initial Term and any Renewal Term is hereinafter referred to as the “Term”; and (ii) each year which
begins with the Effective Date (or with the anniversary of the Effective Date) and continues until the next anniversary of the Effective Date is hereinafter referred to as an “Employment Year”. 

2.3 Principal Place of Employment. During the Term, the principal place of employment of Executive shall be at Company’s
principal offices in Dania Beach, FL, or such other location within the Counties of Miami-Dade, Broward or Palm Beach (the “Tri-County Area”), as established by the Company; provided , that, Executive
acknowledges and agrees that the nature of the Executive’s position and overall responsibilities with the Company shall require Executive to travel within and without the United States from time to time during the Term and such travel may for
extended periods of time. 
 3. POSITION AND DUTIES 
 3.1 Position and Duties. Executive shall serve as the Chief Operating Officer of the Company and, at the request of the Board and for no compensation beyond that specified in Section 4.1
hereof, in such other positions with the Company and its subsidiaries that are reasonably acceptable to Executive. For the avoidance of doubt, Executive shall cease serving as the Company’s Director of Operations effective as of the date
hereof. Executive shall have executive duties, functions, authority, and responsibilities commensurate with the office of Chief Operating Officer or such other offices Executive from time to time holds with the Company, as a public company, and its
subsidiaries, subject, in accordance with applicable law, to the supervision and direction of the Board and the Company’s Chief Executive Officer. 
 3.2 Devotion of Time and Effort. Executive shall use Executive’s good faith, best efforts and judgment (a) in performing Executive’s duties required hereunder and (b) to act in
the best interests of the Company. Executive shall devote his full working time, attention and efforts to the business and affairs of the Company and to the fulfillment of the duties under this Agreement in a diligent and competent fashion, but may
participate in charitable and personal investment activities to a reasonable extent, as long as such activities do not, in the reasonable discretion of the Board, interfere with the performance of his duties and responsibilities hereunder. In the
event that the Board reasonably determines that the participation, service or activities set forth in this Section 3.2 interfere with the performance of Executive’s duties and responsibilities hereunder or otherwise violate the terms of
this Agreement or any other agreement to which Executive and the Company or any of its subsidiaries are party, then the Board shall notify Executive in writing that Executive is required to cease such participation, service and/or activities, and
Executive shall immediately cease such participation, service or activities. Any failure to cease such participation, service or activities shall be deemed to be a continuing and substantial willful failure to follow the lawful instructions of the
Board for purposes of this Agreement. 

 4. COMPENSATION 

4.1 Base Salary. Executive shall be entitled to receive base salary (“Base Salary”) at the annual rate as
follows: (a) One Hundred and Fifty Six Thousand Dollars ($156,000) during the first Employment Year, (b) One Hundred and Sixty Two Thousand Dollars ($162,000) during the second Employment year and (c) One Hundred and Seventy Thousand
Dollars ($170,000) during the third Employment Year, in each instance less all applicable tax withholdings and deductions by the Company. The Base Salary shall be payable in accordance with the Company’s customary payroll practices and net of
all applicable tax withholding and deductions by the Company. Notwithstanding the preceding sentence, the Board shall review Executive’s Base Salary annually and may make adjustments to increase but not decrease such Base Salary, in accordance
with the compensation practices and guidelines of the Company in effect from time to time during the Term. In the Board’s annual review of Executive’s Base Salary, it shall in good faith and in consultation with Executive consider any
material increase in value of the Company during the Term in determining any increase in the Base Salary. 

4.2 Annual Bonus. Commencing on the Effective Date, Executive shall be eligible to participate in the
Company’s annual performance based bonus program, as the same may be established from time to time by the Board in consultation with the Executive for executive officers of the Company and any annual bonus earned thereunder (the
“Annual Bonus”) shall be paid no later than the 15th day of the third month following the end of the fiscal year for which it is earned (and no earlier than January 1 of the year following such fiscal year) and following
certification by the Board of the achievement of agreed-upon performance measures and the amount of the bonus to be paid to Executive for the applicable fiscal year; provided, that in the event that such certification does not occur on
or prior to the 15th day of the third month following the
end of such fiscal year, the Annual Bonus will be paid no later than December 31 of the year following such fiscal year. 

4.3 Stock Options Award. As of the Effective Date, Executive shall, subject to the approval of the Board (or, if applicable,
its Compensation Committee) be granted 100,000 stock options (“Options”) to purchase up to 100,000 shares of Company common stock pursuant to and in accordance with the Company’s Equity Incentive Plan at an exercise
price equal to the fair market value of a share of Company common stock on the date of grant and such Options shall vest at a rate of 2,777.8 per month during the Term and contain such other terms as reasonably determined by the Board (or, if
applicable, its Compensation Committee) and consistent with the Equity Incentive Plan. The Options shall be evidenced by the customary form of agreement utilized under the Equity Incentive Plan. Executive acknowledges and agrees that notwithstanding
the terms of the Option, the Option does not confer any right to continue in the employ of the Company hereunder or interfere in any way with the Company’s right to terminate his employment pursuant to any of the provisions hereof. 

4.4 Vacation. During the Term, Executive shall be entitled to three (3) weeks of paid vacation in each Employment Year to be
used and accrued in accordance with the Company’s policy as it may be established from time to time. In addition, Executive shall receive other paid time-off in accordance with the Company’s policies for senior executives as such policies
may exist from time to time. 
 4.5 Welfare, Pension and Incentive Benefit Plans. During the Term, the Company shall
provide Executive with employee benefit plans and insurance programs on a basis no less favorable than as in effect with respect to the Company’s employees immediately prior to the Effective Date, including, without limitation, company-paid
medical benefits; provided, that if the provision of such company-paid medical benefits would cause the imposition of any tax under Section 4980D of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the
“Code”), the parties agree to negotiate in good faith an alternative arrangement for providing such benefits in an economically neutral manner which does not cause the imposition of such tax. 

4.6 Business Expenses. Executive will be promptly reimbursed for all reasonable business expenses incurred by Executive in
connection with Executive’s employment subject to Executive’s compliance with the Company’s expense reimbursement policies as in effect from time to time during the Term. 

 5. TERMINATION; TERMINATION BENEFITS 

5.1 Due to Death or Disability. 
 (a) If Executive dies during the Term, Executive’s employment and this Agreement shall terminate on the date of his death. The Company may terminate Executive’s employment if he becomes
“Disabled,” as defined below, upon delivery of a Notice of Termination (as defined below) to Executive. 

Upon termination of Executive’s employment due to Executive’s death or by the Company due to Executive’s Disability,
Executive (or his estate, as applicable) shall be entitled to compensation and payment for any unreimbursed expenses incurred, accrued but unpaid then current Base Salary and Annual Bonus and other accrued but unpaid employee benefits as provided in
this Agreement, in each case through the Date of Termination (as defined below) (the “Accrued Amounts”); provided , that the portion of such Accrued Amounts representing unreimbursed expenses shall be paid as
soon as practicable following Executive’s compliance with Section 4.6 hereof; 
 (b) For purposes of this
Agreement, the term “Disabled” or “Disability” shall mean a medically determined physical or mental incapacity as a result of which Executive is entitled to receive (i) long term disability
benefits under the Company’s long term disability policy, which shall be in effect as of the Effective Date, or (ii) if no such policy is in effect, United States Social Security Disability Insurance benefits. 

5.2 By the Company Without “Cause”. 
 (a) The Company may terminate Executive’s employment without “Cause” (as defined below) at any time following the Effective Date upon delivery of a Notice of Termination to Executive.

 (b) Upon termination of Executive’s employment by the Company Without Cause, other than due to death, Disability or
a Change of Control Termination Event, Executive shall be entitled to: 
 (i) the Accrued Amounts, payable in accordance
with Section 5.1(a); 
 (ii) subject to Executive’s execution and delivery to the Company of (a) a letter
of resignation resigning as a member of the Board, if applicable, and all other positions with the Company and its subsidiaries (the “Letter of Resignation”) and (b) a general release of claims in such form as reasonably
determined by the Company and containing carve outs for (A) indemnification, contribution, and directors and officers insurance rights to which Executive may be entitled, (B) rights in his capacity as an equity holder, (C) rights to
collect the Severance Payment and COBRA Coverage, and (D) rights to any vested employee benefits (which execution version of such release will be provided no later than five (5) calendar days following the Date of Termination) and such
general release (the “Release”) has become irrevocable pursuant to its terms and applicable law, payments equal to two (2) months’ Base Salary for each year of service commencing on the original hire date of
October 24, 2011, at the prevailing rate, which payment will be made in installments in accordance with the normal payroll schedule following the Date of Termination (the “Severance Payment”) subject to the delay of
payment under Section 5.8. The minimum Severance Payment will be equal to two (2) months Base Salary and the maximum Severance Payment will be equal to Twelve (12) months Base Salary; and 

(iii) if Executive elects to continue his medical coverage under the Consolidated Omnibus Budget Reconciliation Act
(“COBRA”), the Executive shall pay for coverage under COBRA following the Date of Termination (the “COBRA Coverage”). 
 5.3 By the Company For Cause. 
 (a) The Company may terminate
Executive’s employment for “Cause” in accordance with the requirements of this Section 5.3. 
 (b) Upon
termination of Executive’s employment by the Company for Cause, Executive shall be entitled to the Accrued Amounts. 

 (c) For purposes of this Agreement, “Cause” shall mean:

 (i) continuing and substantial willful failure, neglect or refusal by Executive to perform his duties under this
Agreement or to follow the lawful instructions of the Board which has not been cured by Executive (if curable) within ten (10) days after written notice thereof to Executive from the Company; 

(ii) Executive’s commission of any material act of fraud or embezzlement against the Company; 

(iii) Executive’s material breach of this Agreement, which breach has not been cured by Executive (if curable) within ten
(10) days after written notice thereof to Executive from the Company; 
 (iv) Executive’s conviction of (or
pleading guilty or nolo contendere to) any felony; 
 (v) alcohol or other substance abuse by Executive which, in
the reasonable discretion of the Board, materially and adversely affects Executive’s ability to perform his duties required or requested consistent with Executive’s obligations under this Agreement and applicable law; or 

(vi) any finding by the Securities and Exchange Commission pertaining to Executive which, in the opinion of independent counsel selected
by the Company, could reasonably be expected to impair or impede the Company’s ability to register, list, or otherwise offer its stock to the public, or to maintain itself as a publicly-traded company in good standing with the Securities and
Exchange Commission. 
 (d) Cause shall not exist with respect to clauses (i), (ii), (iii) or (v) unless and
until there shall have been delivered to Executive a copy of a resolution, duly adopted by the affirmative vote of not less than a majority of the members of the Board at a meeting of the Board held for the purpose (after five (5) days’
prior written notice to Executive of such meeting and the purpose thereof and an opportunity for Executive, together with his counsel, to be heard before the Board at such meeting), of a finding that, in the good faith opinion of the Board,
Executive was guilty of any of the conduct specified in any of such clauses. No act or failure to act by the Executive shall be considered “willful” if done or omitted by Executive in good faith with reasonable belief that such action or
omission was in the best interests of the Company. 
 5.4 By Executive For Good Reason. 

(a) Executive may terminate his employment for “Good Reason” (as defined below) by providing a Notice of Termination to
the Board within thirty (30) days of the occurrence of the circumstances giving rise to such Good Reason. The foregoing notice shall describe the claimed event or circumstance and set forth Executive’s intention to terminate his employment
with the Company; provided , that , the Company has not substantially cured such event within thirty (30) days after receiving such notice. Upon termination by Executive of his employment for “Good Reason”, Executive
will be entitled to: 
 (i) the Accrued Amounts payable in accordance with Section 5.1(a); 

(ii) subject to Executive’s execution and delivery to the Company of the Letter of Resignation and the
Release, the Severance Payment which payment will be made on the later of the 60th day following the Date of Termination or the date on which the Release has become irrevocable pursuant to its terms and applicable law, subject to the delay of payment under Section 5.8; and

 (iii) the COBRA Coverage. 
 (b) For purposes of this Agreement, “Good Reason” shall mean: 
 (i) any material failure of the Company to fulfill its obligations under this Agreement, including the failure to make any material payment due hereunder when due, or any other material breach of a
term or condition of this Agreement; 
 (ii) a material and adverse change to, or a material reduction of,
Executive’s duties and responsibilities to the Company, including no longer reporting to the Board or a change in title; provided however , that , the hiring or engagement of any person or entity by the Company with the approval
of Executive to perform any of Executive’s duties and responsibilities to the Company shall not constitute Good Reason;  

 (iii) a material reduction in Executive’s Base Salary (unless such reduction is
caused by bona fide financial exigencies and is part of an overall and nondiscriminatory reduction by the Company to the base salaries of all of its senior executives and such reduction is proportional in amount to the reductions suffered by all of
such other senior executives); or 
 (iv) the relocation of Executive’s principal place of work outside the
Tri-County Area. 
 An event set forth in the foregoing clauses (i) through (iv) shall not constitute “Good Reason” unless
and until Executive shall have provided the Company with notice thereof no later than 30 days following Executive’s becoming aware of such event and the Company shall have failed to remedy such event within 30 days of receipt of such
notice. 
 5.5 Termination Following a Change of Control. 
 (a) If, within 12 months following a Change of Control, the Company terminates Executive’s employment without Cause, other than due to death or Disability, or there is a Termination for Good Reason
(a “Change in Control Termination”), the Executive shall be entitled to be paid by the Company following the Date of Termination: 
 (i) the Accrued Amounts payable in accordance with Section 5.1(a) within five (5) days following the Date of Termination; 

(ii) subject to Executive’s execution and delivery to the Company of the Release, the Severance Payment
which payment will be made on the later of the 60th day
following the Date of Termination or the date on which the Release has become irrevocable pursuant to its terms and applicable law, subject to the delay of payment under Section 5.8; and 

(iii) the COBRA Coverage 

(b) For purposes of this Agreement, “Change of Control” shall mean: 

(i) Any sale, lease, license, exchange or other transfer (in one or a series of related transactions) of all or substantially all
of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than fifty percent
(50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportion as their ownership of the Company immediately prior to such sale, lease, license or other
disposition; 
 (ii) Any “person” as such term is used in Section 13(d) and Section 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) is or becomes, directly or indirectly, the “beneficial owner” as defined in Rule 13d-3 under the Exchange Act of securities of the Company that
represent more than 50% of the combined voting power of the Company’s then outstanding voting securities, other than by virtue of a merger, consolidation or similar transaction, provided that, notwithstanding the foregoing, a
Change in Control shall not be deemed to occur solely because the level of ownership held by any such person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result
of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided further that if a Change in Control would occur (but for the operation of this proviso) as a result of the acquisition of
voting securities by the Company, and after such share acquisition, any such Subject Person becomes the owner of any additional voting securities of the Company that, assuming the repurchase or other acquisition had not occurred, increases the
percentage of the then outstanding voting securities owned by such Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur; 

 (iii) During any period of 12 consecutive months, individuals who at the beginning of such
period constitute the Board cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by stockholders, of each new director was approved by a vote of at least a majority of the directors then
still in office who were directors at the beginning of the period; or 
 (iv) There is consummated a merger, consolidation
or similar transaction involving (directly or indirectly) the Company if, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not own, directly or
indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or (B) more than
fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity in such merger, consolidation or similar transaction. 
 5.6 By Executive Without Good Reason. 
 (a) Executive may terminate
his employment without Good Reason by providing a Notice of Termination to the Company at least thirty (30) days prior to the Date of Termination. 
 (b) Upon termination by Executive of his employment without Good Reason, Executive shall be entitled to receive the Accrued Amounts payable in accordance with Section 5.1(a). 

5.7 Non-Renewal of the Term. 
 (a) Upon termination of Executive’s employment as a result of non-renewal of the Initial Term or any Renewal Term by the Company, Executive will be entitled to the Accrued Amounts payable in
accordance with Section 5.1(a). 
 (b) Upon termination of Executive’s employment as a result of non-renewal of
the Initial Term or any Renewal Term by the Executive, Executive will be entitled to the Accrued Amounts payable in accordance with Section 5.1(a). 
 5.8 Nonqualified Deferred Compensation. Notwithstanding any provision of this Agreement to the contrary (but subject in all respects to Section 16.9 below), if all or any portion of the
payments due under Section 5 are determined to be “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company determines that Executive is a “specified employee” (as defined in
Section 409A(a)(2)(B)(i) of the Code and other guidance issued thereunder), then such Severance Payment will be made on the first day of the seventh month following the month in which Executive’s termination of employment occurs.

 5.9 Notice of Termination; Non-Renewal. Any termination of employment pursuant to Sections 5.1 through 5.6 shall
be communicated by a Notice of Termination to the other party hereto given in accordance with Section 16.2. 
 (a) For
purposes of this Agreement, a “Notice of Termination” means a written notice that (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt
of such notice, specifies the termination date. The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of Executive
or the Company, as the case may be, hereunder or preclude Executive or the Company, as the case may be, from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder. 

(b) For purposes of this Agreement, “Date of Termination” means (i) if Executive’s employment is
terminated pursuant to Sections 5.1 through 5.6, the date of receipt of the Notice of Termination (in the case of a termination with or without Good Reason, provided , such Date of Termination is in accordance with Sections 5.4 or
5.6, as the case may be), (ii) if Executive’s employment is terminated by reason of death, the date of death, and (iii) the expiration of the Initial Term or any Renewal Term, as applicable. 

 (c) A termination of employment pursuant to Section 5.7 shall be communicated by a
Notice of Non-Renewal to the other party hereto given in accordance with Section 2 and Section 16.2. Notwithstanding anything to the contrary set forth in the Agreement, Executive hereby agrees to execute and deliver the Letter of
Resignation to the Company if Executive’s employment is validly terminated for any reason other than for death. 

6. NON-SOLICITATION 
 During the Term and for a period of twenty-four (24) months after the Date of Termination, in the event of termination (i) without Cause or (ii) for Good Reason, Executive shall not:
(i) request, induce or attempt to influence any person or entity who is or was a client, customer, contractor or supplier of the Company to limit, curtail or cancel its business with the Company or (ii) request, induce, or attempt to
influence any current or future officer, director, employee, consultant, agent or representative of the Company to: (a) terminate his, her, or its employment or business relationship with the Company; or (b) commit any act that, if
committed by Executive, would constitute a breach of any term or provision of this Section 6. 

7. NON-COMPETITION; WORK PRODUCT 
 (a) During the Term and for a period of twenty-four (24) months after the Date of Termination, in the event of termination (i) without Cause or (ii) for Good Reason, Executive shall not,
directly or indirectly, (a) engage in any business for Executive’s own account that competes with the business of the Company or its affiliates (including, without limitation, businesses which the Company or its affiliates have specific
plans to conduct in the future and as to which Executive is aware of such planning), (b) enter the employ of, or render any services to, any person or entity engaged in any business that competes with the business of the Company or its
subsidiaries, (c) acquire a financial interest in any person or entity engaged in any business that competes with the business of the Company or its subsidiaries, directly or indirectly, as an individual, partner, stockholder, officer,
director, principal, agent, trustee or consultant, or (d) interfere with business relationships (whether formed before or after the date of this Agreement) between the Company or any of its subsidiaries and their respective customers, suppliers
or contractors. Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly, own, solely as an investment, securities of any entity engaged in the business of the Company or its subsidiaries which are publicly
traded on a national or regional stock exchange or on an over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly, own five
percent (5%) or more of any class of securities of such person. 
 (b) All copyrights, patents, trade secrets, or other
intellectual property rights associated with any ideas, concepts, techniques, inventions, processes, or works of authorship developed or created by Executive during the Term (collectively, the “Work Product”) shall belong
exclusively to the Company and shall, to the extent possible, be considered a work made by Executive for hire for the within the meaning of Title 17 of the United States Code. To the extent the Work Product may not be considered work made by
Executive for hire for the Company, Executive agrees to assign, and automatically assign at the time of creation of the Work Product, without any requirement of further consideration, any right, title, or interest Executive may have in such Work
Product. Upon the request of the Company, Executive shall take such further actions, including execution and delivery of instruments of conveyance, as may be appropriate to give full and proper effect to such assignment. 

 8. CONFIDENTIALITY/TRADE SECRETS 

Executive specifically agrees that Executive will not at any time, whether during or subsequent to the Term, in any fashion, form or
manner, except in furtherance of Executive’s duties at the Company or with the specific written consent of the Company, either directly or indirectly use, divulge, disclose or communicate to any person or entity in any manner whatsoever, any
confidential information or trade secrets of any kind, nature or description concerning any matters affecting or relating to the business of the Company (the “Proprietary Information”), including, without limitation,
(a) all information, design or software programs (including object codes and source codes), techniques, drawings, plans, experimental and research work, inventions, patterns, processes and know-how, whether or not patentable, and whether or not
at a commercial stage related to the Company or any subsidiary thereof, (b) buying habits or practices of any of its customers or vendors, (c) the Company’s marketing methods, sales activities, promotion, credit and financial data and
related information, (d) the Company’s costs or sources of materials, (e) the prices it obtains or has obtained or at which it sells or has sold its products or services, (f) lists or other written records used in the
Company’s business, (g) compensation paid to employees and other terms of employment, or (h) any other confidential information of, about or concerning the business of the Company, its manner of operation, or other confidential data
of any kind, nature, or description (excluding any information that is or becomes publicly known or available for use through no fault of Executive or as directed by court order). The parties hereto stipulate that as between them, Proprietary
Information constitutes trade secrets that derive independent economic value, actual or potential, from not being generally known to the public or to other persons who can obtain economic value or cause economic harm to the Company from its
disclosure or use and that Proprietary Information is the subject of efforts which are reasonable under the circumstances to maintain its secrecy and of which this Section 8 is an example, and that any breach of this Section 8 shall be a
material breach of this Agreement. All Proprietary Information shall be and remain the Company’s sole property. 

9. INJUNCTIVE RELIEF 
 Executive acknowledges that any violation of any provision of Sections 6 through 8 or Section 12 hereof by Executive will cause irreparable damage to the Company, that such damages will be
incapable of precise measurement and that, as a result, the Company will not have an adequate remedy at law to redress the harm which such violations will cause. Therefore, in the event of any violation or threatened violation of any provision of
Sections 6 through 8 or Section 12 hereof by Executive, in addition to any other rights at law or in equity the Company may have, Executive agrees that the Company will be entitled to seek, without proof of an inadequate remedy at law,
posting any bond or proof of damages, equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 

10. BLUE PENCIL 
 It is the desire and intent of the Parties that the provisions of Sections 6 through 8 or Section 12 hereof shall be enforced to the fullest extent permissible under the laws and public policies
applied in each jurisdiction in which enforcement is sought. Accordingly, if any portion of Sections 6 through 8 or Section 12 hereof shall be adjudicated to be invalid or unenforceable, such provision shall be deemed amended either to
conform to such restrictions as the court or arbitrator may allow, or to delete therefrom or reform the portion thus adjudicated to be invalid and unenforceable, such deletion or reformation to apply only with respect to the operation of such
Section in the particular jurisdiction in which such adjudication is made. It is expressly agreed that any court or arbitrator shall have the authority to modify any provision of Sections 6 through 8 or Section 12 hereof if necessary to
render it enforceable, in such manner as to preserve as much as possible the parties’ original intentions, as expressed therein, with respect to the scope thereof. 
 11. COMPANY’S AND EXECUTIVE’S DUTIES ON TERMINATION 
 In the
event of termination of Executive’s employment pursuant to Section 5, Executive agrees to deliver promptly to the Company all Proprietary Information which is or has been in Executive’s possession or under Executive’s control.
Upon termination of Executive’s employment by the Company for any reason whatsoever and at any earlier time the Company so requests, Executive will deliver to the custody of the person designated by the Company all originals and copies of such
documents and other property of the Company in Executive’s possession, under Executive’s control or to which Executive may have access. 

 12. NON-DISPARAGEMENT 

During and after the Term, for any reason, neither Executive nor his agents, on the one hand, nor the Company, or its senior executives or
the Board, on the other hand, shall directly or indirectly issue or communicate any public statement, or statement likely to become public, that maligns, denigrates or disparages the other (including, in the case of communications by Executive or
his agents, any of the Company’s officers, directors or employees). The foregoing shall not be violated by truthful responses to legal process or governmental inquiry or by private statements to any of the Company’s officers, directors or
employees; provided , that , in the case of Executive, such statements are made in the course of carrying out his duties pursuant to this Agreement. 
 13. INDEMNIFICATION 
 The Company shall indemnify the Executive against
all losses, claims, expenses, or other liabilities of any nature arising by reason of the fact that Executive: (a) is or was a director, officer, employee, or agent of the Company or any of its subsidiaries; or (b) while a director,
officer, employee or agent of the Company or any of its subsidiaries, is or was serving at the request of the Company as a director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another corporation,
partnership, joint venture, trust, employee benefit plan or other entity, in each case to the fullest extent permitted under the Nevada Revised Statutes, Private Corporations Law, as the same exists or may hereafter be amended. Without limiting the
generality of the foregoing, Executive shall be entitled in connection with Executive’s employment and in connection with Executive’s services as an officer and/or director of the Company to the benefit of the provisions relating to
indemnification and advancement of defense costs and expenses contained in the bylaws and articles of incorporation of the Company, as the same in the future may be amended (not including any amendments or additions that limit or narrow, but
including any that add to or broaden, the protection afforded to the Executive), to the fullest extent permitted by applicable law. The Company shall advance to Executive all costs of investigation or defense incurred by the Executive in connection
with any pending or threatened claim for which Executive may be entitled to indemnification hereunder, provided that the Executive shall agree to return to the Company any such reimbursed amounts, without interest, if it is determined in a final,
non-appealable judgment by a court of competent jurisdiction that the Executive is not entitled to indemnification by the Company for losses incurred in connection with such claim. The indemnification obligations of the Employer shall survive from
the Effective Date of this Agreement and continue until three (3) months after the expiration of any applicable statute of limitations with respect to any claim made against Executive for which Executive is or may be entitled to indemnification
(the “Survival Period”), and shall survive after the Survival Period with respect to any indemnification claim as to which the Company has received notice on or prior to the end of the Survival Period. During the Term of this
Agreement and during the Survival Period, the Company shall, to the extent that the Board determines it to be economically reasonable, maintain for the benefit of Executive, on an “occurrence” basis, a directors and officers errors and
omissions insurance policy, or a similar insurance policy(ies), providing coverage from a financially reputable carrier. Anything in this Agreement to the contrary notwithstanding, this Section 13 shall survive the termination of this Agreement
for any reason, and no release which may be entered into in connection with the termination of the Executive’s employment will be deemed to release the Employer from its obligations under this Section 13. 

14. REPRESENTATIONS AND WARRANTIES 
 14.1 Executive hereby represents and warrants to the Company, and Executive acknowledges, that the Company has relied on such representations and warranties in employing Executive and entering into this
Agreement, as follows: 
 (a) Executive has the legal capacity and right to execute and deliver this Agreement and to
perform his obligations contemplated hereby, and this Agreement has been duly executed by Executive; 

 (b) the execution, delivery and performance of this Agreement by Executive does not and
will not, with or without notice or the passage of time, conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject;

 (c) Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, fee
for services agreement, confidentiality agreement or similar agreement with any other person or entity; 
 (d) upon the
execution and delivery of this Agreement by the Company and Executive, this Agreement will be a legal, valid and binding obligation of Executive, enforceable in accordance with its terms; and 

(e) Executive understands that the Company will rely upon the accuracy and truth of the representations and warranties of Executive
set forth herein and Executive consents to such reliance. 
 14.2 The Company hereby represents and warrants to Executive, and
the Company acknowledges that Executive has relied on such representations and warranties in entering into this Agreement, as follows: 
 (a) the Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and this Agreement has been duly executed by the Company;

 (b) the execution, delivery and performance of this Agreement by the Company does not and will not, with or without
notice or the passage of time, conflict with, breach, violate or cause a default under any agreement, contract or instrument to which the Company is a party or any judgment, order or decree to which the Company is subject; 

(c) upon the execution and delivery of this Agreement by the Company and Executive, this Agreement will be a legal, valid and
binding obligation of the Company, enforceable in accordance with its terms; and  
 (d) the Company
understands that Executive will rely upon the accuracy and truth of the representations and warranties of the Company set forth herein and the Company consents to such reliance. 

15. ARBITRATION 
 Any controversy arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or
any other controversy arising out of Executive’s employment with the Company or the termination of Executive’s employment with the Company, including, but not limited to, any state or federal statutory claims, shall be submitted to
arbitration in Broward County, Florida, before a sole arbitrator selected from the American Arbitration Association,; provided , however , that provisional injunctive relief may, but need not, be sought by either party to this
Agreement in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the arbitrator. Final resolution of any dispute
through arbitration may include any remedy or relief which the arbitrator deems just and equitable, including any and all remedies provided by applicable state or federal statutes. The Company shall bear all administrative costs of any arbitration
initiated under this Section 15, including any filing fees and arbitrator fees. 

 At the conclusion of the arbitration, the arbitrator shall issue a written decision that
sets forth the essential findings and conclusions upon which the arbitrator’s award or decision is based. Any award or relief granted by the arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court
of competent jurisdiction. The parties hereto acknowledge and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties against the other in connection with any matter
whatsoever arising out of or in any way connected with this Agreement. The arbitrator shall award reasonable attorney’s fees (including reasonable disbursements) to the party that the arbitrator has determined to be the prevailing party in such
arbitration. Except as may be necessary to enter judgment upon the award or to the extent required by applicable law, all claims, defenses and proceedings (including, without limiting the generality of the foregoing, the existence of the controversy
and the fact that there is an arbitration proceeding) shall be treated in a confidential manner by the arbitrator, the parties hereto and their counsel, and each of their agents, employees and all others acting on behalf of or in concert with them.
Without limiting the generality of the foregoing, no one shall divulge to any person or entity not directly involved in the arbitration the contents of the pleadings, papers, orders, hearings, trials, or awards in the arbitration, except as may be
necessary to enter judgment upon an award as required by applicable law. Any court proceedings relating to the arbitration hereunder, including, without limiting the generality of the foregoing, to prevent or compel arbitration or to confirm,
correct, vacate or otherwise enforce an arbitration award, shall be filed under seal with the court, to the extent permitted by law. 
 16. GENERAL PROVISIONS 
 16.1 Assignment, Binding Effect. This
Agreement, and Executive’s rights and obligations hereunder, may not be assigned or delegated, in whole or in part, by Executive, and any prohibited assignment attempted by the Executive is void. This Agreement shall be binding on any successor
to the Company, whether by merger, acquisition of substantially all of the Company’s assets, or otherwise, as fully as if such successor was a signatory hereto and the Company shall cause such successor to, and such successor shall, expressly
assume the Company’s obligations hereunder. Notwithstanding anything else herein contained, the term “Company” as used in this agreement, shall include all such successors. 

16.2 Notices. 
 (a) All notices, requests, demands or other communications that are required or may be given under this Agreement shall be in writing and shall be given by personal delivery, by certified or
registered United States mail (postage prepaid, return receipt requested), by a nationally recognized overnight delivery service for next day delivery, or by facsimile transmission, as follows (or to such other address as any party may give in a
notice given in accordance with the provisions hereof): 
 If to the Company, 

Vapor Corp. 
 3001 Griffin Road 

Dania Beach, Florida 33312 
 If
to Executive, 
 Christopher Santi 

c/o Vapor Corp. 
 3001 Griffin Road 

Dania Beach, FL 33312 

(b) All notices, requests or other communications will be effective and deemed given only as follows: (i) if given by personal
delivery, upon such personal delivery, (ii) if sent by certified or registered mail, on the fifth business day after being deposited in the United States mail, (iii) if sent for next day delivery by overnight delivery service, on the date
of delivery as confirmed by written confirmation of delivery, (iv) if sent by facsimile, upon the transmitter’s confirmation of receipt of such facsimile transmission, except that if such confirmation is received after 5:00 p.m. (in the
recipient’s time zone) on a business day, or is received on a day that is not a business day, then such notice, request or communication will not be deemed effective or given until the next succeeding business day. Notices, requests and other
communications sent in any other manner, including by electronic mail, will not be effective. 
 16.3 Governing Law. This
Agreement is governed by, and is to be construed and enforced in accordance with, the laws of the State of Florida without regard to principles of conflicts of laws. 

 16.4 Amendment. No provisions of this Agreement may be amended, modified or waived
unless such amendment or modification is agreed to in writing signed by Executive and by a duly authorized officer selected at such time by the Board, and such waiver is set forth in writing and signed by the party to be charged. 

16.5 Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes all prior or contemporaneous agreements, arrangements and understandings, whether oral or written, between the parties with respect to such subject matter. Executive and the Company affirm that each fully understands
this Agreement’s meaning and effect. Each party hereto has participated fully and equally in the negotiation and drafting of this agreement. This Agreement contains section headings for reference only. The headings in no way affect the meaning
or interpretation of this Agreement. For purposes of Sections 6, 7, 8 and 12 of this Agreement, the “Company” as used therein shall be deemed to include the Company and its subsidiaries and their respective successors and
assigns. 
 16.6 Withholding. All payments hereunder shall be subject to any required withholding of federal, state and
local taxes pursuant to any applicable law or regulation. 
 16.7 Severability. The sections, paragraphs and provisions
of this Agreement are severable. If any such section, paragraph or provision is found to be unenforceable, the remaining sections, paragraphs and provisions will remain in full force and effect. 

16.8 Counterparts. This Agreement may be executed and delivered (by facsimile, PDF or other electronic transmission) in
counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. 

16.9 Section 409A. Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied
so that the payment of the benefits set forth herein either shall be exempt from the requirements of Section 409A of the Code, or shall comply with the requirements of such provision. Furthermore, the Company and its respective officers,
directors, employees or agents make no guarantee that this Agreement complies with, or is exempt from, the provisions of Section 409A of the Code and none of the foregoing shall have any liability for the failure of this Agreement to comply
with, or be exempt from, the provisions of Code Section 409A. The parties hereto agree to make such amendments from time to time to the terms and conditions of this Agreement as are necessary to ensure that this Agreement complies with the
terms of and in a manner permitted by Section 409A of the Code and any regulation or other official guidance promulgated thereunder. Each payment due hereunder shall be treated as a separate payment under Section 409A of the Code. To the
extent required by Code Section 409A, “termination of employment” (or any similar terms) shall mean “separation from service” (as defined in Treasury Regulations Section 1.409A-1(h) and the default presumptions
thereof). With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year, and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred. 

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

VAPOR CORP.: 
  

			
	By:	 	   /s/ Kevin Frija

	Name:	 	Kevin Frija
	Title:	 	Chairman & CEO

			
	EXECUTIVE:
		
	By:	 	   /s/ Christopher Santi

	Name:	 	Christopher Santi
	Title:	 	Chief Operating Officer

 [Signature Page to Employment Agreement]Amendment No. 2 to Senior Secured Super Priority Priming Debtor

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDMENT NO. 2 dated as of December 7, 2012 (this
“Amendment”), to the Senior Secured Super Priority Priming Debtor in Possession Credit Agreement dated as of August 29, 2012 (as amended, supplemented or otherwise modified through the date hereof, the “Credit
Agreement”), among ATP Oil & Gas Corporation, as debtor and debtor-in-possession (the “Borrower”), the Lenders from time to time party thereto and Credit Suisse AG, as administrative agent (in such
capacity, the “Administrative Agent”) and collateral agent. 
 WHEREAS, pursuant to the Credit
Agreement, the Lenders have extended credit to the Borrower; 
 WHEREAS, the Borrower has informed the Lenders that certain
Events of Default as described on Schedule 1 attached hereto are currently existing (collectively, the “Specified Defaults”) and has requested that the Lenders agree to waive such Specified Defaults and amend certain
provisions of the Credit Agreement related thereto and amend certain other provisions of the Credit Agreement as set forth herein; 
 WHEREAS, the undersigned Lenders are willing to agree to such waiver and to so amend the Credit Agreement on the terms and subject to the conditions set forth herein; and 

WHEREAS, capitalized terms used but not defined herein shall have the meanings assigned to them in the Credit Agreement; 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Waiver.
Subject to the satisfaction of the conditions set forth below, the undersigned Lenders hereby permanently waive, as of the Amendment Effective Date (as defined below), the Specified Defaults. 

SECTION 2. Amendments to Credit Agreement. 
 (a) The definition of “Additional DIP Budget Availability Date” set forth in Section 1.01 of the Credit Agreement is hereby amended such that the definition as a whole reads: 

“ “Additional DIP Budget Availability Date” means the first date after the Closing Date and on or prior to
December 14, 2012 on which each of the Availability Conditions is met.” 
 (b) The definition of “DIP Budget
Loans” set forth in Section 1.01 of the Credit Agreement is hereby amended such that the definition as a whole reads: 

“ “DIP Budget Loans” means (a) NM Loans made (i) pursuant to the Term Sheet in the Initial DIP Budget
Amount and (ii) on the applicable Final DIP Budget Availability Date in the Final DIP Budget First Tranche Amount or the Final DIP Budget Second Tranche Amount, as the case may be, (b) the Additional DIP Budget Loans and (c) the
Additional NM Loans.” 

  
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 (c) The definition of “Final DIP Budget Availability Date” set forth in
Section 1.01 of the Credit Agreement is hereby amended such that the definition as a whole reads: 
 “ “Final
DIP Budget Availability Date” means (i) with respect to the Final DIP Budget First Tranche Amount, any date during the period from December 15, 2012 through January 2, 2013 and (ii) with respect to the Final DIP Budget
Second Tranche Amount, any date during the period from January 15, 2013 through February 15, 2013, in each case, on which (a) each of the Availability Conditions is met and (b) in the case of any amounts described in clause
(i) of this definition, the commercial operation of the MC 942 S-Sand well has been achieved.” 
 (d) The definition
of “Infrastructure Subsidiaries” set forth in Section 1.01 of the Credit Agreement is hereby amended such that the definition as a whole reads: 
 “ “Infrastructure Subsidiaries” means ATP Infrastructure Partners, L.P., ATP IP-GP, LLC, ATP IP-LP, LLC, ATP Holdco, LLC, ATP Titan Holdco LLC and ATP Titan LLC.” 

(e) The definition of “Interest Payment Date” set forth in Section 1.01 of the Credit Agreement is hereby amended such
that the definition as a whole reads: 
 “ “Interest Payment Date” means, for any Loan or Borrowing
thereof hereunder, (a) with respect to the Additional Interest and Second Amendment Additional Interest (to the extent paid in kind) accruing on each Loan or Borrowing, the first Business Day of each calendar quarter, (b) with respect to
all other interest accruing on any ABR Loan, the first Business Day of each month and (c) with respect to all other interest accruing on any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is
a part, and on the first Business Day of each month following the end of the first month included in such Interest Period.” 
 (f) The definition of “Interest Period” set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the parenthetical “(or such shorter or longer period as the
Administrative Agent may permit in its sole discretion, but in any event not longer than three months)” immediately prior to the proviso contained therein. 
 (g) Section 1.01 of the Credit Agreement is hereby further amended by adding the following new definitions in the appropriate alphabetical order: 

“ “Additional NM Loans First Tranche Amount” has the meaning set forth in Section 2.01(a)(v) hereof.

 “Additional NM Loans Second Tranche Amount” has the meaning set forth in Section 2.01(a)(v) hereof.

 “Availability Conditions” means the following conditions: 

(a) the Final Order has been entered; 

(b) the price of Brent crude per barrel is no less than $95 on an average basis for Intercontinental Exchange’s then
current twelve month forward strip; and 

  
 - 2 -

 (c) the conditions set forth in Section 6.02 are met. 

“Deepwater Properties Marketing Materials” has the meaning set forth on Schedule 10.01. 

“Deepwater Properties Potential Buyers” has the meaning set forth on Schedule 10.01. 

“Deepwater Properties Purchase Agreement” has the meaning set forth on Schedule 10.01. 

“Deepwater Properties Sale” has the meaning set forth on Schedule 10.01. 

“Deepwater Properties Sale Motion” has the meaning set forth on Schedule 10.01. 

“Final DIP Budget First Tranche Amount” means $50,000,000. 

“Final DIP Budget Second Tranche Amount” means $10,000,000. 

“Second Amendment Additional Interest” means, for any day, (a) to the extent such interest is paid in kind by being
capitalized and added to the principal amount of the Loans, interest on the Loans at a rate of 2.00% per annum, and (b) to the extent such interest is paid in cash, interest on the Loans at a rate of 1.00% per annum. 

“Second Amendment Effective Date” means December 7, 2012. 

“Shelf Properties Marketing Materials” has the meaning set forth on Schedule 10.01. 

“Shelf Properties Potential Buyers” has the meaning set forth on Schedule 10.01. 

“Shelf Properties Purchase Agreement” has the meaning set forth on Schedule 10.01. 

“Shelf Properties Sale” has the meaning set forth on Schedule 10.01. 

“Shelf Properties Sale Motion” has the meaning set forth on Schedule 10.01.” 

(h) Section 1.01 of the Credit Agreement is hereby further amended by deleting the defined term “Sale Motion”. 

(i) Section 2.01(a) of the Credit Agreement is hereby amended by deleting the provision in its entirety and replacing it with the
following revised Section 2.01(a): 
 “(a) The NM Loans. Pursuant to the Term Sheet certain of the Lenders have
made term loans to the Borrower in an aggregate amount equal to the Interim Order Amount (the “Interim Order Loans”). Subject to the terms and 

  
 - 3 -

 
conditions set forth herein, each Lender severally agrees to make additional loans (such loans together with the Interim Order Loans, the “NM Loans” and each an “NM
Loan”) to the Borrower in an aggregate principal amount not to exceed such Lender’s Commitment. The NM Loans shall be made in separate draws and in an aggregate principal amount on each such occasion as follows: 

(i) on the Subsequent Clipper Availability Date in the Subsequent Clipper Project Amount; 

(ii) on the Final Clipper Availability Date in the Final Clipper Project Amount; 

(iii) on the applicable Final DIP Budget Availability Date in the Final DIP Budget First Tranche Amount or the Final DIP
Budget Second Tranche Amount, as the case may be; 
 (iv) on the Additional DIP Budget Availability Date in the
Additional DIP Budget Amount; and 
 (v) so long as the Availability Conditions have been satisfied on the
applicable date on which each such draw will be made, (x) during the period from January 15, 2013 through February 15, 2013, in an amount equal to up to $5,000,000 of the amount of additional Commitments provided for under the First
Amendment (the “Additional NM Loans First Tranche Amount”) and (y) during the period from February 15, 2013 through March 1, 2013, in an amount equal to the remaining $20,000,000 of the amount of additional
Commitments provided for under the First Amendment (the “Additional NM Loans Second Tranche Amount”) (such NM Loans referenced in clauses (x) and (y) above being referred to herein as the “Additional NM
Loans”); provided, however, that the Administrative Agent and the Required Lenders shall have received a certificate from the CRO certifying that (A) the Borrower has determined that the making of such advances will
preserve or enhance the value of its business, (B) in his reasonable judgment, the Borrower has the ability to repay in full in cash such advances (including, without limitation, through a sale or refinancing in connection with a Plan of
Reorganization), (C) the Borrower is performing in accordance with its business plan, and (D) with respect to the Additional NM Loans made pursuant to clause (y) above, (1) the commercial operation of the Clipper Project has been
achieved and (2) the amount of Liquidity at the time of delivery of such certificate, prior to giving effect to such Borrowing, is less than $20,000,000. The proceeds of such Additional NM Loans shall be used solely to fund expenses approved by
the Required Lenders and set forth in the DIP Budget. 
 After giving effect to each Borrowing, (A) the aggregate principal
amount of all NM Loans, other than the Interim Order Loans, then outstanding shall not exceed the aggregate Commitments of all the Lenders, and (B) each Lender’s pro rata share of the aggregate principal amount of all NM Loans, other than

  
 - 4 -

 
the Interim Order Loans, then outstanding shall not exceed such Lender’s Commitment. Proceeds of each NM Loan made pursuant to this Agreement shall be remitted to the Collateral Account and,
so long as no Default exists or would result, shall be available, for withdrawal by the Borrower on a weekly basis to fund, subject to variances permitted under Section 8.19, expenses in accordance with the DIP Budget or the relevant Project
Budget, pursuant to Section 2.03.” 
 (j) Section 2.03(a) of the Credit Agreement is hereby amended by
(i) deleting in sub-clause (iii) thereof the text “and” where it appears immediately after the semi-colon, (ii) adding in sub-clause (iv) thereof the text “and” immediately after the semi-colon and
(iii) adding the following new sub-clause (v): 
 “(v) whether the Second Amendment Additional Interest
with respect to such Borrowing will be paid in cash or paid in kind by being capitalized and added to the principal amount of the Loan;” 
 (k) Section 2.03(d) of the Credit Agreement is hereby amended by deleting the provision in its entirety and replacing it with the following revised Section 2.03(d): 

“(d) Requests for Withdrawals. The Borrower may deliver to the Administrative Agent a Withdrawal Notice no later than 12:00
noon (New York time) on Wednesday of each week or at such other time as may be agreed to by the Administrative Agent in its reasonable discretion. If such Withdrawal Notice is delivered prior to the delivery to the Administrative Agent and the
Lenders of the Clipper Project Budget in accordance with the terms of this Agreement and is made to fund Clipper Project expenditures, then such Withdrawal Notice shall include a reasonably detailed list of all Clipper Project expenditures intended
to be funded with the proceeds of such withdrawal and shall otherwise be in compliance with Section 2.03(e) (a “Clipper Withdrawal Notice”). Upon receipt of a Clipper Withdrawal Notice, the Administrative Agent shall promptly
post such Clipper Withdrawal Notice for review and, with respect to Clipper Project expenditures in excess of $100,000, approval by the Required Lenders. Upon receipt by the Administrative Agent of approvals of the Lenders constituting the Required
Lenders, such Clipper Withdrawal Notice shall be deemed approved and the amounts requested thereunder shall (subject to the other provisions of this clause (d)), be disbursed to the Borrower. Upon the receipt of a Withdrawal Notice (and any
necessary approvals for Clipper Withdrawal Notices), the Administrative Agent shall transfer Loans in an aggregate principal amount equal to the amount specified in such Withdrawal Notice to the account of the Borrower specified in such Withdrawal
Notice (i) to fund expenses of the following week in accordance with the DIP Budget and to fund Clipper Project expenditures approved in the applicable Clipper Withdrawal Notice and (ii) following delivery to the Administrative Agent and
the Lenders of the Clipper Project Budget in accordance with the terms of this Agreement, to fund expenditures included in the Clipper Project Budget for the following week; provided that: (w) with respect to any withdrawal of proceeds of
Additional NM Loans, such withdrawal may only be made to the extent that 

  
 - 5 -

 
the amount of Unrestricted Cash on Hand as of such date does not exceed the amount of Liquidity required under Section 8.19(b)(ii), (x) after giving effect to each withdrawal, the
aggregate Cash Collateral held by the Borrower will not exceed (A) the amount necessary for the Borrower to fund all capital expenditures as scheduled on such Withdrawal Notice, (B) the amount necessary for the Borrower to continue in
operation pursuant to the terms of the DIP Budget (including fees, costs, and administrative expenditures), and (C) the amount of Liquidity required under Section 8.19(b)(ii), (y) immediately prior to making any withdrawal, no Event
of Default shall have occurred and be continuing at such time or would result from such withdrawal and (z) funds withdrawn shall be used solely to pay expenses in accordance with the DIP Budget or applicable Project Budget within permitted
variances. Each Withdrawal Notice shall contain a certification by the Borrower that the withdrawal request pursuant thereto complies, and the application of the funds so withdrawn will comply, with the terms of this Agreement in all respects, and
the Administrative Agent shall be entitled to conclusively rely on such certification, absent manifest error.” 
 (l)
Section 2.03 of the Credit Agreement is hereby amended by adding the following new clause (e) immediately after clause (d) contained therein: 
 “(e) The Borrower shall not be entitled to borrow Loans and withdraw amounts from the Collateral Account except to the extent requested and used to fund (i) amounts set forth in the DIP Budget
necessary for the Borrower to continue in operation (including, without limitation, (x) fees, costs and expenditures made in the administration of the Bankruptcy Case, and (y) amounts to pay and/or to be set aside in trust to satisfy all
applicable plugging and abandonment obligations and bonding requirements), and (ii) all administrative expenditures relating to work performed or goods or services delivered in connection with the Clipper Project in accordance with the Clipper
Project Budget prior to the delivery of a DIP Termination Declaration (as defined in the Interim Order); provided that each such Withdrawal Notice shall (A) include a detailed list of all expenditures intended to be funded with the
proceeds of such Borrowing or withdrawal, (B) to the extent such expenditures are not included in an approved Budget, be approved in writing by the Required Lenders, and (iii) contain a certification by the Borrower that, to the extent
such expenditures relate to the Clipper Project, such expenditures are necessary for the completion of the Clipper Project, could not be avoided or reduced by rejecting or modifying any contracts and that in the absence of such expenditures, the
Clipper Project would not be completed on time or on budget.” 

  
 - 6 -

 (m) Section 2.04(b) of the Credit Agreement is hereby amended by (i) deleting at
the end of sub-clause (iii) of the first sentence thereof the text “and” and replacing such text with a comma, (ii) adding at the end of sub-clause (iv) of the first sentence thereof the text “and” and
(iii) adding the following new sub-clause (v) immediately prior to the end of the first sentence: 

“(v) whether the Second Amendment Additional Interest with respect to such Borrowing will be paid in cash or paid in
kind by being capitalized and added to the principal amount of the Loan” 
 (n) Section 2.06(a) of the Credit
Agreement is hereby amended by deleting the provision in its entirety and replacing it with the following revised Section 2.06(a): 
 “(a) The Commitments of the Lenders with respect to: 
 (i)
the Subsequent Clipper Project Amount shall automatically terminate upon the earlier of (A) the date that is thirty-five (35) days after the Closing Date if the Subsequent Clipper Availability Date has not occurred as of such date or
(B) the making of the NM Loans allocable to such amount on the Subsequent Clipper Availability Date; 

(ii) the Final Clipper Project Amount, shall automatically terminate upon the earliest to occur of (A) the date that
is thirty-five (35) days after the entry of the Interim Order if the Final Order has not been entered as of such date and the Subsequent Clipper Availability Date has not occurred by such date, or (B) the making of the NM Loans allocable
to such amount on the Final Clipper Availability Date; 
 (iii) the Additional DIP Budget Amount shall
automatically terminate upon the earliest of (A) the date that is thirty-five (35) days after the entry of the Interim Order if the Final Order has not been entered as of such date, (B) December 14, 2012 if the Additional DIP
Budget Availability Date has not occurred as of such date or (C) the making of the Additional DIP Budget Loans on the Additional DIP Budget Availability Date; 

(iv) the Final DIP Budget First Tranche Amount shall automatically terminate upon the earliest to occur of
(A) January 2, 2013 if the applicable Final DIP Budget Availability Date has not occurred by such date and (B) the making of the NM Loans allocable to such amount on the applicable Final DIP Budget Availability Date; 

(v) the Final DIP Budget Second Tranche Amount shall automatically terminate upon the earliest to occur of
(A) February 15, 2013 if the second Final DIP Budget Availability Date has not occurred by such date and (B) the making of the NM Loans allocable to such amount on the second Final DIP Budget Availability Date; 

(vi) the Additional NM Loans First Tranche Amount shall automatically terminate upon the earliest of
(A) February 15, 2013 and (B) the date on which the NM Loans allocable to such amount are made; and 
 (vii) the Additional NM Loans Second Tranche Amount shall automatically terminate upon the earliest of (A) March 1, 2013 and (B) the date on which the NM Loans allocable to such amount are
made.” 

  
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 (o) Section 3.02 of the Credit Agreement is hereby amended by deleting clause
(d) therein and replacing it with the following clause (d): 
 “(d) Interest Payment Dates,
etc. On the Interest Payment Date applicable to each Loan (i) Additional Interest shall be paid in kind on such date by being capitalized and added to the principal amount of such Loan, (ii) Second Amendment Additional Interest shall,
pursuant to the election of the Borrower provided in accordance with Section 2.03(a), Section 2.04(b) or as the Administrative Agent may otherwise request, be paid in cash on such date or paid in kind on such date by being capitalized and
added to the principal amount of such Loan, and (iii) the remaining interest accrued thereon shall be payable in cash on such date. Once so paid, Additional Interest and Second Amendment Additional Interest, to the extent paid in kind, shall
constitute principal of the Loans for all purposes under this Agreement. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error.” 
 (p) Section 3.04 of the
Credit Agreement is hereby amended by deleting clause (c)(i)(E) therein and replacing it with the following clause (c)(i)(E): 
 “(E) any transaction described in clause (ix) of the definition of Asset Disposition made by ATP Netherlands, the Borrower shall prepay the Loans, the Prepetition Hedge Obligations (to the
extent required under the MBL Agreement) and/or permanently reduce the Commitments in accordance with Section 3.04(c)(iv) to the extent of any distributions, dividends or other amounts received by the Borrower from ATP Netherlands in connection
with such transaction, including, without limitation, the repayment of intercompany advances, net of any taxes actually paid or required to be paid in cash as a result of such transfer after giving effect to the utilization of tax attributes.”

 (q) Section 3.04 of the Credit Agreement is hereby amended by deleting clause (c)(ii) therein and replacing it with the
following clause (c)(ii): 
 “(ii) Commencing March 15, 2013 and continuing on the fifteenth day of
each month thereafter, the Borrower shall prepay the Loans in an amount equal to the amount by which (x) all Unrestricted Cash on Hand of the Borrower at such date, net of any escrowed funds (provided that if Total Cash Flow over the
following four-week period as set forth in the DIP Budget at such time shows a net outflow of cash during such period, either at the end of any week within such period or in the aggregate during such period, an amount equal to the greatest net cash
usage at the end of any such week or at the end of such period, will be deducted from such amount of Unrestricted Cash on Hand so long as such amount is deposited in the Collateral Account, it being understood that such amounts shall be available
for withdrawal for use pursuant to Sections 2.03(d) and (e) in accordance with the DIP Budget) exceeds (y) $30,000,000. All such payments will be applied (A) first to the NM Loans until paid in full and (B) thereafter to
Refinancing Loans until paid in full.” 

  
 - 8 -

 (r) Section 3.05(e) of the Credit Agreement is hereby amended by replacing the numeral
“(i)” immediately prior to the words “the payment in full” with the numeral “(ii)”. 
 (s)
Section 7.16(b) of the Credit Agreement is hereby amended by deleting the provision in its entirety and replacing it with the following: 
 “(b) All material licenses, leases and agreements necessary for the conduct of the business of the Credit Parties and the Restricted Subsidiaries are valid and subsisting, in full force and effect,
and, except for the failure to make the royalty payments set forth on Schedule 7.07, there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or
leases, which could reasonably be expected to have a Material Adverse Effect.” 
 (t) Section 8.01(b) of the Credit
Agreement is hereby amended by (i) deleting the first two sentences therein in their entirety and (ii) deleting in the third sentence thereof the text “In the event that the Borrower is no longer required to file such reports,
documents and information with the SEC pursuant to the Exchange Act, the” and substituting in lieu thereof the text “The”. 
 (u) Section 8.01(e)(iv) of the Credit Agreement is hereby amended by replacing the text “Additional DIP Budget Availability Date” with the text “second Final DIP Budget Availability
Date”. 
 (v) Section 8.01(e)(vi) of the Credit Agreement is hereby amended by replacing the word “first”
immediately prior to the words “Business Day” with the word “third”. 
 (w) Section 8.18 of the Credit
Agreement is hereby amended by deleting the provision in its entirety and replacing it with the following revised Section 8.18: 
 “SECTION 8.18 Commodity Agreements. The Borrower shall have entered into, on or before October 26, 2012, with respect to swaps, and on or before December 10, 2012, with respect to
puts, Commodity Agreements reasonably satisfactory to the Administrative Agent and the Required Lenders covering at least 50% of the oil and gas that is attributable to the Borrower’s net revenue interest share of production projected to be
produced for a period of between 6 and 12 months from the Closing Date, so long as the establishment costs relating to such commodity hedging arrangements shall at no time exceed in the aggregate $3,000,000. Such commodity hedging transactions
may include collars for volumes attributable to 50% of the Borrower’s interest in production, net of volumes attributable to lessors’ royalties, Production Payments and Reserve Sales; and puts for volumes attributable to 50% of the
Borrower’s net revenue interest in production.” 

  
 - 9 -

 (x) Section 8.19 of the Credit Agreement is hereby amended by deleting the provision in
its entirety and replacing it with the following revised Section 8.19: 
 “SECTION 8.19 Financial
Covenants. 
 (a) Monthly Measurement. The Borrower shall comply with the following financial
covenant and to evidence such compliance, shall provide to the Administrative Agent and each Lender not later than three (3) Business Days after receipt by the Borrower of the buyer remittance reports relating to the month then ended, but in no
event more than 30 days after the end of the prior month, a certificate of a Financial Officer evidencing that, when measured as of the end of the such month, the Borrower has produced no less than the BOE per day (on a monthly average basis)
specified on Schedule 8.19 for such month, as such Schedule may be revised from time to time with the consent of the Required Lenders to adjust such amounts to reflect the sale of assets permitted hereunder; provided that all such
minimum amounts shall be adjusted on a reasonable basis for a period not to exceed sixty (60) days based on outages due to Acts of God. 
 (b) Weekly Measurements. The Borrower shall comply with the following financial covenants and to evidence such compliance, shall provide to the Administrative Agent and each Lender at the close of
business on the second Business Day of each week (or, in the case of clause (i) below, within five (5) Business Days after the end of each week), a certificate of a Financial Officer evidencing that, when measured as of the end of the
prior week: 
 (i) the Credit Parties have produced a minimum production of BOE per day (on a rolling four-week
average basis) of not less than the amount specified on Schedule 8.19 for such rolling four-week period, as such Schedule may be revised from time to time with the reasonable consent of the Required Lenders to adjust such amounts to reflect the
sale of assets permitted hereunder; provided, however, that the Borrower shall not be deemed to have breached this financial covenant unless the Borrower fails to comply for two consecutive testing periods; and
provided further that all such minimum amounts shall be adjusted on a reasonable basis for a period not to exceed sixty (60) days based on outages due to Acts of God; 

(ii) at all times from and after the entry of the Final Order, the Credit Parties have Liquidity of no less than
$20,000,000; provided that Liquidity shall include the accounts receivable associated with the initial revenue payments made during the period from February 15, 2013 through March 31, 2013 from the “first party purchasers”
associated with the initial period of production from the Clipper Project; 
 (iii) the Credit Parties’
expenditures for those line items highlighted in yellow on Exhibit D-1 for such week have complied with the DIP Budget or, as applicable, the relevant Project Budget, within a variance of: (A) 10% with respect to Capital Expenditures on a line
item and aggregate basis (B) 10% with respect to general and administrative expenditures on an aggregate basis (C) 10% with respect to Total Financing Disbursements on an aggregate basis and (D) 20% with respect to all other
expenditures highlighted in yellow on Exhibit D-1 on a line item basis and (E) for 10% with respect to each week’s Total Weekly Disbursements (meaning all expense line items) on an aggregate basis; and 

  
 - 10 -

 (iv) without limiting clause (iii) above, the aggregate amount of the
Borrower’s outstanding accounts payable (based on the accounts payable account within the Borrower’s general ledger) as of the end of such week does not exceed the amount specified in the Budgets.” 

(y) Section 8.20 of the Credit Agreement is hereby amended by deleting the provision in its entirety and replacing it with the
following revised Section 8.20: 
 “SECTION 8.20 Post-Closing Deliveries. 

(a) On or before November 15, 2012, or such later date as the Required Lenders shall determine in their sole and
absolute discretion, deliver to the Administrative Agent (who shall promptly deliver copies of the same to the Lenders) versions of Schedules P-1 and 9.11 that include descriptions of all agreements (and, with respect to Schedule P-1, Liens granted)
giving rise to the payments and transfers set forth in the “Divisions of Interests” delivered as Schedules P-1 and 9.11 as of the Closing Date. 
 (b) On or before December 10, 2012, or such later date as the Required Lenders shall determine in their sole and absolute discretion, deliver to the Collateral Agent (i) all of the Security
Instruments, duly executed by the Borrower, (ii) opinions of counsel (including applicable local counsel) with respect to the Security Instruments and (iii) certificates or other applicable instruments evidencing any stock or promissory
notes pledged pursuant to the Security Instruments, together with applicable executed stock powers and allonges. 
 (c) The Administrative Agent may grant, in its sole and absolute discretion, an extension of five Business Days from December 10, 2012, or any later date determined by the Required Lenders, for the
deliveries required by this Section.” 
 (z) Article VIII of the Credit Agreement is hereby amended by adding the following
new Section 8.21 immediately after Section 8.20 contained therein: 
 “SECTION 8.21 Lien
Identification Process. On or before December 17, 2012, the Borrower shall file with the Bankruptcy Court and serve upon all creditors a Lien Identification Process Motion requesting the Bankruptcy Court to approve a process requiring all
statutory Lien claimants to file with the Bankruptcy Court a statement of any Lien claims for prepetition services along with a statement of, and evidence of, the date to which the claimant asserts that any Lien rights relate back. Such motion shall
be set for hearing on or before January 10, 2013. The motion and any order thereon will further provide that Lien claimants will have 60 days from the entry of the order to file such statements and that the failure to file such statements will
result in any Lien being subordinated to Liens created under the Loan Documents pursuant to 11 U.S.C. 510(c).” 

  
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 (aa) Section 9.02 of the Credit Agreement is hereby amended by adding the following new
clause (k) immediately after clause (j) contained therein: 
 “(k) Debt incurred in connection with the financing
of insurance premiums in the ordinary course of business; provided that the aggregate amount of such Debt does not exceed $7,000,000 and the installment payments relating to such Debt are specifically provided for in the DIP Budget.”

 (bb) Section 9.07(b) of the Credit Agreement is hereby amended by deleting the provision in its entirety and replacing
it with the following revised Section 9.07(b): 
 “(b) no Capital Expenditures with respect to the Gomez #9 Project
may be made; provided that commencing as of December 1, 2012, Capital Expenditures with respect to the Gomez #9 Project may be made for project planning (surveys, assessments, geological testing, etc.) in an aggregate amount of up to
$1,000,000, and at the reasonable discretion of the Required Lenders, up to an additional aggregate amount of $1,000,000.” 

(cc) Section 9.11 of the Credit Agreement is hereby amended by (i) deleting in clause (b) thereof the text “and”
where it appears immediately after the semi-colon, (ii) deleting in clause (c) thereof the period contained therein and substituting in lieu thereof the text “; and” and (iii) adding the following new clause (d): 

“(d) The sale of all of the Borrower’s shelf properties, or any portion thereof on a block by block basis, as
such allocation of property in relation to such sale may be determined by the Borrower in its business judgment with respect to the applicable purchaser, to one or more unaffiliated third parties on arm’s length terms, so long as such sale
includes a release of all corresponding bonding requirements applicable to such shelf properties or each such block, as applicable (or, if less than all corresponding bonding requirements, with the consent of the Required Lenders), and an
indemnification from the purchaser with respect to any plugging and abandonment obligations associated with such properties or block, as applicable (or, if less than all corresponding bonding requirements, with the consent of the Required Lenders),
and the Required Lenders have approved the reasonableness of the terms of sale, such approval not to be unreasonably withheld. To the extent any such sale is consummated, in addition to any other prepayment required pursuant to
Section 3.04(c)(i)(A), (i) the Loans shall be prepaid (to the extent funds are actually received by the Borrower) and/or (ii) the Commitments shall be permanently reduced, in either case in an amount equal to the corresponding amount
of the plugging and abandonment obligations that have been indemnified and the bonding requirements that have been released, and any such amounts received from or in connection with such sale shall be applied in accordance with
Section 3.04(c)(i)(A); provided that any such prepayments shall be reduced for any projected loss of net revenue from the period commencing on the proposed 

  
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approval date for such sale through April 30, 2013 (or such earlier date when the Deepwater Properties Sale has been consummated or an Approved Plan has been confirmed), which is estimated
to be no more than $1,625,000 in the aggregate for such period.” 
 (dd) Section 10.01 of the Credit Agreement is
hereby amended by adding the following new clauses (aa) and (bb) at the end of such Section: 
 “(aa) the Borrower fails to
achieve commercial operation of the MC 942 S-Sand well by January 2, 2013. 
 (bb) the Borrower fails to achieve commercial
operation of the Clipper Project by March 1, 2013.” 
 (ee) Section 11.09 of the Credit Agreement is hereby
amended by adding the following paragraph at the end of such Section: 
 “The Lenders hereby irrevocably authorize the
Collateral Agent, based upon the instruction of the Required Lenders, to (i) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof conducted
under the provisions of the Bankruptcy Code, including under Section 363 of the Bankruptcy Code or any similar laws in any other jurisdictions to which the Borrower is subject, or (ii) credit bid and in such manner purchase (either
directly or through one or more acquisition vehicles) all or any portion of the Collateral at any other sale or foreclosure conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in
accordance with applicable law. The Lenders further agree that, in connection with any such credit bid and purchase, the indebtedness hereunder and under any other Loan Document, together with the Prepetition Hedge Obligations (collectively, the
“Secured Obligations”), owed to the Lenders shall be entitled to be, and shall be, credit bid on a ratable basis and the Lenders whose Secured Obligations are credit bid shall be entitled to receive interests (ratably based upon the
proportion of their Secured Obligations credit bid in relation to the aggregate amount of Secured Obligations so credit bid) in the asset or assets so purchased (or in the equity interests of the acquisition vehicle or vehicles that are used to
consummate such purchase). The Borrower hereby acknowledges and consents to the foregoing authorization. Except as provided above and otherwise expressly provided for herein or in the other Loan Documents, the Collateral Agent will not execute and
deliver a release of any Lien on any Collateral. Upon request by the Collateral Agent or the Borrower at any time, the Lenders will confirm in writing the Collateral Agent’s authority to release any such Liens on particular types or items of
Collateral pursuant to this Section 11.09.” 
 (ff) Schedule 8.19 of the Credit Agreement is hereby amended by
deleting the current schedule and replacing it with the revised Schedule 8.19 attached to this Amendment. 

  
 - 13 -

 (gg) Schedule 10.01 of the Credit Agreement is hereby amended by deleting the current
schedule and replacing it with the revised Schedule 10.01 attached to this Amendment. 
 (hh) Exhibit W-2 of the Credit
Agreement is hereby amended by deleting the current Exhibit and replacing it with the revised Exhibit W-2 attached to this Amendment. 
 SECTION 3. Final Order. The Borrower hereby agrees to comply with all applicable requirements of the Final Order with respect to this Amendment. 

SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower
hereby represents and warrants to each Lender and to the Administrative Agent that, after giving effect to this Amendment: 

(a) the representations and warranties of each Loan Party contained in any Loan Document are true and correct in all material respects on
and as of the Amendment Effective Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties are
true and correct in all material respects on and as of such earlier date; 
 (b) as of the Amendment Effective Date (after
giving effect to this Amendment), no Default or Event of Default has occurred and is continuing; 
 (c) the Amendment is
(i) in accordance with the DIP Documents (as defined in the Final Order), (ii) beneficial to the Borrower and (iii) not prejudicial in any material respect to the rights of third parties; and 

(d) attached hereto as Annex 1 is a true, correct and complete copy of the updated DIP Budget, which DIP Budget shall be effective from
and after the Amendment Effective Date. 
 SECTION 5. Conditions to Effectiveness. This Amendment shall become
effective on and as of the date on which each of the following conditions precedent is satisfied in full (such date, the “Amendment Effective Date”): 
 (a) The Administrative Agent (or its counsel) shall have received duly executed counterparts hereof that, when taken together, bear the authorized signatures of the Borrower and the Required Lenders.

 (b) The Administrative Agent and the Lenders shall have received all amounts due and payable on or prior to the Amendment
Effective Date, including reimbursement or payment of all expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document. 
 (c) The Borrower shall have complied with all applicable requirements of the Final Order. 
 (d) The Borrower shall have received approval from the Bankruptcy Court to enter into this Amendment. 

  
 - 14 -

 (e) The Required Lenders shall have received a revised DIP Budget and Clipper Project
Budget, each in form and substance satisfactory to the Required Lenders in their sole discretion. 
 (f) The Borrower shall have
provided the professionals for the Administrative Agent and the Lenders (i) all of the information that such professionals have requested from the Borrower (other than information that is subject to later delivery in accordance with the
milestones set forth on Schedule 10.01 to the Credit Agreement), (ii) a complete list of the information that Jefferies & Co. has requested from the Borrower in connection with the preparation of the Shelf Properties Marketing
Materials, including any supplements thereto, (iii) at least one day to review such list and the opportunity to supplement such list by requesting the Borrower provide Jefferies & Co. with additional information to be included in the
Shelf Properties Marketing Materials, (iv) confirmation that all information requested by Jefferies & Co., as supplemented by such professionals, has been delivered to Jefferies & Co. and (v) copies of all such
information. 
 (g) The Lenders shall have received an amendment fee, on a pro rata basis, in an amount equal to 1.00% of the
sum of the aggregate principal amount of all Loans and unfunded Commitments outstanding at such time, which fee shall be paid in kind by being capitalized and added to the principal amount of such Loans. 

SECTION 6. Effect of Amendment. Except as specifically waived or amended hereby, the Credit Agreement shall continue in
full force and effect in accordance with the provisions thereof as in existence on the date hereof. On and after the Amendment Effective Date, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby. This Amendment
shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION 7.
Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE BANKRUPTCY CODE. 
 SECTION 8. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall constitute an original but all of which when taken together shall constitute but
one agreement. Delivery of an executed signature page to this Amendment by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually signed counterpart of this Amendment.

 SECTION 9. Headings. The Section headings used herein are for convenience of reference only, are not part of
this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

[Remainder of page intentionally left blank] 

  
 - 15 -

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

			
	 ATP OIL & GAS CORPORATION, 
 as debtor and debtor-in-possession,

		
	    by	 	 /s/ Albert L. Reese, Jr.

		 	  Name: Albert L. Reese, Jr.
		 	  Title: Chief Financial Officer and Treasurer

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as a Lender, as Collateral Agent and
as Administrative Agent,
		
	    by	 	 /s/ Megan Kane

		 	  Name: Megan Kane
		 	  Title: Authorized Signatory
		
	    by	 	 /s/ Didier Siffer

		 	  Name: Didier Siffer
		 	  Title: Authorized Signatory

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 Credit Suisse AG, Cayman Islands Branch
	 	,
				
		 	        by	 	 /s/ Megan Kane
	 	
		 		 	  Name: Megan Kane	 	
		 		 	  Title: Authorized Signatory	 	
		
		 	For any Lender requiring a second signature line:
				
		 	        by	 	 /s/ Didier Siffer
	 	
		 		 	  Name: Didier Siffer	 	
		 		 	  Title: Authorized Signatory	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 CREDIT SUISSE LOAN FUNDING LLC
	 	
				
		 	        by	 	 /s/ Robert Healy
	 	
		 		 	  Name: Robert Healy	 	
		 		 	  Title: Authorized Signatory	 	
		
		 	For any Lender requiring a second signature line:
				
		 	        By	 	 /s/ Michael Wotanowski
	 	
		 		 	  Name: Michael Wotanowski	 	
		 		 	  Title: Authorized Signatory	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 MSD AND SLD CHARITABLE TRUSTS INVESTING PARTNERSHIP
	 	
				
		 	        by	 	 /s/ Marc R. Lisker
	 	
		 		 	  Name: Marc R. Lisker	 	
		 		 	  Title: Authorized Signatory	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 TINTORETTO INVESTMENTS, LLC
	 	
				
		 	        by	 	 /s/ Marc R. Lisker
	 	
		 		 	  Name: Mark R. Lisker	 	
		 		 	  Title: General Counsel	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 DOUBLE MAKO INVESTMENTS, LLC
	 	
				
		 	        by	 	 /s/ Marc R. Lisker
	 	
		 		 	  Name: Mark R. Lisker	 	
		 		 	  Title: General Counsel	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 AUSTIN I LLC
	 	
				
		 	        by	 	 /s/ Marc R. Lisker
	 	
		 		 	  Name: Marc R. Lisker	 	
		 		 	  Title: General Counsel	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 MSD CREDIT OPPORTUNITY MASTER FUND, L.P.
	 	
				
		 	        by	 	 /s/ Marc R. Lisker
	 	
		 		 	  Name: Mark R. Lisker	 	
		 		 	  Title: Managing Director	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 KLS DIVERSIFIED MASTER FUND LTD
	 	
				
		 	        by	 	 /s/ Michael P. Zarrilli
	 	
		 		 	  Name: Michael P. Zarrilli	 	
		 		 	  Title: Partner and COO	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 KLS DIVERSIFIED MASTER FUND LTD
	 	
				
		 	        by	 	 /s/ Michael P. Zarrilli
	 	
		 		 	  Name: Michael P. Zarrilli	 	
		 		 	  Title: Partner and COO	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 KLS FOCUS PERFORMANCE FUND LTD
	 	
				
		 	        by	 	 /s/ Michael P. Zarrilli
	 	
		 		 	  Name: Michael P. Zarrilli	 	
		 		 	  Title: Partner and COO	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 KLS DIVERSIFIED MASTER FUND LTD
	 	
				
		 	        by	 	 /s/ Michael P. Zarrilli
	 	
		 		 	  Name: Michael P. Zarrilli	 	
		 		 	  Title: Partner and COO	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 FORTRESS CREDIT INVESTMENTS I LTD
	 	
				
		 	        by	 	 /s/ Constantine M. Dakolis
	 	
		 		 	  Name: Constantine M. Dakolis	 	
		 		 	  Title: Director	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 FORTRESS CREDIT INVESTMENTS II LTD
	 	,
				
		 	        by	 	 /s/ Constantine M. Dakolis
	 	
		 		 	  Name: Constantine M. Dakolis	 	
		 		 	  Title: Director	 	

 
							
		 	SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE, IN RESPECT OF THE SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AGREEMENT DATED AS OF AUGUST 29, 2012, AMONG ATP OIL & GAS CORPORATION, AS DEBTOR AND DEBTOR-IN-POSSESSION, THE LENDERS FROM TIME TO TIME PARTY THERETO AND CREDIT SUISSE AG, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
			
	Lender Name:	 	 FORTRESS CREDIT OPPORTUNITIES I LP
	 	
				
		 	        By	 	 FORTRESS CREDIT OPPORTUNITIES I GP, its general partner
	 	
				
		 	        By	 	 /s/ Constantine M. Dakolias
	 	
		 		 	  Name: Constantine M. Dakolias	 	
		 		 	  Title: President	 	

 Schedule 1 
 Existing Defaults 
 1. The Event of Default under Section 10.01(d) of the Credit
Agreement as a result of the failure of the Borrower to comply with Section 8.20 of the Credit Agreement by failing to deliver to the Administrative Agent, on or before the date that is thirty (30) days after the date of the Credit
Agreement, (a) versions of Schedules P-1 and 9.11 that include descriptions of all agreements (and, with respect to Schedule P-1, Liens granted) giving rise to the payments and transfers set forth in the “Divisions of Interests”
delivered as Schedules P-1 and 9.11 as of the Closing Date; and (b) (i) all of the Security Instruments, duly executed by the Borrower, (ii) opinions of counsel (including applicable local counsel) to the Borrower with respect to the
Security Instruments and (iii) certificates or other applicable instruments evidencing any stock or promissory notes pledged pursuant to the Security Instruments, together with applicable executed stock powers and allonges. 

2. The Event of Default under Section 10.01(d) of the Credit Agreement as a result of the failure of the Borrower to comply with Section 8.18
of the Credit Agreement by failing to have entered into Commodity Agreements reasonably satisfactory to the Administrative Agent and the Required Lenders no later than 15 Business Days after the date that the Final Order is entered. 

3. The Event of Default under Section 10.01(o) of the Credit Agreement as a result of the failure of the Borrower to prepare a data room and begin
dissemination of an information memorandum to a list of potential interested parties on or before the date that is 20 days after the first occurrence of a Specified Event, which occurred on October 9, 2012. 

4. The Event of Default under Section 10.01(d) of the Credit Agreement as a result of the failure of the Borrower to comply with
Section 8.19(b)(i) of the Credit Agreement by failing to have produced a minimum production of BOE per day (on a rolling four-week average basis) of not less than the amount specified on Schedule 8.19 of the Credit Agreement for such rolling
four-week period, for the weeks beginning November 12, 2012 and November 19, 2012. 

 SCHEDULE 8.19 
 Minimum Monthly Average and 
 Rolling Four-Week Average of Barrels of Oil Equivalent
Per Day 
 See attached. 

 SCHEDULE 10.01 
 Milestones 
 A. With respect to the sale of the Borrower’s shelf properties and related
assets (the “Shelf Properties Sale”): 
  

					
	 Due Date
	  	 Milestone

			
	(a)	  	On or prior to November 26, 2012	  	The professionals for the Administrative Agent and the Lenders shall have received (i) an updated offering memorandum with all pending exhibits and slides completed, an offering
teaser (if applicable), a process letter, a draft confidentiality agreement and any other introductory materials (collectively, the “Shelf Properties Marketing Materials”), (ii) a list of potential buyers (the “Shelf
Properties Potential Buyers”), and (iii) any available internal process schedules or materials, to the extent that they are more detailed than the sale process timeline set forth in the Credit Agreement. The professionals for the
Administrative Agent and the Lenders shall have the right to request revisions to any such Shelf Properties Marketing Materials and other information.
			
	(b)	  	On or prior to November 30, 2012	  	The Borrower shall have (i) prepared a data room and begun dissemination of the Shelf Properties Marketing Materials to the Shelf Properties Potential Buyers, which Shelf
Properties Marketing Materials shall include all revisions and updates thereto that have been requested by the Administrative Agent’s and the Lenders’ professionals, and (ii) provided the professionals for the Administrative Agent and the
Lenders an index listing all documents posted in, and access to, such data room.
			
	(c)	  	On or prior to December 7, 2012	  	The Borrower shall have provided the Lenders with copies of a draft Asset Purchase Agreement and disclosure schedules thereto (collectively, the “Shelf Properties
Purchase Agreement”) and a draft Bid Procedures and Sale Motion.

					
	 Due Date
	  	 Milestone

			
	(d)	  	 On or prior to January
 8, 2013
	  	The Borrower shall have filed with the Bankruptcy Court a motion (the “Shelf Properties Sale Motion”) to sell substantially all of its shelf properties and
related assets, which sale may be structured to include the possibility of sales of separate parcels to different buyers, either to a stalking horse or in an open auction process, in each case on terms acceptable to the Required Lenders (including,
without limitation, any terms to the Shelf Properties Purchase Agreement and Bid Procedures and Sale Motion that have been modified from the drafts initially provided to the Lenders, it being understood that any such Bid Procedures may include
provision for a work fee in an amount to be agreed for a limited number of bona fide qualified bidders), unless by such date the Borrower has filed a plan and disclosure statement for a plan providing for payment in full in cash of the Indebtedness
(including committed financing for implementation of such plan) or otherwise approved by the Required Lenders (an “Approved Plan”).
			
	(e)	  	On or before January 24, 2013	  	The Bankruptcy Court shall have approved Bid Procedures acceptable to the Required Lenders in respect of the Shelf Properties Sale Motion (unless an Approved Plan has been
filed).
			
	(f)	  	On or before February 26, 2013	  	The auction for the Shelf Properties Sale shall have commenced.
			
	(g)	  	On or before February 28, 2013	  	The Bankruptcy Court shall have approved the Shelf Properties Sale, unless an Approved Plan has been filed and the disclosure statement with respect thereto has been approved. In
the event that there is no qualified purchaser or purchasers for certain assets following the auction and the Lenders have not elected to credit bid for such assets, there shall be no Default or Event of Default as a result of failing to satisfy
this milestone.
			
	(h)	  	On or before March 15, 2013	  	The Borrower shall have consummated the Shelf Properties Sale with the purchaser approved by the Court, if any, unless an Approved Plan has been filed and the disclosure
statement with respect thereto has been approved; provided that such date may be extended by up to an additional four weeks solely to the extent such extension is necessary to obtain government or other approvals in connection with such sale
and all approval of transfer requests and other filings in connection with such approvals have been made on or prior to March 4, 2013.

 B. With respect to the sale of all of the Borrower’s deepwater properties and related assets, which
will include, subject to the consummation of the Shelf Properties Sale, the shelf properties to provide an option for a collective sale of all of the Borrower’s properties, and may be structured to include the possibility of sales of separate
parcels to separate purchasers (the “Deepwater Properties Sale”): 
  

					
	 Due Date
	  	 Milestone

			
	(a)	  	On or prior to November 27, 2012	  	The professionals for the Administrative Agent and the Lenders shall have received an updated list of information that Jefferies & Co. has requested from the Borrower in
connection with the preparation of the Deepwater Properties Marketing Materials (as defined below) that includes any additional information such professionals have requested be included in such materials.
			
	(b)	  	On or prior to December 10, 2012	  	The professionals for the Administrative Agent and the Lenders shall have received (i) a confirmation from the Borrower that all remaining information in connection with the
preparation of the Deepwater Properties Marketing Materials requested by Jefferies & Co., as supplemented by such professionals, has been delivered to Jefferies & Co. and (ii) copies of all such remaining information.
			
	(c)	  	On or prior to December 12, 2012	  	The professionals for the Administrative Agent and the Lenders shall have received (i) an updated offering memorandum with all pending exhibits and slides completed, an offering
teaser (if applicable), a process letter, a draft confidentiality agreement and any other introductory materials (collectively, the “Deepwater Properties Marketing Materials”), (ii) a list of potential buyers (the “Deepwater
Properties Potential Buyers”), and (iii) a sale process timeline as well as any available internal process schedules or materials, to the extent that they are more detailed than the sale process timeline set forth in the Credit Agreement.
The professionals for the Administrative Agent and the Lenders shall have the right to request revisions to any such Deepwater Properties Marketing Materials and other information.
			
	(d)	  	On or prior to December 14, 2012	  	The Borrower shall have (i) prepared a data room and begun dissemination of the Deepwater Properties Marketing Materials to the Deepwater Properties Potential Buyers, which
Deepwater Properties Marketing Materials shall include all revisions and updates thereto that have been requested by the Administrative Agent’s and the Lenders’ professionals, and (ii) provided the professionals for the Administrative
Agent and the Lenders an index listing all documents posted in, and access to, such data room.

					
	 Due Date
	  	 Milestone

			
	(e)	  	On or prior to December 21, 2012	  	The Borrower shall have provided the Lenders with copies of a draft Asset Purchase Agreement and disclosure schedules thereto (collectively, the “Deepwater Properties
Purchase Agreement”) and a draft Bid Procedures and Sale Motion.
			
	(f)	  	On or prior to January 22, 2013	  	The Borrower shall have filed with the Bankruptcy Court a motion (the “Deepwater Properties Sale Motion”) to sell substantially all of its deepwater properties
and related assets, which sale may be structured to include the possibility of sales of separate parcels to different buyers, either to a stalking horse or in an open auction process, in each case on terms acceptable to the Required Lenders
(including, without limitation, any terms to the Deepwater Properties Purchase Agreement and Bid Procedures and Sale Motion that have been modified from the drafts initially provided to the Lenders, it being understood that any such Bid Procedures
may include provision for a work fee in an amount to be agreed for a limited number of bona fide qualified bidders), unless by such date the Borrower has filed an Approved Plan.
			
	(g)	  	On or before February 14, 2013	  	The Bankruptcy Court shall have approved Bid Procedures acceptable to the Required Lenders in respect of the Deepwater Properties Sale Motion (unless an Approved Plan has been
filed). To the extent such approved Bid Procedures include a stalking horse that intends to purchase the Borrower’s shelf properties and related assets in addition to the Borrower’s deepwater properties and related assets, the milestones
regarding the Shelf Properties Sale shall no longer be applicable.
			
	(h)	  	On or before March 26, 2013	  	The auction for the Deepwater Properties Sale shall have commenced.
			
	(i)	  	On or before March 28, 2013	  	The Bankruptcy Court shall have approved the Deepwater Properties Sale, unless an Approved Plan has been filed and the disclosure statement with respect thereto has been
approved.
			
	(j)	  	On or before April 11, 2013	  	The Borrower shall have consummated the Deepwater Properties Sale, unless an Approved Plan has been filed and the disclosure statement with respect thereto has been approved;
provided that such date may be extended by up to an additional four weeks solely to the extent such extension is necessary to obtain government or other approvals in connection with such sale and all approval of transfer requests and other
filings in connection with such approvals have been made on or prior to April 2, 2013. Upon consummation of such sale, the Commitments and the Borrower’s use of Cash Collateral shall be terminated and the principal of and interest on each Loan
and all other amounts payable under the Loan Documents (other than contingent indemnification obligations) shall be due and payable.

 C. With respect to an Approved Plan: 

1. On or before February 21, 2013, to the extent an Approved Plan is filed, the Bankruptcy Court shall have approved the disclosure
statement for the Approved Plan. 
 2. On or before March 28, 2013, if the Borrower has filed an Approved Plan and the
disclosure statement therefor has been approved, the Approved Plan shall have been confirmed, and become effective no later than 15 days thereafter. 
 D. So long as the Shelf Properties Marketing Materials and the Deepwater Properties Marketing Materials have been disseminated and the Borrower is diligently pursuing the sale process, the Borrower has
the right to obtain an extension of any milestone occurring after January 1, 2013 for cause, the existence of which shall be determined solely by the Borrower and the Lenders (taking into account any reasonable adequate protection and other
concerns of the Lenders) and absent agreement on which, by the Bankruptcy Court, with only the Lenders and the Borrower (and no other parties in interest) having the right to file any motion with respect to such matter (and the Borrower and the
Lenders shall have the right to object to any other party in interest that seeks to be heard on such matter on grounds of standing or otherwise); provided that the cumulative amount of extensions with respect to any single milestone shall not
exceed four (4) weeks. To the extent the Borrower or the Lenders are unable to agree on whether cause exists for an extension, the Bankruptcy Court will hear such matter on an emergency basis, and the failure to meet the applicable milestone
shall not constitute a Default under this Agreement pending the Bankruptcy Court’s ruling on such matter. 

 Exhibit W-2 
 Form of Withdrawal Notice 
 See attached. 

 Annex 1 
 DIP Budget 
 See attached.

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