Document:

ex10_3.htm

  

  

  

Exhibit 10.3

 

CELANESE CORPORATION

2009 GLOBAL INCENTIVE PLAN

NONQUALIFIED STOCK OPTION AWARD AGREEMENT

DATED <<Grant Date>>

<<NAME>>

Pursuant to the terms and conditions of the Celanese Corporation 2009 Global Incentive Plan, you have been awarded Nonqualified Stock Options with respect to Celanese Common Stock, subject to the restrictions described in this Agreement:

Stock Option Award

<<# Shares>> Shares

This grant is made pursuant to the Nonqualified Stock Option Award Agreement dated as of <<Grant Date>>, between Celanese and you, which Agreement is attached hereto and made a part hereof.

 

  

  

  

CELANESE CORPORATION

2009 GLOBAL INCENTIVE PLAN

 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT

 

 

This Nonqualified Stock Option Award Agreement (the “Agreement”) is made and entered into effect as of <<Grant Date>> (the “Grant Date”) by and between Celanese Corporation, a Delaware corporation (the “Company”), and <<NAME>> (the “Participant”).  Capitalized terms used, but not otherwise defined, herein shall have the meanings ascribed to such terms in the Celanese Corporation 2009 Global Incentive Plan (as amended from time to time, the “2009 Plan”).

 

 

1. Grant of Option:  In order to encourage Participant’s contribution to the successful performance of the Company, the Company hereby grants to Participant as of the Grant Date, pursuant to the terms of the 2009 Plan and this Agreement, an award (the “Award”) of nonqualified stock options (the “Option”) to purchase all or any part of the number of Common Shares that are covered by such Option at the Exercise Price per share, in each case as specified below.  The Participant hereby acknowledges and accepts such Award upon the terms and subject to the performance requirements and other conditions, restrictions and limitations contained in this Agreement and the 2009 Plan.

 

	
Number of Common Shares Subject to Option

	
<<# Shares>>

	
Grant Date:

	
<<Grant Date>>

	
Exercise Price Per Share:

	
<<Exercise Price>>

	
Expiration Date:

	
<<Expiration Date>>

	
Vesting Schedule (each date on which a portion of the Option vests and become exercisable, a “Vesting Date”, and each period between the Grant Date and a Vesting Date, a “Vesting Period”)

	
<<Vesting Schedule>>

 

2. Non-Qualified Stock Option:  The Option is not intended to be an incentive stock option under Section 422 of the Code and this Agreement will be interpreted accordingly.

 

 

3. Exercise of Option:

 

 

(a) The Option shall not be exercisable as of the Grant Date.  After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in this Agreement or in the 2009 Plan, the Option shall be exercisable to the extent it becomes vested, as described in this Agreement, to purchase up to that number of Common Shares as set forth above, subject to the holding period requirements of Section 4 below and the Participant’s continued employment with the Company (except as set forth in Section 5(a) and 5(b) below).  The vesting period and/or exercisability of the Option may be adjusted by the Committee to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full time basis.

 

 

(b) To exercise the Option (or any part thereof), the Participant shall notify the Company and its designated stock plan administrator or agent, as specified by the Company (the “Administrator”), and indicate both (i) the number of whole shares of Common Stock the Participant wishes to purchase pursuant to such Option, and (ii) how the Participant wishes the shares of Common Stock to be registered (i.e. – in the Participant’s name or in the Participant’s and the Participant’s spouse’s name as community property or as joint tenants with rights of survivorship).

 

 

(c) The exercise price (the “Exercise Price”) of the Option is set forth in Section 1.  The Company shall not be obligated to issue any Common Shares until Participant shall have paid the total Exercise Price for that number of Common Shares.  The Exercise Price may be paid in any of the following forms, or in a combination thereof:  (i) cash or its equivalent, (ii) by means of tendering to the Company Common Shares owned by the Participant without reference to this Option, (iii) if there is a public market for the Common Shares at the time of exercise, subject to such rules as may be established by the Committee, through delivery of irrevocable instructions to a broker to sell the Common Shares otherwise deliverable upon the exercise of the Option and deliver promptly to the Company an amount equal to the aggregate Exercise Price, or (iv) any other method approved by the Committee.

 

 

(d) Common Shares will be issued as soon as practical following exercise of the Option.  Notwithstanding the above, the Company shall not be obligated to deliver any Common Shares during any period during which the Company determines that the exercisability of the Option or the delivery of Common Shares pursuant to this Agreement would violate any federal, state or other applicable laws.

 

 

4. Holding Period Requirement:

 

 

(a) Net Profit Shares (as defined below) acquired upon exercise of the Option must be held by the Participant until the earliest of (i) the first anniversary of the date of exercise, (ii) the Participant’s death or Disability or (iii) the occurrence of a Change in Control (the “Restrictions Lapse Date”).  In addition, Net Profit Shares are subject to forfeiture in connection with the termination of employment for “Cause” prior to the Restrictions Lapse Date as provided below.  Any attempt to sell, transfer, pledge, sign or otherwise alienate or hypothecate Net Profit Shares prior to completion of such period shall be null and void.

 

 

(b) As of the Grant Date of this Award, Morgan Stanley Smith Barney LLC (“Administrator”) has been engaged by the Company to provide record-keeping, administrative and brokerage services to participants in the 2009 Plan. In that regard, so long as Administrator remains engaged by the Company to provide those services, the Net Profit Shares shall be held in a brokerage account administered by Administrator during the period of non-transferability described in this Section 4. If the Company hereafter engages a new administrator to provide record-keeping, administrative and brokerage services as a successor to Administrator, the Participant agrees that such brokerage account shall be transferred to such successor administrator. BY ENTERING INTO THIS AGREEMENT, THE PARTICIPANT IS ALSO HEREBY ENTERING INTO THE INSTRUCTION LETTER WITH ADMINISTRATOR IN THE FORM ATTACHED HERETO AS EXHIBIT A, pursuant to which the Participant authorizes Administrator to follow any duly authorized instructions of the Company regarding the forfeiture of Net Profit Shares in accordance with Section 5 below. Administrator shall be a third-party beneficiary of this Agreement for purposes of relying on the provisions of this Agreement.

 

 

5. Effects of Certain Events:

 

 

(a) Upon the termination of Participant’s employment by Company without Cause or due to the Participant’s death or Disability, a prorated portion of the unvested portion of the Option will vest in an amount equal to (i) the unvested Option in each Vesting Period multiplied by (ii) a fraction, the numerator of which is the number of complete calendar months from the Grant Date to the date of termination, and the denominator of which is the number of full calendar months in each applicable Vesting Period, such product to be rounded up to the nearest whole number.  The Participant (or the Participant's estate, beneficiary or legal representative) may exercise the vested portion of the Option until the earlier of (1) the twelve-month anniversary of the date of such termination of employment and (2) the Expiration Date.  The remaining portion of the Option shall be forfeited and cancelled without consideration.

 

 

(b) Upon the termination of a Participant’s employment with the Company by reason of the Participant’s voluntary resignation, (i) the unvested portion of the Option shall be immediately forfeited and cancelled without consideration as of the date of the Participant’s termination of employment, (ii) the Participant may exercise the vested portion of the Option until the earlier of (1) 90 days following the date of such termination of employment and (2) the Expiration Date, and (iii) any outstanding Net Profit Shares will continue to be subject to the holding period requirement until the Restrictions Lapse Date.

 

 

(c) Upon the termination of a Participant’s employment with the Company for “Cause”, (i) the Option shall be immediately forfeited and cancelled without consideration as of the date of the Participant’s termination of employment, and (ii) any Net Profit Shares held by the Participant on the date of termination that have not yet become transferable in accordance with Section 4 above shall be immediately forfeited. In that case, (1) the Participant’s right to vote and to receive dividends on, and all other rights, title or interest in, or with respect to, such forfeited Net Profit Shares shall automatically, without further act, terminate, and (2) such forfeited Net Profit Shares shall be returned to the Company.  The Participant hereby irrevocably appoints (which appointment is coupled with an interest) Celanese Corporation as the Participant’s agent and attorney-in-fact to take any necessary or appropriate action to cause any forfeited Net Profit Shares to be returned to Celanese Corporation, including without limitation executing and delivering stock powers and instruments of transfer, making endorsements and/or making, initiating or issuing instructions or entitlement orders, all in the Participant’s name and on the Participant’s behalf. The Participant hereby ratifies and approves all acts done by Celanese Corporation as such attorney-in-fact. Without limiting the foregoing, the Participant expressly acknowledges and agrees that any transfer agent for such forfeited Net Profit Shares is fully authorized and protected in relying on, and shall incur no liability in acting on, in the documents, instruments, endorsements, instructions, orders or communications from Celanese Corporation in connection with such forfeited Net Profit Shares or any transfer thereof, and that any such transfer agent is a third-party beneficiary of this Agreement.

 

 

6. Rights as a Stockholder:  The Participant shall have no voting, dividend or other rights as a stockholder with respect to the Award until the Options have been exercised and Common Shares have been delivered pursuant to this Agreement.

 

 

7. Change in Control:  Notwithstanding any other provision of this Agreement to the contrary, upon the occurrence of a Change in Control, with respect to any unexercised Options granted pursuant to this Agreement that have not previously been forfeited:

 

 

(a)           If (i) the Participant’s rights to the unexercisable portion of the Option is not adversely affected in connection with the Change in Control, or, if adversely affected, a substitute award with an equivalent (or greater) economic value and no less favorable vesting conditions is granted to the Participant upon the occurrence of a Change in Control, and (ii) the Participant's employment is terminated by the Company (or its successor) without Cause within two years following the Change in Control, then the unexercisable portion of the Option (or, as applicable, the substitute award) shall immediately vest and become exercisable, and shall remain exercisable for such period as specified by the Committee and communicated to the Participant.

 

 

(b)           If the Participant’s rights to the unexercisable portion of the Option is adversely affected in connection with the Change in Control and a substitute award is not made pursuant to Section 7(a) above, then upon the occurrence of a Change in Control, the unexercisable portion of the Option shall immediately vest and become exercisable, and shall remain exercisable for such period as specified by the Committee and communicated to the Participant.

 

 

In addition, in accordance with Section 4(b) above, the holding period for any Net Profit Shares outstanding as of the occurrence of a Change in Control shall lapse and the holding period requirements of Section 4(b) shall not apply to any exercise of the Option after the occurrence of the Change in Control (if applicable).

 

 

8. Income and Other Taxes:  The Company shall not deliver Common Shares in respect of the exercise of the Option unless and until the Participant has made arrangements satisfactory to the Committee to satisfy applicable withholding tax obligations for US federal, state, and local income taxes (or the foreign counterpart thereof) and applicable employment taxes.  Unless otherwise permitted by the Committee, withholding shall be effected at the minimum statutory rates by withholding Common Shares issuable in connection with the exercise of the Option.  The Participant acknowledges that the Company shall have the right to deduct any taxes required to be withheld by law in connection with the delivery of Common Shares issued in respect to the exercise of the Option from any amounts payable by it to the Participant (including, without limitation, future cash wages).  The Participant acknowledges and agrees that amounts withheld by the Company for taxes may be less than amounts actually owed for taxes by the Participant in respect of the Award.

 

 

9. Securities Laws:  The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Common Shares issued as a result of the exercise of the Option, including without limitation (a) restrictions under an insider trading policy, and (b) restrictions as to the use of a specified brokerage firm for such resales or other transfers.  Upon the acquisition of any Common Shares pursuant to the exercise of the Option, the Participant will make or enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws or with this Agreement and the 2009 Plan.  All accounts in which such Common Shares are held or any certificates for Common Shares shall be subject to such stop transfer orders and other restrictions as the Company may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or quotation system upon which the Common Shares are then listed or quoted, and any applicable federal or state securities law, and the Company may cause a legend or legends to be put on any such certificates (or other appropriate restrictions and/or notations to be associated with any accounts in which such Common Shares are held) to make appropriate reference to such restrictions.

 

 

10. Non-Transferability of Award:  The Option and any Net Profit Shares may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided, that the Participant may designate a beneficiary, on a form provided by the Company, to receive any portion of the Award payable hereunder following the Participant’s death.

 

 

11. Other Agreements:  Subject to Sections 11(a) and 11(b) of this Agreement, this Agreement and the 2009 Plan constitute the entire understanding between the Participant and the Company regarding the Award, and any prior agreements, commitments or negotiations concerning the Award are superseded.

 

 

(a) The Participant acknowledges that as a condition to the receipt of the Award, the Participant:

 

 

(1)           shall have delivered to the Company an executed copy of this Agreement;

 

 

(2)           shall be subject to the Company’s stock ownership guidelines;

 

 

(3)           shall be subject to policies and agreements adopted by the Company from time to time, and applicable laws and regulations, requiring the repayment by the Participant of incentive compensation under certain circumstances, without any further act or deed or consent of the Participant; and

 

 

(4)           shall have delivered to the Company an executed copy of the Long-Term Incentive Claw-Back Agreement (if a current version of such Long-Term Incentive Claw-Back Agreement is not already on file, as determined by the Committee in its sole discretion).  For purposes hereof, “Long-Term Incentive Claw-Back Agreement” means an agreement between the Company and the Participant associated with the grant of long-term incentives of the Company, which contains terms, conditions, restrictions and provisions regarding one or more of (i) noncompetition by the Participant with the Company, and its customers and clients; (ii) nonsolicitation and non-hiring by the Participant of the Company’s employees, former employees or consultants; (iii) maintenance of confidentiality of the Company’s and/or clients’ information, including intellectual property; (iv) nondisparagement of the Company; and (v) such other matters deemed necessary, desirable or appropriate by the Company for such an agreement in view of the rights and benefits conveyed in connection with an award.

 

 

(b) If the Participant is a non-resident of the U.S., there may be an addendum containing special terms and conditions applicable to awards in the Participant’s country.  The issuance of the Award to any such Participant is contingent upon the Participant executing and returning any such addendum in the manner directed by the Company.

 

 

12. Not a Contract for Employment; No Acquired Rights:  Nothing in the 2009 Plan, this Agreement or any other instrument executed in connection with the Award shall confer upon the Participant any right to continue in the Company's employ or service nor limit in any way the Company's right to terminate the Participant's employment at any time for any reason.  The grant of Options hereunder, and any future grant of awards to the Participant under the 2009 Plan, is entirely voluntary and at the complete and sole discretion of the Company. Neither the grant of these Options nor any future grant of awards by the Company shall be deemed to create any obligation to grant any further awards, whether or not such a reservation is expressly stated at the time of such grants. The Company has the right, at any time and for any reason, to amend, suspend or terminate the 2009 Plan; provided, however, that no such amendment, suspension, or termination shall adversely affect the Participant’s rights hereunder.

 

 

13. Severability:  In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.

 

 

14. Further Assurances:  Each party shall cooperate and take such action as may be reasonably requested by either party hereto in order to carry out the provisions and purposes of this Agreement.

 

 

15. Binding Effect:  The Award and this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

 

 

16. Electronic Delivery:  By executing this Agreement, the Participant hereby consents to the delivery of any and all information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws), in whole or in part, regarding the Company and its subsidiaries, the 2009 Plan, and the Award via electronic mail, the Company’s or a plan administrator’s web site, or other means of electronic delivery.

 

 

17. Personal Data:  By accepting the Award under this Agreement, the Participant hereby consents to the Company’s use, dissemination and disclosure of any information pertaining to the Participant that the Company determines to be necessary or desirable for the implementation, administration and management of the 2009 Plan.

 

 

18. Governing Law:  The Award and this Agreement shall be interpreted and construed in accordance with the laws of the state of Delaware and applicable federal law.

 

 

19. Option Subject to Plan:  By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the 2009 Plan and the 2009 Plan's prospectus.  The Option and the Common Shares issued upon exercise of such Option are subject to the 2009 Plan, which is hereby incorporated by reference.  In the event of any conflict between any term or provision of this Agreement and a term or provision of the 2009 Plan, the applicable terms and provisions of the 2009 Plan shall govern and prevail.

 

 

20. Validity of Agreement:  This Agreement shall be valid, binding and effective upon the Company on the Grant Date.  However, the Option granted pursuant to this Agreement shall be forfeited by the Participant and this Agreement shall have no force and effect if it is not duly executed by the Participant and delivered to the Company on or before <<Validity Date>>.

 

 

21. Headings:  The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect.

 

 

22. Definitions:  The following terms shall have the following meanings for purposes of this Agreement, notwithstanding any contrary definition in the Plan:

 

 

(a) “Cause” means (i) the Participant's willful failure to perform the Participant's duties to the Company (other than as a result of total or partial incapacity due to physical or mental illness) for a period of 30 days following written notice by the Company to Participant of such failure, (ii) conviction of, or a plea of nolo contendere to, (x) a felony under the laws of the United States or any state thereof or any similar criminal act in a jurisdiction outside the United States or (y) a crime involving moral turpitude, (iii) the Participant's willful malfeasance or willful misconduct which is demonstrably injurious to the Company or its affiliates, (iv) any act of fraud by the Participant, (v) any material violation of the Company's business conduct policy, (vi) any material violation of the Company's policies concerning harassment or discrimination, (vii) the Participant's conduct that causes material harm to the business reputation of the Company or its affiliates, or (viii) the Participant's breach of any confidentiality, intellectual property, non-competition or non-solicitation applicable to the Participant under the Long-Term Incentive Claw-Back Agreement or any other agreement between the Participant and the Company.

 

 

(b) “Change in Control” of the Company shall mean, in accordance with Treasury Regulation Section 1.409A-3(i)(5), any of the following:

 

(i)           any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of the total voting power of the stock of the Company; or

 

(ii)           a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or

 

(iii)           any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to 50% or more of all of the assets of the Company immediately prior to such acquisition or acquisitions.

 

 

(c) “Disability” has the same meaning as “Disability” in the Celanese Corporation 2008 Deferred Compensation Plan or such other meaning as determined by the Committee in its sole discretion.

 

 

(d) “Net Profit Shares” means the aggregate number of Shares determined by the Company’s Human Resources Department representing the total number of Shares remaining after taking into account the following costs related to exercise: (i) the aggregate Option Price with respect to the exercise; (ii) the amount of all applicable taxes with respect to the exercise, assuming the Participant’s maximum applicable federal, state and local tax rates (and applicable employment taxes); and (iii) any transaction costs.  The Company’s Human Resources Department will determine the number of Net Profit Shares for any particular exercise.

 

 

 

  

  

  

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and the Participant has also executed this Agreement in duplicate.

 

CELANESE CORPORATION

 

 

By:           /s/ David N. Weidman

Chairman and Chief Executive Officer

 

 

This Agreement has been accepted and agreed to by the undersigned Participant.

 

PARTICIPANT

 

 

By:

 

Name:  <<NAME>>

 

Employee ID: <<Personnel Number>>

 

Date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

EXHIBIT A

[form of instruction letter by the Participant to the Administrator to establish

 a restricted account for shares issued subject to the hold requirement]AMENDMENT NO. 13
             TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT

     THIS  AMENDMENT  NO.  13 (this "Agreement") is entered into as of September
10,  2010,  by  and  among  BEST  ENERGY  SERVICES, INC (f/k/a HYBROOK RESOURCES
CORP.),  a corporation organized under the laws of the State of Nevada ("Best"),
BOB BEEMAN DRILLING COMPANY, a corporation organized under the laws of the State
of  Utah  ("BBD") and BEST WELL SERVICE, INC., a corporation organized under the
laws  of  the State of Kansas ("BWS") (Best, BBD and BWS, each a "Borrower", and
collectively  "Borrowers"),  the  financial  institutions  party  hereto
(collectively, the "Lenders" and individually a "Lender") and PNC BANK, NATIONAL
ASSOCIATION  ("PNC"), as agent for Lenders (PNC, in such capacity, the "Agent").

                                   BACKGROUND

     Borrowers,  Lenders and Agent are parties to that certain Revolving Credit,
Term  Loan  and  Security  Agreement  dated as of February 14, 2008 (as amended,
restated,  supplemented  or  otherwise  modified  from  time  to time, the "Loan
Agreement")  pursuant  to which Agent and Lenders provide Borrowers with certain
financial  accommodations.

     Borrowers have requested that Agent and Lenders amend certain provisions of
the  Loan  Agreement as hereafter provided, and Agent and Lenders are willing to
do  so  on  the  terms  and  conditions  hereafter  set  forth.

     NOW,  THEREFORE, in consideration of any loan or advance or grant of credit
heretofore  or  hereafter  made  to  or for the account of Borrowers by Agent or
Lenders,  and  for  other  good  and  valuable  consideration,  the  receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

     1.  Definitions.  All  capitalized  terms  not otherwise defined or amended
herein  shall  have  the  meanings  given  to  them  in  the  Loan  Agreement.

     2.  Reservation  of Rights: Borrowers acknowledge that the Event of Default
set  forth  on  Schedule  I  hereto (the "Existing Default") has occurred and is
continuing  under  the  Loan  Agreement.

          (a) As a result of the Existing Default, Agent has the immediate right
     to  exercise  its  rights  and remedies under the Loan Agreement, the Other
     Documents  or  at  law.

          (b)  To  the extent Agent makes any additional Advances after the date
     hereof,  such  Advances  shall  not  constitute  either  a  waiver  of, nor
     agreement  to  forbear by Agent with respect to the Existing Default or any
     future  violation or Event of Default under the Loan Agreement or the Other
     Documents,  including,  without  limitation,  the Existing Default. No such
     additional  Advances  by  Agent  shall,  directly or indirectly, in any way
     whatsoever,  impair,  prejudice or otherwise adversely affect Agent's right
     at  any  time  and  from  time  to time to exercise any right, privilege or
     remedy  in connection with the Loan Agreement or related documents or amend
     or  alter  the  provisions  of the Loan Agreement or the Other Documents or

<PAGE>
     constitute  a  course of dealing or other basis for altering any Obligation
     of Borrowers or any other Person or any right, privilege or remedy of Agent
     under  the  Loan  Agreement  or  the  Other  Documents.

          (c)  Although  Agent is not presently taking any immediate action with
     respect  to  the  Existing  Default except as set forth above, Agent hereby
     reserves  all  its  rights and remedies under the Loan Agreement, the Other
     Documents  and  applicable  law,  and its election not to exercise any such
     right  or  remedy  at  the  present  time shall not (a) preclude Agent from
     ceasing  at  any  time to make Advances, (b) limit in any manner whatsoever
     Borrowers'  obligation  to  comply  with,  and  Agent's  right to insist on
     Borrowers'  compliance  with, each and every term of the Loan Agreement and
     the  Other  Documents or (c) constitute a waiver of any Event of Default or
     any  right or remedy available to Agent under the Loan Agreement, the Other
     Documents or applicable law, and Agent hereby expressly reserves its rights
     with  respect  to  the  same.

          (d)  No  failure or delay on the part of Agent in exercising any right
     or  remedy  under  the  Loan  Agreement  and  no  course of dealing between
     Borrowers  and  Agent shall operate as a waiver of any such right or remedy
     nor  shall  any single or partial exercise of any right or remedy under the
     Loan  Agreement  preclude  any  other  or  further  exercise thereof or the
     exercise  of  any  other  right  or  remedy under the Loan Agreement. Agent
     expressly reserves all of its rights and remedies under the Loan Agreement.

     3.  Amendments  to Loan Agreement. Subject to the satisfaction of Section 4
below,  and  effective  as  of  September  1, 2010, the Loan Agreement is hereby
amended  as  follows:

          (a)  Section  2.4  of the Loan Agreement is hereby amended by amending
     and  restating  the  third  sentence thereof to read in its entirety as set
     forth  below:

          "The  Term  Loan  shall  be,  with  respect  to  principal,  payable
          monthly  commencing on May 1, 2009, and on the first day of each month
          thereafter,  as follows: (a) $97,500 per month, from the Amendment No.
          1  Effective  Date  through December 31, 2009, (b) $125,000 per month,
          from  January  1,  2010  through December 31, 2010; provided, however,
          that  the Term Loan payment with respect to the months of (x) May 2010
          and  June  2010  shall  be  in the amount of $50,000 payable on May 3,
          2010,  and  June 1, 2010, respectively, (y) July 2010 and August 2010,
          shall  be in the amount of $25,000, payable on July 1, 2010 and August
          1,  2010,  respectively  and  (z)  September  2010,  October  2010 and
          November  2010,  shall  be  in  the amount of $0, and (c) $150,000 per
          month  thereafter,  with  the  balance  payable upon expiration of the
          Term,  subject  to  acceleration  upon  the  occurrence of an Event of
          Default  under  this  Agreement  or  termination  of  this Agreement."

     4.  Conditions of Effectiveness. This Agreement shall become effective when
Agent  shall  have  received:

          (a) four (4) copies of this Agreement executed by the Required Lenders
     and  each  Borrower;

<PAGE>
          (b)  an  amendment  fee  of  $5,000,  which fee shall be fully-earned,
     payable  and  non-refundable  upon  the  execution  of  this  Agreement  by
     Borrowers  and may be charged to Borrowers' Account as a Revolving Advance;

          (c) a common stock purchase warrant for 250,000 shares of common stock
     of  Best  at  an  exercise  price  of $0.10 per share in form and substance
     satisfactory  to  Agent  and  its  counsel;  and

          (d)  such  other  certificates, instruments, documents, agreements and
     opinions  of  counsel  as  may be required by Agent or its counsel, each of
     which shall be in form and substance satisfactory to Agent and its counsel.

     5.  Representations,  Warranties  and  Covenants.  Each  Borrower  hereby
represents,  warrants  and  covenants  as  follows:

          (a)  This Agreement and the Loan Agreement constitute legal, valid and
     binding  obligations  of  such  Borrower  and  are enforceable against such
     Borrower  in  accordance  with  their  respective  terms.

          (b)  Upon  the  effectiveness  of this Agreement, each Borrower hereby
     reaffirms  all  covenants,  representations and warranties made in the Loan
     Agreement  to  the  extent  the  same  are not amended or waived hereby and
     agrees  that  all  such  covenants, representations and warranties shall be
     deemed  to  have  been  remade  as of the effective date of this Agreement.

          (c)  The execution, delivery and performance of this Agreement and all
     other  documents  in  connection  therewith has been duly authorized by all
     necessary  corporate  action, and does not contravene, violate or cause the
     breach  of  any agreement, judgment, order, law or regulation applicable to
     any  Borrower.

          (d)  No  Event of Default or Default has occurred and is continuing or
     would  exist after giving effect to this Agreement (other than the Existing
     Default).

          (e)  No  Borrower has any defense, counterclaim or offset with respect
     to  the  Loan  Agreement  or  the  Obligations.

     6.  Effect  on  the  Loan  Agreement.

          (a)  Upon  the  effectiveness of this Agreement, each reference in the
     Loan  Agreement  to  "this  Agreement,"  "hereunder," "hereof," "herein" or
     words of like import shall mean and be a reference to the Loan Agreement as
     amended  hereby. Except as specifically amended herein, the Loan Agreement,
     and  all  other  documents,  instruments  and  agreements  executed  and/or
     delivered  in  connection therewith, shall remain in full force and effect,
     and  are  hereby ratified and confirmed. This Agreement shall constitute an
     "Other  Document"  for  all  purposes  under  the  Loan  Agreement.

          (b)  Except  as expressly provided herein, the execution, delivery and
     effectiveness of this Agreement shall not operate as a waiver of any right,
     power  or  remedy  of  Agent  or any Lender, nor constitute a waiver of any
     provision  of  the  Loan  Agreement,  or  any

<PAGE>
     other  documents, instruments or agreements executed and/or delivered under
     or  in  connection  therewith.

     7.  Release.  The  Borrowers hereby acknowledge and agree that: (a) neither
they nor any of their Affiliates have any claim or cause of action against Agent
or  any  Lender  (or  any  of  Agent's  or  any  Lender's  Affiliates, officers,
directors,  employees,  attorneys, consultants or agents) and (b) Agent and each
Lender  have  heretofore properly performed and satisfied in a timely manner all
of  their  respective  obligations to the Borrowers under the Loan Agreement and
the  Other  Documents. Notwithstanding the foregoing, Agent and each Lender wish
(and the Borrowers agree) to eliminate any possibility that any past conditions,
acts,  omissions,  events  or  circumstances would impair or otherwise adversely
affect  any  of  Agent's  or  such  Lender's  rights, interests, security and/or
remedies  under the Loan Agreement and the Other Documents. Accordingly, for and
in  consideration  of  the agreements contained in this Agreement and other good
and valuable consideration, each Borrower (for itself and its Affiliates and the
successors, assigns, heirs and representatives of each of the foregoing) (each a
"Releasor"  and  collectively,  the  "Releasors")  does  hereby  fully, finally,
unconditionally and irrevocably release and forever discharge Agent, each Lender
and  each  of  their  respective  Affiliates,  officers,  directors,  employees,
attorneys, consultants and agents (each a "Released Party" and collectively, the
"Released Parties") from any and all debts, claims, obligations, damages, costs,
attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of
action,  in  each case, whether known or unknown, contingent or fixed, direct or
indirect,  and  of  whatever  nature  or  description,  and whether in law or in
equity,  under  contract,  tort,  statute  or  otherwise, which any Releasor has
heretofore  had  or now or hereafter can, shall or may have against any Released
Party  by  reason of any act, omission or thing whatsoever done or omitted to be
done on or prior to the date hereof arising out of, connected with or related in
any way to this Agreement, the Loan Agreement or any Other Document, or any act,
event  or  transaction  related or attendant thereto, or Agent's or any Lender's
agreements  contained  therein,  or the possession, use, operation or control of
any  of  the  assets  of  agreements  contained therein, or the possession, use,
operation or control of any of the assets of the Borrowers, or the making of any
advance,  or  the  management  of  such  advance  or  the  Collateral.

     8.  Governing  Law.  This  Agreement shall be binding upon and inure to the
benefit  of  the  parties hereto and their respective successors and assigns and
shall  be  governed by and construed in accordance with the laws of the State of
New  York  (other  than  those  conflict  of  law  rules that would defer to the
substantive  law  of  another  jurisdiction).

     9.  Cost  and Expenses. Borrowers hereby agree to pay the Agent, on demand,
all  costs  and  reasonable  expenses  (including reasonable attorneys' fees and
legal  expenses)  incurred in connection with this Agreement and any instruments
or  documents  contemplated  hereunder.

     10.  Headings.  Section  headings in this Agreement are included herein for
convenience  of reference only and shall not constitute a part of this Agreement
for  any  other  purpose.

     11.  Counterparts;  Facsimile Signatures. This Agreement may be executed by
the  parties hereto in one or more counterparts of the entire document or of the
signature  pages  hereto,  each  of which shall be deemed an original and all of
which  taken  together  shall  constitute

<PAGE>
one and the same agreement.  Any signature received by facsimile or electronic
transmission shall be deemed an original signature hereto.

                  [Remainder of page intentionally left blank]

<PAGE>
     IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and
year  first  written  above.

                              PNC BANK, NATIONAL ASSOCIATION,
                              as Lender and as Agent

                              By:  /s/ A. Roger Craig, Jr.
                                   -----------------------
                              Name:  A. Roger Craig, Jr.
                              Title:   Vice President

                              BEST ENERGY SERVICES, INC.

                              By:  /s/ Dennis Irwin
                                   ----------------
                              Name: Dennis Irwin
                              Title:  CFO

                              BOB BEEMAN DRILLING COMPANY

                              By:  /s/ Dennis Irwin
                                   ----------------
                              Name: Dennis Irwin
                              Title:  CFO

                              BEST WELL SERVICE, INC.

                              By:  /s/ Dennis Irwin
                                   ----------------
                              Name: Dennis Irwin
                              Title:  CFO

                      [Signature Page to Amendment No. 13]

<PAGE>
                                   SCHEDULE I

                                Existing Default

     1.     An  Event  of  Default  as a result of the Borrowers' failure to pay
certain  taxes  as  required  pursuant  to  Section  4.13 of the Loan Agreement.

Schedule I to Amendment No. 13

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