Document:

stlt_ex1022.htm

EXHIBIT 10.22
 
SPOTLIGHT INNOVATION INC.
2015 EQUITY INCENTIVE PLAN
 
1. Purposes of the Plan
 
Spotlight Innovation Inc. (the "Company"), a Nevada corporation, wishes to establish the Spotlight Innovation Inc. 2015 Equity Incentive Plan (the "Plan"), with the following purposes:
 
(a) Encourage selected employees, directors and consultants to improve operations and increase profits of the Company;
 
(b) Encourage selected employees, directors and consultants to accept or continue employment or association with the Company or its Subsidiaries; 
 
(c) Increase the interest of selected employees, directors and consultants in the Company's welfare through participation in the growth in value of the common stock of the Company (the "Shares"); and 
 
(d) Align the interests of the Company with selected employees, directors and consultants.
 
Options granted under the Plan ("Options") may be "incentive stock options" ("ISOs") intended to satisfy the requirements of Section 422 of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the "Code"), or "non-qualified stock options" ("NQSOs").
 
2. Eligible Persons
 
Every person who at the date of grant of an Option is an employee of the Company or of any Subsidiary (as defined below) of the Company is eligible to receive NQSOs or ISOs under the Plan. Every person who at the date of grant is a consultant to, or non-employee director of, the Company or any Subsidiary (as defined below) of the Company is eligible to receive NQSOs under the Plan. The term "Subsidiary" as used in the Plan means a subsidiary corporation as defined in the applicable provisions (currently Sections 424(f), respectively) of the Code. The term "employee" (within the meaning of Section 3401(c) of the Code) includes an officer or director who is an employee of the Company. The term "consultant" includes persons employed by, or otherwise affiliated with, a consultant to the Company.
 
3. Stock Subject to the Plan; Maximum Number of Grants
 
Subject to the provisions of Section 6(a)(i) of the Plan, the total number of Shares which may be issued under Options granted pursuant to the Plan shall not exceed the 3,600,000 Shares. The Shares covered by the portion of any grant under the Plan which expires unexercised shall become available again for grants under the Plan.
 
	 
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4. Administration
 
(a) The Plan shall be administered by either the Board of Directors of the Company (the "Board") or by a committee (the "Committee") to which administration of the Plan, or of part of the Plan, may be delegated by the Board (in either case, the "Administrator"). The Board shall appoint and remove members of such Committee, if any, in its discretion in accordance with applicable laws. If necessary in order to comply with Rule 16b-3 under the Exchange Act and Section 162(m) of the Code, the Committee shall, in the Board's discretion, be comprised solely of "non-employee directors" within the meaning of said Rule 16b-3 and "outside directors" within the meaning of Section 162(m) of the Code. The foregoing notwithstanding, the Administrator may delegate nondiscretionary administrative duties to such employees of the Company as it deems proper, and the Board, in its absolute discretion, may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan.
 
(b) Subject to the other provisions of the Plan, the Administrator shall have the authority to, in its discretion: (i) grant Options; (ii) determine the fair market value of the Shares subject to Options; (iii) determine the exercise price of Options granted; (iv) determine the persons to whom, and the time or times at which, Options shall be granted, and the number of shares subject to each Option; (v) interpret the Plan; (vi) prescribe, amend and rescind rules and regulations relating to the Plan; (vii) determine the terms and provisions of each Option granted (which need not be identical), including but not limited to, the time or times at which Options shall be exercisable; (viii) with the consent of the optionee, to modify or amend any Option; (ix) defer (with the consent of the optionee) the exercise date of any Option; (x) authorize any person to execute on behalf of the Company any instrument evidencing the grant of an Option; (xi) grant waivers of Plan or Award conditions; and (xii) make all other determinations deemed necessary or advisable for the administration of the Plan. The Administrator may delegate nondiscretionary administrative duties to such employees of the Company as it deems proper.
 
(c) All questions of interpretation, implementation, and application of the Plan shall be determined by the Administrator. Such determinations shall be final and binding on all persons.
 
5. Granting of Options; Option Agreement
 
(a) No Options shall be granted under the Plan after ten years from the date of adoption of the Plan by the Board.
 
(b) Each Option shall be evidenced by a written stock option agreement, in form satisfactory to the Administrator, executed by the Company and the person to whom such Option is granted.
 
(c) The stock option agreement shall specify whether each Option it evidences is an NQSO or an ISO.
 
	 
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6. Terms and Conditions of Options
 
Each Option granted under the Plan shall be subject to the terms and conditions set forth in Section 6(a). NQSOs shall also be subject to the terms and conditions set forth in Section 6(b), but not those set forth in Section 6(c). ISOs shall also be subject to the terms and conditions set forth in Section (c), but not those set forth in Section 6(b).
 
(a) Terms and Conditions to Which All Options Are Subject. All Options granted under the Plan shall be subject to the following terms and conditions:
 
(i) Changes in Capital Structure. Subject to Section 6(a)(ii), if the stock of the Company is changed by reason of a stock split, reverse stock split, stock dividend, or recapitalization, combination or reclassification, appropriate adjustments shall be made by the Board in (1) the number and class of shares of stock subject to the Plan and each Option outstanding under the Plan, and (2) the exercise price of each outstanding Option; provided, however, that the Company shall not be required to issue fractional shares as a result of any such adjustments. Each such adjustment shall be subject to approval by the Board in its sole discretion.
 
(ii) Corporate Transactions. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each optionee at least 30 days prior to such proposed action. To the extent not previously exercised, all Options will terminate immediately prior to the consummation of such proposed action; provided, however, that the Administrator, in the exercise of its sole discretion, may permit exercise of any Options prior to their termination, even if such Options were not otherwise exercisable. In the event of a merger or consolidation of the Company with or into another corporation or entity in which the Company does not survive, or in the event of a sale of all or substantially all of the assets of the Company in which the stockholders of the Company receive securities of the acquiring entity or an affiliate thereof, all Options shall be assumed or equivalent options shall be substituted by the successor corporation (or other entity) or a parent or subsidiary of such successor corporation (or other entity); provided, however, that if such successor does not agree to assume the Options or to substitute equivalent options therefor, the Administrator, in the exercise of its sole discretion, may permit the exercise of any of the Options prior to consummation of such event, even if such Options were not otherwise exercisable. 
 
(iii) Time of Option Exercise. Subject to Section 5 and Section 6(c)(iii), Options granted under the Plan shall be exercisable in accordance with a schedule as specified in the written stock option agreement relating to such Option. In any case, no Option shall be exercisable until a written stock option agreement in form satisfactory to the Company is executed by the Company and the optionee.
 
(iv) Option Grant Date. The date of grant of an Option under the Plan shall be the date as of which the Administrator approves the grantunless otherwise specified.
  
(v) Nontransferability of Option Rights. Except with the express written approval of the Administrator which approval the Administrator is authorized to give only with respect to NQSOs, no Option granted under the Plan shall be assignable or otherwise transferable by the optionee except by will, by the laws of descent and distribution or pursuant to a qualified domestic relations order. During the life of the optionee, an Option shall be exercisable only by the optionee.
 
	 
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(vi) Payment. Except as provided below, payment in full, in cash, shall be made for all stock purchased at the time written notice of exercise of an Option is given to the Company, and proceeds of any payment shall constitute general funds of the Company. The Administrator, in the exercise of its absolute discretion, may authorize any one or more of the following additional methods of payment:
 
(1) delivery by the optionee of Shares already owned by the optionee for all or part of the Option price, provided the fair market value (determined as set forth in Section 6(a)(x)) of such Shares being delivered is equal on the date of exercise to the Option price, or such portion thereof as the optionee is authorized to pay by delivery of such stock;
 
(2) the surrender of Shares then issuable upon exercise of the Option, provided the fair market value (determined as set forth in Section 6(a)(x)) of such Shares is equal on the date of exercise to the Option price, or such portion thereof as the optionee is authorized to pay by surrender of such stock;
 
(3) cancellation of indebtedness of the Company to the optionee or waiver of compensation due or accrued to optionee for services rendered; and
 
(4) if and so long as the Shares are registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by law, delivery of a properly executed exercise agreement or notice, together with irrevocable instructions to a brokerage firm designated or approved by the Administrator to deliver promptly to the Company the aggregate amount of proceeds to pay the option exercise price and any withholding tax obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve Board.
 
(vii) Termination of Employment or Service. If for any reason other than death or permanent and total disability, an optionee ceases to be employed by, a consultant to, or non-employee director of the Company or any of its Subsidiaries (such event being called a "Termination"), Options held at the date of Termination (to the extent then exercisable) may be exercised in whole or in part at any time within three months of the date of such Termination, or such other period of not less than 30 days after the date of such Termination as is specified in the Option Agreement or by amendment thereof (but in no event after the Expiration Date); provided, however, that if such exercise of the Option would result in liability for the optionee under Section 16(b) of the Exchange Act, then such three-month period automatically shall be extended until the tenth day following the last date upon which optionee has any liability under Section 16(b) (but in no event after the Expiration Date). If an optionee dies or becomes permanently and totally disabled (within the meaning of Section 22(e)(3) of the Code) while employed by a consultant to, or non-employee director of the Company or a Subsidiary or within the period that the Option remains exercisable after Termination, Options then held (to the extent then exercisable) may be exercised, in whole or in part, by the optionee, by the optionee's personal representative or by the person to whom the Option is transferred by devise or the laws of descent and distribution, at any time within twelve months after the death or twelve months after the permanent and total disability of the optionee or any longer period specified in the Option Agreement or by amendment thereof (but in no event after the Expiration Date). For purposes of this Section 6(a)(vii), an optionee's employment, consultancy or directorship shall not be deemed to terminate by reason of sick leave, military leave or other leave of absence approved by the Administrator, if the period of any such leave does not exceed 90 days or, if longer, if the optionee's right to employment, consultancy or directorship by the Company or any Subsidiary following such leave is guaranteed either contractually or by statute.
 
	 
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(viii) Withholding and Employment Taxes. At the time of exercise of an Option and as a condition thereto, or at such other time as the amount of such obligations becomes determinable (the "Tax Date"), the optionee shall remit to the Company in cash all applicable federal and state withholding and employment taxes. Such obligation to remit may be satisfied, if authorized by the Administrator in its sole discretion, after considering any tax, accounting and financial consequences, by the optionee's (1) delivery of a promissory note in the required amount on such terms as the Administrator deems appropriate, (2) tendering to the Company previously owned Shares or other securities of the Company with a fair market value equal to the required amount, or (3) agreeing to have Shares (with a fair market value equal to the required amount) which are acquired upon exercise of the Option withheld by the Company.
 
(ix) Other Provisions. Each Option granted under the Plan may contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator, and each ISO granted under the Plan shall include such provisions and conditions as are necessary to qualify the Option as an "incentive stock option" within the meaning of Section 422 of the Code.
 
(x) Determination of Value. For purposes of the Plan, the fair market value of Shares or other securities of the Company shall be determined as follows:
 
(1) Fair market value shall be the closing price of such stock on the date before the date the value is to be determined on the principal recognized securities exchange or recognized securities market on which such stock is reported, but if selling prices are not reported, its fair market value shall be the mean between the high bid and low asked prices for such stock on the date before the date the value is to be determined (or if there are no quoted prices for such date, then for the last preceding business day on which there were quoted prices).
 
(2) In the absence of an established market for the stock, the fair market value thereof shall be determined in good faith by the Administrator, with reference to the Company's net worth, prospective earning power, dividend-paying capacity and other relevant factors, including the goodwill of the Company, the economic outlook in the Company's industry, the Company's position in the industry, the Company's management and the values of stock of other corporations in the same or similar line of business.
 
	 
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(xi) Option Term. Subject to Section 6(c)(iii), no Option shall be exercisable more than ten years after the date of grant, or such lesser period of time as is set forth in the stock option agreement (the end of the maximum exercise period stated in the stock option agreement is referred to in the Plan as the "Expiration Date").
 
(b) Terms and Conditions to Which Only NQSOs Are Subject. Options granted under the Plan which are designated as NQSOs shall be subject to the following terms and conditions:
 
(i) Exercise Price.
 
(1) To the extent required by applicable laws, rules and regulations and except as set forth in Section 6(b)(i)(2), the exercise price of an NQSO shall be not less than 85% of the fair market value (determined in accordance with Section 6(a)(x)) of the stock subject to the Option on the date of grant.
 
(2) To the extent required by applicable laws, rules and regulations, the exercise price of a NQSO granted to any person who owns, directly or by attribution under the Code (currently Section 424(d)), stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or of any Subsidiary (a "Ten Percent Stockholder") shall in no event be less than 110% of the fair market value (determined in accordance with Section 6(a)(x)) of the stock covered by the Option at the time the Option is granted.
 
(c) Terms and Conditions to Which Only ISOs Are Subject. Options granted under the Plan which are designated as ISOs shall be subject to the following terms and conditions:
 
(i) Exercise Price.
 
(1) Except as set forth in Section 6(c)(i)(2), the exercise price of an ISO shall be determined in accordance with the applicable provisions of the Code and shall in no event be less than the fair market value (determined in accordance with Section 6(a)(x)) of the stock covered by the Option at the time the Option is granted.
 
(2) The exercise price of an ISO granted to any Ten Percent Stockholder shall in no event be less than 110% of the fair market value (determined in accordance with Section 6(a)(x)) of the stock covered by the Option at the time the Option is granted.
 
(ii) Disqualifying Dispositions. If stock acquired by exercise of an ISO granted pursuant to the Plan is disposed of in a "disqualifying disposition" within the meaning of Section 422 of the Code (a disposition within two years from the date of grant of the Option or within one year after the transfer such stock on exercise of the Option), the holder of the stock immediately before the disposition shall promptly notify the Company in writing of the date and terms of the disposition and shall provide such other information regarding the Option as the Company may reasonably require.
 
	 
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(iii) Shares Initially Exercisable During Any Year. The aggregate fair market value (determined as set forth in Section 6(a)(x) with respect to each ISO at the time such ISO is granted) of the Shares with respect to which an ISO is exercisable for the first time by an optionee during any calendar year (under this Plan or any other plan of the Company or an affiliate thereof) shall not exceed $100,000.
 
(iv) Term. Notwithstanding Section 6(a)(xi), no ISO granted to any Ten Percent Stockholder shall be exercisable more than five years after the date of grant.
 
7. Manner of Exercise
 
(a) An optionee wishing to exercise an Option shall give written notice to the Company at its principal executive office, to the attention of the officer of the Company designated by the Administrator, accompanied by payment of the exercise price and withholding taxes as provided in Sections 6(a)(vi) and 6(a)(viii). The date the Company receives written notice of an exercise hereunder accompanied by payment of the exercise price will be considered as the date such Option was exercised.
 
(b) Promptly after receipt of written notice of exercise of an Option and the payments called for by Section 7(a), the Company shall, without stock issue or transfer taxes to the optionee or other person entitled to exercise the Option, deliver to the optionee or such other person a certificate or certificates for the requisite number of shares of stock. An optionee or permitted transferee of the Option shall not have any privileges as a stockholder with respect to any shares of stock covered by the Option until the date of issuance (as evidenced by the appropriate entry on the books of the Company or a duly authorized transfer agent) of such shares. 
 
8. Employment or Consulting Relationship
 
Nothing in the Plan or any Option granted hereunder shall interfere with or limit in any way the right of the Company or of any of its Subsidiaries to terminate any optionee's employment or consulting at any time, nor confer upon any optionee any right to continue in the employ of, or consult with, the Company or any of its Subsidiaries.
 
9. Conditions Upon Issuance of Shares
 
Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended (the "Securities Act").
 
10. Non-Exclusivity of the Plan
 
The adoption of the Plan shall not be construed as creating any limitations on the power of the Company to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options other than under the Plan.
 
	 
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11. Amendments to the Plan
 
The Board may at any time amend, alter, suspend or discontinue the Plan. Without the consent of an optionee, no amendment, alteration, suspension or discontinuance may adversely affect outstanding Options except to conform the Plan and ISOs granted under the Plan to the requirements of federal or other tax laws relating to incentive stock options. No amendment, alteration, suspension or discontinuance shall require stockholder approval unless (a) such amendment seeks to reduce the exercise price of outstanding Options or the price at which Options may be granted below the price provided for in Section 6, (b) stockholder approval is required by law or under applicable listing requirements or to preserve incentive stock option treatment for federal income tax purposes, or (c) the Board otherwise concludes that stockholder approval is advisable.
 
12. Effective Date of Plan; Termination
 
This Plan was adopted by the Board and became effective as of November 25, 2015, (the "Effective Date"); provided, however, that no Option shall be exercisable unless and until written consent of the stockholders of the Company, or approval of stockholders of the Company voting at a validly called stockholders' meeting, is obtained within twelve months after adoption by the Board. If such stockholder approval is not obtained within such time, Options granted hereunder shall be of the same force and effect as if such approval was obtained except that all ISOs granted hereunder shall be treated as NQSOs. Options may be granted and exercised under the Plan only after there has been compliance with all applicable federal and state securities laws. The Plan shall terminate within ten years from the date of its adoption by the Board.
 
	 
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IN WITNESS WHEREOF, the Company, by its duly authorized officer, has executed this Plan, effective as of November 25, 2015.
 
 
	 
	SPOTLIGHT INNOVATION INC.	 

	 	 	 	 
		By:	/s/ Cristopher Grunewald	 

	 
	 
	Cristopher Grunewald	 

	 
	 
	President and Chief Executive Officer	 

 
 
9Exhibit

EXECUTION

AGREEMENT AND AMENDMENT NO. 7 TO
CREDIT AGREEMENT
This Agreement and Amendment No. 7 to Credit Agreement (this “Agreement”) dated as of November 30, 2015 is among Mid-Con Energy Properties, LLC, a Delaware limited liability company (the “Borrower”), the Guarantor (as defined below), the parties that are "Required Lenders" prior to the effectiveness of this Agreement under and as defined in the Credit Agreement referred to below (the “Required Lenders”), Royal Bank of Canada, as predecessor administrative agent (in such capacity, the “Predecessor Administrative Agent”) and predecessor collateral agent (in such capacity, the “Predecessor Collateral Agent” ) for the Lenders (as defined below) and Wells Fargo Bank, National Association, as successor administrative agent (in such capacity, the “Administrative Agent”) and successor collateral agent (in such capacity, the “Collateral Agent” ) for the  Lenders.
RECITALS
A.    The Borrower, Royal Bank of Canada, as a lender, BOKF, N.A., as a lender, Wells Fargo Bank, National Association, as a lender, Comerica Bank, as a lender, The Bank of Nova Scotia, as a lender, MUFG Union Bank, N.A., as a lender and Frost Bank, as a lender (collectively, the “Original Lenders” and individually an “Original Lender”), and the Predecessor Administrative Agent are parties to that certain Credit Agreement dated as of December 20, 2011, as amended by that certain Agreement and Amendment No. 1 to Credit Agreement dated as of April 23, 2012, as amended by that certain Agreement and Amendment No. 2 to Credit Agreement dated as of November 26, 2012, as amended by that certain Agreement and Amendment No. 3 to Credit Agreement dated as of November 5, 2013, as amended by that certain Amendment No. 4 to Credit Agreement dated as of April 11, 2014, as amended by that certain Agreement and Amendment No. 5 to Credit Agreement dated as of November 17, 2014 and as amended by that certain Amendment No. 6 to Credit Agreement dated as of February 12, 2015 (as the same may be amended, modified or supplemented from time to time, the “Credit Agreement”).
B.    In connection with such Credit Agreement, Mid-Con Energy Partners, LP, a Delaware limited partnership and owner of 100% of the membership interest in Borrower, executed and delivered that certain Guaranty dated as of December 20, 2011 (as the same may be amended, modified or supplemented from time to time, the “Guaranty”) in favor of the Administrative Agent for the benefit of the Guaranteed Parties (as defined in the Guaranty) pursuant to which it became a Guarantor.
C.    The Borrowing Base is to be reduced to $190,000,000 from its current $220,000,000.
D.    Wells Fargo Bank, National Association, is to be appointed by the Required Lenders (with the consent of the Borrower) to be the Administrative Agent, Collateral Agent and an LC Issuer.
F.  The Borrower has requested certain amendments to the Credit Agreement and Required Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth herein.

Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

THEREFORE, the parties hereto hereby agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01    Terms Defined Above.  As used in this Agreement, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein.  
Section 1.02    Terms Defined in the Credit Agreement.  Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.
Section 1.03    Other Definitional Provisions.  The words “hereby”, “herein”, “hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Agreement shall refer to this Agreement as a whole and not to any particular Article, Section, subsection or provision of this Agreement.  Section, subsection and Schedule references herein are to such Sections, subsections and Schedules to this Agreement unless otherwise specified.  All titles or headings to Articles, Sections, subsections or other divisions of this Agreement or the schedules hereto, if any, are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other content of such Articles, Sections, subsections, other divisions or schedules, such other content being controlling as the agreement among the parties hereto.  Whenever the context requires, reference herein made to the single number shall be understood to include the plural; and likewise, the plural shall be understood to include the singular.  Words denoting gender shall be construed to include the masculine, feminine and neuter, when such construction is appropriate; and specific enumeration shall not exclude the general but shall be construed as cumulative.  Definitions of terms defined in the singular or plural shall be equally applicable to the plural or singular, as the case may be, unless otherwise indicated.
ARTICLE II
ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LC ISSUER 
Section 2.01    Royal Bank of Canada resignation as Administrative Agent and Collateral Agent.  Pursuant to Section 9.8 of the Credit Agreement and upon the effectiveness of this Agreement, Royal Bank of Canada (i) hereby resigns as Administrative Agent and (ii) hereby resigns as Collateral Agent  This Agreement constitutes notice of such resignation.  Each of the Lenders and Borrower hereby acknowledge receipt of this notice of resignation by Royal Bank of Canada as Administrative Agent and Collateral Agent.  Royal Bank of Canada is hereby discharged from all of its duties and obligations as Administrative Agent and Collateral Agent under the Credit Agreement and all other Loan Documents.  The provisions of Article IX and Section 10.4 of the Credit Agreement shall continue in effect for the benefit of Royal Bank of Canada, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while Royal Bank of Canada was acting as Administrative Agent and/or Collateral Agent.  
Section 2.02    Royal Bank of Canada as LC Issuer.  All Letters of Credit issued by Royal Bank of Canada as LC Issuer prior to the effectiveness of this Agreement shall remain outstanding 

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Mid-Con Energy Properties, LLC 
Credit Agreement

subject to the terms of the Credit Agreement but upon the effectiveness of this Agreement Royal Bank of Canada shall have no obligation to issue, renew, amend or extend any Letters of Credit previously issued by it.
Section 2.03    Wells Fargo Bank, National Association Appointment as Administrative Agent and Collateral Agent.  Pursuant to Section 9.8 of the Credit Agreement and upon the effectiveness of this Agreement, the Required Lenders, after consultation with the Borrower, hereby appoint Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent.  By its execution hereof in such capacities, Wells Fargo Bank, National Association hereby accepts such appointment and agrees to become and hereby becomes the Administrative Agent and Collateral Agent under the Credit Agreement and the other Loan Documents from and after the effectiveness of this Agreement. Wells Fargo Bank, National Association shall succeed to and become vested with all of the rights, powers, privileges and duties of the Administrative Agent and Collateral Agent.
Section 2.04    Wells Fargo Bank, National Association Appointment as an LC Issuer.  Upon the effectiveness of this Agreement and pursuant to the Credit Agreement, Wells Fargo Bank, National Association is hereby appointed by the Administrative Agent to be an LC Issuer and Borrower, by its execution hereof, hereby consents to such appointment.  By its execution hereof in such capacity, Wells Fargo Bank, National Association hereby accepts such appointment and agrees to become and hereby becomes an LC Issuer under the Credit Agreement from and after the effectiveness of this Agreement.  
ARTICLE III
AMENDMENTS
Section 3.01    Amendment to Credit Agreement.  Effective as of the Effective Date, the Credit Agreement shall hereby be amended as follow:
a.The cover page of the Credit Agreement is amended by (i) deleting the words “ROYAL BANK OF CANADA” and substituting therefor the words “WELLS FARGO BANK, NATIONAL ASSOCIATION”, (ii) by deleting the words “RBC CAPITAL MARKETS” and substituting therefor the words “WELLS FARGO SECURITIES, LLC”, and (iii) deleting the words “Lead Arranger” and substituting therefor the words “Sole Arranger”.
b.The introductory paragraph of the Credit Agreement is deleted and the following substituted therefor:
“THIS CREDIT AGREEMENT originally made as of December 20, 2011, by and among MID-CON ENERGY PROPERTIES, LLC, a Delaware limited liability company (herein called “Borrower”),  ROYAL BANK OF CANADA (herein called “Predecessor Administrative Agent”) and the Lenders originally party thereto, as amended from time to time including pursuant to Amendment No. 7 (defined below) pursuant to which Predecessor Administrative Agent resigned as Administrative Agent and the Predecessor Collateral Agent resigned as Collateral Agent and Wells Fargo Bank, National Association was appointed and became Administrative Agent, Collateral Agent and an LC Issuer.  In consideration of the 

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

mutual covenants and agreements contained herein the parties hereto agree as follows:”
c.The following definitions found in Section 1.1 (Defined Terms) of the Credit Agreement are hereby amended to read in their entirety as follows:
“Administrative Agent” means prior to the Seventh Amendment Effective Date, Royal Bank of Canada, and from and after the Seventh Amendment Effective Date means, Wells Fargo Bank, National Association, as Administrative Agent hereunder, and its successors in such capacity.
“Agreement” means this Credit Agreement, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6  and Amendment No. 7.
“Applicable Utilization Level” means, with respect to Loans, on any date, the level set forth below that corresponds to (A) during the Overadvance Period, the percentage at the close of business on such day, equivalent to the (i) aggregate amount of outstanding Facility Usage at such time divided by (ii) the Conforming Borrowing Base then in effect and (B) after the Overadvance Period, the percentage at the close of business on such day, equivalent to the (i) aggregate amount of outstanding Facility Usage at such time divided by (ii) the Borrowing Base then in effect (the “Utilization Percentage”):
	
		
	Applicable Utilization Level
	Utilization Percentage

	Level I
	less than 25%

	Level II
	equal to or greater than 25%, but less than 50%

	Level III
	equal to or greater than 50%, but less than 75%

	Level IV
	equal to or greater than 75%, but less than 90%

	Level V
	equal to or greater than 90%, but less than 100%

	Level VI
	equal to or greater than 100%, but less than 110%

	Level VII
	equal to or greater than 110%

“Arranger” means Wells Fargo Securities, LLC. 
“Base Rate” means, means for any day, the highest of (a) the variable per annum rate of interest so designated from time to time by Administrative Agent as its “ prime rate”, (b) the Federal Funds Rate plus one-half percent (0.50%) per annum, and (c) the Adjusted Eurodollar Rate (computed without inclusion of the Eurodollar Margin) for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus one percent (1.00%), provided that the Base Rate charged by any Person shall never exceed the Highest Lawful 

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

Rate; provided further, that for the avoidance of doubt, the Eurodollar Rate used to determine the Adjusted Eurodollar Rate in this definition for any day shall be based on the ICE Benchmark Administration LIBO Rate appearing on Reuters Libor Rates LIBOR01(or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time on such day.  The “prime rate” is a reference rate set by Administrative Agent in the United States and does not necessarily represent the lowest or best rate being charged to any customer.  Any change in the Base Rate due to a change in the “prime rate”, the Federal Funds Rate, or the Adjusted Eurodollar Rate shall take place immediately without notice or demand of any kind.
“Base Rate Margin” means, on any date, the number of basis points set forth below based on the Applicable Utilization Level on such date:
	
		
	Applicable Utilization Level
	Base Rate Margin

	Level I
	100.0

	Level II
	125.0

	Level III
	150.0

	Level IV
	175.0

	Level V
	200.0

	Level VI
	250.0

	Level VII
	275.0

“Borrowing Base” means, at the particular time in question, either the amount provided for in Section 2.8 or the amount determined by Administrative Agent and Required Lenders (or all Lenders in the case of an increase in the Borrowing Base) in accordance with the provisions of Section 2.9.  At all times during the Overadvance Period, the Borrowing Base shall consist of a conforming portion (the “Conforming Borrowing Base”) and a non-conforming portion (the “Non-Conforming Borrowing Base”), each as determined or adjusted from time to time pursuant to the terms of this Agreement, and the Borrowing Base in effect at any time during the Overadvance Period shall be the sum of the Conforming Borrowing Base in effect at such time and the Non-Conforming Borrowing Base in effect at such time (and each reference herein to the term “Borrowing Base” as in effect at any time during the Overadvance Period shall be a reference to the Borrowing Base as so constituted).  Upon the expiration of the Overadvance Period, the Borrowing Base shall equal the Conforming Borrowing Base, and the Borrowing Base shall no longer be comprised of a Conforming Borrowing Base and a Non-Conforming Borrowing Base.

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

“Collateral Agent” means prior to the Seventh Amendment Effective Date, Royal Bank of Canada, and from and after the Seventh Amendment Effective Date means Wells Fargo Bank, National Association, in its capacity as collateral agent under any of the Security Documents, or any successor collateral agent.
“Commitment Fee Rate” means, on any date, the number of basis points set forth below based on the Applicable Utilization Level on such date:
	
		
	Applicable Utilization Level
	Commitment Fee Rate Margin

	Level I
	37.5

	Level II
	37.5

	Level III
	50.0

	Level IV
	50.0

	Level V
	50.0

	Level VI
	50.0

	Level VII
	50.0

“Eurodollar Margin” means, and on any date, the number of basis points set forth below based on the Applicable Utilization Level on such date:
	
		
	Applicable Utilization Level
	Eurodollar Margin

	Level I
	200.0

	Level II
	225.0

	Level III
	250.0

	Level IV
	275.0

	Level V
	300.0

	Level VI
	350.0

	Level VII
	375.0

 “Eurodollar Rate” means, for any Eurodollar Loan within a Borrowing and with respect to the related Interest Period therefore:
 (a) the interest rate per annum (carried out to the fifth decimal place) equal to the rate determined by Administrative Agent to be the offered rate based on the ICE Benchmark Administration LIBO Rate appearing on Reuters Libor Rates LIBOR01(or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) with a term equivalent 

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

to such Interest Period, determined at approximately 11:00 a.m., London time, two Business Days prior to the first day of such Interest Period, or 
(b)  in the event the rate referenced in the preceding subsection (a) is not available, the rate per annum determined by the Administrative Agent as the rate of interest at which deposits in U.S. dollars (for delivery on the first day of such Interest Period) in same day funds in the approximate amount of the applicable Eurodollar Loan and with a term equivalent to such Interest Period would be offered by its London branch to major banks in the London Inter-Bank Market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period.
“LC Issuer” means prior to the Seventh Amendment Effective Date, Royal Bank of Canada, and from and after the Seventh Amendment Effective Date means Wells Fargo Bank, National Association, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity.  From and after the Seventh Amendment Effective Date, Royal Bank of Canada shall have no obligation to issue, renew, amend or extend any Letters of Credit previously issued by it. Administrative Agent may, with the consent of Borrower and the Lender in question, appoint any Lender hereunder as an LC Issuer in place of or in addition to Wells Fargo Bank, National Association.
“Lenders” means (a) each signatory hereto (other than Borrower), including Wells Fargo Bank, National Association, in its capacity as a Lender hereunder, rather than as Administrative Agent or an LC Issuer, (b) the party identified as “New Lender” (as defined in Amendment No. 2), (c) the party identified as “New Lender” (as defined in Amendment No. 3), and (d) the parties identified as “New Lenders” (as defined in Amendment No. 5)  and the successors of each such party as Lender hereunder pursuant to Section 10.5.
“Letter of Credit Fee Rate” means, on any date, with respect to each Letter of Credit, the number of basis points set forth below based on the Applicable Utilization Level on such date:
	
		
	Applicable Utilization Level
	Letter of Credit Fee Rate

	Level I
	200.0

	Level II
	225.0

	Level III
	250.0

	Level IV
	275.0

	Level V
	300.0

	Level VI
	350.0

	Level VII
	375.0

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

“Letter of Credit” means each letter of credit issued by Royal Bank of Canada, as LC Issuer hereunder prior to the Seventh Amendment Effective Date and any letter of credit issued by Wells Fargo Bank, National Association, as LC Issuer (or any other Lender appointed as LC Issuer by the Administrative Agent with the consent of Borrower and the agreement of such Lender to be an LC Issuer) hereunder at the application of Borrower.
 “Loan Documents” means this Agreement, the Notes, the Security Documents, Letters of Credit, LC Applications, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, and all other agreements, certificates, documents, instruments and writings at any time delivered in connection herewith or therewith (exclusive of term sheets, commitment letters, correspondence and similar documents used in the negotiation hereof, except to the extent the same contain information about Borrower or its Affiliates, properties, business or prospects or specify fees to be paid).
d.The following new definitions are added to Section 1.1 (Defined Terms) of the Credit Agreement to appear therein in alphabetical order:
“Amendment No. 7” means that certain Agreement and Amendment No. 7 to Credit Agreement dated as of November 30, 2015, among the Borrower, the Guarantor, Royal Bank of Canada, as resigning Administrative Agent and resigning Collateral Agent, the Required Lenders and Wells Fargo Bank, National Association, as successor Administrative Agent, successor Collateral Agent, and as an LC Issuer.
“Automatic Conforming Borrowing Base Reduction” has the meaning set forth in Section 2.8(b).
“Automatic Non-Conforming Borrowing Base Reduction” has the meaning set forth in Section 2.8(c).
“Conforming Borrowing Base” has the meaning set forth in the definition of “Borrowing Base”.
“Non-Conforming Borrowing Base” has the meaning set forth in the definition of “Borrowing Base”.
“Overadvance Period” means the period from and including the Seventh Amendment Effective Date to and including May 1, 2016.
“Predecessor Administrative Agent” means Royal Bank of Canada.
“Predecessor Collateral Agent” means Royal Bank of Canada.
“Seventh Amendment Effective Date” means the date Amendment No. 7 by its terms becomes effective.

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

(a)Section 2.7 of the Credit Agreement (Mandatory Prepayments) is hereby amended by adding a new subsection (d) thereto to read as follows:
“(d)    On the day of each Automatic Conforming Borrowing Base Reduction, and each Automatic Non-Conforming Borrowing Base Reduction, the Borrower shall make a mandatory prepayment of the principal of the Loans in an amount, if any, required to eliminate any Borrowing Base Deficiency existing after giving effect thereto.”
(b)Section 2.8 of the Credit Agreement (Initial Borrowing  Base) is hereby deleted and the following is substituted therefor:
“Section 2.8 Initial Borrowing Base.  (a)  Notwithstanding anything to the contrary contained herein, during the period commencing on the Seventh Amendment Effective Date and ending on the effective date of the first Determination Date or adjustment of the Borrowing Base after the Seventh Amendment Effective Date, the amount of the Borrowing Base shall be $190,000,000, the amount of the Conforming Borrowing Base shall be $165,000,000 and the amount of the Non-Conforming Borrowing Base shall be $25,000,000.
(b)  Conforming Borrowing Base.  Notwithstanding the requirements of Section 2.9 relating to redetermination of the Borrowing Base, without any action on the part of Administrative Agent or Lenders, the Conforming Borrowing Base shall automatically reduce as follows (each such reduction to be independent and cumulative of each other reduction) until such time as the Conforming Borrowing Base is reduced to $150,000,000: (i) on December 1, 2015, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (ii) on January 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (iii) on February 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (iv) on March 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (v) on April 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000; (ii) on May 1, 2016, the amount of the Conforming Borrowing Base shall reduce by $2,500,000(each such reduction, an “Automatic Conforming Borrowing Base Reduction”).
(c)  Non-Conforming Borrowing Base.   Notwithstanding the requirements of Section 2.9 relating to redetermination of the Borrowing Base, without any action on the part of Administrative Agent or Lenders, the Non-Conforming Borrowing Base shall automatically, reduce as follows (each such reduction to be independent and cumulative of each other reduction) until such time as the Non-Conforming Borrowing Base is reduced to zero: (i) on May 1, 2016, the amount of the Non-Conforming Borrowing Base shall reduce to zero; (ii) on any date on which the Conforming Borrowing Base is increased, the amount of the Non-Conforming Borrowing Base shall reduce by the same dollar amount as such increase in the Conforming Borrowing Base; (iii) the amount of the Non-Conforming Borrowing Base shall reduce by the same dollar amount as is received by any Restricted Person 

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

from the issuance of Equity by such Restricted Person and (iv) the amount of the Non-Conforming Borrowing Base shall reduce by the same dollar amount as is received by any Restricted Person from the sale of assets by such Restricted Person (each such reduction, an “Automatic Non-Conforming Borrowing Base Reduction”).  Any waivers of, or amendments to, any Automatic Non-Conforming Borrowing Base Reduction and any waiver or extension of, or amendment to, the defined term “Overadvance Period” shall require the written consent of all Lenders.  
(d)  In the event that the Borrowing Base is subject to a reduction under Section 2.9 during the Overadvance Period in connection with (i) any disposition to a third party of Oil and Gas Properties of Borrower, the Borrowing Base value of which exceeds five percent (5%) of the then current Borrowing Base, or (ii) any Liquidation of a Hedging Contract which would have the effect of reducing the Borrowing Base by an amount in excess of five percent (5%) of the then current Borrowing Base, such reduction shall be made to the Conforming Borrowing Base, and Required Lenders may reduce the Non-Conforming Borrowing Base on the same effective date as the reduction in the Conforming Borrowing Base to reflect the impact upon the Non-Conforming Borrowing Base that they attribute in their sole discretion to such disposition of Oil and Gas Properties or Liquidation of a Hedging Contract.”
(c)Section 5.23 of the Credit Agreement (Hedging Contracts) is hereby deleted and the following substituted therefor:
“Section 5.23    Hedging Contracts.  As of the Seventh Amendment Effective Date, Borrower is not a party to any Hedging Contract, except for those Hedging Contracts of Borrower described in Section 5.23 of the Disclosure Schedule and Schedule 5, each as attached to Amendment No. 7.  Such Hedging Contracts are in full force and effect, and no “Event of Default” or “Termination Event” has occurred that is continuing thereunder.”
(d)Section 6.14 of the Credit Agreement (Agreement to Deliver Security Documents) is hereby amended by deleting the figure “80%” and substituting therefor the phrase “ninety percent (90%)”.
(e)Section 6.15 of the Credit Agreement (Additional Collateral) is hereby amended by deleting the phrase  “eighty percent (80%)” wherever it appears in such Section and substituting therefor the phrase “ninety percent (90%)”.
(f)Section 6.17 of the Credit Agreement (Bank Accounts; Offset) is hereby amended by adding the following after the first sentence of such Section:
“Additionally, within thirty (30) days after the Seventh Amendment Effective Date, Borrower will cause each bank or other financial institution (other than a Lender) holding any deposits (general or special, time or demand, provisional or final) of Borrower or any of its Subsidiaries to enter into a control agreement in favor of the 

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

Administrative Agent, in form and substance acceptable to the Administrative Agent.  If any such bank refuses or declines to enter into a control agreement satisfactory in form and substance to the Administrative Agent, the Administrative Agent shall so notify the Borrower whereupon the Borrower will promptly cease banking with such bank or other financial institution and move its deposit accounts to a bank or financial institution that will enter into a control agreement satisfactory in form and substance to the Administrative Agent.”
(g)A new Section 6.23 (Hedging Contracts) is hereby added to the Credit Agreement to read as follows:
“Section 6.23  Hedging Contracts.
(a)Hedging Contracts.  Within 10 days following the Seventh Amendment Effective Date, Borrower shall have entered into Hedging Contracts (which for purposes of this Section 6.23 include Existing Hedging Contracts), on terms and with a counterparty satisfactory to Administrative Agent, with the purpose and effect of fixing prices for Proved Developed Producing Reserves expected to be produced by Restricted Persons so that the monthly production covered by such contracts (determined, in the case of contracts that are not settled on a monthly basis, by a monthly proration acceptable to Administrative Agent for any single month (i) during the calendar year 2016 is not less than 80% of the projected production of oil and gas from Restricted Persons’ Proved Developed Producing Reserves (as reflected in the most recently delivered Engineering Report acceptable to the Administrative Agent) and (ii) during the calendar year 2017 is not less than 50% of the projected production of oil and gas from Restricted Persons’ Proved Developed Producing Reserves (as reflected in the most recently delivered Engineering Report acceptable to the Administrative Agent).
(b)Maintenance of Hedging Contracts. Each Restricted Person shall maintain in effect for their full term and will not permit the Liquidation of any Hedging Contracts that are used by Lenders in determining the Borrowing Base from time to time, including all Hedging Contracts entered into pursuant to Section 6.23(a); provided, however, Restricted Persons may terminate Hedging Contracts in connection with a Disposition permitted pursuant to Section 7.5(g) and redetermination of the Borrowing Base pursuant to Section 2.9.”  
(h)Clause (iv) of Section 7.6 of the Credit Agreement (Limitation on Restricted Payments) is hereby deleted and the following is substituted therefor:
“(iv) if consented to in writing by Required Lenders, the MLP may make Restricted Payments of Available Cash to holders of its Equity interests in compliance with the terms of its Organizational Documents.”
(i)Clause (9) of Section 10.1(a) (Waivers and Amendments) is hereby deleted and the following is substituted therefor:

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

“(9) change Section 3.1 in a manner that would alter the pro rata sharing of payments required thereby or change Section 7.6(iv) in any manner,”
(j)Schedule 1 – Lenders Schedule - which is attached to the Credit Agreement is hereby replaced in its entirety with Schedule 1 that is attached hereto.
(k)Schedule 2 – Disclosure Schedule - which is attached to the Credit Agreement is hereby replaced in its entirety with Schedule 2 that is attached hereto.
(l)Schedule 3 – Security Schedule - which is attached to the Credit Agreement is hereby replaced in its entirety with Schedule 3 that is attached hereto.
(m)Schedule 5 – Existing Hedging Contracts - which is attached to the Credit Agreement is hereby replaced in its entirety with Schedule 5 that is attached hereto.
(n)The reference to “Royal Bank of Canada” is hereby deleted and “Wells Fargo Bank, National Association” is substituted therefor wherever it appears in Exhibit A – Promissory Note, Exhibit B – Borrowing Notice, Exhibit C – Continuation/Conversion Notice, Exhibit D – Repayment Notice, Exhibit E – Certificate Accompanying Financial Statements and Exhibit F – Assignment and Assumption.
(o)From and after the Effective Date, the address and wiring instructions for the Administrative Agent and the address for Wells Fargo Bank, National Association as Lender and an LC Issuer are as set forth below its name on the signature pages to this Agreement.
ARTICLE IV
REDETERMINED BORROWING BASE
Section 4.01    Redetermined Borrowing Base.  Notwithstanding any requirement set forth in Section 2.9 of the Credit Agreement regarding the redetermination of the Borrowing Base to occur in October, 2015, for purposes of such redetermination and in satisfaction of the terms and provisions of Section 2.9 of the Credit Agreement, Administrative Agent and Required Lenders hereby notify Borrower that, from the Effective Date until and including the next Determination Date, the Borrowing Base shall be reduced to $190,000,000, subject to the terms of the Credit Agreement as amended by Amendment No. 7. This Agreement constitutes notice to Borrower of the redetermined Borrowing Base for purposes of Section 2.9 and by its signature to this Agreement each Lender signing this Agreement consents to the reduced $190,000,000 redetermined Borrowing Base.
ARTICLE V
AGREEMENTS
Section 5.01    Commitments. Each Lender signing this Agreement hereby acknowledges and confirms that, as of the date hereof and after giving effect to this Agreement, its respective Commitment is as set forth next to its name on Schedule 1 attached hereto.  
ARTICLE VI
REPRESENTATIONS AND WARRANTIES

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

Section 6.01    Borrower Representations and Warranties.  The Borrower represents and warrants that: (a) the representations and warranties contained in the Credit Agreement and the representations and warranties contained in the other Loan Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; and (b) the Liens under the Security Documents are valid and subsisting and secure Borrower's obligations under the Loan Documents.
Section 6.02    Guarantor’s Representations and Warranties.  Guarantor represents and warrants that: (a) the representations and warranties of Guarantor contained in the Guaranty and the representations and warranties contained in the other Loan Documents to which Guarantor is a party are true and correct in all material respects on and as of the Effective Date as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date; (b) no Default has occurred which is continuing; and (c) the Liens under the Security Documents to which Guarantor is a party are valid and subsisting and secure Guarantor’s obligations under the Loan Documents.
ARTICLE VII
CONDITIONS
The Credit Agreement shall be amended as provided herein, upon the date all of the following conditions precedent have been met (the “Effective Date"):
Section 7.01    Documents.  The Administrative Agent shall have received each of the following:
(a)    this Agreement duly and validly executed and delivered by the Borrower, the Guarantor, the Administrative Agent, and the Required Lenders; and
(b)    Borrower shall have paid all commitment, facility, agency and other fees required to be paid and then due to Administrative Agent or any Lender pursuant to any Loan Documents or any commitment agreement heretofore entered into, and payment of all expenses for which invoices have been presented prior to the Effective Date. 
Section 7.02    No Default.  No Default shall have occurred which is continuing as of the Effective Date.
Section 7.03    Fees and Expenses. The Borrower shall have paid or reimbursed the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Agreement and the increase in the Borrowing Base effected hereby, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the fees and disbursements of the Administrative Agent’s outside legal counsel, in each case, pursuant to all invoices of the Administrative Agent and/or such counsel presented to the Borrower for payment prior to the Effective Date.  By its execution of this Agreement, Borrower hereby (i) agrees to the $190,000,000 redetermined Borrowing Base, and (ii) waives its right to 

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

reduce the Borrowing Base during the Option Period as otherwise permitted under Section 2.10 of the Credit Agreement. 
ARTICLE VIII
MISCELLANEOUS
Section 8.01    Effect on Loan Documents; Acknowledgements.  
(a)     Each of the Borrower, the Guarantor, Administrative Agent, the LC Issuers and the Required Lenders does hereby adopt, ratify, and confirm the Credit Agreement and each other Loan Document, as amended hereby, and acknowledges and agrees that the Credit Agreement and each other Loan Document, as amended hereby, is and remains in full force and effect, and the Borrower and the Guarantor acknowledge and agree that their respective liabilities and obligations under the Credit Agreement and the other Loan Documents are not impaired in any respect by this Agreement.
(b)    From and after the Effective Date, all references to the Credit Agreement and the Loan Documents shall mean such Credit Agreement and such Loan Documents as amended by this Agreement.
(c)    This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement shall be a Default under the Credit Agreement, subject to all applicable cure or grace periods provided for under the Credit Agreement.
Section 8.02    Reaffirmation of the Guaranty.  Guarantor hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty are in full force and effect and that Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed Obligations may have been amended by this Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by Guarantor under the Guaranty in connection with the execution and delivery of amendments to the Credit Agreement, the Notes or any of the other Loan Documents (other than the Guaranty or any other Loan Document to which Guarantor is a party).
Section 8.03    Counterparts.  This Agreement may be separately executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Agreement.  This Agreement shall become effective when it shall have been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  This Agreement may be transmitted and/or signed by facsimile, telecopy or electronic mail.  The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually‐signed originals and shall be binding on all Restricted Persons and Lender Parties.  The Administrative Agent may also require that any such documents and signatures be confirmed by a manually‐signed original thereof; provided, however, that the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature.

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Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

Section 8.04    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.
Section 8.05    Invalidity.  In the event that any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement.
Section 8.06    Governing Law.  This Agreement shall be deemed to be a contract made under and shall be governed by, construed and enforced in accordance with the laws of the State of New York and the laws of the United States, without regard to principles of conflicts of laws.  
Section 8.07    Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[The remainder of this page has been left blank intentionally.]

-15-
Amendment No. 7
Mid-Con Energy Properties, LLC 
Credit Agreement

	
							
	EXECUTED to be effective as of the date first above written.

	 
	 
	 
	 
	 
	 
	 

	 
	 
	BORROWER:

	 
	 
	 
	 
	 
	 
	 

	 
	 
	MID-CON ENERGY PROPERTIES, LLC, a

	 
	 
	Delaware limited liability company

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	Mid-Con Energy Partners, LP, a
Delaware limited partnership, its
Sole Member

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	Mid-Con Energy GP, LLC, a 
Delaware limited liability company,
Its General Partner

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	By:
	/s/ Jeffery R. Olmstead

	 
	 
	 
	 
	 
	 
	Jeffrey R. Olmstead
Chief Executive Officer

	 
	 
	 
	 
	 
	 
	 

	 
	 
	GUARANTOR:

	 
	 
	 
	 
	 
	 
	 

	 
	 
	MID-CON ENERGY PARTNERS, LP, a

	 
	 
	Delaware limited partnership

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	Mid-Con Energy GP, LLC, a 
Delaware limited liability company,
Its General Partner

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	By:
	/s/ Jeffery R. Olmstead

	 
	 
	 
	 
	 
	 
	Jeffrey R. Olmstead
Chief Executive Officer

    

	
							
	 
	 
	RESIGNING ADMINISTRATIVE AGENT:

	 
	 
	 
	 
	 
	 
	 

	 
	 
	ROYAL BANK OF CANADA,

	 
	 
	as resigning Administrative Agent 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Ann Hudey

	 
	 
	Name:
	 
	 
	Ann Hudey

	 
	 
	Title:
	 
	 
	Manager Agency

	 
	 
	 
	 
	 
	 
	 

	 
	 
	RESIGNING COLLATERAL AGENT:

	 
	 
	 
	 
	 
	 
	 

	 
	 
	ROYAL BANK OF CANADA,

	 
	 
	as resigning Collateral Agent

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Ann Hudey

	 
	 
	Name:
	 
	 
	Ann Hudey

	 
	 
	Title:
	 
	 
	Manager Agency

	 
	 
	 
	 
	 
	 
	 

	 
	 
	RESIGNING LC ISSUER:

	 
	 
	 
	 
	 
	 
	 

	 
	 
	ROYAL BANK OF CANADA,

	 
	 
	as resigning LC Issuer

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Don J. McKinnerney

	 
	 
	Name:
	 
	 
	Don J. Mckinnerney

	 
	 
	Title:
	 
	 
	Authorized Signatory

    

	
							
	 
	 
	LENDERS:

	 
	 
	 
	 
	 
	 
	 

	 
	 
	ROYAL BANK OF CANADA,

	 
	 
	as an LC Issuer and as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Don J. McKinnerney

	 
	 
	Name:
	 
	 
	Don J. Mckinnerney

	 
	 
	Title:
	 
	 
	Authorized Signatory

    

                    
	
							
	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 
	as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Muhammad Dhamani

	 
	 
	Name:
	 
	 
	Muhammad Dhamani

	 
	 
	Title:
	 
	 
	Director

    

	
							
	 
	 
	BOKF, NA, d/b/a The Bank of Texas

	 
	 
	as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	 

	 
	 
	Name:
	 
	 
	 

	 
	 
	Title:
	 
	 
	 

    

	
							
	 
	 
	COMERICA BANK

	 
	 
	as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Brandon M. White

	 
	 
	Name:
	 
	 
	Brandon M. White

	 
	 
	Title:
	 
	 
	Vice President

    

	
							
	 
	 
	THE BANK OF NOVA SCOTIA

	 
	 
	as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Alan Dawson

	 
	 
	Name:
	 
	 
	Alan Dawson

	 
	 
	Title:
	 
	 
	Director

    

	
							
	 
	 
	MUFG UNION BANK, N.A.

	 
	 
	as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Haylee Dallas 

	 
	 
	Name:
	 
	 
	Haylee Dallas

	 
	 
	Title:
	 
	 
	Vice President 

    

	
							
	 
	 
	FROST BANK

	 
	 
	as a Lender

	 
	 
	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 
	/s/ Alex Zemkoski

	 
	 
	Name:
	 
	 
	Alex Zemkoski

	 
	 
	Title:
	 
	 
	Senior Vice President

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