Document:

exv10w1

Exhibit 10.1

FOURTH AMENDMENT TO COMBINED CREDIT AGREEMENTS

     THIS FOURTH AMENDMENT TO COMBINED CREDIT AGREEMENTS, dated as of June 20, 2008 (this
“Amendment”), is entered into by and among QUICKSILVER RESOURCES INC., a Delaware
corporation (the “U.S. Borrower”), QUICKSILVER RESOURCES CANADA INC., an Alberta, Canada
corporation (the “Canadian Borrower”), each of the Lenders (as defined in the U.S. Credit
Agreement (as hereinafter defined)) party hereto (together with its successors and assigns, the
“U.S. Lenders”), each of the Lenders (as defined in the Canadian Credit Agreement (as
hereinafter defined)) party hereto (together with its successors and assigns, the “Canadian
Lenders” and, together with the U.S. Lenders, the “Combined Lenders”), JPMORGAN CHASE
BANK, N.A., as global administrative agent (in such capacity, the “Global Administrative
Agent”), and JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as Canadian administrative agent (in
such capacity, the “Canadian Administrative Agent”).

W I T N E S S E T H:

     1. The U.S. Borrower, the Global Administrative Agent, the other Agents party thereto and the
U.S. Lenders are parties to that certain Amended and Restated Credit Agreement dated as of February
9, 2007 (as amended, supplemented, restated or otherwise modified from time to time, the “U.S.
Credit Agreement”), pursuant to which the U.S. Lenders agreed to make loans to, and extensions
of credit on behalf of, the U.S. Borrower.

     2. The Canadian Borrower, the Global Administrative Agent, the Canadian Administrative Agent,
the other Agents party thereto and the Canadian Lenders are parties to that certain Amended and
Restated Credit Agreement dated as of February 9, 2007 (as amended, supplemented, restated or
otherwise modified from time to time, the “Canadian Credit Agreement” and, together with
the U.S. Credit Agreement, the “Combined Credit Agreements”), pursuant to which the
Canadian Lenders agreed to make loans to, and extensions of credit on behalf of, the Canadian
Borrower.

     3. The parties to the Combined Credit Agreements intend to amend the Combined Credit
Agreements as follows:

     NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto agree as follows:

     I. Amendments to U.S. Credit Agreement.

     A. The definition of “Permitted Senior Notes Debt” contained in Section 1.1 of the
U.S. Credit Agreement is hereby amended in its entirety to read as follows:

     “Permitted Senior Notes Debt” means any unsecured Indebtedness (in
addition to, and not including, Existing Subordinate Debt) of the Borrower, and any
Guarantees thereof by Subsidiaries, incurred or assumed after the date of this
Agreement and resulting from one or more issuances of Borrower’s senior unsecured
notes and/or senior unsecured subordinate notes in an aggregate

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outstanding principal balance at any time of not greater than U.S. $500,000,000,
including all renewals, refinancings, replacements, and extensions thereof to the
extent permitted hereunder and made in accordance with the terms of the Combined
Loan Documents (including Section 7.14), provided, that, except, in
the case of each of clauses (ii), (iv) and (vi) below, to the extent the terms of
such Indebtedness as to the matters addressed in such clauses are materially the
same or at least as favorable for the Borrower as the terms of the Existing
Subordinate Notes issued pursuant to the Existing Subordinated Note Indenture
(disregarding for purposes of this exception, in the case of any issuance of the
Borrower’s senior unsecured notes, any provisions of the Existing Subordinate Notes
and/or the Existing Subordinated Note Indenture that expressly or effectively
operate to subordinate or condition any right or obligation of the Borrower to make
any payment (whether in connection with a purchase, repurchase, redemption,
defeasance, prepayment or otherwise) under or in respect of all or any of the
Existing Subordinate Notes in relation to any other Indebtedness), all such
Indebtedness (i) has a maturity date at least six (6) months after the Maturity
Date, (ii) except to the extent any such prepayments are made in accordance with
subsection (y) to the proviso in Section 7.14, is not permitted to be
prepaid (other than by the conversion of any such Indebtedness into the capital
stock of the Borrower) without the written consent of the Global Administrative
Agent and the Majority Lenders, (iii) has a coupon not in excess of nine percent
(9%), (iv) contains covenants not materially more onerous to Borrower and its
Subsidiaries than those contained in the Combined Loan Documents, (v) requires no
scheduled principal amortization prior to the sixth anniversary of the Closing Date,
and (vi) is otherwise on market terms and conditions as of the time of issuance
thereof.

     B. Section 7.14 of the U.S. Credit Agreement is hereby amended by inserting the following
sentence at the end of such Section:

     “Notwithstanding anything to the contrary contained herein or in any other
Combined Loan Document, the provisions of this Section 7.14 (or any
comparable provisions in any Combined Loan Document) shall in no event or
circumstance apply to or restrict any payment (whether in respect of a purchase,
repurchase, redemption, defeasance, prepayment or otherwise) that the Borrower is
obligated to make in respect of any of the Borrower’s senior unsecured notes that
constitute Permitted Senior Notes Debt.”

     II. Amendment to Canadian Credit Agreement. The definition of “Permitted Senior
Notes Debt” contained in Section 1.1 of the Canadian Credit Agreement is hereby amended in its
entirety to read as follows:

     “Permitted Senior Notes Debt” means any unsecured Indebtedness (in
addition to, and not including, Existing Subordinate Debt) of the Parent, and any
Guarantees thereof by Subsidiaries, incurred or assumed after the date of this
Agreement and resulting from one or more issuances of Parent’s senior unsecured
notes and/or senior unsecured subordinate notes in an aggregate outstanding
principal balance at any time of not greater than U.S. $500,000,000, including all

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renewals, refinancings, replacements, and extensions thereof to the extent
permitted hereunder and made in accordance with the terms of the Combined Loan
Documents (including Section 7.14 of the U.S. Credit Agreement), provided,
that, except, in the case of each of clauses (ii), (iv) and (vi) below, to the
extent the terms of such Indebtedness as to the matters addressed in such clauses
are materially the same or at least as favorable for the Parent as the terms of the
Existing Subordinate Notes issued pursuant to the Existing Subordinated Note
Indenture (disregarding for purposes of this exception, in the case of any issuance
of the Parent’s senior unsecured notes, any provisions of the Existing Subordinate
Notes and/or the Existing Subordinated Note Indenture that expressly or effectively
operate to subordinate or condition any right or obligation of the Parent to make
any payment (whether in connection with a purchase, repurchase, redemption,
defeasance, prepayment or otherwise) under or in respect of all or any of the
Existing Subordinate Notes in relation to any other Indebtedness), all such
Indebtedness (i) has a maturity date at least six (6) months after the Maturity
Date, (ii) except to the extent any such prepayments are made in accordance with
subsection (y) to the proviso in Section 7.14 of the U.S. Credit Agreement, is not
permitted to be prepaid (other than by the conversion of any such Indebtedness into
the capital stock of the Parent) without the written consent of the Global
Administrative Agent and the Majority Lenders, (iii) has a coupon not in excess of
nine percent (9%), (iv) contains covenants not materially more onerous to Parent and
its Subsidiaries than those contained in the Combined Loan Documents, (v) requires
no scheduled principal amortization prior to the sixth anniversary of the Closing
Date, and (vi) is otherwise on market terms and conditions as of the time of
issuance thereof.

     III. Effectiveness. This Amendment shall become effective as of the date (the
“Effective Date”) when the Global Administrative Agent shall have received counterparts
hereof duly executed by the U.S. Borrower, the Canadian Borrower, the Global Administrative Agent,
the Canadian Administrative Agent and the Majority Lenders (or, in the case of any party as to
which an executed counterpart shall not have been received, telegraphic, telex, or other written
confirmation from such party of execution of a counterpart hereof by such party).

     IV. Reaffirmation of Representations and Warranties. To induce the Combined Lenders
and the Global Administrative Agent to enter into this Amendment, the U.S. Borrower and the
Canadian Borrower hereby reaffirm, as of the date hereof, the following:

          (i) The representations and warranties of each Loan Party (as such term is defined in
the U.S. Credit Agreement and the Canadian Credit Agreement, collectively, the “Combined
Loan Parties”) set forth in the Combined Loan Documents to which it is a party are true
and correct on and as of the date hereof (or, if stated to have been made expressly as of an
earlier date, were true and correct in all material respects as of such date and, except to
the extent waived in writing by the Combined Lenders, the Required Lenders, the Majority
Lenders, the U.S. Lenders or the U.S. Required Lenders, as applicable).

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          (ii) Each of the Combined Loan Parties (a) is a corporation or limited partnership duly
incorporated or organized (as applicable), validly existing and in good standing under the
laws of its jurisdiction of incorporation or organization, (b) has all corporate or limited
partnership power (as applicable) and all material governmental licenses, authorizations,
consents and approvals required to carry on its businesses as now conducted and as proposed
to be conducted, and (c) is duly qualified to transact business as a foreign corporation or
limited partnership in each jurisdiction where a failure to be so qualified would reasonably
be expected to have a Material Adverse Effect.

          (iii) The execution, delivery and performance of this Amendment and the other Combined
Loan Documents by each Combined Loan Party (to the extent each Combined Loan Party is a
party to this Amendment and such Combined Loan Documents) (a) are within such Combined Loan
Party’s corporate or limited partnership powers, (b) when executed will be duly authorized
by all necessary corporate or limited partnership action, (c) require no action by or in
respect of, or filing with, any Governmental Authority (other than (1) actions or filings
pursuant to the Exchange Act and (2) actions or filings that have been taken or made and are
in full force and effect) and (d) do not contravene, or constitute a default under, any
provision of applicable Governmental Rule (including, without limitation, Regulation U) or
of the articles or certificate of incorporation, bylaws, regulations, partnership agreement
or comparable charter documents of any Combined Loan Party or of any agreement, judgment,
injunction, order, decree or other instrument binding upon any Combined Loan Party or result
in the creation or imposition of any Lien on any Borrowing Base Property or Collateral other
than the Liens securing the Combined Obligations.

          (iv) This Amendment and each other Combined Loan Document constitutes, or when executed
and delivered will constitute, valid and binding obligations of each Combined Loan Party
which is a party thereto, enforceable against each such Combined Loan Party which executes
the same in accordance with its terms except as the enforceability thereof may be limited by
(a) bankruptcy, insolvency, reorganization, moratorium, or similar Governmental Rules
affecting creditors’ rights generally, and (b) equitable principles of general applicability
(whether enforcement is sought by proceedings at law or in equity).

          (v) Neither a Default nor an Event of Default has occurred and will exist under either
Combined Credit Agreement after giving effect to the transactions contemplated by this
Amendment or the other Combined Loan Documents. Neither the U.S. Borrower or any of its
Subsidiaries nor the Canadian Borrower or any of its Subsidiaries is in default under, nor
has any event or circumstance occurred which, but for the expiration of any applicable grace
period or the giving of notice, or both, would constitute a default under, any Material
Agreement to which the U.S. Borrower or any of its Subsidiaries or the Canadian Borrower or
any of its Subsidiaries is a party or by which the U.S. Borrower or any of its Subsidiaries
or the Canadian Borrower or any of its Subsidiaries is bound which default would reasonably
be expected to have a Material Adverse Effect. The U.S. Borrower is in compliance with the
financial covenants set forth in Article VI of the U.S. Credit Agreement.

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          (vi) No event or events have occurred since December 31, 2007 which individually or in
the aggregate would reasonably be expected to have a Material Adverse Effect.

     V. Defined Terms. Terms used herein when defined in the U.S. Credit Agreement
(including, to the extent applicable, after giving effect to this Amendment) shall have the same
meanings herein unless the context otherwise requires.

     VI. Reaffirmation of Combined Credit Agreements. This Amendment shall be deemed to be
an amendment to the Combined Credit Agreements, and the Combined Credit Agreements, as amended
hereby, are hereby ratified, approved and confirmed in each and every respect. All references to
the Combined Credit Agreements herein and in any other document, instrument, agreement or writing
shall hereafter be deemed to refer to the Combined Credit Agreements as amended hereby.

     VII. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF TEXAS.

     NOTWITHSTANDING THE FOREGOING SENTENCE AND AFTER GIVING EFFECT TO THE TEXTUAL AMENDMENTS
CONTAINED IN SECTIONS I AND II OF THIS AMENDMENT, (i) THE U.S. CREDIT AGREEMENT (AS
AMENDED HEREBY) SHALL CONTINUE TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
SPECIFIED IN SECTION 10.9(a) OF THE U.S. CREDIT AGREEMENT, AND (ii) THE CANADIAN CREDIT AGREEMENT
(AS AMENDED HEREBY) SHALL CONTINUE TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
SPECIFIED IN SECTION 10.9(a) OF THE CANADIAN CREDIT AGREEMENT.

     VIII. Severability of Provisions. Any provision of this Amendment held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     IX. Counterparts. This Amendment may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Amendment by telecopy (or other electronic transmission acceptable to
the Global Administrative Agent) shall be effective as delivery of a manually executed counterpart
of this Amendment.

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

     XI. Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby
(including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that neither

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the U.S. Borrower nor the Canadian Borrower may assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Global Administrative Agent, each
Issuing Bank and each Combined Lender (and any attempted assignment or transfer by either the U.S.
Borrower or the Canadian Borrower without such consent shall be null and void).

     XII. No Oral Agreements. THIS AMENDMENT, THE COMBINED CREDIT AGREEMENTS, AS AMENDED
HEREBY, AND THE OTHER COMBINED LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN AND AMONG THE
PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     XIII. Loan Document. This Amendment constitutes a “Loan Document,” a “Canadian Loan
Document” and a “Combined Loan Document” under and as defined in the U.S. Credit Agreement, and a
“Loan Document,” a “U.S. Loan Document” and a “Combined Loan Document” under and as defined in the
Canadian Credit Agreement.

[Signature Pages to Follow]

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     IN WITNESS WHEREOF, the U.S. Borrower, the Canadian Borrower, the undersigned Combined
Lenders, the Global Administrative Agent and the Canadian Administrative Agent have executed this
Amendment as of the date first above written.

U.S. BORROWER

QUICKSILVER RESOURCES INC.,

a Delaware corporation, as U.S. Borrower

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ MarLu Hiller	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	MarLu Hiller	 	 
	 

	 	Title:
	 	 	 	Vice President – Treasurer	 	 

CANADIAN BORROWER 

QUICKSILVER RESOURCES CANADA INC.,

an Alberta, Canada corporation, as Canadian Borrower

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ MarLu Hiller	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	MarLu Hiller	 	 
	 

	 	Title:
	 	 	 	Vice President – Treasurer	 	 

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AGENTS AND COMBINED LENDERS

JPMORGAN CHASE BANK, N.A., as Global Administrative

Agent and as a U.S. Lender

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ J. Scott Fowler	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	J. Scott Fowler	 	 
	 

	 	Title:
	 	 	 	Senior Vice President	 	 

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JPMORGAN CHASE BANK, N.A., TORONTO 
BRANCH,
as a Canadian Administrative Agent

and as a Canadian Lender

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael N. Tam	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Michael N. Tam	 	 
	 

	 	Title:
	 	 	 	Senior Vice President	 	 

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BANK OF AMERICA, N.A., as a U.S. Lender

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Ronald E. McKaig	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Ronald E. McKaig	 	 
	 

	 	Title:
	 	 	 	Senior Vice President	 	 

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BNP PARIBAS, as a U.S. Lender

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Betsy Jocher	 	 
	 	 	 	 	 	 	 
	 

	 	Name:

Title:
	 	 	 	Betsy Jocher

Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Richard Hawthorne	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Richard Hawthorne	 	 
	 

	 	Title:
	 	 	 	Director	 	 

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FORTIS CAPITAL CORP., as a U.S. Lender

	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael Jones	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Michael Jones	 	 
	 

	 	Title:
	 	 	 	Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Ilene Fowler	 	 
	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	Ilene Fowler	 	 
	 

	 	Title:
	 	 	 	Director	 	 

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	 	 	THE BANK OF NOVA SCOTIA, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David Mills
	 

	 	 	 	 
	 

	 	Name:
	 	David Mills
	 

	 	Title:
	 	Director

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	 	 	DEUTSCHE BANK TRUST COMPANY
	 	 	AMERICAS, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Erin Morrissey
	 

	 	 	 	 
	 

	 	Name:
	 	Erin Morrissey
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Dusan Lazarov
	 

	 	 	 	 
	 

	 	Name:
	 	Dusan Lazarov
	 

	 	Title:
	 	Vice President

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	 	 	THE ROYAL BANK OF SCOTLAND plc, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert E. Poirrer, Jr.
	 

	 	 	 	 
	 

	 	Name:
	 	Robert E. Poirrier, Jr.
	 

	 	Title:
	 	Senior Vice President

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	 	 	CALYON NEW YORK BRANCH, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

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	 	 	CITIBANK, N.A., as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Todd Mogil
	 

	 	 	 	 
	 

	 	Name:
	 	Todd Mogil
	 

	 	Title:
	 	Vice President

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	 	 	UNION BANK OF CALIFORNIA, N.A., as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

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	 	 	WELLS FARGO BANK, N.A., as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David C. Brooks
	 

	 	 	 	 
	 

	 	Name:
	 	David C. Brooks
	 

	 	Title:
	 	Vice President

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	 	 	TORONTO DOMINION (TEXAS) LLC, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Debbi L. Brito
	 

	 	 	 	 
	 

	 	Name:
	 	Debbi L. Brito
	 

	 	Title:
	 	Authorized Signatory

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	 	 	U.S. BANK NATIONAL ASSOCIATION, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Daria Mahoney
	 

	 	 	 	 
	 

	 	Name:
	 	Daria Mahoney
	 

	 	Title:
	 	Vice President

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	 	 	SUMITOMO MITSUI BANKING CORPORATION, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

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	 	 	COMPASS BANK, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Murray E. Brasseux
	 

	 	 	 	 
	 

	 	Name:
	 	Murray E. Brasseux
	 

	 	Title:
	 	Executive Vice President

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	 	 	SOCIÉTÉ GÉNÉRALE, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Stephen W. Warfel
	 

	 	 	 	 
	 

	 	Name:
	 	Stephen W. Warfel
	 

	 	Title:
	 	Managing Director

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	 	 	COMERICA BANK, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Peter L. Sefzik
	 

	 	 	 	 
	 

	 	Name:
	 	Peter L. Sefzik
	 

	 	Title:
	 	Vice President

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	 	 	STERLING BANK, as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Melissa Bauman
	 

	 	 	 	 
	 

	 	Name:
	 	Melissa Bauman
	 

	 	Title:
	 	Senior Vice President

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	 	 	CIBC INC., as a U.S. Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Kathryn G. Casparian
	 

	 	 	 	 
	 

	 	Name:
	 	Kathryn G. Casparian
	 

	 	Title:
	 	Chief Administrative Officer

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	 	 	KEYBANK, N.A., as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

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	 	 	EXPORT DEVELOPMENT CANADA, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Janine Dopson
 

Janine Dopson
	 	 
	 

	 	Title:
	 	Loan Asset Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Howard Clysdale
 

Howard Clysdale
	 	 
	 

	 	Title:
	 	Portfolio Manager	 	 

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	 	 	BARCLAYS BANK PLC, as a U.S. Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Joseph Gyurindak
 

Joseph Gyurindak
	 	 
	 

	 	Title:
	 	Director	 	 

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	 	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a U.S.
Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Vanessa Gomez
 

Vanessa Gomez
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Nupur Kumar
 

Nupur Kumar
	 	 
	 

	 	Title:
	 	Associate	 	 

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	 	 	BANK OF AMERICA, N.A. (by its Canada branch), as a
Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Medina Sales De Andrade
 

Medina Sales De Andrade
	 	 
	 

	 	Title:
	 	Vice President	 	 

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	 	 	BNP PARIBAS (CANADA), as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Chris Rice
 

Chris Rice
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael Gosselin
 

Michael Gosselin
	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	FORTIS CAPITAL (CANADA) LTD., as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Peter Boogers
 

Peter Boogers
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Doug Clark
 

Doug Clark
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew Kellock
 

Andrew Kellock
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Todd Kennedy
 

Todd Kennedy
	 	 
	 

	 	Title:
	 	Associate	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK AG CANADA BRANCH, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Daniel W. Sooley
 

Daniel W. Sooley
	 	 
	 

	 	Title:
	 	Chief Legal Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Marcellus Leung
 

Marcellus Leung
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A., CANADIAN BRANCH, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Ivan Davey
 

Ivan Davey
	 	 
	 

	 	Title:
	 	Authorised Signer	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A., CANADA BRANCH, as a
Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO
FINANCIAL CORPORATION CANADA, 

as a
Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Nick Scarfo
 

Nick Scarfo
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	THE TORONTO-DOMINION BANK, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Debbi L. Brito
 

Debbi L. Brito
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	SUMITOMO MITSUI BANKING
CORPORATION OF CANADA, 
as a
Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	SOCIÉTÉ GÉNÉRALE (CANADA BRANCH), as a Canadian

Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Baldoni	 	 
	 

	 	Name:
	 	 

David Baldoni
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul Primavesi
 

Paul Primavesi
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK, CANADA BRANCH, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Omer Ahmed
 

Omer Ahmed
	 	 
	 

	 	Title:
	 	Portfolio Manager	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CANADIAN IMPERIAL
BANK OFCOMMERCE,
 as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Randy Geislinger
 

Randy Geislinger
	 	 
	 

	 	Title:
	 	Executive Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 

Name:
	 	/s/ Chris Perks
 

Chris Perks
	 	 
	 

	 	Title:
	 	Executive Director	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	KEYBANK, N.A., as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Joseph Gyurindak
 

Joseph Gyurindak
	 	 
	 

	 	Title:
	 	Director	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc. 

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, TORONTO BRANCH, as a Canadian Lender
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alain Daoust
 

Alain Daoust
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Steve W. Fuh
 

Steve W. Fuh
	 	 
	 

	 	Title:
	 	Vice-President	 	 

[Signature Page]

Fourth Amendment to Combined Credit Agreements

Quicksilver Resources Inc.exv10w1

Exhibit 10.1

PENSON WORLDWIDE, INC.

2008 RESTRICTED STOCK BONUS INCENTIVE PLAN

I. PURPOSE OF THE PLAN

          This 2008 Restricted Stock Bonus Incentive Plan is intended to promote the interests of Penson
Worldwide, Inc., a Delaware corporation, and provide further incentive to Plan Participants by
giving such persons the option to elect to receive a portion of any discretionary bonus payment
that they may be entitled to receive during the term hereof in the form of RSUs instead of cash,
subject to the restrictions set forth herein.

          Capitalized terms shall have the meanings assigned to such terms in the attached Appendix I.

II. ADMINISTRATION OF THE PLAN

          The Plan shall be administered by the Compensation Committee, which shall have full power and
authority, subject to the provisions of the Plan, to establish such rules as it may deem
appropriate for proper administration of the Plan, to make all factual determinations (including
the validity of any Participation Election Form), to construe and interpret the provisions of the
Plan and to resolve any and all ambiguities hereunder. Subject to the foregoing, the Chief
Executive Officer of the Corporation and his designee(s) shall be responsible for the day-to-day
management of the Plan.

III. PARTICIPATION AND TERMS OF AWARDS

     A. Eligibility.

          The Compensation Committee shall determine, in its sole discretion, the persons eligible to become
Plan Participants, and may also, in its sole discretion, remove Plan Participants from eligibility
to participate in the Plan.

     B. Participation Election.

          At any time up to 5:00 p.m., Central Time, on an Election Date, any Plan Participant may, but shall
not be required to, elect to participate in the Plan by completing, executing and delivering to the
Chief Executive Officer of the Corporation or his designee(s) a Participation Election Form, a form
of which is attached hereto as Appendix II. Each submitted Participation Election Form, or a
summary of the election set forth thereon, will then be provided to the Compensation Committee.

          The Participation Election Form shall state the percentage of each applicable bonus payment that
the Plan Participant elects to receive in the form of an RSU grant, pursuant to the terms of this
Plan, to be received under the Corporation’s current policies for discretionary bonuses on the next
succeeding Bonus Payment Date; provided, that in no event shall the RSU component of any such
payment be in excess of

 

 

fifty percent (50%) of the Bonus Amount. Any discretionary bonuses will be awarded, if at all,
only in accordance with the then current policies of the Corporation with respect thereto, and
nothing herein or in any Participation Election Form shall confer upon any Plan Participant the
right to receive a bonus payment on a Bonus Payment Date.

     C. Grant of RSUs.

          For each Plan Participant who executes and delivers a Participation Election Form, the Compensation
Committee will grant an award of RSUs to be calculated as follows:

1. The Bonus Amount for that discretionary payment will be multiplied by the RSU
Bonus Percentage, resulting in the RSU Bonus Amount.

2. The RSU Bonus Amount will be multiplied by one-hundred thirty percent (130%),
resulting in the RSU Value.

3. The RSU Value will be divided by the Common Stock Fair Market Value, resulting
in the RSU Share Grant Amount.

          Under no circumstances shall any such award include units representing fractional shares of Common
Stock, and in lieu of any such fractional shares the Plan Participant shall receive the cash value
thereof together with the payment of the cash portion of his or her discretionary bonus payment.

          Upon the grant of an RSU award to a Plan Participant in accordance with the preceding paragraph,
the cash component of such Plan Participant’s discretionary bonus payment on the Bonus Payment Date
shall equal the balance of the Bonus Amount not allocated to the RSU Bonus Amount, plus the cash
value of any fractional share, as described above.

     D. RSU Vestng.

          All RSUs awarded by the Compensation Committee in accordance with Section III.C. above shall vest
in sixteen (16) successive equal quarterly installments over the forty-eight (48) months beginning
on the Bonus Payment Date. In addition, all unvested RSUs of a Plan Participant shall immediately
vest in full upon the termination of such Plan Participant’s employment by the Corporation (or any
Subsidiary employing such person) for any reason other than Cause as well as termination as a
result of death or disability (“disability” meaning the inability of a Plan Participant to engage
in any substantial gainful activity by reason of any medically determinable physical or mental
impairment as determined by the Compensation Committee on the basis of such medical evidence as the
Compensation Committee deems warranted under the circumstances). Except as set forth in the
immediately preceding sentence, the vesting and forfeiture of all RSU awards in connection herewith
shall be as set forth in the Stock Incentive Plan. Nothing herein shall be deemed an amendment to
any term or provision of the Stock Incentive Plan, and in the case of any inconsistency or
disagreement between any term or

 

 

terms of this Section and any term or terms of the Stock Incentive Plan, the term or terms of the Stock Incentive Plan shall control.
Each agreement evidencing an award of RSUs as contemplated hereby shall be in substantially the
form attached hereto as Appendix III (with such changes to thereto as the Compensation Committee
may be necessary or appropriate).

     E. Revocation

          Once a Participation Election Form has been completed and submitted, the election set forth therein
shall become binding and may not be revoked by the Plan Participant.

IV. MISCELLANEOUS

     A. Effective Date and Term of the Plan.

          The Plan shall become effective on June 17, 2008, and shall terminate on the first anniversary
thereof unless terminated earlier by the Compensation Committee or the Board.

     B. Amendment of the Plan.

          The Compensation Committee or the Board shall have complete and exclusive power to amend or modify
the Plan in any and all respects; provided, that in no event may the Board or the Compensation
Committee amend or modify the Plan in a manner requiring approval by the stockholders of the
Corporation without obtaining stockholders’ approval.

     C. No Employment/Service Rights.

          Nothing in the Plan or any Participation Election Form shall confer upon any Plan Participant any
right to continue in employment for any period of specific duration or interfere or otherwise
restrict in any way the rights of the Corporation (or any Subsidiary employing such person) or of
the Plan Participant, which rights are hereby expressly reserved by each, to terminate such
person’s employment at any time for any reason, with or without cause.

 

 

APPENDIX I

DEFINITIONS

The following definitions shall be in effect under the Plan:

A. Bonus Amount means the total dollar amount of a discretionary bonus determined by the
Compensation Committee, if any, on each Bonus Payment Date.

B. Bonus Payment Date means each of the applicable dates on which the Compensation
Committee determines discretionary bonus payments in accordance with the Corporation’s then
current policies for discretionary bonuses, which will be the date on which awards of RSUs
may be granted as contemplated in Section III.C. above. Bonus Payment Dates will be
established by the Compensation Committee following June 30, 2008, for the period from
January 1, 2008 to June 30, 2008, and following December 31, 2008, for the period ending on
December 31, 2008.

C. Board means the board of directors of the Corporation, as such shall be constituted from
time to time.

D. Business Day means a day other than Saturday, Sunday or other day on which the NASDAQ
Stock Market is authorized or required by law to close.

E. Cash Bonus Reduction Amount means the value, in U.S. dollars, by which the Plan
Participant’s discretionary bonus is reduced as a result of the election made by such Plan
Participant on the Participation Election Form. For bonuses that are paid in a currency
other than the U.S. dollar, the dollar value thereof shall be determined using the
conversion rate set forth in the Wall Street Journal on the date five Business Days
immediately preceding the Bonus Payment Date.

F. Cause means (in addition to any definition given such term in any employment agreement
between the Corporation or a Subsidiary, on the one hand, and the Plan Participant, on the
other hand, which definition is incorporated herein by reference with respect to such Plan
Participant): (i) a conviction or plea of nolo contendre by the Plan Participant to a
felony offense or any crime that could have an adverse effect on the Corporation or a
Subsidiary or on the Plan Participant’s job performance; or (ii) the Corporation’s good
faith determination that (a) the Plan Participant has engaged in theft, fraud, embezzlement
or dishonest conduct with respect to any property or funds of the Corporation or a
Subsidiary, or of any vendor, partner, employee or customer of the Corporation or a
Subsidiary, or (b) the Plan Participant has engaged in a significant act of misconduct
which has had an adverse effect on the business, operations, reputation or business
prospects of the Corporation or any Subsidiary.

G. Common Stock means the common stock, par value $0.01 per share, of the Corporation.

H. Common Stock Fair Market Value shall mean the closing sales price of a

 

 

share of the Corporation’s Common Stock on the Stock Exchange on which such stock is traded
on the trading date immediately preceding the Bonus Payment Date.

I. Compensation Committee means the compensation committee of the Board, as such shall be
constituted from time to time.

J. Corporation means Penson Worldwide, Inc., a Delaware corporation.

K. Election Date means the last date on which a Participant may elect to participate in the
Plan, which shall be June 17, 2008, with respect to the Bonus Payment Date during the
summer of 2008, and December 14, 2008, with respect to the Bonus Payment Date during the
winter of 2008/2009.

L. Participation Election Form means the document to be completed and signed by any Plan
Participant choosing to participate in the Plan, a form of which is attached hereto as
Appendix II.

M. Plan means the Corporation’s 2008 Restricted Stock Bonus Incentive Plan.

N. Plan Participant means any employee of the Corporation or any Subsidiary that the
Compensation Committee determines, in its sole and absolute discretion, should be permitted
to participate in the Plan.

O. RSU means restricted stock units awarded pursuant to the Corporation’s Stock Incentive
Plan.

P. RSU Bonus Amount means the dollar amount resulting from multiplying the Bonus Amount by
the RSU Bonus Percentage.

Q. RSU Bonus Percentage means the percentage selected by a Plan Participant as the portion
of a discretionary bonus to be paid in RSUs, as set forth on such Plan Participant’s
Participation Election Form.

R. RSU Share Grant Amount means the number of shares of the Corporation’s Common Stock to
be covered by an RSU grant as part of a discretionary bonus.

S. RSU Value means the dollar amount derived by multiplying the RSU Bonus Amount by
one-hundred thirty percent (130%).

T. Stock Exchange means the NASDAQ Stock Market, the American Stock Exchange or the New
York Stock Exchange.

U. Stock Incentive Plan means the Corporation’s Amended and Restated 2000 Stock Incentive
Plan.

V. Subsidiary means any corporation (other than the Corporation), limited liability
company, partnership or other entity in an unbroken chain of such entities beginning with
the Corporation, provided each such entity (other than the last in such chain) in the
unbroken chain owns, at the time of the determination, stock or

 

 

other equity interests possessing fifty (50) percent or more of the total combined voting
power of all classes of equity interests in one of the other entities in such chain.

 

 

APPENDIX II

U.S. EMPLOYEE PARTICIPATION ELECTION FORM

This Participation Election Form is being submitted by the undersigned in accordance with the 2008
Restricted Stock Bonus Incentive Plan (the “Plan”) of Penson Worldwide, Inc. (the “Corporation”).

Capitalized terms used but not defined herein shall have the meaning set forth in the Plan, a copy
of which has been provided to each Plan Participant. In case of any inconsistency or disagreement
between the term(s) of this Participation Election Form or the Plan, the term(s) of the Plan shall
control.

Plan Participant should complete a separate Participation Election Form for each Bonus Payment to
be received under the Plan.

     Plan Participant and Election Information

Name of Plan Participant:                                         

Bonus Payment Date to which this election applies (circle one):

For Period Ending June 30, 2008

For Period Ending December 31, 2008

RSU Bonus Percentage:                      %. (This is the percentage amount of the referenced discretionary
bonus that the Plan Participant would like the Compensation Committee to pay in the form of an RSU
grant, which may not to exceed fifty percent (50%) of the Bonus Amount, as defined in the Plan.

Tax Withholding: Required tax withholding with respect to delivery of shares of Common Stock upon
each vesting date of RSUs received pursuant to this election shall be paid in cash or the
withholding of shares, as elected below:

     Cash                          Share Withholding                      (check one)

The foregoing election cannot be changed once made with respect to each covered Bonus Payment.

This Agreement, including the Plan, and any agreement between the Corporation and the Plan
Participant with respect to RSUs that may be granted in connection herewith, constitute the entire
agreement between the Plan Participant and the Corporation relating to this subject matter. No
other prior or contemporaneous agreements, promises, representations, covenants, warranties, or any
other undertaking whatsoever respecting such matters shall be deemed in any way to exist or to bind
the Corporation or the Plan Participant. The Plan Participant acknowledges and agrees that he or
she has not executed this Participation Election Form in reliance on any such other agreement,
promise, representation, covenant, warranty, or undertaking.

 

 

By signing and dating below, the Plan Participant acknowledges and agrees that he or she has read
and agrees to the terms of the Plan and this Participation Election Form as set forth above.

Plan Participant

	 	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 

 

 

APPENDIX III

FORM OF PENSON WORLDWIDE, INC.

RESTRICTED STOCK UNIT ISSUANCE AGREEMENT

RECITALS

          A. The Board has adopted the Plan for the purpose of retaining the services of selected
Employees and consultants and other independent advisors who provide services to the Corporation
(or any Parent or Subsidiary).

          B. The Participant is to render valuable services to the Corporation (or a Parent or
Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes
of, the Plan in connection with the Corporation’s issuance of shares of Common Stock to the
Participant under the Stock Issuance Program.

          C. All capitalized terms in this Agreement shall have the meaning assigned to them in the
attached Appendix A.

NOW, THEREFORE, it is hereby agreed as follows:

1. Grant of Restricted Stock Units. The Corporation hereby awards to the
Participant, as of the Award Date, Restricted Stock Units under the Plan. Each
Restricted Stock Unit represents the right to receive one share of Common Stock
following the vesting date of that unit. The number of shares of Common Stock
subject to the awarded Restricted Stock Units, the applicable vesting schedule for
those shares, the dates on which those vested shares shall become issuable to the
Participant and the remaining terms and conditions governing the award (the “Award”)
shall be as set forth in this Agreement.

AWARD SUMMARY

	 	 	 
	Award Date:

	 	                    , 200___
	 
	 	 
	Number of Shares
Subject to Award:

	 	[NUMBER] shares of Common Stock (the “Shares”)
	 
	 	 
	Vesting Schedule:

	 	The Shares shall vest in sixteen (16) successive
equal quarterly installments upon the
Participant’s completion of each three (3)-month
period of Service over the forty-eight (48)
months measured from                     , 200__. However,
one or more Shares may be subject to accelerated
vesting in accordance with the provisions of
Paragraph 5 of this Agreement.

 

 

	 	 	 
	Issuance Schedule

	 	The Shares in which the Participant vests in
accordance with the foregoing Vesting Schedule
will be issuable on such date following vesting
as determined by the Plan Administrator but in no
event later than March 15 of the year following
the year in which the Shares vest. The issuance
of the Shares shall be subject to the
Corporation’s collection of the applicable
Withholding Taxes. The procedures pursuant to
which the applicable Withholding Taxes are to be
collected are set forth in Paragraph 7 of this
Agreement. In no event shall any fractional
shares be issued. Accordingly, the total number
of shares of Common Stock to be issued pursuant
to the Award shall, to the extent necessary, be
rounded down to the next whole share in order to
avoid the issuance of a fractional share.

2. Limited Transferability. Prior to actual receipt of the Shares which
vest hereunder, the Participant may not transfer any interest in the Award or the
underlying Shares. Any Shares which vest hereunder but which otherwise remain
unissued at the time of the Participant’s death may be transferred pursuant to the
provisions of the Participant’s will or the laws of inheritance. The Participant
may also direct the Corporation to issue the stock certificates for any Shares which
in fact vest and become issuable under the Award during his or her lifetime to one
or more designated family members or a trust established for the Participant and/or
his or her family members. The Participant may make such a certificate directive at
any time by filing the appropriate form with the Plan Administrator or its designee.

3. Cessation of Service. Except as set forth in Paragraph 5 below, should
the Participant cease Service for any reason prior to vesting in one or more Shares
subject to this Award, then the Award will be immediately cancelled with respect to
those unvested Shares, and the number of Restricted Stock Units will be reduced
accordingly. The Participant shall thereupon cease to have any right or entitlement
to receive any Shares under those cancelled units.

4. Stockholder Rights. The holder of this Award shall not have any
stockholder rights, including voting or dividend rights, with respect to the Shares
subject to the Award until the Participant becomes the record holder of those Shares
following their actual issuance upon the Corporation’s collection of the applicable
Withholding Taxes.

5. Accelerated Vesting.

a) Change in Control.

(1) Should a Change in Control occur during the Participant’s period
of Service, then this Award shall automatically accelerate in full so
that this each Restricted Stock Units subject to this Award shall,
immediately prior to the consummation of the Change in Control, vest,
and the shares of Common Stock subject to those

 

 

units shall be issued as fully-vested shares.

(2) This Agreement shall not in any way affect the right of the
Corporation to adjust, reclassify, reorganize or otherwise change its
capital or business structure or to merge, consolidate, dissolve,
liquidate or sell or transfer all or any part of its business or
assets.

b) Termination of Employment. Any unvested portion of this Award shall
immediately vest in full upon the termination of the Participant’s
employment by the Corporation (or any Subsidiary employing such person) for
any reason other than Cause as well as termination as a result of death or
disability (“disability” meaning the inability of a Participant to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment as determined by the Compensation Committee of
the Board acting as Plan Administrator on the basis of such medical evidence
as the Compensation Committee deems warranted under the circumstances).

6. Adjustment in Shares. Should any change be made to the Common Stock by
reason of any stock split, stock dividend, recapitalization, combination of shares,
exchange of shares or other change affecting the outstanding Common Stock as a class
without the Corporation’s receipt of consideration, appropriate adjustments shall be
made to the total number and/or class of securities issuable pursuant to this Award
in order to reflect such change and thereby preclude a dilution or enlargement of
benefits hereunder.

7. Collection of Withholding Taxes.

a) Until such time as the Corporation provides the Participant with notice
to the contrary, the Corporation shall collect the federal, state and local
income taxes , as well as the employee portion of the FICA taxes (Social
Security and Medicare) required to be withheld with respect to the issuance
of the vested Shares hereunder either through (i) receipt of cash from the
Participant, either via direct payment or payroll withholding (in the
discretion of the Corporation), or (ii) an automatic Share withholding
procedure pursuant to which the Corporation will withhold, at the time of
such issuance, a portion of the Shares with a Fair Market Value (measured as
of the issuance date) equal to the amount of those taxes (the “Share
Withholding Method”), as elected by the Participant; provided, however, that
the amount of any such tax withholding shall not exceed the amount necessary
to satisfy the Corporation’s required tax withholding obligations using the
minimum statutory withholding rates for federal and state tax purposes that
are applicable to supplemental taxable income. The Participant shall be
notified in writing in the event such Share Withholding Method is no longer
available.

 

 

b) Should any Shares be issued at a time when the Share Withholding Method
is not available, or should Participant elect the option first listed below,
then the federal, state and local income taxes required to be withheld with
respect to those Shares shall be collected from the Participant through the
Participant’s delivery of his or her separate check payable to the
Corporation or consent to payroll withholding in the amount of such
Withholding Taxes (in the discretion of the Corporation).

8. Compliance with Laws and Regulations. The issuance of shares of Common
Stock pursuant to the Award shall be subject to compliance by the Corporation and
the Participant with all applicable requirements of law relating thereto and with
all applicable regulations of any Stock Exchange on which the Common Stock may be
listed for trading at the time of such issuance.

9. Notices. Any notice required to be given or delivered to the Corporation
under the terms of this Agreement shall be in writing and addressed to the
Corporation at its principal corporate offices. Except to the extent electronic
notice is expressly authorized hereunder, any notice required to be given or
delivered to the Participant shall be in writing and addressed to the Participant at
the address indicated below the Participant’s signature line on this Agreement. All
notices shall be deemed effective upon personal delivery or electronic delivery to
the extent authorized hereunder or upon deposit in the U.S. mail, postage prepaid
and properly addressed to the party to be notified.

10. Successors and Assigns. Except to the extent otherwise provided in this
Agreement, the provisions of this Agreement shall inure to the benefit of, and be
binding upon, the Corporation and its successors and assigns and the Participant,
the Participant’s assigns, the legal representatives, heirs and legatees of the
Participant’s estate and any beneficiaries of the Award designated by the
Participant.

11. Construction. This Agreement and the Award evidenced hereby are made
and granted pursuant to the Plan and are in all respects limited by and subject to
the terms of the Plan. All decisions of the Plan Administrator with respect to any
question or issue arising under the Plan or this Agreement shall be conclusive and
binding on all persons having an interest in the Award.

12. Governing Law. The interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of Texas without resort to that
State’s conflict-of-laws rules.

13. Employment at Will. Nothing in this Agreement or in the Plan shall
confer upon the Participant any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights of
the Corporation (or any Parent or Subsidiary employing or retaining the Participant)
or of the Participant, which rights are hereby expressly reserved by each, to

 

 

terminate the Participant’s Service at any time for any reason, with or without
cause.

          IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first indicated
above.

	 	 	 	 	 
	 	PENSON WORLDWIDE, INC.

 	 
	 	By:	 	 
	 	 	Title:	 	 

	 	 	 	 	 
	 	[NAME]	 
	 	 	 
	 	Signature:	 	 
	 	Address:	 	 
	 	 	 	 

 

 

	 	 	 	 	 

APPENDIX A

DEFINITIONS

          The following definitions shall be in effect under the Agreement:

A. Agreement shall mean this Restricted Stock Unit Issuance Agreement.

B. Award shall mean the award of restricted stock units made to the Participant pursuant to
the terms of this Agreement.

C. Award Date shall mean the date the restricted stock units are awarded to the Participant
pursuant to the Agreement and shall be the date indicated in Paragraph 1 of the Agreement.

D. Board shall mean the Corporation’s Board of Directors.

E. Cause shall have the meaning given such term in the Corporation’s 2008 Restricted Stock
Bonus Incentive Plan.

F. Change in Control shall mean a change in ownership or control of the Corporation
effected through any of the following transactions:

	 	(i)	 	a merger, consolidation or reorganization approved by the Corporation’s
stockholders, unless securities representing more than fifty percent (50%) of the total
combined voting power of the voting securities of the successor corporation are
immediately thereafter beneficially owned, directly or indirectly and substantially in
the same proportion, by the persons who beneficially owned the Corporation’s
outstanding voting securities immediately prior to such transaction,
	 
	 	(ii)	 	any stockholder-approved transfer or other disposition of all or substantially
all of the Corporation’s assets, or
	 
	 	(iii)	 	the acquisition, directly or indirectly by any person or related group of
persons (other than the Corporation or a person that directly or indirectly controls,
is controlled by, or is under common control with, the Corporation), of beneficial
ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Corporation’s
outstanding securities pursuant to a tender or exchange offer made directly to the
Corporation’s stockholders which the Board recommends such stockholders to accept.

G. Code shall mean the Internal Revenue Code of 1986, as amended.

H. Common Stock shall mean shares of the Corporation’s common stock.

I. Corporation shall mean Penson Worldwide, Inc., a Delaware corporation, and any successor
corporation to all or substantially all of the assets or voting stock of Penson

 

 

 Worldwide, Inc. which shall by appropriate action adopt the Plan.

J. Employee shall mean an individual who is in the employ of the Corporation (or any Parent
or Subsidiary), subject to the control and direction of the employer entity as to both the work to
be performed and the manner and method of performance.

K. Fair Market Value per share of Common Stock on any relevant date shall be determined in
accordance with the following provisions:

	 	(i)	 	If the Common Stock is at the time traded on a Stock Exchange, then the Fair
Market Value shall be the closing selling price per share of Common Stock at the close
of regular hours trading (i.e., before after-hours trading begins) on the Stock
Exchange on the date in question, as such price is reported by the Stock Exchange. If
there is no closing selling price for the Common Stock on the date in question, then
the Fair Market Value shall be the closing selling price on the last preceding date for
which such quotation exists.
	 
	 	(ii)	 	If the Common Stock is not at the time listed on any Stock Exchange, then the
Fair Market Value shall be determined by the Plan Administrator after taking into
account such factors as the Plan Administrator shall deem appropriate.

L. 1934 Act shall mean the Securities Exchange Act of 1934, as amended from time to time.

M. Participant shall mean the person to whom the Award is made pursuant to the Agreement.

N. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of
corporations ending with the Corporation, provided each corporation in the unbroken chain (other
than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%)
or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

O. Plan shall mean the Corporation’s 2008 Restricted Stock Bonus Incentive Plan, as amended
and restated.

P. Plan Administrator shall mean either the Board or a committee of the Board acting in its
capacity as administrator of the Plan.

Q. Service shall mean the Participant’s performance of services for the Corporation (or any
Parent or Subsidiary) in the capacity of an Employee, a non-employee member of the board of
directors or a consultant or independent advisor. For purposes of this Agreement, the Participant
shall be deemed to cease Service immediately upon the occurrence of the either of the following
events: (i) the Participant no longer performs services in any of the foregoing capacities for the
Corporation (or any Parent or Subsidiary) or (ii) the entity for which the Participant performs
such services ceases to remain a Parent or Subsidiary of the Corporation, even though the
Participant may

 

 

 subsequently continue to perform services for that entity.

R. Stock Exchange shall mean the NASDAQ Stock Market, the American Stock Exchange or the
New York Stock Exchange.

S. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain
of corporations beginning with the Corporation, provided each corporation (other than the last
corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

T. Withholding Taxes shall mean (i) the employee portion of the federal, state and local
employment taxes required to be withheld by the Corporation in connection with the vesting of the
shares of Common Stock under the Award and (ii) the federal, state and local income taxes required
to be withheld by the Corporation in connection with the issuance of those vested shares.

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