Document:

Forbearance Agreement

 Exhibit 10.1 
 Execution Copy 
 FORBEARANCE AGREEMENT

 This Forbearance Agreement (herein, the “Forbearance Agreement”) is made as of this 3rd
day of January, 2011, by and among Sbarro, Inc., a New York corporation (the “Borrower”), Sbarro Holdings, LLC, a Delaware limited liability company (“Holdings”), the Lenders (as defined in the Credit Agreement)
party hereto and Bank of America, N.A., as Administrative Agent. 

R E C I T A L S: 

A.       The Lenders have extended credit to the Borrower on the terms and conditions set
forth in that certain Credit Agreement dated as of January 31, 2007, as amended or otherwise modified prior to the date hereof, by and among the Borrower, Holdings, the Lenders, the Administrative Agent and the other entities party thereto (the
“Credit Agreement”). 
 B.       The Borrower has informed the
Lenders that it is not in compliance with Section 7.16 of the Credit Agreement for the four fiscal quarter period ending January 2, 2011 (the “Existing Default”) (and the parties hereto acknowledge and agree that the date
of December 26, 2010 set forth in such Section is a mistake and the correct date is January 2, 2011). 

C.       The Lenders are not willing to waive the Event of Default that exists as a result
of the Existing Default. 
 D.       The Borrower has also informed the Lenders
that it received a “Notice of Default” under the Senior Notes Indenture from a holder of the Senior Notes on December 28, 2010 with respect to the entry of the Second Lien Credit Agreement by the Loan Parties in March 2009 (the
“Indenture Default Notice”) and that the Borrower disputes the defaults specified in the Indenture Default Notice. 
 E.       The Borrower has requested that the Lenders temporarily forbear from exercising certain rights and remedies under the Loan Documents. 

F.       In order to accommodate the Borrower’s request, during and only during the
period (the “Standstill Period”) beginning on the date of this Forbearance Agreement and ending on the Standstill Termination Date (as defined below), the Lenders are willing to temporarily forbear from exercising their rights and
remedies available solely by reason of the Existing Default or the delivery of the Indenture Default Notice on the terms, conditions, and provisions contained in this Forbearance Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows: 
 1.      
Incorporation of Recitals; Defined Terms. The Borrower and the Lenders acknowledges that the Recitals set forth above are true and correct in all material respects. The defined terms in the Recitals set forth above are hereby incorporated
into this Forbearance 

 
Agreement by reference. All other capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 

2.       Acknowledgment of Default. The Existing Default constitutes, as of
January 2, 2011, an Event of Default under the Credit Agreement (such Event of Default, the “Specified Event of Default”). The Borrower acknowledges that, as a result of the Specified Event of Default, (i) the conditions
precedent to the obligation of each Lender to make Loans to the Borrower and to the obligation of each L/C Issuer to issue (or renew or extend the term of) any Letter of Credit set forth in Section 4.02 of the Credit Agreement are not satisfied
and (ii) the Lenders are permitted and entitled under Section 8.02 of the Credit Agreement to terminate the Commitments, to accelerate the Loans, to require cash collateral for L/C Obligations, to enforce Liens granted under the Collateral
Documents and to exercise any other rights or remedies that may be available under the Loan Documents or under applicable law. Each of Holdings and the Borrower represents to the Administrative Agent and Lenders that no Default or Event of Default
exists other than the Specified Event of Default. Each of Holdings and the Borrower acknowledges that as a result of the Specified Event of Default, it is prohibited from taking any actions that would be otherwise permitted under the Credit
Agreement that are conditioned upon no Default or Event of Default having occurred and being continuing (or words of similar import), and agrees not to take, and not to permit any of its respective Subsidiaries to take, any such actions. Furthermore
(and without limiting the foregoing), each of Holdings and the Borrower acknowledges and agrees that as a result of the Specified Event of Default: 
  

	 	  (i)	 in accordance with the definition of “Eligible Assignee” contained in Section 1.01 of the Credit Agreement and Section 10.06(b)
of the Credit Agreement, the Borrower’s consent right in respect of certain assignments is no longer in effect; 

  

	 	 (ii)	 in accordance with clause (x) of Section 2.06(c) of the Credit Agreement, all outstanding Loans bear interest at the Default Rate; and

  

	 	(iii)	 in accordance with Section 2.07(d) of the Credit Agreement, the Borrower is not entitled to convert Eurodollar Loans to, or continue any
Eurodollar Loans for additional Interest Periods as, Eurodollar Loans having an Interest Period in excess of one month. 

 3.       Forbearance. Until the Standstill Termination Date (as defined below) occurs, the Lenders will not (i) accelerate the Loans or enforce any of the Liens
granted under the Collateral Documents solely as a result of the Specified Event of Default or the delivery of the Indenture Default Notice or (ii) exercise any other rights or remedies under the Loan Documents available solely by reason of the
Specified Event of Default or the delivery of the Indenture Default Notice. 

4.       Certain Covenants. Each of Holdings and the Borrower hereby covenants and
agrees with the Administrative Agent and the Lenders as follows: 

  
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	 	  (i)	 Principal Payments. The Borrower shall continue to pay all principal on the Loans as and when due under the Credit Agreement including,
without limitation, all scheduled payments of principal on the Term B Loans, and shall reimburse each L/C Issuer for any L/C Disbursements as and when due under the Credit Agreement. 

 

	 	 (ii)	 Interest and Fee Payments. The Borrower shall make all payments in respect of interest, fees and other amounts due under the Loan Documents
when due. 

  

	 	(iii)	 Fees and Expenses. The Borrower shall pay on demand all reasonable and documented fees and expenses (including attorneys’ and
advisors’ fees) incurred by the Administrative Agent and its counsel in connection with this Forbearance Agreement, and will comply with its payment obligations pursuant to that certain letter agreement, dated as of December 22, 2010, by
and among Conway Del Genio Gries & Co., LLC, Davis Polk & Wardwell LLP and the Administrative Agent, as acknowledged by the Borrower and Holdings pursuant to that certain letter of acknowledgement, dated as of December 22,
2010, delivered by the Borrower and Holdings to the Administrative Agent and Davis Polk & Wardwell LLP. 

  

	 	(iv)	 Capital Expenditures. The Borrower shall not permit Consolidated Capital Expenditures for the period beginning January 1, 2011 and
ending on January 31, 2011 to exceed $2,400,000. 

  

	 	 (v)	 Additional Reporting. During the Standstill Period, the Borrower shall provide on each Wednesday of each calendar week (commencing with the
calendar week starting immediately after the date of this Forbearance Agreement), (x) a report showing aggregate weekly store sales statistics for the most recently completed calendar week with a comparison to the corresponding week of the
preceding year and (y) a report showing, with respect to the calendar week ending 10 calendar days prior to such Wednesday, actual cash flow for the Borrower and its Subsidiaries and (except in the case of the first such report required to be
delivered hereunder) a comparison to the projected amount for such week set forth in the 13-Week Forecast (as defined below). For the avoidance of doubt, each calendar week ends on Sunday. 

 

	 	(vi)	 Other Restrictions. During the Standstill Period and regardless of whether or not any of the following would otherwise be permitted under the
Credit Agreement, neither Holdings nor the Borrower shall, nor shall they permit any other Group Company to: 

  

	 	(a)	 directly or indirectly, redeem, purchase, prepay, retire, defease or otherwise acquire for value, prior to scheduled maturity, scheduled repayment
or scheduled sinking fund payment, any Subordinated Indebtedness, any Indebtedness incurred pursuant to the Senior Notes 

  
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Documents or any Indebtedness incurred pursuant the Second Lien Loan Documents; 

  

	 	(b)	 pay in cash any Management Fees (including any Financial Advisory Fees (as defined in the Management Agreement as in effect on the date hereof)) or
make any other cash payments to the Sponsor or any Affiliate of the Sponsor that is not a Group Company, except for (A) reimbursements of airline tickets and other documented out-of-pocket expenses made pursuant to the Management Agreement as
in effect on the date hereof in an aggregate amount for all such expenses (other than airline tickets) not to exceed $10,000, (B) payments made to or on behalf of such Persons that are directors of the Company, solely in such capacity, that are
consistent with payments made by the Company to or on behalf of other directors, (C) payments made to or on behalf of such Persons that are lenders under the Second Lien Credit Agreement, solely in such capacity, in accordance with the terms of
the Second Lien Credit Agreement, including the fees, charges and disbursements of counsel and (D) any payments in respect of goods or services provided by other portfolio companies of the Sponsor or its Affiliates that are in the ordinary
course of business and otherwise permitted to be made under the Credit Agreement; 

  

	 	(c)	 incur, create or assume any Indebtedness or Swap Obligations pursuant to clause (xx) of Section 7.01 of the Credit Agreement;

  

	 	(d)	 create, incur or assume any Lien on any property or assets pursuant to clause (xxx) or (xxxi) of Section 7.02 of the Credit
Agreement; provided, that the Group Companies may create, incur or assume Liens pursuant to such clause (xxxi) securing obligations or other liabilities in an aggregate amount not to exceed $500,000; 

 

	 	(e)	 enter into any transaction of merger or consolidation pursuant to clause (v) of Section 7.04 of the Credit Agreement;

  

	 	(f)	 declare or pay any Restricted Payments pursuant to clause (vii) or (ix) of Section 7.07 of the Credit Agreement; or

  

	 	(g)	 make or acquire any Investment in any Person pursuant to clause (xi)(A), (xiv), (xv), (xxii), (xxiv) or (xxv) of Section 7.06(a) of
the Credit Agreement; provided, that (A) the Group Companies may make or acquire Investments pursuant to such clause (xi)(A) in an aggregate amount not to exceed $250,000 and (B) the Group Companies may make or acquire Investments
pursuant to such clauses (xv) and (xxii) in an aggregate amount (in aggregate for both such clauses together) not to exceed $500,000. 

  
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	 	(vii)	 Additional Forbearance Fees. Not later than January 13, 2011, the Borrower shall pay to the Administrative Agent, for the ratable
benefit of each Public Lender (as defined in Section 6.02 of the Credit Agreement) that (x) has not been given the opportunity to deliver an executed counterpart of this Forbearance Agreement on or prior to December 30, 2010 but
(y) delivers an executed counterpart of this Forbearance Agreement to the Administrative Agent prior to 5:00 p.m. (NY time) on January 10, 2011, a non-refundable forbearance fee in an amount equal to the product of (i) 0.15%
multiplied by (ii) the aggregate principal amount of such Lender’s Term B Loans and Revolving Commitments as of December 30, 2010. 

7.       Standstill Termination Date. As used in this Forbearance Agreement,
“Standstill Termination Date” shall mean the earliest of (i) January 31, 2011, (ii) the date on which any Event of Default under the Credit Agreement other than the Specified Event Default shall occur, (iii) the date
on which any breach by Holdings or the Borrower of any of the covenants set forth in Section 4 of this Forbearance Agreement shall occur (or, in the case of the covenants set forth in subclause (v) of such Section 4, the date that is
two calendar days following any breach thereof unless such breach has been remedied on or prior to such date), (iv) the date on which the holders of the Senior Notes or the trustee under the Senior Note Indenture shall (A) accelerate
obligations under the Senior Notes pursuant to Section 6.02 of the Senior Notes Indenture or (B) exercise any available remedy at law or in equity before a court of competent jurisdiction to collect the payment of obligations under the
Senior Notes or to enforce the performance of any provision of the Senior Notes or the Senior Notes Indenture pursuant to Section 6.03 of the Senior Notes Indenture and (v) the date on which the Second Lien Lenders, the administrative
agent or the collateral agent under the Second Lien Loan Documents shall (A) accelerate obligations under the Senior Lien Credit Agreement pursuant to Section 8.02(b) of the Second Lien Credit Agreement or (B) enforce any rights and
interests created and existing under the Second Lien Loan Documents pursuant to Section 8.02(d) of the Second Lien Credit Agreement. The occurrence of the Standstill Termination Date shall be deemed an Event of Default under the Credit
Agreement. Upon the occurrence of the Standstill Termination Date, the Standstill Period shall automatically terminate and the Lenders shall, at any time thereafter, be permitted and entitled under Section 8.02 of the Credit Agreement to, among
other things, terminate the Commitments, accelerate the Loans, require cash collateral for L/C Obligations, enforce the Liens granted under the Collateral Documents and exercise all other rights and remedies available under the Loan Documents or
applicable law. 
 8.       No Waiver and Reservation of Rights. Each of
Holdings and the Borrower acknowledges and agrees, on behalf of itself and on behalf of its respective Subsidiaries, that the Lenders are not waiving the Specified Event of Default (or any other Default or Event of Default), but are simply agreeing
to forbear from exercising their rights with respect to the Specified Event of Default or the delivery of the Indenture Default Notice to the extent expressly set forth in this Forbearance Agreement. Without limiting the generality of the foregoing,
each of Holdings and the Borrower acknowledges and agrees that immediately upon expiration of the Standstill Period, the Administrative Agent and the Lenders have all of their rights and remedies with respect to the Specified Event of Default or the
delivery of the Indenture Default Notice to the same extent, and with the same force and effect, as if the forbearance provided for herein had 

  
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not been granted. Each of Holdings and the Borrower agrees not to assert and hereby forever waives, on behalf of itself and on behalf of its respective Subsidiaries, any right to assert that the
Administrative Agent or the Lenders are obligated in any way to continue beyond the Standstill Period to forbear from enforcing their rights or remedies or that the Administrative Agent and the Lenders are not entitled to act on the Specified Event
of Default or the delivery of the Indenture Default Notice on and after the occurrence of the Standstill Termination Date as if such Event of Default had just occurred and the Standstill Period had never existed. Each of Holdings and the Borrower
acknowledges and agrees, on behalf of itself and on behalf of its respective Subsidiaries, that the Lenders have made no representations as to what actions, if any, the Lenders will take after the Standstill Period or upon or after the occurrence of
the Standstill Termination Date, and the Lenders and the Administrative Agent do hereby specifically reserve any and all rights, remedies, and claims they have (after giving effect hereto) with respect to the Specified Event of Default or the
delivery of the Indenture Default Notice and each other Default or Event of Default that may occur. 

9.       Loan Documents Remain Effective. Except as expressly set forth in this
Forbearance Agreement, the Loan Documents and all of the obligations of Holdings and the Borrower thereunder, the rights and benefits of the Administrative Agent and Lenders thereunder, and the Liens created thereby remain in full force and effect.
Without limiting the foregoing, each of Holdings and the Borrower agrees to comply with all of the terms, conditions, and provisions of the Loan Documents. This Forbearance Agreement and the Loan Documents are intended by the Lenders as a final
expression of their agreement and are intended as a complete and exclusive statement of the terms and conditions of that agreement. 
 10.       Conditions Precedent. The effectiveness of this Forbearance Agreement and the commencement of the Standstill Period is subject to the satisfaction of the
following conditions precedent: (a) Holdings, the Borrower and the Required Lenders shall have executed and delivered this Forbearance Agreement, (b) the Administrative Agent shall have received a projected consolidated statement of cash
flows of the Borrower and its Subsidiaries for the thirteen (13) week period from December 24, 2010 through March 27, 2011 (the “13-Week Forecast”), (c) the Administrative Agent shall have received (i) a
legal organizational chart of Holdings and its Subsidiaries, reflecting the organizational structure of Holdings and its Subsidiaries as of the date of this Forbearance Agreement (the “Updated Organization Chart”) and (ii) a
schedule setting forth the information required to be included on Schedule 5.13 of the Credit Agreement, updated as of the date of this Forbearance Agreement (the “Updated Subsidiary Schedule”) and (d) the Administrative Agent
shall have received, for the ratable benefit of each Lender that has delivered a duly executed counterpart of this Forbearance Agreement to the Administrative Agent prior to 3:00 p.m. (NY time) on December 30, 2010, a non-refundable forbearance
fee in an amount equal to the product of (i) 0.15% multiplied by (ii) the aggregate principal amount of such Lender’s Term B Loans and Revolving Commitments as of December 30, 2010. 

11.       Release. In consideration of, among other things, the forbearance provided
for herein, each of Holdings and the Borrower, on behalf of itself and its respective Subsidiaries and its and their respective successors and assigns (the “Borrower Parties”), jointly and severally releases, acquits and forever
discharges (in each case to the extent permitted by applicable law) 

  
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the Administrative Agent and each Lender (collectively, the “Lender Parties”), and their respective subsidiaries, parents, affiliates, partners, officers, directors, employees,
agents, attorneys, successors and assigns, both present and former (collectively, the “Lenders’ Affiliates”) from any and all manner of actions, causes of action, suits, debts, controversies, damages, judgments, executions,
claims (including without limitation crossclaims, counterclaims and rights of set-off and recoupment) and demands whatsoever, whether known or unknown, whether asserted or unasserted, in contract, tort, law or equity which Holdings, the Borrower or
any other Borrower Party has or may have against any of the Lender Parties and/or the Lenders’ Affiliates by reason of any action, failure to act, matter or thing whatsoever arising from or based on facts occurring prior to the date hereof that
relate to this Forbearance Agreement, the Credit Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, including but not limited to any such claim or defense to the extent that it relates to (i) the making or
administration of the Loans, including without limitation, any such claims and defenses based on fraud, mistake, duress, usury or misrepresentation, or any other claim based on so-called “lender liability theories”, (ii) any
covenants, agreements, duties or obligations set forth in the Loan Documents or (iii) any actions or omissions of any of the Lender Parties and/or the Lenders’ Affiliates in connection with the initiation or continuing exercise of any
right or remedy contained in the Loan Documents or at law or in equity with respect to the Loan Documents. 

12.       Miscellaneous. By its acceptance hereof, each of Holdings and the Borrower
hereby represents and warrants that (i) it has the necessary power and authority to execute, deliver, and perform the undertakings contained herein, (ii) this Forbearance Agreement constitutes its valid and binding obligation, enforceable
against it in accordance with its terms, (iii) as of the date hereof, each of the Updated Organization Chart and the Updated Subsidiary Schedule is complete and correct in all material respects, (iv) as of the date hereof, each Subsidiary
of Holdings that is required under the terms of the Credit Agreement to be a party to the Guaranty as a “Guarantor” (as defined therein) is a party to the Guaranty as a “Guarantor” (as defined therein) and (v) as of the date
hereof, each Subsidiary of Holdings that is required under the terms of the Credit Agreement to be a party to any of the Collateral Documents and to grant Liens pursuant thereto has become a party to such Collateral Documents and has granted such
Liens. Any provision of this Forbearance Agreement held 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 provision hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties hereto hereby acknowledge
and agree that this Forbearance Agreement shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents. Unless otherwise expressly stated herein, the provisions of this Forbearance Agreement shall survive
the termination of the Standstill Period. This Forbearance Agreement may be executed in counterparts and by different parties on separate counterpart signature pages, each of which constitutes an original and all of which taken together constitute
one and the same instrument. Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed
counterpart hereof. This Forbearance Agreement shall be governed by New York law and shall be governed and interpreted on the same basis as the Credit Agreement. 

  
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 [SIGNATURE PAGES TO FOLLOW]

  
 -8-

 This Forbearance Agreement is entered into as of the date and year first above written.

  

					
	 SBARRO, INC.

		
	 By
	 	 /s/ Nicholas McGrane

		 	 Name
	 	 Nicholas McGrane

		 	 Title
	 	 Interim President and Chief Executive Officer

	
	 SBARRO HOLDINGS, LLC

		
	 By
	 	 /s/ Nicholas McGrane

		 	 Name
	 	 Nicholas McGrane

		 	 Title
	 	 Interim President and Chief Executive Officer

 Accepted and agreed to. 

 

					
	 BANK OF AMERICA, N.A., in its capacity as Administrative Agent and
Lender

		
	 By
	 	 /s/ Anthony D. Healey

		 	 Name
	 	 Anthony D. Healey

		 	 Title
	 	 Senior Vice President

  

					
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

		
	 By
	 	 /s/ Megan Kane

		 	 Name:
	 	 Megan Kane

		 	 Title:
	 	 Authorized Signatory

		
	 By
	 	 /s/ Adam Zausmer

		 	 Name:
	 	 Adam Zausmer

		 	 Title:
	 	 Authorized Signatory

  

			
	THE GOVERNOR AND COMPANY OF
	THE BANK OF IRELAND
		
	 By
	 	 /s/ Edward A Boyle

		
	 Name
	 	 Edward A Boyle

		
	 Title
	 	 Senior Vice President

		
	 By
	 	 /s/ Ricardo Nunes

		
	 Name
	 	 Ricardo Nunes

		
	 Title
	 	 Vice President

  

			
		 	 NATIXIS

		
	 By
	 	 /s/ Christian Paragot-Rieutort

		
		 	 Name: Christian Paragot-Rieutort

		 	 Title: Director

		
	 By
	 	 /s/ Frank H. Madden, Jr.

		
		 	 Name: Frank H. Madden, Jr.

		 	 Title: Managing Director

  

			
	 TD BANK, N.A.

		
	 By
	 	 /s/ John Topolovec

		
		 	 Name: John Topolovec

		 	 Title: Vice President

  

			
	ARTUS LOAN FUND 2007-I, LTD.
	BABSON CLO LTD. 2003-I
	BABSON CLO LTD. 2004-II
	BABSON CLO LTD. 2005-I
	BABSON CLO LTD. 2006-I
	BABSON CLO LTD. 2007-I
	LOAN STRATEGIES FUNDING LLC
	SUFFIELD CLO, LIMITED
	By: Babson Capital Management LLC as Collateral Manager
		
	By	 	 /s/ Michael J. Fey

		 	Name: Michael J. Fey
		 	Title: Director
	
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY MASSMUTUAL ASIA LIMITED BILL & MELINDA GATES FOUNDATION TRUST
	
	By: Babson Capital Management LLC as Investment Adviser
		
	By	 	 /s/ Michael J. Fey

		 	Name: Michael J. Fey
		 	Title: Director
	
	VINACASA CLO, LTD.
	By: Babson Capital Management LLC as Collateral Servicer
		
	By	 	 /s/ Michael J. Fey

		 	Name: Michael J. Fey
		 	Title: Director

  

					
		 	ATLANTIS FUNDING LTD.
	
	 By: INVESCO Senior Secured Management, Inc.
 As Collateral Manager

			
		 	By	 	 /s/ Kevin Egan

		 		 	Name: Kevin Egan
		 		 	Title: Authorized Signatory

  

			
	      BLT-2009-1 LTD.

	 By: INVESCO Senior Secured Management, Inc.

As Collateral Manager 

		
	By	 	 /s/ Kevin Egan

		 	 Name:  Kevin Egan

		 	 Title:   Authorized Signatory

  

			
	 DEXTERA

		
	 By
	 	 /s/ Arlene Arellano 

		 	 Name:  Arlene Arellano

		 	 Title:  Authorized Signatory

  

					
	     Foothill CLO I, Ltd.

		
	 By:
	 	 The Foothill Group, Inc.,

		 	 as attorney-in-fact

			
		 	 By
	 	 /s/ Sanjay Roy

		 		 	 Name:  Sanjay Roy

		 		 	 Title:   Director

  

			
	 The Foothill Group, Inc.

		
	 By
	 	 /s/ Sanjay Roy

		 	 Name:  Sanjay Roy

		 	 Title:   Director

  

					
	 GENERAL ELECTRIC CAPITAL CORPORATION

		
	         By
	 	 /s/ Scott W. Renzulli

		 	 Name: Scott W. Renzulli

		 	 Title:  Duly Authorized Signatory

  

					
	 GENESIS CLO 2007-2, LTD., AS A LENDER

		
	 BY:
	 	 LLCP ADVISORS LLC, AS COLLATERAL

MANAGER

		
	 By
	 	 /s/ Steven Hartman

		 	 Name: Steven Hartman

		 	 Title: Vice President

  

					
	 J. P. MORGAN WHITEFRIARS INC.

		
	 By
	 	 /s/ Virginia R. Conway

		 	 Name: Virginia R. Conway

		 	 Title:    Attorney - in - Fact

  

							
	KATONAH V, LTD.
	 By:
	 	 INVESCO Senior Secured Management, Inc.

		 	 As Investment Manager

			
		 	 By
	 	 /s/ Kevin Egan

		 		 	 Name:
	 	 Kevin Egan

		 		 	 Title:
	 	 Authorized Signatory

  

					
	 MERRILL LYNCH CAPITAL SERVICES, INC.

		
	 By
	 	 /s/ Erik S. Grossman

		 	 Name:
	 	 Erik S. Grossman

		 	 Title:
	 	 Vice President

  

							
	 NZC GUGGENHEIM MASTER FUND LIMITED

	
	 By: Guggenheim Investment Management, LLC, as Manager

			
		 	 By
	 	 /s/ William Hagner

		 		 	 Name
	 	     William Hagner

		 		 	 Title
	 	     Senior Managing Director

	
	 BDIF LLC

	
	 By: Guggenheim Investment Management, LLC, as Investment Manager

			
		 	 By
	 	 /s/ William Hagner 

		 		 	 Name
	 	     William Hagner

		 		 	 Title
	 	     Senior Managing Director

  

					
	SPECIAL SITUATIONS INVESTING GROUP INC
		
	 By
	 	 /s/ Lawrence Decamillo

		 	 Name:
	 	 LAWRENCE DECAMILLO

		 	 Title:
	 	 AUTHORIZED SIGNATORY

  

					
	 STONE TOWER CREDIT FUNDING I LTD.
 BY STONE TOWER FUND MANAGEMENT LLC AS ITS COLLATERAL MANAGER

		
	 By
	 	 /s/ Michael W. DelPercio

			
		 	 Name
	 	 Michael W. DelPercio

			
		 	 Title
	 	 Authorized
Signatory

  

					
	XELO VII LIMITED
	
	By:  Babson Capital Management LLC as Sub-Advisor
		
	 By
	 	 /s/ Michael J. Fey

		 	 Name:  Michael J. Fey

		 	 Title:  DirectorTrust Agreement of SandRidge Mississippian Trust I

 Exhibit 4.1 
 Execution Copy 
 TRUST AGREEMENT 

OF 

SANDRIDGE MISSISSIPPIAN TRUST I 
 This Trust Agreement of SandRidge Mississippian Trust I is entered into effective as of the 30th day of December, 2010 (this “Trust Agreement”), by and among SandRidge Energy,
Inc., a Delaware corporation with its principal office in Oklahoma City, Oklahoma (together with its successors and assigns, “SandRidge”), and The Corporation Trust Company, a corporation organized under the laws of the State
of Delaware with its principal office in Wilmington, Delaware (“Corporation Trust”), and The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United States of America
with its principal place of business in New York, New York (the “Trustee”), as trustees (Corporation Trust and the Trustee being collectively referred to herein as the “Trustees”). SandRidge and the
Trustees hereby agree as follows: 
 1. The trust created hereby shall be known as “SandRidge Mississippian Trust I”
(the “Trust”), in which name the Trustees or SandRidge, to the extent provided herein, may conduct the business of the Trust, make and execute contracts, and sue and be sued. 

2. SandRidge hereby assigns, transfers, conveys and sets over to the Trustee, to hold for the benefit of the Trust, the sum of One
Thousand Dollars ($1,000.00). Such amount shall constitute the initial trust estate. It is the intention of the parties hereto that the Trust created hereby constitutes a statutory trust under the Delaware Statutory Trust Act, Title 12,
Chapter 38 of the Delaware Code, Sections 3801, et seq. (the “Trust Act”), and that this Trust Agreement constitutes the governing instrument of the Trust. The Trustees are hereby authorized and directed to execute
and file a certificate of trust with the Secretary of State of the State of Delaware in such form as the Trustees may approve. 

3. It is contemplated that the Trust will consummate an initial public offering of its trust securities (the “IPO
Transaction”) representing units of beneficial ownership in the Trust. Prior to the consummation of the IPO Transaction, The Foundation for Oklahoma City Public Schools shall be the sole beneficial owner of the Trust. Effective upon
consummation of the IPO Transaction, SandRidge and the Trustees will amend and restate this Trust Agreement, in such form as shall be satisfactory to each such party, to provide for the contemplated operation of the Trust created hereby and the
issuance of trust securities in the IPO Transaction. The Trustees are hereby empowered to take all actions they deem proper or necessary to effect the transactions contemplated hereby, including, but not limited to, obtaining any licenses, consents
or approvals required by applicable law or otherwise. Prior to the execution and delivery of the amended and restated Trust Agreement, the Trustees shall not have any duty or obligation hereunder or with respect to the trust estate, except as
otherwise required by this Trust Agreement or applicable law. This Trust Agreement may not be amended without the consent of each party hereto. 

 4. In connection with the contemplated IPO Transaction, SandRidge is hereby authorized
(i) to prepare and file with the Securities and Exchange Commission (the “Commission”) and to execute, in the case of the 1933 Act Registration Statement and 1934 Act Registration Statement (as herein defined), on behalf
of the Trust, (a) a Registration Statement (the “1933 Act Registration Statement”), including all pre-effective and post-effective amendments thereto, relating to the registration under the Securities Act of 1933, as
amended (the “1933 Act”), of the trust securities of the Trust, (b) any preliminary prospectus or prospectus or supplement thereto relating to the trust securities of the Trust required to be filed pursuant to the 1933
Act, and (c) a Registration Statement on Form 8-A or other appropriate form (the “1934 Act Registration Statement”), including all pre-effective and post-effective amendments thereto, relating to the registration of the
trust securities of the Trust under the Securities Exchange Act of 1934, as amended; (ii) if and at such time as determined by SandRidge, to file with the New York Stock Exchange or other exchange, or the Financial Industry Regulatory
Authority, Inc. (“FINRA”), and execute on behalf of the Trust a listing application and all other applications, statements, certificates, agreements and other instruments as shall be necessary or desirable to cause the trust
securities of the Trust to be listed on the New York Stock Exchange or such other exchange, or the NASDAQ Global Market; (iii) to file and execute on behalf of the Trust, such applications, reports, surety bonds, irrevocable consents,
appointments of attorney for service of process and other papers and documents that shall be necessary or desirable to register the trust securities of the Trust under the securities or “blue sky” laws of such jurisdictions as SandRidge,
on behalf of the Trust, may deem necessary or desirable; (iv) to execute and deliver letters or documents to, or instruments for filing with, a depository relating to the trust securities of the Trust; and (v) to execute, deliver and
perform on behalf of the Trust an underwriting agreement with one or more underwriters relating to the offering of the trust securities of the Trust; provided, that SandRidge shall provide the Trustee with an opportunity to review and comment
on a draft of the 1933 Act Registration Statement prior to its filing, and SandRidge shall not file such registration statement if the Trustee objects to such filing; provided, further, that the Trustee’s sole responsibility in
reviewing or commenting on any such draft of such registration statement shall be to confirm any information therein provided to SandRidge by the Trustee specifically for inclusion in such registration statement. 

In the event that any filing referred to in this Section 4 is required by the rules and regulations of the Commission, the New York
Stock Exchange or other exchange, FINRA, or state securities or “blue sky” laws to be executed on behalf of the Trust by the Trustees, the Trustees, in their capacity as trustees of the Trust, are hereby authorized to join in any such
filing and to execute on behalf of the Trust any and all of the foregoing, it being understood that the Trustees, in their capacity as trustees of the Trust, shall not be required to join in any such filing or execute on behalf of the Trust any such
document unless required by the rules and regulations of the Commission, the New York Stock Exchange or other exchange, FINRA, or state securities or “blue sky” laws; provided, however, that the Trustees in their discretion may
resign if they elect not to join in any such filing or to execute any such document. 

  
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 5. This Trust Agreement may be executed in one or more counterparts. 

6. Until such time as this Trust Agreement is amended and restated as contemplated by Section 3 above, the number of trustees of the
Trust shall be two, and thereafter the number of trustees of the Trust shall be such number as shall be determined in accordance with the amended and restated Trust Agreement; provided, however, that to the extent required by the Trust Act,
one trustee of the Trust shall either be a natural person who is a resident of the State of Delaware or, if not a natural person, an entity that has its principal place of business in the State of Delaware and otherwise meets the requirements of
applicable law and that the Trust shall have at least one other trustee other than Corporation Trust to perform all obligations and duties other than fulfilling the Trust’s obligations pursuant to Section 3807(a) of the Trust Act. Prior to
the time this Trust Agreement is amended and restated as contemplated by Section 3 above, SandRidge shall have no power or authority to appoint or remove any trustee of the Trust. Any trustee of the Trust may resign upon thirty days’ prior
notice to SandRidge and the other trustee. In the event of the resignation of any trustee, if no successor trustee shall have been appointed within thirty (30) days after notice of such removal or resignation has been given, the remaining
trustee may, after delivery of written notice to SandRidge and at the expense of SandRidge, petition a court of competent jurisdiction for the appointment of a successor trustee. 

7. Notwithstanding any provision of this Trust Agreement to the contrary, Corporation Trust shall not have any of the powers or duties of
the Trustees set forth herein and shall be a Trustee of the Trust for the sole purpose of satisfying the Trust’s obligation pursuant to Section 3807(a) of the Trust Act to have at least one trustee who has its principal place of business
in the State of Delaware. 
 8. Corporation Trust shall not be liable to the Trust or its beneficiaries for any of its acts or
omissions except for acts or omissions constituting bad faith or willful misconduct. Corporation Trust shall not have any duty or obligation to manage or deal with the Trust’s property, or to otherwise take or refrain from taking any action
under, or in connection with, any document contemplated hereby to which Corporation Trust is a party, except as expressly provided by the terms of this Declaration of Trust, and no implied duties or obligations shall be read herein against
Corporation Trust, including without limitation that no action requested of Corporation Trust shall require the performance of any investigation, analysis, or other due diligence activities by Corporation Trust in respect to such action or the
performance of its duties on behalf of the Trust generally. 
 9. Pursuant to Section 3803(b) of the Trust Act, Corporation
Trust shall not be liable to any person other than the Trust or a beneficiary of the Trust for any act, omission or obligation of the Trust or any trustee thereof and all persons having any claim against Corporation Trust by reason of the
transactions contemplated by this Trust Agreement or any other agreement or instrument related to the Trust shall look only to the Trust’s property for payment or satisfaction thereof. 

  
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 10. Pursuant to Section 3806(c) of the Trust Act, to the extent that at law or in
equity Corporation Trust, as trustee, has duties (including fiduciary duties) and liabilities relating to the Trust or to beneficiaries thereof, Corporation Trust’s duties and liabilities are hereby eliminated and restricted to the fullest
extent allowable under applicable law and Corporation Trust shall not be liable to the Trust or to any beneficial owner of the Trust for any action taken in good faith reliance on the terms of this Trust Agreement. 

11. The Trustees (as such and in their individual capacities) and their respective officers, directors, employees, shareholders and
agents shall be indemnified and held harmless by SandRidge with respect to any loss, liability, claim, damage, action, suit, tax, penalty, cost, disbursement or expense of any kind or nature whatsoever (including the reasonable fees and expenses of
counsel) incurred by the Trustees (as such and in their individual capacities) arising out of or incurred in connection with the acceptance or performance by the Trustees of their respective duties and obligations contained in this Trust Agreement,
the creation, operation, administration or termination of the Trust or the transactions contemplated hereby; provided, however, that the Trustees (including their respective officers, directors, employees, shareholders and agents) shall not
be indemnified or held harmless as to any such loss, liability, claim, damage, action, suit, tax, penalty, cost, disbursement or expense of any kind or nature whatsoever (including the reasonable fees and expenses of counsel) incurred by reason of
their respective willful misconduct, bad faith or gross negligence. The obligations of SandRidge under this Section 11 shall survive the resignation or removal of the Trustees and the termination of this Trust Agreement. 

12. The Trust may not be dissolved and terminated before the issuance of the trust securities of the Trust in the IPO Transaction;
provided, that if the IPO Transaction has not been consummated by September 1, 2011, the Trust shall be dissolved and terminated by the Trustees, with any assets comprising the Trust’s estate to be distributed to The Foundation for
Oklahoma City Public Schools as beneficiary. In such event, SandRidge shall reimburse the Trustees for any out-of-pocket expenses incurred by them in connection with the transactions contemplated by this Agreement. 

13. This Trust Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware (without regard to
conflict of laws principles); PROVIDED, HOWEVER, THAT THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS AGREEMENT ANY PROVISION OF THE LAWS (COMMON OR STATUTORY) OF THE STATE OF DELAWARE PERTAINING TO TRUSTS (OTHER THAN THE TRUST
ACT) THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE TERMS HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO
POST BONDS FOR TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS
PAYABLE TO TRUSTEES, OFFICERS, 

  
 4 

 
AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR
CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR
POWERS OF TRUSTEES THAT ARE INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS OF THE TRUSTEES HEREUNDER AS SET FORTH OR REFERENCED IN THIS AGREEMENT. SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE TRUST. 

  
 5 

 IN WITNESS WHEREOF, SandRidge, the Trustee and Corporation Trust have caused this Agreement
to be duly executed the day and year first above written. 
  

			
	SANDRIDGE ENERGY, INC.
		 	
		
	By:	 	 /s/ Tom L. Ward

		
		 	Name: Tom L. Ward
		 	Title: CEO and President
	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as TRUSTEE

		 	
		
	By:	 	 /s/ Michael Ulrich

		
		 	Name: Michael Ulrich
		 	Title: Vice President
	
	CORPORATION TRUST COMPANY
		 	
		
	By:	 	 /s/ Victor A. Duva

		
		 	Name: Victor A. Duva
		 	Title: Vice President

  
 6

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