Document:

EX-10.12

 Exhibit 10.12 

ETSY, INC. 
 SEVERANCE
PLAN 
 (Effective as of the IPO Date) 

The Etsy, Inc. (the “Company”) Severance Plan (the “Plan”) is designed to provide separation pay and benefits to
Participants who satisfy the requirements of the Plan and whose employment is terminated in a Qualifying Termination. 
 This Plan is governed by the laws
of the State of Delaware. 
  

	I.	ELIGIBILITY FOR BENEFITS 

  

	1.	Participation 

 A. The Company’s Board of Directors (the
“Board”) or its Compensation Committee (the “Committee”) will select the Company executives who are eligible to participate in the Plan. The Plan Administrator (as defined below) will deliver a notice to each such
executive, substantially in the form attached hereto as the “Participation Notice”, informing the executive that he or she is eligible to participate in the Plan. Each executive of the Company who receives a Participation Notice is
a “Participant” in the Plan. 
  

	2.	Conditions 

 A. In order to receive Severance Benefits under the Plan, the
Participant must (i) experience a Qualifying Termination; (ii) execute, and not revoke, a general release of all claims (the “Release”) in the form provided by the Company in accordance with the terms of this Section
I(2)(A); (iii) return all Company Property to the Company; and (iv) comply with all agreements between the Company and the Participant relating to confidentiality, non-competition, non-solicitation and non-interference. The Company shall
deliver the Release to the Participant within 30 days after his or her Qualifying Termination occurs. The Release will specify how much time such Participant has to sign it and whether there is a revocation period; provided, however, that the
deadline for execution of the Release will in no event be later than 50 days after the Participant’s Qualifying Termination and the Release must become effective by the 60th day after the
Participant’s Qualifying Termination. If the Release has not been signed by the Participant and become effective by the 60th day after the Participant’s Qualifying Termination, then the
Participant will cease to be eligible for benefits under this Plan. 
 B. In addition to the conditions in Section I(2)(A), a Participant
shall not be entitled to Severance Benefits under the Plan unless and until such Participant has entered into the Company’s standard form of Employee Proprietary Information and Inventions Agreement or any similar or successor document. 

C. If a Participant has not substantially complied with the material terms of all material agreements between the Company and the Participant,
the Plan Administrator may deny and/or discontinue the payment of the Participant’s Severance Benefits and may require the Participant to repay any portion of the Severance Benefits already received under the Plan if,

 
after the Company provides written notice of such noncompliance and repayment obligation to the Participant and the Participant fails to cure such noncompliance (if capable of being cured) within
ten (10) days after receipt of such notice. If the Plan Administrator notifies a Participant that repayment of all or any portion of the Severance Benefits received under the Plan is required, such amounts shall be repaid within thirty
(30) calendar days of the date the written notice is sent. Repayment of cash amounts shall be in the form of a cash reimbursement to the Company of amounts previously paid, and repayment of any accelerated vesting shall be made in the form of a
cash payment to the Company equal to the amount of any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity-based awards triggered under the Plan (and, in either case, repayment can be made by
offsetting the amount to be recouped from any compensation otherwise owed by the Company to the Participant, to the extent permissible under applicable law). Any remedy under this subsection (C) shall be in addition to, and not in place of, any
other remedy, including injunctive relief, that the Company may have. 
  

	II.	HOW THE PLAN WORKS 

  

	1.	Severance Benefits 

 If a Participant is subject to a Qualifying Termination and the
Participant signs and does not revoke (to the extent permitted by law) a Release in accordance with Section I(2)(A), the Company will provide the following Severance Benefits, subject to the terms of the Plan: 

A. An amount equal to (x) the Participant’s Monthly Base Salary times (y) the number of months in the Severance Period, payable
in equal installments on the Company’s regular payroll dates from the Qualifying Termination through the number of months in the Severance Period. Such payments shall commence within 60 days after the date of the Qualifying Termination and the
first such payment shall include any unpaid amounts accrued from the date of the Participant’s Qualifying Termination. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payments will in any
event begin in the second calendar year. 
 B. If the Participant (x) was a participant in the Company’s group health insurance
plans (major medical, dental and vision) on the date of such Participant’s Qualifying Termination and (y) timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (together with any state law of
similar effect, “COBRA”), the Company will pay the full amount of the Participant’s COBRA premiums, or will provide coverage under such group health insurance plans, on behalf of the Participant and the Participant’s
eligible dependents, in any such case as and when such premiums or coverage amounts would be due if paid for by the Participant, until the earliest to occur of (i) the end of the number of months in the COBRA Period, (ii) the expiration of
the Participant’s eligibility for the continuation coverage under COBRA, and (iii) the date when the Participant becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment
(such period from the date of the Qualifying Termination through the earliest to occur of the dates set forth in clause (i) through (iii), the “COBRA Payment Period”). These payments will be subject to applicable tax
withholdings, including as necessary to avoid a violation of, or penalties under, the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including, without limitation, the 2010 Patient
Protection and Affordable Care 

  
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Act, as amended by the 2010 Health Care and Education Reconciliation Act). On the 60th day following the Qualifying Termination, the Company will make the first payment under this paragraph equal
to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the date of the Qualifying Termination, with the balance of the payments paid thereafter on the original schedule. In all cases, if
the Participant becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, the Participant must immediately notify the Company of such event, and all
payments and obligations under this paragraph will cease. Any insurance premiums that are paid by the Company will not include any amounts payable by the Participant under an Internal Revenue Code Section 125 health care reimbursement plan,
which amounts, if any, are the sole responsibility of the Participant. 
 Payments made under this Plan shall not be treated as “compensation” for
purposes of any 401(k) plan of the Company or a parent or subsidiary of the Company. A Participant will also receive his or her unpaid salary through his or her termination date and a lump sum payment for all accrued and unused vacation (through the
termination date) in a final paycheck provided on his or her last day of work. 
 The Severance Benefits under this Section II(1)(B) shall be paid from the
general assets of the Company. 
  

	2.	Sections 409A and 457A 

 Severance payments and benefits under the Plan are intended to be
exempt from the application of Section 409A of the Code and any state law of similar effect, and the Plan will be construed to the greatest extent possible consistent with such intent. In particular, severance payments are intended to be exempt
from the application of Section 409A of the Code pursuant to Treasury Regulation 1.409A-1(b)(4) (as a short-term deferral) and alternatively pursuant to Treasury Regulation 1.409A-1(b)(9)(iii) (to the extent of the dollar limitation set forth
therein). To the extent not so exempt, the Plan will be construed to comply with the requirements of Section 409A of the Code so that none of the payments or benefits hereunder will be subject to additional tax imposed under Section 409A
of the Code. For purposes of Section 409A of the Code, a Participant’s right to receive a series of installment payments under the Plan will be treated as a right to receive a series of separate payments. Severance payments and benefits
under the Plan are also intended to be exempt from the application of Section 457A of the Code and will be construed to the greatest extent possible consistent with such intent. 

Notwithstanding anything in the Plan to the contrary, if the Company determines that a Participant is a “specified employee” under
Section 409A(a)(2)(B)(i) of the Code and the regulations thereunder when his or her Qualifying Termination occurs, then to the extent that any payments or benefits to which a Participant becomes entitled under the Plan in connection with a
Qualifying Termination constitute “deferred compensation” subject to Section 409A of the Code, such payments shall not be paid, or, in the case of installments, shall not commence until expiration of the six-month period measured from
the Participant’s Qualifying Termination or the date of the Participant’s death, but only to the extent necessary to avoid the additional tax imposed by Section 409A of the Code. The severance payments or benefits that otherwise would
have been made during such deferral period shall be paid in a lump sum on the first day following expiration of the deferral period. 

  
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	III.	Definitions 

 Cause shall mean a Participant’s (a) unauthorized use or
disclosure of the Company’s confidential information or trade secrets, (b) breach of any material terms of any material agreement between the Participant and the Company, (c) material failure to comply with the Company’s written
policies or rules, (d) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) gross negligence or willful misconduct in the scope of the Participant’s
employment, (f) continuing failure to perform assigned duties after receiving written notification of the failure from the Company’s Board of Directors or (g) failure to cooperate in good faith with a governmental or internal
investigation of the Company or its directors, officers or employees, if the Company has requested the Participant’s cooperation. 
 COBRA
Period shall mean the COBRA Period set forth in a Participant’s Participation Notice. 
 Code shall mean the Internal
Revenue Code of 1986, as amended. 
 Company shall mean Etsy, Inc., a Delaware corporation, and any successor thereto. 

Company Property shall mean all material paper and electronic Company documents (and all copies, reproductions or summaries thereof)
created and/or received by the Participant during the Participant’s period of employment with the Company and other material Company materials and property (including without limitation, Company laptop computers and mobile devices), that the
Participant has in the Participant’s possession or control, including, without limitation, materials of any kind that contain or embody any proprietary or confidential information of the Company (and all copies, reproductions or summaries
thereof, in whole or in part). For the avoidance of doubt, Company Property does not include the Participant’s personal copies of documents evidencing the Participant’s hire, termination, compensation, benefits and stock options and any
other documentation received as a stockholder of the Company. 
 IPO Date shall mean the effective date of the registration statement
filed by the Company with the Securities and Exchange Commission for its initial offering of common stock to the public. 
 Monthly Base
Salary shall mean the Participant’s monthly base salary at the rate in effect immediately prior to the date of the Participant’s Qualifying Termination, and does not include, for example, bonuses, overtime compensation,
incentive pay, sales commissions or expense allowances. 
 Plan Administrator shall mean the individual(s) appointed by the Board (or
Committee) to administer the terms of the Plan as set forth herein, and if no individual is appointed to serve as the Plan Administrator, the Plan Administrator shall be the senior-most human resources employee of the Company. Notwithstanding the
preceding sentence, in the event the Plan Administrator is entitled to Severance Benefits under the Plan, the Board or its delegate shall act as the Plan Administrator for purposes of administering the terms of the Plan with respect to the Plan
Administrator. The Plan Administrator may delegate all or any portion of its authority under the Plan to any other person(s). 

  
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 Qualifying Termination shall mean (i) a Separation initiated by the Company (or parent
or subsidiary employing the Participant) for any reason other than Cause and (ii) for a Participant who is a Senior Vice President of the Company or above, the Participant’s voluntary resignation following (a) a material diminution in
the Participant’s authority, duties or responsibilities, (b) a material reduction in the Participant’s base compensation, (c) a material change in the geographic location at which the Participant must perform services for the
Company or (d) any other action or inaction that constitutes a material breach by the Company (or parent or subsidiary employing the Participant) of a material term of the employment agreement or offer letter under which the Participant
provides services (if any). For a Participant to receive the benefits under this Plan as a result of a voluntary resignation under the preceding sentence, all of the following requirements must be satisfied: (1) the Participant must provide
notice to the Company of his or her intent to assert a Qualifying Termination under Clause (ii) of the preceding sentence within 90 days of the initial existence of one or more of the conditions set forth in clause (ii) of the preceding
sentence; (2) the Company (or parent or subsidiary employing the Participant) will have 30 days from the date of such notice to remedy the condition and, if it does so, the Participant may withdraw his or her resignation or may resign with no
Plan benefits; and (3) any termination of employment under clause (ii) of the preceding sentence must occur within one hundred twenty-five (125) days after the initial existence of one or more of the conditions set forth in such
clause (ii). Should the Company (or parent or subsidiary employing the Participant) remedy the condition as set forth in clause (ii) above and then one or more of the conditions arises again, the Participant may assert clause (ii) above
again, subject to all of the conditions set forth herein. 
 Separation shall mean a “separation from service” as defined in
the regulations under Section 409A of the Code. 
 Severance Benefits shall mean the payments and benefits that a Participant is
eligible to receive under Section II of the Plan. 
 Severance Period shall mean the severance period set forth in a Participant’s
Participation Notice. 
  

	IV.	MISCELLANEOUS 

  

	1.	Plan Administration. The Plan Administrator has full discretionary authority to administer and interpret the Plan, including discretionary authority to determine eligibility for benefits under the Plan and
the amount of benefits (if any) payable per Participant. Any determination by the Plan Administrator will be final and conclusive upon all persons. 

  

	2.	Benefits. The Company is not required to establish a trust to fund the Plan. The benefits provided under this Plan are not assignable and may be conditioned upon the Participant’s compliance with the
Release of claims signed by the Participant and any confidentiality agreement and/or proprietary information and invention assignment agreement between the Company and the Participant. 

 

	3.	 Indebtedness of Participants. If a Participant is indebted to the Company on the effective date of the
Participant’s Qualifying Termination, the Company reserves the right to offset 

  
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the payment of any benefits under the Plan by the amount of such indebtedness. Such offset will be made in accordance with all applicable laws. The Participant’s execution of the
Participation Notice constitutes knowing written consent to the foregoing. 

  

	4.	Plan Terms. This Plan supersedes any and all prior separation, severance and salary continuation arrangements, programs and plans that were previously offered by the Company, either orally or in writing,
for which a Participant was eligible, but excluding the Company’s Change in Control Severance Plan. In no event shall a Participant receive cash severance benefits under this Plan and under any other Plan, program or arrangement.

  

	5.	Plan Amendment or Termination. If not earlier terminated pursuant to the terms of this Section (IV)(5), the Plan shall terminate on the third anniversary of the date of its adoption (the
“Expiration”). The Company, acting through its Board or its Compensation Committee, reserves the right to terminate or amend the Plan at any time and in any manner, subject to this Section (IV)(5). Any termination (including an
Expiration) or amendment of the Plan may be made effective immediately with respect to any benefits not yet paid, whether or not prior notice of such amendment or termination has been given to affected employees; however, no termination (including
an Expiration) or amendment that negatively impacts the rights or potential benefits of a Participant shall be effective upon a Participant who has been subject to a Qualifying Termination prior to or within two months after the effective date of
such termination or amendment. 

  

	6.	Taxes. All payments and benefits under the Plan will be subject to all applicable deductions and withholdings, including, without limitation, obligations to withhold for federal, state, provincial, foreign
and local income and employment taxes. By becoming a Participant in the Plan, the Participant agrees to review with Participant’s own tax advisors the federal, state, provincial, local, and foreign tax consequences of participation in the Plan.
The Participant will rely solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) will be responsible for the Participant’s
own tax liability that may arise as a result of becoming a Participant in the Plan. 

  

	7.	No Right to Employment. This Plan does not provide you with any right to continue employment with the Company (or any parent or subsidiary) or affect the Company’s right (or the right of any parent or
subsidiary employing a Participant), which right is hereby expressly reserved, to terminate the employment of any individual at any time for any reason with or without cause. 

  
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 ETSY, INC. 

SEVERANCE PLAN 

PARTICIPATION NOTICE 
  

			
	To:		  

	Date:		  

 You have been designated as eligible to participate in the Etsy, Inc. Severance Plan (the
“Plan”). A copy of the Plan document is attached to this Participation Notice. The terms and conditions of your participation in the Plan are as set forth in the Plan document and this Participation Notice. 

 

			
	Severance Period:     months
	COBRA Period:     months

 Please return to the Company a copy of this Participation Notice signed by you and retain a copy of this
Participation Notice, along with the Plan document and related materials, for your records. 
 I acknowledge and agree that the Severance
Plan and the Severance Benefits (as defined in the Plan) to which I am entitled pursuant to the Plan and this Participation Notice supersede any and all prior separation, severance and salary continuation arrangements, programs and plans that were
previously offered to me by the Company, either orally or in writing, other than the Company’s Change in Control Severance Plan. 
  

	
	  

	Signature
	
	  

	Print Name
	
	  

	Date

  
 7Oasis-ThirdAmendmenttoSecondARCreditAgreementExecutionVersion

Execution Version

THIRD AMENDMENT
TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of April 13, 2015
AMONG
OASIS PETROLEUM NORTH AMERICA LLC,
AS BORROWER,
THE GUARANTORS PARTY HERETO,

WELLS FARGO BANK, N.A.,
AS ADMINISTRATIVE AGENT,
AND
THE LENDERS PARTY HERETO

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THIRD AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Third Amendment”) dated as of April 13, 2015, is among OASIS PETROLEUM NORTH AMERICA LLC, a Delaware limited liability company (the “Borrower”); the Guarantors party hereto (the “Guarantors” and collectively with the Borrower, the “Credit Parties”); each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and WELLS FARGO BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).
R E C I T A L S
A.    Parent, OP LLC, the Borrower, the Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of April 5, 2013, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of September 3, 2013, and that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of September 30, 2014 (as amended, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 
B.    The Borrower, the Guarantors, the Administrative Agent and the Lenders desire to amend certain provisions of the Credit Agreement, including (i) extending the Maturity Date and (ii) providing for an increase of the Aggregate Elected Commitment Amounts to $1,525,000,000 effective as of the Third Amendment Effective Date (as defined below), as set forth herein. 
C.     The Lenders desire to provide for the April 1, 2015 Scheduled Redetermination, pursuant to which the Borrowing Base will be reduced to $1,700,000,000 effective as of the Third Amendment Effective Date.
D.    The Borrower has requested that Deutsche Bank AG New York Branch, Credit Suisse AG, Cayman Islands Branch and Iberiabank (each, a “New Lender” and, collectively, the “New Lenders”), become Lenders under the Credit Agreement with a Maximum Credit Amount and an Elected Commitment in the amount as shown on Annex I to the Credit Agreement (as amended hereby). 
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Third Amendment.  Unless otherwise indicated, all section references in this Third Amendment refer to sections of the Credit Agreement.  

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Section 2.    Amendments to Credit Agreement.
2.1    Amendments to Section 1.02.
(a)     The following definitions are hereby amended and restated as follows:
“Agreement” means this Second Amended and Restated Credit Agreement, as amended by the First Amendment, the Second Amendment and the Third Amendment and as the same may be further amended or supplemented from time to time.
“Maturity Date” means the date that is the earlier of (i) April 13, 2020 (the “Scheduled Maturity Date”) and (ii) ninety (90) days prior to the maturity date of the 2019 Notes to the extent that the 2019 Notes are not repurchased, redeemed or refinanced to have a maturity date at least ninety (90) days after the Scheduled Maturity Date.  
 (b)     The following definitions are hereby added where alphabetically appropriate to read as follows: 
“2019 Notes” means the Parent’s 7.25% senior unsecured notes due February 1, 2019 issued with an original aggregate principal amount of $400 million.  
 “Third Amendment” means that certain Third Amendment to Second Amended and Restated Credit Agreement, dated as of April 13, 2015, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.
2.2    Replacement of Annex I.  Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement.  After giving effect to this Third Amendment and any Borrowings made on the Third Amendment Effective Date, (a) each Lender (including each New Lender and each Exiting Lender (as defined in Section 6.11 below)) who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Third Amendment) of all Loans shall advance new Loans which shall be disbursed to the Administrative Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each Lender’s participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this Third Amendment), (c) such other adjustments shall be made as the Administrative Agent shall specify so that the Revolving Credit Exposure applicable to each Lender equals its Applicable Percentage (after giving effect to this Third Amendment) of the aggregate Revolving Credit Exposure of all Lenders and (d) the Borrower shall be required to make any break-funding payments required under Section 5.02 of the Credit Agreement resulting from the Loans and adjustments described in this Section 2.2.
Section 3.    Aggregate Elected Commitment Amounts.  Pursuant to Section 2.06(c) of the Credit Agreement, the Aggregate Elected Commitment Amounts shall be increased to 

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$1,525,000,000.00, effective as of the Third Amendment Effective Date, and the Borrower and the Lenders agree and acknowledge that the Elected Commitment of each Lender shall be as more particularly set forth on Annex I attached hereto and that each New Lender shall be deemed to have executed and delivered Exhibit H attached to the Credit Agreement pursuant to the terms thereof.
Section 4.    Borrowing Base Redetermination.  Pursuant to Section 2.07 of the Credit Agreement, the Administrative Agent and the Lenders agree that for the period from and including the Third Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be equal to $1,700,000,000.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.7(e), Section 8.13(c) or Section 9.12(d).  For the avoidance of doubt, the redetermination herein shall constitute the April 1, 2015 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2015 Scheduled Redetermination. 
Section 5.    New Lenders.  Each New Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Credit Agreement as amended hereby as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Credit Agreement as amended hereby, to the same extent as if such New Lender were an original signatory thereto.  Each New Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended hereby as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto.  Each New Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Third Amendment, to consummate the transactions contemplated hereby and to become a party to, and a Lender under, the Credit Agreement as amended hereby, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to Section 8.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Third Amendment and to become a Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the Third Amendment Effective Date, it shall be a party to and be bound by the provisions of the Credit Agreement as amended hereby and the other Loan Documents and have the rights and obligations of a Lender thereunder.
Section 6.    Conditions Precedent.  This Third Amendment shall become effective as of the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Third Amendment Effective Date”):
6.1    The Administrative Agent shall have received from each of the Lenders, each Guarantor and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this Third Amendment signed on behalf of such Person.
6.2    The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary of the Parent, OP LLC, the Borrower and each other Guarantor setting forth (a) resolutions of its board of directors or other appropriate governing body with respect to the authorization of the Parent, OP LLC, the Borrower or such Guarantor to execute and deliver this 

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Third Amendment and to enter into the transactions contemplated hereby, (b) a certificate of incumbency of all officers of Parent, OP LLC, the Borrower and each other Guarantor and each other Credit Party who will be authorized to execute or attest to any Loan Document, including this Third Amendment, and (c) the articles or certificate of incorporation and by-laws or other applicable organizational documents of the Parent, OP LLC, the Borrower and such Guarantor, certified as being true and complete.  
6.3    The Administrative Agent shall have received opinions of (i) DLA Piper LLP (US), special counsel to the Borrower, and (ii) Crowley Fleck PLLP, local Montana and North Dakota counsel to the Borrower, each substantially in a form and of substance reasonably acceptable to the Administrative Agent.  
6.4    The Administrative Agent shall have received, for the account of each Lender on a pro rata basis in accordance with each Lender’s Commitment (which, for the avoidance of doubt, with respect to each Lender is an amount equal to the least of (i) such Lender’s Maximum Credit Amount, (ii) such Lender’s Applicable Percentage of the then effective Borrowing Base and (iii) such Lender’s Elected Commitment) an extension fee in an aggregate amount equal to twenty (20) basis points (0.20%) of the aggregate Commitments after giving effect to this Third Amendment (the “Extension Fee”).  In addition to the Extension Fee, the Administrative Agent shall have received all other fees and amounts due and payable on or prior to the date hereof. 
6.5    No Default shall have occurred and be continuing as of the date hereof after giving effect to the terms of this Third Amendment.
6.6    The Administrative Agent shall have received from the Borrower a duly executed and notarized amendment and/or supplement to each mortgage which shall be reasonably satisfactory to the Administrative Agent in form and substance, including, among other things, amendments to reflect the extension of the Maturity Date pursuant to this Third Amendment.  In connection therewith, the Administrative Agent shall be reasonably satisfied that the Security Instruments create first priority, perfected Liens (subject only to Excepted Liens identified in clauses (a) to (d) and (f) of the definition thereof, but subject to the provisos at the end of such definition) on at least 80% of the total value of the Oil and Gas Properties evaluated in the Reserve Report dated as of January 1, 2015.
6.7    The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably require.
The Administrative Agent is hereby authorized and directed to declare this Third Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 6 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

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Section 7.    Miscellaneous.
7.1    Confirmation and Effect.  The provisions of the Credit Agreement, as amended by this Third Amendment, shall remain in full force and effect following the effectiveness of this Third Amendment.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.
7.2    No Waiver.    Neither the execution by the Administrative Agent or the Lenders of this Third Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of this Third Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this Third Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except as expressly provided herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  
7.3    Ratification and Affirmation; Representations and Warranties.  Each Credit Party hereby (a) acknowledges the terms of this Third Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Third Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.
7.4    Counterparts.  This Third Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Third Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

5

7.5    No Oral Agreement.  This Third Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.
7.6    GOVERNING LAW.  THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
7.7    Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Third Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
7.8    Severability.  Any provision of this Third Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
7.9    Successors and Assigns.  This Third Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
7.10    Loan Document.  This Third Amendment shall constitute a “Loan Document” under and as defined in Section 1.02 of the Credit Agreement.
7.11    Exiting Lenders.  Subject to receipt of funds necessary to pay off all principal and interest owed to UBS AG, Stamford Branch and HSBC Bank USA, N.A. (collectively, the “Exiting Lenders”, and each individually, an “Exiting Lender”), each Exiting Lender hereby (a) consents to this Third Amendment as required under Section 12.02 of the Credit Agreement and (b) acknowledges and agrees to Section 2.2 of this Third Amendment.  Each of the parties hereto hereby agrees and confirms that after giving effect to Section 2.2 of this Third Amendment, each Exiting Lender’s Maximum Credit Amount and Elected Commitment shall be $0, its Commitments to lend and all of its obligations under the Credit Agreement shall be terminated and the Exiting Lender shall cease to be a Lender for all purposes under the Loan Documents. 

[SIGNATURES BEGIN NEXT PAGE]

6

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as of the date first written above.

		
	BORROWER:
	OASIS PETROLEUM NORTH AMERICA LLC

By:    /s/ Michael Lou    
Name:    Michael Lou
Title:   Executive Vice President and Chief 
            Financial Officer
             

		
	GUARANTORS:
	OASIS PETROLEUM INC.

OASIS PETROLEUM LLC
OASIS PETROLEUM MARKETING LLC
OASIS WELL SERVICES LLC
OASIS MIDSTREAM SERVICES LLC

By:    /s/ Michael Lou    
Name:    Michael Lou
Title:   Executive Vice President and Chief 
            Financial Officer

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

ADMINISTRATIVE AGENT 
AND LENDER:
WELLS FARGO BANK, N.A.,
as Administrative Agent and as a Lender
By:    /s/ Collin Mayer    
Name:     Collin Mayer
Title:     Assistant Vice President 

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

LENDERS:
CITIBANK, N.A., as a Lender

By:    /s/ Cliff Vaz    
Name:    Cliff Vaz    
Title:    Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

JPMORGAN CHASE BANK, N.A.,
as a Lender
By:    /s/ Anson Williams    
Name:    Anson Williams        
Title:    Authorized Officer    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

ROYAL BANK OF CANADA, as a Lender

By:    /s/ Mark Lumpkin, Jr    
Name:    Mark Lumpkin, Jr    
Title:    Authorized Signatory    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
By: /s/ Kristin N. Oswald    
Name: Kristin N. Oswald    
Title: Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

COMPASS BANK, as a Lender

By:    /s/ Kathleen J. Bowen    
Name:    Kathleen J. Bowen    
Title:    Senior Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

CANADIAN IMPERIAL BANK OF
COMMERCE, NEW YORK BRANCH, as a Lender
By: /s/ Trudy Nelson    
Name: Trudy Nelson    
Title: Authorized Signatory    

By: /s/ William M. Reid    
Name: William M. Reid    
Title: Authorized Signatory    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
By: /s/ Michael Winters    
Name: Michael Winters    
Title: Vice President    

By: /s/ Kirk L. Tashjian    
Name: Kirk L. Tashjian    
Title: Director    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

ING CAPITAL LLC, as a Lender
By: /s/ Josh Strong    
Name: Josh Strong    
Title: Director    

By: /s/ Charles Hall    
Name: Charles Hall    
Title: Managing Director    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC)

CITIZENS BANK, N.A., as a Lender

By:    /s/ Scott Donaldson    
Name:    Scott Donaldson    
Title:    Senior Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:    /s/ Heather Han    
Name:    Heather Han    
Title:    Senior Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

AMEGY BANK NATIONAL ASSOCIATION, as a Lender

By:    /s/ Thomas Kleiderer    
Name:    Thomas Kleiderer    
Title:    Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

BOKF, NATIONAL ASSOCIATION DBA BANK OF TEXAS, as a Lender
By: /s/ Mari Salazar    
Name: Mari Salazar    
Title: Senior Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

BRANCH BANKING AND TRUST COMPANY, as a Lender
By: /s/ Parul June    
Name: Parul June    
Title: Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

COMERICA BANK, as a Lender
By: /s/ William Robinson    
Name: William Robinson    
Title: Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
By: /s/ Nupur Kumar    
Name: Nupur Kumar    
Title: Authorized Signatory    

By: /s/ Remy Riester    
Name: Remy Riester    
Title: Authorized Signatory    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

REGIONS BANK, as a Lender
By: /s/ William A. Philipp    
Name: William A. Philipp    
Title: Senior Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

IBERIABANK, as a Lender
By: /s/ W. Bryan Chapman    
Name: W. Bryan Chapman    
Title: Executive Vice President    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

UBS AG, STAMFORD BRANCH, as an Exiting Lender

By:    /s/ Kenneth Chin    
Name:    Kenneth Chin    
Title:    Director    

By:    /s/ Houssem Daly    
Name:    Houssem Daly    
Title:    Associate Director    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

HSBC BANK USA, N.A., as an Exiting Lender
By: /s/ Douglas A. Whiddon    
Name: Douglas A. Whiddon    
Title: Director    

Signature Page to Third Amendment to Second Amended and Restated Credit Agreement
(Oasis Petroleum North America LLC) 

ANNEX I 
LIST OF MAXIMUM CREDIT AMOUNTS AND ELECTED COMMITMENTS
Aggregate Maximum Credit Amounts and Aggregate Elected Commitment Amounts
	
									
	Name of Lender
	Applicable Percentage
	Maximum 
Credit Amount
	Elected Commitment

	Wells Fargo Bank, N.A.
	11.14754098
	%
	

	$278,688,524.52
	

	

	$170,000,000.00
	

	Citibank, N.A.
	9.83606557
	%
	

	$245,901,639.31
	

	

	$150,000,000.00
	

	JPMorgan Chase Bank, N.A.
	9.83606557
	%
	

	$245,901,639.31
	

	

	$150,000,000.00
	

	Royal Bank of Canada
	8.85245900
	%
	

	$221,311,475.41
	

	

	$135,000,000.00
	

	Capital One, National Association
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	Compass Bank
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	Canadian Imperial Bank Of Commerce, New York Agency
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	Deutsche Bank AG New York Branch
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	ING Capital LLC
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	Citizens Bank, N.A.
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	U.S. Bank National Association
	5.57377050
	%
	

	$139,344,262.31
	

	

	$85,000,000.00
	

	Amegy Bank National Association
	3.27868852
	%
	

	$81,967,213.12
	

	

	$50,000,000.00
	

	BOKF, National Association DBA Bank of Texas
	3.27868852
	%
	

	$81,967,213.12
	

	

	$50,000,000.00
	

	Branch Banking and Trust Company
	3.27868852
	%
	

	$81,967,213.12
	

	

	$50,000,000.00
	

	Comerica Bank
	3.27868852
	%
	

	$81,967,213.12
	

	

	$50,000,000.00
	

	Credit Suisse AG, Cayman Islands Branch
	3.27868852
	%
	

	$81,967,213.12
	

	

	$50,000,000.00
	

	Regions Bank
	3.27868852
	%
	

	$81,967,213.12
	

	

	$50,000,000.00
	

	Iberiabank
	1.63934426
	%
	

	$40,983,606.56
	

	

	$25,000,000.00
	

	   TOTAL
	100.00%
	$
	2,500,000,000.00
	

	$
	1,525,000,000.00

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