Document:

tat-ex103_111.htm

Exhibit 10.3

AMENDMENT NO. 1 TO THE MASTER SERVICES AGREEMENT

 

This Amendment No. 1, dated February 28, 2019 (this “Amendment”), to that certain Master Services Agreement, dated March 3, 2016, by and between Production Solutions International Petrol Arama Hizmetleri Anomin Sirketi (“PSI”) and TransAtlantic Exploration Mediterranean International Pty Ltd. (“TEMI”) (the “MSA”) is entered into by and between PSI and TEMI. 

 

WHEREAS, PSI is under common control, directly or indirectly, with Dalea Partners, LP (“Dalea”); 

WHEREAS, TEMI is a wholly-owned subsidiary of TransAtlantic Petroleum Ltd. (“TAT”); 

WHEREAS, on February 28, 2019, Dalea and TAT entered into that certain Amendment No. 1 (the “Note Amendment”) to that certain Amended and Restated Promissory Note, dated April 19, 2016 (the “Amended Note” and, as amended by the Note Amendment, the “Note”), pursuant to which Dalea and TAT agreed to extend the maturity date of the Note pursuant to the terms of the Note Amendment;

NOW, THERFORE, in consideration for the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, PSI and TEMI, intending to be legally bound, do hereby agree as follows:

 

	
1.
	
Capitalized terms used in this Amendment that are not defined herein have the meanings assigned to such terms in the MSA.

 

	
2.
	
Section 3 of the MSA is hereby deleted in its entirety and replaced with the following:

 

“The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue in full force and effect for a primary term lasting until February 26, 2021 and shall be automatically renewed for successive renewal terms of one (1) year each, unless terminated by either Party by written notice at least sixty (60) days prior to the end of the primary term or any successive renewal term.”

 

	
3.
	
All references in the MSA to the “Agreement” shall mean the MSA as hereby amended.

 

	
4.
	
Except as expressly modified or amended by this Amendment, all of the terms and conditions of the MSA remain in full force and effect.

 

	
5.
	
This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document.

 

	
6.
	
This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

	
7.
	
This Amendment and the legal relations between the parties hereto shall be governed by and construed in accordance with the laws of the State of Texas, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

[Remainder of Page is blank and signature page follows]

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the day and year first above written.

 

PRODUCTION SOLUTIONS INTERNATIONAL PETROL ARAMA HIZMETLERI ANOMIN SIRKETI

 

	
 
	
By:
	
/s/ N. Malone Mitchell 3rd

	
 
	
Name:
	
N. Malone Mitchell 3rd

	
 
	
Title: 
	
Director

 

 

TRANSATLANTIC EXPLORATION MEDITERRANEAN INTERNATIONAL PTY LTD.

 

	
 
	
By:
	
/s/ Tabitha T. Bailey

	
 
	
Name:
	
Tabitha T. Bailey

	
 
	
Title: 
	
Directorshenex1058

          SHENANDOAH TELECOMMUNICATIONS COMPANY                       Incentive Stock Option Agreement   No. of shares subject to option: [      ]                        THIS AGREEMENT    dated as of the [     ] day of [    ], [    ], b e t w e e n   [      ] ("Participant"), and Shenandoah Telecommunications Company, a Virginia  corporation (the "Company"), is made pursuant and subject to the provisions of the  Company's  2014 Stock Incentive Plan (the "Plan"),  a copy of which has been made  available to the Participant.   All terms used herein that are defined in the Plan have the  same meaning given them in the Plan.                         1.    Grant of Option. Pursuant to the Plan, the Company, on [      ],  [      ] (the "Date of Grant"), granted to Participant, subject to the terms and conditions of  the Plan and subject further to the terms and conditions herein set forth, the right and  Option to purchase from the Company all or any part of an aggregate of [      ] shares of  Common  Stock at the option price of [$      ]per share (the "Option Exercise Price"),  being not less than the Fair Market Value per share of the Common Stock on the Date of  Grant.  This Option is intended, to the maximum extent possible, to be an "incentive  stock option" under Section 422 of the Code. This Option will be exercisable as  hereinafter provided.                         2.    TERMS and   CONDITIONS.   This Option is subject to the  following terms and conditions:                               (a)   Expiration Date.  This Option shall expire at 11:59 p.m. on [    ],              [      ], (the "Expiration Date").                               (b)   Exercise of Option. Except as provided in paragraphs 3, 4, 5 and              6, this Option shall be exercisable with respect to one-fifth of the shares of              Common  Stock subject to this Option on each of the third, fourth, fifth,              sixth and seventh anniversaries of the Date of Grant.  Once this Option has              become exercisable in accordance with the preceding sentence it shall              continue to be exercisable until the earlier of the termination of the              Participant's rights hereunder pursuant to paragraph 4 or 5, or until the              Expiration Date.  A partial exercise of this Option shall not affect the              Participant's right to exercise this Option with respect to the remaining              shares, subject to the conditions of the plan and this Agreement.                               (c)   Method of Exercise and Payment for Shares. This Option              shall be exercised by written notice delivered to the attention of the              Company's Secretary at the Company's principal office in Edinburg,              Virginia.  The exercise date shall be (i) in the case of notice by mail, the              date of postmark, or (ii) if delivered in person, the date of delivery.  Such              notice shall be accompanied by payment of the option price in full, in              cash or cash equivalent acceptable to the Administrator, by the surrender              of shares of Common Stock with an aggregate Fair Market Value              (determined as of the day preceding the exercise date) which, together              with any cash or cash equivalent paid by Participant, is not less than the  

 

Incentive Stock Option Award  [                   ]  Page 2                  option price of the number of shares of Common Stock for which the                Option is being exercised or by causing the Company to withhold shares                of Common Stock otherwise issuable pursuant to the exercise of the                Option with an aggregate Fair Market Value (determined as of the day                preceding the exercise date) equal to the option price or portion thereof to                be satisfied pursuant to this clause.                  (d)   Nontransferability.  This Option is nontransferable, except by                will or by the laws of descent and distribution as hereinafter provided for                in paragraph 4.  During Participant's lifetime, this Option may be                exercised only by Participant.            3.    Cancellation, Adjustment or Forfeiture of Award. This Option and any    Shares issued with respect to this Option (and any additional shares issued on account of    a stock split, stock dividend, etc.) are subject to cancellation, adjustment or forfeiture in    accordance with the Executive Compensation Recovery Policy as such policy may be in    effect from time to time.            4.    Cancellation Upon Termination of Employment Other Than by    Retirement. Any Options not vested in accordance with the provisions of Sections 1 and    2 above will be immediately cancelled at the time the Participant ceases to be employed    by the Company or one of its Affiliates, unless if such termination of employment is a    result of death or Disability (defined in accordance with the Company's then current long    term disability program). If termination of employment is due to death or Disability prior    to Retirement, all remaining unvested Options awarded above will be prorated as of the    date of death or Disability and those prorated Options may then be exercised by the    Participant or Participant's estate during the remainder of the period preceding the    Expiration Date. Proration will be calculated on the unvested Options remaining for each    vesting period by multiplying the number of unvested Options by a fraction, the    numerator of which is the number of days of employment between the date of grant and    the date of death or Disability and the denominator of which is the number of days    between the date of grant and the scheduled date of vesting.            5.    Exercise After Retirement.  This Option shall be exercisable for all or    part of the number of shares that the Participant was entitled to purchase pursuant to    paragraph 2, reduced by the number of shares for which the Option was exercised, in the    event of the Participant's Retirement prior to the Expiration Date.  In that event the    Participant may exercise this Option during the remainder of the period preceding the    Expiration Date. For purposes of this Agreement, the term "Retirement" means the    voluntary termination of employment on or after the date upon which the employee  

 

Incentive Stock Option Award  [                   ]  Page 3            reaches age 65 and completes ten years of employment as an employee of the Company    exclusive of any prior service credited for other benefit purposes.            6.   Minimum  Exercise.  This Option may not be exercised for less than five    shares of Common Stock unless it is exercised for the full number of shares for which the    Option may be exercised.            7.         Fractional Shares.  Fractional shares shall not be issuable hereunder, and    when any provision hereof may entitle Participant to a fractional share such fraction shall    be disregarded.            8.    Cancellation, Adjustment or Forfeiture of Grant.  This Option, and any    shares issued upon exercise of this Option (and such shares issued with respect to such    shares on account of a stock split, stock dividend, etc.), is subject to cancellation,    adjustment or forfeiture in accordance with the Company's Executive Compensation    Recovery Policy, as such policy may be in effect from time to time.            9.    No Right to Continued Employment.  This Option does not confer upon    Participant any right with respect to continuance of employment by the Company or an    Affiliate, nor shall it interfere in any way with the right of the Company or an Affiliate to    terminate his or her employment at any time.            10.   Change in Capital Structure.  The terms of this Option shall be adjusted    as the Committee determines is equitably required in the event the Company effects one    or more stock dividends, stock split-ups, subdivisions or consolidations of shares or other    similar changes in capitalization.            11.   Governing Law.  This Agreement shall be governed by the laws of the    Commonwealth of Virginia.            12.   Conflicts.  In the event of any conflict between the provisions of the Plan    as in effect on the date hereof and the provisions of this Agreement, the provisions of the    Plan shall govern.  All references herein to the Plan shall mean the Plan as in effect on    the date hereof.            13.   Participant Bound by Plan.  Participant hereby acknowledges that a    copy of the Plan has been made available to Participant and agrees to be bound by all the    terms and provisions thereof.            14.   Binding Effect; Survival.  Subject to the limitations stated above and in    the Plan, this Agreement shall be binding upon and inure to the benefit of the legatees,    distributees, and personal representatives of Participant and the successors of the    Company.  The provisions of this Agreement (including without limitation, the  

 

Incentive Stock Option Award  [                    ]  Page 4        provisions of paragraph 8) shall survive the Expiration Date and the exercise of the    Option without limitation.            15.   Notification Upon Sale.  Participant shall give written notice to the    company's Secretary at the Company's principal office in Edinburg, Virginia if the    Participant sells or otherwise disposes of any shares acquired under this Option before the    expiration of the two-year period beginning on the Date of Grant or the one-year period    beginning on the date that the Participant exercised this Option with respect to such shares.            IN WITNESS  WHEREOF, the company has caused this Agreement to be    signed by a duly authorized officer, and Participant has affixed his or her signature    hereto.          SHENANDOAH TELECOMMUNICATIONS    COMPANY                                                       By                                              [Name and Title of Officer]           [Name of Participant]

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