Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 4 
 This
AMENDMENT NO. 4, dated as of September 14, 2018 (this “Amendment”) is entered into by and among BASIC ENERGY RECEIVABLES, LLC (the “Borrower”), BASIC ENERGY SERVICES, L.P. (the
“Servicer”), BASIC ENERGY SERVICES, INC. (“Parent”), the Lenders signatory hereto, and UBS AG, STAMFORD BRANCH, as administrative agent (in such capacity, the “Administrative
Agent”). 
 PRELIMINARY STATEMENTS 

A. Borrower, Servicer, Parent, the lenders from time to time party thereto (the “Lenders”) and Administrative Agent
are parties to that certain to the CREDIT AND SECURITY AGREEMENT dated as of September 29, 2017 (as amended or otherwise modified from time to time, the “Credit Agreement”), and 

B. The Borrower, Administrative Agent and Lenders desire that certain provisions of the Credit Agreement be amended as provided herein. 

Accordingly, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Capitalized
terms used but not otherwise defined herein (including the preliminary statements hereto) shall have the meanings assigned thereto in the Credit Agreement. The provisions of Section 1.02 of the Credit Agreement are hereby incorporated by
reference herein, mutatis mutandis. 
 SECTION 2. Amendments to the Credit Agreement. Subject to the satisfaction of the
conditions set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows, effective as of the Amendment Effective Date (as defined below): 

(a) The definition of “Borrowing Base Availability Reserve” in Section 1.01 of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 ““Borrowing Base Availability Reserve” means, as of any date of determination,
the greater of (i) $12,500,000 or (ii) 12.5% of the Eligible Amount. 
 (b) The definition of “Dilution Volatility Ratio” in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 ““Dilution Volatility
Ratio” means, as of any Calculation Date, the product of (a)(i) the highest three-month rolling average Dilution Ratio during the twelve-month period ended on such Calculation Date; provided; however; that for the period commencing on
September 14, 2018 and ending on October 12, 2018, it shall be measured solely during the six-month period ended on such Calculation Date; minus (ii) the Expected Dilution Ratio as of such
Calculation Date; multiplied by (b)(i) the highest three month rolling average Dilution Ratio 

 
during the twelve-month period ended on such Calculation Date; provided; however; that for the period commencing on September 14, 2018 and ending on October 12, 2018, it shall be
measured solely during the six-month period ended on such Calculation Date; divided by (ii) the Expected Dilution Ratio as of such Calculation Date.” 

SECTION 3. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, Borrower, Servicer and
Parent each represents and warrants to the Administrative Agent and the Lenders that: 
 (a) The representations and warranties set forth in
Article VI of the Credit Agreement and in each other Loan Document are true and correct (A) in the case of the representations and warranties qualified as to materiality, in all respects and (B) otherwise, in all material respects, in
each case on and as of the Amendment Effective Date as though made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date. 

(b) No Default or Event of Default has occurred and is continuing after giving effect to this Amendment. 

(c) None of the Loan Documents in effect on the Amendment Effective Date, including, without limitation, the Receivables Transfer Agreement,
will be rendered invalid, non-binding or unenforceable against any Loan Party as a result of this Amendment. The Liens created under such Loan Documents will continue to secure the Obligations, and will
continue to be perfected, in each case, to the same extent as they secured the Obligations or were perfected immediately prior to the Amendment Effective Date. 

(d) The Credit Agreement, as amended by this Amendment and the consummation of the transactions contemplated hereby, (i) have been duly
authorized by all requisite corporate or limited liability company action of the Borrower, Servicer and Parent, (ii) are permitted under and will not violate the organizational or governance documents of such Persons and (iii) will not
violate, conflict with or result in a default under any agreement or other instrument binding upon such Persons or their assets, including, without limitation, the Parent Credit Agreement or any other Loan Document, except, with respect to clause
(iii) above, for any such violation, conflict or default that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

SECTION 4. Effectiveness. This Amendment shall become effective on and as of the date on which each of the following conditions
precedent is satisfied (such date, the “Amendment Effective Date”): 
 (a) The Administrative Agent shall have
received duly executed and delivered counterparts of this Amendment that, when taken together, bear the signatures of the Borrower, the other Loan Parties, the Supermajority Lenders and the Administrative Agent. 

(b) The Administrative Agent shall have received, for the ratable benefit of each Lender which has executed and delivered its signature page to
this Amendment prior to 3:00 pm (eastern time) on September 14, 2018, a fee in an amount equal to the product of (i) 0.15% times (ii) the aggregate Commitments of such Lenders. 

  
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 SECTION 5. Effect of this Amendment. (a) Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent, the Lenders or any other Secured Party under the Credit Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. 

(b) From and after the Amendment Effective Date, any reference to the Credit Agreement shall mean the Credit Agreement as modified by this
Amendment. 
 (c) This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan
Documents. 
 (d) The Credit Agreement and each of the other Loan Documents remains in full force and effect, except as expressly amended
hereby. 
 SECTION 6. Reaffirmation; Further Assurances. Each of the Borrower and the other Loan Parties hereby acknowledges that it
expects to receive substantial direct and indirect benefits as a result of this Amendment and the transactions contemplated hereby, and each of the foregoing hereby consents to this Amendment and the transactions contemplated hereby, and hereby
confirms its respective grants of security interests, as applicable, under each of the Loan Documents to which it is party, and agrees that, notwithstanding the effectiveness of this Amendment and the transactions contemplated hereby, such
guarantees, pledges and grants of security interests shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties. 

SECTION 7. Expenses. The Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Winston & Strawn LLP. 

SECTION 8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Delivery by electronic transmission (e.g., “pdf”) of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original
executed counterpart of this Amendment. 
 SECTION 9. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
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 SECTION 10. Headings. Section headings used herein are for convenience of reference
only, are not part of this Amendment and are not to affect the construction of, or be taken into consideration in interpreting, this Amendment. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the date first above written. 
  

			
	 UBS AG, Stamford Branch,

as Administrative Agent and as a Lender,

		
	    by	 	 /s/ Darlene Arias

		 	Name: Darlene Arias
		 	Title: Director
		
	    By	 	 /s/ Houssem Daly

		 	Name: Houssem Daly
		 	Title: Associate Director

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 
			
	CIT Bank, N.A., as a Lender,
		
	    By	 	 /s/ Stewart McLeod

		 	Name: Stewart McLeod
		 	Title: Director

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 
			
	 Morgan Stanley Senior Funding, Inc., 

as a Lender,

		
	    By	 	 /s/ Jake Dowden

		 	Name: Jake Dowden
		 	Title: Vice President

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 
			
	 Siemens Financial Services, Inc., 

as a Lender,

		
	    By	 	 /s/ John Finore

		 	Name: John Finore
		 	Title: Vice President
		
		 	 /s/ Jeffrey Ierveses

		 	Name: Jeffrey Ierveses
		 	Title: Vice President

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 
			
	 Basic Energy Receivables, LLC, as Borrower

		
	By:	 	/s/ T.M. “Roe” Patterson
	 Name: T.M. “Roe” Patterson

	 Title: President and CEO

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 
			
	Basic Energy Services, L.P., as Servicer
	
	By: Basic Energy Services GP, LLC, its General Partner
	
	By: Basic Energy Services, Inc., its Sole Member
		
	By:	 	 /s/ T.M. “Roe” Patterson

	Name:	 	T.M. “Roe” Patterson
	Title:	 	President and CEO

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 
			
	Basic Energy Services, Inc., as Performance Guarantor
		
	By:	 	 /s/ T.M. “Roe” Patterson

	Name:	 	T.M. “Roe” Patterson
	Title:	 	President and CEO

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENT 

 Agreed to and acknowledged by the undersigned solely with respect to
Section 6 hereof. 
  

			
	BER Holdco, LLC, as SPV Holdco
		
	By:	 	 /s/ T.M. “Roe” Patterson

	Name:	 	T.M. “Roe” Patterson
	Title:	 	President and Manager

 SIGNATURE PAGE TO AMENDMENT
NO. 4 TO CREDIT AGREEMENTEX-10.1

 Exhibit 10.1 

MICROSOFT CORPORATION 
 EXECUTIVE INCENTIVE
PLAN 
 Section 1. Purpose 
 The Microsoft Corporation Executive
Incentive Plan is intended to provide incentive compensation to executive officers of the Company and those other senior officers that the Committee has determined should participate in the Plan. The Plan replaces the Microsoft Corporation Executive
Incentive Plan effective for fiscal year 2019 and later awards. 
 Section 2. Definitions 

The terms used in this Plan include the feminine as well as the masculine gender and the plural as well as the singular, as the context in which they are used requires.
The following terms, unless the context requires otherwise, are defined as follows: 
  

	2.1	 “Award” means the incentive compensation awarded by the Committee under Section 4.1. Awards may be
in the form of cash awards and/or equity-based awards issued under the Stock Plan. 

  

	2.2	 “Code” means the Internal Revenue Code of 1986, as amended. 

 

	2.3	 “Committee” means the Compensation Committee of the Company’s Board of Directors.

  

	2.4	 “Company” means Microsoft Corporation. 

 

	2.5	 “Deferred Compensation Plan” means the Microsoft Corporation Deferred Compensation Plan, or a similar or
successor plan or other arrangement for the deferral of compensation specified by the Committee. 

  

	2.6	 “Participant” means an employee who receives an award under the Plan, as described in Section 3 of
the Plan. 

  

	2.7	 “Plan” means the Microsoft Corporation Executive Incentive Plan, as it may be amended from time to time.

  

	2.8	 “Stock Plan” means the Company’s 2017 Stock Plan or, for French-qualified stock awards, the
Company’s 2001 Stock Plan, or a similar or successor plan or other arrangement of the issuance of equity-based awards specified by the Committee. 

Section 3. Eligibility and Participation 
 Executive officers of the
Company are eligible to receive Awards under the Plan. In addition, other senior officers of the Company may be designated by the Committee to receive Awards under the Plan. Any person who receives an Award under Section 4.1 shall be a
Participant in the Plan and shall continue to be a Participant until any amounts due under any Awards he may receive have been paid. 

 Section 4. Incentive Awards 

4.1 Grants of Awards. 
 Awards under the Plan may be granted
for a fiscal year in the form of: 
  

	 	•	 	 Cash (“Cash Incentives”), with payouts based on the Participant’s target Cash Incentive percentage, and on
qualitative and/or quantitative measures; 

  

	 	•	 	 Grants of stock awards (“Stock Awards”) under the Stock Plan; and 

 

	 	•	 	 Grants of performance stock awards under the Stock Plan (“Performance Stock Awards”), with payouts determined
under a pre-established formula based on the Participant’s target Performance Stock Award. 

 Target
Awards and actual Awards will be approved by the Compensation Committee or, for the Chief Executive Officer, the independent members of the Board. 
 4.2 Payment
of the Award. 
  

	(a)	 Unless otherwise determined by the Committee, payment of a Cash Incentive for performance during a Company fiscal year
will be made by the end of the fiscal quarter following the end of the fiscal year. Payment under a Stock Award will be made in accordance with the applicable award agreement. 

 

	(b)	 As permitted by the Committee, a Participant may, in accordance with section 409A of the Code, voluntarily defer receipt
of an Award in the form of cash under the terms of the Deferred Compensation Plan. 

  

	(c)	 The Company shall have the right to deduct from any Award payable in cash any applicable Federal, state and local income
and employment taxes and any other amounts that the Company is required to deduct. Deductions from an Award in the form of an equity compensation award shall be governed by the Company’s Stock Plan and the applicable grant documentation.

 Section 5. Administration 
  

	5.1	 General Administration. The Plan is to be administered by the Committee. Subject to the terms and conditions of
the Plan, the Committee is authorized and empowered in its sole discretion to select Participants and to make Awards in such amounts and upon such terms and conditions as it shall determine. 

 

	5.2	 Administrative Rules. The Committee shall have full power and authority to adopt, amend and rescind administrative
guidelines, rules and regulations pertaining to this Plan and to interpret the Plan and rule on any questions respecting any of its provisions, terms and conditions. 

	5.3	 Decisions Binding. All decisions of the Committee concerning this Plan shall be binding on the Company and its
subsidiaries and their respective boards of directors, and on all Participants and other persons claiming rights under the Plan. 

  

	5.4	 Recovery Policy. Amounts paid under the Plan shall be subject to recovery by the Company under its executive
compensation recovery policy as in effect from time to time. 

 Section 6. Amendment and Termination 

The Plan may be amended or terminated by the Committee at any time, provided that the amendment or termination of the Plan will not adversely affect the rights of a
Participant under an award granted under the Plan. 
 Section 7. Miscellaneous 
  

	7.1	 Duration of the Plan. The Plan shall remain in effect until all payments under outstanding Plan awards have been
made. 

  

	7.2	 Awards Not Assignable. No Award, or any right thereto, shall be assignable or transferable by a Participant except
by will or by the laws of descent and distribution. Any attempted assignment or alienation shall be void and of no force or effect. 

  

	7.3	 Participant Rights. The right of any Participant to receive any Award payments under the provisions of the Plan
shall be an unsecured claim against the general assets of the Company. The Plan shall not create, nor be construed in any manner as having created, any right by a Participant to any Award for any period because of a Participant’s participation
in the Plan for any prior period. 

  

	7.4	 Employment at Will. Neither this Plan nor any action or communication under this Plan: (1) gives any employee
any right with respect to employment or continuation of current employment with the Company or its subsidiaries or to employment that is not terminable at will, or (2) sets any employee’s employment with the Company or its subsidiaries for
any minimum or fixed period. Employment by the Company or a Company subsidiary may be terminated by either the employee or the employer at any time, for any reason or no reason, with or without cause, and with or without notice or any kind of pre- or post-termination warning, discipline or procedure. This Section 7.4 applies to employment in the United States. 

 

	7.5	 Successors. Any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the Company’s business or assets, shall assume the Company’s liabilities under this Plan and perform any duties and responsibilities in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. 

  

	7.6	 References. All statutory and regulatory references in this Plan include successor provisions.

  

	7.7	 Severability. If any provision of the Plan is held invalid or illegal for any reason, any illegality or invalidity
shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if the illegal or invalid provision had never been inserted. 

	7.8	 Applicable Law and Venue. The Plan shall be governed by the laws of the State of Washington. If the Company
or any Participant (or beneficiary) initiates litigation related to this Plan, the venue for such action will be in King County, Washington.

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