Document:

Exhibit 4.1

    

     

    

     

    

     

    

    
      

      

      CERTIFICATE OF DESIGNATION

      7.75% SERIES A CUMULATIVE CONVERTIBLE PREFERRED SHARES

        OF PYXIS TANKERS INC.

      The undersigned,  Henry P. Williams, does hereby certify:

      	1.	
              That he is the duly elected and acting Chief Financial Officer of Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”).

            

      	2.	
              That, pursuant to the authority conferred by the Company’s Articles of Incorporation, a duly authorized committee of the Company’s Board of Directors, at a special meeting held on October 7,
                2020, adopted the following resolution creating a series of preferred shares of the Company designated as “7.75% Series A Cumulative Convertible Preferred Shares.”

            

      RESOLVED, a series of Preferred Shares, par value $0.001 per share, of the Company be and hereby is created, and that the designation and number of shares of
        such series, and the voting and other powers, preferences and relative, participating, optional or special rights and qualifications, limitations and restrictions thereof, of the shares of such series, are as follows: 

      

      Section 1 Designation.

      The Board of Directors hereby designates and creates a series of preferred shares to be designated as “7.75% Series A Cumulative Convertible Preferred Shares”
        (the “Series A Preferred Shares”) and fixes the preferences, rights, powers and duties of the holders of the Series A Preferred Shares (the “Series A Preferred Holders”) as set forth in this Certificate of Designation. Each Series A
        Preferred Share shall be identical in all respects to every other Series A Preferred Share, except as to the respective dates from which dividends on the Series A Preferred Shares may begin accruing, to the extent such dates may differ.

      

      Section 2 Shares.

      The authorized number of Series A Preferred Shares shall be one million (1,000,000) shares, subject to increase by filing an amendment to this Certificate of
        Designation with respect to such additional shares. The Company may, without notice to or consent of the holders of the then outstanding Series A Preferred Shares, authorize and issue additional Series A Preferred Shares.

      Series A Preferred Shares that are repurchased, converted or otherwise acquired by the Company shall be cancelled and shall revert to the status of authorized
        but unissued preferred shares of the Company, undesignated as to series.

      Section 3 Definitions.

      “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
        intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
        policies of a Person, whether through ownership of voting securities, by contract or otherwise.

      “Articles of Incorporation” means the Articles of Incorporation of the Company, as they may be amended from
        time to time in a manner consistent with this Certificate of Designation, and shall include this Certificate of Designation.

      
        “Attribution Party” has the meaning set forth in Section 5(a).

      

      “BCA” means the Business Corporations Act of the Republic of the Marshall Islands.

      
        
          

      

      
      
        “Beneficial Ownership Limitation” has the meaning set forth in Section 5(a).

      

      “Board of Directors” means the board of directors of the Company or, to the extent permitted by the Articles of Incorporation and the BCA, any authorized committee
        thereof.

      “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
        law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental
        authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

      
        “Buy-In” has the meaning set forth in Section 5(d).

      

      “Bylaws” means the bylaws of the Company, as they may be amended from time to time.

      “Certificate of Designation” means this Certificate of Designation relating to the Series A Preferred Shares, as it may be amended from time to time in
        a manner consistent with this Certificate of Designation, the Articles of Incorporation, the Bylaws and the BCA.

      “Change of Control” means an event the result of which is that (i) Mr. Valentios Valentis and his Affiliates cease to own at least 20% of the voting
        securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S.
        exchange.

      
        “Change of Control Conversion Right” has the meaning set forth in Section 5(c).

        “Change of Control Conversion Right Conversion Date” has the meaning set forth in Section 5(c).

        “Change of Control Conversion Shares” has the meaning set forth in Section 5(c).

      

      “Change of Control Notice” has the meaning set forth in Section 9.

      “Change of Control Redemption Price” means

      	

            	(i)	
              After the Series A Issue Date and prior to and not including October 13, 2021: $26.63 per share;

            

      	

            	(ii)	
              On or after October 13, 2021 and prior to and not including October 13, 2022: $25.81 per share; and

            

      	

            	(iii)	
              On or after October 13, 2022: the Series A Liquidation Preference per share.

            

      
        “Commission” has the meaning set forth in Section 5(a).

      

      “Common Stock” means the common stock of the Company, par value $0.001 per share, and any other outstanding class of common stock of the Company.

      “Company” has the meaning set forth in the introductory paragraph of this Certificate of Designation.

      “Conversion Date” has the meaning set forth in Section 5(d).

      “Conversion Price” has the meaning set forth in Section 5(a).

      “Conversion Shares” has the meaning set forth in Section 5(d).

      “Current Market Price” per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the thirty (30) consecutive
        Trading Days immediately prior to but not including such date on the Nasdaq Capital Market (or such other exchange or automated quotation system on which the Company’s securities may be listed or quoted).

      “Dividend Nonpayment” has the meaning set forth in Section 7(b).

      “DWAC” has the meaning set forth in Section 5(a).

      “DWAC Delivery” has the meaning set forth in Section 5(a).

      
        “Exempt Issuance” means the issuance of (a) shares of Common Stock or equity awards to employees, officers or directors of the
          Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for
          services rendered to the Company; (b) securities upon the exercise or exchange of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and
          outstanding on the date first written above; and (c) shares of Common Stock issued in connection with any contracts, notes or securities outstanding on the date first written above, including but not limited to the Amended and Restated Promissory
          Note by and among the Company and Maritime Investors Corp. originally dated December 29, 2017, as amended.

      

      “Junior Securities” has the meaning set forth in Section 10(a).

      “Liquidation Event” means the occurrence of a liquidation, dissolution, winding up of the affairs of the Company, whether voluntary or involuntary.
        Neither the sale of all or substantially all of the property or business of the Company nor the consolidation or merger of the Company with or into any other Person, individually or in a series of transactions, shall be deemed a Liquidation Event.

      “Liquidation Preference” means, in connection with any distribution in connection with a Liquidation Event pursuant to Section 5(a) of this Certificate
        of Designation and with respect to any holder of any class or series of capital stock of the Company, the amount otherwise payable to such holder in such distribution with respect to such class or series of capital stock (assuming no limitation on
        the assets of the Company available for such distribution). For avoidance of doubt, for the foregoing purposes the Series A Liquidation Preference is the Liquidation Preference with respect to the Series A Preferred Shares.

      
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        “Market Trigger Conversion” has the meaning set forth in Section 5(b).

        

        

        “Market Trigger Conversion Date” has the meaning set forth in Section 5(b).

        

        

        “Market Trigger Conversion Notice” has the meaning set forth in Section 5(b).

        

        

        “Market Trigger Conversion Shares” has the meaning set forth in Section 5(b).

        

        

        “Notice of Optional Conversion” has the meaning set forth in Section 5(a).

        

        

        “Optional Conversion” has the meaning set forth in Section 5(a).

        

        

        “Optional Conversion Date” has the meaning set forth in Section 5(a).

        “Optional Conversion Shares” has the meaning set forth in Section 5(a).

        “Parity Securities” has the meaning set forth in Section 10(b).

      

      “Paying Agent” means VStock Transfer, LLC, acting in its capacity as paying agent for the Series A Preferred Shares, and its successors and assigns or
        any other payment agent appointed by the Company.

      “Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust, unincorporated organization,
        association, governmental agency or political subdivision thereof or other entity.

      “Preferred Shares” means securities of the Company, designated as “Preferred Shares,” including the Series A Preferred Shares, which entitles the holder
        thereof to a preference with respect to dividends, or as to the distribution of assets upon any Liquidation Event, over common stock.

      “Record Holder” means the Person in whose name Series A Preferred Shares are registered on the books of the Transfer Agent as of, unless otherwise set
        forth in this Certificate of Designation, the opening of business on a particular Business Day.

      “Registrar” means the Registrar of Corporations as defined in Section 5 of the BCA.

      “Senior Securities” has the meaning set forth in Section 10(c).

      “Series A Dividends” means dividends with respect to the Series A Preferred Shares pursuant to Section 4 of this Certificate of Designation.

      “Series A Dividend Payment Date” means the 20th day of each calendar month,
        starting on November 20, 2020.

        

      

      “Series A Dividend Period” means a period of time from and including the preceding Series A Dividend Payment Date (other than the initial Series A Dividend Period, which shall commence on and
        include the Series A Issue Date), to but excluding the next Series A Dividend Payment Date for such Series A Dividend Period.

      “Series A Dividend Rate” means a rate equal to 7.75% per annum of the Series A Liquidation Preference per Series A Preferred Share.

      “Series A Dividend Record Date” has the meaning set forth in Section 4(b).

      “Series A Preferred Holder” means a Record Holder of the Series A Preferred Shares.

      “Series A Liquidation Preference” means a liquidation preference for each Series A Preferred Share initially equal to $25.00 per share.

      “Series A Issue Date” means the original date of issuance of Series A Preferred Shares, or October 13, 2020.

      “Series A Preferred Shares” means Preferred Shares having the designations, preferences, rights, powers and duties set forth in this Certificate of Designation.

      “Series A Redemption Date” has the meaning set forth in Section 8.

      “Series A Redemption Notice” has the meaning set forth in Section 8(b).

      “Series A Redemption Price” has the meaning set forth in Section 8(a).

      
        “Share Delivery Date” has the meaning set forth in Section 5(d).

        

        

        “Standard Settlement Period” has the meaning set forth in Section 5(d).

        

        

        “Trading Day” has the meaning set forth in Section 5(a).

        

        

        “Trading Price” has the meaning set forth in Section 5(b).

      

      “Transfer Agent” means VStock Transfer, LLC, acting it is capacity as registrar and transfer agent for the Series A Preferred Shares, and its successors
        and assigns or any other bank, trust company or other Person as shall be appointed from time to time by the Company to act as registrar and transfer agent for the Series A Preferred Shares.

      
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      Section 4 Dividends.

      (a) Dividends on each Series A Preferred Share (the “Series A Dividends”) shall be cumulative and shall accrue at the Series A Dividend Rate from and
        including the Series A Issue Date (or, for any subsequently issued and newly outstanding Series A Preferred Shares, from the Series A Dividend Payment Date immediately preceding the issuance date of such Series A Preferred Shares) until such time
        as the Company pays the Series A Dividend or redeems the Series A Preferred Shares in full in accordance with Section 8 below, whether or not such Series A Dividends shall have been declared and whether or not there are profits, surplus, or other
        funds legally available for the payment of dividends. Series A Preferred Holders shall be entitled to receive Series A Dividends from time to time out of any assets of the Company legally available for the payment of dividends at the Series A
        Dividend Rate per Series A Preferred Share, when, as, and if declared by the Board of Directors. Dividends, to the extent declared by the Company to be paid by the Company in accordance with this Section 4, shall be paid monthly on each Series A
        Dividend Payment Date. Dividends shall accumulate in each Series A Dividend Period from and including the preceding Series A Dividend Payment Date (other than the initial Series A Dividend Period, which shall commence on and include the Series A
        Issue Date), to but excluding the next Series A Dividend Payment Date for such Series A Dividend Period. If any Series A Dividend Payment Date otherwise would fall on a day that is not a Business Day, declared Series A Dividends may be paid on the
        next succeeding Business Day with the same force and effect as if paid on such Series A Dividend Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so payable from such Series A Dividend Payment Date to
        such next succeeding Business Day. Series A Dividends on the Series A Preferred Shares shall be payable based on a 360-day year consisting of twelve 30-day months.

       

      (b) Not later than 5:00 p.m., New York City time, on each Series A Dividend Payment Date, the Company shall pay those Series A Dividends, if any, that shall have been declared
        by the Board of Directors to the Paying Agent or, if there is no Paying Agent at the relevant time, to the Series A Preferred Holders as such Series A Preferred Holders’ names appear on the Company’s share transfer books maintained by the Registrar
        and the Transfer Agent on the record date. The applicable record date for any Series A Dividend payment shall be the fifth Business Day immediately preceding the applicable Series A Dividend Payment Date, or such other date as may be designated by
        the Board of Directors or an officer of the Company authorized by the Board of Directors that is not more than 60 days prior to such Series A Dividend Payment Date (the “Series A Dividend Record Date”).

      No dividend shall be declared or paid or set apart for payment on any Junior Securities (other than a dividend payable solely in Junior Securities) unless full
        cumulative Series A Dividends have been or contemporaneously are being paid or declared and set aside for payment on all outstanding Series A Preferred Shares and any Parity Securities through the most recent respective Series A Dividend Payment
        Dates.

      Accumulated Series A Dividends in arrears for any past Series A Dividend Period may be declared by the Board of Directors and paid on any date fixed by the
        Board of Directors, whether or not a Series A Dividend Payment Date, to Series A Preferred Holders on the record date for such payment, which may not be more than 60 days before such payment date. Subject to the next succeeding sentence, if all
        accumulated Series A Dividends in arrears on all outstanding Series A Preferred Shares and any Parity Securities shall not have been declared and paid, or if sufficient funds for the payment thereof shall not have been declared and set apart,
        payment of accumulated dividends in arrears on the Series A Preferred Shares and any such Parity Securities shall be made in order of their respective dividend payment dates, commencing with the oldest. If less than all dividends payable with
        respect to all Series A Preferred Shares and any Parity Securities are paid, any partial payment shall be made pro rata with respect to the Series A Preferred Shares and any Parity Securities entitled to a dividend payment at such time in
        proportion to the aggregate dividend amounts remaining due in respect of such shares at such time. Series A Preferred Holders shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of full cumulative Series A
        Dividends. No interest or sum of money in lieu of interest shall be payable in respect of any dividend payment which may be in arrears on the Series A Preferred Shares. Declared Series A Dividends shall be paid to the Paying Agent in same-day funds
        on each Series A Dividend Payment Date. The Paying Agent shall be responsible for holding or disbursing such payments to Series A Preferred Holders in accordance with the instructions of such Series A Preferred Holders. In certain circumstances,
        dividends may be paid by check mailed to the registered address of the Series A Preferred Holder, unless, in any particular case, the Company elects to pay by wire transfer.

      
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        Section 5 Conversion.

        (a) Conversion at Option of Holder.

        (i)  Each Series A Preferred Share, together with accrued but unpaid Dividends, shall be convertible, at any time and from time to time
            from and after the issuance date, at the option of the Holder thereof into shares of Common Stock determined by dividing the Series A Liquidation Preference plus all accrued and unpaid Dividends by the Conversion Price then in effect.
          The initial conversion price (the “Conversion Price”) shall be $1.40 which initially equals 17.86 shares of Common Stock for each Series A Preferred Share.  The Conversion Price
            shall be subject to adjustment as set forth in Sections 5(a)(ii)-(iv) hereof. Holders shall effect conversions (the “Optional Conversion”) by providing the Company with the form of conversion notice attached hereto as Annex A (a
            “Notice of Optional Conversion”) duly completed and executed. Other than a conversion following a Change of Control Notice, the Notice of Optional Conversion must specify the number of Series A Preferred Shares then held by the Holder
            and the number of such shares which the Holder is converting (the “Optional Conversion Shares”). Provided the Transfer Agent is participating in the DTC Fast Automated Securities Transfer program, the Notice of Optional Conversion may
            specify, at the Holder’s election, whether the applicable Conversion Shares shall be credited to the account of the Holder’s prime broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system (a “DWAC Delivery”).

            The “Optional Conversion Date”, or the date on which an conversion shall be deemed effective, shall be defined as the Trading Day that the Notice of Optional Conversion, completed and executed, is sent by facsimile or other electronic
            transmission to, and received during regular business hours by, the Company; provided that the original certificate(s) (if applicable) representing such Series A Preferred Shares being converted, duly
            endorsed, and the accompanying Notice of Optional Conversion, are received by the Company within two (2) Trading Days thereafter. In all other cases, the Optional Conversion Date shall be defined as the Trading Day on which the original share
            certificate(s) (if applicable) of Series A Preferred Shares being converted, duly endorsed, and the accompanying Notice of Optional Conversion, are received by the Company. The calculations set forth in the Notice of Optional Conversion shall
            control in the absence of manifest or mathematical error. “Trading Day” shall mean any Business Day on which the Common Stock is traded, or able to be traded, on the “Trading Market” which means the Nasdaq Capital Market or any successor exchange to the foregoing, or any market on which the Common Stock is listed or admitted to trading (including any over-the-counter market).

        (ii)  If

            the Company, at any time while the Series A Preferred Shares are outstanding: (A) pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock (which, for avoidance of doubt, shall not include any
            shares of Common Stock issued by the Company upon conversion of the Series A Preferred Shares) with respect to the then outstanding shares of Common Stock; (B) subdivides outstanding shares of Common Stock into a larger number of shares; or (C)
            combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares, then, in each case, the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of
            shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event (excluding any
            treasury shares of the Company). Any adjustment made pursuant to this Section 5(a)(ii) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall
            become effective immediately after the effective date in the case of a subdivision or combination. All calculations under this Section 5(a)(ii) shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
            purposes of this Section 5(a)(ii), the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued and
            outstanding. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5(a)(ii), the Company shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a
            brief statement of the facts requiring such adjustment, provided, however, that the Company may satisfy this notice requirement by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to the extent that the
          Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, by posting such notice on the Company’s website.

        
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        (iii)  If the Company, at any time while the Series A Preferred
            Shares are outstanding, fixes a record date for the issuance of rights or warrants to all holders of Common Stock entitling them to subscribe for or purchase (for a period expiring within forty-five (45) calendar days after such record date)
            Common Stock at a price per share of Common Stock less than the Current Market Price per share of Common Stock on such record date, the Conversion Price to be in effect after such record date shall be adjusted to match such price. Such
            adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights or warrants are not so issued, the Conversion Price shall be adjusted to be the Conversion Price which would then be in effect if such
            record date had not been fixed.

        (iv)  If the Company, at any time while the Series A Preferred Shares
            are outstanding, fixes a record date for a distribution to all holders of Common Stock of any shares of stock (excluding common stock), evidence of indebtedness or assets (including securities, but excluding those dividends, rights, warrants
            and distributions referred to in Sections 5(a)(ii) and (iii) above and excluding dividends and distributions paid in cash), each Holder shall be entitled to participate in such distribution to the same extent that the Holder would have
            participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of its Series A Preferred Shares immediately before the date on which a record is taken for such distribution.

        (v)  If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company
            shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase any shares of capital
            stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or
            transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
            dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of this
            Series A Preferred Share, and, except if such notice and the contents thereof shall be deemed to constitute material non-public information, shall cause to be delivered to each Holder at its last
            address as it shall appear upon the stock books of the Company, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
            purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or
            warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common
            Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such
            notice.

        
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        (vi)  Notwithstanding anything herein to the contrary, the Company shall not effect any Optional Conversion of the Series A Preferred
            Shares, and a Holder shall not have the right to convert any portion of the Series A Preferred Shares, to the extent that, after giving effect to an attempted conversion set forth on an applicable Notice of Optional Conversion, such Holder
            (together with such Holder’s affiliates (as that term is defined in Rule 405 of the Securities Act of 1933, as amended), and any other Person whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of
            Section 13(d) or Section 16 of the Exchange Act and the applicable regulations of the U.S. Securities and Exchange Commission (the “Commission”), including any “group” of which the Holder is a
            member (the foregoing, “Attribution Parties”)) would beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the aggregate number of
            shares of Common Stock beneficially owned by such Holder and its Attribution Parties shall include the number of shares of Common Stock held by such Holder and its Attribution Parties plus the number of shares of Common Stock issuable upon
            Optional Conversion subject to the Notice of Optional Conversion with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (A) conversion of the remaining unconverted
            Series A Preferred Shares beneficially owned by such Holder or any of its Attribution Parties, and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including any warrants) beneficially
            owned by such Holder or any of its Attribution Parties that, in the case of both (A) and (B), are subject to a limitation on conversion or exercise similar to the limitation contained herein. For purposes of this Section 5(a)(vi), beneficial
            ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the applicable regulations of the Commission. In addition, for purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and
            the applicable regulations of the Commission. For purposes of this Section 5(a)(vi) in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated in the most
            recent of the following: (A) the Company’s most recent periodic or annual filing with the Commission, as the case may be, (B) a more recent public announcement by the Company that is filed with the Commission, or (C) a more recent notice by the
            Company or the  Transfer Agent to the Holder setting forth the number of shares of Common Stock then outstanding. Upon the written request of a Holder (which may be by email), the Company shall, within two (2) Trading Days thereof, confirm in
            writing to such Holder (which may be via email) the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to any actual conversion or exercise of
            securities of the Company, including Series A Preferred Shares, by such Holder or its Attribution Parties since the date as of which such number of outstanding shares of Common Stock was last publicly reported or confirmed to the Holder. The “Beneficial

              Ownership Limitation” shall initially be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock pursuant to such Notice of Optional Conversion (to the extent
            permitted pursuant to this Section 5(a)(vi)), or 4.99% upon election by the Holder at the time of the purchase of the Series A Preferred Shares. Notwithstanding the foregoing, by written notice to the Company, which will not be effective until
            the sixty-first (61st) day after such notice is delivered to the Company, the Holder may reset the Beneficial Ownership Limitation percentage to a higher or lower
            percentage, or if such notice is given upon initial issuance of the Series A Preferred Shares to the Holder, then the reset Beneficial Ownership Limitation shall be effective immediately. Upon such a change by a Holder of the Beneficial
            Ownership Limitation, the Beneficial Ownership Limitation may not be further amended by such Holder without first providing the minimum 60 day notice required by this Section 5(a)(vi). The Company shall be entitled to rely on representations
            made to it by the Holder in any Notice of Optional Conversion regarding its Beneficial Ownership Limitation, and the determination as to whether the Series A Preferred Share is convertible and of which portion of the Series A Preferred Share is
            convertible shall be made in the sole discretion of the Holder and the Company shall have no obligation to verify or confirm the accuracy of such determination.

        
          (vii) Notwithstanding the foregoing, an Exempt Issuance shall not result in an adjustment of the Conversion Price.

           

        
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        (b)  Market Trigger Conversion.

        (i)  The Company may. at its option, cause the Series A Preferred Shares, together with accrued but unpaid dividends, to be converted
            (the “Market Trigger Conversion”), in whole or in part, on a pro rata basis, into fully paid and nonassessable shares of Common Stock at the Conversion Price if the Trading Price of the Common Stock shall have equaled or exceeded 170% of
            the Conversion Price for at least twenty (20) Trading Days in any thirty (30) consecutive Trading Day period ending five (5) Trading Days prior to the date of Market Trigger Conversion Date (has defined hereafter). “Trading Price” of the Common Stock shall mean on any Trading Day (excluding
            any after-hours trading as of such date): (A) the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and ask prices, regular way, in either case as reported by the principal
            consolidated transaction reporting system with respect to the Common Stock listed or admitted to trading or quoted on the Nasdaq Capital Market, or if the Common Stock is not listed or admitted to trading or quoted on the Nasdaq Capital Market,
            as reported in the principal consolidated transaction reporting system with respect to the Common Stock listed on the principal national securities exchange or national securities market on or in which the Common Stock is listed or admitted to
            trading; (B) if the Common Stock is not listed on, admitted to trading or quoted on the Nasdaq Capital Market or a national securities exchange or national securities market on that date, the last price quoted by OTC Market Group Inc. for the
            Common Stock on the date, or if OTC Market Group Inc. is not quoting such price, a similar quotation service selected by the Company; (C) if the Common Stock is not so quoted, the average mid-point of the last bid and ask prices for the Common
            Stock on that date from at least two (2) dealers recognized as market-makers for the Common Stock selected by the Company for this purpose; or (D) if the Common Stock is not so quoted, the average of the last bid and ask prices for the Common
            Stock on that date from a dealer engaged in the trading of the Common Stock selected by the Company for such purpose.

        (ii)  No greater than sixty (60) nor fewer than twenty (20) days prior to the date of any such Market Trigger Conversion, notice (the “Market

              Trigger Conversion Notice”) shall be given to the Holders of record of the Series A Preferred Shares to be converted, by first class mail, postage prepaid and addressed to
            such Holders at their last addresses as shown on the Company’s stock transfer books. The Market Trigger Conversion Notice shall specify the date fixed for conversion (the “Market Trigger Conversion
              Date”), the place or places for surrender of Series A Preferred Shares if such shares are held in certificated form, and the then effective Conversion Price.

        (iii)  Any outstanding Series A Preferred Shares subject to the Market Trigger Conversion Notice, together with accrued but unpaid
            dividends, will automatically convert into shares of Common Stock on the Market Trigger Conversion Date. The Holders entitled to receive the shares of Common Stock issuable upon the Market Trigger (the “Market Trigger Conversion Shares”)
            will be treated as the record holder(s) of such shares as of 5:00 p.m. New York City time, on the Market Trigger Conversion Date. Prior to 5:00 p.m. New York City time, on the Market Trigger Conversion Date, the Market Trigger Conversion Shares
            will not be outstanding for any purpose and Holders will have no rights with respect to such Market Trigger Conversion Shares, including voting rights, rights to respond to tender offers and rights to receive any dividends or other
            distributions on the Common Stock, by virtue of holding the Series A Preferred Shares.

        (c)  Change of Control Conversion Right. Upon the Holder’s receipt of a Change of Control
            Notice until the Trading Day ending three (3) Trading Days prior to the Change of Control Redemption Date (the “Change of Control Conversion Right Conversion Date”), the Holder of Series A Preferred Shares will have the right to convert
            some or all of the Series A Preferred Shares held by such Holder, together with accrued but unpaid dividends on those shares (the “Change of Control Conversion Right”) into
            of shares of Common Stock at the Conversion Price (the “Change of Control Conversion Shares”). In the event of a Change of Control, any Series A Preferred Shares not converted pursuant to the Change of Control Conversion Right prior to the Change of Control Redemption Date will be
            subject to the Change of Control Redemption set forth in Section 9 hereof.

        
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        (d)  Additional Conversion Matters.

        (i)  Delivery of Certificate or Electronic Issuance Upon Conversion. Not later than the
            earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (the “Share Delivery Date”) after either the Optional Conversion Date, the Market Trigger Conversion Date or the Change of Control Conversion Right Conversion Date (collectively, the “Conversion Date”), the Company shall (A) deliver, or cause to be delivered, to the converting Holder a physical certificate or certificates representing the number of either Optional Conversion Shares or
            Market Trigger Conversion Shares or the Change of Control Conversion Shares (collectively, the “Conversion Shares”) being acquired upon the conversion of Series A Preferred Shares or (B) in the case of a DWAC Delivery, electronically
            transfer such Conversion Shares by crediting the account of the Holder’s prime broker with DTC through its DWAC system. As used herein, “Standard Settlement Period” means
            the standard settlement period, expressed in a number of Trading Days, on the Trading Market. If in the case of any Notice of Optional Conversion such certificate or certificates are not delivered to or as directed by or, in the case of a DWAC Delivery, such shares are not electronically delivered to or as directed by, the applicable Holder by the Share Delivery Date, the applicable Holder shall be entitled to elect to rescind such
            Notice of Optional Conversion by written notice to the Company at any time on or before its receipt of such certificate or certificates for Optional Conversion Shares or electronic receipt of such shares, as applicable, in which event the
            Company shall promptly return to such Holder any original Series A Preferred Share certificate delivered to the Company and the Holder shall promptly return to the Company any Common Stock certificates or otherwise direct the return of any
            shares of Common Stock delivered to the Holder through the DWAC system, representing the Series A Preferred Shares unsuccessfully tendered for conversion to the Company. No ink-original Notice of Optional Conversion shall be required, nor shall
            any medallion guarantee (or other type of guarantee or notarization) of any Notice of Optional Conversion form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender an original
            certificate(s) representing such Series A Preferred Shares being converted to the Company until the Holder has converted all of the Conversion Shares available thereunder and the Series A Preferred Shares being converted in full, in which case,
            the Holder shall surrender such original certificate(s) representing such Series A Preferred Shares being converted for cancellation within three (3) Trading Days of the date the final Notice of Optional Conversion is delivered to the Company.
            Partial conversion of a certificate representing Series A Preferred Shares shall have the effect of lowering the outstanding number of Conversion Shares convertible thereunder in an amount equal to the applicable number of Conversion Shares
            issued upon conversion, and lowering the amount of Series A Preferred Shares represented by the certificate Holder by the amount of Series A Preferred Shares converted.

        (ii)  Obligation Absolute. Subject to Holder’s right to rescind a Notice of Optional
            Conversion pursuant to Section 5(d)(i) hereof, the Company’s obligation to issue and deliver the Conversion Shares upon conversion of Series A Preferred Shares in accordance with the terms hereof are absolute and unconditional, irrespective of
            any action or inaction by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment,
            limitation or termination, or any breach or alleged breach by such Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by such Holder or any other Person, and irrespective of any other
            circumstance which might otherwise limit such obligation of the Company to such Holder in connection with the issuance of such Conversion Shares.

        
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        (iii)  Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. If
            the Company fails to deliver to a Holder the applicable certificate or certificates or to effect a DWAC Delivery, as applicable, by the Share Delivery Date pursuant to Section 5(d)(i) (other than a failure caused by incorrect or incomplete
            information provided by Holder to the Company), and if after such Share Delivery Date such Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases,
            shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Conversion Shares which such Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a “Buy-In”) then the Company shall
            (A) pay in cash to such Holder (in addition to any other remedies available to or elected by such Holder) the amount by which (x)  the Holder’s total purchase price (including brokerage commissions, if
            any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of shares of Common Stock that the Company was required to deliver to the Holder in connection with the conversion at issue, times
            (2) the price at which the sell order giving rise to such purchase obligation was executed; provided, however, that such Holder provides reasonable evidence of
            the date and time of such sell order and such sell order occurred after the date on which the Company was obligated to deliver such shares of Common Stock and prior to the delivery of the shares of Common Stock related to such conversion, and
            (B) at the option of the holder, either reissue (if surrendered) the Series A Preferred Shares equal to the number of Series A Preferred Shares submitted for conversion or deliver to the Holder the number of shares of Common Stock that would
            have been issued if the Company had timely complied with its delivery requirements under Section 5(d)(i). For example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an
            attempted conversion of Series A Preferred Shares with respect to which the actual sale price (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding
            sentence, the Company shall be required to pay such Holder $1,000. The Holder shall provide the Company written notice, within three (3) Trading Days after the occurrence of a Buy-In, indicating the amounts payable to such Holder in respect of
            such Buy-In together with applicable confirmations and other evidence reasonably requested by the Company. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
            without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the Series A Preferred Shares as required
            pursuant to the terms hereof; provided, however, that the Holder shall not be entitled to both (i) require the reissuance of the Series A Preferred Shares submitted for conversion for which such
            conversion was not timely honored and (ii) receive the number of shares of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 5(d)(i).

        (iv)  Reservation of Shares Issuable Upon Conversion.  The Company covenants that it
          will at all times reserve and keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Series A Preferred Shares, free from preemptive rights or any other actual contingent
          purchase rights of Persons other than the Holders of the Series A Preferred Shares, not less than such aggregate number of shares of the Common Stock as shall be issuable upon the conversion of all outstanding shares of Series A Preferred Shares
          and that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid, nonassessable and free and clear of all liens and other
            encumbrances.

        (v)  Fractional Shares. No fractional shares or scrip representing fractional shares of
            Common Stock shall be issued upon the conversion of the Series A Preferred Shares. As to any fraction of a share which a Holder would otherwise be entitled to receive upon such conversion, the Company shall pay a cash adjustment in respect of
            such final fraction in an amount equal to such fraction multiplied by the Conversion Price.

        (vi)  Transfer Taxes. The issuance of certificates for shares of the Common Stock upon
            conversion of the Series A Preferred Shares shall be made without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such
            certificates, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the
            registered Holder(s) of such Series A Preferred Shares and the Company shall not be required to issue or deliver such certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount
            of such tax or shall have established to the satisfaction of the Company that such tax has been paid.

        (v)  Status as Shareholder. Upon each Conversion Date, (A) the Series A Preferred Shares
            being converted shall be deemed converted into shares of Common Stock and (B) the Holder’s rights as a holder of such converted Series A Preferred Shares shall cease and terminate, excepting only the right to receive certificates for such
            shares of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure by the Company to comply with the terms of this Certificate of Designation. In all cases, the Holder shall
            retain all of its rights and remedies for the Company’s failure to convert Series A Preferred Shares.

        (vi)  Dividends. If the Holder converts any Series A Preferred Shares and if the Conversion
            Date occurs after a Dividend Record Date and on or prior to the related Dividend Payment Date, the dividend payable on such Dividend Payment Date with respect to such shares so converted shall be payable on such Dividend Payment Date to the
            Holders of record at the close of business on such Dividend Record Date, and shall not be converted into shares of Common Stock as part of the Conversion Price for such shares.

        
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      Section 6 Liquidation Rights.

      (a) Upon the occurrence of any Liquidation Event, Series A Preferred Holders shall be entitled to receive out of the assets of the Company or proceeds thereof
        legally available for distribution to stockholders of the Company, (i) after satisfaction of all liabilities, if any, to creditors of the Company, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the
        holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding
        in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Stock and any other classes or series of Junior Securities as to such distribution, a liquidating
        distribution or payment in full redemption of such Series A Preferred Shares in an amount equal to the Series A Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends have been
        declared).

      For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the
        applicable Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared), on such Senior Securities before any distribution shall be made to the Series A Preferred
        Holders or any Parity Securities and (y) the Series A Preferred Holders shall be entitled to the Series A Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been
        declared), per Series A Preferred Share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Stock or any other Junior Securities. Series A Preferred
        Holders shall not be entitled to any other amounts from the Company, in their capacity as Series A Preferred Holders, after they have received the Series A Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon
        (whether or not such dividends shall have been declared). The payment of the Series A Liquidation Preference shall be a payment in redemption of the Series A Preferred Shares such that, from and after payment of the full Series A Liquidation
        Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared), any such Series A Preferred Share shall thereafter be cancelled and no longer be outstanding.

      

      

      (b) In the event of any distribution or payment described in Section 6(a) above where the Company’s assets available for distribution to holders of the outstanding Series A
        Preferred Shares and any Parity Securities are insufficient to satisfy the applicable Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared), for such Series
        A Preferred Shares and Parity Securities, the Company’s then remaining assets or proceeds thereof legally available for distribution to shareholders of the Company shall be distributed among the holders of outstanding Series A Preferred Shares and
        such Parity Securities, as applicable, ratably on the basis of their relative aggregate Liquidation Preferences, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared).

      (c) After payment of the applicable Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends
        shall have been declared) to the holders of the outstanding Series A Preferred Shares and any Parity Securities, the Company’s remaining assets and funds shall be distributed among the holders of the Common Stock and any other Junior Securities
        then outstanding according to their respective rights and preferences.

      

      
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        Section 7 Voting Rights.

        (a) Notwithstanding anything to the contrary in this Certificate of Designation, the Series A Preferred Shares shall have no voting rights except as set
          forth in this Section 7 or as otherwise provided by the BCA.

      

      (b) In the event that eighteen (18) monthly Series A Dividends are in arrears, whether or not consecutive (and whether or not such dividends shall have been
        declared and whether or not there are profits, surplus, or other funds legally available for the payment of dividends) (a “Dividend Nonpayment”), then the authorized number of directors on the Board of Directors shall, at the next annual
        meeting of shareholders or at a special meeting of shareholders as provided below, automatically be increased by one (1) and the Series A Preferred Holders, voting together as a single class, shall be entitled, at the Company’s next annual meeting
        of shareholders or at a special meeting of shareholders as provided below, to vote for the election of one (1) additional member of the Board of Directors (the “Preferred Share Director”); provided
        that (i) any Preferred Share Director shall be reasonably acceptable to the Board of Directors and the Nominating and Corporate Governance Committee thereof, acting in good faith, (ii) the election of any such Preferred Share Director will not
        cause the Company to violate the corporate governance requirements of the Nasdaq Capital Market, including the rules and regulations applicable to “foreign private issuers” (or such other exchange or automated quotation system on which the
        Company’s securities may be listed or quoted), and (iii) the Preferred Share Director shall not be a person that is subject to any “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act of 1933, as amended,
        except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3).

      In the event of a Dividend Nonpayment, the holders of at least 50% of the outstanding Series A Preferred Shares may request that the Board of Directors call a
        special meeting of shareholders to elect such Preferred Share Director; provided, however, that, to the extent permitted by the Company’s Bylaws in effect from time
        to time, if the next annual or special meeting of shareholders is scheduled to be held within ninety (90) days after the receipt of such request, the election of such Preferred Share Director shall be included in the agenda for, and shall be held
        at, such scheduled annual or special meeting of shareholders. The Preferred Share Director shall stand for reelection annually, at each subsequent annual meeting of shareholders, so long as the Series A Preferred Holders continue to have such
        voting rights. At any meeting at which the holders of Series A Preferred Shares are entitled to elect a Preferred Share Director, the holders of record of at least one-third of the then outstanding Series A Preferred Shares, present in person or
        represented by proxy, shall constitute a quorum and the vote of the holders of record of a majority of such Series A Preferred Shares so present or represented by proxy shall be sufficient to elect the Preferred Share Director.

      If and when all dividends accumulated and in arrears on the Series A Preferred Shares have been paid in full or sufficient funds for such payment have been
        declared and set apart for such purpose (a “Nonpayment Remedy”), the holders of Series A Preferred Shares shall immediately, and without any further action by the Company, be divested of the voting rights described in this Section 7(b),
        subject to the revesting of such right as set forth in this Section 7 in the event of a subsequent Dividend Nonpayment and, with respect to funds set apart for payment, upon failure to pay the dividend on the Series A Dividend Payment Date. Upon
        any termination of the right of the holders of Series A Preferred Shares to vote as a class for a Preferred Share Director, the term of office of the Preferred Share Director then in office elected by such Series A Preferred Holders voting as a
        class shall terminate at the next annual meeting of shareholders following the date of the Nonpayment Remedy or his or her earlier death, resignation or removal and the authorized number of directors on the Board of Directors shall automatically
        decrease by one.

      The Preferred Share Director may be removed at any time, with or without cause, by the holders of a majority of the then outstanding Series A Preferred Shares
        when they have the voting rights described in this Section 7(b). In the event that a Dividend Nonpayment shall have occurred and there shall not have been a Nonpayment Remedy, any vacancy in the office of a Preferred Share Director (other than
        prior to the initial election of the Preferred Share Director after a Dividend Nonpayment) may be filled by a vote of the holders of a majority of the then outstanding Series A Preferred Shares when they have the voting rights described above; provided that (i) any Preferred Share Director shall be reasonably acceptable to the Board of Directors and the Nominating and Corporate Governance Committee thereof, acting in good faith, (ii) that the election
        of any such Preferred Share Director to fill such vacancy will not cause the Company to violate the corporate governance requirements of the Nasdaq Capital Market, including the rules and regulations applicable to “foreign private issuers” (or any
        other exchange or automated quotation system on which the Company’s securities may be listed or quoted), and (iii) the Preferred Share Director shall not be a person that is subject to any “Bad Actor” disqualifications described in Rule
        506(d)(1)(i) to (viii) under the Securities Act of 1933, as amended, except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3). The Preferred Share Director shall each be entitled to one vote on any matter that may come before the Board
        of Directors for a vote.

      
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      (c) Unless the Company shall have received the affirmative vote or consent of the holders of a majority of the outstanding Series A Preferred Shares, voting as a single class, the Company shall not (A) adopt any
        amendment to the Articles of Incorporation or this Certificate of Designation that materially and adversely alters the preferences, powers or rights of the Series A Preferred Shares; (B) declare or pay any dividends on or repurchase any Junior
        Securities during any time that all declared dividends on the Series A Preferred Shares have not been paid in full; or (C) engage in a merger, consolidation or share exchange that materially and adversely affects the rights, preferences or voting
        power of the Series A Preferred Shares, unless such Series A Preferred Shares are converted into or exchanged for (x) cash equal to or greater than the applicable redemption price per share, or (y) preferred shares of the surviving entity having
        rights, preferences or privileges that are materially the same as those of the Series A Preferred Shares. For the avoidance of doubt, so long as such action does not materially and adversely affect the preferences, powers or rights of the Series A
        Preferred Shares, the Company may amend, alter or repeal any terms of this Certificate of Designation. 

      In addition, unless the Company shall have received the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series A Preferred
        Shares, voting as a separate class, the Company shall not create or issue any Senior Securities.

      (d) On any matter described in this Section 7 on which the Series A Preferred Holders are entitled to vote as a class, such Series A Preferred Holders shall be
        entitled to one vote per Series A Preferred Share and the holders of record of at least one-third of the then outstanding Series A Preferred Shares, present in person or represented by proxy, shall constitute a quorum for purposes of the matters on
        which such holders are entitled to vote separately as a class. Any Series A Preferred Shares held by the Company or any of its subsidiaries shall not be entitled to vote.

      (e) No vote or consent of Series A Preferred Holders shall be required for (i) the creation or incurrence of any indebtedness, (ii) the authorization or
        issuance of any Common Stock or other Junior Securities, or (iii) except as expressly provided in paragraph (c) above, the authorization or issuance of any Preferred Shares of the Company.

      

      

      Section 8 Optional Redemption.

      The Company shall have the right at any time, and from time to time, on or after October 13, 2023, to redeem, at its option, in whole or in part, the Series A
        Preferred Shares. Any such optional redemption shall be effected only out of funds legally available for such purpose. The Company may undertake multiple partial redemptions. Subject to limitations contained in the first sentence of this paragraph
        and the next sentence in this paragraph, any redemption of the Series A Preferred Shares shall occur on a date set by the Company (the “Series A Redemption Date”).

      (a) The Company shall effect any such redemption by paying cash for each Series A Preferred Share to be redeemed equal to the Series A Liquidation Preference,
        plus the amount of any accumulated and unpaid dividends thereon to but not including the date of redemption (whether or not such dividends shall have been declared), for such Series A Preferred Shares on such Series A Redemption Date (the “Series

          A Redemption Price”). The Series A Redemption Price shall be paid by the Paying Agent to the Series A Preferred Holders on the Series A Redemption Date.

      (b) The Company shall give notice of any redemption not more than 60 days before the scheduled Series A Redemption Date, to the Series A Preferred Holders of
        any Series A Preferred Shares to be redeemed as such Series A Preferred Holders’ names appear on the Company’s share transfer books maintained by the Registrar and Transfer Agent at the address of such Series A Preferred Holders shown therein. Such
        notice (the “Series A Redemption Notice”) shall state: (1) the Series A Redemption Date, (2) the number of Series A Preferred Shares to be redeemed and, if less than all outstanding shares of Series A Preferred Shares are to be redeemed, the
        number (and the identification) of shares to be redeemed from such Series A Preferred Holder, (3) the Series A Redemption Price, (4) the place where the Series A Preferred Shares are to be redeemed and shall be presented and surrendered for payment
        of the Series A Redemption Price therefor and (5) that dividends on the Series A Preferred Shares to be redeemed shall cease to accumulate from and after such Series A Redemption Date.

      
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      (c) If the Company elects to redeem less than all of the outstanding shares of Series A Preferred Shares, the number of Series A Preferred Shares to be redeemed shall be determined by the Company, and such Series A Preferred Shares shall be redeemed
      by such method of selection as the Paying Agent shall determine, either pro rata or by lot, with adjustments to avoid redemption of fractional shares. The Series A Redemption Price will be paid by the Paying Agent to Series A Preferred Holders on the
      Series A Redemption Date. The aggregate Series A Redemption Price for any such partial redemption of the outstanding Series A Preferred Shares shall be allocated correspondingly among the redeemed shares of Series A Preferred Shares. The Series A
      Preferred Shares not redeemed shall remain outstanding and entitled to all the rights and preferences provided in this Certificate of Designation (including the Company’s right, if it elects so, to redeem all or part of the Series A Preferred Shares
      outstanding at any relevant time in accordance with this Section 8 (including this paragraph (c))).
      (d) If the Company gives or causes to be given a Series A Redemption Notice, then the Company shall deposit with the Paying Agent funds sufficient to redeem
        the Series A Preferred Shares as to which such Series A Redemption Notice shall have been given no later than 10:00 a.m., New York City time, on the Series A Redemption Date, and shall give the Paying Agent irrevocable instructions and authority to
        pay the Series A Redemption Price to the Series A Preferred Holders thereof upon surrender or deemed surrender of such Series A Preferred Shares. If the Series A Redemption Notice shall have been given, then from and after the Series A Redemption
        Date, unless the Company defaults in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the Series A Redemption Notice, all Series A Dividends on such shares shall cease to accumulate and all
        rights of holders of such Series A Preferred Shares as the Series A Preferred Holders with respect to such Series A Preferred Shares shall cease, except the right to receive the Series A Redemption Price, and such Series A Preferred Shares shall
        not thereafter be transferred on the books of the Transfer Agent or be deemed to be outstanding for any purpose whatsoever. The Company shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited
        with the Paying Agent (to the extent that such interest income is not required to pay the Series A Redemption Price of the shares to be redeemed), and the holders of any Series A Preferred Shares so redeemed shall have no claim to any such interest
        income. Any funds deposited with the Paying Agent hereunder by the Company for any reason, including, but not limited to, redemption of Series A Preferred Shares, that remain unclaimed or unpaid after two years following the applicable Series A
        Redemption Date or other payment date, shall be, to the extent permitted by law, promptly repaid to the Company upon its written request, after which repayment the Series A Preferred Holders entitled to such redemption or other payment shall have
        recourse only to the Company.

      (e) Any Series A Preferred Shares that are redeemed or otherwise acquired by the Company shall be canceled and shall constitute Preferred Shares subject to
        designation by the Board of Directors as set forth in the Articles of Incorporation. If only a portion of the Series A Preferred Shares shall have been called for redemption, upon surrender of any certificate representing Series A Preferred Shares
        to the Paying Agent, the Paying Agent shall issue to the Series A Preferred Holders a new certificate (or adjust the applicable book-entry account) representing the number Series A Preferred Shares represented by the surrendered certificate that
        have not been called for redemption. Notwithstanding any Series A Redemption Notice, there shall be no redemption of any Series A Preferred Shares called for redemption until funds sufficient to pay the full Series A Redemption Price of such shares
        shall have been deposited by the Company with the Paying Agent.

      (f) The Company and its Affiliates may from time to time purchase Series A Preferred Shares, subject to compliance with all applicable securities and other
        laws, in open market transactions, privately negotiated transactions, or otherwise. Any Series A Preferred Shares repurchased and canceled by the Company will revert to the status of authorized but unissued Preferred Shares undesignated by the
        Company.

      (g) Notwithstanding anything to the contrary in this Certificate of Designation, the Company shall not (and shall not be required to) redeem, purchase or
        acquire any Series A Preferred Shares at such time as (i) the terms and provisions of any Senior Securities or any agreement of the Company, including any agreement relating to its indebtedness, prohibit such redemption, repurchase or acquisition,
        or such redemption, purchase or acquisition would constitute a breach thereof or a default thereunder, or (ii) such redemption, purchase or acquisition is restricted or prohibited under the BCA or other applicable law.

      
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      (h) Notwithstanding anything to the contrary in this Certificate of Designation, in the event that full cumulative dividends on the Series A Preferred Shares and any Parity Securities shall not have been paid or
        declared and set apart for payment, the Company may not repurchase, redeem or otherwise acquire, (1) any Parity Securities, except pursuant to a purchase or exchange offer made on the same terms to all holders of Series A Preferred Shares and
        Parity Securities, an exchange for or conversion or reclassification into other Parity Securities or Junior Securities or with proceeds of a substantially contemporaneous sale of Parity Securities or Junior Securities, or (2) any Common Stock and
        any other Junior Securities, except pursuant to an exchange for or, conversion or reclassification into other Junior Securities or with proceeds of a substantially contemporaneous sale of Junior Securities. 

      Section 9 Change of Control.

      On or before the 20th Business Day prior to the consummation of a Change of Control that has been approved by the Company’s Board of Directors (or, in the case
        where the consummation of the Change of Control is in less than 20 Business Days, promptly after the Board of Directors approves such transaction that will result in a Change of Control but in any event not prior to the public announcement of the
        transaction resulting in such Change of Control), the Company shall provide written notice thereof to the Series A Preferred Holders (a “Change of Control Notice”), and in connection with any such Change of Control, each Series A Preferred Holder
        may elect one of the following options (subject to such Change of Control having actually occurred or actually occurring) by written notice given to the Company within 20 Business Days after the date the Company provides such Change of Control
        Notice (it being understood that if a Series A Preferred Holder fails to timely provide notice of its election to the Company, such Series A Preferred Holder will be deemed to have elected the option set forth in clause (b) below):

      (a) cause the Company to redeem all of such Series A Preferred Holder’s Series A Preferred Shares for cash in an amount per share equal to the Change of
        Control Redemption Price in effect immediately prior to the consummation of such Change of Control plus the amount of any accumulated and unpaid dividends thereon to but not including the date of redemption (whether or not such dividends shall have
        been declared), in which case the Company shall redeem such Series A Preferred Shares within 60 calendar days of the Company’s receipt of such Series A Preferred Holder’s notice; provided, however, that if,
        prior to the receipt of such written notice from a holder of Series A Preferred Shares, the Company has provided notice of its election to redeem some or all of the Series A Preferred Shares, such holder of Series A Preferred Shares will not have
        any right of redemption with respect to the shares called for redemption; or

      (b) subject to the Company’s (or, if the Company is not the surviving entity of such Change of Control, the Company’s successor’s) right to redeem the Series A
        Preferred Shares pursuant to Section 8, continue to hold such Series A Preferred Holder’s Series A Preferred Shares.

      Section 10 Rank.

      The Series A Preferred Shares shall be deemed to rank:

      (a) Senior to (i) the Common Stock and (ii) each other class or series of capital stock established after the Series A Issue Date, the terms of which class or
        series do not expressly provide that it is made senior to or on parity with the Series A Preferred Shares as to the payment of dividends and amounts payable upon any Liquidation Event (collectively referred to with the Common Stock as “Junior
          Securities”);

      (b) On a parity with any class or series of capital stock established after the Series A Issue Date with terms expressly providing that such class or series
        ranks on a parity with the Series A Preferred Shares as to dividends and distributions upon any Liquidation Event (collectively referred to as “Parity Securities”); and

      (c) Junior to each other class or series of capital stock made senior to the Series A Preferred Shares as to the payment of dividends and amounts payable upon
        any Liquidation Event (collectively referred to as “Senior Securities”).

       The Company may issue Junior Securities and Parity Securities from time to time in one or more classes or series without the consent of the Series A Preferred
        Holders and, subject to any approvals required by Series A Preferred Holders pursuant to Section 7(c), may issue Senior Securities from time to time in one or more classes or series. The Board of Directors has the authority to determine the
        preferences, powers, qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such class or series before the issuance of any shares of such class or series. 

       

      

      
        15

        
          

      

      Section 11 Fractional Shares. 

      No Series A Preferred Shares may be issued in fractions of a share.

      Section 12 No Sinking Fund.

      The Series A Preferred Shares shall not have the benefit of any sinking fund.

      Section 13 Record Holders.

      To the fullest extent permitted by applicable law, the Company, the Registrar, the Transfer Agent and the Paying Agent may deem and treat any Series A
        Preferred Holder as the true, lawful and absolute owner of the applicable Series A Preferred Shares for all purposes, and neither the Company nor the Registrar, the Transfer Agent or the Paying Agent shall be affected by any notice to the contrary.

      Section 14 Notices.

      All notices or communications in respect of the Series A Preferred Shares shall be sufficiently given if given in writing and delivered in person or by first
        class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designation, in the Articles of Incorporation, the Bylaws or by applicable law.

      Section 15 Conversion; Sinking Fund

      The Series A Preferred Shares shall not be convertible into Common Stock or any other securities of the Company and shall not have exchange rights or be
        entitled or subject to any preemptive or similar rights. The Series A Preferred Shares shall not be subject to mandatory redemption or to any sinking fund requirements.

      Section 16 Other Rights.

      The Series A Preferred Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications,
        limitations or restrictions thereof, other than as set forth in this Certificate of Designation, the Articles of Incorporation, the Bylaws or as provided by applicable law.

      

      

      [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

      

      

      
        16

        
          

      

      I further declare under penalty of perjury that the matters set forth in this Certificate of Designation are true and correct of my own knowledge.

      
        Executed in the City of Glen Cove, State of New York, on October 8, 2020.

      

       

      	 	 	
              
                /s/ Henry P. Williams

              

            
	 	
              Name:

            	
              Henry P. Williams

            
	 	
              Title:

            	
              
                Chief Financial Officer

              

            

      

      

      

      

    

    

    

  

  17

  
    
      

  

   

  

   

    

  

  ANNEX A

  NOTICE OF OPTIONAL CONVERSION

  (TO BE EXECUTED BY THE REGISTERED HOLDER IN ORDER

    TO CONVERT SERIES A PREFERRED SHARES)

  The undersigned Holder hereby irrevocably elects to convert the number of 7.75% Series A Cumulative Convertible Preferred Shares (the “Series

      A Preferred Shares”) indicated below into shares of common stock, par value $0.001 per share (the “Common Stock”), of Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”) as of
    the date written below.  If securities are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto.  Capitalized terms used but not defined herein shall have the meaning
    ascribed to such terms in that certain Certificate of Designation of the Series A Preferred Shares (the “Certificate of Designation”) filed by the Company with the Marshall Islands Registrar of
    Corporations.

  As of the date hereof, the number of shares of Common Stock beneficially owned by the undersigned Holder (together with such Holder’s
    Affiliates, and any other Person whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) or Section 16 of the Exchange Act and the applicable regulations of the Commission, including any “group” of
    which the Holder is a member (the foregoing, “Attribution Parties”)), including the number of shares of Common Stock issuable upon conversion of the Series A Preferred Shares subject to this Notice of Optional Conversion, but excluding the
    number of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted Series A Preferred Shares beneficially owned by such Holder or any of its Attribution Parties, and (B) exercise or conversion of the unexercised or
    unconverted portion of any other securities of the Company (including any warrants) beneficially owned by such Holder or any of its Attribution Parties that are subject to a limitation on conversion or exercise
    similar to the limitation contained in Section 5(a)(vi) of the Certificate of Designation does not exceed the Beneficial Ownership Limitation (as defined in the Certificate of Designation).  For purposes hereof, beneficial

    ownership shall be calculated in accordance with Section 13(d) of the Exchange Act end the applicable regulations of the Commission.  In addition, for purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and the
    applicable regulations of the Commission.

  Conversion Calculations:

  
    	
            Date to Effect Optional Conversion:

          	 
	 	 
	
            Number of Series A Preferred

              Shares owned prior to Optional Conversion:

          	 
	 	 
	
            Number of Series A

              Preferred Shares to be Converted:

          	 
	 	 
	
            Number of shares of Common Stock to be Issued:

             

            

          	 
	 	 
	 	 
	
            for DWAC Delivery:

          	 
	 	 
	
            Broker Name:

          	 
	 	 
	
            Broker Number:

          	 
	 	 
	
            Account Number:

          	 
	 	 
	 	 
	 	
            HOLDER

          
	 	
            By:

          	 
	 	 	
            Name:

              Title:

              Date:Document

AMENDMENT NO. 8 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 8 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 8, 2020 by and among SOUTHWESTERN ENERGY COMPANY, a Delaware corporation (the “Borrower”), the Lenders signatory hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

RECITALS:

WHEREAS, reference is made to that certain Credit Agreement dated as of April 26, 2018, by and among the Borrower, the Lenders from time to time party thereto and the Administrative Agent (as amended by that certain Amendment No. 1 to Credit Agreement dated as of October 23, 2018, that certain Amendment No. 2 to Credit Agreement dated as of October 8, 2019, that certain Amendment No. 3 to Credit Agreement dated as of November 1, 2019, that certain Amendment No. 4 to Credit Agreement dated as of December 20, 2019, that certain Amendment No. 5 to Credit Agreement dated as of January 31, 2020, that certain Amendment No. 6 to Credit Agreement dated as of July 31, 2020, and that certain Amendment No. 7 to Credit Agreement dated as of August 18, 2020, the “Existing Credit Agreement”, and the Existing Credit Agreement, as amended hereby, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Lenders agree to amend certain provisions of the Existing Credit Agreement, effective as of the Amendment No. 8 Effective Date (as defined herein), and the Lenders party hereto have agreed to amend the Existing Credit Agreement as of such date as hereinafter set forth;

WHEREAS, effective as of the Amendment No. 8 Effective Date, Lenders constituting the Required Lenders have agreed to reaffirm the amount of the Borrowing Base as provided for herein;

WHEREAS, effective as of the Montage Merger Effective Date (as defined herein), each Exiting Lender (as defined below) will assign and reallocate its Commitment and Credit Exposure to the Increasing Lenders (as defined below) as set forth herein; and

WHEREAS, in connection with the Montage Merger, the Borrower has requested that the Increasing Lenders agree to (a) increase the Borrowing Base and (b) amend certain provisions of the Credit Agreement, in each case effective as of the Montage Merger Effective Date, and the Increasing Lenders have agreed to increase the Borrowing Base and amend the Credit Agreement effective as of the Montage Merger Effective Date, in each case as hereinafter set forth.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.     Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. In addition, as used in this Amendment, the following terms have the meanings set forth below:

“Exiting Lender” means each Lender identified as an “Exiting Lender” on Annex II attached hereto.

“Increasing Lender” means each Lender identified as an “Increasing Lender” on Annex II attached hereto.

“Montage Credit Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of February 28, 2019, by and among Montage, as borrower, Bank of Montreal, as administrative agent, and the lenders party thereto from time to time, as amended, supplemented or otherwise modified from time to time. 

Section 2.     Amendments to Credit Agreement (Amendment No. 8 Effective Date). Subject to the satisfaction of the conditions precedent set forth in Section 8 below, as of the Amendment No. 8 Effective Date, the Existing Credit Agreement shall be amended as follows:

(a)    Section 1.01 of the Existing Credit Agreement is amended by amending and restating the following defined terms:

“Aggregate Commitments” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised 

under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

(b)    Section 1.01 of the Existing Credit Agreement is amended by adding the following defined terms in appropriate alphabetical order:

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

“Anticipated Transfer Period” has the meaning specified in Section 2.09(f)(ii).

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion.

“Benchmark Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction to the Applicable Rate).

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate:

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO Screen Rate permanently or indefinitely ceases to provide the LIBO Screen Rate; or

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:

(1) a public statement or publication of information by or on behalf of the administrator of the LIBO Screen Rate announcing that such administrator has ceased or will cease to provide the LIBO Screen Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Screen Rate;

(2) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Screen Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Screen Rate, a resolution authority with jurisdiction over the administrator for the LIBO Screen Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBO Screen Rate, in each case which states that the administrator of the LIBO Screen Rate has ceased or will cease to provide the LIBO Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Screen Rate; and/or

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Screen Rate announcing that the LIBO Screen Rate is no longer representative.

“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with Section 2.12 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.12.

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with:

(1)        the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:

(2)        if, and to the extent that, the Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time;

provided, further, that if the Administrative Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.”

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBO Rate.

“Early Opt-in Election” means the occurrence of:

(1) (i) a determination by the Administrative Agent; or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.12 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

(2) (i) the election by the Administrative Agent; or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

“Excess Cash Amount” has the meaning specified in Section 2.09(f)(i).

“Excluded Cash” means (a) any cash and cash equivalents to be used to pay obligations of the Borrower and its Restricted Subsidiaries (including, without limitation, obligations with respect to (i) payroll or employee benefits, (ii) Taxes and (iii) royalties, working interest 

payments, vendor payments, suspense payments, production payments and similar payments that are customary in the oil and gas industry) then due and owing (or to be due and owing within five (5) Business Days of such date) and for which the Borrower and its Restricted Subsidiaries have issued checks or have initiated wires or ACH transfers in order to pay such obligations (or, in their respective good faith discretion, will issue checks or initiate wires or ACH transfers within five (5) Business Days in order to make such payments (such checks, wires or ACH transfers referred to in this parenthetical, “Anticipated Transfers”)), (b) any cash or cash equivalents set aside in cash collateral accounts to cash collateralize Letters of Credit, and (c) any cash or cash equivalents constituting purchase price deposits held in escrow pursuant to a binding and enforceable purchase and sale agreement with an unaffiliated third party containing customary provisions regarding the payment and refunding of such deposits. 

“Federal Reserve Bank of New York’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

“Relevant Governmental Body” means the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

“SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR.

“Specified Cap” means $200,000,000.

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

“UK Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

(c)    A new Section 1.07 is hereby added to the Existing Credit Agreement as follows:

SECTION 1.07. Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any letter of credit agreement or application related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

(d)    Section 2.09 of the Credit Agreement is hereby amended by (i) renaming clause (f) as clause (g); (ii) renaming clause (g) as clause (h); and (iii) adding a new clause (f) after clause (e) therein that shall read as follows:

(f)        Mandatory Prepayments with Excess Cash Amounts. 

(i)         If, at the end of the last Business Day of any week, the aggregate amount of unrestricted cash and cash equivalents on hand of the Loan Parties minus Excluded Cash at the end of such Business Day exceeds the Specified Cap (the amount of such excess over the Specified Cap for such Business Day, the “Excess Cash Amount”), then the Borrower shall prepay the Loans on the fifth (5th) succeeding Business Day in an aggregate principal amount equal to the lesser of (x) the Excess Cash Amount, and (y) the aggregate principal amount of Loans then outstanding. 

(ii)        If any Anticipated Transfer is not made within the relevant five (5) Business Day period referred to in the parenthetical to clause (a) of the definition of “Excluded Cash” (such period, the “Anticipated Transfer Period”), (A) the cash and/or cash equivalents associated with such Anticipated Transfer shall be disqualified as Excluded Cash, (B) the Excess Cash Amount shall be recalculated under clause (i) of this paragraph (f), giving effect to such disqualified Excluded Cash and (C) if, as a result of such recalculation, the Excess Cash Amount has increased from the prior calculation thereof, the Borrower shall prepay the Loans in an aggregate principal amount equal to such increase on the first Business Day after the end of the Anticipated Transfer Period.

(iii)       Any prepayment of Loans made pursuant to this paragraph (f) shall be applied first to any outstanding ABR Loans to the full extent thereof before being applied to Eurodollar Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.14.

(e)    Section 2.12 of the Existing Credit Agreement is hereby amended by:

(i)    amending and restating the lead-in to clause (a) in its entirety as follows:

Subject to clauses (b), (c), (d) and (e) of this Section 2.12, if prior to the commencement of any Interest Period for a Eurodollar Borrowing:

(ii)    amending and restating clause (b) in its entirety as follows:

(b)        Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m., New York City time, on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower, so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendment from Lenders comprising the Required Lenders; provided that, with respect to any such proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of LIBO Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date.

(iii)    adding a new clause (c) that shall read as follows:

(c)        In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

(iv)    adding a new clause (d) that shall read as follows:

(d)       The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.12, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.12.

(v)    adding a new clause (e) that shall read as follows:

(e)        Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

(f)    Section 4.02 of the Credit Agreement is hereby amended by:

(i)         adding a new clause (f) that shall read as follows:

(f)        In the case of any Credit Extension, the aggregate amount of unrestricted cash and cash equivalents on hand of the Loan Parties (after giving effect to such Credit Extension and the application of the proceeds thereof within five (5) Business Days after the date of such Credit Extension) shall not exceed the Specified Cap.

(ii)        replacing the last paragraph of Section 4.02 in its entirety with the following:

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b), (c), (d) and (f) of this Section 4.02.

(g)    Section 9.02 of the Existing Credit Agreement is hereby amended by replacing the words “Section 2.12(b)” therein with “Section 2.12(b) and (c)”.

(h)    Section 9.18 of the Existing Credit Agreement is hereby amended and restated as follows:

SECTION 9.18 Acknowledgment and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)        the application of any Write-Down and Conversion Powers by an the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)        the effects of any Bail-In Action on any such liability, including, if applicable:

(i)         a reduction in full or in part or cancellation of any such liability;

(ii)        a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, 

and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)       the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

(i)    Schedule 1.01A of the Credit Agreement shall be amended and restated in its entirety to read as set forth on Annex I attached hereto.

Section 3.     Borrowing Base Reaffirmation (Amendment No. 8 Effective Date). Effective as of the Amendment No. 8 Effective Date, the Borrowing Base is reaffirmed to be $1,800,000,000 (the “Fall 2020 Redetermination”). The Borrowing Base, as reaffirmed by this Section 3, shall remain in effect until the next Scheduled Redetermination Date or the next adjustment to the Borrowing Base under the Borrowing Base Adjustment Provisions, whichever occurs first; provided that the Administrative Agent and the Required Lenders shall not request an Interim Redetermination prior to the earliest of (i) the Montage Merger Effective Date, (ii) the date the Montage Merger Agreement is terminated and (iii) February 12, 2021. For the avoidance of doubt, the Fall 2020 Redetermination shall be deemed to be the Scheduled Redetermination which would have otherwise occurred on October 1, 2020.

Section 4.     Assignments and Reallocations of Commitments; Adjustments to Credit Exposures (Montage Merger Effective Date).

(a)    Effective as of the Montage Merger Effective Date (but immediately prior to giving effect to Sections 5, 6 and 7 of this Amendment), the Exiting Lenders’ respective Commitments, Loans, LC Exposures and Swingline Exposures shall be assigned and reallocated to the Increasing Lenders, such that after giving effect to such assignments and reallocations (the “Reallocations”), (i) the Commitments of the Lenders shall be as set forth on Annex III attached hereto and (ii) the principal amount of the Loans owing to each Lender shall be equal to such Lender’s Applicable Percentage (determined by reference to such Lender’s Commitment as set forth on Annex III attached hereto) of the aggregate principal amount of all Loans outstanding at such time. With respect to the Reallocations, each Increasing Lender shall be deemed to have acquired the Commitment, Loans, LC Exposure and Swingline Exposure assigned and reallocated to it from each of the Exiting Lenders pursuant to the terms of the Assignment and Assumption attached as Exhibit A to the Credit Agreement as if each such Increasing Lender had executed an Assignment and Assumption with respect to such Reallocations. Each of the Borrower, each Issuing Bank, the Swingline Lender and the Administrative Agent hereby consents to the Reallocations.

(b)    Effective as of the Montage Merger Effective Date (but immediately prior to giving effect to Sections 5, 6 and 7 of this Amendment), Schedule 2.01 to the Credit Agreement shall be amended and restated in its entirety to read as set forth on Annex III attached hereto.

(c)    Effective as of the Montage Merger Effective Date  (but immediately prior to giving effect to Sections 5, 6 and 7 of this Amendment), (i) each Increasing Lender shall advance new Loans which shall be funded to the Administrative Agent and used to repay Loans outstanding to each Exiting Lender, (ii) each Increasing Lender’s participation in each Letter of 

Credit, if any, and each Swingline Loan, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to the Reallocations), (iii) such other adjustments shall be made as the Administrative Agent shall specify so that the Credit Exposure applicable to each Increasing Lender equals its Applicable Percentage (after giving effect to the Reallocations), and (iv) the Borrower shall be required to make any break-funding payments to the Exiting Lenders required under Section 2.14 of the Credit Agreement resulting from the prepayment of Loans and the other adjustments described in this Section 4(c).

Section 5.    Exiting Lenders (Montage Merger Effective Date). Effective as of the Montage Merger Effective Date (after giving effect to Section 4 of this Amendment, but immediately prior to giving effect to Sections 6 and 7 of this Amendment), (a) each Exiting Lender shall cease to be a party to the Credit Agreement, (b) no Exiting Lender shall have any obligations or liabilities under the Credit Agreement with respect to the period from and after the Montage Merger Effective Date (after giving effect to Section 4 of this Amendment, but immediately prior to giving effect to Sections 6 and 7 of this Amendment) and, without limiting the foregoing, no Exiting Lender shall have any Commitment under the Credit Agreement or any participation in any Letter of Credit or Swingline Loan outstanding thereunder, and (c) no Exiting Lender shall have any rights under the Credit Agreement or any other Loan Document (other than (i) indemnification and other rights under the Credit Agreement expressly stated to survive the termination of such agreement and the repayment of amounts outstanding thereunder and (ii) any rights under the Credit Agreement or any other Loan Document in respect of any Secured Swap Obligations owing to any Exiting Lender). Each Exiting Lender joins in the execution of this Amendment solely for purposes of effectuating this Amendment pursuant to Section 8 of this Amendment and evidencing its agreement to the provisions of Section 4 and this Section 5.

Section 6.    Amendments to Credit Agreement (Montage Merger Effective Date).  Subject to the satisfaction of the conditions precedent set forth in Section 9 below, effective as of the Montage Merger Effective Date, the Credit Agreement shall be amended as follows:

(a)    The cover page of the Credit Agreement shall be amended to add “BANK OF MONTREAL”, “TRUIST BANK” and “PNC BANK, NATIONAL ASSOCIATION” as Joint Lead Arrangers and Joint Bookrunners.

(b)    Section 1.01 of the Credit Agreement shall be amended by amending and restating the following defined terms:

“Issuing Bank” means each of (a) JPMorgan, (b) Bank of America, N.A., (c) Citibank, N.A., (d) Mizuho Bank, Ltd, (e) Royal Bank of Canada, (f) MUFG Bank, Ltd., (g) Wells Fargo Bank, National Association, (h) Bank of Montreal, (i) Truist Bank, (j) PNC Bank, National Association and (k) any other Lender identified by the Borrower pursuant to Section 2.04(k) (and reasonably acceptable to the Administrative Agent) that agrees to act as an Issuing Bank, in each case in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.04(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Each reference herein to the “Issuing Bank” shall be deemed to be a reference to the relevant Issuing Bank.

“Joint Lead Arranger” means each of JPMorgan, Citibank, N.A., BofA Securities, Inc., Wells Fargo Securities, LLC, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, LLC, Bank of Montreal, Truist Bank, and PNC Bank, National Association and, collectively, the “Joint Lead Arrangers.”

“Letter of Credit” means any letter of credit issued pursuant to this Agreement, including the Existing Letters of Credit and the Montage Letters of Credit. 

(c)    Section 1.01 of the Credit Agreement shall be amended by adding the following defined terms in appropriate alphabetical order:

“Amendment No. 8” means that certain Amendment No. 8 to Credit Agreement, entered into as of October 8, 2020, by and among the Borrower, the Lenders signatory thereto and the Administrative Agent. 

“Montage Letters of Credit” means, collectively, the letters of credit set forth on Schedule 2.04A under the heading “Montage Letters of Credit”.

“Montage Loan Party” has the meaning assigned to such term in Amendment No. 8.

“Montage Merger Effective Date” has the meaning assigned to such term in Amendment No. 8.

(d)    Section 2.04(l) of the Credit Agreement shall be amended by adding the following at the end thereof:

On the Montage Merger Effective Date, each of the Montage Letters of Credit shall be deemed to have been issued as a Letter of Credit under this Agreement by the applicable Issuing Bank, and such Issuing Bank shall be deemed, without further action by any party hereto, to have granted to each of the Lenders, and each Lender shall be deemed, without further action by any party hereto, to have acquired from such Issuing Bank, a participation (on the terms specified in this Section 2.04) in each Montage Letter of Credit equal to such Lender’s Applicable Percentage thereof.  Each Lender acknowledges and agrees that its obligation to acquire participations in Montage Letters of Credit pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Aggregate Commitments, and that each payment by a Lender in respect of such participations shall be made without any offset, abatement, withholding or reduction whatsoever.

(e)    Section 5.04 of the Credit Agreement shall be amended by adding the following sentence to the end of such Section:

Notwithstanding anything to the contrary, the Borrower’s and its Subsidiaries’ obligations under this Section 5.04 shall be subject to Section 5.16. 

(f)    Section 5.13 of the Credit Agreement shall be amended by replacing the words “Subject to Section 5.12” each time such words are used therein with “Subject to Section 5.12 and 5.16”.

(g)    The Credit Agreement shall be amended by adding a new Section 5.16 as follows:

SECTION 5.16  Post Montage Merger Effective Date Covenants. No later than thirty (30) days after the Montage Merger Effective Date (or such later date as the Administrative Agent may approve in its sole discretion), (a) the Borrower shall deliver to the Administrative Agent (i) evidence of property and liability insurance covering the Montage Loan Parties and their Properties satisfying the requirements of Section 5.04 (without giving effect to the last sentence of such Section) and otherwise with appropriate endorsements naming the Administrative Agent, for the benefit of the Secured Parties, as “lender loss payee” under its property loss policies to the extent insuring Collateral and as “additional insured” on its comprehensive and general liability policies, well control and gradual pollution policies, and (ii) if requested by the Administrative Agent, copies of such insurance policies and (b) each Montage Loan Party shall have caused such Montage Loan Party’s Deposit Accounts and Securities Accounts (in each case, other than Excluded Accounts) to be Controlled Accounts.

(h)    Section 6.14 of the Credit Agreement shall be amended by replacing the words “Subject to Section 5.12 and Section 5.13” therein with “Subject to Section 5.12, Section 5.13 and Section 5.16”. 

(i)    Section 7.01(c) of the Credit Agreement shall be amended by replacing the reference to “5.12” therein with “5.12, 5.16”. 

(j)    Schedule 1.01B of the Credit Agreement shall be amended and restated in its entirety to read as set forth on Annex IV attached hereto.

(k)    The Credit Agreement shall be amended by adding Schedule 2.04A as set forth on Annex V attached hereto and amending the Schedules section of the table of contents to add a reference to “Schedule 2.04A – Montage Letters of Credit”, in each case in the appropriate order.

Section 7.    Borrowing Base Increase (Montage Merger Effective Date). Effective as of the Montage Merger Effective Date, the Borrowing Base is increased to be $2,000,000,000 (the “Montage Merger Effective Date Redetermination”). The Borrowing Base, as increased by this paragraph, shall remain in effect until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under the Borrowing Base Adjustment Provisions after the Montage Merger Effective Date, whichever occurs first. For the avoidance of doubt, the parties hereto agree that the Montage Merger Effective Date Redetermination shall be neither a Scheduled Redetermination nor an Interim Redetermination under the terms of the Credit Agreement.

Section 8.    Amendment No. 8 Effective Date; Conditions Precedent. This Amendment and the amendments to the Existing Credit Agreement set forth in Section 2 of this Amendment shall become effective on the date (the “Amendment No. 8 Effective Date”) on which the following conditions have been satisfied:

(a)    the Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, a counterpart of this Amendment executed by the Borrower, the Administrative Agent and each of the Lenders;

(b)    the Borrower shall have paid, to the extent invoiced at or before 1:00 p.m., New York City time, on the Business Day immediately prior to the Amendment No. 8 Effective Date, all out-of-pocket expenses required to be reimbursed or paid by the Borrower pursuant to Section 9.03 of the Credit Agreement or any other Loan Document;

(c)    the representations and warranties contained in Section 10 hereof shall be true and correct; and

(d)    no Default or Event of Default shall have occurred and be continuing.

The Administrative Agent shall notify the Borrower, the Lenders and the Issuing Banks of the Amendment No. 8 Effective Date, and such notice shall be conclusive and binding.

Section 9.    Montage Merger Effective Date; Conditions Precedent. The amendments to the Credit Agreement set forth in Section 6 of this Amendment and the Borrowing Base increase set forth in Section 7 of this Amendment shall become effective on the date (the “Montage Merger Effective Date”) on which the following conditions have been satisfied:

(a)    On or substantially simultaneously with the Montage Merger Effective Date, the Montage Merger shall have been consummated in accordance with the Montage Merger Agreement, and each consent, approval, filing, declaration and registration required to be obtained under the Montage Merger Agreement shall have been obtained.

(b)    The Administrative Agent (or its counsel) shall have received (i) that certain engineering report concerning the Oil and Gas Properties of the subsidiaries of Montage identified on Annex VI attached hereto (each, a “Montage Loan Party” and collectively, the “Montage Loan Parties”) as of June 30, 2020, prepared by or under the supervision of the chief engineer of Montage (the “Montage Reserve Report”; the Oil and Gas Properties evaluated in the Montage Reserve Report, the “Montage Borrowing Base Properties”), and (ii) a certificate of a Responsible Officer (as such term is defined in the Montage Credit Agreement) of an Montage Loan Party, certificating as to matters in the Montage Reserve Report and which complies in all material respects with the requirements of Section 8.12(c) of the Montage Credit Agreement.

(c)    The Administrative Agent (or its counsel) shall have received (in each case, in form and substance acceptable to the Administrative Agent):

(i)    from each of the Montage Loan Parties, an executed counterpart of a Subsidiary Guaranty Supplement (as defined in the Subsidiary Guaranty) and a Security Agreement Supplement (as defined in the Security Agreement);

(ii)    Notes executed by the Borrower and payable to each Increasing Lender requesting (at least one Business Day prior to the Montage Merger Effective Date) a new Note reflecting such Increasing Lender’s increased Commitment, duly completed and dated the Montage Merger Effective Date;

(iii)    all UCC financing statements necessary or advisable to perfect the security interests created by the Security Agreement (as supplemented by the Security Agreement Supplement) with respect to the Montage Loan Parties;

(iv)    from each Montage Loan Party owning Montage Borrowing Base Properties, a counterpart of each Mortgage (collectively, the “Montage Merger Effective Date Mortgages”), signed on behalf of such party and properly notarized, such that the Administrative Agent shall be reasonably satisfied that such Mortgages, when taken together with all then-existing Mortgages, create first priority, perfected Liens (subject only to Permitted Mortgaged Property Liens) on Mortgaged Properties which represent at least 85% of the total PV-9 of the (x) the Borrowing Base Properties evaluated in the Reserve Report most recently delivered pursuant to Section 5.15 of the Credit Agreement and (y) the Montage Borrowing Base Properties, taken together ((x) and (y) taken together, the “Post-Montage Merger Borrowing Base Properties”);

(v)    title information with respect to the Loan Parties’ and the Montage Loan Parties’ title to Hydrocarbon Interests constituting at least 80% of the total PV-9 of the Post-Montage Merger Borrowing Base Properties and such information shall not have revealed any condition or circumstance that would reflect that the representations and warranties contained in Section 3.20(a) of the Credit Agreement are inaccurate in any material respect (as applied to the Post-Montage Merger Borrowing Base Properties);

(vi)    all original stock certificates or other certificates evidencing the certificated Equity Interests pledged pursuant to the Security Agreement (as supplemented by the Security Agreement Supplement), together with an undated stock power duly executed in blank by the registered owner thereof or any other documents or instruments necessary to transfer such certificates for each such certificate;

(vii)    appropriate Lien search results or certificates (including UCC search certificates) as of a recent date reflecting no prior Liens encumbering the assets of the Montage Loan Parties other than those being released on or prior to the Montage Merger Effective Date or Permitted Liens;

(viii)    a certificate of the secretary or assistant secretary of each Montage Loan Party, dated the Montage Merger Effective Date, certifying on behalf of such Montage Loan Party:

(A)    that attached to such certificate are (1) a true and complete copy of the certificate of incorporation and bylaws (or equivalent documents) of such Montage Loan Party, as in full force and effect on the Montage Merger Effective Date, and (2) a true and complete copy of a certificate from the appropriate Governmental Authority of the jurisdiction of incorporation or organization of such Montage Loan Party certifying that such Montage Loan Party is validly existing and in good standing in such jurisdiction, dated a recent date prior to the Montage Merger Effective Date, and (3) true and complete copies of certificates from the appropriate Governmental Authority of each jurisdiction in which such Montage Loan Party owns Oil and Gas Properties constituting Collateral evidencing that such Montage Loan Party is in good standing and authorized to do 

business in such jurisdiction, dated a recent date prior to the Montage Merger Effective Date;

(B)    that attached to such certificate is a true and complete copy of resolutions duly adopted by the board of directors (or other applicable governing body) of such Montage Loan Party authorizing the execution, delivery and performance of the Subsidiary Guaranty Supplement, the Security Agreement Supplement, the Montage Merger Effective Date Mortgages and the other Loan Documents to which such Montage Loan Party is or is intended to be a party; and

(C)    as to the incumbency and specimen signature of each officer of such Montage Loan Party executing the Subsidiary Guaranty Supplement, the Security Agreement Supplement, the Montage Merger Effective Date Mortgages and the other Loan Documents to which such Montage Loan Party is or is intended to be a party;

(ix)    favorable, signed opinions (addressed to the Administrative Agent and the Lenders and dated the Montage Merger Effective Date) of (A) Latham & Watkins LLP, counsel for the Montage Loan Parties, covering such matters as the Administrative Agent shall reasonably request and (B) Babst Calland, special Ohio, Pennsylvania and West Virginia counsel for the Montage Loan Parties, covering such matters relating to the Montage Merger Effective Date Mortgages to be recorded in the States of Ohio, Pennsylvania and West Virginia as the Administrative Agent shall reasonably request (and the Borrower hereby requests each such counsel to deliver such opinions);

(x)    a certificate of the Borrower executed on its behalf by an Authorized Officer dated the Montage Merger Effective Date:

(A)    certifying that the representations and warranties of the Loan Parties (including, for the avoidance of doubt, the Montage Loan Parties) set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects (or, in the case of any such representations and warranties that are qualified as to materiality or reference to Material Adverse Effect in the text thereof, that such representations and warranties are true and correct in all respects) on and as of the Montage Merger Effective Date, except to the extent made as of a specific date, which representations and warranties shall be true and correct in all material respects as of such specific date (or, in the case of any such representation and warranties that are qualified as to materiality or Material Adverse Effect in the text thereof, such representations and warranties being true and correct in all respects as of such specific date);

(B)    certifying that at the time of and immediately after giving effect to the Credit Extensions to be made on the Montage Merger Effective Date, no Default or Event of Default has occurred and is continuing;

(C)    certifying as to the matters described in Sections 9(a), 9(e) and 9(f) of this Amendment; and

(D)    with respect to each Loan Party other than the Montage Loan Parties, ratifying and reaffirming its obligations and liabilities under each of the Loan Documents;

(xi)    all then-existing or available third party environmental reports, environmental assessments and other reports relating to the environmental condition of the Oil and Gas Properties of the Montage Loan Parties prepared at the request of the Borrower and reasonably requested by the Administrative Agent; and

(xii)    properly completed and signed IRS Form W‐8 or W-9, as applicable, for each Montage Loan Party.

(d)    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable to them on or prior to the Montage Merger Effective Date, including (i) all fees required to be paid on the Montage Merger Effective Date pursuant to that certain Fee Letter, dated as of the Amendment No. 8 Effective Date, by and between the Borrower and the Administrative Agent and (ii) to the extent invoiced at least one Business Day prior to the Montage Merger Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document (including the reasonable fees, disbursements and other charges of Sidley Austin LLP, counsel to the Administrative Agent).

(e)    All consents or approvals required to be obtained from any Governmental Authority in connection with the joinder of the Montage Loan Parties as Loan Parties contemplated hereby shall have been obtained and be in full force and effect.
(f)    No action or proceeding against any Montage Loan Party or its Properties is pending or threatened in any court or before any Governmental Authority seeking to enjoin or prevent the joinder of the Montage Loan Parties as Loan Parties.

(g)    If requested by the Administrative Agent or any Lender at least five (5) Business Days prior to the Montage Merger Effective Date, the Administrative Agent or such Lender shall have received all documentation and other information required by regulatory authorities or as may be required by the internal policies of the Administrative Agent or such Lender with respect to the Montage Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

(h)    The Administrative Agent shall have received evidence reasonably satisfactory to it that the principal of and interest on all loans and other obligations accrued or owing under the Montage Credit Agreement shall have been paid in full, all commitments thereunder shall have been terminated and all Liens securing such obligations shall have been released (which payment, termination and release may be contemporaneous with the satisfaction of the conditions under this Section 9 and the application of proceeds of any Borrowings to occur on the Montage Merger Effective Date).

The Administrative Agent shall notify the Borrower, the Lenders and the Issuing Banks of the Montage Merger Effective Date, and such notice shall be conclusive and binding.

Notwithstanding anything to the contrary herein, the Montage Merger Effective Date (including, for the avoidance of doubt, the Montage Merger Effective Date Redetermination) 

shall not occur unless the conditions in this Section 9 are satisfied (or waived pursuant to Section 9.02 of the Credit Agreement) on or before February 12, 2021. For the purpose of determining satisfaction of the conditions specified in this Section 9, each Lender that has signed and delivered this Amendment shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 9 unless the Administrative Agent shall have received written notice from such Lender prior to the Montage Merger Effective Date specifying its objection thereto.

Section 10.     Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants that, before and after giving effect to each of the amendments set forth in this Amendment on the Amendment No. 8 Effective Date:

(a)    the representations and warranties set forth in Article III of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (or, in the case of any such representations and warranties that are qualified as to materiality or Material Adverse Effect in the text thereof, such representations and warranties are true and correct in all respects) on and as of the Amendment No. 8 Effective Date, except to the extent made as of a specific date, which representations and warranties shall have been true and correct in all material respects as of such specific date (or, in the case of any such representation and warranties that are qualified as to materiality or Material Adverse Effect in the text thereof, such representations and warranties shall have been true and correct in all respects as of such specific date); and

(b)    no Default or Event of Default has occurred and is continuing on the Amendment No. 8 Effective Date.

Section 11.    Issuing Bank Agreement. Pursuant to Section 2.04(k) of the Credit Agreement, the Borrower hereby provides notice to the Administrative Agent and the Lenders of its designation of Bank of Montreal, Truist Bank and PNC Bank, National Association (each, an “Additional Issuing Bank” and collectively, the “Additional Issuing Banks”) as additional Issuing Banks, and that each Additional Issuing Bank has accepted such appointment. The Additional Issuing Banks, the Borrower and the Administrative Agent agree that this Amendment shall constitute an Issuing Bank Agreement as described in Section 2.04(k) of the Credit Agreement, to be effective as of the Montage Merger Effective Date.  Accordingly, from and after the Montage Merger Effective Date, (a) each Additional Issuing Bank shall have all the rights and obligations of an Issuing Bank under the Credit Agreement and the other Loan Documents, (b) references in the Credit Agreement and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include each Additional Issuing Bank in its capacity as an Issuing Bank, and (c) the LC Issuance Limits of each Additional Issuing Bank are as forth on Schedule 1.01B of the Credit Agreement, as amended by this Amendment. 

Section 12.     Confirmation of Loan Documents. Except as expressly contemplated hereby, the terms, provisions, conditions and covenants of the Credit Agreement, as amended by this Amendment, and the other Loan Documents remain in full force and effect and are hereby ratified and confirmed, and the execution, delivery and performance of this Amendment shall not, except as expressly set forth in this Amendment, operate as a waiver of, consent to or amendment of any term, provision, condition or covenant thereof. Without limiting the generality of the foregoing, except pursuant hereto or as expressly contemplated or amended hereby, nothing contained herein shall be deemed: (a) to constitute a waiver of compliance or consent to noncompliance by any Loan Party with respect to any term, provision, condition or covenant of 

the Credit Agreement or any other Loan Document; (b) to prejudice any right or remedy that the Administrative Agent or any Lender may now have or may have in the future under or in connection with the Credit Agreement or any other Loan Document; or (c) to constitute a waiver of compliance or consent to noncompliance by the Borrower with respect to the terms, provisions, conditions and covenants of the Credit Agreement and the other Loan Documents made the subject hereof.

Section 13.    Ratification of Collateral Documents. The Borrower hereby acknowledges and ratifies, on behalf of itself and each other Loan Party, the existence and priority of the Liens granted by the Loan Parties in and to the Collateral in favor of the Secured Parties and represents and warrants, on behalf of itself and each other Loan Party, that such Liens and security interests are valid, existing and in full force and effect. The Borrower hereby ratifies and confirms, on behalf of itself and each other Loan Party, each Loan Party’s obligations under the Collateral Documents to which such Loan Party is a party and hereby represents and acknowledges, on behalf of itself and each other Loan Party, that the Loan Parties have no claims, counterclaims, offsets, credits or defenses to the Loan Documents or the performance of their obligations thereunder. Furthermore, the Borrower agrees, on behalf of itself and each other Loan Party, that nothing contained in this Amendment shall adversely affect any right or remedy of the Administrative Agent or the Lenders under the Collateral Documents or any of the other Loan Documents. Finally, the Borrower hereby represents and warrants, on behalf of itself and each other Loan Party, that the execution and delivery of this Amendment and the other documents executed in connection herewith shall in no way change or modify its or any other Loan Party’s obligations as a debtor, pledgor, assignor, obligor, grantor, mortgagor and/or chargor under any Collateral Document and the other Loan Documents and shall not constitute a waiver by the Administrative Agent or the Lenders of any of their rights against any Loan Party.

Section 14.     Effect of Amendment. From and after the Amendment No. 8 Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereof”, or “hereunder” or words of like import, and all references to the “Credit Agreement” in the Loan Documents and any and all other agreements, instruments, documents, notes, certificates, guaranties and other writings of every kind and nature shall be deemed to mean the Credit Agreement. From and after the Montage Merger Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereof”, or “hereunder” or words of like import, and all references to the “Credit Agreement” in the Loan Documents and any and all other agreements, instruments, documents, notes, certificates, guaranties and other writings of every kind and nature shall be deemed to mean the Credit Agreement, giving effect to the matters provided for in Sections 4, 5, 6, 7 and 11 of this Amendment. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

Section 15.    Costs and Expenses. Pursuant to the terms of Section 9.03 of the Credit Agreement, the Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in connection with the preparation, execution and enforcement of this Amendment.

Section 16.    Choice of Law. This Amendment and all other documents executed in connection herewith and the rights and obligations of the parties hereto and thereto, shall be construed in accordance with and governed by the law of the State of New York.

Section 17.    Counterparts; Integration; Effectiveness. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment, the Credit Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Amendment shall become effective on the Amendment No. 8 Effective Date, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Amendment that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Amendment shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be.

Section 18.    Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

[Remainder of page intentionally left blank; signature pages follow.]

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

SOUTHWESTERN ENERGY COMPANY, 
a Delaware corporation   

By:    /s/ Michael Hancock                                         
         Name: Michael Hancock                                             
Title:  VP, Finance and Treasurer                     

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

JPMORGAN CHASE BANK, N.A., as 
Administrative Agent, a Lender and an Increasing
Lender   

By:    /s/ Arina Mavilian                                             
         Name: Arina Mavilian                                       
         Title:  Executive Director                                  

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

BANK OF AMERICA, N.A., as a Lender and an
Increasing Lender

   
By:    /s/ Raza Jafferi                                                   
         Name: Raza Jafferi                                             
         Title:  Director                                                    

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

WELLS FARGO BANK, N.A., as a Lender and an
Increasing Lender  

By:    /s/ Edward Park                                                 
         Name: Edward Park                                            
         Title:  Director                                                    

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

CITIBANK, N.A., as a Lender and an Increasing
Lender   

By:    /s/ Ivan Davey                                                   
         Name: Ivan Davey                                               
         Title:  Vice President                                         

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

MUFG BANK, LTD., 
as a Lender and an Increasing Lender

By:    /s/ Traci Bankston                                             
         Name: Traci Bankston                                       
         Title:  Director                                                   

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

MIZUHO BANK, LTD., as a Lender and an
Increasing Lender  

By:    /s/ Edward Sacks                                               
         Name: Edward Sacks                                         
         Title:  Authorized Signatory                              

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

ROYAL BANK OF CANADA, 
as a Lender and an Increasing Lender

By:    /s/ Kristan Spivey                                              
         Name: Kristan Spivey                                        
          Title:  Authorized Signatory                             

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

BANK OF MONTREAL, 
as a Lender and an Increasing Lender

By:    /s/ Hill Taylor                                                    
         Name: Hill Taylor                                              
         Title:  Vice President                                         

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

SUMITOMO MITSUI BANKING
 CORPORATION, 
as a Lender and an Increasing Lender

By:    /s/ Michael Maguire                                          
         Name: Michael Maguire                                    
         Title:  Managing Director                                  

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

BBVA USA, 
as a Lender and an Increasing Lender

By:    /s/ Gabriela Azcarate                                         
         Name: Gabriela Azcarate                                   
         Title:  Senior Vice President                              

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

CRÉDIT AGRICOLE CORPORATE AND 
INVESTMENT BANK, 
as a Lender and an Increasing Lender  

By:    /s/ Michael Willis                                              
         Name: Michael Willis                                        
         Title:  Managing Director                                  

By:    /s/ Ting Lee                                                       
         Name: Ting Lee                                                 
         Title:  Director                                                    

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

CANADIAN IMPERIAL BANK OF 
COMMERCE, NEW YORK BRANCH 
as a Lender and an Increasing Lender  

By:    /s/ Trudy Nelson                                                
         Name: Trudy Nelson                                          
         Title:  Authorized Signatory                               

By:    /s/ Scott W. Danvers                                          
         Name: Scott W. Danvers                                    
         Title:  Authorized Signatory                               

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

TRUIST BANK 
as a Lender and an Increasing Lender  

By:    /s/ James Giordano                                            
         Name: James Giordano                                      
         Title:  Senior Vice President                              

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

FIFTH THIRD BANK, 
as a Lender and an Increasing Lender  

By:    /s/ Larry Hayes                                                  
         Name: Larry Hayes                                            
         Title:  Director                                                    

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, 
as a Lender and an Increasing Lender  

By:    /s/ Nupur Kumar                                                
         Name: Nupur Kumar                                          
         Title:  Authorized Signatory                               

By:    /s/ Christopher Zybrick                                     
         Name: Christopher Zybrick                               
         Title:  Authorized Signatory                              

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

HSBC BANK USA, N.A., as a Lender and an
Increasing Lender  

By:    /s/ Shaun R. Kleinman                                      
         Name: Shaun R. Kleinman                                
         Title:  Senior Vice President                              

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

REGIONS BANK, 
as a Lender and an Increasing Lender  

By:    /s/ Cody Chance                                                
         Name: Cody Chance                                          
         Title:  Vice President                                          

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

PNC BANK, NATIONAL ASSOCIATION, 
as a Lender and an Increasing Lender  

By:    /s/ Kyle T. Helfrick                                           
         Name: Kyle T. Helfrick                                     
         Title:  Vice President                                         

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

CITIZENS BANK, N.A., 
as a Lender and an Increasing Lender

By:    /s/ David Stye                                                    
         Name: David Stye                                                        
         Title:  Managing Director                                  

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

ABN AMRO Capital USA LLC, 
as a Lender and an Exiting Lender  

By:    /s/ Darrell W. Holley                                         
         Name: Darrell W. Holley                                   
         Title:  Managing Director                                   

By:    /s/ David Montgomery                                      
         Name: David Montgomery                                
         Title:  Managing Director                                  

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

ING CAPITAL LLC, 
as a Lender and an Exiting Lender   

By:    /s/ Juli Bieser                                                     
         Name: Juli Bieser                                               
         Title:  Managing Director                                   

By:    /s/ Lauren Gutterman                                        
         Name: Lauren Gutterman                                  
         Title:  Vice President                                         

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

NATIXIS, NEW YORK BRANCH, 
as a Lender and an Exiting Lender   

By:    /s/ Peter Bayard                                                 
         Name: Peter Bayard                                           
         Title:  Managing Director                                  

By:    /s/ Ajay Prakash                                                
         Name: Ajay Prakash                                          
         Title:  Director                                                   

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

KEYBANK NATIONAL ASSOCIATION, 
as a Lender and an Exiting Lender  

By:    /s/ George E. McKean                                      
         Name: George E. McKean                                
         Title:  Senior Vice President                             

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

GOLDMAN SACHS LENDING PARTNERS
LLC, as a Lender and an Increasing Lender  

By:    /s/ Jacob Elder                                                   
         Name: Jacob Elder                                             
         Title:  Authorized Signatory                              

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

MORGAN STANLEY SENIOR FUNDING, INC.,
 as a Lender and an Increasing Lender   

By:    /s/ Julie Lilienfeld                                              
         Name: Julie Lilienfeld                                        
         Title:  Authorized Signatory                               

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

SHELL TRADING RISK MANAGEMENT, LLC,
 as a Lender and an Increasing Lender  

By:    /s/ Carla E. Vincitore                                         
         Name: Carla E. Vincitore                                   
         Title:  President                                                   

Signature Page to Amendment No. 8 to Credit Agreement
(Southwestern Energy Company)

ANNEX I

SCHEDULE 1.01A

PRICING SCHEDULE

															
	Level	Facility Usage	Eurodollar Margin	ABR Margin	Commitment Fee Rate
	I	Greater than or equal to 90%	2.75%	1.75%	0.500%
	II	Greater than or equal to 75% but less than 90%	2.50%	1.50%	0.500%
	III	Greater than or equal to 50% but less than 75%	2.25%	1.25%	0.500%
	IV	Greater than or equal to 25% but less than 50%	2.00%	1.00%	0.375%
	V	Less than 25%	1.75%	0.75%	0.375%

Annex I

ANNEX II

Exiting Lenders

ING Capital LLC

Natixis, New York Branch  
                                                                       
ABN Amro Capital USA LLC

KeyBank National Association

Increasing Lenders

			
	JPMorgan Chase Bank, N.A.
	Bank of America, N.A.
	Wells Fargo Bank, National Association
	Citibank, N.A.
	MUFG Bank, Ltd.
	Mizuho Bank, Ltd.
	Royal Bank of Canada
	Bank of Montreal
	Sumitomo Mitsui Banking Corporation
	Crédit Agricole Corporate and Investment Bank
	Canadian Imperial Bank of Commerce, New York Branch
	BBVA USA
	Credit Suisse AG, Cayman Islands Branch
	Fifth Third Bank
	PNC Bank, National Association
	Citizens Bank, N.A.
	HSBC Bank USA, N.A.
	Regions Bank
	Goldman Sachs Lending Partners LLC
	Morgan Stanley Senior Funding, Inc.
	Shell Trading Risk Management, LLC
	Truist Bank

Annex II

ANNEX III

SCHEDULE 2.01
						
	LENDER	COMMITMENT
	JPMorgan Chase Bank, N.A.	$128,000,000
	Bank of America, N.A.	$128,000,000
	Wells Fargo Bank, National Association	$128,000,000
	Citibank, N.A.	$128,000,000
	MUFG Bank, Ltd.	$128,000,000
	Mizuho Bank, Ltd.	$128,000,000
	Royal Bank of Canada	$128,000,000
	Truist Bank	$128,000,000
	Bank of Montreal	$128,000,000
	PNC Bank, National Association	$128,000,000
	Crédit Agricole Corporate and Investment Bank	$110,000,000
	Sumitomo Mitsui Banking Corporation	$72,500,000
	Canadian Imperial Bank of Commerce, New York Branch	$72,500,000
	Credit Suisse AG, Cayman Islands Branch	$72,500,000
	BBVA USA	$72,500,000
	Citizens Bank, N.A.	$72,500,000
	HSBC Bank USA, N.A.	$72,500,000
	Fifth Third Bank	$70,000,000
	Regions Bank	$50,000,000
	Goldman Sachs Lending Partners LLC	$40,000,000
	Morgan Stanley Senior Funding, Inc.	$10,000,000
	Shell Trading Risk Management, LLC	$5,000,000
	AGGREGATE COMMITMENTS	$2,000,000,000

Annex III

ANNEX IV

SCHEDULE 1.01B

LC ISSUANCE LIMITS

						
	ISSUING BANK	LC ISSUANCE LIMIT
		
	JPMorgan Chase Bank, N.A.	$50,000,000.00
	Citibank, N.A.	$50,000,000.00
	Mizuho Bank, Ltd.	$50,000,000.00
	Bank of America, N.A.	$50,000,000.00
	Wells Fargo Bank, National Association	$50,000,000.00
	MUFG Bank, Ltd.	$50,000,000.00
	Royal Bank of Canada	$50,000,000.00
	Bank of Montreal	$50,000,000.00
	Truist Bank	$50,000,000.00
	PNC Bank, National Association	$50,000,000.00

Annex IV

ANNEX V

SCHEDULE 2.04A

MONTAGE LETTERS OF CREDIT

												
	Issuing Bank
	Beneficiary
	Letter of Credit Amount
	Issue Date

	Bank of Montreal
	Columbia Gas Transmission, LLC
	$13,468,500.00
	5/19/2014

	Bank of Montreal
	Equitrans LP
	$1,300,000.00
	4/1/2019

	Bank of Montreal
	Rockies Express Pipeline LLC
	$14,400,000.00
	4/19/2019

Annex V

ANNEX VI

Montage Loan Parties

1.         Eclipse Resources I, LP, a Delaware limited partnership

2.         Eclipse Resources-Ohio, LLC, a Delaware limited liability company

3.         Triad Hunter, LLC, a Delaware limited liability company

4.         Eclipse Resources-PA, LP, a Delaware limited partnership

Annex VI

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