Document:

EX-10.46

 EXHIBIT 10.46 
 BRADY CORPORATION 
 RESTRICTED STOCK UNIT AGREEMENT

 Upon management’s recommendation, the Management Development and Compensation Committee (the
“Committee”) of the Brady Corporation Board of Directors has awarded to Stephen Millar (“Employee”) a restricted stock unit award effective September 21, 2012 pursuant to the terms of the Brady Corporation 2012 Omnibus
Incentive Stock Plan (the “Plan”). The Corporation’s records shall be the official record of the grant described herein and, in the event of any conflict between this description and the Corporation’s records, the
Corporation’s records shall control. 
  

	 1.
	 Number of Units 

 This Restricted Stock Unit Award applies to 10,000 shares of the presently authorized Class A Nonvoting Common Stock of the Corporation, $.01 par value (the “Restricted Stock Units”). The
Restricted Stock Units granted under this Agreement are units that will be reflected in a book account maintained by the Corporation until they become vested or have been forfeited. 

 

	 2.
	 Vesting Requirements 

 The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below) shall be subject to the satisfaction of the conditions set forth in
Section 2(a) below: 
  

	 	 (a)
	 Vesting (Earnings per Share). The vesting requirement under this Section 2(a) shall be satisfied only if (i) the Earnings Per Share
for the Corporation’s fiscal years ending July 31, 2013 or July 31, 2014 are at least $2.68 (per the fiscal year audit accepted by the Audit Committee) and (ii) the Employee remains continuously employed by the Corporation (or an
Affiliate) from the date hereof until July 31, 2014. 

  

	 	 (b)
	 Forfeiture of Restricted Shares. Except as provided in Section 3, if the Employee terminates employment prior to the satisfaction of the
vesting requirements set forth in Section 2(a) above, the Restricted Stock Units shall immediately be forfeited. The period of time during which the Restricted Stock Units covered by this Award are forfeitable is referred to as the
“Restricted Period.” 

  

	 3.
	 Accelerated Vesting. 

  

	 	 (a)
	 Notwithstanding the terms and conditions of Section 2 hereof, in the event of the termination of the Employee’s employment with the
Corporation (and any Affiliate) prior to the end of the Restricted Period due to death or Disability, the Restricted Stock Units shall become fully vested. 

 

	 	 (b)
	 In the event of the termination of the Employee’s employment with the Corporation (and any Affiliate) prior to the end of the Restricted Period
due to a Change in Control, the Restricted Stock Units shall become unrestricted and fully vested. 

 For purposes of this Agreement, a “Change of Control” shall occur if any person or group of persons (as defined in Section 13(d)(3) of the Securities and Exchange Act of 1934) other than
the members of the family of William H. Brady, Jr. and their descendants, or trusts for their benefit, and the W. H. Brady Foundation, Inc., collectively, directly or indirectly controls in excess of 50% of the voting common stock of the
Corporation. 

 For purposes of this Agreement, a termination due to Change of Control shall
occur if within the 12 month period beginning with the date a Change of Control occurs (i) the Employee’s employment with the Corporation (and any Affiliate) is involuntarily terminated (other than by reason of death, disability or Cause)
or (ii) the Employee’s employment with the Corporation (and any Affiliate) is voluntarily terminated by the Employee subsequent to (A) a 10% or more diminution in the total of the Employee’s annual base salary (exclusive of
fringe benefits) and the Employee’s target bonus in comparison with the Employee’s total of annual base salary and target bonus immediately prior to the date the Change of Control occurs, (B) a significant diminution in the
responsibilities or authority of the Employee in comparison with the Employee’s responsibility and authority immediately prior to the date the Change of Control occurs or (C) the imposition of a requirement by the Corporation that the
Employee relocate to a principal work location more than 50 miles from the Employee’s principal work location immediately prior to the date the Change of Control occurs. 

For purposes of this Agreement, Cause means (i) the Employee’s willful and continued failure to substantially
perform the Employee’s duties with the Corporation (other than any such failure resulting from physical or mental incapacity) after written demand for performance is given to the Employee by the Corporation which specifically identifies the
manner in which the Corporation believes the Employee has not substantially performed and a reasonable time to cure has transpired, (ii) the Employee’s conviction of or plea of nolo contendere for the commission of a felony, or
(iii) the Employee’s commission of an act of dishonesty or of any willful act of misconduct which results in or could reasonably be expected to result in significant injury (monetarily or otherwise) to the Corporation, as determined in
good faith by the Committee. 
  

	 	 (c)
	 In the event of (i) the merger or consolidation of the Corporation with or into another corporation or corporations in which the Corporation is
not the surviving corporation, (ii) the adoption of any plan for the dissolution of the Corporation, or (iii) the sale or exchange of all or substantially all the assets of the Corporation for cash or for shares of stock or other
securities of another corporation, the Restricted Stock Units shall become fully vested. 

  

	 	 (d)
	 If the vesting of the Restricted Stock Units would result in any excise tax to the Employee as a result of Section 280G of the Code, the
Corporation shall pay the Employee an amount equal to such excise tax. 

  

	 4.
	 Dividend Account 

 The Corporation shall cause an account (the “Dividend Account”) to be established and maintained as part of the records of the Corporation to evidence the aggregate cash dividend equivalents
accrued by the Employee from time to time under this Section. If the Corporation pays a cash dividend on the Corporation Stock, the Employee shall accrue in his or her Dividend Account a cash dividend equivalent with respect to the Restricted Stock
Units covered by this Award as of the record date for the dividend, with each Restricted Stock Unit being equivalent to one share of Corporation Stock. No interest shall accrue on any amounts reflected in the Dividend Account. Subject to, and as
promptly as practicable following, the vesting of the Restricted Stock Units, the Corporation shall pay an amount in cash (without interest and subject to applicable withholding taxes) to the Employee equal to the aggregate cash dividend equivalents
accrued in the Employee’s Dividend Account. In the event that the Employee forfeits Employee’s rights to the Restricted Stock Units, the Employee also shall be deemed to have forfeited Employee’s rights to any cash dividend
equivalents accrued in the Employee’s Dividend Account. 
  

	 5.
	 Settlement of Restricted Stock Units. 

As soon as practicable after Restricted Stock Units become vested, the Company shall deliver to the Employee one share of
the Corporation’s Class A Nonvoting Common Stock, $.01 par value (“Corporation Stock”) for each Restricted Stock Unit which becomes vested. 
  

	 6.
	 Transfer Restrictions 

 This Award is non-transferable and may not be assigned, pledged or hypothecated and shall not be subject to execution, attachment or similar process. Upon any attempt to effect any such disposition, or
upon the levy of any such process, the Award shall immediately become null and void and the Restricted Stock Units shall be forfeited. 

	 7.
	 Withholding Taxes 

 The Corporation may require payment of or withhold any tax which it believes is payable as a result of the Restricted Stock Units becoming vested, and the Corporation may defer making delivery of the
Corporation Stock until arrangements satisfactory to the Corporation have been made with regard to any such withholding obligations. In lieu of part or all of any such payment, the Employee, in satisfaction of all withholding taxes (including,
without limitation, Federal income, FICA (Social Security and Medicare) and any state and local income taxes) payable as a result of such vesting, may elect, subject to such rules and regulations as the Committee may adopt from time to time, to have
the Corporation withhold that number of shares of Corporation Stock (valued at Fair Market Value on the date of vesting and rounded upward) required to settle such withholding taxes. 

 

	 8.
	 Death of Employee 

 If the Restricted Stock Units shall vest upon the death of the Employee, the shares of Corporation Stock and any amounts in the Employee’s Dividend Account shall be issued and paid to the estate of
the Employee unless the Corporation shall have theretofore received in writing a beneficiary designation, in which event they shall be issued and paid to the designated beneficiary. 

 

	 9.
	 Confidentiality, Non-Solicitation and Non-Compete 

As consideration for the grant of this Award, Employee agrees to, understands and acknowledges the following: 

 

	 	 (a)
	 During Employee’s employment with the Corporation and its Affiliates (the “Company”), the Company will provide Employee with
Confidential Information relating to the Company, its business and clients, the disclosure or misuse of which would cause severe and irreparable harm to the Company. Employee agrees that all Confidential Information is and shall remain the sole and
absolute property of the Company. Upon the termination of Employee’s employment with the Company for any reason, Employee shall immediately return to the Company all documents and materials that contain or constitute Confidential Information,
in any form whatsoever, including but not limited to, all copies, abstracts, electronic versions, and summaries thereof. Executive further agrees that, without the written consent of the Chief Executive Officer of the Corporation or, in the case of
the Chief Executive Officer of the Corporation, without the written approval of the Board of Directors of the Corporation, Employee will not disclose, use, copy or duplicate, or otherwise permit the use, disclosure, copying or duplication of any
Confidential Information of the Company, other than in connection with the authorized activities conducted in the course of Employee’s employment with the Company. Employee agrees to take all reasonable steps and precautions to prevent any
unauthorized disclosure, use, copying or duplication of Confidential Information. For purposes of this Agreement, Confidential Information means any and all financial, technical, commercial or other information concerning the business and affairs of
the Company that is confidential and proprietary to the Company, including without limitation, 

  

	 	 (i)
	 information relating to the Company’s past and existing customers and vendors and development of prospective customers and vendors, including
specific customer product requirements, pricing arrangements, payments terms, customer lists and other similar information; 

  

	 	 (ii)
	 inventions, designs, methods, discoveries, works of authorship, creations, improvements or ideas developed or otherwise produced, acquired or used
by the Company; 

  

	 	 (iii)
	 the Company’s proprietary programs, processes or software, consisting of but not limited to, computer programs in source or object code and all
related documentation and training materials, including all upgrades, updates, improvements, derivatives and modifications thereof and including programs and documentation in incomplete stages of design or research and development;

	 	 (iv)
	 the subject matter of the Company’s patents, design patents, copyrights, trade secrets, trademarks, service marks, trade names, trade dress,
manuals, operating instructions, training materials, and other industrial property, including such information in incomplete stages of design or research and development; and 

 

	 	 (v)
	 other confidential and proprietary information or documents relating to the Company’s products, business and marketing plans and techniques,
sales and distribution networks and any other information or documents which the Company reasonably regards as being confidential. 

  

	 	 (b)
	 Employee agrees that, without the written consent of the Chief Executive Officer of the Corporation, in the case of the Chief Executive Officer of
the Corporation, without the written approval of the Board of Directors of the Corporation, Employee shall not engage in any of the conduct described in subsections (i) or (ii), below, either directly or indirectly, or as an employee,
contractor, consultant, partner, officer, director or stockholder, other than a stockholder of less than 5% of the equities of a publicly traded corporation, or in any other capacity for any person, firm, partnership or corporation:

  

	 	 (i)
	 During the time of Employee’s employment with Company, Employee will not: (A) perform duties as or for a Competitor; or
(B) participate in the inducement of or otherwise encourage Company employees, clients, or vendors to currently and/or prospectively breach, modify, or terminate any agreement or relationship they have or had with Company.

  

	 	 (ii)
	 For a period of 12 months following the termination of Employee’s employment with Company, Employee will not: (A) perform duties as or for
a Competitor that are the same as or similar to the duties performed by Employee for the Company at any time during any part of the 24 month period preceding the termination of Employee’s employment with Company; or (B) participate in the
inducement of or otherwise encourage Company employees, clients, or vendors to currently and/or prospectively breach, modify, or terminate any agreement or relationship they have or had with Company during any part of the 24 month period preceding
the termination of Employee’s employment with Company. 

 For purposes of this Agreement,
a Competitor shall mean any corporation, person, firm or organization (or division or part thereof) engaged in or about to become engaged in research and development work on, or the production and/or sale of, any product or service which is directly
competitive with one with respect to which Employee acquired Confidential Information by reason of Employee’s work with the Company. 
  

	 	 (c)
	 Employee acknowledges and agrees that compliance with this Section 9 is necessary to protect the Company, and that a breach of any of this
Section 9 will result in irreparable and continuing damage to the Company for which there will be no adequate remedy at law. In the event of a breach of this Section 9, or any part thereof, the Company, and its successors and assigns,
shall be entitled to injunctive relief and to such other and further relief as is proper under the circumstances. The Company shall institute and prosecute proceedings in any Court of competent jurisdiction either in law or in equity to obtain
damages for any such breach of this Section 9, or to enjoin Employee from performing services in breach of Section 9(b) during the term of employment and for a period of 12 months following the termination of employment. Employee hereby
agrees to submit to the jurisdiction of any Court of competent jurisdiction in any disputes that arise under this Agreement. 

  

	 	 (d)
	 Employee further agrees that, in the event of a breach of this Section 9, the Corporation shall also be entitled to recover the value of any
amounts previously paid or payable or any shares (or the value of any shares) delivered or deliverable to Employee pursuant to any Company bonus program, this Agreement, and any other Company plan or arrangement. 

	 	 (e)
	 Employee agrees that the terms of this Section 9 shall survive the termination of Employee’s employment with the Company.

  

	 	 (f)
	 EMPLOYEE HAS READ THIS SECTION 9 AND AGREES THAT THE CONSIDERATION PROVIDED BY THE CORPORATION IS FAIR AND REASONABLE AND FURTHER AGREES THAT GIVEN
THE IMPORTANCE TO THE COMPANY OF ITS CONFIDENTIAL AND PROPRIETARY INFORMATION, THE POST-EMPLOYMENT RESTRICTIONS ON EMPLOYEE’S ACTIVITIES ARE LIKEWISE FAIR AND REASONABLE. 

 

	 10.
	 Clawback 

 This Award is subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of
which could in certain circumstances require repayment or forfeiture of awards or any shares of Corporation Stock or other cash or property received with respect to the awards (including any value received from a disposition of the shares acquired
upon payment of the awards). 
  

	 11.
	 Adjustment of Shares 

 The terms and provisions of this Award (including, without limitation, the terms and provisions relating to the number and class of shares subject to this Award) shall be subject to appropriate adjustment
in the event of any recapitalization, merger, consolidation, disposition of property or stock, separation, reorganization, stock dividend, issuance of rights, combination or split-up or exchange of shares, or the like. 

 

	 12.
	 Provisions of Plan Controlling 

This Award is subject in all respects to the provisions of the Plan. In the event of any conflict between any provisions
of this Award and the provisions of the Plan, the provisions of the Plan shall control, except to the extent the Plan permits the Committee to modify the terms of an Award grant and has done so herein. Terms defined in the Plan where used herein
shall have the meanings as so defined. Employee acknowledges receipt of a copy of the Plan. 
  

	 13.
	 Wisconsin Contract 

 This Award has been granted in Wisconsin and shall be construed under the laws of that state. 
 IN WITNESS WHEREOF, the Corporation has granted this Award as of the day and year first above written. 
  

			
	 BRADY CORPORATION

		
	 By:
	 	 
	 Name:
	 	 
	 Its:
	 	 

 EMPLOYEE’S ACCEPTANCE 

I,
                    , hereby accept the foregoing Award and agree to the terms and conditions thereof, including the restrictions contained in
Section 9 of this Agreement. 
  

			
	 EMPLOYEE: STEPHEN MILLAR

		
	 Signature:
	 	 
	 Print Name:First Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 Execution Version 
 FIRST AMENDMENT 

AMENDED AND RESTATED CREDIT AGREEMENT 
 dated as of September 25, 2012 
 among 

Dune Energy, Inc., 
 as Borrower, 
 Bank of Montreal, 

as Administrative Agent, 
 CIT Capital Securities LLC, 
 as Syndication Agent, 

and 

The Guarantors and Lenders Party Hereto 
 BMO Capital Markets Corp. 
 Sole Lead Arranger and Sole Bookrunner

 FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) dated as of September 25, 2012, is among DUNE ENERGY, INC., a Delaware corporation (the
“Borrower”); certain of the lenders party to the Credit Agreement referred to below (collectively, the “Required Lenders”); and BANK OF MONTREAL, as administrative agent for the Lenders (in such capacity, together
with its successors in such capacity, the “Administrative Agent”). 
 R E C I T A L S 

A. The Borrower, the Administrative Agent and the Required Lenders are parties to that certain Amended and Restated Credit Agreement
dated as of December 22, 2012 (the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 
 B. The Borrower has informed the Administrative Agent that Dune Operating Company, a Subsidiary of the Borrower, previously entered into an Emission Reduction Credits Purchase and Sale Agreement dated
August 9, 2012 with Element Markets, LLC (the “ERC Agreement”) and the Borrower has requested, and the Administrative Agent and the Required Lenders have agreed, that the provisions of Section 9.12 of the Credit Agreement be
waived with respect to the ERC Agreement. 
 C. The Borrower has requested and the Required Lenders have agreed to amend certain
provisions of the Credit Agreement as set forth herein and affirm the current amount of the Borrowing Base. 
 D. Now, therefore,
to induce the Administrative Agent and the Required Lenders to enter into this First Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each capitalized term used
herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this First Amendment. Unless otherwise indicated, all section references in this First Amendment refer to sections of the Credit
Agreement. 
 Section 2. Amendments to Credit Agreement. 

2.1 Amendments to Section 1.02. Section 1.02 is hereby amended by deleting the defined term “Agreement” in its
entirety and replacing it with the following: 
 “Agreement” means this Amended and Restated
Credit Agreement, as amended by that certain First Amendment dated as of September 25, 2012, as the same may from time to time be amended, modified, supplemented or restated. 

  
 1 

 2.2 Amendment to Section 8.01. Section 8.01 is hereby amended by inserting
the following clause (p) after clause (o) in such Section: 
 “(p) Accounts Payable Aging
Report. As soon as practicable and in any event within five (5) business days after the request of the Administrative Agent, an accounts payable aging report listing items which are customarily found in such reports for the most recently
ended calendar month. This reporting requirement shall terminate on the last day of the first full fiscal quarter ending after January 1, 2013.” 
 2.3 Amendment to Section 9.01(a). Section 9.01(a) is hereby amended and restated in its entirety to read as follows: 

(a) Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter ending on or
after December 31, 2011, permit its ratio of Total Debt as of such day to EBITDAX for the immediately preceding four fiscal quarters ending on such day to be greater than the ratio set forth below: 

 

			
	Period	  	Ratio
	September 30, 2012	  	5.0 to 1.0
	December 31, 2012	  	5.0 to 1.0
	March 31, 2013 and thereafter	  	4.0 to 1.0

 2.4 Amendment to Section 9.12. Section 9.12 is hereby amended by deleting the phrase
“and” at the end of clause (e) thereof, replacing the period at the end of clause (f) thereof with the phrase “; and” and by inserting the following clause (g) at the end of such Section: 

“(g) sales of emission reduction credits and other carbon sequestration or environmental credits.” 

Section 3. Borrowing Base Redetermination. For the period from and including the Effective Date of this First Amendment to but
excluding the next Redetermination Date, the amount of the Borrowing Base shall be $50,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e),
Section 8.13(c) or Section 9.12(d). 
 Section 4. Waiver. Subject to the conditions precedent set forth in
Section 5 of this First Amendment and the ratification and affirmation set forth in Section 6.2 of this First Amendment, the Administrative Agent and the Required Lenders herby waive the provisions of Section 9.12 with regard to the
ERC Agreement. 

  
 2 

 Section 5. Conditions Precedent. This First Amendment shall become effective on the
date (such date, the “First Amendment Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 12.02): 
 5.1 The Administrative Agent shall have received from the Required Lenders and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on
behalf of such Person. 
 5.2 The Administrative Agent and the Lenders shall have received all fees and other amounts due and
payable on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement. 

5.3 No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this First Amendment.

 5.4 The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may
reasonably require. 
 The Administrative Agent is hereby authorized and directed to declare this First Amendment to be
effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section or the waiver of such conditions as permitted in Section 12.02. Such
declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 
 Section 6.
Miscellaneous. 
 6.1 Confirmation. The provisions of the Credit Agreement, as amended by this First Amendment,
shall remain in full force and effect following the effectiveness of this First Amendment. 
 6.2 Ratification and
Affirmation; Representations and Warranties. The Borrower and each Guarantor hereby (a) acknowledges the terms of this First Amendment, (b) ratifies and affirms its obligations under, and acknowledges its continued liability under,
each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after
giving effect to the terms of this First Amendment: 
 (i) all of the representations and warranties contained in
each Loan Document to which it is a party are true and correct in all material respects (except those which have a materiality qualifier, which shall be true and correct as so qualified), except to the extent any such representations and warranties
are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, and 

(ii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect. 

  
 3 

 6.3 Counterparts. This First Amendment may be executed by one or more of the parties
hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this First Amendment by facsimile transmission or electronic transmission in portable
document format (.pdf) shall be effective as delivery of a manually executed counterpart hereof. 
 6.4 NO ORAL AGREEMENT.
THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 
 6.5 GOVERNING
LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 
 6.6
Payment of Expenses. In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection
with this First Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent. 

6.7 Severability. Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 6.8 Successors and Assigns. This First Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 
 6.9 Loan Document. This First
Amendment is a Loan Document. 

  
 4 

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

					
	BORROWER:	 	DUNE ENERGY, INC.
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	GUARANTORS:	 	DUNE OPERATING COMPANY
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
		 	DUNE PROPERTIES, INC.
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	

 [Signature Page First Amendment] 

 
			
	BANK OF MONTREAL, as Administrative
Agent and a Lender
		
	 By:
	 	 
		 	 Name:

		 	 Title:

 [Signature Page First Amendment] 

 
			
	CIT Bank, as a Lender
		
	 By:
	 	 
		 	 Name:

		 	 Title:

 [Signature Page First Amendment]

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