Document:

ex_175515.htm

Exhibit 4.3

 

DESCRIPTION OF CAPITAL STOCK 

 

The following description of the capital stock of W&T Offshore, Inc. (the “Company,” “we,” “us” and “our”) is based upon the Company’s Amended and Restated Articles of Incorporation, as amended (our “articles of incorporation”) and the Company’s Second Amended and Restated Bylaws (our “bylaws”) and applicable provisions of law. The following summary does not purport to be complete and is subject to and is qualified in its entirety by reference to the provisions of applicable law and to our articles of incorporation and bylaws.

 

Authorized Capital Stock

 

Our authorized capital stock currently consists of 200,000,000 shares of common stock and 20,000,000 shares of preferred stock.

 

Our common stock trades on the New York Stock Exchange under the symbol “WTI.”

 

Common Stock 

 

Holders of common stock are entitled to one vote per share with respect to each matter presented to our shareholders on which the holders of common stock are entitled to vote. Except as may be provided in connection with any preferred stock in a certificate of designation filed pursuant to the Texas Business Organizations Code, or the TBOC, or as may otherwise be required by law or our articles of incorporation, our common stock is the only series of capital stock entitled to vote in the election of directors and on all other matters presented to our shareholders. The common stock does not have cumulative voting rights. No share of common stock affords any preemptive rights or is convertible, redeemable, assessable or entitled to the benefits of any sinking or repurchase fund.

 

Subject to the prior rights of holders of preferred stock, if any, holders of common stock are entitled to receive dividends as may be lawfully declared from time to time by our board of directors. Upon our liquidation, dissolution or winding up, whether voluntary or involuntary, holders of common stock will be entitled to receive such assets as are available for distribution to our shareholders after there shall have been paid or set apart for payment the full amounts necessary to satisfy any preferential or participating rights to which the holders of each outstanding series of preferred stock are entitled by the express terms of the series.

 

The shares of our common stock presently outstanding are fully paid and non-assessable.

 

Anti-Takeover Provisions under Texas Law, our Articles of Incorporation and Bylaws 

 

We are a Texas corporation and, are subject to Subchapter M of Chapter 21 of the TBOC regarding affiliated business combinations. In general, this law prevents us from engaging in a business combination with an affiliated shareholder, or any affiliate or associate of an affiliated shareholder, for the three-year period immediately after the date such person became an affiliated shareholder, unless:

 

	 	
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			our board of directors approves the acquisition of shares that causes such person to become an affiliated shareholder before the date such person becomes an affiliated shareholder;

			

 

	 	
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			our board of directors approves the business combination before the date such person becomes an affiliated shareholder; or

			

 

	 	
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			holders of at least two-thirds of our outstanding voting shares not beneficially owned by the affiliated shareholder or its affiliates or associates approve the business combination at least six months after the date such person becomes an affiliated shareholder.

			

 

Under this law, any person that owns or has owned 20% or more of our voting shares during the three-year period preceding a business combination is an “affiliated shareholder.” The law defines “business combination” generally as including:

 

	 	
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			mergers, share exchanges or conversions involving an affiliated shareholder;

			

 

	 	
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			dispositions of assets involving an affiliated shareholder:

			

 

	 	
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			having an aggregate value equal to 10% or more of the market value of our assets,

			

 

	 	
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			having an aggregate value equal to 10% or more of the market value of our outstanding common stock, or

			

 

	 	
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			representing 10% or more of our earning power or net income;

			

 

	 	
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			issuances or transfers of securities by us to an affiliated shareholder other than on a pro rata basis;

			

 

	 	
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			plans or agreements relating to our liquidation or dissolution involving an affiliated shareholder;

			

 

	 	
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			reclassifications, recapitalizations, distributions or other transactions that would have the effect of increasing an affiliated shareholders’ percentage ownership of our outstanding voting stock; and

			

 

	 	
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			the receipt of tax, guarantee, pledge, loan or other financial benefits by an affiliated shareholder other than proportionally as one of our shareholders.

			

 

Written Consent of Shareholders 

 

Our articles of incorporation provide that any action by our shareholders must be taken at an annual or special meeting of shareholders. Special meetings of the shareholders may be called only by holders of not less than 30% of all the shares entitled to vote or by the Chairman of the Board, the President or the Board of Directors.

 

Advance Notice Procedure for Shareholder Proposals 

 

Our bylaws establish an advance notice procedure for the nomination of candidates for election as directors as well as for shareholder proposals to be considered at annual meetings of shareholders. In general, notice of intent to nominate a director must contain specific information concerning the person to be nominated and must be delivered to and received at our principal executive offices as follows:

 

	 	
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			with respect to an election to be held at the annual meeting of shareholders, not less than 90 days nor more than 120 days prior to the first anniversary date of the preceding year’s annual meeting of shareholders; and

			

 

	 	
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			with respect to an election to be held at a special meeting of shareholders for the election of directors, not earlier than the close of business on the 120th day prior to the special meeting and not later than the close of business on the later of the 90th day prior to the special meeting or the 10th day following the day on which public disclosure is first made of the date of the special meeting.

			

 

Notice of shareholders’ intent to raise business at an annual meeting must be delivered to and received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the preceding year’s annual meeting of shareholders. These procedures may operate to limit the ability of shareholders to bring business before a shareholders meeting, including with respect to the nomination of directors or considering any transaction that could result in a change of control.

 

Removal of Director 

 

Our bylaws provide that neither any director nor the board of directors may be removed without cause and that any removal for cause would require the affirmative vote of the holders of at least 60% of the voting power of the outstanding capital stock entitled to vote for the election of directors.ex_174540.htm

Exhibit 10.14

 

FIRST AMENDMENT TO SIXTH AMENDED

AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (herein called this “First Amendment”), dated as of November 27, 2019 (the “Effective Date”), is entered into by and among W&T OFFSHORE, INC., a Texas corporation, as the borrower (the “Borrower”), the Guarantor Subsidiaries party hereto, the various financial institutions parties hereto, as Lenders, TORONTO DOMINION (TEXAS) LLC, individually and as agent (in such capacity together with any successors thereto, the “Administrative Agent”) for the Lenders, and the issuers of letters of credit parties hereto, as issuers (collectively, the “Issuers”).

 

WITNESSETH

 

WHEREAS, the Borrower, the lenders party thereto (collectively, the “Lenders”), the Administrative Agent, the Issuers and the other parties thereto have heretofore executed that certain Sixth Amended and Restated Credit Agreement, dated as of October 18, 2018 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the parties hereto hereby further intend to amend certain provisions of the Credit Agreement, in each case on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the undersigned hereby agree as follows:

 

1.     Definitions. Capitalized terms used herein (including in the Recitals hereto) but not defined herein, shall have the meanings as given them in the Credit Agreement, unless the context otherwise requires.

 

2.     Amendments to Credit Agreement. Effective as of the First Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as set forth on Exhibit A attached hereto such that all of the newly inserted and underscored provisions and any formatting changes reflected therein shall be deemed inserted or made, as applicable, and all of the stricken provisions shall be deemed to be deleted therefrom. Schedules and Exhibits to the Credit Agreement shall remain as in effect under the Credit Agreement prior to the First Amendment Effective Date.

 

3.     Representations and Warranties. The Borrower hereby represents and warrants that after giving effect hereto:

 

(a)     the representations and warranties of the Borrower and its Restricted Persons contained in the Loan Documents (as amended hereby) are true and correct in all material respects (unless such representation or warranty is qualified by materiality, in which event such representation or warranty shall be true and correct in all respects) on and as of the First Amendment Effective Date, other than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain correct in all material respects as of such earlier date (unless such representation or warranty is qualified by materiality, in which event such representation or warranty is true and correct in all respects as of such earlier date);

 

(b)     the execution, delivery and performance by the Borrower and its Restricted Persons of this First Amendment are within their corporate or limited liability company powers, have been duly authorized by all necessary action, require, in respect of any of them, no action by or in respect of, or filing with, any governmental authority which has not been performed or obtained and do not contravene, or constitute a default under, any provision of Law or regulation or the articles of incorporation or the bylaws of any of them or any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or its Restricted Persons or result in the creation or imposition of any Lien on any asset of any of them except as contemplated by the Loan Documents other than, in each case, as would not reasonably be expected to cause or result in a Material Adverse Change;

 

(c)     the execution, delivery and performance by the Borrower and its Restricted Persons of this First Amendment constitutes the legal, valid and binding obligation of each of them enforceable against them in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency or similar Laws of general application relating to enforcement of creditors’ rights; and

 

(d)     no Default or Event of Default has occurred and is continuing.

 

4.     Subsidiaries. Schedule 1 attached hereto sets forth, as of the date hereof, each Subsidiary of Borrower and identifies whether or not such Subsidiary is an Excluded Subsidiary (including pursuant to a specific clause of the definition of Excluded Subsidiary) and identifies the Investment Percentage owned in such Person.

 

5.     Redetermination of Borrowing Base. The Borrower and the Lenders hereby agree that effective as of the date hereof, the Borrowing Base shall be equal to $250,000,000 until such time as the Borrowing Base is redetermined or otherwise adjusted pursuant to the terms of the Credit Agreement.

 

6.     Conditions to Effectiveness of Amendments. The amendments in Section 2 of this First Amendment shall each be effective on the date on which all of the following conditions in this Section 6 of this First Amendment are satisfied (such date, the “First Amendment Effective Date”).

 

(a)     The Administrative Agent shall have received counterparts of this First Amendment duly executed by the Borrower, the Guarantor Subsidiaries, the Administrative Agent and the Required Lenders.

 

(b)     The Administrative Agent shall have received a customary opinion of Vinson & Elkins LLP, counsel for the Borrower in form and substance reasonably satisfactory to the Administrative Agent, subject to customary exceptions and qualifications.

 

(c)     The Administrative Agent shall have received all fees and expenses to the extent invoiced at least one (1) Business Day prior to the First Amendment Effective Date.

 

(d)     Substantially concurrently with the First Amendment Effective Date (but no later than 90 days after the date of this First Amendment) the Borrower or any of its Restricted Subsidiaries (as defined in the Credit Agreement, as amended by this First Amendment) shall sell certain assets acquired by the Borrower or such Restricted Subsidiary from ExxonMobil to a newly formed Subsidiary which shall be designated as an Unrestricted Subsidiary (as defined in the Credit Agreement, as amended by this First Amendment), the Borrower or such Restricted Subsidiary shall have received Net Cash Proceeds for such sale in an amount of at least $100,000,000 and the Borrower shall prepay, or cause to be prepaid, the outstanding Loans at such time in an amount of at least $100,000,000 (or if a lesser amount is then outstanding, such lesser amount) of the Net Cash Proceeds received from such sale (the transactions described in this Section 6, the “Mobile Bay Transactions”).

 

7.     Ratification: Loan Document. This First Amendment shall be deemed to be an amendment to the Credit Agreement effective as of the dates set forth herein, and the Credit Agreement, as hereby and by the First Amendment amended, is hereby ratified, approved and confirmed in each and every respect. The Borrower and each Guarantor Subsidiary hereby ratifies, approves and confirms in every respect all the terms, provisions, conditions and obligations of the Loan Documents (including, without limitation, all Security Documents) to which it is a party. All references to the Credit Agreement in any Loan Document or in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement as hereby amended. This First Amendment is a Loan Document.

 

8.     Costs And Expenses. As provided in Section 10.4 of the Credit Agreement, the Borrower agrees to reimburse the Administrative Agent for all reasonable costs and expenses incurred by or on behalf of the Administrative Agent (including attorneys’ fees, consultants’ fees and engineering fees, travel costs and miscellaneous expenses) in connection with this First Amendment and any other agreements, documents, instruments, releases, terminations or other collateral instruments delivered by the Administrative Agent in connection with this First Amendment.

 

9.     GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.     Severability. If any term or provision of this First Amendment shall be determined to be illegal or unenforceable all other terms and provisions of this First Amendment shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable Law.

 

11.     Counterparts. This First Amendment may be separately executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same agreement. Any signature hereto delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

12.     Successors and Assigns. This First Amendment shall be binding upon the Borrower and its successors and permitted assigns and shall inure, together with all rights and remedies of each Lender Party hereunder, to the benefit of each Lender Party and its successors, transferees and assigns.

 

13.     No Waiver. The execution, delivery and effectiveness of this First Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of this First Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.

 

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

 

BORROWER:

 

W&T OFFSHORE, INC.

 

By:     /s/ Janet Yang

Name: Janet Yang

Title: Executive Vice President and Chief Financial Officer

 

 

 

 

 

 

TORONTO DOMINION (TEXAS) LLC, as Administrative Agent

 

By:     /s/ Katherine Hawara

Name: Katherine Hawara

Title: Authorized Signatory

 

 

 

 

 

 

THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as Lender and Issuer

 

By:     /s/ Katherine Hawara

Name: Katherine Hawara

Title: Authorized Signatory

 

 

 

 

 

 

MORGAN STANLEY BANK, N.A., as Lender

 

By:     /s/ Kevin Newman

Name: Kevin Newman

Title: Authorized Signatory

 

 

 

 

 

 

NATIXIS, NEW YORK BRANCH, as Lender

 

By:     /s/ Vikram Nath

Name: Vikram Nath

Title: Director

 

By:     /s/ Brian O’Keefe

Name: Brian O’Keefe

Title: Vice President

 

 

 

 

 

 

SOCIÉTÉ GENERALE, as Lender

 

By:     /s/ Hallie Ransone

Name: Hallie Ransone

Title: Director

 

 

 

 

 

 

SOCIÉTÉ GENERALE, as Issuer

 

By:     /s/ Hallie Ransone

Name: Hallie Ransone

Title: Director

 

 

 

 

 

 

ZIONS BANCORPORATION, N.A. DBA AMEGY BANK, as Lender

 

By:     /s/ John Moffitt

Name: John Moffitt

Title: Vice President

 

By:     /s/ Patricia Smolik

Name: Patricia (Patty) Smolik

Title: Assistant Vice President

 

 

 

 

 

 

ABN AMRO CAPITAL USA LLC, as Lender

 

By:     /s/ Darrell Holley

Name: Darrell Holley

Title: Managing Director

 

By:     /s/ Beth Johnson

Name: Beth Johnson

Title: Executive Director

 

 

 

 

 

 

ACKNOWLEDGED AND ACCEPTED BY:

 

W & T ENERGY VI, LLC

 

By:     /s/ Janet Yang

Name: Janet Yang

Title: Executive Vice President and Chief Financial Officer

 

W & T ENERGY VII, LLC

 

By:     /s/ Janet Yang

Name: Janet Yang

Title: Executive Vice President and Chief Financial Officer

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