Document:

2006 Employee Stock Purchase Plan, as amended

 Exhibit 10.5 
 DIALOGIC INC. 
 2006 EMPLOYEE
STOCK PURCHASE PLAN 
 ADOPTED BY
THE BOARD OF DIRECTORS: JUNE 29, 2006 

APPROVED BY THE STOCKHOLDERS: MARCH 23, 2007 

AMENDED BY THE BOARD OF DIRECTORS:
APRIL 30, 2011 
 APPROVED BY THE STOCKHOLDERS:
MAY 27, 2011 
 1. GENERAL. 
 (a) The purpose of the Plan is to provide a means by which Employees of the Company and certain designated Related Corporations may be given an opportunity to purchase shares of the Common Stock of
the Company. 
 (b) The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and
retain the services of new Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 
 (c) The Company intends that the Purchase Rights be considered options issued under an Employee Stock Purchase Plan. 
 2. ADMINISTRATION. 
 (a) The Board shall administer
the Plan unless and until the Board delegates administration of the Plan to a Committee, as provided in Section 2(c). 

(b) The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i) To determine when and how Purchase Rights to purchase shares of Common Stock shall be granted and the
provisions of each Offering of such Purchase Rights (which need not be identical). 
 (ii) To designate
from time to time which Related Corporations of the Company shall be eligible to participate in the Plan. 

(iii) To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and
regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

 (iv) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in
the Plan by Employees who are foreign nationals or employed outside the United States. 
 (v) To amend the
Plan as provided in Section 13. 
 (vi) Generally, to exercise such powers and to perform such acts
as it deems necessary or expedient to promote the best interests of the Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan. 

(c) The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is
delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of
the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the
Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at 

  
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any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board shall have the final
power to determine all questions of policy and expediency that may arise in the administration of the Plan. 
 (d) All
determinations, interpretations and constructions made by the Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. 
 3. SHARES OF COMMON STOCK SUBJECT TO THE PLAN. 

(a) Subject to the provisions of Section 12(a) relating to Capitalization Adjustments, the shares of Common Stock that may be
sold pursuant to Purchase Rights shall not exceed in the aggregate 75,000 shares of Common Stock. In addition, the number of shares of Common Stock available for issuance under the Plan shall automatically increase on January 1st of each year,
commencing in 2008 and ending on (and including) January 1, 2016, in an amount equal to the lesser of (i) one percent (1%) of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year,
or (ii) 150,000 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year, to provide that there shall be no increase in the share reserve for such calendar year or that the increase in
the share reserve for such calendar year shall be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence. 
 (b) If any Purchase Right granted under the Plan shall for any reason terminate without having been exercised, the shares of Common Stock not purchased under such Purchase Right shall again become
available for issuance under the Plan. 
 (c) The stock purchasable under the Plan shall be shares of authorized but
unissued or reacquired Common Stock, including shares repurchased by the Company on the open market. 
 4. GRANT
OF PURCHASE RIGHTS; OFFERING. 
 (a) The Board may from
time to time grant or provide for the grant of Purchase Rights to purchase shares of Common Stock under the Plan to Eligible Employees in an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the
Board. Each Offering shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate, which shall comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights
shall have the same rights and privileges. The terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering shall
include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering shall be effective, which period shall not exceed twenty-seven (27) months
beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive. 

(b) If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in
agreements or notices delivered hereunder: (i) each agreement or notice delivered by that Participant shall be deemed to apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or
an earlier-granted Purchase Right, if different Purchase Rights have identical exercise prices) shall be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different
Purchase Rights have identical exercise prices) shall be exercised. 
 (c) The Board shall have the discretion to
structure an Offering so that if the Fair Market Value of the shares of Common Stock on the first day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of the shares of Common Stock on the Offering Date,
then (i) that Offering shall terminate immediately, and (ii) the Participants in such terminated Offering shall be automatically enrolled in a new Offering beginning on the first day of such new Purchase Period. 

  
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 5. ELIGIBILITY. 

(a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate as provided in
Section 2(b), to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee shall not be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee has been in the employ of
the Company or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event shall the required period of continuous employment be greater than two (2) years. In
addition, the Board may provide that no Employee shall be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than twenty
(20) hours per week and more than five (5) months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code. 
 (b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee shall, on a date or dates specified in the Offering which coincides with the day
on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right shall thereafter be deemed to be a part of that Offering. Such Purchase Right shall have the same
characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Purchase Right is granted shall be the “Offering Date” of such Purchase Right
for all purposes, including determination of the exercise price of such Purchase Right; 
 (ii) the period
of the Offering with respect to such Purchase Right shall begin on its Offering Date and end coincident with the end of such Offering; and 
 (iii) the Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the Offering, he or she shall not receive any Purchase Right
under that Offering. 
 (c) No Employee shall be eligible for the grant of any Purchase Rights under the Plan if,
immediately after any such Purchase Rights are granted, such Employee owns stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes
of this Section 5(c), the rules of Section 424(d) of the Code shall apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options shall be treated as
stock owned by such Employee. 
 (d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be
granted Purchase Rights under the Plan only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to
purchase stock of the Company or any Related Corporation to accrue at a rate which exceeds twenty five thousand dollars ($25,000) of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the
Plan, shall be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding at any time. 
 (e) Officers of the Company and any designated Related Corporation, if they are otherwise Eligible Employees, shall be eligible to participate in Offerings under the Plan. Notwithstanding the
foregoing, the Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code shall not be eligible to participate. 

6. PURCHASE RIGHTS; PURCHASE PRICE. 

(a) On each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, shall be granted a Purchase Right
to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the Board, but in either case not exceeding 

  
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fifteen percent (15%) of such Employee’s earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board
determines for a particular Offering) and ends on the date stated in the Offering, which date shall be no later than the end of the Offering. 
 (b) The Board shall establish one (1) or more Purchase Dates during an Offering as of which Purchase Rights granted pursuant to that Offering shall be exercised and purchases of shares of
Common Stock shall be carried out in accordance with such Offering. 
 (c) In connection with each Offering made under
the Plan, the Board may specify a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering. In connection with each Offering made under the Plan, the Board may specify a maximum
aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering. In addition, in connection with each Offering that contains more than one Purchase Date, the Board may specify a maximum aggregate number
of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed any
such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated earnings contributions) allocation of the shares of Common Stock available shall be made in as nearly a
uniform manner as shall be practicable and equitable. 
 (d) The purchase price of shares of Common Stock acquired
pursuant to Purchase Rights shall be not less than the lesser of: 
 (i) an amount equal to eighty-five
percent (85%) of the Fair Market Value of the shares of Common Stock on the Offering Date; or 
 (ii)
an amount equal to eighty-five percent (85%) of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date. 

7. PARTICIPATION; WITHDRAWAL; TERMINATION. 

(a) An Eligible Employee may elect to authorize payroll deductions pursuant to an Offering under the Plan by completing and
delivering to the Company, within the time specified in the Offering, an enrollment form (in such form as the Company may provide). Each such enrollment form shall authorize an amount of Contributions expressed as a percentage of the submitting
Participant’s earnings (as defined in each Offering) during the Offering (not to exceed the maximum percentage specified by the Board). Each Participant’s Contributions shall be credited to a bookkeeping account for such Participant under
the Plan and shall be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited with a third party. To the extent provided in the Offering, a Participant may begin such Contributions after
the beginning of the Offering. To the extent provided in the Offering, a Participant may thereafter reduce (including to zero) or increase his or her Contributions. To the extent specifically provided in the Offering, in addition to making
Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or check prior to each Purchase Date of the Offering. 
 (b) During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a notice of withdrawal in such form as the Company may provide. Such
withdrawal may be elected at any time prior to the end of the Offering, except as provided otherwise in the Offering. Upon such withdrawal from the Offering by a Participant, the Company shall distribute to such Participant all of his or her
accumulated Contributions (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock for the Participant) under the Offering, and such Participant’s Purchase Right in that Offering shall thereupon
terminate. A Participant’s withdrawal from an Offering shall have no effect upon such Participant’s eligibility to participate in any other Offerings under the Plan, but such Participant shall be required to deliver a new enrollment form
in order to participate in subsequent Offerings. 

  
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 (c) Purchase Rights granted pursuant to any Offering under the Plan shall terminate
immediately upon a Participant ceasing to be an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or other lack of eligibility. The Company shall distribute to such terminated or otherwise
ineligible Employee all of his or her accumulated Contributions (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock for the terminated or otherwise ineligible Employee) under the Offering. 

(d) Purchase Rights shall not be transferable by a Participant except by will, the laws of descent and distribution, or by a
beneficiary designation as provided in Section 10. During a Participant’s lifetime, Purchase Rights shall be exercisable only by such Participant. 
 (e) Unless otherwise specified in an Offering, the Company shall have no obligation to pay interest on Contributions. 
 8. EXERCISE OF PURCHASE RIGHTS. 
 (a) On each Purchase Date during an Offering, each Participant’s accumulated Contributions shall be applied to the purchase of shares of Common Stock up to the maximum number of shares of
Common Stock permitted pursuant to the terms of the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares shall be issued upon the exercise of Purchase Rights unless specifically provided for in the
Offering. 
 (b) If any amount of accumulated Contributions remains in a Participant’s account after the purchase of
shares of Common Stock and such remaining amount is less than the amount required to purchase one share of Common Stock on the final Purchase Date of an Offering, then such remaining amount shall be held in such Participant’s account for the
purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from such next Offering, as provided in Section 7(b), or is not eligible to participate in such Offering, as provided in
Section 5, in which case such amount shall be distributed to such Participant after the final Purchase Date, without interest. If the amount of Contributions remaining in a Participant’s account after the purchase of shares of Common Stock
is at least equal to the amount required to purchase one (1) whole share of Common Stock on the final Purchase Date of the Offering, then such remaining amount shall be distributed in full to such Participant at the end of the Offering without
interest. 
 (c) No Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon
such exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to the
Plan. If on a Purchase Date during any Offering hereunder the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights or any Offering shall be exercised on such Purchase Date, and the Purchase Date
shall be delayed until the shares of Common Stock are subject to such an effective registration statement and the Plan is in such compliance, except that the Purchase Date shall not be delayed more than twelve (12) months and the Purchase Date
shall in no event be more than twenty-seven (27) months from the Offering Date. If, on the Purchase Date under any Offering hereunder, as delayed to the maximum extent permissible, the shares of Common Stock are not registered and the Plan is
not in such compliance, no Purchase Rights or any Offering shall be exercised and all Contributions accumulated during the Offering (reduced to the extent, if any, such Contributions have been used to acquire shares of Common Stock) shall be
distributed to the Participants without interest. 
 9. COVENANTS OF THE COMPANY.

 The Company shall seek to obtain from each federal, state, foreign or other regulatory commission or agency having
jurisdiction over the Plan such authority as may be required to issue and sell shares of Common Stock upon exercise of the Purchase Rights. If, after commercially reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority that counsel for the Company deems 

  
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necessary for the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company shall be relieved from any liability for failure to issue and sell
Common Stock upon exercise of such Purchase Rights unless and until such authority is obtained. 
 10. DESIGNATION
OF BENEFICIARY. 
 (a) At the discretion of the Company, the Offering document may
permit a Participant to file a written designation of a beneficiary who is to receive any shares of Common Stock and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to the
end of an Offering but prior to delivery to the Participant of such shares of Common Stock or cash. In addition, if provided in the Offering document, a Participant may file a written designation of a beneficiary who is to receive any cash from the
Participant’s account under the Plan in the event of such Participant’s death during an Offering. Any such designation shall be on a form provided by or otherwise acceptable to the Company. 

(b) The Participant may change such designation of beneficiary at any time by written notice to the Company. In the event of the
death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such shares of Common Stock and/or cash to the executor or
administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or cash to the spouse or
to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 11. MISCELLANEOUS PROVISIONS. 
 (a) The
Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering shall in any way alter the at will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part
of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a Related Corporation to continue the employment of a Participant. 

(b) The provisions of the Plan shall be governed by the laws of the State of Delaware without resort to that state’s
conflicts of laws rules. 
 (c) Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights shall
constitute general funds of the Company. 
 (d) A Participant shall not be deemed to be the holder of, or to have any of
the rights of a holder with respect to, shares of Common Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its
transfer agent). 
 12. ADJUSTMENTS UPON CHANGES IN COMMON
STOCK; CORPORATE TRANSACTIONS. 
 (a) In the event of a Capitalization
Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the
share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase price applicable to, outstanding Offerings and Purchase Rights, and (iv) the
class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. 

  
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 (b) In the event of a Corporate Transaction, then: (i) any surviving corporation
or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue Purchase Rights outstanding under the Plan or may substitute similar rights (including a right to acquire the same consideration paid
to the stockholders in the Corporate Transaction) for those outstanding under the Plan, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar
rights for Purchase Rights outstanding under the Plan, then the Participants’ accumulated Contributions shall be used to purchase shares of Common Stock within ten (10) business days prior to the Corporate Transaction under any ongoing
Offerings, and the Participants’ Purchase Rights under the ongoing Offerings shall terminate immediately after such purchase. 
 13.
AMENDMENT OF THE PLAN. 
 (a) The Board at any time, and
from time to time, may amend the Plan. However, except as provided in Section 12(a) relating to Capitalization Adjustments and except as to amendments solely to benefit the administration of the Plan, to take account of a change in legislation
or to obtain or maintain favorable tax, exchange control or regulatory treatment for Participants or the Company or any Related Corporation, no amendment shall be effective unless approved by the stockholders of the Company to the extent stockholder
approval is necessary for the Plan to satisfy the requirements of Section 423 of the Code or other applicable laws or regulations. 
 (b) It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide Employees with the maximum benefits provided or to be provided
under the provisions of the Code and the regulations promulgated thereunder relating to Employee Stock Purchase Plans and/or to bring the Plan and/or Purchase Rights into compliance therewith. 

(c) The rights and obligations under any Purchase Rights granted before amendment of the Plan shall not be impaired by any
amendment of the Plan except: (i) with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with, or receive favorable tax, listing or regulatory treatment under, any laws or governmental
regulations (including, without limitation, the provisions of the Code and the regulations promulgated thereunder relating to Employee Stock Purchase Plans) or (iii) as necessary to ensure that the Plan and/or Purchase Rights comply with the
requirements of Section 423 of the Code (including any regulations and interpretive guidance issued thereunder). 
 14.
TERMINATION OR SUSPENSION OF THE PLAN. 
 (a) The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate at the time that all of the shares of Common Stock reserved for issuance under the
Plan, as increased and/or adjusted from time to time, have been issued under the terms of the Plan. No Purchase Rights may be granted under the Plan while the Plan is suspended or after it is terminated. 

(b) Any benefits, privileges, entitlements and obligations under any Purchase Rights while the Plan is in effect shall not be
impaired by suspension or termination of the Plan except (i) as expressly provided in the Plan or with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with, or receive favorable tax, listing
or regulatory treatment under, any laws, regulations or listing requirements, or (iii) as necessary to ensure that the Plan and/or Purchase Rights comply with the requirements of Section 423 of the Code. 

15. EFFECTIVE DATE OF PLAN. 

The Plan shall become effective on the IPO Date, but no Purchase Rights shall be exercised unless and until the Plan has been approved by
the stockholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board. 

  
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 16. DEFINITIONS. 

As used in the Plan, the following definitions shall apply to the capitalized terms indicated below: 

(a) “Board” means the Board of Directors of the Company. 

(b) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to the Plan or subject to any Purchase Right after the Effective Date without the receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend,
dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company). Notwithstanding the
foregoing, the conversion of any convertible securities of the Company shall not be treated as a transaction “without receipt of consideration” by the Company. 
 (c) “Code” means the Internal Revenue Code of 1986, as amended. 
 (d) “Committee” means a committee of one (1) or more members of the Board to whom authority has been delegated by the Board in accordance with
Section 2(c). 
 (e) “Common Stock” means the common stock of the Company.

 (f) “Company” means Dialogic Inc. (formerly Veraz Networks, Inc.), a Delaware
corporation. 
 (g) “Contributions” means the payroll deductions and other
additional payments specifically provided for in the Offering, that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account, if specifically provided for in the Offering,
and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions. 
 (h) “Corporate Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

 (i) the consummation of a sale or other disposition of all or substantially all, as determined by the
Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii) the
consummation of a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company; 
 (iii) the consummation of a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or 

(iv) the consummation of a merger, consolidation or similar transaction following which the Company is the
surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property,
whether in the form of securities, cash or otherwise. 
 (i) “Director” means a member of the
Board. 
 (j) “Eligible Employee” means an Employee who meets the requirements set forth in the
Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan. 
 (k) “Employee” means any person, including Officers and Directors, who is employed for purposes of Section 423(b)(4) of the Code by the Company or a Related
Corporation. However, service solely as a Director, or payment of a fee for such services, shall not cause a Director to be considered an “Employee” for purposes of the Plan. 

  
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 (l) “Employee Stock Purchase Plan” means a plan that grants
Purchase Rights intended to be options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 
 (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (n) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair
Market Value of a share of Common Stock shall be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the last Trading Day prior to
the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the last Trading Day prior to the date of determination, then the
Fair Market Value shall be the closing sales price on the last preceding Trading Day for which such quotation exists. 
 (ii) In the absence of such markets for the Common Stock, the Fair Market Value shall be determined by the Board in good faith. 

(o) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s)
managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 
 (p) “Offering” means the grant of Purchase Rights to purchase shares of Common Stock under the Plan to Eligible Employees. 

(q) “Offering Date” means a date selected by the Board for an Offering to commence. 

(r) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the
Exchange Act and the rules and regulations promulgated thereunder. 
 (s) “Participant” means an
Eligible Employee who holds an outstanding Purchase Right granted pursuant to the Plan. 
 (t)
“Plan” means this Dialogic Inc. 2006 Employee Stock Purchase Plan. 
 (u) “Purchase
Date” means one or more dates during an Offering established by the Board on which Purchase Rights shall be exercised and as of which purchases of shares of Common Stock shall be carried out in accordance with such Offering. 

(v) “Purchase Period” means a period of time specified within an Offering beginning on the Offering Date
or on the next day following a Purchase Date within an Offering and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods. 
 (w) “Purchase Right” means an option to purchase shares of Common Stock granted pursuant to the Plan. 

(x) “Related Corporation” means any “parent corporation” or “subsidiary corporation”
of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and 424(f), respectively, of the Code. 
 (y) “Securities Act” means the Securities Act of 1933, as amended. 
 (z) “Trading Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including but not limited to the NYSE, the Nasdaq Global
Select Market, the Nasdaq Global Market or the Nasdaq Capital Market, is open for trading. 

  
 9Third Amendment to Credit Agreement dated as of April 11, 2012

 Exhibit 10.1 
 Execution Version 
 THIRD AMENDMENT TO CREDIT AGREEMENT

 THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 11, 2012, is made by
and among QRE OPERATING, LLC, a Delaware limited liability company (“Borrower”); QR ENERGY, LP, a Delaware limited partnership (“QRE MLP”); QRE GP, LLC, a Delaware limited liability company
(“General Partner”); WELLS FARGO BANK, NATIONAL ASSOCIATION (in its individual capacity, “Wells Fargo”) as administrative agent (in such capacity, together with its successors in such capacity, the
“Administrative Agent”) for the financial institutions (collectively the “Lenders”) party to the hereinafter-defined Credit Agreement; and the undersigned Lenders. 

W I T N E S S E T H: 

WHEREAS, Borrower, QRE MLP, General Partner, the Administrative Agent and the Lenders entered into a Credit Agreement dated as of
December 17, 2010, as amended by that certain First Amendment to Credit Agreement, dated as of October 3, 2011, and by that certain Second Amendment to Credit Agreement, dated as of March 16, 2012 (as so amended, and as the same may
be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth, and for
other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Borrower, the Administrative Agent and the undersigned Lenders do hereby agree as follows: 

1. Amendments to Credit Agreement. 
 (a) Section 1.02 of the Credit Agreement is hereby amended as follows: 
 (i) The definition of “Aggregate Maximum Credit Amounts” is amended and restated in its entirety as follows: 
 “Aggregate Maximum Credit Amounts” at any time shall equal the sum of the Maximum Credit Amounts, as the same may be reduced or terminated pursuant to Section 2.06. From and
after the Third Amendment Effective Date, the Aggregate Maximum Credit Amounts of the Lenders are $1,500,000,000.” 
 (ii) The definition of “Agreement” is amended and restated in its entirety as follows: 
 “Agreement” means this Credit Agreement, as the same may from time to time be amended, modified, supplemented or restated, including, without limitation, by the First Amendment, the
Second Amendment and the Third Amendment. 

 (iii) The definition of “Applicable Margin” is amended by
replacing the Borrowing Base Utilization Grid therein with the following: 
  

																					
	 Borrowing Base Utilization
Grid
	 
	 Borrowing Base Utilization Percentage
	  	 	<25	% 	 	 
  
	> 25
 <50
	% 
 % 
	 	 
  
	>50
 <75
	% 
 % 
	 	 
  
	>75
 <90
	% 
 % 
	 	 	>90	% 
	 Eurodollar Loans
	  	 	1.50	% 	 	 	1.75	% 	 	 	2.00	% 	 	 	2.25	% 	 	 	2.50	% 
	 ABR Loans
	  	 	0.50	% 	 	 	0.75	% 	 	 	1.00	% 	 	 	1.25	% 	 	 	1.50	% 
	 Commitment Fee Rate
	  	 	0.375	% 	 	 	0.375	% 	 	 	0.50	% 	 	 	0.50	% 	 	 	0.50	% 

 (iv) The definition of “Maturity Date” is amended and restated in its
entirety as follows: 
 “Maturity Date” means the date that is five (5) years after the Third Amendment
Effective Date. 
 (v) The definition of “Security Instruments” is hereby amended and restated
in its entirety as follows: 
 “Security Instruments” means the Guaranty Agreement, Security Agreement,
Mortgages, any Intercreditor Agreement entered into pursuant to Section 9.02(i), other agreements, instruments or certificates described or referred to on Schedule 1.02A, and any and all other agreements, instruments, consents or
certificates now or hereafter executed and delivered by any Obligor or any other Person (other than Swap Agreements with the Lenders or any Affiliate of a Lender, participation or similar agreements between any Lender and any other lender or
creditor with respect to any Obligations pursuant to this Agreement or Treasury Management Agreements) in connection with, or as security for the payment or performance of the Obligations, the Notes, this Agreement, or reimbursement obligations
under the Letters of Credit, as such agreements may be amended, modified, supplemented or restated from time to time. 
 (vi) The definition of “Transaction Documents” is amended and restated in its entirety as follows: 
 “Transaction Documents” means (a) the agreements, instruments or certificates described or referred to on Schedule 1.02(B) and all other agreements, instruments or documents
entered into on or before the Effective Date in connection with the foregoing, (b) the 2011 Transaction Documents and (c) the 2012 Transaction Documents. 

  
 2 

 (vii) By adding the following defined terms in appropriate alphabetical
order: 
 “2012 Transactions” means the consummation of the acquisition from Prize Petroleum, LLC and Prize
Pipeline, LLC, and delivery of the 2012 Transaction Documents, each in form and substance satisfactory to the Administrative Agent. 
 “2012 Transaction Documents” means the agreements and instruments described or referred to on Schedule I to the Third Amendment and all other agreements, instruments or documents
entered into on or before the Third Amendment Effective Date in connection with the foregoing. 
 “2012 Transaction
Properties” means all Property proposed to be acquired by QRE MLP, the Borrower or its Subsidiaries on or before the Third Amendment Effective Date pursuant to the 2012 Transaction Documents. 

“Intercreditor Agreement” means an Intercreditor Agreement in form and substance satisfactory to the Administrative
Agent and the Majority Lenders, pursuant to which the Liens securing the Second Lien Loans shall be subordinated to the Liens securing the Obligations. 
 “Net Cash Proceeds” means, with respect to any Debt issued pursuant to Section 9.02(h) or any issuance of Equity Interests by QRE MLP, the cash proceeds thereof, net of
customary fees, commissions, costs and other expenses incurred in connection therewith and, in the case of Debt issued pursuant to Section 9.02(h), net of any amount required to be used to repay the Obligations after the Borrowing Base
reduction, if any, required pursuant to Section 9.02(h) and any resulting mandatory prepayment required as a result thereof pursuant to Section 3.04(c)(iii). 
 “Second Lien Loans” means a senior secured term loan facility entered into pursuant to Section 9.02(i) or any refinancing thereof effected pursuant to
Section 9.02(j). 
 “Second Lien Obligations” means obligations of QRE MLP, the Borrower or any of
their Subsidiaries owed in respect of any Second Lien Loans including (a) obligations of arising under or in respect of the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Second Lien Loans, when and as due,

  
 3 

 
whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and indemnities,
whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
such proceeding), owing to the secured parties pursuant to Second Lien Loans (in their capacity as such) and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities under or pursuant to the documents
governing the Second Lien Loans owing to the secured parties pursuant to the Second Lien Loans (in their capacity as such). 

“Third Amendment” means that certain Third Amendment to Credit Agreement dated as of April 11, 2012, by and among
Borrower, QRE MLP, General Partner, the Administrative Agent and the Lenders. 
 “Third Amendment Effective
Date” shall mean the date on which the conditions specified in Section 4 of the Third Amendment are satisfied (or waived by each Lender in accordance with Section 12.02). 

(b) Section 2.07(a) of the Credit Agreement is hereby amended by amending and restating the first sentence
thereof as follows: 
 “For the period from and including the Third Amendment Effective Date to but excluding the first
Redetermination Date to occur after such date, the amount of the Borrowing Base shall be $730,000,000.” 

(c) Section 9.02(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “(c) intercompany Debt between QRE MLP and any of its Subsidiaries or between Subsidiaries to the extent permitted by
Section 9.05(g); provided that such Debt is not assigned, transferred, negotiated or pledged (other than pursuant to a Security Instrument) to any Person and is not held by any Person other than QRE MLP or one of its Wholly-Owned
Subsidiaries, and, provided further, that any such Debt owed by either the Borrower or a Guarantor shall be subordinated to the Obligations on the terms set forth in the Guaranty Agreement.” 

(d) Section 9.02(h) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “(h) Unsecured Debt of QRE MLP or its Subsidiaries; provided that (i) no Event of Default has occurred and
is continuing or would occur after giving effect to the incurrence of such Debt, (ii) after giving effect to the incurrence of such Debt on a 

  
 4 

 
pro forma basis, QRE MLP shall be in compliance with the covenants set forth in Section 9.01, (iii) the maturity date for such Debt shall not be earlier than seven
(7) years after the incurrence thereof, (iv) for each $1.00 of such Debt incurred, the Borrowing Base shall be reduced, effective immediately upon the incurrence of such Debt, by $0.25 and any mandatory prepayments required by
Section 3.04(c)(iii) shall be made concurrently therewith (except that with respect to any Debt incurred pursuant to this Section 9.02(h), no such Borrowing Base reduction shall be required to the extent the proceeds of such
Debt are immediately used to refinance Debt previously incurred pursuant to this Section 9.02(h) or Section 9.02(i), in each case in accordance with the provisions of Section 9.02(j)), and (v) the interest
rates and other terms of such Debt shall be reasonably acceptable to the Administrative Agent; and” 
 (e) A
new Section 9.02(i) is added to the Credit Agreement as follows: 
 “(i) Debt in the form of a second-lien term
loan not to exceed the principal amount of $100,000,000 in the aggregate at any one time outstanding; provided that in connection with the incurrence of any such Debt, the Borrower and the Guarantors and the Second Lien Loan lenders
(or the Second Lien Loan administrative agent on behalf of, and having been authorized by, the Second Lien Loan lenders) execute and deliver to the Administrative Agent an Intercreditor Agreement.” 

(f) A new Section 9.02(j) is added to the Credit Agreement as follows: 

“(j) Refinancings or renewals of Debt incurred pursuant to Section 9.02(h) or Section 9.02(i);
provided that (i) any such refinancing Debt is in an aggregate principal amount not greater than the aggregate principal amount of the Debt being renewed or refinanced, plus the amount of any premiums required to be paid thereon
and reasonable fees and expenses associated therewith and an amount equal to any unutilized commitment under the Debt being renewed or refinanced, (ii) such refinancing Debt has a later or equal final maturity and longer or equal weighted
average life than the Debt being renewed or refinanced, (iii) the covenants, events of default, subordination and other provisions thereof (including any guarantees thereof) shall be, in the aggregate, no less favorable to the Lenders than
those contained in the Debt being renewed or refinanced, and (iv) such refinancing Debt shall not be secured by any property of QRE MLP or its Subsidiaries, except to the extent permitted pursuant to Section 9.03.” 

(g) Section 9.03(a) is amended and restated in its entirety as follows: 

“(a) (i) Liens securing the payment of any Obligations and (ii) Liens granted on the Collateral to secure the Second Lien
Obligations; provided that, in the case of this clause (ii), such Liens are subordinated to the Liens securing the Obligations in accordance with the terms of the Intercreditor Agreement.” 

  
 5 

 (h) A new Section 9.24 is added to the Credit Agreement as
follows: 
 “Restrictions on Payment of Certain Debt. QRE MLP will not, and will not permit any of its Subsidiaries
to, make any payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance, acquisition, or deposit), or set aside funds for any such payment, with respect to any Debt incurred as permitted by
Section 9.02(h) or Section 9.02(i) (or any refinancing thereof permitted pursuant to Section 9.02(j)); provided, however, that QRE MLP and its Subsidiaries may, so long as, both before and after
giving effect to each such payment, no Default or Event of Default has occurred and is continuing: 
 (a) with respect to Debt
incurred as permitted by Section 9.02(h) or any refinancing thereof permitted pursuant to Section 9.02(j), (i) make regularly scheduled payments of principal and interest with respect to such Debt (unless it is expressly
subordinate and junior in right of payment to the Obligations and, in such case, only to the extent the applicable terms of subordination otherwise permit the applicable subordinated creditor to accept and retain such payment) and (ii) prepay
such Debt (A) at a time when no Loans or Letters of Credit (unless cash collateralized on terms reasonably acceptable to the Administrative Agent) are outstanding (including after giving effect to such prepayment of such Debt) or (B) with
Net Cash Proceeds; and 
 (b) with respect to Debt incurred as permitted by Section 9.02(i) or any refinancing
thereof permitted pursuant to Section 9.02(j), repay such Debt (i)(A) at a time when no Loans or Letters of Credit (unless cash collateralized on terms reasonably acceptable to the Administrative Agent) are outstanding (including after
giving effect to such repayment of such Debt), (B) with Net Cash Proceeds or (C) by refinancing such Debt pursuant to Section 9.02(j), and (ii) other than any such repayment permitted pursuant to
Section 9.24(b)(i), only if (x) immediately after giving effect to any such repayment, the Borrowing Base Utilization Percentage shall not exceed 90%, and (y) a Financial Officer of QRE MLP shall have provided a certificate to
the Administrative Agent demonstrating compliance (on a pro forma basis after giving effect to such repayment) with Section 9.01(a), and (z) the aggregate amount of all such repayments made as permitted by and pursuant to this
Section 9.24(b)(ii) shall at no time exceed $50,000,000; provided, however, that repayments pursuant to this Section 9.24(b)(ii) shall be permitted only until the earlier to occur of (1) the one year
anniversary of the Third Amendment Effective Date or (2) such time as repayments under this Section 9.24(b) reach $50,000,000.” 
 (i) A new Section 11.12 is added to the Credit Agreement as follows: 

“Intercreditor Agreement. Notwithstanding anything herein to the contrary, each Lender also acknowledges that, upon the
execution and delivery by the Administrative Agent (with the written approval of the Majority Lenders) of an Intercreditor Agreement pursuant to Section 9.02(i), each such Lender will be bound by the terms and provisions of such
Intercreditor Agreement. In the event of any conflict between the terms of such Intercreditor Agreement and the Security Instruments, the terms of such Intercreditor Agreement shall govern and control.” 

  
 6 

 2. New Lenders and Reallocation of Commitments. The Lenders have agreed among
themselves to reallocate the Commitments, Aggregate Maximum Credit Amount and aggregate Revolving Credit Exposures and to, among other things, allow certain financial institutions identified by Wells Fargo Securities, LLC, in consultation with the
Borrower, to become parties to the Credit Agreement as Lenders (each, a “New Lender”) by acquiring an interest in the Commitments, Aggregate Maximum Credit Amounts and aggregate Revolving Credit Exposures. Each of the Administrative
Agent and the Borrower hereby consent to (i) the reallocation of the Commitments, Aggregate Maximum Credit Amounts and aggregate Revolving Credit Exposures (including the reallocation of 100% of the Commitment of Bank of Scotland plc (the
“Exiting Lender”) and (ii) each New Lender’s acquisition of an interest in the Commitments, Aggregate Maximum Credit Amounts and aggregate Revolving Credit Exposures. The assignments by the existing Lenders (including the
Exiting Lender) necessary to effect the reallocation of the Commitments, Aggregate Maximum Credit Amounts and aggregate Revolving Credit Exposures and the assumptions by the New Lenders necessary for such New Lenders to acquire such interests are
hereby consummated pursuant to the terms and provisions of this Section 2 and of Section 12.04(b) of the Credit Agreement, and each Lender, including the Exiting Lender and the New Lenders, is deemed to have consummated such
assignments and assumptions pursuant to the terms, provisions and representations of the Assignment and Assumption attached as Exhibit G to the Credit Agreement as if each Lender, including the Exiting Lender and the New Lenders, had executed
and delivered an Assignment and Assumption (with the Effective Date, as defined therein, being the Third Amendment Effective Date); provided that the Administrative Agent hereby waives the $3,500 processing and recordation fee set forth in
Section 12.04(b)(ii)(C) of the Credit Agreement with respect to the assignments and assumptions contemplated by this Section 2; provided further that any New Lender that is a Foreign Lender shall have delivered to the
Borrower (with a copy to the Administrative Agent) the documentation required pursuant to Section 5.03(e) of the Credit Agreement. On the Third Amendment Effective Date and after giving effect to such assignments and assumptions, the
Applicable Percentage, the Applicable Percentage of the Borrowing Base and Maximum Credit Amount of each Lender shall be as set forth on Annex I to this Amendment. Each Lender hereby consents and agrees to the Applicable Percentages,
Borrowing Base Allocations and Maximum Credit Amounts set forth on Annex I to this Amendment. To the extent requested by any Lender, and in accordance with Section 5.02 of the Credit Agreement, the Borrower shall pay to such
Lender, within the time period prescribed by Section 5.02 of the Credit Agreement, any amounts required to be paid by Borrower under Section 5.02 of the Credit Agreement in the event the payment of any principal of any
Eurodollar Loan or the conversion of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto is required in connection with the reallocation contemplated by this Section 2. Notwithstanding any provision in
Section 12.04(b) to the contrary, all parties hereto agree that the assignments and assumptions provided for in this Section 2 have been approved and consented to by all such parties and are effective as provided herein and
in the event of any conflict between this Section 2 and Section 12.04(b) of the Credit Agreement, the terms and provisions of this Section 2 shall control. 

  
 7 

 3. Amendment to Mortgages. The Borrower and each Lender hereby agree that, in
connection with the execution and delivery of this Amendment and the 2012 Transaction Documents, each of the existing Mortgages will be amended to, and any new Mortgage will, reflect the exclusion from Deed of Trust Property (as defined therein) of
“Buildings” and “Manufactured (Mobile) Homes”, each as defined in the applicable Flood Insurance Regulation. For purposes of this Section 3, “Flood Insurance Regulation” shall mean (i) the National
Flood Insurance Act of 1968, (ii) the Flood Disaster Protection Act of 1973, (iii) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), and (iv) the Flood Insurance Reform Act of 2004. 

4. Conditions Precedent. This Amendment shall not become effective until the date on or before April 30, 2012 on which each
of the following conditions is satisfied (or waived by each Lender in accordance with Section 12.02 of the Credit Agreement): 
 (a) The Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of such party.

 (b) The Administrative Agent, Wells Fargo Securities, LLC and the Lenders shall have received all commitment and agency fees
and all other fees and amounts due and payable on or prior to the Third Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder (including, to the extent invoiced on or prior to the Third Amendment Effective Date, the reasonable fees and expenses of Sidley Austin LLP, counsel to the Administrative Agent). 

(c) The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary or a Responsible Officer
setting forth (i) resolutions of its board of directors or managers or other relevant governing body with respect to the authorization of the Borrower to execute and deliver this Amendment and to enter into the transactions contemplated by this
Amendment, (ii) the officers of the General Partner (y) who are authorized to sign this Amendment and (z) specimen signatures of such authorized officers, and (iii) all waivers, amendments, supplements or other modifications to
any Organizational Documents of the General Partner and each Obligor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing
from the Borrower to the contrary. 
 (d) The Administrative Agent shall have received a compliance certificate which shall be
substantially in the form of Exhibit D to the Credit Agreement, duly and properly executed by a Responsible Officer and dated as of the Third Amendment Effective Date. 
 (e) The Administrative Agent shall have received a duly executed Note payable to each Lender increasing its Maximum Credit Amount or which is a new Lender and which requests a Note in a principal amount
equal to its Maximum Credit Amount dated as of the date hereof. 

  
 8 

 (f) The Administrative Agent shall have received (i) a certificate of a Responsible
Officer certifying: (A) that the 2012 Transactions are being concurrently consummated in accordance with applicable law and the terms of the 2012 Transaction Documents (with all of the material conditions precedent thereto having been satisfied
by the parties thereto); (B) that no provision of the 2012 Transaction Documents have been waived, amended, supplemented or otherwise modified in any respect materially adverse to the Borrower, QRE MLP or the Lenders; and (C) that the sum
of (1) the amount by which the Borrowing Base exceeds the Revolving Credit Exposures and (2) Borrower’s unrestricted cash and cash equivalents, upon the Third Amendment Effective Date after giving effect to the consummation of the
2012 Transactions, equals or exceeds $50,000,000; (ii) a true and complete executed copy of each of the 2012 Transaction Documents (including all amendments thereto); (iii) original counterparts or copies, certified as true and complete,
of the assignments, deeds and leases for all of the 2012 Transaction Properties; and (iv) such other related documents and information as the Administrative Agent shall have reasonably requested. The 2012 Transaction Documents shall be in form
and substance satisfactory to the Administrative Agent. 
 (g) The Administrative Agent shall have received evidence that any
Liens on the 2012 Transaction Properties shall be released upon or prior to the consummation of the 2012 Tranactions, and all Lien releases, UCC-3’s, or other documents or instruments necessary or desirable to effect such Lien releases shall
have been executed and delivered to the Administrative Agent in form and substance satisfactory to the Administrative Agent. 

(h) The Administrative Agent shall be reasonably satisfied with the environmental condition of the 2012 Transaction Properties

 (i) The Administrative Agent shall have received an opinion of (i) Vinson & Elkins L.L.P., special counsel to
the Borrower, and (ii) local counsel for each state (other than Michigan) in which any 2012 Transaction Property is located, in each case in form and substance satisfactory to the Administrative Agent. 

(j) The Administrative Agent shall have received a certificate of a Responsible Officer certifying that the Borrower has received all
consents and approvals required by Section 7.03. 
 (k) The Administrative Agent shall have received a Reserve
Report with respect to the Borrowing Base Properties, including the 2012 Transaction Properties, prepared by Internal Petroleum Engineers accompanied by a certificate signed by a Responsible Officer covering the matters described in
Section 8.12(c). 
 (l) The Administrative Agent shall have received from each party thereto duly executed
counterparts (in such number as may be requested by the Administrative Agent) of all Security Instruments that are determined by the Administrative Agent to be necessary or desirable in order to permit the Administrative Agent to be reasonably
satisfied that the Security Instruments will create upon recording first priority, perfected Liens (subject only to Excepted Liens identified in clauses (a) to (d) and (f) of the definition thereof, but subject to the provisos at the
end of such definition) on at least 80% of the total value of the proved Oil and Gas Properties evaluated in the Reserve Report delivered pursuant to clause (k) above. 

  
 9 

 (m) The Administrative Agent shall have received projections of QRE MLP and its
Subsidiaries, after giving effect to the 2012 Transactions, through the fiscal year ending December 31, 2015, which projections shall be reasonably satisfactory to the Administrative Agent. 

(n) The Administrative Agent shall have received the preliminary unaudited pro forma balance sheet of QRE MLP as of December 31,
2011. 
 (o) The Administrative Agent shall have received appropriate Uniform Commercial Code search certificates reflecting no
prior Liens encumbering the Properties of the Obligors for each of the following jurisdictions: Delaware and any other jurisdiction requested by the Administrative Agent; other than those being assigned or released on or prior to the Effective Date
or Liens permitted by Section 9.03. 
 (p) The Administrative Agent shall have received copies of the hedging
arrangements described on Schedule II attached hereto (the “2012 Hedging Arrangements”). The Administrative Agent shall have received satisfactory evidence that such 2012 Hedging Arrangements are fully effective on the Third
Amendment Effective Date. 
 (q) The Administrative Agent shall have completed and be satisfied with due diligence (including
regarding business, financial, reserve, legal and environmental matters) relative to the 2012 Transactions, the 2012 Transaction Properties, QRE MLP, the Borrower, and the Subsidiaries. 

(r) The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the
Administrative Agent may reasonably request. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Third
Amendment Effective Date, and such notice shall be conclusive and binding. 
 5. Representations True; No Default.
Borrower represents and warrants that the representations and warranties contained in the Loan Documents are true and correct in all material respects (except that any such representations and warranties that are qualified by materiality shall be
true and correct in all respects) on and as of the date hereof as though made on and as of such date, except to the extent any such representation or warranty is expressly limited to an earlier date, in which case, on and as of the date
hereof, such representation or warranty shall continue to be true and correct in all material respects as of such specified earlier date. Borrower hereby certifies that no Default or Event of Default has occurred and is continuing. 

6. Ratification. Except as expressly amended hereby, the Loan Documents shall remain in full force and effect. The Credit
Agreement, as hereby amended, and all rights and powers created thereby or thereunder and under the other Loan Documents are in all respects ratified and confirmed and remain in full force and effect. 

7. Definitions and References. Any term used in this Amendment that is defined in the Credit Agreement shall have the meaning
therein ascribed to it. The terms “Agreement” and “Credit Agreement” as used in the Loan Documents or any other instrument, document or writing furnished to the Administrative Agent or the Lenders by the Borrower and referring to
the Credit Agreement shall mean the Credit Agreement as hereby amended. 

  
 10 

 8. Miscellaneous. This Amendment (a) shall be binding upon and inure to the
benefit of Borrower, the Administrative Agent and the Lenders and their respective successors and assigns (provided, however, no party may assign its rights hereunder except in accordance with the Credit Agreement); (b) may be
modified or amended only in accordance with the Credit Agreement; (c) may be executed in several counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an
original agreement, and all such separate counterparts shall constitute but one and the same agreement, and (d) together with the other Loan Documents, embodies the entire agreement and understanding between the parties with respect to the
subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter. Delivery of an executed counterpart of a signature page to this Amendment by telecopy or as an attachment to an email shall be
effective as delivery of a manually executed counterpart of this Amendment. 
 [Signature Pages Follow] 

  
 11 

 The parties hereto have caused this Amendment to be duly executed as of the day and year
first above written. 
  

							
	BORROWER:	 		 	QRE OPERATING, LLC
				
		 		 	By:	 	/s/ Cedric W. Burgher
		 		 		 	Cedric W. Burgher,
		 		 		 	Chief Financial Officer

  
 Signature Page
to Third Amendment to Credit Agreement 

									
	QRE MLP:	 		 	QR ENERGY, LP
				
		 		 	By:	 	QRE GP, LLC
		 		 		 	its General Partner
					
		 		 		 	By:	 	/s/ Cedric W. Burgher
		 		 		 		 	Cedric W. Burgher,
		 		 		 		 	Chief Financial Officer

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	GENERAL PARTNER:	 		 	QRE GP, LLC
				
		 		 	By:	 	/s/ Cedric W. Burgher
		 		 		 	Cedric W. Burgher,
		 		 		 	Chief Financial Officer

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	 ADMINISTRATIVE AGENT
 AND
LENDER:
	 		 	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION
 as Administrative Agent and a Lender

				
		 		 	By:	 	/s/ Scott Hodges
		 		 	Name:	 	Scott Hodges
		 		 	Title: 	 	Managing Director

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	 JPMORGAN CHASE BANK, N.A.
 as a Lender

				
		 		 	By:	 	/s/ Jo Linda Papadakis
		 		 		 	Jo Linda Papadakis
		 		 		 	Authorized Officer

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	/s/ Don J. McKinnerney
		 		 	Name:	 	Don J. McKinnerney
		 		 	Title: 	 	Authorized Signatory

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	THE ROYAL BANK OF SCOTLAND plc
				
		 		 	By:	 	/s/ Sanjay Remond
		 		 	Name:	 	Sanjay Remond
		 		 	Title: 	 	Director

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	TORONTO DOMINION (NEW YORK) LLC
				
		 		 	By:	 	/s/ Kelly Hundal
		 		 	Name:	 	Kelly Hundal
		 		 	Title: 	 	Authorized Signatory

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	/s/ Sandra M. Serie
		 		 	Name:	 	Sandra M. Serie
		 		 	Title: 	 	Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	BANK OF MONTREAL
				
		 		 	By:	 	/s/ Kevin Utsey
		 		 	Name:	 	Kevin Utsey
		 		 	Title: 	 	Director

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	BNP PARIBAS
				
		 		 	By:	 	/s/ Greg Smothers
		 		 	Name:	 	Greg Smothers
		 		 	Title: 	 	Director

  

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

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	CAPITAL ONE, N.A.
				
		 		 	By:	 	/s/ Matthew L. Molero
		 		 	Name:	 	Matthew L. Molero
		 		 	Title: 	 	Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	CITIBANK, N.A.
				
		 		 	By:	 	/s/ Thomas Benavidea
		 		 	Name:	 	Thomas Benavidea
		 		 	Title:	 	Senior Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	COMERICA BANK
				
		 		 	By:	 	/s/ Justin Crawford
		 		 	Name:	 	Justin Crawford
		 		 	Title:	 	Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	ING CAPITAL LLC
				
		 		 	By:	 	/s/ Juli Bieser
		 		 	Name:	 	Juli Bieser
		 		 	Title:	 	Director

  
 Signature Page
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	LENDER:	 		 	UNION BANK, N.A.
				
		 		 	By:	 	/s/ Scott Gildea
		 		 	Name:	 	Scott Gildea
		 		 	Title:	 	Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	SCOTIABANC INC.
				
		 		 	By:	 	/s/ J.F. Todd
		 		 	Name:	 	J.F. Todd
		 		 	Title:	 	Managing Director

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	REGIONS BANK
				
		 		 	By:	 	/s/ Daniel G. Steele
		 		 	Name:	 	Daniel G. Steele
		 		 	Title:	 	Senior Vice President

  
 Signature Page
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	LENDER:	 		 	COMPASS BANK
				
		 		 	By:	 	/s/ Dorothy Marchand
		 		 	Name:	 	Dorothy Marchand
		 		 	Title:	 	Senior Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

							
	LENDER:	 		 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
				
		 		 	By:	 	/s/ Tom Byargeon
		 		 	Name:	 	Tom Byargeon
		 		 	Title:	 	Managing Director
		 		 		 	
		 		 	By:	 	/s/ Sharada Manne
		 		 	Name:	 	Sharada Manne
		 		 	Title:	 	Managing Director

  
 Signature Page
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	LENDER:	 		 	U.S. BANK NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Mark E. Thompson
		 		 	Name:	 	Mark E. Thompson
		 		 	Title:	 	Senior Vice President

  
 Signature Page
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	LENDER:	 		 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
				
		 		 	By:	 	/s/ Mikhail Faybusovich
		 		 	Name:	 	Mikhail Faybusovich
		 		 	Title:	 	Director
		 		 		 	
		 		 	By:	 	/s/ Michael Spaight
		 		 	Name:	 	Michael Spaight
		 		 	Title:	 	Associate

  
 Signature Page
to Third Amendment to Credit Agreement 

					
	LENDER:	 	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK
AGENCY
			
		 	By:	 	/s/ Trudy Nelson
		 	Name:	 	Trudy Nelson
		 	Title:	 	Authorized Signatory
			
		 	By:	 	/s/ Dominic Sorresso
		 	Name:	 	Dominic Sorresso
		 	Title:	 	Authorized Signatory

  
 Signature Page
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	LENDER:	 	 BARCLAYS BANK PLC.

			
		 	By:	 	/s/ Michael J. Mozer
		 	Name:	 	Michael J. Mozer
		 	Title:	 	Vice President

  
 Signature Page
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	 EXITING LENDER:
	 	BANK OF SCOTLAND plc
			
		 	By:	 	/s/ Julia R. Franklin
		 	Name:	 	Julia R. Franklin
		 	Title:	 	Vice President

  
 Signature Page
to Third Amendment to Credit Agreement 

 SCHEDULE I 

2012 TRANSACTION DOCUMENTS 
 1.
  Purchase and Sale Agreement by and between Prize Petroleum, LLC and Prize Pipeline, LLC (collectively, “Seller”) and QRE Operating, LLC, as “Buyer”, dated March 19, 2012. 

2.   All exhibits, forms or other documents attached to the foregoing agreement; and 
 3.   All other instruments or documents entered into on or before the Third Amendment Effective Date in connection with the foregoing. 

  
 Schedule I

 to 

Third Amendment to Credit Agreement 

 SCHEDULE II 

HEDGING ARRANGEMENTS 
  

									
	 PERIOD
	  	SWAPS
(BOD)
	 	  	PRICE	 
	 May – Dec. 2012
	  	 	850	  	  	$	109.17	  
	 2013
	  	 	900	  	  	$	106.40	  
	 2014
	  	 	850	  	  	$	100.44	  
	 2015
	  	 	800	  	  	$	96.20	  
	 2016
	  	 	800	  	  	$	93.82	  
	 2017
	  	 	780	  	  	$	92.15	  

  
 Schedule I

 to 

Third Amendment to Credit Agreement 

 ANNEX I 

EACH LENDER’S 

MAXIMUM CREDIT AMOUNT 
 AND 
 APPLICABLE PERCENTAGE OF BORROWING BASE 

 

													
	 Name of Lender
	  	Applicable
Percentage	 	 	Applicable
Percentage of
Borrowing Base	 	  	Maximum
Credit 
Amount	 
	 Wells Fargo Bank, National Association
	  	 	6.986301370	% 	 	$	51,000,000.0	  	  	$	104,794,521	  
	 JPMorgan Chase Bank, N.A.
	  	 	6.986301370	% 	 	$	51,000,000.0	  	  	$	104,794,521	  
	 Royal Bank of Canada
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 The Royal Bank of Scotland plc
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 Toronto Dominion (New York) LLC
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 Bank of Montreal
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 Barclays Bank PLC.*
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 Citibank, N.A.
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 Bank of America, N.A.
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 Credit Agricole S.A.
	  	 	5.479452055	% 	 	$	40,000,000.0	  	  	$	82,191,781	  
	 BBVA Compass
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 CIBC Inc.*
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 Comerica Bank
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 Regions Bank
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 Scotiabanc Inc.
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 Union Bank, N.A.
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 U.S. Bank N.A.
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 Credit Suisse AG, Cayman Islands Branch*
	  	 	4.041095890	% 	 	$	29,500,000.0	  	  	$	60,616,438	  
	 ING Capital LLC
	  	 	3.287671233	% 	 	$	24,000,000.0	  	  	$	49,315,068	  
	 BNP Paribas
	  	 	3.287671233	% 	 	$	24,000,000.0	  	  	$	49,315,068	  
	 Capital One, N.A.
	  	 	3.287671233	% 	 	$	24,000,000.0	  	  	$	49,315,068	  
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 TOTAL:
	  	 	100.000000000	% 	 	$	730,000,000	  	  	$	1,500,000,000	  
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

  

	*	Indicates new Lender as of Third Amendment Effective Date 

  
 Annex I

 to 

Third Amendment to Credit Agreement

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