Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

FOURTH AMENDMENT TO FIFTH AMENDED 

AND RESTATED CREDIT AGREEMENT 

THIS FOURTH AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (herein called this “Fourth Amendment”), dated as
of July 28, 2016 (the “Effective Date”), is entered into by and among W&T OFFSHORE, INC., a Texas corporation, as the borrower (the “Borrower”), 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”).
 W I T N E S S E T H 

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 Fifth Amended and Restated Credit Agreement, dated as of November 8, 2013 (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. 

(a) Section 1.1 of the Credit Agreement is hereby amended by: 

(i) adding the following definitions thereto in appropriate alphabetical order: 

“Asset Coverage Ratio” has the meaning provided in Section 7.18. 

“Bail-In Action” means the exercise of any Write-Down Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

 “Cash Sweep Date” has the meaning provided in Section 7.17. 

“Control Agreement” means an agreement in form and substance reasonably satisfactory to the Administrative Agent which
provides for the Administrative Agent to have “control” (as defined in Section 8-106 of the UCC, as such term relates to investment property (other than certificated securities or commodity contracts) or as used in Section 9-106 of the UCC, as such term relates to commodity contracts, or as used in Section 9-104(a) of the UCC, as such term relates to deposit accounts). 

“Consolidated Cash Balance” means, at any time, the aggregate amount (i.e., the “book balance”) of cash and Cash
Equivalents held by the Borrower and the other Restricted Persons; provided that the Consolidated Cash Balance shall exclude (i) any cash or Cash Equivalents set aside to pay royalty obligations, working interest obligations, production
payments, vendor payments, and severance and ad valorem taxes of the Borrower or any other Restricted Person then due and owing (or to be due and owing within five (5) Business Days after the Cash Sweep Date immediately following the date of
measurement) to unaffiliated third parties and for which the Borrower or such other Restricted Person has issued checks or initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within five (5) Business Days
after the Cash Sweep Date immediately following the date of measurement), (ii) any cash or Cash Equivalents of the Borrower or any other Restricted Person constituting purchase price deposits held in escrow pursuant to a binding and enforceable
purchase and sale agreement with a third party containing customary provisions regarding the payment and refunding of such deposits, (iii) any amounts with respect to which the Borrower or such other Restricted Person has issued checks or initiated
wires or ACH transfers and (iv) any cash or Cash Equivalents in Excluded Accounts. 
 “Early Participation Date” has
the meaning assigned to the term “Early Participation Date” in the Exchange Offer. 
 “EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and
Norway. 

  

					
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 “EEA Resolution Authority” means any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. 
 “Excess Cash” has the meaning provided in Section 7.17.

“Exchange” means the exchange of outstanding Bonds for (i) Secured Exchange Notes, (ii) Unsecured Exchange Notes and/or Third
Lien Exchange Notes and (iii) shares of the Borrower, in each case, pursuant to the Exchange Offer. 
 “Exchange Conditions”
shall mean (A) (i) with respect to the Secured Exchange Notes that the aggregate principal amount of Secured Exchange Notes for which Bonds are being exchanged shall not exceed a ratio of twenty two and one-half cents (22.5¢) of
principal amount of Secured Exchange Notes to one dollar ($1) of principal amount of Bonds tendered by the Early Participation Date or a ratio of twenty cents (20¢) of principal amount of Secured Exchange Notes to one dollar ($1) of principal
amount of Bonds tendered after the Early Participation Date and (ii) with respect to the Unsecured Exchange Notes and the Third Lien Exchange Notes, as applicable, the aggregate principal amount of Unsecured Exchange Notes or Third Lien
Exchange Notes, as applicable, for which Bonds are being exchanged shall not exceed a ratio of twenty cents (20¢) of principal amount of Unsecured Exchange Notes or Third Lien Exchange Notes to one dollar ($1) of principal amount of Bonds and
(B) that additional consideration for the Exchange shall not exceed 69 shares of the common stock for each $1,000 of Bonds exchanged, together with any interest on the Exchanged Bonds accrued from June 15, 2016 to, but not including, the
Settlement Date (as such term is defined in the Exchange Offer). 
 “Exchange Offer” means the Offer to Exchange any and all
outstanding 8.500% Senior Notes due 2019 (CUSIP No. 92922P AC0 / ISIN US92922PAC05) and Solicitation of Consents to Proposed Amendments to the Related Indenture dated July 25, 2016, as amended, modified or extended from time to time. 

“Excluded Account” means (a) each deposit account in which all or substantially all of the deposits consist of amounts
utilized to fund payroll, employee benefit or tax obligations of the Borrower and its Subsidiaries, (b) “zero balance” accounts, (c) escrow accounts for amounts constituting purchase price deposits held in escrow pursuant to a binding and
enforceable purchase and sale agreement with a third party containing 

  

					
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customary provisions regarding the payment and refunding of such deposits, (d) escrow accounts, trust accounts or fiduciary accounts and (e) cash collateral accounts permitted under Section 7.2
of the Credit Agreement (including, without limitation, an account pledged to secure Indebtedness of the type referred to in clause (m) of the definition of Indebtedness.

“Facility Availability” means at any time the difference of (i) the lowest of the Borrowing Base, the Aggregate
Commitments or the Facility Amount at such time minus (ii) Revolving Credit Exposure at such time. 
 “Fourth
Amendment” means the Fourth Amendment to Fifth Amended and Restated Credit Agreement dated as of July 28, 2016, among the Borrower, the Lenders party thereto, the Administrative Agent and the other Persons party thereto. 

“Fourth Amendment Effective Date” means the date on which the conditions set forth in Section 5 of the Fourth Amendment are
satisfied or otherwise waived. 
 “Liquidity” means at any time the sum of Unrestricted Cash of the Borrower and the other
Restricted Persons plus Facility Availability, all on a consolidated basis. 
 “NYMEX Pricing” means, as of any date of
determination with respect to any month (i) for crude oil, the closing settlement price for the Light, Sweet Crude Oil futures contract for such month, and (ii) for natural gas, the closing settlement price for the Henry Hub Natural Gas
futures contract for such month, in each case as published by New York Mercantile Exchange (NYMEX) on its website currently located at www.cmegroup.com, or any successor thereto (as such price may be corrected or revised from time to time by
the NYMEX in accordance with its rules and regulations). 
 “1.5 Lien Credit Agreement” means the Senior Secured 1.5 Lien
Term Loan Credit Agreement dated on or about the Fourth Amendment Effective Date in an aggregate original principal amount of $75,000,000 among the Borrower and the Restricted Persons party thereto, and [Bank of America] as Administrative Agent, as
amended, restated, replaced, supplemented, modified or refinanced. 
 “1.5 Lien Facility” means the facility contained in
the 1.5 Lien Credit Agreement. 
 “1.5 Intercreditor Agreement” means the 1.5 Lien Intercreditor Agreement dated on or about
the Fourth Amendment Effective Date between the Administrative Agent and the 1.5 Lien Agent (as defined therein), as amended, restated, replaced, supplemented or modified. 

  

					
		  	4	  	 -Fourth Amendment to

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 “1.5 Lien Term Loans” means the term loans issued pursuant to the 1.5 Lien
Credit Agreement, as amended, restated, replaced, supplemented, modified or refinanced. 
 “Permitted Holders” means (a)
Franklin Advisors, Inc. and its managed funds, accounts and Affiliates thereof and (b) Tracy W. Krohn, his spouse, Laurie P. Krohn, and their immediate family and descendants by blood or adoption. 

“Revolving Credit Exposure” means at any time the sum of the aggregate outstanding principal amount of all Loans at such time
plus the aggregate Letter of Credit Outstandings at such time. 
 “Secured Exchange Notes” means the Borrower’s
9%/10.75% Second Lien PIK Toggle Notes due 2020 issued pursuant to the Secured Exchange Notes Indenture, as amended, restated, replaced, supplemented, modified or refinanced. 

“Secured Exchange Notes Indenture” means the indenture dated on or about the Fourth Amendment Effective Date for the
Borrower’s Secured Exchange Notes, as amended, restated, replaced, supplemented, modified or refinanced. 
 “Strip
Price” shall mean, at any time, (a) for the remainder of the then-current calendar year, the average NYMEX Pricing for the remaining months in such calendar year, (b) for each of the succeeding three complete calendar years, the
average NYMEX Pricing for the twelve months in each such calendar year, and (c) for the succeeding fourth complete calendar year and each calendar year thereafter, the average NYMEX pricing for the twelve months in such fourth calendar year.

 “Test Date” shall have the meaning provided in Section 7.18. 

“Third Lien Exchange Notes” means the Borrower’s 8.50%/10.00% PIK Toggle third lien notes due 2021 issued pursuant to the
Third Lien Exchange Notes Indenture, as amended, restated, replaced, supplemented, modified or refinanced. 
 “Third Lien Exchange
Notes Indenture” means the indenture dated on or about the Fourth Amendment Effective Date for the Borrower’s Third Lien Exchange Notes, as amended, restated, replaced, supplemented, modified or refinanced. 

“Total Proved PV-10” means, as of any date of determination thereof with respect to the Oil and Gas Properties described in
the most recent Engineering Report delivered to the Administrative Agent pursuant to this Agreement, the net present value, determined using a discount rate of ten percent (10%) per annum, of the future net revenues expected to accrue to

  

					
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the Borrower’s and the other Restricted Persons’ collective interest in such Oil and Gas Properties during the remaining expected economic lives of such Oil and Gas
Properties. Each calculation of such expected future net revenues shall be made in accordance with the then existing standards of the Society of Petroleum Engineers, provided that in any event (a) appropriate deductions shall be made for
severance and ad valorem taxes and for operating, gathering, transportation and marketing costs, required for the production and sale of hydrocarbons from such Oil and Gas Properties, (b) the pricing assumptions used in determining Total Proved
PV-10 for any Oil and Gas Properties, on any Test Date shall be based upon the Strip Price, on such Test Date adjusted as determined in good faith by the Borrower to reflect the Borrower’s and the other Restricted Persons’ Hedging
Contracts and (c) the cash-flows derived from the pricing assumptions set forth in clause (b) above shall be further adjusted to account for the historical basis differential in a manner determined in good faith by the Borrower. The
amount of Total Proved PV-10 at any time shall be calculated on a pro forma basis for dispositions and acquisitions of Oil and Gas Properties consummated since the date of the Engineering Report most recently delivered pursuant hereto (provided
that, in the case of any such acquisition or disposition, as the case may be, the Administrative Agent shall have received an Engineering Report evaluating the proved developed producing properties attributable to the Oil and Gas Properties subject
thereto, which such Engineering Report may be prepared by the Borrower’s in-house petroleum staff or by an independent petroleum engineer reasonably acceptable to the Administrative Agent).

“Unrestricted Cash” means the Consolidated Cash Balance to the extent it is (i) held in an account subject to a Control
Agreement or an Excluded Account and (ii) not subject of any other Lien other than (a) non-consensual Liens of the type described in the definition of Excepted Liens, (b) a Lien securing Indebtedness of the type referred to in clause (m)
of the definition of Indebtedness or (c) a Lien securing the Obligations or other Indebtedness subject to the Intercreditor Agreement. 

“Unsecured Exchange Notes” means the Borrower’s 8.50%/10% Senior PIK Toggle Notes due 2021 issued pursuant to the
Unsecured Exchange Notes Indenture, as amended, restated, replaced, supplemented, modified or refinanced. 
 “Unsecured Exchange
Notes Indenture” means the indenture dated on or about the Fourth Amendment Effective Date for the Borrower’s Unsecured Exchange Notes, as amended, restated, replaced, supplemented, modified or refinanced. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA 

  

					
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Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation
Schedule. 
 (ii) amending the definition of Alternate Base Rate by adding the following proviso to the end of the first
sentence of such definition: 
 “provided that in no event shall the Alternate Base Rate at any time be less than the Applicable
Margin.” 
 (iii) amending and restating the definition of Applicable Margin in its entirety to the following: 

“Applicable Margin” means for any day and with respect to all Loans maintained as Eurodollar Loans or ABR Loans, the
applicable percentage set forth below corresponding to the Borrowing Base Utilization Percentage: 
  

							
	 If the Borrowing Base

Utilization Percentage is:
	  	 Then the Applicable

Margin for

Eurodollar Loans is:
	  	 Then the Applicable

Margin for ABR

Loans is:
	  	 Commitment Fee

Rate:

	>90%	  	4.00%	  	3.00%	  	0.500%
	>75%<90%	  	3.75%	  	2.75%	  	0.500%
	>50%<75%	  	3.50%	  	2.50%	  	0.500%
	>30%<50%	  	3.25%	  	2.25%	  	0.500%
	<30%	  	3.00%	  	2.00%	  	0.500%

 Each change in the Applicable Margin shall apply during the period commencing on the effective date of such
change and ending on the date immediately preceding the effective date of the next such change.” 
 (iv) amending and
restating clause (c) of the definition of Change in Control in its entirety to the following: 
 “(c) the consummation of any
transaction the result of which is that any “Person” (as defined above) or Group becomes the “beneficial owner” (as such term is defined in Rule 13d3 and Rule 13d5 under the Exchange Act), in each case, other than the Permitted
Holders, of more than 25% of the outstanding Voting Stock of the Borrower, provided, however, that no Change in Control shall have occurred as a result of the consummation of any such transaction if,
immediately following such consummation, Tracy W. Krohn is the beneficial owner of more than 50% of the outstanding Voting Stock of the Borrower;” 

  

					
		  	7	  	 -Fourth Amendment to

Credit Agreement-

 (v) amending the definition of Defaulting Lender by removing the
“or” before clause (e) and adding the following clause (f) to such definition after clause (e) in such definition before the phrase “; provided that a Lender”: 

“(f) becomes the subject of a Bail-In Action” 

(vi) amending and restating the definition of Evaluation Date in its entirety to the following: 

“Evaluation Date” means the following dates: 

(a) Each date on or after April 1, 2017, which Required Lenders, at their option, specify as a date as of which the Borrowing
Base is to be redetermined, provided that each such date must be the first or last day of a current calendar month and that Required Lenders shall not be entitled to request any such redetermination more than once during any Fiscal Year; 

(b) April 15 and October 15 of each Fiscal Year, beginning April 15, 2017; 

(c) The date of each sale of interests in oil and gas properties that would permit the Administrative Agent and the Lenders to
redetermine the Borrowing Base pursuant to the terms of Section 7.5; and 
 (d) Each date which the Borrower, at its
option, specifies as a date as of which the Borrowing Base is to be redetermined, provided that each such date must be the first or last day of a current calendar month and that the Borrower shall not be entitled to request any such
redetermination more than once during any Fiscal Year.” 
 (vii) amending and restating the definition of
“Revolving Loan Commitment” in its entirety to the following: 
 “Revolving Loan Commitment” means,
relative to any Lender, such Lender’s obligation to make Revolving Loans pursuant to Section 2.1(c), as such Revolving Loan Commitment may be reduced, adjusted or terminated from time to time in accordance with the terms of this
Agreement. The amount of each Lender’s Revolving Loan Commitment as of the Fourth Amendment Effective Date(after giving effect to the payment described in Section 5(i) of the Fourth Amendment) is the reduced amount set forth on
Schedule 3 to the Fourth Amendment or in the Schedule following any Assignment and Acceptance to which such Lender is a party. 

  

					
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 (b) Amendment of
Section 2.11(g). Section 2.11(g) of the Credit Agreement is amended and restated in its entirety to the following: 

“(g) Deemed Disbursements; Cash Collateral: (i) Upon either (1) the occurrence and during the continuation of
an Event of Default pursuant to Section 8.1(j) or the occurrence of the end of the Commitment Period or (2) the declaration by the Administrative Agent of all or any portion of the outstanding principal amount of the Loans and other
Obligations to be due and payable and/or the commitments (if not theretofore terminated) to be terminated as provided in Section 8.1, an amount equal to that portion of Letter of Credit Outstandings attributable to outstanding and undrawn
Letters of Credit shall, at the election of the applicable Issuer acting on instructions from the Required Lenders, and without demand upon or notice to the Borrower, be deemed to have been paid or disbursed by such Issuer under such Letters of
Credit (notwithstanding that such amount may not in fact have been so paid or disbursed), and, upon notification by such Issuer to the Administrative Agent and the Borrower of its obligations under this Section, the Borrower shall be immediately
obligated to reimburse such Issuer the amount deemed to have been so paid or disbursed by such Issuer. (ii) Any amounts received by an Issuer from the Borrower pursuant to this Section or pursuant to Section 7.17 shall be held as
collateral security for the repayment of the Borrower’s obligations in connection with the Letters of Credit. All amounts on deposit pursuant to this Section 2.11(g) shall, until their application to any Obligation or their return to
the Borrower, as the case may be, at the Borrower’s written request, be invested in high grade short term liquid investments as such Issuer may choose in its sole discretion reasonably exercised, which interest shall be held by the applicable
Issuer as additional collateral security for the repayment of the Borrower’s Obligations under and in connection with the Letters of Credit and all other Obligations. Any losses, net of earnings, and reasonable fees and expenses of such
investments shall be charged against the principal amount invested. No Lender Party shall be liable for any loss resulting from any investment made by such Issuer at the Borrower’s request. No Issuer is obligated hereby, or by any
other Loan Document, to make or maintain any investment, except upon written request of the Borrower. At any time when such Letters of Credit shall terminate and all Obligations to each Issuer are either terminated or paid or reimbursed to such
Issuer in full, the Obligations of the Borrower under this Section shall be reduced accordingly (subject, however, to reinstatement in the event any payment in respect of such Letters of Credit is recovered in any manner from such Issuer), and
such Issuer will return to the Borrower the excess, if any, of (A) the aggregate amount held by such Issuer and not theretofore applied by such Issuer to any Reimbursement Obligation over (B) the aggregate amount of all Reimbursement
Obligations to such Issuer, as so adjusted. With respect to cash collateral delivered pursuant to (A) Section 2.11(g)(i), at such time when all Events of Default shall have been cured or waived, if the end of the Commitment Period
shall not have occurred for any reason and (B) Section 7.17, if after giving effect to the return of such cash collateral to the Borrower the Borrower would not have any obligation to deliver cash collateral to any Issuer pursuant to
Section 7.17, each Issuer shall return to 

  

					
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the Borrower all amounts then on deposit with such Issuer pursuant to Section 2.11(g)(i) or Section 7.17, as applicable. Borrower hereby assigns and grants to each Issuer a
continuing security interest in all such collateral security paid by it to such Issuer, all investments purchased with such collateral security, and all proceeds thereof to secure its Obligations under this Agreement, the Notes, and the other Loan
Documents, and Borrower agrees that collateral security and investments shall be subject to all of the terms and conditions of the Security Documents. Borrower further agrees that such Issuer shall have all of the rights and remedies of a
secured party under the Uniform Commercial Code as adopted in the State of New York with respect to such security interest and that an Event of Default under this Agreement shall constitute a default for purposes of such security interest.”

 (c) Amendment of Section 4.2. Section 4.2 of the Credit Agreement is hereby amended by
adding the following clause (g) to the end of such Section 4.2: 
 “(g) At the time of such borrowing, the Borrower shall believe,
in good faith, that immediately after giving effect to the incurrence of such Loan or the issuance of such Letter of Credit and the application thereof, if there is or will be Revolving Credit Exposure outstanding in excess of $5,000,000, that the
Consolidated Cash Balance shall not exceed $35,000,000 as of the immediately succeeding Cash Sweep Date.” 
 (d)
Amendment to Section 5.18. Section 5.18 of the Credit Agreement is hereby amended and restated in its entirety to the following: 

“Section 5.18. Insurance. Each Restricted Person is keeping and will keep or cause to be kept insured by financially sound
and reputable insurers its property at all times covering such risks and in such amounts as are customarily carried, or self-insured, by businesses similarly situated.” 

(e) Amendment to Section 5.19. Section 5.19 of the Credit Agreement is hereby amended and restated in its entirety
to the following: 
 “Section 5.19. Solvency. (A) On the Fourth Amendment Effective Date, after giving effect to the
execution of the Loan Documents by Borrower, the consummation of the transactions contemplated hereby and the making of each Loan, the issuance or deemed issuance of each Letter of Credit and the consummation of the transactions to occur pursuant to
the Exchange Offer; and (B) on any other date on which a Loan is made or a Letter of Credit is issued and after giving effect to the borrowing of such Loan or the issuance of such Letter of Credit: (i) the sum of the debt (including contingent
liabilities) of the Borrower and the Restricted Persons, does not exceed the fair value or the present fair saleable value (in 

  

					
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each case, on a going-concern basis) of the assets of the Borrower and the Restricted Persons, on a consolidated basis; (ii) the Borrower and the Restricted Persons, on a consolidated basis, are
able to pay their debts, as they become due in the ordinary course of business, (iii) the Borrower and the Restricted Persons, on a consolidated basis, do not intend to incur, or believe that they will incur, debts (including current obligations and
contingent liabilities) beyond their ability to pay such debt as they mature in the ordinary course of business and (iv) the Borrower and the Restricted Persons, taken as a whole, do not have (and do not have reason to believe that they will
have) unreasonably small capital for the conduct of the business in which they are engaged. For purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.” 

(f) Amendment of Article VI. Article VI of the Credit Agreement is hereby amended by adding the following
Section 6.23 to the end of Article VI: 
 “Section 6.23 Depository Banks. On or before fifteen (15) days after
the Fourth Amendment Effective Date (or such later date as the Administrative Agent shall agree in its sole discretion) the Borrower shall and shall cause each Restricted Person to maintain all of its operating accounts, Deposit Accounts and
Securities Accounts (as those terms are defined in the New York Uniform Commercial Code) with the Administrative Agent or with a Lender and shall cause such operating accounts, Deposit Accounts and Securities Accounts at all times to be subject of a
Control Agreement; provided, however, in the event the depositary bank ceases to be the Administrative Agent or a Lender, the Borrower shall, and shall cause each Restricted Persons to close any such operating account, Deposit Account or
Securities Account within forty-five (45) days (or such later date as the Administrative Agent may agree to in its sole discretion) of the date such Person ceases to be a Lender or the Administrative Agent. After forty-five (45) days after the
Fourth Amendment Effective Date (or such later date as the Administrative Agent shall agree in its sole discretion) , the Borrower shall not and shall not permit any Restricted Person to open any operating account or other Deposit Account or
Securities Account unless concurrently with the opening of such account the Borrower or such Restricted Person, as applicable, shall have delivered to the Administrative Agent a duly executed Control Agreement in respect of such account;
provided, however, in the event the Borrower or any Restricted Person acquires a Deposit Account or Securities Account pursuant to an acquisition, the Borrower and each Restricted Person shall have forty-five (45) days from the date of such
acquisition (or such later date as the Administrative Agent shall agree in its sole discretion) to (i) close any such acquired Deposit 

  

					
		  	11	  	 -Fourth Amendment to

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Account or Securities Account in the event such account is not held with the Administrative Agent or a Lender, and (ii) subject any such acquired Deposit Account or Securities Account to a
Control Agreement. The requirements of this Section 6.23 shall not apply to Excluded Accounts. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent shall not direct disbursements from
such Deposit Accounts or Securities Accounts or prohibit the Borrower from making disbursements from such Deposit Accounts or Securities Accounts unless an Event of Default has occurred and is continuing.” 

(g) Section 7.1. Section 7.1 of the Credit Agreement is hereby amended by 

(i) deleting the word “and” at the end of Section 7.1(j); 

(ii) amending and restating Section 7.1(k) in its entirety to the following: 

“Indebtedness in respect of Permitted Additional Debt and any refinancing thereof; provided that (x) immediately after giving effect
to the incurrence or issuance thereof and the use of proceeds therefrom, the Borrower shall be in compliance with Sections 7.11, 7.14, 7.17, and 7.18; and (y) the Borrowing Base shall automatically and without any further action from any
of the parties hereto, be reduced with the incurrence of such Indebtedness in an amount equal to thirty-three percent (33%) of such Indebtedness until such time as the Borrowing Base is redetermined or otherwise adjusted pursuant to the terms of
this Agreement;” 
 (iii) by adding the following Sections 7.1(l) and 7.1(m) after Section 7.1(k): 

“(l) Indebtedness in respect of the 1.5 Lien Term Loans in a principal amount not in excess of $75,000,000 and any refinancing thereof,
provided that such Indebtedness is at all times subject to the provisions of the 1.5 Lien Intercreditor Agreement; and 
 (m) Indebtedness
(A) in respect of the Secured Exchange Notes in a principal amount not in excess of $202,500,000 plus any interest paid-in- kind thereon and any refinancing thereof and (B) in respect of the Third Lien Exchange Notes (provided such
Indebtedness in respect of Third Lien Exchange Notes is at all times subject to the provisions of the Intercreditor Agreement) and/or Unsecured Exchange Notes in an aggregate principal amount not in excess of $180,000,000 plus any interest
paid-in-kind thereon and any refinancing thereof.” 

  

					
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 (h) Amendment of Section 7.2. Section 7.2 of the Credit Agreement is
hereby amended by 
 (i) deleting the word “and” at the end of Section 7.2(h); 

(ii) deleting the “.” at the end of Section 7.2(i) and replacing it with “; and” 

(iii) by adding the following Section 7.2(j) after Section 7.2(i): 

“(j) Liens securing Indebtedness permitted under Sections 7.1(l) and 7.1(m), provided that such Liens are at all times subject to
the provisions of the 1.5 Lien Intercreditor Agreement and/or the Intercreditor Agreement, as applicable.” 
 (i)
Amendment of Section 7.6. Section 7.6 of the Credit Agreement is hereby amended and restated in its entirety to the following: 

“Section 7.6 Limitation on Distributions; Redemptions and Prepayments of Indebtedness. No Restricted Person will make
any Distribution or will redeem, purchase, retire, prepay, repay or defease any Indebtedness (other than the Obligations) prior to the original maturity thereof, except: 
  

	 	(a)	Distributions by Subsidiaries of Borrower without limitation to Borrower, 

  

	 	(b)	The Borrower may exchange Bonds for (x) the Secured Exchange Notes, (y) Unsecured Exchange Notes and/or Third Lien Exchange Notes and (z) common equity, in each case, pursuant to the Exchange Offer, 

 

	 	(c)	 That, so long as (1) no Event of Default has occurred and is continuing or would result therefrom and (2) no
Borrowing Base Deficiency has occurred and is continuing or would result therefrom, (w) the Borrower may pay interest on the Bonds, the 1.5 Lien Term Loan, the Secured Exchange Notes, the Unsecured Exchange Notes, the Third Lien Exchange Notes
or any Permitted Additional Debt on the stated, scheduled dates for payment of interest set forth in the applicable Indenture, the Secured Notes Indenture, the Unsecured Notes Indenture, the Third Lien Exchange Notes Indenture, the 1.5 Lien Credit
Agreement or the Permitted Additional Debt Document, as applicable; (x) the Borrower may redeem, repurchase, prepay or defease the Bonds, the 1.5 Term Loan, the Secured Exchange Notes, the Third Lien Exchange Notes, the Unsecured Exchange Notes
or Permitted Additional Debt (i) on the scheduled maturity date for the Bonds, the Secured Exchange Notes, the Unsecured Exchange Notes, the 1.5 Lien Term Loan, the Third Lien Exchange Notes or the Permitted Additional Debt, as applicable, (ii) in
the principal amount 

  

					
		  	13	  	 -Fourth Amendment to

Credit Agreement-

	 	
that is required to be repaid or prepaid under the applicable Indenture, the 1.5 Lien Credit Agreement, the Secured Notes Indenture, the Unsecured Notes Indenture, the Third Lien Exchange Notes
Indenture or the Permitted Additional Debt Documents, as applicable, on each stated, scheduled date for repayment or prepayment of principal thereunder or (iii) with the written consent of the Required Lenders; (y) the Borrower may redeem,
repurchase, prepay, repay or defease all or any portion of the Bonds, the Secured Exchange Notes, the Unsecured Exchange Notes, the 1.5 Lien Term Loan, the Third Lien Exchange Notes or the Permitted Additional Debt in an aggregate principal amount
equal to or less than the aggregate principal amount of, as applicable, any new issuance of senior unsecured notes made in accordance with Section 7.1(h) or any new incurrence of Permitted Additional Debt made in accordance with Section 7.1(k);
provided, further, however, that with respect to clause (y), (A) the terms of any such new issuance of senior unsecured notes shall not contain covenants or events of default that are, taken as a whole, materially more restrictive on the Borrower
than the Existing Senior Notes and (B) the scheduled maturity date of such new notes shall not be prior to the date that is ninety (90) days after the Maturity Date; and (z) the Borrower may redeem, repurchase or prepay all or any portion of
the Bonds not exchanged as permitted pursuant to the foregoing subsection (b) above, provided that (i) the aggregate consideration for all such redemptions, repurchases and prepayments, shall not exceed $35,000,000, and (ii) at the time of and after
giving effect to any such redemption, repurchase or prepayment (A) no Loans shall be outstanding, and (B) Letter of Credit Outstandings shall not exceed $5,000,000, and (iii) at the time of such redemption, repurchase or prepayment after making any
payments required to have been made pursuant to Section 7.17, the Borrower and the other Restricted Persons shall have a Consolidated Cash Balance of at least $35,000,000.

(j) Amendment of Section 7.14. Section 7.14 of the Credit Agreement is hereby amended and
restated in its entirety to the following: 
 “Section 7.14 First Lien Leverage Ratio. The Borrower will not permit
its First Lien Leverage Ratio as of the last day of each Fiscal Quarter ending on or before June 30, 2017 to be greater than 2.50 to 1.00 and as of the last day of any Fiscal Quarter ending thereafter to be greater than 2.0 to 1.0.” 

(k) Amendment of Section 7.15. Section 7.15 of the Credit Agreement is amended by deleting
such Section in its entirety and replacing it with the following: 
 “Section 7.15 [Reserved].” 

  

					
		  	14	  	 -Fourth Amendment to

Credit Agreement-

 (l) Article 7 of Credit Agreement. Article 7 of the Credit Agreement
is hereby amended by adding the following Sections 7.17, 7.18 and 7.19 to the end of such Article 7: 
 “Section 7.17 Anti-Hoarding
Provision. If at the close of business on any Wednesday (each a “Cash Sweep Date”), (i) there is Revolving Credit Exposure outstanding in excess of $5,000,000 and (ii) the Borrower and the other Restricted Persons shall have a
Consolidated Cash Balance in excess of $35,000,000 (the amount in excess of $35,000,000 the “Excess Cash”), then on the second next Business Day the Borrower will prepay the Loans in an amount equal to the Excess Cash and to the extent
such Excess Cash is in an amount greater than the total outstanding principal amount of the Loans, Borrower shall use such cash to cash collateralize Letter of Credit Outstandings as provided in Section 2.11(g)(ii); provided that notwithstanding the
foregoing, the Borrower shall only be required to make such prepayments and deliver such cash collateral to the extent necessary such that after giving effect to such prepayment and delivery of such cash collateral the Revolving Credit Exposure does
not exceed $5,000,000. Each prepayment of Loans pursuant to this Section 7.17 will be applied as directed by the Borrower, provided that if the Borrower does not provide instructions for the application of such prepayment, such prepayment shall
be applied first, ratably to any ABR Loans then outstanding, and, second, to any Eurodollar Loan in order of priority beginning with the Eurodollar Loan with the least number of days remaining in the Interest Period applicable thereto and ending
with the Eurodollar Loan with the most number of days remaining in the Interest Period applicable thereto. Each prepayment of Loans pursuant to this Section 7.17 shall be applied ratably to the Loans included in the prepaid
Loans. Notwithstanding anything to the contrary contained herein or in any other Loan Document (including, without limitation, Section 3.5), the parties hereto acknowledge and agree that any prepayment pursuant to this Section 7.17 shall not
(a) be subject to any reimbursement, indemnification or payment rights under Section 3.5 or (b) require any prior written notice thereof. 

Section 7.18 Asset Coverage Ratio. 
  

	 	(i)	The Borrower will not permit, as of any Test Date, the ratio (the “Asset Coverage Ratio”) of (1) Total Proved PV-10 as of such Test Date to (2) the outstanding principal amount of the
Obligations of the Borrowers and Restricted Persons as of such Test Date to be less than 1.25 to 1.00. 

  

	 	(ii)	For the purposes hereof, “Test Date” means September 30, 2016 and December 31, 2016. 

  

					
		  	15	  	 -Fourth Amendment to

Credit Agreement-

 Section 7.19 Liquidity. At all times the Borrower and the other Restricted
Persons shall maintain Liquidity of not less than $15,000,000.” 
 (m) Article 10 of the Credit Agreement is hereby
amended by adding the following Section 10.21 to the end of such Article: 
 “Section 10.21 Acknowledgement and
Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by: 
  

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

  

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

  

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

  

	 	(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

 

	 	(iii)	the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.” 

(n) Exhibits. Exhibits B, D and G of the Credit Agreement are hereby amended and restated in their entirety to
be as set forth in Exhibits B, D and G, respectively, of this Fourth Amendment. 
 3. Borrowing Base. For the period from
and including the Fourth Amendment Effective Date to but excluding the next Evaluation Date, the amount of the Borrowing Base shall be equal to $150,000,000. Notwithstanding the foregoing, the Borrowing Base is subject to further adjustments
from time to time prior to the next Determination Date pursuant to the terms of the Credit Agreement, as amended from time to time. 

  

					
		  	16	  	 -Fourth Amendment to

Credit Agreement-

 4. Representations and Warranties. The Borrower and each Restricted Person (if any)
hereby represents and warrants that after giving effect hereto: 
 (a) the representations and warranties of the Borrower and
such Restricted Person (if any) 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 Fourth 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 such Restricted Person (if any) of this Fourth 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 such Restricted Person (if any) 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 such Restricted
Person of this Fourth 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. 
 5. Conditions to Effectiveness of Amendments. 

(a) This Fourth Amendment shall be effective upon receipt by the Administrative Agent of counterparts of this Fourth Amendment
duly executed by the Borrower, the Administrative Agent and the Required Lenders. The amendments set forth in Section 2 and the provisions of Section 3 of this Fourth Amendment shall each be effective on the date on which all of the following
conditions in this Section 5 are satisfied (such date, the “Fourth Amendment Effective Date”).
 (b)
The Administrative Agent shall have received the duly executed 1.5 Lien Intercreditor Agreement in form and substance reasonably satisfactory to the Administrative Agent.

  

					
		  	17	  	 -Fourth Amendment to

Credit Agreement-

 (c) The Administrative Agent shall have received a copy of the 1.5 Lien Credit
Agreement and the Loan Documents (as defined therein), the Secured Exchange Notes Indenture and the Note Documents as defined therein, the Third Lien Exchange Notes Indenture and the Note Documents as defined therein (if applicable) and the
Unsecured Exchange Notes Indenture and the Note Documents as defined therein (if applicable) certified by an officer of the Borrower as being true, correct and complete in all material respects. 

(d) The Administrative Agent shall have received a copy of the instruments and documents required to be delivered pursuant to
Section 4.04 of the Intercreditor Agreement in respect of the 1.5 Term Loans, including a certificate from a Responsible Officer of the Borrower stating that such 1.5 Lien Term Loans and the Secured Exchange Notes are permitted to be incurred
and secured by the Secured Debt Documents (as such term is defined in the Intercreditor Agreement) and that after giving effect to the 1.5 Lien Term Loans, the Priority Lien Debt (as defined in the Intercreditor Agreement) does not exceed the
Priority Lien Cap (as such term is defined in the Intercreditor Agreement). 
 (e) The Administrative Agent shall have
received a certificate signed by an Authorized Officer of the Borrower representing and warranting that: 
 (i) the
incurrence of the 1.5 Lien Term Loans and the Secured Exchange Notes is permitted by the Loan Documents (as such term is defined in the Term Loan Credit Agreement (as such term is defined in the Intercreditor Agreement)); 

(ii) the requirements of Section 4.06 of the Intercreditor Agreement have been satisfied with respect to the 1.5 Lien Term
Loans and the Secured Exchange Notes; 
 (iii) aggregate outstanding principal amount of the Priority Lien Obligations (as
such terms is defined in the Intercreditor Agreement) after giving effect to the 1.5 Lien Term Loans does not exceed the Priority Lien Cap (as such term is defined in the Intercreditor Agreement); 

(iv) the 1.5 Lien Term Loans have been designated by the Borrower as Priority Lien Debt (as such term is defined in the
Intercreditor Agreement) in an officers certificate delivered to the Administrative Agent and to the Second Lien Collateral Trustee (as such term is defined in the Intercreditor Agreement); and 

(v) the Borrower has delivered the instruments and documents required to be delivered pursuant to Section 4.04 of the
Intercreditor Agreement. 
 (f) The Exchange shall have been consummated in all material respects in accordance with the
terms of the Exchange Offer and the 1.5 Lien Term Loans, the 1.5 Lien Facility, the Secured Exchange Notes, the Secured Exchange Notes Indenture, the Unsecured Exchange Notes, the Unsecured Exchange Notes Indenture and, if applicable, the Third Lien
Exchange Notes and the Third Lien Exchange Notes Indenture shall contain the terms and provisions set forth in the Support Agreement filed on Form 8-K on 

  

					
		  	18	  	 -Fourth Amendment to

Credit Agreement-

 
July 25, 2016 by the Borrower with the SEC with such changes as shall be reasonably satisfactory to the Administrative Agent and will provide for a priority lien cap under the 1.5 Lien
Intercreditor Agreement of not less than the greater of $150,000,000 or the Borrowing Base, plus hedging obligations, bank product obligations, interest and fees. 

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

(h) The Administrative Agent shall have received a certificate from the secretary or an Assistant Secretary of the Borrower
attaching board resolutions authorizing this Fourth Amendment, the Exchange, the 1.5 Lien Term Loans, the Secured Exchange Notes, the Unsecured Exchange Notes (if applicable), the Third Lien Exchange Notes (if applicable) and the related
transactions. 
 (i) The Administrative Agent shall have received a certificate of the chief financial officer of the
Borrower certifying that concurrently with the effectiveness of the amendments set forth herein on the Fourth Amendment Effective Date, holders of Existing Senior Notes have exchanged at least 85% of the outstanding principal amount of the Existing
Senior Notes in accordance with the Exchange Offer. 
 (j) Substantially concurrently with the effectiveness of the
amendments set forth herein on the Fourth Amendment Effective Date, the Borrower shall have made a payment on the outstanding Loans with all of the net cash proceeds (after customary and reasonable expenses incurred in connection with the issuance
thereof) of the 1.5 Lien Term Loans. 
 Notwithstanding the foregoing, the Fourth Amendment Effective Date shall not occur, and the
amendments in Section 2 of this Fourth Amendment and the provisions of Section 3 shall not be effective unless the forgoing conditions are satisfied (or satisfaction thereof is waived by the Administrative Agent with the consent of the Required
Lenders) on or before October 31, 2016. 
 6. Ratification; Loan Document. This Fourth 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 amended, is hereby ratified, approved and confirmed in each and every respect. The Borrower and each other Restricted Person
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 Fourth Amendment is a Loan Document. 

7. 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, 

  

					
		  	19	  	 -Fourth Amendment to

Credit Agreement-

 
consultants’ fees and engineering fees, travel costs and miscellaneous expenses) in connection with this Fourth Amendment and any other agreements, documents, instruments, releases,
terminations or other collateral instruments delivered by the Administrative Agent in connection with this Fourth Amendment. 
 8.
GOVERNING LAW. THIS FOURTH 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. 
 9. Severability. If
any term or provision of this Fourth Amendment shall be determined to be illegal or unenforceable all other terms and provisions of this Fourth Amendment shall nevertheless remain effective and shall be enforced to the fullest extent permitted by
applicable Law. 
 10. Counterparts. This Fourth 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. 
 11. Successors and Assigns. This Fourth 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. 

12. No Waiver. The execution, delivery and effectiveness of this Fourth 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 of any provision of any of the Loan Documents. 

13. 1.5 Intercreditor Agreement. Each Lender, each Issuer and each other Lender Party by accepting the benefits of the 1.5 Lien
Intercreditor Agreement is deemed to hereby (i) instruct and authorize the Administrative Agent to execute and deliver such 1.5 Lien Intercreditor Agreement on its behalf, (ii) authorize and direct the Administrative Agent to exercise all of the
Administrative Agent’s rights and to comply with all of its obligations under such 1.5 Lien Intercreditor Agreement, (iii) agree that the Administrative Agent may take actions on its behalf as is contemplated by the terms of such 1.5 Lien
Intercreditor Agreement, and (iv) understand, acknowledge and agree that at all times following the execution and delivery of the 1.5 Lien Intercreditor Agreement such Lender, Issuer and other Lender Party (and each of their respective successors
and assigns) shall be bound by the terms thereof. 
 (The remainder of this page is intentionally left blank.) 

  

					
		  	20	  	 -Fourth Amendment to

Credit Agreement-

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth 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/ John D. Gibbons

					
	Name:	 	John D. Gibbons
	Title:	 	Senior Vice President and Chief Financial Officer

  

					
		  	S-1	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	TORONTO DOMINION (TEXAS) LLC,
	as Administrative Agent
		
	By:	 	 /s/ Wallace Wong

	Name:	 	Wallace Wong
	Title:	 	Authorized Signatory

  

					
		  	S-2	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	TORONTO DOMINION (TEXAS) LLC,
	as Lender
		
	By:	 	 /s/ Wallace Wong

	Name:	 	Wallace Wong
	Title:	 	Authorized Signatory

  

					
		  	S-3	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as Issuer
		
	By:	 	 /s/ Wallace Wong

	Name:	 	Wallace Wong
	Title:	 	Authorized Signatory

  

					
		  	S-4	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	CIT BANK, N.A.,
	as Lender
		
	By:	 	 /s/ Katya Evseev

	Name:	 	Katya Evseev
	Title:	 	Vice President

  

					
		  	S-5	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	NATIXIS, as Lender
		
	By:	 	 /s/ Brice Le Foyer

	Name:	 	Brice Le Foyer
	Title:	 	Director
		
	By:	 	 /s/ Leila Zomorrodian

	Name:	 	Leila Zomorrodian
	Title:	 	Director

  

					
		  	S-6	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	NATIXIS, as Issuer
		
	By:	 	 /s/ Brice Le Foyer

	Name:	 	Brice Le Foyer
	Title:	 	Director
		
	By:	 	 /s/ Leila Zomorrodian

	Name:	 	Leila Zomorrodian
	Title:	 	Director

  

					
		  	S-7	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	ZB, N.A. dba Amegy Bank,
	as Lender
		
	By:	 	 /s/ G. Scott Collins

	Name:	 	G. Scott Collins
	Title:	 	Senior Vice President

  

					
		  	S-8	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	ING CAPITAL LLC,
	as Lender
		
	By:	 	 /s/ Josh Strong

	Name:	 	Josh Strong
	Title:	 	Director
		
	By:	 	 /s/ Charles Hall

	Name:	 	Charles Hall
	Title:	 	Managing Director

  

					
		  	S-9	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	MORGAN STANLEY BANK, N.A.,
	as Lender
		
	By:	 	 /s/ Kevin Newman

	Name:	 	Kevin Newman
	Title:	 	Authorized Signatory

  

					
		  	S-10	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	 THE BANK OF NOVA SCOTIA,

	 as Lender

		
	 By:
	 	 /s/ Marc Graham

	 Name:
	 	 Marc Graham

	 Title:
	 	 Director

  

					
		  	S-11	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	CITIBANK, N.A.,
	as Lender
		
	By:	 	 /s/ Cliff Vaz

	Name:	 	Cliff Vaz
	Title:	 	Vice President

  

					
		  	S-12	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	FIFTH THIRD BANK,
	as Lender
		
	By:	 	 /s/ Justin Bellamy

	Name:	 	Justin Bellamy
	Title:	 	Director

  

					
		  	S-13	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	ABN AMRO CAPITAL USA, LLC,
	as Lender
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director
		
	By:	 	 /s/ Elizabeth Johnson

	 Name:
 Title:
	 	 Elizabeth Johnson
 Director

  

					
		  	S-14	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION,
	as Lender
		
	By:	 	 /s/ Robert James

	Name:	 	Robert James
	Title:	 	Director

  

					
		  	S-15	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	SUMITOMO MITSUI BANKING CORPORATION,
	as Lender
		
	By:	 	 /s/ Ryo Suzuki

	Name:	 	Ryo Suzuki
	Title:	 	General Manager

  

					
		  	S-16	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	GOLDMAN SACHS BANK, USA,
	as Lender
		
	By:	 	 /s/ Mehmet Barlas

	Name:	 	Mehmet Barlas
	Title:	 	Authorized Signatory

  

					
		  	S-17	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	CADENCE BANK, N.A.,
	as Lender
		
	By:	 	 /s/ Kyle Gruen

	Name:	 	Kyle Gruen
	Title:	 	AVP

  

					
		  	S-18	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	WHITNEY BANK,
	as Lender
		
	By:	 	 /s/ Liana Tchernysheva

	Name:	 	Liana Tchernysheva
	Title:	 	Senior Vice President

  

					
		  	S-19	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	 IBERIABANK,

	 as Lender

		
	 By:
	 	 /s/ Moni Collins

	 Name:
	 	 Moni Collins

	 Title:
	 	 Senior Vice President

  

					
		  	S-20	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	REGIONS BANK,
	as Lender
		
	By:	 	 /s/ Kelly L. Elmore III

	Name:	 	Kelly L. Elmore III
	Title:	 	Managing Director

  

					
		  	S-21	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 
			
	COMERICA BANK,
	as Lender
		
	By:	 	 /s/ Chad Stephenson

	Name:	 	Chad Stephenson
	Title:	 	Vice President

  

					
		  	S-22	  	 -Signature Page to

Fourth Amendment to Credit Agreement-

 SCHEDULE 3 

LENDERS SCHEDULE 
  

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment1	 
	 Lending Office:
	  				 			
	 Toronto Dominion (Texas) LLC

31 West 52nd Street, 20th Floor
 New York, New York 10019

Tel:        (212) 827-7600

Fax:       (212) 827-7227

Attn:      Rose Warren

 
 (with a copy to:

909 Fannin, Suite 1950

Houston, Texas 77010

Tel:        (713) 653-8211

Fax:       (713) 652-2647

Attn:      Martin Snyder)
	  	 	7.724138	% 	 	$	32,827,586	  
			
	 Wells Fargo Bank, N.A.

1700 Lincoln Street, 5th Floor

Denver, CO 80203

Tel:        (303) 863-5768

Fax:       (303) 863-2729

Attn:      Taylor Barnette
	  	 	7.724138	% 	 	$	32,827,586	  
			
	 Morgan Stanley Bank, N.A.

One Pierrepont Plaza

Brooklyn, New York 11201

Tel:        (718) 754-4041

Fax:       (718) 233-2132

Attn:      Michael Gavin
	  	 	7.724138	% 	 	$	32,827,586	  
			
	 The Bank of Nova Scotia

720 King Street W, 2nd Floor

Toronto, ON M5V 2T3

Tel:        (212) 225-5705

Fax:       (212) 225-5709

Attn:      Ivica Anastasov
	  	 	7.586207	% 	 	$	32,241,379	  
			
	 Natixis 

333 Clay Street, Suite 4340 
Houston, Texas 77002 
Tel:        (713) 571-8739

Fax:       (713) 583-7300 
Attn:      Timothy L. Polvado
	  	 	7.586207	% 	 	$	32,241,379	  

  

	1 	After giving effect to the Fourth Amendment 

  

					
		  	1	  	 - Schedule 3 to

Fourth Amendment to Credit Agreement-

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment1	 
	Fifth Third Bank 
5050 Kingsley Dr. 
Cincinnati, Ohio 45227 
Tel:        (513) 358-3614 
Fax:       (513) 534-3534 
Attn:
      Monique Sextro	  	 	5.931034	% 	 	$	25,206,897	  
			
	 Amegy Bank National Association 
4400 Post Oak Parkway #404

Houston, Texas 77027 
Tel:        (713) 232-2026 
Fax:       (713)
561-0345 
Attn:       Charles W. Patterson
	  	 	5.931034	% 	 	$	25,206,897	  
			
	ING Capital LLC 
1325 Avenue of Americas 
New York, New York 10019 
Tel:        (646) 424-8244 
Fax:       (646) 424-8251 
Attn:
      Frenklin Christian	  	 	5.931034	% 	 	$	25,206,897	  
			
	Citibank, N.A. 
1615 Brett Road, Building III 
New Castle, DE 19720 
Tel:        (302) 894-6052 
Attn:      Loan Administration	  	 	4.137931	% 	 	$	17,586,207	  
			
	 Capital One, National Association 
6200 Chevy Chase Dr. 
Laurel, MD 20707

Tel:        (301) 939-5952 
Fax:       (301) 953-8692 
Attn:       Joy Victorio

 
 (with a copy to: 
6200 Chevy Chase Dr. 
Laurel, MD 20707

Tel:        (301) 939-5954 
Fax:       (301) 953-8692 
Attn:      Christy Wharton
	  	 	4.137931	% 	 	$	17,586,207	  

  

					
		  	2	  	 -Schedule 3 to

Fourth Amendment to Credit Agreement-

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment1	 
	Whitney Bank 
4265 San Felipe, Suite 490 
Houston, Texas 77027 
Tel:        (713) 951-7108 
Fax:       (713) 951-7719

Attn:       Shari Jones	  	 	3.793103	% 	 	$	16,120,690	  
			
	 GE Business Financial Services, Inc.
F/K/A Merrill Lynch Business Financial Services, Inc. 
Corporate Financial
Services 
333 Clay Street Suite 4450
 Houston, Texas 77002 
Tel:        (713) 951-2324

Fax:       (713) 583-3271 
Attn:      Salman Patoli
	  	 	3.793103	% 	 	$	16,120,690	  
			
	 IBERIABANK 
11 E. Greenway Plaza, Suite 2900

Houston, Texas 77046 
Tel:        (713) 624-7726 
Fax:       (713) 965-0276

Attn:      Cameron Jones
	  	 	3.793103	% 	 	$	16,120,690	  
			
	 Regions Bank 
201 Milan Parkway 
Birmingham, AL 35211 
Tel:        (205)
420-7725 
Fax:       (205) 261-7069 
Attn:      Kelsey Davis
  

(with a copy to: 
201 Milan Parkway 
Birmingham, AL 35211 
Tel:        (205) 420-7436

Fax:       (205) 261-7069 
Attn:      Valencia Jackson
	  	 	3.793103	% 	 	$	16,120,690	  

  

					
		  	3	  	 -Schedule 3 to

Fourth Amendment to Credit Agreement-

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment1	 
	 ABN AMRO Capital USA, LLC 
 100 Park
Avenue 
New York, NY 10017 
Tel:        (917) 284-6921 
Fax:       (917) 284-6697 
Attn:      Elsy Garcia

 
 (with a copy to: 
100 Park Avenue 
New York, NY 10017

Tel:        (917) 284-6904 
Fax:       (917) 284-6697 
Attn:      Glenn Ransier
	  	 	3.793103	% 	 	$	16,120,690	  
			
	 Sumitomo Mitsui Banking Corporation 
277 Park Avenue 
New York, NY 10172

Tel:        (212) 224-4285 
Fax:       (212) 224-5197 
Attn:      Vanessa Raoul

 
 (with a copy to: 
227 Park Avenue 
New York, NY 10172

Tel:        (212) 224-4393 
Fax:       (212) 224-5197 
Tracey Watson
	  	 	3.793103	% 	 	$	16,120,690	  
			
	Goldman Sachs Bank USA 
200 West Street 
New York, NY 10282 
Tel:        (212) 902-1099 
Fax:       (917) 977-3966 
Attn:
gs-sbd-admin-contacts@ny.email.gs.com	  	 	3.793103	% 	 	$	16,120,690	  
			
	 Comerica Bank 
5757 Memorial Drive, 2nd Floor

Houston, TX 77007 
Tel:        (713) 507-2022 
Fax:       (713) 507-2989

Attn:      Bill Robinson
 wbrobinson@comerica.com
	  	 	3.448276	% 	 	$	14,655,172	  

  

					
		  	4	  	 -Schedule 3 to

Fourth Amendment to Credit Agreement-

									
	 	  	Revolving Loan
Percentage Share	 	 	Revolving Loan
Commitment1	 
	 Cadence Bank, N.A. 
PO Box 1187 
Starkville, MS 39760 
Tel:        (662)
324-4761 
Fax:       (662) 338-5026 
Attn:      Katherine Hackett
  

(with a copy to: 
PO Box 1187 
Starkville, MS 39760 
Tel:        (662) 324-4763

Fax:       (662) 338-5025 
Attn:      Jennifer Pittman
	  	 	2.827586	% 	 	$	12,017,241	  
			
	CIT Bank, N.A. 
888 E. Walnut Street 
Pasadena, CA 91101 
Tel:        (626) 535-4878 
Fax:       (866) 518-6540	  	 	2.758621	% 	 	$	11,724,138	  
		  	  
	  
	 	 	  
	  
	 
	TOTAL	  	 	100.000000	% 	 	$	425,000,000	  
		  	  
	  
	 	 	  
	  
	 

  

					
		  	5	  	 -Schedule 3 to

Fourth Amendment to Credit Agreement-

 EXHIBIT B 

BORROWING NOTICE 

Reference is made to that certain Fifth Amended and Restated Credit Agreement, dated as of November 8, 2013 (as from time to time amended,
supplemented, restated or otherwise modified, the “Agreement”), by and among W&T Offshore, Inc. (“Borrower”), Toronto Dominion (Texas) LLC, as Administrative Agent, and certain lenders (“Lenders”) and
letter-of-credit issuing banks from time to time parties thereto as Issuers (the “Agreement”). Terms which are defined in the Agreement are used herein with the meanings given them in the Agreement. 

Borrower hereby requests a Borrowing of new Loans to be advanced pursuant to Section 2.2 of the Agreement as follows: 

 

			
	Aggregate amount of Borrowing:	  	$                 
		
	Type of Loans in Borrowing:	  	                    
		
	Date on which Loans are to be advanced:	  	                    
		
	Length of Interest Period for Eurodollar
    Loans (1, 2, 3 or 6 months):	  	                     months

 To induce Lenders to make such Loans, Borrower hereby represents, warrants, acknowledges, and agrees to and
with Administrative Agent and each Lender that: 
 (a) The officer of Borrower signing this instrument is the duly elected, qualified and
acting officer of Borrower as indicated below such officer’s signature hereto having all necessary authority to act for Borrower in making the request herein contained (it being agreed and understood that such officer is signing in his or her
capacity as an officer of the Borrower and not in any individual capacity). 
 (b) The representations and warranties of Borrower set forth
in the Agreement and the other Loan Documents are true and correct in all material respects (unless such representation or warranty is subject to a materiality qualifier in which case such representative or warranty is true and correct) on and as of
the date hereof (except to the extent that the facts on which such representations and warranties are based have been changed by the extension of credit under the Agreement), with the same effect as though such representations and warranties had
been made on and as of the date hereof. 
 (c) There does not exist on the date hereof any condition or event which constitutes a Default or
Borrowing Base Deficiency which has not been waived in writing as provided in Section 10.1(a) of the Agreement; nor will any such Default or Borrowing Base Deficiency exist upon Borrower’s receipt and application of the Loans requested
hereby. Borrower will use the Loans hereby requested in compliance with Section 2.4 of the Agreement. 

  
 Exhibit B-1 

 (d) Except to the extent waived in writing as provided in Section 10.1(a) of the Agreement,
Borrower has performed and complied with all conditions to the borrowing of Loans contained in the Agreement required to be complied with by Borrower on or prior to the date hereof, and each of the conditions precedent to borrowing of Loans
contained in the Agreement remains satisfied as of the date hereof. 
 (e) The Facility Usage, after the making of the Loans requested
hereby, will not be in excess of the Borrowing Base on the date requested for the making of such Loans. 
 (f) The Loan Documents have not
been modified, amended or supplemented by any unwritten representations or promises, by any course of dealing, or by any other means not provided for in Section 10.1(a) of the Agreement. The Agreement and the other Loan Documents are
hereby ratified, approved, and confirmed in all respects. 
 (g) At the time of such borrowing, the Borrower shall believe, in good faith,
that immediately after giving effect to the incurrence of such Loan or the issuance of any Letter of Credit on the date thereof and the application thereof, that the Consolidated Cash Balance shall not exceed $35,000,000 as of the immediately
succeeding Cash Sweep Date (it being agreed and understood that no assurances can be given that such result will be obtained).1 

The officer of Borrower signing this instrument hereby certifies that, to the best of his knowledge after due inquiry, the above
representations, warranties, acknowledgments, and agreements of Borrower are true, correct and complete in all material respects (unless such representation or warranty is subject to a materiality qualifier in which case such representation or
warranty is true and correct) (it being agreed and understood that such officer is signing in his or her capacity as an officer of the Borrower and not in any individual capacity). 

IN WITNESS WHEREOF, this instrument is executed as of
                    , 20        . 

 

			
	 W&T OFFSHORE, INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

	1 	To be included if on such date after giving effect thereto the Revolving Credit Exposure outstanding is in excess of $5,000,000. 

  
 Exhibit B-2 

 EXHIBIT D 

CERTIFICATE ACCOMPANYING 

FINANCIAL STATEMENTS 

Reference is made to that certain Fifth Amended and Restated Credit Agreement, dated as of November 8, 2013 (as from time to time amended,
supplemented, restated or otherwise modified, the “Agreement”), by and among W&T Offshore, Inc. (“Borrower”), Toronto Dominion (Texas) LLC, as Administrative Agent, and certain lenders (“Lenders”) and letter-of-
credit issuing banks from time to time parties thereto as Issuers (the “Agreement”). Terms which are defined in the Agreement are used herein with the meanings given them in the Agreement. 

This Certificate is furnished pursuant to Section 6.2(b) of the Agreement. Together herewith Borrower is furnishing to Administrative
Agent and each Lender, Borrower’s *[audited/unaudited] financial statements (the “Financial Statements”) as of *[insert date] (the “Reporting Date”). Borrower hereby represents, warrants, and acknowledges to Administrative
Agent and each Lender that: 
 (a) the officer of Borrower signing this instrument is the duly elected, qualified and acting
                     of Borrower and as such is Borrower’s chief financial officer (it being agreed and understood that such officer is signing
in his or her capacity as an officer of the Borrower and not in any individual capacity); 
 (b) the Financial Statements are accurate and
complete and satisfy the requirements of the Agreement, in each case, in all material respects; 
 (c) on the Reporting Date Borrower was,
and on the date hereof Borrower is, in full compliance with the financial covenants set forth in Sections 7.11, 7.14, 7.17 and 7.18 of the Agreement *[except for any non-compliance under Section(s)
                     of the Agreement, which non-compliance *[is/are] more fully described on a schedule attached hereto]; 

(d) on the Reporting Date Borrower was, and on the date hereof Borrower is, in full compliance with the disclosure requirements of
Section 6.4 of the Agreement, and no Default otherwise existed on the Reporting Date or otherwise exists on the date of this instrument *[except for Default(s) under Section(s)
                     of the Agreement, which *[is/are] more fully described on a schedule attached hereto]; and 

(e) *[Unless otherwise disclosed on a schedule attached hereto,] The representations and warranties of Borrower set forth in the Agreement and
the other Loan Documents are true and correct on and as of the date hereof (except to the extent that the facts on which such representations and warranties are based have been changed by the extension of credit under the Agreement), with the same
effect as though such representations and warranties had been made on and as of the date hereof. 
 (f) On the Reporting Date the
Consolidated Cash Balance was $                    . 

The officer of Borrower signing this instrument hereby certifies that he has reviewed the Loan Documents and the Financial Statements and has
otherwise undertaken such inquiry as is in 

  
 Exhibit D-1 

 
his opinion necessary to enable him to express an informed opinion with respect to the above representations, warranties and acknowledgments of Borrower and, to the best of his knowledge, such
representations, warranties, and acknowledgments are true, correct and complete in all material respects (unless such representation or warranty is subject to a materiality qualifier in which event such representation or warranty is true and
correct) (it being agreed and understood that such officer is signing in his or her capacity as an officer of the Borrower and not in any individual capacity). 

IN WITNESS WHEREOF, this instrument is executed as of
                    , 20         . 

 

			
	W&T OFFSHORE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit D-2 

 EXHIBIT G 

FORM OF ISSUANCE REQUEST 

Issuance Request 
  

 
  

 
  

 

Attention:                        
         
 Re: W&T Offshore, Inc. 

Ladies and Gentlemen: 
 This Issuance Request is
delivered to you pursuant to Section 2.11(b) of that certain Fifth Amended and Restated Credit Agreement, dated as of November 8, 2013 (as from time to time amended, supplemented, restated or otherwise modified, the “Agreement”), by
and among W&T Offshore, Inc. (“Borrower”), Toronto Dominion (Texas) LLC, as Administrative Agent, and certain lenders (“Lenders”) and letter-of-credit issuing banks from time to time parties thereto as Issuers (the
“Agreement”). Terms used herein have the meanings provided in the Credit Agreement unless otherwise defined herein or the context otherwise requires. 

The Borrower hereby requests that the Issuer issue a Letter of Credit on [Date] in the aggregate Stated Amount of
                     [and in the form attached hereto].1 

The beneficiary of the requested Letter of Credit will be
                    , and such Letter of Credit will be in support of the [Provide Description] and will have a Stated Expiry Date of
[Date]. The following documents will be required upon presentation: 
 [Provide Description] 

Attached hereto is an executed copy of an [Application for Letter of Credit] 

To induce the Issuer to issue such Letter of Credit and the Lenders to participate in such Letter of Credit, Borrower hereby represents,
warrants, acknowledges, and agrees to and with Administrative Agent, the Issuer and each Lender that: 
 (a) The officer of Borrower signing
this instrument is the duly elected, qualified and acting officer of Borrower as indicated below such officer’s signature hereto having all necessary authority to act for Borrower in making the request herein contained (it being agreed and
understood that such officer is signing in his or her capacity as an officer of the Borrower and not in any individual capacity). 
 (b) The
representations and warranties of Borrower set forth in the Agreement and the other Loan Documents are true and correct in all material respects (unless such representation 

 

	1 	 Include where the Borrower is providing the form of Letter of Credit requested to be issued.

  
 Exhibit G-1 

 
or warranty is subject to a materiality qualifier in which event such representation or warranty is true and correct) on and as of the date hereof (except to the extent that the facts on which
such representations and warranties are based have been changed by the extension of credit under the Agreement), with the same effect as though such representations and warranties had been made on and as of the date hereof. 

(c) There does not exist on the date hereof any condition or event which constitutes a Default or Borrowing Base Deficiency which has not been
waived in writing as provided in Section 10.1(a) of the Agreement; nor will any such Default or Borrowing Base Deficiency exist upon Borrower’s receipt and application of the letter of Credit requested hereby. Borrower will use the
Loans hereby requested in compliance with Section 2.4 of the Agreement. 
 (d) Except to the extent waived in writing as provided in
Section 10.1(a) of the Agreement, Borrower has performed and complied with all agreements and conditions in the Agreement required to be performed or complied with by Borrower on or prior to the date hereof, and each of the conditions precedent
to issuance of a Letter of Credit contained in the Agreement remains satisfied. 
 (e) The Facility Usage, after the issuance of the Letter
of Credit requested hereby, will not be in excess of the Borrowing Base on the date requested for the issuance of such Letter of Credit. 

(f) The Loan Documents have not been modified, amended or supplemented by any unwritten representations or promises, by any course of dealing,
or by any other means not provided for in Section 10.1(a) of the Agreement. The Agreement and the other Loan Documents are hereby ratified, approved, and confirmed in all respects. 

[(g) At the time of such issuance, the Borrower shall believe, in good faith, that immediately after giving effect to the incurrence of any
Loans on the date hereof or the issuance of such Letter of Credit and the application thereof, that the Consolidated Cash Balance shall not exceed $35,000,000 as of the immediately succeeding Cash Sweep Date.1 
 The officer of Borrower signing this instrument hereby certifies that, to the best of
his knowledge after due inquiry, the above representations, warranties, acknowledgments, and agreements of Borrower are true, correct and complete in all material respects (unless such representation or warranty is subject to a materiality qualifier
in which event such representation or warranty is true and correct) (it being agreed and understood that such officer is signing in his or her capacity as an officer of the Borrower and not in any individual capacity). 

 
  

	1 	To be included if on such date after giving effect thereto the Revolving Credit Exposure outstanding is in excess of $5,000,000. 

  
 Exhibit G-2 

 IN WITNESS WHEREOF, the Borrower has caused this Issuance Request to be executed and delivered by
its duly authorized officer this                     day of
                    , 20        . 

 

					
	BORROWER:
	
	W&T OFFSHORE, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	Address:	 	Nine Greenway Plaza
		 		 	Suite 300
		 		 	Houston, TX 70046
		
	Telephone:	 	(713) 626-8525
	Fax:	 	(713) 626-8527

  
 Exhibit G-3Exhibit

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT dated as of March 8, 2016, by and between Intralinks Holdings, Inc., a Delaware corporation with its principal place of business at 150 E. 42nd Street, 8th Floor, New York, New York (hereinafter referred to as the “Company”), and Leif O’Leary residing at XXXXXXXXXXXXXXXXX (hereinafter referred to as “Executive”).

WHEREAS, the Company desires to employ Executive as EVP, Global Sales, subject to the terms and conditions of this agreement (this “Agreement”).

NOW, THEREFORE, in consideration of the promises and covenants herein, the parties agree as follows:

1.  Employment

Executive accepts the promotion into the role of EVP, Global Sales effective as of February 11, 2016 (the “Effective Date”) in accordance with the terms and conditions of this Agreement.  Executive is and will be an employee at will, which means that either Executive or the Company may terminate the employment relationship at any time, with or without “Cause,” as defined below, or notice, subject to the provisions of Sections 4 and 5 of this Agreement.

2.  Duties

2.1     Executive shall, during the term of his employment with the Company, perform the duties of EVP, Global Sales and shall perform such other duties as shall be specified and designated from time to time by the Chief Executive Officer (the “CEO”) or his successor or designee.  Executive shall devote his full business time and effort to the performance of his duties hereunder.  Executive shall report to the CEO or such other senior officer of the Company (without resulting in substantial diminution of Executive’s duties) as the CEO or the Company’s board of directors (the “Board of Directors”) shall designate from time to time.  Notwithstanding the foregoing, Executive may engage in or serve such civic, community, charitable, educational, religious or non-profit organizations and boards as he may select so long as such service does not materially interfere with Executive’s performance of his duties to the Company as provided in this Agreement.

2.2    Executive’s employment hereunder shall be subject to the rules and regulations of the Company involving the general conduct of business of the Company in force from time to time and applicable to senior executives of the Company.

2.3  The parties hereto understand and acknowledge that the Company’s headquarters are currently located in New York, NY.  Notwithstanding the foregoing, the Company agrees that Executive’s principal work location shall be at the Company’s offices located in Waltham, MA; provided that, the Executive may be required to travel to other locations in the ordinary course of business or as directed by the CEO or the Board of Directors.

3.  Compensation

3.1      Salary.  The Company shall pay Executive an annualized salary of $295,000 (the “Annual Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives.  Executive’s performance and Annual Salary shall be reviewed annually (commencing in 2017) in accordance with the Company’s policy and his Annual Salary may be adjusted upward (but not 

1

downward) in the sole discretion of the Compensation Committee of the Board of Directors (the “Compensation Committee”).

3.2      Bonus.  Executive shall be eligible to receive an annual bonus (with a target “at plan” amount equal to 90% of the amount of Annual Salary actually paid or accrued during the applicable calendar year) (the “Target Bonus”), the criteria for, exact amount and award of said Target Bonus to be determined in the discretion of the Compensation Committee; provided that, the Company may award a bonus less than or in excess of the Target Bonus depending on the levels at which bonus plan targets are achieved.  Bonuses payable to Executive pursuant to this Section 3.2 shall be paid to Executive at the same time such bonuses are paid to the most senior executive officers of the Company, but in no event later than March 15th of the calendar year immediately following the calendar year in which it was earned.  Except as set forth in Sections 4 and 5.3 hereof, Executive shall be eligible to receive any such bonus if Executive is actively employed by the Company on the date bonuses, if any, are paid and Executive has not given notice of resignation or been given notice of termination by the Company for “Cause,” as defined in this Agreement, on or prior to that date. 

3.3     Equity Grants. Subject to approval by the Compensation Committee, you will be granted (i) a time based restricted stock units with a value of $300,000 as of the grant date (the “TBRSUs”), and (ii) performance based restricted stock units with a value of $300,000 as of the grant date (the “PBRSUs” and together with the TBRSUs, the “RSUs”).  The performance metric for the PBRSUs will be established by the Compensation Committee at the next, regularly scheduled Compensation Committee meeting, which is also when the RSUs will be granted and approved.  The RSU grants will be subject to the terms and conditions applicable to restricted stock units granted under the Company’s 2010 Equity Incentive Plan, as amended from time to time (the “Plan”), and the applicable award agreements.  

3.4  Reserved.

3.5      Benefits.  Executive shall be eligible to participate in the Company’s employee benefits plans, subject to the terms and conditions of the applicable plan documents, and subject to the Company’s right to amend, terminate, increase costs and/or take other similar action with respect to any or all of its benefit plans, as with all other plans and programs of the Company.

3.6      Expenses.  The Company shall pay or reimburse Executive for all reasonable out-of-pocket expenses actually incurred by Executive in the performance of Executive’s services under this Agreement, in accordance with the Company’s expense reimbursement policies in effect from time to time (including timely submission of proof of such expenses (including, in the case of reimbursements, proof of payment) in such form as the Company may require).  If an expense reimbursement is not exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the following rules apply:  (i) in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred; (ii) the amount of reimbursable expenses incurred in one tax year shall not affect the expenses eligible for reimbursement in any other tax year; and (iii) the right to reimbursement for expenses is not subject to liquidation or exchange for any other benefit.

3.7      Delivery of Compensation.  In the event of Executive’s death, any accrued but unpaid payments by the Company hereunder shall be made to the executors or administrators of Executive’s estate against the delivery of such tax waivers, proper letters testamentary and other documents as the Company may reasonably request.

2

4.  Termination upon Death or Disability

This Agreement and the Executive’s employment shall terminate upon Executive’s death.  If Executive becomes disabled, the Company may terminate this Agreement and Executive’s employment by written notice to Executive.  For purposes hereof, “disability” shall be defined to mean Executive’s inability, due to physical or mental incapacity, to substantially perform his duties and responsibilities under this Agreement for a period of ninety (90) consecutive days from the date of such disability as determined by an approved medical doctor selected by the mutual agreement of the parties hereto.  In the event that the parties hereto cannot agree on an approved medical doctor, each party shall select a medical doctor and the two doctors shall select a third medical doctor who shall serve as the approved medical doctor hereunder.  Upon death or termination of employment by virtue of disability, Executive (or Executive’s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than (i) Annual Salary earned and accrued under this Agreement prior to the effective date of termination; (ii) earned, accrued and vested benefits, subject to the terms of the plans applicable thereto; (iii) pro-rated bonus determined in accordance with the provisions of Section 5.3(c); and (iv) reimbursement under this Agreement for expenses incurred prior to the effective date of termination.  The pro-rated bonus shall be paid to Executive (or Executive’s estate or beneficiaries in the case of the death of the Executive) at such time when the Company pays bonuses to its senior executives.  This Agreement shall otherwise terminate upon the effective date of the termination of employment and Executive shall have no further rights hereunder.

5.  Other Terminations of Employment 

5.1     Termination for Cause.  The Company may terminate this Agreement and Executive’s employment hereunder for Cause.  For purposes of this Agreement, “Cause” shall mean:  (i) conduct by Executive constituting a material act of misconduct in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the commission by Executive of any felony involving deceit, dishonesty or fraud, or any conduct by Executive that would reasonably be expected to result in material economic injury or reputational harm to the Company or any of its subsidiaries and affiliates if he were retained in his position; (iii) willful and continued non-performance by Executive of his duties hereunder (other than by reason of Executive’s physical or mental illness, incapacity or disability); (iv) a breach by Executive of any of the provisions contained in Section 7 of this Agreement; (v) a material violation by Executive of the Company’s material written employment policies, where such violations results in material harm to the Company; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the CEO or Board of Directors to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation; provided that, with respect to subsections (iii) and (v) above, Cause will only be deemed to occur after written notice to Executive describing in reasonably specific detail the events/actions giving rise to the Cause determination, and, if curing such events/actions is feasible, the failure by Executive to cure such events/actions giving rise to the Cause determination within thirty (30) days following such written notice.  Notwithstanding any other provision of this Agreement, if the Company terminates Executive’s employment in accordance with the terms of this Section 5.1 for Cause, Executive shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than (w) Annual Salary earned and accrued under this Agreement prior to the effective date of termination; (x) earned, accrued and vested 

3

benefits under this Agreement prior to the effective date of termination, subject to the terms of the plans applicable thereto (and any applicable laws and regulations); and (y) reimbursement under this Agreement for expenses incurred prior to the effective date of termination.  This Agreement shall otherwise terminate upon the effective date of the termination of employment and Executive shall have no further rights hereunder.

5.2  Termination by Executive.  Notwithstanding any other provision of this Agreement, if Executive terminates this Agreement and his employment under this Section 5.2, Executive shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than (i) Annual Salary earned and accrued under this Agreement prior to the effective date of termination; (ii) earned, accrued and vested benefits under this Agreement prior to the effective date of termination, subject to the terms of the plans applicable thereto (and any applicable laws and/or regulations); and (iii) reimbursement under this Agreement for expenses incurred prior to the effective date of termination.  This Agreement shall otherwise terminate upon the effective date of the termination of Executive’s employment and Executive shall have no further rights hereunder.  Executive shall endeavor to provide thirty (30) days’ prior written notice to the Company if he terminates his employment under this Section 5.2.

5.3  Termination by the Company without Cause.  The Company may terminate this Agreement and Executive’s employment at any time for any reason.  If this Agreement and Executive’s employment with the Company is terminated pursuant to this Section 5.3 for reasons other than Cause, Executive’s death or disability, Executive shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than:

(a)      Annual Salary earned and accrued under this Agreement prior to the effective date of termination and any earned but unpaid bonus;

(b)      an additional six (6) months of Annual Salary at the rate in effect at termination payable in the form of salary continuation, subject to applicable withholding taxes, payable in accordance with the Company’s normal payroll practices; 

(c)  an amount equal to the bonus that Executive would have received for the year of termination if Executive had remained employed throughout the calendar year, with such amount to be determined at the end of the calendar year based on the levels at which the bonus plan targets are achieved, multiplied by a fraction, the numerator of which being the number of calendar days Executive is employed in the calendar year of termination and the denominator of which being 365 or 366, as applicable;

(d)  payment of the premiums for Executive’s group health insurance coverage pursuant to COBRA, if eligible and elected, for a period of six (6) months, or until such sooner date that Executive begins employment with another employer; provided that after expiration of the relevant COBRA payment period above, the Company will allow Executive to continue such coverage at his own expense for the remainder of any COBRA continuation period pursuant to applicable law and Executive shall notify the Company immediately upon acceptance of employment with another employer;

(e)  accelerated vesting of Executive’s equity awards with service vesting through the next six (6) 
months;

(f)  earned, accrued and vested benefits under this Agreement prior to the effective date of termination, subject to the terms of the plans applicable thereto; and

4

(g)      reimbursement under this Agreement for expenses incurred prior to the effective date of termination.

The amounts due under Sections 5.3(b) and (c) shall not be paid or given unless Executive executes a customary agreement releasing all claims against the Company (in the form attached hereto as Exhibit A) (the “Release Agreement”) and the Release Agreement becomes enforceable and irrevocable within 60 days following the date on which the termination of Executive’s employment becomes effective.  The Annual Salary due under this Section 5.3(b) (the “Severance”) shall commence to be paid to Executive on the first Company payroll date following the date the Release Agreement becomes enforceable and irrevocable, provided, however, that:  (x) if the 60-day period in which the Release Agreement is required to become effective and enforceable begins in one calendar year and ends in the following calendar year, the Severance shall be paid in the second calendar year; and (y) in all events, subject to the effectiveness of the Release Agreement, the Severance shall be paid prior to March 15 of the year following the year in which the termination of Executive’s employment becomes effective.  The pro-rated bonus due under Section 5.3(c) shall be paid to Executive at such time when the Company pays bonuses to its senior executives, but in no event earlier than the date provided in the preceding sentence.  The Company shall pay the premiums due under Section 5.3(d) each month at the time the Company normally pays the insurer of the Company’s group health insurer on behalf of its remaining employees.

5.4  Change in Control.  

(a)      Executive shall be fully eligible to participate and receive benefits and payments under the terms of the Company’s Senior Executive Severance Plan (the “Severance Plan”); provided that, to the extent the Company modifies the Severance Plan or adopts a similar plan or policy that provides greater severance benefits and/or payments to the Company’s senior executives, Executive shall be fully entitled to participate in such modified Severance Plan or newly adopted plan or policy.  

(b)      In addition, the applicable award agreements for the equity awards granted pursuant to Section 3.3 of this Agreement shall provide that, upon a Sale Event (as defined in the Plan), Executive shall receive 100% accelerated vesting of any unvested shares under the RSUs granted pursuant to Section 3.3 of this Agreement, with such vesting to occur immediately prior to the closing of the Sale Event.  In addition, the agreements reflecting any future equity awards to the Executive shall (i) vest over four years and (ii) provide for full acceleration of vesting if the Executive is terminated without Cause or voluntarily terminates his employment for good reason within 12 months following a Sale Event.

5.5  Additional Limitation.

(a)  Notwithstanding anything in this Agreement to the contrary, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the following provisions shall apply:

(i)        If the Threshold Amount is less than (x) the Severance Payments, but greater than (y) the Severance Payments reduced by the sum of (A) the Excise Tax and (B) the total of the Federal, state, and local income and employment taxes on the amount of the Severance Payments that are in excess of the Threshold Amount, then the Severance Payments shall be reduced (but not below zero) to the extent necessary so that the sum of all Severance Payments shall not exceed the 

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Threshold Amount.  In such event, the Severance Payments shall be reduced in the following order:  (A) cash payments not subject to Section 409A of the Code; (B) cash payments subject to Section 409A of the Code; (C) equity-based payments and acceleration; and (D) non-cash forms of benefits.  To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order.

(ii)    Except in the circumstances set forth in (i), Executive shall be entitled to receive his full Severance Payments.

(b)  For the purposes of this Section 5.5, “Threshold Amount” shall mean three times Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by Executive with respect to such excise tax.

(c)      The determination as to which of the alternative provisions of Section 5.5(a) shall apply to Executive shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or Executive.  For purposes of determining which of the alternative provisions of Section 5.5(a) shall apply, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of Executive’s residence on the Date of Termination, net of the maximum reduction in federal income taxes that could be obtained from deduction of such state and local taxes.  Any determination by the Accounting Firm shall be binding upon the Company and Executive.

6.  Covenants of Executive.

6.1  Non-Competition; Non-Solicitation.  As a material inducement to the Company to enter into this Agreement, Executive hereby expressly agrees to be bound by the following covenants, terms and conditions.  Executive hereby agrees that he will have access to trade secrets, proprietary and confidential information relating to the Company and its affiliates and their respective clients, including but not limited to, marketing data, financial information, client and prospect lists (including without limitation, computer- and web-based compilations (including but not limited to salesforce.com or other CRM system data) maintained by the Company or its affiliates or Executive), and details of programs and methods, potential and actual acquisitions, divestitures and joint ventures, pricing policies, strategies, terms of service, business and product plans, cost information and software, in each case of the Company, its affiliates and/or their respective clients.  Accordingly, Executive voluntarily enters into the following covenants to provide the Company with reasonable protection of those interests:

(a)     Executive agrees that during the term of his employment with the Company and for a period of one year thereafter, Executive shall not, alone or as an employee, officer, director, agent, shareholder (other than an owner of 2% or less of the outstanding shares of any publicly-traded company), consultant, partner, member, owner or in any other capacity, directly or indirectly:
    
(i)     engage in any Competitive Activity (as defined below) within or with respect to any location in the United States or abroad in which Executive performed or directed his services (including but not limited to sales and customer support calls, whether conducted in person, by telephone or online) at any time during the 12-month period immediately preceding the 

6

termination of Executive’s employment for any reason (the “Territories”), or assist any other person or organization in engaging in, or preparing to engage in, any Competitive Activity in such Territories;

(ii)    solicit or provide services to any Clients, as defined below, of the Company and/or any of its affiliates, on his own behalf or on behalf of any third party, in furtherance of any Competitive Activity.  For purposes of this Section 6, “Client” shall mean any then-current customer of the Company and any former customer of the Company who was a customer of the Company within the 12-month period immediately preceding the termination of Executive’s employment hereunder;

(iii)     encourage, participate in or solicit any employee or consultant of the Company and/or any affiliate to engage in Competitive Activity or to accept employment by or engagement with any third party, whether or not engaged in Competitive Activity.  This subsection (iii) shall be limited to employees and consultants who: (A) are current employees or consultants; or (B) left the employment of the Company or whose provision of services to the Company terminated within the 12-month period prior to Executive’s termination of employment with the Company for any reason; and

(iv)      for purposes of this Agreement, “Competitive Activity” shall mean any offering, sale, licensing or provision by any entity of any software, application service or system, in direct competition with the Company’s current or currently contemplated offerings and including, without limitation, electronic or digital document repositories for inter-enterprise exchanges designed to facilitate transactional due diligence, mergers, acquisitions, file synchronization and sharing, outside the firewall sharing and collaboration, divestitures, financings, investments, investor relations, research and development, clinical trials or other business processes for which the Company’s products or services are or have been used during the 12-month period preceding termination of Executive’s employment for any reason. 

(b)      Executive agrees that the foregoing restrictions are reasonable and justified in light of: (i) the nature of the Company’s business and customers; (ii) the confidential and proprietary information to which Executive has had and will have exposure and access during the course of his employment with the Company; and (iii) the need for the adequate protection of the business and the goodwill of the Company.  In the event any restriction in this Section 6 is deemed to be invalid or unenforceable by any court of competent jurisdiction, Executive agrees to the reduction of said restriction to such period or scope that such court deems reasonable and enforceable.

(c)  Executive acknowledges and agrees that any breach of this Section 6 shall cause the Company immediate, substantial and irreparable harm and therefore, in the event of any such breach, Executive agrees that, without prejudice to any other remedies that may be available to the Company, and the Company shall have the right to seek specific performance and injunctive relief, without the need to post a bond or other security.

(d)  Without in any way limiting the provisions of this Section 6, Executive further acknowledges and agrees that the provisions of this Section 6 shall remain applicable in accordance with their terms after the date of termination of Executive’s employment, regardless of whether Executive’s termination or cessation of employment is voluntary or involuntary.

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6.2      Confidential and Proprietary Information.  During and after the term of Executive’s employment with the Company, Executive covenants and agrees that he will not disclose to anyone without the Company’s prior written consent, any confidential materials, documents, records or other non-public information of any type whatsoever concerning or relating to the business and affairs of the Company that Executive may have acquired in the course of his employment hereunder, including but not limited to: (a) trade secrets of the Company; (b) lists of and/or information concerning current, former, and/or prospective customers or clients of the Company; and (c) information relating to methods of doing business (including information concerning operations, technology and systems) in use or contemplated use by the Company and not generally known among the Company’s competitors (the “Confidential Information”), except that Executive may use and disclose such Confidential Information (i) in the course of Executive’s employment with, and for the benefit of, the Company, (ii) to enforce any rights or defend any claims hereunder or under any other agreement to which Executive is a party with the Company, provided that such disclosure is relevant to the enforcement of such rights or defense of such claims and is only disclosed in the formal proceedings related thereto, (iii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with jurisdiction to order him to divulge, disclose or make accessible such Confidential Information; provided that Executive shall give prompt written notice to the Company of such requirement, disclose no more information than is so legally required, and reasonably cooperate with any attempts by the Company to obtain a protective order or similar confidential treatment of such information, (iv) as to such Confidential Information that is or becomes generally known to the public or trade without Executive’s violation of this Section 6.2, or (v) to Executive’s spouse, attorney and/or his personal tax and financial advisors as reasonably necessary or appropriate to advance Executive’s tax, financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of Confidential Information by an Exempt Person shall be deemed to be a breach of this Section 6.2 by Executive.  

6.3  Rights and Remedies upon Breach.  Executive acknowledges and agrees that his breach of any provision of this Section 6 (the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages do not provide an adequate remedy.  Therefore, if Executive breaches or threatens to commit a breach of any Restrictive Covenant, the Company shall have the following rights and remedies (in accordance with applicable law and upon compliance with any necessary prerequisites imposed by law upon the availability of such remedies), each of which rights and remedies shall be independent of the other and severally enforceable, and all of which right and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity (including, without limitation, the recovery of damages):

(a)      to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by any court having jurisdiction, including, without limitation, the right to seek an entry against Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants;

(b)      to require Executive to forfeit his right to receive the balance of any compensation due to him that is not yet earned and accrued under this Agreement (whether it be in the form of Annual Salary, expenses or other benefits); and

In addition, without limiting the Company’s remedies for any breach by Executive of the Restrictive Covenants, except as required by law, if (i) the Company files a civil action against Executive based on his alleged breach of the Restrictive Covenants, and (ii) the Company obtains preliminary injunctive relief 

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enjoining the Executive from breaching any of the Restrictive Covenants, or a court of competent jurisdiction issues a final judgment (not subject to appeal, which shall include any order or judgment that finally disposes of the action) that the Executive has breached any of the Restrictive Covenants, then the Executive shall promptly repay to the Company any such payments he previously received pursuant to Sections 5.3(b) and (c) above and the Company will have no obligation to pay any of the amounts that remain payable by the Company under Sections 5.3(b) and (c).  If, however, a court of competent jurisdiction either denies the Company’s motion, request or application for preliminary injunctive relief or issues a final judgment (not subject to appeal, which shall include any order or judgment that finally disposes of the action) that the Executive has not breached any of the Restrictive Covenants, then Executive shall not be obligated to repay, and the Company shall not be entitled to recoup, any of the payments made to the Executive pursuant to Sections 5.3(b) and (c).  

6.4     Definition of the Company.  For this Section 6, the “Company” shall include all of the Company’s parents, subsidiaries and affiliates and their respective successors and assigns, and “affiliate” shall mean any entity that, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with the Company.  As used in this Section 6.4, “control” shall mean the possession, directly or indirectly, of the powers to direct or cause the direction of the management and policies of such entity, whether though the ownership of voting securities, by contract or otherwise.

7.  Section 409A of the Code.

(a)      The Severance payable to Executive under Sections 5.3 of this Agreement are intended to be exempt from the coverage of Section 409A of the Code because the payments are made to Executive within the time periods set forth in Treas. Reg. §1.409A-1(a)(4) and each installment payment is intended to be a separate payment for purposes of Treas. Reg. §1.409A-2(b)(2)(iii).  To the extent that any payment or benefit due to Executive under this Agreement provides for the payment of non-qualified deferred compensation benefits in connection with a termination of the Executive’s employment (regardless of the reason for such termination), however, such termination of the Executive’s employment triggering payment of benefits under the terms of this Agreement must also constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before the Company shall make payment of such benefits.  To the extent that termination of the Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by him to the Company or any of its affiliates or successors at the time his employment terminates), any benefits payable under this Agreement that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h).  For purposes of clarification, this Section 7(a) shall not cause any forfeiture of benefits on the Executive’s part, but shall only act as a delay in payment of such benefits until such time as a separation from service occurs.

(b)      Notwithstanding anything in this Agreement to the contrary, if at the time of Executive’s separation from service within the meaning of Section 409A of the Code, Executive is also a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that Executive becomes entitled to under this Agreement on account of Executive’s separation from service would be considered deferred compensation subject to Section 409A of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after Executive’s separation from service, or (B) Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but 

9

for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

(c)      All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by Executive during the time periods set forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year.  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(d)     The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

(e)  The Company makes no representation or warranty and shall have no liability to Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

8.  Other Provisions

8.1      Severability.  Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel in connection with this Agreement; and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects.  If it is determined by a court of competent jurisdiction that any provision of this Agreement, including, without limitation, any Restrictive Covenant, or any part thereof, is invalid or unenforceable, the remainder of the Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid provisions.  The parties hereto will substitute for the invalid or unenforceable provision a new, mutually acceptable, valid and enforceable provision of like economic effect.

8.2  Blue Penciling.  If any court determines that any covenant in this Agreement, including, without limitation, any Restrictive Covenant or any part thereof, is unenforceable because of the duration or geographical scope of such provision, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.

8.3  Indemnification.  Executive shall be entitled to indemnification as provided in the Company’s certificate of incorporation and bylaws, to the fullest extent permitted under Delaware law.  In addition, the Company and Executive will execute the Company’s standard indemnification agreement for senior executive and/or directors.

8.4      Notices.  Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered in person, by facsimile or electronic mail or by certified or registered mail, postage 

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prepaid.  Any such notice given by certified or registered mail shall be deemed given five days after the date of deposit in the United States mails as follows:
    
(i)    If to the Company:

150 East 42nd Street, 8th Floor 
New York, NY  10017 
Attention: General Counsel 

(ii)     If to Executive, to:
 
Leif O’Leary
XXXXXXXXXXX
XXXXXXXXXXX 
 
or to such other address for the Executive as is then on file with the Company.

Any such person may by notice given in accordance with this Section to the other party designate another address or person for receipt by such person of notices hereunder.

8.5  Entire Agreement.  This Agreement, along with exhibit attached hereto and the award agreements referenced in Section 3.3 above, constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and terminates and supersedes any and all prior agreements, understandings and representations, whether written or oral, by or between the parties hereto or their affiliates that may have related to the subject matter hereof in any way.

8.6      Waivers and Amendments.  This Agreement may be amended, superseded or canceled, and the terms hereof may be waived, only by a written instrument singed by the parties or, in the case of a waiver, by the party waiving compliance.  No delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise as any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

8.7      GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

8.8      Venue.  The parties agree irrevocably to submit to the exclusive jurisdiction of the federal courts or, if no federal jurisdiction exists, the state courts, located in Boston, Massachusetts, for the purposes of any suit, action or other proceeding brought by any party arising out of any breach of any of the provisions of this Agreement and hereby waive, and agree not to assert by way of motion, as a defense or otherwise, in any such suit, action, or proceeding, any claim that it is not personally subject to the jurisdiction of the above-named courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper, or that the provisions of this Agreement may not be enforced in or by such courts.  

8.9      Assignment.  This Agreement, and Executive’s rights and obligations hereunder, may not be assigned by Executive without the prior written consent of the Company; any purported assignment by Executive in violation hereof shall be null and void.  In the event of any sale, transfer or other disposition of all or 

11

substantially all of the Company’s assets or business, whether by merger, consolidation or otherwise, the Company shall assign this Agreement and its rights and obligations hereunder.

8.10      Withholding.  The Company shall be entitled to withhold from any payments or deemed payments any amount of withholding required by applicable law.

8.11      Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives.

8.12  Survival.  Notwithstanding anything in this Agreement to the contrary, to the extent applicable, Sections 1, 6 and 8 shall survive the termination of this Agreement for any reason.

8.13  Headings.  The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

8.14  Legal Fees.  The Company shall reimburse the reasonable legal fees and expenses of Executive incurred in connection with the review and negotiation of this Agreement, not to exceed $5,000.

8.15      Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument.  Each counterpart may consist of two copies hereof each signed by one of the parties hereto.

8.16  Third-Party Agreements and Rights.  Executive represents to the Company that Executive’s execution of this Agreement, Executive’s employment with the Company and the performance of Executive’s proposed duties for the Company will not violate any obligations Executive may have to any previous employer or any other party.  In Executive’s work for the Company, Executive will not disclose or make use of any information in violation of any agreements with or rights of any previous employer or other party, and Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any previous employment or other party.

8.17      Clawback.  The bonus payments and equity grants made to Executive under this Agreement shall be subject to and shall be deemed amended hereby to ensure compliance with a policy adopted by the Company in response to any statutory or regulatory mandate requiring the repayment of compensation paid to Executive, provided, however, that unless specifically required by such statute or regulation, such policy shall not be deemed to amend this Agreement to require diminution, reduction or repayment of any compensation paid, awarded or promised to Executive under this Agreement prior to the effective date of such statute, regulation, mandate or order, including without limitation any bonus payment or equity award.

8.18      Effective Date.  This Agreement shall have no force and effect unless and until Executive’s first actual day of work in the position of EVP, Global Sales.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.

	
			
	 
	 
	 

	LEIF O'LEARY
	 
	INTRALINKS HOLDINGS, INC.

	 
	 
	 

	/s/ Leif O'Leary
	 
	By: /s/ Michal Kimeldorfer

	 
	 
	Name: Michal Kimeldorfer

	 
	 
	Title:   EVP, Human Resources

	 
	 
	 

	Date: March 8, 2016
	 
	Date: March 8, 2016

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Exhibit A

Form of Release Agreement

[INTRALINKS HOLDINGS, INC. LETTERHEAD]

[XX]

Dear [XX]:

This release agreement (“Agreement”) is tendered to you in accordance with the terms of your [XX], Employment Agreement (the “Employment Agreement”) and confirms the agreement that we have reached regarding your separation from employment with Intralinks Holdings, Inc. and any of its related and affiliated entities (the “Company”).  The purpose of this Agreement is to establish mutually agreeable arrangements for amicably ending your employment relationship and to provide for an appropriate release of any claims by you.  As you know, execution of this Agreement also is a precondition to your eligibility for severance benefits under the Employment Agreement.

It is important that this Agreement be entered into with several understandings between you and the Company.  You are entering into this Agreement voluntarily.  You understand that you are giving up your right to bring all possible legal claims against the Company among others, including claims relating to your employment and separation from employment. 

Neither the Company nor you want your employment relationship to end with a legal dispute.  You understand that by entering into this Agreement, the Company is not admitting in any way that it violated any legal obligation that it owed to you or to any other person.  To the contrary, the Company’s willingness to enter into this Agreement demonstrates that it is continuing to deal with you fairly and in good faith.

With those understandings and in exchange for the promises set forth below, you and the Company agree as follows:

1.  Termination
You confirm and agree that your employment with the Company terminated effective ________________ (the “Termination Date”).  You also hereby resign from any and all positions, offices and directorships that you may hold with the Company and its affiliates as of the Termination Date.  To the extent that the Company has not already done so, the Company shall pay to you within ten days of the termination of your employment a lump-sum amount equal to the amounts due under Sections 5.3(a), (f) and (g) of the Employment Agreement through the Termination Date.

2.  Severance Benefit
Once this Agreement becomes enforceable and irrevocable, you will receive the severance package set forth in Section 5.3 of the Employment Agreement in accordance with the terms and conditions set forth therein.

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3.  Release of Claims
You voluntarily and irrevocably release and discharge the Company, each related or affiliated entity, employee benefit plans, and the predecessors, successors, and assigns of each of them, and each of their respective current and former officers, directors, shareholders, employees, and agents (any and all of which are referred to as “Releasees”) generally from all charges, complaints, claims, promises, agreements, causes of action, damages, and debts that relate in any manner to your employment with or services for the Company, known or unknown (“Claims”), which you have, claim to have, ever had, or ever claimed to have had against any of the Releasees through the date on which you execute this Agreement.  This general release of Claims includes, without implication of limitation, all Claims related to the compensation provided to you by the Company, your decision to resign from your employment, your termination from the Company, your resignation from directorships, offices and other positions with the Company, or your activities on behalf of the Company, including, without implication of limitation, any Claims of wrongful discharge, breach of contract, breach of an implied covenant of good faith and fair dealing, tortious interference with advantageous relations, any intentional or negligent misrepresentation, and unlawful discrimination or deprivation of rights under the common law or any statute or constitutional provision (including, without implication of limitation, the Employee Retirement Income Security Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act and Chapter 151B of the Massachusetts General Laws).  You also waive any Claim for reinstatement, damages of any nature, severance pay, attorney’s fees, or costs.
You agree that you will not hereafter pursue any Claim against any Releasee, by filing a lawsuit in any local, state or federal court for or on account of anything that has occurred up to the present time as a result of your previous employment and you shall not seek reinstatement, damages of any nature, severance pay, attorney’s fees, or costs, provided, however, that nothing in this general release shall be construed to include a release of Claims that (a) arise from the Company’s obligations under this Agreement, the Employment Agreement, any equity award/grant agreements (of whatever name or kind), and any shareholder agreements between you and the Company, (b) relate to your status as a shareholder in the Company, (c) relate to the Company’s obligation to defend and indemnify you under the terms of your indemnification agreement with the Company, the Company’s certificate of incorporation and by-laws, Delaware law and any applicable directors and officers liability insurance policy, and (d) cannot be released as a matter of law.  You represent you have not assigned to any third party and you have not filed with any agency or court any Claim released by this Agreement.

4.  Confidential and Proprietary Information
You acknowledge your ongoing covenant under Section 6.2 of the Employment Agreement to preserve as confidential the Company’s Confidential Information as that term is defined by Section 6.2.  Your covenants under Section 6 of the Employment Agreement are incorporated herein by this reference.

5.  Return of Property
All documents, records, material and all copies of any of the foregoing pertaining to Confidential Information (as defined in Section 6.2 of the Employment Agreement), and all software, equipment, and other supplies, whether or not pertaining to Confidential Information, that have come into your possession or been produced by you in connection with your employment (“Property”) have been and remain the sole property of the Company and you confirm that you have returned to the Company all Property.  In no event should this provision be construed to require you to return to the Company any document or other materials concerning your remuneration and benefits during your employment with the Company.

6.  Litigation Cooperation
You agree to cooperate fully with the Company in the defense or prosecution of any claims or actions that already have been brought or that may be brought in the future against or on behalf of the Company that 

15

relate to events or occurrences that you were involved in or that you gained knowledge of during your employment with the Company.  Your full cooperation in connection with such claims or actions shall include, without implication of limitation, being available to meet with counsel to prepare for discovery or trial and to testify truthfully as a witness when reasonably requested by the Company at reasonable times designated by the Company.  You agree that you will not voluntarily disclose any information to any person or party that is adverse to the Company and that you will maintain the confidences and privileges of the Company.  The Company agrees to reimburse you for any reasonable out-of-pocket expenses that you incur in connection with such cooperation, subject to reasonable documentation.  The Company will try, in good faith, to exercise its rights under this Section so as not to unreasonably interfere with your ability to engage in gainful employment.

7.  Protective Covenants
You acknowledge and affirm the ongoing validity of the protective covenants set forth in Section 6 of the Employment Agreement, which covenants are incorporated herein by this reference.  You acknowledge and affirm the Company’s right to seek injunctive relief as provided in Section 6 of the Employment Agreement to restrain any violations under Section 6 of the Employment Agreement.

8.  Non-Disparagement
You agree not to make any disparaging statements concerning the Company or any of its affiliates, subsidiaries or current or former officers, directors, shareholders, employees or agents.  You further agree that you shall not voluntarily provide information to or otherwise cooperate with any individual or entity that is contemplating or pursuing litigation against any of the Releasees or that is undertaking any investigation or review of any of the Releasees’ activities or practices; provided, however, that you may participate in or otherwise assist in any investigation or inquiry conducted by the EEOC or the Massachusetts Commission Against Discrimination.  These non-disparagement obligations shall not in any way affect your obligation to testify truthfully in any legal proceeding.  The Company will instruct its officers and directors not to take any action or make any statement, orally or in writing, that disparages or criticizes you or that would harm your reputation.

9.  Notices, Acknowledgments and Other Terms
You are advised to consult with an attorney before signing this Agreement.  This Agreement and the Employment Agreement set forth the entire agreement between you and the Company, and all previous agreements, or promises between you and the Company relating to the subject matter of this Agreement and the Employment Agreement are superseded, null, and void, with the exception of any equity grant/award agreements (of whatever name or kind), shareholder agreements, and indemnification agreements between you and the Company, the terms of which remain in full force and effect. You acknowledge that you have been given the opportunity, if you so desired, to consider this Agreement for 21 days before executing it.  If not signed by you and returned to me so that I receive it by close of business on the day next following the foregoing period, this Agreement will be invalid.  In addition, if you breach any of the conditions of the Agreement within the 21-day period, the offer of this Agreement will be withdrawn and your execution of the Agreement will not be valid.  In the event that you execute and return this Agreement in less than the 21-day period you have been provided, you acknowledge that such decision was entirely voluntary and that you had the opportunity to consider this letter agreement for the entire period.  The Company acknowledges that for a period of seven days from the date of the execution of this Agreement, you shall retain the right to revoke this Agreement by written notice that I actually receive before the end of such period, and that this Agreement shall not become effective or enforceable until the expiration of such revocation period (the “Effective Date”).

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By signing this Agreement, you acknowledge that you are doing so voluntarily.  You also acknowledge that you are not relying on any representations by me or any other representative of the Company concerning the meaning of any aspect of this Agreement.

This Agreement shall be binding upon each of the parties and upon their respective heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of each party and to their heirs, administrators, representatives, executors, successors, and assigns.

In the event of any dispute, this Agreement will be construed as a whole, will be interpreted in accordance with its fair meaning, and will not be construed strictly for or against either you or the Company.  The law of the Commonwealth of Massachusetts will govern any dispute about this Agreement, including any interpretation or enforcement of this Agreement.  The jurisdiction and venue provisions set forth in Section 8.8 of the Employment Agreement will apply with respect to any dispute arising directly or indirectly out of this Agreement.  In the event that any provision or portion of a provision of this Agreement shall be determined to be unenforceable, the remainder of this Agreement shall be enforced to the fullest extent possible as if such provision or portion of a provision were not included.  This Agreement may be modified only by a written agreement signed by you and an authorized representative of the Company.

If you agree to these terms, please sign and date below and return this Agreement to me within the time limitation set forth above.

Sincerely,

INTRALINKS HOLDINGS, INC.

By:    ______________________

Title:    ______________________

Accepted and agreed to:

___________    ____________
[XX]        Date

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