Document:

Exhibit 10.1

 

	
 
    	

    	
 
    	
410 17th Street, Suite 1400
    
	
 
    	
 
    	
Denver, CO  80202
    
	
 
    	
 
    	
(720) 440-6100 phone
    
	
 
    	
 
    	
(720) 305-0804 fax
    

June 20, 2019

 

Hand Delivered

 

Ms. Sandra K. Garbiso

Vice President and Chief Accounting Officer

Bonanza Creek Energy, Inc.

410 17th Street, Suite 1400

Denver, CO 80202

 

Re:          Compensation Changes

 

Dear Sandi:

 

Thank you for your continued service to Bonanza Creek Energy, Inc. (the “Company”).  The Company is pleased to confirm the following positive changes to your compensation for your continued role as Vice President and Chief Accounting Officer:

 

·                  Effective June 17, 2019, an increase in your annual salary from $235,000 to $280,000, to be paid on a bi-weekly basis, subject to all withholdings, taxes, and deductions;

 

·                  An increase in your annual Short Term Incentive Plan (“STIP”) target bonus from 50% to 75% of your base salary, with such target to be prorated for purposes of the 2019 STIP, based on the June 17 date when your base salary and target bonus percentage were revised; and

 

·                  An increase in your annual available vacation time from four weeks to five weeks.

 

The Board may modify compensation and benefits from time to time in its sole discretion as it deems necessary.

 

The terms and conditions of employment set forth in this Employment Letter remain subject to your previously executed Employee Restrictive Covenants, Proprietary Information and Inventions Agreement.  You will continue to be expected to abide by the Company’s rules and regulations, as such may be modified by the Company from time to time.

 

Nothing in this letter is intended or should be construed as a contract of employment or agreement to any specified term of employment.  Your employment with the Company is and remains at-will.  You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company.  Likewise, the Company may terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice.

 

If you have any questions or need additional information, please feel free to contact me.  If you accept the terms of employment outlined in this letter, please execute where indicated below and return a copy of the executed letter to me.

 

 

	
 
    	
 
    	
/s/ Eric T. Greager
    
	
 
    	
 
    	
Eric T. Greager
    
	
 
    	
 
    	
President &   Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
Acknowledged and   Agreed:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
June 20, 2019
    	
 
    	
/s/ Sandra K. Garbiso
    
	
Dated
    	
 
    	
Sandra K. GarbisoEX-10.1

 Exhibit 10.1 

FIFTH AMENDMENT TO 

CREDIT AGREEMENT 
 This
FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of June 19, 2019, is by and among Roan Resources LLC, Delaware limited liability company (the “Borrower”); Citibank, N.A., as administrative agent
for the Lenders (in such capacity, together with its successors, the “Administrative Agent”) and the Lenders signatory hereto. 

Recitals 
 WHEREAS,
Borrower, Administrative Agent and the Lenders are parties to the Credit Agreement dated as of September 5, 2017 (as amended by the First Amendment to Credit Agreement dated as of April 9, 2018, as amended by the Second Amendment to Credit
Agreement dated as of May 30, 2018, as amended by the Third Amendment to Credit Agreement dated as of September 27, 2018, as amended by the Fourth Amendment to Credit Agreement dated as of March 13, 2019, and as the same may be
further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of Borrower. 

WHEREAS, Borrower has requested and the Lenders have agreed to amend the Credit Agreement in certain respects as hereinafter provided. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.    Defined
Terms. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Amendment, shall have the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all references to sections and
articles in this Amendment refer to sections and articles of the Credit Agreement. 
 Section 2.    Amendments
to Credit Agreement. 
 (a)    Section 1.1 of the Credit Agreement is hereby amended 

(i)    by adding the following defined term in proper alphabetical order: 

“Fifth Amendment Effective Date” shall mean June     , 2019. 

(ii)    by adding the following sentence to the end of the definition of Applicable Margin: 

“Effective the Fifth Amendment Effective Date and thereafter until the Borrower has delivered an officer’s certificate pursuant to
Section 9.1(c) demonstrating a Current Ratio of not less than 1.00 to 1.00, the rates per annum in the above Borrowing Base Utilization Grid for LIBOR Loans and ABR Loans shall each be deemed increased by 0.25% over the rates set forth in such
Borrowing Base Utilization Grid.” 

 (b)    Section 1 of the Credit Agreement is hereby amended by adding the
following Section 1.10 at the end thereof: 
 “1.10.    Divisions. For all purposes under the Credit
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Stock at such time.” 
 (c)    Section 9.10(c)
of the Credit Agreement is hereby amended 
 (i)    by replacing “85%” therein with
“95%” in the first sentence thereof, and 
 (ii)    by amending and restating the second
sentence thereof and replacing it in its entirety as follows: 
 “In the event that additional Oil and Gas Properties need to be
mortgaged in order to satisfy the requirements set forth in the preceding sentence, then the Borrower shall, and shall cause its Credit Parties to, grant, within (i) 60 days after delivery of the applicable Reserve Report or (ii) 30 days after the
Fifth Amendment Effective Date, as applicable (in each case, or such longer period as the Administrative Agent may agree in its reasonable discretion), to the Administrative Agent as security for the Obligations a first priority Lien (subject to
Liens permitted by Section 10.2) on additional Oil and Gas Properties not already subject to a Lien of the Security Documents sufficient to meet such requirement.” 

(d)    Section 10.11(b) of the Credit Agreement is hereby amended and restated in its entirety to the following: 

“Current Ratio. The Borrower will not permit the Current Ratio for (i) the Test Period ending June 30, 2019 to be less
than 0.85 to 1.00, (ii) the Test Period ending September 30, 2019 to be less than 0.80 to 1.00 and (iii) any Test Period ending on the last day of any fiscal quarter ending after September 30, 2019, to be less than 1.00 to 1.00.”

 (e)    Section 10.12 of the Credit Agreement is hereby amended by adding the following sentence to the end thereof:

 “Notwithstanding anything herein to the contrary, to the extent that the Borrower transfers any of its Oil and Gas Properties to
Roan Resources, Inc. in accordance with this Agreement, the Borrower shall not make any Restricted Payment to pay any costs or expenses related or incidental to the exploration, development, operation or maintenance of such properties.” 

  
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 Section 3.    Conditions Precedent. 

Section 3.1.    The Administrative Agent shall have received from the Lenders counterparts (in such number as may be
requested by Administrative Agent) of this Amendment signed on behalf of such Persons. 
 Section 3.2.    The
Administrative Agent shall have received for the account of each Lender signatory hereto, as upfront fee equal to 10 bps on such Lender’s Commitment. 

Section 3.3.    The representations and warranties set forth in Section 5.3 of this Amendment shall be true and
correct in all material respects. 
 Section 3.4.    The Administrative Agent shall have received for its own
account a fee in an amount mutually agreed by the Borrower and the Administrative Agent. 
 Section 3.5.    The
Administrative Agent shall have received evidence satisfactory to the Administrative Agent that the Borrower has received a capital contribution of not less than $45,000,000. 

Administrative Agent is hereby authorized and directed to declare this Amendment to be effective (and the “Amendment Effective
Date” shall occur) when it has received documents confirming or certifying, to the satisfaction of Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions
as permitted in Section 13.1 of the Credit Agreement. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 4.    Borrowing Base. Effective on the Amendment Effective Date, but subject to satisfaction of the
conditions set forth in Section 3 of this Amendment, the Borrowing Base under the Credit Agreement shall be $750,000,000 and such Borrowing Base shall remain in effect until the next determination or adjustment of the
Borrowing Base pursuant to the terms of the Credit Agreement. The Borrowing Base established pursuant to this Section 4 is the Borrowing Base for the Scheduled Redetermination in respect of April 1, 2019. 

Section 5.    Miscellaneous. 

Section 5.1.    Confirmation. The provisions of the Credit Agreement, as amended and modified by this
Amendment, shall remain in full force and effect following the Amendment Effective Date. 

Section 5.2.    Ratification and Affirmation. The Borrower and each Guarantor hereby (a) acknowledges the
terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Credit Document to which it is a party and agrees that each Credit Document to which it is a party remains in full
force and effect as expressly amended hereby; and (c) agrees that from and after the Amendment Effective Date each reference to the Credit Agreement in the Guarantee and the other Credit Documents shall be deemed to be a reference to the Credit
Agreement, as amended and modified by this Amendment. 

  
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 Section 5.3.    Representations and Warranties. The Borrower
hereby represents and warrants to the Lenders that, immediately prior to and after giving effect to this Amendment, (a) no Default or Event of Default has occurred and is continuing; (b) no event or events have occurred which individually
or in the aggregate could reasonably be expected to have a Material Adverse Effect; and (c) all representations and warranties made by any Credit Party contained in the Credit Agreement or in the other Credit Documents are true and correct in
all material respects (unless such representation or warranty contains a materiality qualifier in which case such representation or warranty shall be true and correct in all respects) with the same effect as though such representations and
warranties had been made on and as of the Amendment Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all
material respects (unless such representation or warranty contains a materiality qualifier in which case such representation or warranty shall be true and correct in all respects) as of such earlier date). 

Section 5.4.    Credit Document. This Amendment is a Credit Document and shall be construed, administered and
applied in accordance with the terms and provisions of the Credit Agreement. On and after the effectiveness of this Agreement, each reference in each Credit Document to the “Credit Agreement”, “thereunder”, “thereof” or
words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Amendment. 

Section 5.5.    Counterparts. This Amendment may be executed by one or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other similar
electronic means shall be effective as delivery of a manually executed counterpart of this Amendment. 

Section 5.6.    No Oral Agreement. This Amendment, the Credit Agreement and the other Credit Documents
executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties. There are no subsequent oral agreements
between the parties. 
 Section 5.7.    No Waiver. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit
Documents. 
 Section 5.8.    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 5.9.    Payment of Expenses. In accordance
with Section 13.5 of the Credit Agreement, Borrower agrees to pay or reimburse Administrative Agent for all of its reasonable out-of-pocket costs and reasonable
expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to Administrative
Agent. 

  
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 Section 5.10.    Severability. Any provision of this
Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 5.11.    Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 Section 5.12.    WAIVER OF JURY TRIAL. THE
BORROWER, THE GUARANTORS, THE ADMINISTRATIVE AGENT, EACH LETTER OF CREDIT ISSUER AND EACH LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER CREDIT DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN. 
 (Signature Pages Follow) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
effective as of the Amendment Effective Date. 
  

			
	ROAN RESOURCES LLC, as Borrower
		
	By:	 	 /s/ J.A. Mills

	Name:	 	J.A. Mills
	Title:	 	Executive Chairman

  
 Signature Page to Fifth
Amendment to Credit Agreement 

 
			
	 CITIBANK, NA.,
as Administrative Agent and Lender

		
	By:	 	 /s/ Eamon Baqui

	Name:	 	Eamon Baqui
	Title:	 	Vice President

  
 7 

 
			
	 ROYAL BANK OF CANADA,
as Lender

		
	By:	 	 /s/ Emilee Scott

	Name:	 	Emilee Scott
	Title:	 	Authorized Signatory

  
 8 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
as Lender

		
	By:	 	 /s/ Denise S. Davis

	Name:	 	Denise S. Davis
	Title:	 	Vice President

  
 9 

 
			
	 BARCLAYS BANK PLC,
as Lender

		
	By:	 	 /s/ Sydney G. Dennis

	Name:	 	Sydney G. Dennis
	Title:	 	Director

  
 10 

 
			
	 JPMORGAN CHASE BANK, N.A.,
as Lender

		
	By:	 	 /s/ Anson Williams

	Name:	 	Anson Williams
	Title:	 	Authorized Officer

  
 11 

 
			
	 MORGAN STANLEY BANK, N.A.,
as Lender

		
	By:	 	 /s/ Megan Kushner

	Name:	 	Megan Kushner
	Title:	 	Authorized Signatory

  
 12 

 
			
	 ABN AMRO CAPITAL USA LLC,

    as Lender

		
	By:	 	 /s/ Darrell Holley

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

	Name:	 	Beth Johnson
	Title:	 	Executive Director

  
 13 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

    as Lender

		
	By:	 	 /s/ Scott Arndt

	Name:	 	Scott Arndt
	Title:	 	Managing Director

  
 14 

 
			
	 CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH

    as Lender

		
	By:	 	 /s/ Trudy Nelson

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

	Name:	 	Scott W. Danvers
	Title:	 	Authorized Signatory

  
 15 

 
			
	 FIFTH THIRD BANK,

    as Lender

		
	By:	 	 /s/ Justin Bellamy

	Name:	 	Justin Bellamy
	Title:	 	Director

  
 16 

 
			
	 SOCIÉTÉ GÉNÉRALE,

    as Lender

		
	By:	 	 /s/ Max Sonnonstine

	Name:	 	Max Sonnonstine
	Title:	 	Director

  
 17 

 
			
	SUNTRUST BANK,
	    as Lender
		
	By:	 	 /s/ Benjamin L. Brown

	Name:	 	Benjamin L. Brown
	Title:	 	Director

  
 18 

 
			
	 GOLDMAN SACHS BANK USA,

    as Lender

		
	By:	 	 /s/ Nadia Garcia

	Name:	 	Nadia Garcia
	Title:	 	Authorized Signatory

  
 19 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

    as Lender

		
	By:	 	 /s/ Nupur Kumar

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

	Name:	 	Christopher Zybriak
	Title:	 	Authorized Signatory

  
 20 

 
			
	COMERICA BANK,
	    as Lender
		
	By:	 	 /s/ William B. Robinson

	Name:	 	William B. Robinson
	Title:	 	Senior Vice President

  
 21 

 
			
	 DNB CAPITAL LLC,

    as Lender

		
	By:	 	 /s/ James Grubb

	Name:	 	James Grubb
	Title:	 	First Vice President
		
	By:	 	 /s/ Scott L. Joyce

	Name:	 	Scott L. Joyce
	Title:	 	Senior Vice President

  
 22 

 
			
	KEY BANK. N.A.,
	    as Lender
		
	By:	 	 /s/ David M. Bornstein

	Name:	 	David M. Bornstein
	Title:	 	Senior Vice President

  
 23 

 
			
	 MIDFIRST BANK,

    as Lender

		
	By:	 	 /s/ Ryan Thompson

	Name:	 	Ryan Thompson
	Title:	 	First Vice President

  
 24 

 
			
	 BMO HARRIS BANK N.A.,

    as Lender

		
	By:	 	 /s/ Patrick Johnston

	Name:	 	Patrick Johnston
	Title:	 	Director

  
 25

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