Document:

sum_Ex10_35

		
			Exhibit 10.35
		

		
			 
		

		
			AGREEMENT AND RELEASE
		

		
			 
		

		
			IT IS HEREBY AGREED, as of January 17, 2018, by and among Damian J. Murphy (“Employee”), Summit Materials Holdings L.P. (“Employer”), and solely for purposes of Paragraph 5 and Paragraph 9 hereof, Summit Materials, Inc. (“Summit”), for the good and sufficient consideration set forth below, as follows:
		

		
			 
		

		
			1.           Employee’s last day of work with Employer will be March 31, 2018 (the  “Separation Date”).  Effective as of the Separation Date, Employee shall be deemed to have resigned from any and all positions Employee then holds as an employee, officer, or director of Employer and any of its affiliates.
		

		
			 
		

		
			2.          Employee is a Tier 2 Participant (as defined in the Severance Plan, as defined below) in the Summit Materials, Inc. Executive Severance Plan (as may be amended from time to time, the “Severance Plan”).  The termination of Employee’s employment pursuant hereto shall constitute a Qualifying Termination (as defined in the Severance Plan) for purposes of the Severance Plan.  Subject to Employee’s (i) execution and delivery of the Release of Claims attached hereto as Exhibit A (the “Release of Claims”) within twenty-one (21) days following the Separation Date and non-revocation within the seven (7)-day revocation period set forth therein and (ii) continued compliance with this Agreement and Release and the restrictive covenant provisions set forth in (x) Paragraph 8 hereof, (y) the Severance Plan, as such provisions are modified by Paragraph 9 hereof, and (z) the agreements with respect to the Outstanding Equity Awards (collectively, the “Outstanding Equity Award Agreements”), as such provisions are modified by Paragraph 9 hereof (collectively, the “Restrictive Covenant Provisions”), Employer agrees:
		

		
			 
		

		
			a.   to provide Employee with an amount equal to $58,823.75, which (x) represents a target bonus amount payable under the Annual Bonus Program (as defined in the Severance Plan) for fiscal year 2018, pro-rated for three (3) full calendar months and payable concurrently with cash bonus payments to other employees under the applicable cash bonus plan (but in all events prior to March 15, 2019), and (y) shall be in lieu of the pro-rated bonus for fiscal year 2018 that is set forth in Section 3(a)(i)(1) of the Severance Plan;
		

		
			 
		

		
			b.   to the extent not previously paid, to provide Employee with the bonus amount otherwise payable under the Annual Bonus Program for fiscal year 2017 based on actual performance, payable concurrently with cash bonus payments to other employees under the applicable cash bonus plan, as set forth in Section 3(a)(i)(2) of the Severance Plan;
		

		
			 
		

		
			c.   to provide Employee with an amount equal to $795,210, which represents two (2) times Employee’s annual base salary rate as of the Separation Date, payable in equal installments no less frequently than monthly over the twenty-four (24)-month period beginning with the first payroll period after the Release Effectiveness Date, as set forth in Section 3(a)(ii) of the Severance Plan;
		

		
			 
		

		
			d.   to provide Employee with a cash payment in an amount equal to the total amount of the monthly COBRA insurance premiums, payable monthly for twenty-four (24) months following the Separation Date in accordance with Employer’s payroll practices, with the first such payment in respect of any completed months prior to the Release Effectiveness Date to occur as soon as practicable after the Release Effectiveness Date, as set forth in Section 3(a)(iii) of the Severance Plan; and
		

		
			 
		

		
			e.   to make such modifications to Employee’s equity-based awards (collectively, the “Outstanding Equity Awards”), including awards under the Summit Materials Inc. 2015 Omnibus Incentive Plan (as may be amended from time to time, the “Plan”), as follows:
		

		
			 
		

		
			i.  All Unvested LP Units (as defined in the Restricted LP Unit Agreement between Summit, Employer and Employee, dated March 11, 2015 (the “Restricted LP Unit Agreement”)) outstanding under the Restricted LP Unit Agreement shall become vested as of the Separation Date, and Employee shall retain all Vested LP Units (as defined in the Restricted LP Unit Agreement) (including, for the avoidance of doubt, those Unvested LP Units that become Vested LP Units in accordance with the foregoing) pursuant to the terms
		

		
			
		

		
			

		 

 

		

		
			of the Restricted LP Unit Agreement and the Exchange Agreement (as defined in the Restricted LP Unit Agreement).
		

		
			 
		

		
			ii. The portion of the Option (as defined in the Nonqualified Stock Option Agreement (Leverage Restoration Options) between Summit and Employee, dated March 11, 2015 (the “LRO Agreement”)) issued pursuant to the LRO Agreement that is scheduled to vest on March 11, 2019 shall become vested as of the Separation Date (the “Accelerated LROs”); provided,  however, that any Accelerated LROs shall not be exercisable prior to the last day of the Post-Termination Period (as defined in the Severance Plan and after giving effect to the terms of Paragraph 9 hereof) and shall remain exercisable for ninety (90) days after the last day of the Post-Termination Period (after giving effect to the terms of Paragraph 9 hereof) (or such shorter period as applicable in the event of a Restrictive Covenant Violation (as defined in the LRO Agreement)).
		

		
			 
		

		
			iii. The portion of the Options (as defined in the applicable Stock Option Agreement (as defined below)) granted pursuant to the (x) Nonqualified Stock Option Agreement and Award Notice between Summit and Employee, dated February 24, 2016 (the “2016 Stock Option Agreement”), and (y) Nonqualified Stock Option Agreement and Award Notice between Summit and Employee, dated February 28, 2017 (the “2017 Stock Option Agreement”, and together with the 2016 Stock Option Agreement, each, a “Stock Option Agreement”) that is scheduled to vest on February 24, 2019 (the “2016 Stock Option Vesting Date”) and February 28, 2019 (the “2017 Stock Option Vesting Date”, and together with the 2016 Stock Option Vesting Date, each, a “Stock Option Vesting Date”), respectively, shall become vested as of the Separation Date (the “Accelerated Stock Options”); provided,  however, that any Accelerated Stock Options shall not be exercisable prior to the applicable Stock Option Vesting Date and shall be exercisable for ninety (90) days (or such shorter period as applicable in the event of a Restrictive Covenant Violation (as defined in the applicable Stock Option Agreement)) after the applicable Stock Option Vesting Date.
		

		
			 
		

		
			iv.  In the event that any portion of the ninety (90)-day exercisability period applicable to the Options (as defined in the LRO Agreement or the applicable Stock Option Agreement, as applicable) issued pursuant to the LRO Agreement or the applicable Stock Option Agreement, as applicable (after giving effect to the terms of Paragraph 2(e)(ii) and 2(e)(iii) hereof, as applicable), is subject to a “blackout period”, Summit may in its discretion extend such ninety (90)-day period by the number of days of such blackout period (or such other number of days as Summit in its discretion determines is appropriate); provided, that any such extended exercisability period shall remain subject to expiration upon the occurrence of a Restrictive Covenant Violation (as defined in the LRO Agreement or the applicable Stock Option Agreement, as applicable).
		

		
			 
		

		
			v.  The portion of the Restricted Stock Units (as defined in the Plan) granted under the (x) Restricted Stock Unit Agreement and Award Notice between Summit and Employee, dated February 24, 2016 (the “2016 RSU Agreement”), and (y) Restricted Stock Unit Agreement and Award Notice between Summit and Employee, dated February 28, 2017 (the “2017 RSU Agreement” and together with the 2016 RSU Agreement, each, an “RSU Agreement”), that is scheduled to vest on February 24, 2019 (the “2016 RSU Vesting Date”) and February 28, 2019 (the “2017 RSU Vesting Date” and together with the 2016 RSU Vesting Date, each, an “RSU Vesting Date”) shall become vested as of the Separation Date (the “Accelerated RSUs”), and shall be settled in accordance with the applicable RSU Agreement; provided, however, that any shares acquired in respect of Accelerated RSUs (other than those withheld or net settled to pay applicable withholding taxes) shall not be transferable by Employee until the applicable RSU Vesting Date.
		

		
			 
		

		
			vi. Employee’s Performance Units (as defined in the applicable Performance Unit Agreement (as defined below)) granted under the (x) Performance Unit Agreement and Award Notice 
		

		
			
		

		
			

		 

		

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			between Summit and Employee, dated February 24, 2016 (the “2016 Performance Unit Agreement”), and (y) Performance Unit Agreement and Award Notice between Summit and Employee, dated February 28, 2017 (the “2017 Performance Unit Agreement” and together with the 2016 Performance Unit Agreement, each, a “Performance Unit Agreement”) shall be governed by the terms and conditions of the applicable Performance Unit Agreement applicable for a termination of Employee’s employment by Employer without cause; provided, that the “Termination date” for purposes of each Performance Unit Agreement shall be the Separation Date.
		

		
			 
		

		
			Except as modified above, Employee and the Outstanding Equity Awards shall continue be subject to the terms and conditions of each applicable award agreement for the Outstanding Equity Awards, including, without limitation, the repayment provisions and restrictive covenants contained therein.
		

		
			 
		

		
			The consideration set forth in this Paragraph 2, together with the Accrued Obligations (as defined and set forth in the Severance Plan), is inclusive of any and all amounts, including but not limited to attorneys’ fees, that may be claimed by Employee or on Employee’s behalf against Employer (and, in the case of Paragraph 2(e), Summit), and the consideration set forth in Paragraphs 2(a) through 2(d) hereof, together with the Accrued Obligations, is in complete satisfaction of any and all Employer obligations under the Severance Plan and otherwise.  Notwithstanding any other provision of this Agreement and Release to the contrary, Employee’s continuing obligation to comply with the Restrictive Covenant Provisions shall remain in full force and effect.
		

		
			 
		

		
			3.          In exchange for the consideration set forth in Paragraph 2 hereof, Employee agrees that Employee shall be available, following the Separation Date, to provide consulting services as may be requested by Employer from time to time with respect any matter that occurred during Employee’s employment with Employer or any of its affiliates, with which Employees was involved or of which Employee has knowledge.  Employer shall reimburse Employee for any reasonable business expenses incurred by Employee in connection with the performance of such consulting services, consistent with Employer’s policies as may be in effect from time to time, but shall not provide any additional compensation therefor.
		

		
			 
		

		
			4.          Employee has received or will receive the Accrued Obligations.  Employee acknowledges and agrees that from and after the Separation Date, Employee will not accrue any base salary, annual bonus opportunity or other employee benefits.  Employee further acknowledges that, as of the date of Employee’s signing of this Agreement and Release, Employee has sustained no injury or illness related in any way to Employee’s employment with Employer for which a workers compensation claim has not already been filed.  This Agreement and Release satisfies any notice requirement from Employer to Employee relating to termination of Employee’s employment with Employer.
		

		
			 
		

		
			5.          The parties hereto agree that the consideration set forth in Paragraph 2 hereof is sufficient consideration for the release being given by Employee in the Release of Claims, and for Employee’s other promises herein.  Summit and Employee further agree that the release being given by Employee in the Release of Claims is sufficient to satisfy the release requirement as required by the Stock Option Agreements, RSU Agreements, Performance Unit Agreements, and the Severance Plan, as applicable.
		

		
			 
		

		
			6.          Notwithstanding anything in this Agreement and Release to the contrary, nothing in this Agreement and Release shall be a waiver of Employee’s right to (i) communicate, cooperate or file a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise make disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided, that, in each case such communications and disclosures are consistent with applicable law, or (ii) receive an award from a Governmental Entity for information provided under any whistleblower program.  Employee understands and acknowledges that pursuant to the Defend Trade Secrets Act of 2016 (a) an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (x) in confidence to a Federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (b) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual
		

		
			
		

		
			

		 

		

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			and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.  Notwithstanding the foregoing, under no circumstance will Employee be authorized to disclose any information covered by attorney-client privilege or attorney work product of the Employer or Employer’s affiliates without prior written consent of the Employer’s Chief Legal Officer or other officer designated by the Employer.
		

		
			 
		

		
			7.          Employee will direct all requests for references to Anne Lee Benedict, Chief Legal Officer, who will confirm Employee’s job title, dates of employment and resignation, and, with written authorization from Employee, Employee’s salary.
		

		
			 
		

		
			8.          Subject in each case to applicable law, Employee agrees and covenants not to directly or indirectly (or cause or encourage anyone else to): (i) make any written (including, without limitation, on any blog, website, or social media forum), oral, or other nonverbal derogatory or negative statements, remarks, gestures, or other signals concerning Employer, any of Employer’s affiliates, and/or their respective present and former officers, directors, employees, members, attorneys, representatives, successors and assigns (collectively, the “Employer Persons”); or (ii) take any other action, including, without limitation, statements, gestures, or actions that (a) might disparage or defame any Employer Person, with respect to any Employer Person’s business processes, policies, practices, or strategies, management, operations, standards of business conduct, financial condition, professional acumen and abilities, and/or relationships with employees, as applicable, or (b) are in any manner likely to be harmful to any Employer Person’s business or personal reputation.  For the avoidance of doubt, the provisions of this Paragraph 8 are in addition to, and not in lieu of, any similar non-disparagement provisions contained in the Severance Plan or any Outstanding Equity Award Agreement.
		

		
			 
		

		
			9.          In exchange for the consideration set forth in Paragraph 2 hereof, including the modifications to the Outstanding Equity Awards as set forth in Paragraph 2(e) hereof, (i) notwithstanding anything in the Severance Plan to the contrary, the Post-Termination Period (as defined in the Severance Plan) shall be eighteen (18) months following the Separation Date, for purposes of the Severance Plan, and (ii) notwithstanding anything in the applicable Outstanding Equity Award Agreement to the contrary, the Post-Termination Period (as defined in the applicable Outstanding Equity Award Agreement) shall be eighteen (18) months following the Separation Date, for purposes of the applicable Outstanding Equity Award Agreement.
		

		
			 
		

		
			10.        Employee and Employer agree and promise not to disclose, either directly or indirectly, in any manner whatsoever, any information regarding the existence or terms of this Agreement and Release, to any person or entity, (i) except in the case of Employee, to members of Employee’s immediate family, Employee’s attorney and Employee’s accountant and/or financial advisor, provided that such persons agree to keep this information confidential, and (ii) except as may be required by law or otherwise as disclosed in Employer’s or Summit’s Securities and Exchange Commission filings.
		

		
			 
		

		
			11.        Employee agrees not to use, disclose to others, or permit anyone access to any of Employer’s or Employer’s affiliates’ trade secrets or confidential or proprietary information without Employer’s express consent, and to return immediately to Employer all property of Employer and its affiliates on the Separation Date.  Employee shall not retain any copy or other reproduction whatsoever of any property of Employer and its affiliates after the Separation Date; provided,  however, that Employee may retain copies of documents relating to Employee’s compensation, benefits and Outstanding Equity Awards, which copies shall continue to be subject to Employee’s confidentiality obligation.
		

		
			 
		

		
			12.        The parties intend that any amounts payable pursuant hereto that could constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), are intended to comply with Section 409A, and this Agreement and Release shall be administered, interpreted and construed to the extent possible in a manner that does not result in the imposition of additional taxes, penalties or interest under Section 409A; provided, that the Employer does not guarantee any particular tax effect, and Employee shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on or for the account of Employee in connection with this Agreement and Release (including any taxes, penalties and interest under Section 409A).
		

		
			
		

		
			

		 

		

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			13.        Each party shall bear its own costs and attorneys’ fees, if any, incurred in connection with this Agreement and Release.
		

		
			 
		

		
			14.        This Agreement and Release contains the full agreement of the parties and may not be modified, altered, changed or terminated except upon the express prior written consent of Employer and Employee or their authorized agents.
		

		
			 
		

		
			15.        This Agreement and Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof that would direct the application of the laws of any other jurisdiction.
		

		
			 
		

		
			16.        The waiver by any party of a breach of any provision herein shall not operate or be construed as a waiver of any subsequent breach by any party.
		

		
			 
		

		
			17.        The provisions of this Agreement and Release are severable.  Should any provision herein be declared invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect the remainder of this Agreement and Release, and this Agreement and Release shall be reformed, construed and enforced to the maximum extent permitted by law.
		

		
			 
		

		
			18.        This Agreement and Release may be signed in counterparts, and each counterpart shall be considered an original agreement for all purposes.
		

		
			 
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties have hereunto set their hands as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						/s/ Damian J. Murphy

					
					
						    

					
					
						 

				
	
					
						Damian J. Murphy

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to Agreement and Release]

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Summit Materials Holdings L.P.

					
					
						    

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Tom Hill

					
					
						 

					
					
						 

				
	
					
						Name: Tom Hill

					
					
						 

					
					
						 

				
	
					
						Title:  Chief Executive Officer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Solely for purposes of Paragraph 5 and Paragraph 9 hereof,

					
					
						 

					
					
						 

				
	
					
						Summit Materials, Inc.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Tom Hill

					
					
						 

					
					
						 

				
	
					
						Name:  Tom Hill

					
					
						 

					
					
						 

				
	
					
						Title:  Chief Executive Officer

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to Agreement and Release]

		

 

		

		
			Exhibit A
		

		
			 
		

		
			Release of Claims
		

		
			 
		

		
			1.        This Release of Claims (this “Release”) is made by Damian J. Murphy (“Employee”) as of ___________ ___, 2018, which is within twenty-one (21) days following the Separation Date.  Capitalized terms used but not defined in this Release shall have the respective meanings assigned to such terms in the Agreement and Release (the “Separation Agreement”) to which this Release is attached as an Exhibit.  In accordance with the Separation Agreement, Employee agrees as follows:
		

		
			 
		

		
			2.        Employee has received those of the Accrued Obligations that are due to Employee as of the date of this Release.  Employee further acknowledges that, as of the date of Employee’s signing of this Release, Employee has sustained no injury or illness related in any way to Employee’s employment with Employer for which a workers compensation claim has not already been filed.
		

		
			 
		

		
			3.        In return for Employer’s agreement to provide Employee with the consideration referred to in Paragraph 2 of the Separation Agreement, Employee, for Employee and Employee’s heirs, beneficiaries, devisees, privies, executors, administrators, attorneys, representatives, and agents, and Employee’s and their respective assigns, successors and predecessors, hereby releases and forever discharges Employer and its parents, subsidiaries and affiliates, its and their officers, directors, employees, members, agents, attorneys and representatives, and the predecessors, successors and assigns of each of the foregoing (collectively, the “Released Parties”) from any and all actions, causes of action, suits, debts, claims, complaints, charges, contracts, controversies, agreements, promises, damages, counterclaims, cross-claims, claims for contribution and/or indemnity, claims for costs and/or attorneys’ fees, judgments and demands whatsoever, in law or equity, known or unknown, Employee ever had, now has, or may have against the Released Parties as of the date of Employee’s signing of this Release.  This release includes, but is not limited to, any claims alleging breach of express or implied contract, wrongful discharge, constructive discharge, breach of an implied covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, negligent supervision or retention, violation of the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, Colorado anti-discrimination laws, claims pursuant to any other federal, state or local law regarding discrimination, harassment or retaliation based on age, race, sex, religion, national origin, marital status, disability, sexual orientation or any other unlawful basis or protected status or activity, and claims for alleged violation of any other local, state or federal law, regulation, ordinance, public policy or common-law duty having any bearing whatsoever upon the terms and conditions of, and/or the cessation of Employee’s employment with and by Employer.  This release also includes, but is not limited to, any rights to indemnification (i) pursuant to any indemnification agreement, insurance policy or organizational documents of any of Employer and its parents, subsidiaries and affiliates or (ii) that may be applicable with respect to any alleged violation by Employee of the code of ethics or similar policy of any of Employer and its parents, subsidiaries and affiliates.  The release set forth in this Release does not include (i) claims that may not be released under applicable law, (ii) claims for Accrued Obligations that are not yet due and payable to Employee as of the date of this Release, or (iii) claims for breach of the Separation Agreement.
		

		
			 
		

		
			4.        Employee agrees not only to release and discharge the Released Parties from any and all claims against the Released Parties that Employee could make on Employee’s own behalf, but also those which may have been or may be made by any other person or organization on Employee’s behalf.  Employee specifically waives any right to become, and promises not to become, a member of any class in a case in which any claim or claims are asserted against any of the Released Parties based on any acts or omissions occurring on or before the date of Employee’s signing of this Release.  If Employee is asserted to be a member of a class in a case against any of the Released Parties based on any acts or omissions occurring on or before the date of Employee’s signing of this Release, Employee shall immediately withdraw with prejudice in writing from said class, if permitted by law to do so.  Employee agrees that Employee will not encourage or assist any person in filing or pursuing any proceeding, action, charge, complaint, or claim against the Released Parties, except as required by law.
		

		
			 
		

		
			5.        This Release is not intended to interfere with Employee’s exercise of any protected, non-waivable right, including Employee’s right to file a charge with the Equal Employment Opportunity Commission or other
		

		
			
		

		
			

		 

		

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			government agency.  By entering into this Release, however, Employee acknowledges that the consideration set forth herein is in full satisfaction of any amounts to which Employee might be entitled and Employee is forever discharging the Released Parties from any liability to Employee for any acts or omissions occurring on or before the date of Employee’s signing of this Release.
		

		
			 
		

		
			6.        Neither this Release, nor anything contained herein, shall be construed as an admission by the Released Parties of any liability or unlawful conduct whatsoever.  The parties hereto agree and understand that the consideration set forth in Paragraph 2 of the Separation Agreement is in compliance with that which Employer and Summit, respectively, is obligated to provide to Employee, and that such consideration is provided solely in consideration of Employee’s execution of this Release.  The parties hereto agree that the consideration set forth in Paragraph 2 of the Separation Agreement is sufficient consideration for the release being given by Employee in this Release, and for Employee’s other promises herein.
		

		
			 
		

		
			7.        Notwithstanding anything in this Release to the contrary, nothing in this Release shall be a waiver of Employee’s right to (i) communicate, cooperate or file a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise make disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided, that, in each case such communications and disclosures are consistent with applicable law, or (ii) receive an award from a Governmental Entity for information provided under any whistleblower program.  Employee understands and acknowledges that pursuant to the Defend Trade Secrets Act of 2016 (a) an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (x) in confidence to a Federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (b) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.  Notwithstanding the foregoing, under no circumstance will Employee be authorized to disclose any information covered by attorney-client privilege or attorney work product of the Employer or Employer’s affiliates without prior written consent of the Employer’s Chief Legal Officer or other officer designated by the Employer.
		

		
			 
		

		
			8.        Employee acknowledges and agrees that: (i) no promise or inducement for this Release has been made except as set forth in this the Separation Agreement; (ii) this Release is executed by Employee without reliance upon any statement or representation by Employer except as set forth herein; (iii) Employee is legally competent to execute this Release and to accept full responsibility therefor; (iv) Employee has been given twenty-one (21) days within which to consider this Release; (v) Employee has used all or as much of that twenty-one (21)-day period as Employee deemed necessary to consider fully this Release and, if Employee has not used the entire twenty-one (21)-day period, Employee knowingly and voluntarily waives that period not used; (vi) Employee has read and fully understands the meaning of each provision of this Release; (vii) Employer has advised Employee to consult with an attorney concerning this Release; (viii) Employee freely and voluntarily enters into this Release; and (ix) no fact, evidence, event, or transaction currently unknown to Employee but which may hereafter become known to Employee shall affect in any manner the final and unconditional nature of the release stated above.
		

		
			 
		

		
			9.        This Release shall only become effective and enforceable on the eighth (8th) day following Employee’s execution of this Release within twenty-one (21) days following the Separation Date, unless Employee revokes it during the seven (7)-day revocation period by so advising Employer in writing received by Anne Lee Benedict, Chief Legal Officer, Summit Materials Holdings L.P., 1550 Wynkoop Street, 3rd Floor, Denver, CO 80202, before the end of the seventh (7th) day after its execution by Employee.
		

		
			 
		

		
			10.       This Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof that would direct the application of the laws of any other jurisdiction.
		

		
			 
		

		
			11.       The waiver by any party of a breach of any provision herein shall not operate or be construed as a waiver of any subsequent breach by any party.
		

		
			
		

		
			

		 

		

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			12.       The provisions of this Release are severable.  Should any provision herein be declared invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect the remainder of this Release, and this Release shall be reformed, construed and enforced to the maximum extent permitted by law.
		

		
			 
		

		
			Employee hereby declares as follows:
		

		
			 
		

		
			I, Damian J. Murphy, hereby acknowledge that I was given twenty-one (21) days following the Separation Date to consider the foregoing Release and voluntarily chose to sign the Release prior to that date.
		

		
			 
		

		
			I have read the foregoing Release and I accept and agree to the provisions it contains and hereby execute it voluntarily with full understanding of its consequences.
		

		
			 
		

		
			[Signature Page Follows]
		

		
			 
		

		
			 
		

		
			

		 

		

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						/s/ Damian J. Murphy

					
					
						    

					
					
						 

				
	
					
						Damian J. Murphy

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						April 21, 2018

					
					
						 

					
					
						 

				
	
					
						Date

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			[Signature Page to Release of Claims]Exhibit 10.1

 

 

AGREEMENT

 

THIS AGREEMENT (this
“Agreement”), dated as of February 9, 2018, is among SAMSON OIL AND GAS USA, INC., a Colorado
corporation (“Borrower”), SAMSON OIL & GAS LIMITED, an Australian public company (the “Parent”),
SAMSON OIL AND GAS USA MONTANA, INC., a Colorado corporation (“Samson Montana”, and together with
the Parent, collectively, the “Guarantors”, and each, individually, a “Guarantor”),
the Lenders party hereto, and MUTUAL OF OMAHA BANK, as Administrative Agent for the Lenders (in such capacity, “Administrative
Agent”) and as L/C Issuer.

 

R E C I
T A L S

 

A.       Borrower,
the financial institutions party thereto, and Administrative Agent are parties to that certain Credit Agreement, dated as of January 27,
2014, as amended by (i) that certain First Amendment to Credit Agreement dated as of November 24, 2014, (ii) that certain
Second Amendment to Credit Agreement dated as of May 13, 2015, (iii) that certain Third Amendment to Credit Agreement dated as
of March 31, 2016, (iv) that certain Fourth Amendment to Credit Agreement dated as of June 30, 2016, (v) that certain Fifth Amendment
to Credit Agreement dated as of September 29, 2016, (vi) that certain Sixth Amendment to Credit Agreement dated as of May 5, 2017,
and (vii) that certain Seventh Amendment to Credit Agreement dated as of July 14, 2017 (such Credit Agreement, as so amended, the
“Credit Agreement”).

 

B.       The
Existing Defaults (as hereinafter defined) have occurred under the Credit Agreement as a result of the failure by the Borrower
to comply with certain provisions thereof.

 

C.       The
Borrower and the Guarantors have requested that the Administrative Agent, the L/C Issuer and the Lenders agree to forbear from
the exercise of their respective rights and remedies as a result of the Specified Defaults (as hereinafter defined). The Administrative
Agent, the L/C Issuer and the Lenders, subject to the terms and conditions herein, have agreed to forbear from the exercise of
their respective rights and remedies as a result of the Specified Defaults to the limited extent as hereinafter provided.

 

NOW, THEREFORE, in
consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.       Same
Terms. All terms used herein which are defined in the Credit Agreement shall have the same meanings when used herein, unless
the context hereof otherwise requires or provides. In addition, (a) all references in the Loan Documents to the “Credit
Agreement” or the “Agreement” shall mean the Credit Agreement, as the same shall hereafter be amended from time
to time, and (b) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as
the same shall hereafter be amended from time to time. In addition, the following terms have the meanings set forth below:

 

“Credit
Agreement” has the meaning set forth in Recital A.

 

“Effective
Date” means the date when (a) all Lenders have executed this Agreement, and (b) the conditions set forth
in Section 2 of this Agreement have been complied with to the satisfaction of the Administrative Agent, unless waived
in writing by the Administrative Agent.

 

    	AGREEMENT - Page 1

     

    

 

“Existing
Defaults” means, collectively, (a) the failure by the Borrower to maintain the minimum Current Ratio required pursuant
Section 7.12(a) of the Credit Agreement for each of the fiscal quarters ending June 30, 2017 and September 30, 2017, each of which
is an Event of Default under Section 9.01(b) of the Credit Agreement; (b) the failure by the Borrower to maintain the Leverage
Ratio required pursuant Section 7.12(b) of the Credit Agreement for each of the Test Periods ending June 30, 2017 and September
30, 2017, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement; (c) the failure by the Borrower to
maintain the minimum Interest Coverage Ratio required pursuant Section 7.12(c) of the Credit Agreement for each of the Test Periods
ending June 30, 2017 and September 30, 2017, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement;
(d) the failure by the Borrower to maintain the minimum Liquidity required pursuant Section 7.12(d) of the Credit Agreement for
the calendar months ending June 30, 2017 and September 30, 2017, each of which is an Event of Default under Section 9.01(b) of
the Credit Agreement; (e) the failure by the Borrower to comply with Section 8.07 of the Credit Agreement, whereby Borrower was
required to limit general and administrative expenses to an amount not more than the amount set forth therein, for the 12-month
periods ending June 30, 2017 and September 30, 2017, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement;
(f) the failure by the Borrower to deliver the 13-Week Budget and other information required to be delivered pursuant to Section
7.02(n) of the Credit Agreement for each of the calendar weeks ending November 17, 2017 and each calendar week thereafter through
the Effective Date, each which is an Event of Default under Section 9.01(b) of the Credit Agreement; (g) the failure by the Borrower
to deliver the monthly financial statements required to be delivered pursuant to Section 7.01(b) of the Credit Agreement for the
calendar months ending October 31, 2017 and November 30, 2017, each of which is an Event of Default under Section 9.01(b) of the
Credit Agreement; and (h) the failure by the Borrower to deliver the Excess Cash Flow Report required to be delivered pursuant
to Section 7.02(m) of the Credit Agreement for the calendar months ending October 31, 2017 and November 30, 2017, each of which
is an Event of Default under Section 9.01(b) of the Credit Agreement.

 

“Forbearance
Modification Date” means March 31, 2018, solely to the extent that the Borrower has failed to satisfy at least one
of the following conditions on such date: (a) the Borrower has delivered to the Administrative Agent a PSA or a Refinance Commitment
in strict accordance with the requirements set forth in Section 5(d)(ii) of this Agreement, or (b) to the extent that the
Borrower has failed to satisfy the requirements set forth in Section 5(d)(ii) of this Agreement on such date, the Borrower
has delivered evidence, in form and substance satisfactory to the Administrative Agent in its sole discretion, that during the
period from the Effective Date to March 31, 2018, the Borrower has received one or more equity contributions or proceeds of subordinated
debt (the terms of which subordinated debt are satisfactory to the Administrative Agent in its sole discretion) for the purpose
of funding capital expenditures, which equity contributions and/or subordinated debt have resulted in net cash proceeds to the
Borrower of not less than $2,000,000.

 

“Forbearance
Termination Date” means May 31, 2018; provided, however, if the Forbearance Modification Date occurs,
the Forbearance Termination Date shall be April 15, 2018.

 

“Specified
Defaults” means, collectively, the Existing Defaults and the anticipated failure by the Borrower to comply with the
covenants set forth in Section 7.12 of the Credit Agreement during the Forbearance Period.

 

2.       Conditions
Precedent. The obligations, agreements and forbearance of the Administrative Agent, L/C Issuer and the Lenders as set forth
in this Agreement are subject to the satisfaction (in the opinion of Administrative Agent), unless waived in writing by Administrative
Agent, of each of the following conditions (and upon such satisfaction, this Agreement shall be deemed to be effective as of the
Effective Date):

 

(a)       Forbearance
Agreement. This Agreement shall be in full force and effect.

 

    	AGREEMENT - Page 2

     

    

 

(b)       Fees
and Expenses. Administrative Agent shall have received payment of all out-of-pocket fees and expenses (including reasonable
attorneys’ fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution
of this Agreement.

 

3.       Postponement
of Fall 2017 Determination of the Borrowing Base. Section 4.02 of the Credit Agreement requires the Lenders to determine
the Borrowing Base as of April 30 and October 31 of each year. Notwithstanding anything in the Credit Agreement to the contrary,
including Sections 4.02 and 7.02(c) thereof, the parties hereto acknowledge and agree that: (a) the determination of the Borrowing
Base as of October 31, 2017 pursuant to Section 4.02 of the Credit Agreement shall be postponed until on or about March 31, 2018;
and (b) on or before February 28, 2018, the Borrower shall deliver the Reserve Report and other information required to be delivered
in connection with such redetermination pursuant to Section 7.02(c) of the Credit Agreement; provided, however, so
long as the Forbearance Period has not been terminated or expired, then notwithstanding anything set forth in Section 7.02(c) of
the Credit Agreement to the contrary, such Reserve Report may be prepared by the Borrower’s own engineers.

 

4.       Forbearance.

 

(a)       Forbearance
Period. Unless the Forbearance Period (as hereinafter defined) is sooner terminated as provided in Section 4(f) below,
the Administrative Agent, the L/C Issuer, and the Lenders hereby agree to forbear from the exercise of any of their rights and
remedies under the Credit Agreement, the other Loan Documents and/or applicable law as a result of the Specified Defaults for a
period (the “Forbearance Period”) beginning effective as of the Effective Date through and including
the Forbearance Termination Date, subject to the terms and conditions set forth herein.

 

(b)       Forbearance
Limited to Specified Defaults. The Administrative Agent’s, the L/C Issuer’s and the Lenders’ forbearance
shall be limited solely to the exercise of their rights and remedies arising under the Loan Documents or otherwise as a result
of the Specified Defaults, and the Administrative Agent, the L/C Issuer and the Lenders shall not be deemed to have waived any
rights or remedies they may have with respect to any other existing breach or Default occurring thereunder during the Forbearance
Period, or any breach of this Agreement.

 

(c)       Notice
Requirements Satisfied. Each of the Borrower and the Guarantors acknowledges that all notice requirements embodied in the Loan
Documents and imposed by the Loan Documents upon the Administrative Agent, the L/C Issuer, or any Lender in connection with the
Specified Defaults, and the exercise of rights and remedies therefor (together with all applicable cure and/or grace periods) have
been satisfied (or shall be deemed to have been satisfied by this Agreement) without exception, and that upon the expiration or
earlier termination of the Forbearance Period, the Administrative Agent, the L/C Issuer and the Lenders shall have the full right
and power to exercise all rights and remedies granted to them without further notice to the Borrower or any other Loan Party and
subject to no other conditions precedent.

 

(d)       Agreement
in the Nature of Forbearance Only; Reservation of Rights. Each Loan Party hereby acknowledges that the Administrative Agent’s,
the L/C Issuer’s and the Lenders’ obligations under this Agreement are in the nature of a conditional forbearance only,
and that the Administrative Agent, the L/C Issuer, and the Lenders have not made any agreement or commitment to modify or extend
the Loan Documents beyond the Forbearance Period, and that, upon the expiration or earlier termination of the Forbearance Period,
the Administrative Agent, the L/C Issuer, and the Lenders shall have the immediate and unconditional right to exercise their rights
and remedies under the Loan Documents, and the Loan Parties will not take any action to inhibit or otherwise interfere with any
such exercise of rights and remedies. In accordance with the terms of this Agreement, the Administrative Agent, the L/C Issuer,
and the Lenders hereby reserve all rights and remedies available to them.

 

    	AGREEMENT - Page 3

     

    

 

(e)       No
New Loans or Letters of Credit. Each Loan Party acknowledges that (i) the Lenders have, and shall have, no further commitment
or obligation to make any further Loans or provide any further financing or loans to the Borrower, and (ii) the L/C Issuer has
no further commitment or obligation to issue any Letters of Credit for the benefit of any Loan Party.

 

(f)       Termination
of the Forbearance Period. The Forbearance Period shall end on the first to occur of the following:

 

(i)       the
occurrence of the Forbearance Termination Date;

 

(ii)       a
breach by the Loan Parties, or any one of them, of any of the conditions, covenants, agreements, terms, representations and/or
warranties set forth in this Agreement (other than any breach by a Loan Party under Section 5(d)(ii) of this Agreement,
solely to the extent that the Forbearance Modification Date does not occur);

 

(iii)       the
occurrence of any Event of Default under the Loan Documents, other than the Specified Defaults;

 

(iv)       any
creditor(s) of any Loan Party take(s) any enforcement action against any of the Loan Parties which, in the Administrative Agent’s
judgment, would materially interfere with the operation of the Loan Parties’ business or the Administrative Agent’s
ability to collect the Obligations under the Loan Documents;

 

(v)       a
proceeding shall be commenced by or against any of the Loan Parties seeking liquidation, reorganization, bankruptcy or other relief
with respect to its debts under the Bankruptcy Code or any other reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official with respect to any of the Loan
Parties or any of their respective assets;

 

(vi)       any
Loan Party initiates any judicial, administrative or arbitration proceeding against the Administrative Agent, the L/C Issuer, or
any Lender.

 

Upon the termination of the Forbearance
Period, the Administrative Agent’s, the L/C Issuer’s, and the Lenders’ agreement hereunder to forbear shall terminate
automatically without further act or action by the Administrative Agent, the L/C Issuer, or any Lender, and the Administrative
Agent, the L/C Issuer and the Lenders shall be entitled to exercise any and all rights and remedies available under the Loan Documents
and this Agreement, at law, in equity, or otherwise, without any further lapse of time, expiration of applicable grace periods,
or requirements of notice, all of which are hereby expressly waived by each Loan Party.

 

5.       Conditions
of Forbearance. The agreement by the Administrative Agent, the L/C Issuer and the Lenders to forbear from exercising any
of their remedies as a result of the Specified Defaults during the Forbearance Period shall be subject to and conditioned upon
each of the following:

 

    	AGREEMENT - Page 4

     

    

 

(a)       Forbearance
Fee. As consideration for the forbearance and agreements contained herein, the Borrower shall pay the Administrative Agent,
for the benefit of the Lenders, a forbearance fee of $120,000, which fee shall be fully earned on the Effective Date and shall
be due and payable on the earliest to occur of (i) the date on which the Obligations are fully and finally paid, (ii) any payment
being required pursuant to Section 5(e), and (iii) the expiration or earlier termination of the Forbearance Period, including
as a result of the occurrence of the Forbearance Modification Date.

 

(b)       Reporting.
Notwithstanding the agreement by the Administrative Agent, the L/C Issuer and the Lender to forbear from exercising their respective
rights and remedies as a result of any default under Section 7.12 of the Credit Agreement during the Forbearance Period, each of
the Borrower and the Guarantors acknowledges and agrees that it shall deliver all financial and other reporting required pursuant
to the Credit Agreement within the time periods specified therein.

 

(c)       Payment
of Interest. Borrower shall continue to make regular interest payments as provided in Section 2.07 of the Credit Agreement.

 

(d)       Sale
or Refinance.

 

(i)       The
Borrower shall continue to work to solicit and finalize offers for the sale of the Borrower and its Subsidiaries or their respective
businesses and assets, in their entirety, in one or a series of transactions (collectively, a “Sale”).
As an alternative to a Sale, the Borrower shall continue to work on efforts to refinance or otherwise pay all Obligations under
the Loan Documents in full (collectively, a “Refinance”).

 

(ii)       On
or before March 31, 2018, the Borrower shall deliver to the Administrative Agent copies of either (x) a fully-executed purchase
and sale agreement evidencing a Sale (a “PSA”) or (y) a fully-executed letter of intent or other form
of commitment letter from a credible lender or other third party reflecting a proposed Refinance (a “Refinance Commitment”),
which PSA or Refinance Commitment shall, in each case, (A) be conditioned only upon satisfactory documentation and customary closing
conditions, (B) result in net cash proceeds to the Borrower in an amount not less than the amount necessary to repay the Obligations
in full on the Forbearance Termination Date, (C) provide for the closing of the transactions contemplated thereby to occur on or
before May 31, 2018, (D) have terms and conditions that are reasonably capable of being met by the Loan Parties given the Loan
Parties’ current asset base and current financial condition, current market conditions and other current circumstances, and
(E) be on terms which are otherwise acceptable and be in form and substance satisfactory to the Administrative Agent and the Lenders
in their sole discretion.

 

(iii)       If
requested by the Administrative Agent, the Borrower (and/or any investment bank or other Person that the Borrower has engaged to
assist with a Sale or Refinance) shall participate in telephone conference calls with the Administrative Agent and its professionals
to provide status updates on the efforts to effect a Sale or Refinance.

 

(iv)       The
Borrower shall, promptly upon the Borrower’s receipt of any Sale or Refinance offer, provide to the Administrative Agent
all information regarding such offers or the amendment or modification of such offers.

 

(e)       Application
of Escrow Deposit in the Event of a Sale. To the extent that (x) the Borrower enters into a PSA, and (y) in connection with
such PSA and the Sale contemplated thereby, the buyer thereunder is required to make an earnest money or other deposit in connection
with the transactions contemplated therein (such earnest money or other deposit, the “Buyer Deposit”),
then the following provisions shall apply:

 

    	AGREEMENT - Page 5

     

    

 

(i)       immediately
upon receipt of the Buyer Deposit, the Borrower shall, or shall cause such other Loan Party to, deposit all such amounts received
from the buyer under such PSA in a blocked account maintained with the Administrative Agent over which none of the Loan Parties
shall have any control;

 

(ii)       if
and to the extent that, prior to consummation of the contemplated Sale, the prospective buyer’s right to a return of the
Buyer Deposit under such PSA has expired or been terminated, whether by the passage of time or otherwise, the Borrower may request
in writing that the Administrative Agent transfer a portion of the Buyer Deposit to the Borrower for the purpose of maintaining
and repairing the Borrower’s oil and gas properties;

 

(iii)       upon
the Administrative Agent’s receipt of a written request pursuant to clause (ii) above, together with such additional
information as the Administrative Agent may request, in each case in form and substance satisfactory to the Administrative Agent,
the Administrative Agent shall transfer the requested portion of the Buyer Deposit to a deposit account of the Borrower as designated
by the Borrower; and

 

(iv)       if
(A) the transaction contemplated by such PSA is not consummated and such PSA is terminated and (B) under the terms of such PSA,
the Borrower is entitled to retain all or a portion of the Buyer Deposit and any portion of the Buyer Deposit has not been made
available to the Borrower pursuant to clauses (ii) and (iii) above (such portion of the Buyer Deposit, the “Retained
Portion”), then the Administrative Agent shall apply the Retained Portion first, to the payment of the forbearance
fee described Section 5(a) above and second, to the outstanding Obligations.

 

6.       Covenant
of Lenders Not to Assign Prior to March 31, 2018. The provisions of Section 11.06(b) of the Credit Agreement notwithstanding,
each of the Lenders covenants and agrees with Borrower that, without the consent of Borrower (such consent not to be unreasonably
withheld, delayed or conditioned), such Person will not assign all or any portion of its rights and obligations under the Credit
Agreement to any Person prior to the earlier to occur of (a) March 31, 2018 and (b) the expiration or termination of the Forbearance
Period. This covenant shall expire and be of no further force or effect upon the earlier to occur of (i) the end of the Forbearance
Period and (ii) the close of business on March 31, 2018.

 

7.       Certain
Representations. Each of Borrower and Guarantors represents and warrants that, as of the Effective Date: (a) each
Loan Party has full power and authority to execute this Agreement, and this Agreement constitutes the legal, valid and binding
obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, except as enforceability may be
limited by general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws
affecting the enforcement of creditors’ rights generally; and (b) no authorization, approval, consent or other action
by, notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance
by any Loan Party of this Agreement. In addition, each of Borrower and Guarantors represents that after giving effect to this Agreement,
all representations and warranties contained in the Credit Agreement and the other Loan Documents to which such Person is a party
are true and correct in all material respects (provided that any such representations or warranties that are, by their terms, qualified
by reference to materiality or a Material Adverse Effect shall be true and correct in all respects) on and as of the Effective
Date as if made on and as of such date, except to the extent that any such representation or warranty expressly relates solely
to an earlier date, in which case such representation or warranty is true and correct in all material respects (or, with respect
to any such representations or warranties that are, by the terms, qualified by reference to materiality or a Material Adverse Effect,
are true and correct in all respects) as of such earlier date.

 

    	AGREEMENT - Page 6

     

    

 

8.       No
Further Amendments. Except as previously amended in writing or as amended hereby, the Credit Agreement shall remain unchanged
and all provisions shall remain fully effective between the parties hereto.

 

9.       Acknowledgments
and Agreements. Each of Borrower and Guarantors (a) acknowledges that on the date hereof all outstanding Obligations are
payable in accordance with their terms, and (b) waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower,
Guarantors, Administrative Agent, L/C Issuer and each Lender do hereby adopt, ratify and confirm the Credit Agreement, as
previously amended in writing and as amended hereby, and acknowledge and agree that the Credit Agreement is and remains in full
force and effect. Each of Borrower and Guarantors acknowledges and agrees that its liabilities and obligations under the Credit
Agreement and under the other Loan Documents are not impaired in any respect by this Agreement. Any breach of any representations,
warranties and covenants under this Agreement shall be a Default or an Event of Default, as applicable, under the Credit Agreement.

 

10.       Limitation
on Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed (a) to
be a consent under or a waiver of or an amendment to any other term or condition in the Credit Agreement or any of the other Loan
Documents, or (b) to prejudice any right or rights that Administrative Agent now has or may have in the future under or in
connection with the Credit Agreement and the other Loan Documents or any of the other documents referred to herein or therein.
This Agreement shall constitute a Loan Document for all purposes.

 

11.       Confirmation
of Security. Each of Borrower and Guarantors hereby confirms and agrees that all of the Collateral Documents that presently
secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance
of the Obligations.

 

12.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original,
but all of which constitute one instrument. In making proof of this Agreement, it shall not be necessary to produce or account
for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed counterpart of this Agreement
by facsimile or other electronic means shall be deemed effective as delivery of a manually executed counterpart.

 

13.       Incorporation
of Certain Provisions by Reference. The provisions of Section 11.15 of the Credit Agreement captioned “Governing
Law, Jurisdiction; Etc.” and Section 11.16 of the Credit Agreement captioned “Waiver of Right to Trial by Jury”
are incorporated herein by reference for all purposes.

 

14.       Release.
In consideration of the agreements set forth in this Agreement, each of Borrower and Guarantors represents and warrants that as
of the date of this Agreement, there are no claims, offsets, defenses or counterclaims to the obligations of such Person under
the Loan Documents to which it is a party, and in accordance therewith, each of Borrower and Guarantors:

 

(a)       waives
any and all such claims, offsets, defenses or counterclaims, whether known or unknown, arising under the Loan Documents prior to
the Effective Date; and

 

    	AGREEMENT - Page 7

     

    

 

(b)       releases
and discharges each of the Administrative Agent and the Lenders and their respective officers, directors, employees, agents, shareholders,
affiliates and attorneys (the “Released Parties”) from any and all obligations, indebtedness, liabilities,
claims, rights, causes of action or other demands whatsoever, whether known or unknown, suspected or unsuspected, in law or equity,
which such Person ever had, now has or claims to have or may have against any Released Party arising prior to the Effective Date
and from or in connection with the Loan Documents or the transactions contemplated thereby, except, with respect to any Released
Party, those resulting from the gross negligence or willful misconduct of such Released Party, as determined by a court of competent
jurisdiction by a final and non-appealable judgment.

 

15.       Entirety,
Etc. This Agreement and all of the other Loan Documents embody the entire agreement between the parties. THIS AGREEMENT
AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

[This space is left intentionally
blank. Signature pages follow.]

 

 

 

 

 

 

 

 

 

    	AGREEMENT - Page 8

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date and year first above written.

 

	 	BORROWER:	 
	 	 	 	 
	 	SAMSON OIL AND GAS USA, INC.	 
	 	 	 	 
	 	By:	/s/ Terry Barr	 
	 	 	Terry Barr	 
	 	 	President, Treasurer and CEO	 
	 	 	 	 
	 	GUARANTORS:	 
	 	 	 	 
	 	SAMSON OIL & GAS LIMITED	 
	 	 	 	 
	 	By:	/s/ Terry Barr	 
	 	 	Terry Barr	 
	 	 	Managing Director, CEO & President	 
	 	 	 	 
	 	SAMSON OIL AND GAS USA MONTANA, INC.	 
	 	 	 	 
	 	By:	/s/ Terry Barr	 
	 	 	Terry Barr	 
	 	 	President, Treasurer and CEO	 

 

 

    	AGREEMENT – Signature Page 

     

    

 

	 	ADMINISTRATIVE AGENT:	 
	 	 	 	 
	 	MUTUAL OF OMAHA BANK,	 
	 	as Administrative Agent	 
	 	 	 	 
	 	By:	/s/ J.
Keith Miller	 
	 	 	J. Keith Miller	 
	 	 	Senior Energy Lender	 
	 	 	 	 
	 	LENDERS:	 
	 	 	 	 
	 	MUTUAL OF OMAHA BANK	 
	 	 	 	 
	 	By:	/s/ J. Keith Miller	 
	 	 	J. Keith Miller	 
	 	 	Senior Energy Lender	 

 

 

    	AGREEMENT – Signature Page

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