Document:

Exhibit

Exhibit 10.1

                                                    

THIRD AMENDMENT 
TO CREDIT AGREEMENT
 
AMONG
EVOLUTION PETROLEUM CORPORATION, 
 
THE GUARANTORS PARTY HERETO
AND
TEXAS CAPITAL BANK, N.A.
 
February 29, 2016

                                                    

THIRD AMENDMENT 
TO CREDIT AGREEMENT
This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into effective the ___ day of February, 2016 (the “Effective Date”) by and among EVOLUTION PETROLEUM CORPORATION, a Nevada corporation (the “Borrower”), NGS SUB. CORP., a Delaware corporation (“NGS Sub”), TERTIAIRE RESOURCES COMPANY, a Texas corporation (“Tertiaire”), NGS TECHNOLOGIES, INC., a Delaware corporation (“NGS Technologies”), EVOLUTION OPERATING CO., INC., a Texas corporation (“Evolution Operating,” and NGS Sub, Tertiaire, NGS Technologies and Evolution Operating, collectively, the “Guarantors”), and TEXAS CAPITAL BANK, N.A., a national banking association (the “Lender”).
W I T N E S S E T H:
WHEREAS, the Borrower, the Guarantors and the Lender are parties to that certain Credit Agreement dated as of February 29, 2012, as amended prior to the Effective Date (as so amended, the “Agreement”); and
WHEREAS, the Borrower and the Lender desire to amend the Agreement as hereinafter provided and the Guarantors desire to join in execution of this Amendment to evidence their consent to such amendment;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows:
ARTICLE I
DEFINITIONS AND INTERPRETATION
1.1    Terms Defined Above.  As used in this Third Amendment to Credit Agreement, each of the terms “Agreement,” “Amendment,” “Borrower,” “Effective Date,” “Evolution Operating,” “Guarantors,” “Lender,” “NGS Sub,” “NGS Technologies” and “Tertiaire” shall have the meaning assigned to such term hereinabove.
1.2    Terms Defined in Agreement.  Each term defined in the Agreement and used herein without definition shall have the meaning assigned to such term in the Agreement, unless expressly provided to the contrary.
1.3    References.  References in this Amendment to Schedule, Exhibit, Article, or Section numbers shall be to Schedules, Exhibits, Articles, or Sections of this Amendment, unless expressly stated to the contrary.  References in this Amendment to “hereby,” “herein,” “hereinafter,” “hereinabove,” “hereinbelow,” “hereof,” “hereunder” and words of similar import shall be to this Amendment in its entirety and not only to the particular Schedule, Exhibit, Article, or Section in which such reference appears.  Specific enumeration herein shall not exclude the general and, in such regard, the terms “includes” and “including” used herein shall mean “includes, without limitation,” or “including, without limitation,” as the case may be, where appropriate.  Except as otherwise indicated, references in this Amendment to statutes, sections, or regulations are to be 

construed as including all statutory or regulatory provisions consolidating, amending, replacing, succeeding, or supplementing the statute, section, or regulation referred to.  References in this Amendment to “writing” include printing, typing, lithography, facsimile reproduction, and other means of reproducing words in a tangible visible form.  References in this Amendment to amendments and other contractual instruments shall be deemed to include all exhibits and appendices attached thereto and all subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Amendment.  References in this Amendment to Persons include their respective successors and permitted assigns.
1.4    Articles and Sections.  This Amendment, for convenience only, has been divided into Articles and Sections; and it is understood that the rights and other legal relations of the parties hereto shall be determined from this instrument as an entirety and without regard to the aforesaid division into Articles and Sections and without regard to headings prefixed to such Articles or Sections.
1.5    Number and Gender.  Whenever the context requires, reference herein made to the single number shall be understood to include the plural; and likewise, the plural shall be understood to include the singular.  Definitions of terms defined in the singular or plural shall be equally applicable to the plural or singular, as the case may be, unless otherwise indicated.  Words denoting sex shall be construed to include the masculine, feminine and neuter, when such construction is appropriate; and specific enumeration shall not exclude the general but shall be construed as cumulative.
1.6    Negotiated Transaction.  Each party to this Amendment affirms to the other that it has had the opportunity to consult, and discuss the provisions of this Amendment with, independent counsel and fully understands the legal effect of each provision.

ARTICLE II 
AMENDMENT TO AGREEMENT

As of the Effective Date, the definition of “Commitment Termination Date” contained in Section 1.2 of the Agreement is amended and restated to read in its entirety as follows:
““Commitment Termination Date” shall mean the earlier of (a) April 29, 2016 and (b) the date the Commitment is terminated pursuant to the provisions of Section 7.2.”
ARTICLE III
RATIFICATION AND ACKNOWLEDGEMENT
The Borrower, each of the Guarantors and the Lender do hereby adopt, ratify and confirm the Agreement, as the same is amended hereby, and acknowledge and agree that the Agreement, as amended hereby, is and remains in full force and effect.

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ARTICLE IV
REPRESENTATIONS AND WARRANTIES
Each of the Borrower and each of the Guarantors does hereby re-make in favor of the Lender each of the representations and warranties made by it in the Loan Documents to which it is a party and further represents and warrants that each of such representations and warranties made by it remains true and correct as of the date of execution of this Amendment (or, in the case of representations and warranties which by their terms were made as of a particular earlier date, remain true and correct as of such earlier date).
ARTICLE IV
MISCELLANEOUS
5.1    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Agreement.
5.2    Rights of Third Parties.  Except as provided in Section 5.1, all provisions herein are imposed solely and exclusively for the benefit of the parties hereto.
5.3    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 and shall be enforceable upon the execution of one or more counterparts hereof by each of the parties hereto.  In this regard, each of the parties hereto acknowledges that a counterpart of this Amendment containing a set of counterpart execution pages reflecting the execution of each party hereto shall be sufficient to reflect the execution of this Amendment by each necessary party hereto and shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mail, facsimile transmission, electronic mail in “portable document format” (“.pdf”) form or other electronic means intended to preserve the original graphic and pictorial appearance of the item being sent shall be effective as a delivery of a manually executed counterpart of this Amendment.
5.4    Integration.  THIS AMENDMENT CONSTITUTES THE ENTIRE AGREEMENT AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT HEREOF.  ALL PRIOR UNDERSTANDINGS, STATEMENTS AND AGREEMENTS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT HEREOF ARE SUPERSEDED BY THIS AMENDMENT.
5.5    Invalidity.  In the event that any one or more of the provisions contained in this Amendment shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Amendment.
5.6    Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND SHALL BE GOVERNED BY AND CONSTRUED IN 

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ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO PRINCIPLES OF SUCH LAWS RELATING TO CONFLICTS OF LAW.

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Third Amendment to Credit Agreement to be effective as of the Effective Date.
BORROWER: 
 
EVOLUTION PETROLEUM CORPORATION 
 
 
By:  /s/__________________________________      
    David Joe 
    Senior Vice President and 
    Chief Financial Officer
GUARANTORS:
NGS SUB. CORP. 
 
 
By:  /s/__________________________________      
    David Joe 
    Senior Vice President and 
    Chief Financial Officer
TERTIAIRE RESOURCES COMPANY 
 
 
By:  /s/__________________________________      
    David Joe 
    Senior Vice President and 
    Chief Financial Officer
NGS TECHNOLOGIES, INC. 
 
 
By:  /s/__________________________________      
    David Joe 
    Senior Vice President and 
    Chief Financial Officer
EVOLUTION OPERATING CO., INC. 
 
 
By:  /s/__________________________________      
    David Joe 
    Senior Vice President and 
    Chief Financial Officer
(Signatures continue on following page)

Signature Page – Third Amendment to Credit Agreement
(Evolution Petroleum Corporation)

LENDER:
TEXAS CAPITAL BANK, N.A. 
 
 
By: /s/__________________________________  
    Brenton D. Bellamy 
    Vice President

Signature Page – Third Amendment to Credit Agreement
(Evolution Petroleum Corporation)exhibit102.htm

Exhibit 10.2

TRANSACT TECHNOLOGIES INCORPORATED

2014 EQUITY INCENTIVE PLAN

TIME-BASED

RESTRICTED STOCK UNIT AGREEMENT

This agreement (the “Agreement”) evidences an award (the “Award”) of time-based restricted stock units granted on [INSERT DATE] to the Participant named below (“Participant”) pursuant to and subject to the terms of the 2014 Equity Incentive Plan, as from time to time amended (the “Plan”) of TransAct Technologies Incorporated (the “Company”).  The Agreement is subject in its entirety to the provisions of the Plan, including, without limitation, the forfeiture and clawback provisions of Section 6(a)(5), which are hereby incorporated by reference in this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control.  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.

1.              PARTICIPANT.                                         [INSERT NAME]

2.              NATURE OF AWARD.

The Company hereby grants to Participant, on the date of grant specified in Section 4, and subject to the terms and conditions of the Plan and the Award, the number of Restricted Stock Units specified in Section 3, subject to adjustment pursuant to Section 7.  Each Restricted Stock Unit represents the right to receive one share of Stock, but only if and when a Restricted Stock Unit becomes vested under Section 5.  Except as otherwise provided herein, if the Participant’s employment with the Company terminates for any reason prior to the date on which a Restricted Stock Unit becomes vested under Section 5, then any such unvested Restricted Stock Units shall be immediately forfeited automatically.  The Award is unfunded and unsecured, and Participant’s rights to any Stock hereunder shall be no greater than those of an unsecured general creditor of the Company.  The Award may not be assigned, transferred, pledged, hypothecated or otherwise disposed of, except for disposition at death as provided below.  The Award does not entitle Participant to any rights as a shareholder with respect to any shares of Stock subject to the Award, unless and until such shares of Stock have been transferred to Participant.

3.              NUMBER OF RESTRICTED STOCK UNITS:  [INSERT NUMBER]

4.              DATE OF GRANT OF AWARD:  [INSERT DATE]

5.              VESTING AND DELIVERY OF SHARES.

The number of shares of Stock represented by the number of Restricted Stock Units specified in Section 3, as adjusted pursuant to Section 7, shall be become vested and shall be delivered immediately upon the earliest to occur of (a) or (b) below:

  

  

  

	
(a)  

	
[INSERT DATE]                                                                    [INSERT 25% OF TOTAL]

 

[INSERT DATE]                                                                    [INSERT 25% OF TOTAL]

 

[INSERT DATE]                                                                    [INSERT 25% OF TOTAL]

 

[INSERT DATE]                                                                    [INSERT 25% OF TOTAL]

(b)       The date of a Change in Control that also qualifies as a “change in control event” (as defined in Section 1.409A-3(i)(5) of the Treasury Regulations under Section 409A);

provided, that in the event that shares of Stock become deliverable under (b) above, they may be delivered, in the discretion of the Administrator, as early as (but not earlier than) thirty (30) days prior to the consummation of the “change in control” event.

Notwithstanding anything else herein to the contrary, if Participant’s employment with the Company ends as a result of Participant’s death or disability, then any unvested Restricted Stock Units shall become fully vested, and the shares of Stock represented by such Restricted Stock Units shall be delivered to the Participant or to the Participant’s Beneficiary (subject to any required tax withholding requirements) within sixty (60) days following such employment termination.  A Participant’s Beneficiary shall be designated prior to death in a manner acceptable to the Administrator (or, if no such beneficiary has been so designated, then the Participant’s estate shall be considered to be the Beneficiary for this purpose) (such designated beneficiary or the estate, as the case may be, being herein referred to as Participant’s “Beneficiary”).  For this purpose, “disability” shall mean, as determined in the sole and absolute discretion of the Administrator in accordance with Treas. Reg. Section 1.409A-3(i)(4), that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

 

 

6.              DIVIDENDS AND VOTING RIGHTS.

Participant shall not be entitled to any dividends or other distributions, including amounts in lieu of dividends, with respect to shares of Stock subject to the Award, except as to shares of Stock actually transferred to Participant under Section 5 above as to which Participant is the record owner on the record date for the dividend or other distribution.  Similarly, the Participant shall have no voting rights with respect to the Restricted Stock Units granted hereunder, except as to shares of Stock actually transferred to Participant under Section 5 above, as to which Participant is the record owner.

  

  

  

7.              ADJUSTMENTS.

The Award and the number of Restricted Stock Units subject to the Award are subject to adjustment as provided in Section 7(c) of the Plan.

8.              WITHHOLDING.

Participant or Beneficiary shall, no later than the date on which any share of Stock is transferred to Participant or Beneficiary and as a condition to such transfer, pay to the Company in cash, or make arrangements satisfactory to the Administrator regarding payment of, any and all federal, state, and local taxes of any kind required by law to be withheld with respect to such income.  If any taxes are required to be withheld by the Company prior to such transfer of such share of Stock (for example, upon the vesting of the right to receive such share), the Participant or Beneficiary must (i) pay such taxes timely in cash by separate payment, (ii) instruct the Company to withhold the required taxes from other amounts payable to Participant or Beneficiary, (iii) deliver shares of Stock that have a fair market value equal to the required tax amount, or (iv) make other arrangements for the payment of such taxes as the Administrator determines in its sole discretion.  If Participant or Beneficiary does not timely elect a method to pay such taxes, the Company may require Participant or Beneficiary to make any required tax payment by any of (ii), (ii) or (iv) above as the Administrator determines in its sole discretion.

 

9.              SECTION 83(b) NOT APPLICABLE.

 

The Participant expressly acknowledges that because the Award does not give to Participant a present ownership right in any Stock, but only consists of an unfunded and unsecured promise by the Company to deliver shares of Stock in the future, it is not possible to make a so-called “83(b) election” with respect to the Award.

 

10.              EFFECT ON EMPLOYMENT.

 

Neither the grant of this Award, nor the delivery of any Stock hereunder, will give the Participant any right to be retained in the employ of the Company or any of its Affiliates or affect the right of the Company or any of its Affiliates to discharge or discipline such Participant at any time.

 

11.              SECTION 409A; LIMITATION OF LIABILITY.

 

This Award is intended to be exempt from, or to otherwise comply with, Section 409A of the Code, and will be construed and interpreted accordingly.  Notwithstanding the foregoing, the Company makes no representations or warranties that the payments and benefits provided under this Award are exempt from or comply with Section 409A, and in no event will the Company, any Affiliate, the Administrator, or any person acting on behalf of the Company, any Affiliate or the Administrator, be liable to the Participant or to the estate or beneficiary of any Participant by reason of the acceleration of income, or any additional tax, penalties, interest or other expenses, asserted by reason of the failure of the Award to satisfy the requirements of Section 409A, or by reason of Section 4999 of the Code, or otherwise asserted with respect to the Award.

 

  

  

  

 

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer.

TransAct Technologies Incorporated

By:              __________________________

Name:

Title:

Acknowledged and agreed:

__________________________________

Participant:  [Insert Name]

Dated:              [INSERT DATE]

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