Document:

Fourth Amendment to Stock Subscription Agreement

 Exhibit 10.2 
 FOURTH AMENDMENT TO 
 STOCK SUBSCRIPTION AGREEMENT 

THIS FOURTH AMENDMENT TO STOCK SUBSCRIPTION AGREEMENT (this “Amendment”) is entered into by and between James C.
Mastandrea (the “Employee”) and Paragon Real Estate Equity and Investment Trust, a Maryland trust (the “Company”), as of September 29, 2011 (the “Effective Date”).

 WHEREAS, the Employee and the Company are parties to that certain Stock Subscription Agreement dated September 29, 2006
(the “Original Subscription Agreement”); 
 WHEREAS, under the Original Subscription Agreement, the
Company agreed to provide to the Employee, and the Employee agreed to receive 44,444 shares of the Company’s Class C convertible preferred shares of beneficial interest, $0.01 par value per share (the “Subscription
Shares”) in exchange for the Employee’s services as an officer of the Company for a prescribed period of time; 
 WHEREAS, the Subscription Shares are subject to forfeiture and restricted from being transferred by the Employee until the completion of a prescribed vesting schedule; 

WHEREAS, as of the Effective Date the Subscription Shares are nonvested, subject to substantial risk of forfeiture and nontransferable;

 WHEREAS, the Employee and the Company have agreed to amend the Original Subscription Agreement to extend the period for which
the Employee shall provide services to the Company and to postpone the vesting of the Subscription Shares until the completion of that extended period; 
 WHEREAS, the Board of Trustees of the Company has determined that the provisions of this Amendment, including the extension of the period for which the Employee shall serve as an officer of the Company
and the postponement of the vesting of the Subscription Shares, are in the best interest of the Company. 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereto agree to amend the Original Subscription Agreement as follows: 
 1. Defined Terms. Capitalized words and phrases not otherwise defined herein shall have the meanings set forth in the Original Subscription Agreement. 

2. Extension of the Vesting Period. The last two sentences of Section 1 of the Original Subscription Agreement are hereby
amended and restated in their entirety as follows: 
 “As consideration for the purchase of Stock, Investor hereby agrees
to pay to the Company the sum of $200,000 (the “Purchase Price”) in the form of services as 

  
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an officer for the three-year period beginning September 29, 2006 and ending September 29, 2012. The Subscription Shares will be subject to forfeiture and restricted from being sold by
Investor until the later to occur of: 
 (i) a public offering by the Company sufficient to liquidate the Subscription Shares,

 (ii) an exchange of the Company’s existing shares for new shares, and 

(iii) September 29, 2012.” 
 3. Extension of Forfeiture Period Upon Termination. The last two sentences of Section 3(d) are hereby amended and restated in their entirety as follows: 

“If Investor is terminated prior to August 31, 2012, Investor will return a proportionate number of Subscription Shares. If
Investor dies prior to August 31, 2012, the Investor’s estate will not be required to return any Subscription Shares and the restrictions will no longer apply.” 
 4. Terms of Original Subscription Agreement Ratified and Confirmed. Except as expressly modified, amended or supplemented by this Amendment, all terms, covenants and conditions of the Original
Subscription Agreement remain unchanged and in full force and effect. The parties hereto hereby acknowledge that all of the terms, covenants and conditions of the Original Subscription Agreement, as hereby modified, amended or supplemented by this
Amendment, are hereby ratified and confirmed and shall continue to be and remain in full force and effect throughout the remainder of the term of the Original Subscription Agreement, and that the Original Subscription Agreement and this Amendment
shall be read and interpreted as if it was one agreement. 
 5. Conflict. In the event of a conflict between the terms
and conditions of this Amendment and the terms and conditions of the Original Subscription Agreement, such conflict shall be resolved in favor of the terms and conditions of this Amendment and the Original Subscription Agreement shall be construed
accordingly. 
 6. Binding Effect and Counterparts. It is understood and agreed that this Amendment shall not be binding
upon any of the parties hereto until all of the parties hereto shall have executed and delivered the same. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original and all of which shall constitute one
agreement, and the signature of any party to any counterpart shall be deemed to be a signature to, and may be appended to, any other counterpart. Delivery of an executed counterpart of this Amendment by facsimile shall be equally as effective as
delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile also shall deliver a manually executed counterpart of this Amendment, but failure to deliver a manually
executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment. 

  
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 7. Governing Law; Amendments. The construction, interpretation, and enforcement of
this Amendment shall be governed by the laws of the State of Ohio, without resort to choice of law principles. In the event any provision of this Amendment is deemed to be unenforceable under applicable law, the remaining provisions of this
Amendment shall not be affected and shall remain enforceable unless the effect of the unenforceability of the provision at issue materially alters the agreement evidenced hereby. This Amendment cannot be changed orally, and can be changed only by an
instrument in writing signed by the party against whom enforcement of such change is sought. 
 IN WITNESS WHEREOF, the parties
have executed this Amendment as of the Effective 
 Date. 

 

			
		 	 PARAGON REAL ESTATE EQUITY AND
 INVESTMENT TRUST, a Maryland trust

		
		 	/s/    John J. Dee         
		 	By: John J. Dee
		 	Its: Secretary
		
		 	/s/ James C. Mastandrea
		 	James C. Mastandrea

  
 3Waiver

 Exhibit 10.1 
 WAIVER 
 THIS WAIVER (the “Waiver”), dated to be effective
as of September 30, 2011 (the “Waiver Effective Date”), is entered into by and among BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC, a Texas limited liability company (the “Borrower”), the Guarantors party hereto
(the “Guarantors”), the Lenders party hereto (the “Lenders”) and CAPITAL ONE, N.A., as Administrative Agent for the Lenders (“Administrative Agent”). 

RECITALS 

WHEREAS, the Borrower, the Lenders and the Administrative Agent entered into that certain Credit Agreement dated December 24, 2010
(as amended by that First Amendment dated May 31, 2011 and that Waiver and Second Amendment dated June 30, 2011, and as further amended, restated, supplemented or modified from time to time, the “Credit Agreement”);
and 
 WHEREAS, the Borrower has requested that the Administrative Agent and Lenders waive compliance with hedging requirements
contained in Section 9.17 of the Credit Agreement. 
 WHEREAS, the Lenders and the Administrative Agent have agreed to do
so to the extent reflected in this Waiver, subject to the terms hereof and provided that each of the Borrower and the Guarantors ratifies and confirms all of its respective obligations under the Credit Agreement and the Loan Documents. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth in this Waiver, the Borrower, the Guarantors, the
Lenders and the Administrative Agent agree as follows: 
 1.    Defined Terms. Unless otherwise
defined herein, capitalized terms used herein have the meanings assigned to them in the Credit Agreement. 

2.    Waiver. The Administrative Agent and Lenders hereby waive compliance with (a) the covenant
contained in Section 9.17 of the Credit Agreement as it relates to existing natural gas hedges but only to the extent required to avoid an Event of Default and only until December 31, 2011, at which time the Borrower shall comply
with such covenant and shall unwind all natural gas Swap Agreements necessary for such compliance and (b) the covenant contained in Section 9.17 of the Credit Agreement as it relates to existing crude oil hedges but only to the
extent required to avoid an Event of Default and only until June 30, 2012, at which time the Borrower shall comply with such covenant and shall unwind all crude oil Swap Agreements necessary for such compliance. The provisions hereof shall not
in any way be construed to waive, nor shall this Amendment in any way serve as a waiver of any other Event of Default now or hereafter existing under the Credit Agreement or other Loan Documents, except as expressly set forth herein. 

3.    Ratification. The Borrower and Guarantors hereby ratify all of their respective Obligations under the
Credit Agreement and each of the Loan Documents to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents to which it is a party are and shall continue to be in full force and effect. Nothing in
this Waiver 

  
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extinguishes, novates or releases any right, claim, lien, security interest or entitlement of any of the Lenders or the Administrative Agent created by or contained in any of such documents, nor
is the Borrower nor any Guarantor released from any covenant, warranty or obligation created by or contained herein or therein. 

4.    Representations and Warranties. (a) The Borrower and Guarantors hereby represent and warrant to the
Administrative Agent and the Lenders that (i) this Waiver has been duly executed and delivered on behalf of the Borrower and Guarantors, (ii) this Waiver constitutes a valid and legally binding agreement enforceable against the Borrower
and Guarantors in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law, (iii) the representations and warranties contained in the Credit Agreement and the Loan Documents are true and correct on and as of the date hereof in all material respects
as though made as of the date hereof, (iv) no Default or Event of Default exists under the Credit Agreement or under any Loan Document and (v) the execution, delivery and performance of this Waiver has been duly authorized by the Borrower
and Guarantors. 
 (b)    The Borrower hereby represents and warrants to the Administrative Agent and the
Lenders that the execution of this Waiver does not violate the terms of (i) the Indenture, (ii) the Second Lien Intercreditor Agreement, (iii) the W & T Intercreditor Agreement or (iv) the BP Intercreditor Agreement.

 5.    Conditions to Effectiveness. This Waiver shall be effective on the Waiver Effective Date
only if the following are satisfied on or before such Waiver Effective Date: 
  

	 	(a)	the receipt by the Administrative Agent of this Waiver fully executed by all parties hereto; 

 

	 	(b)	the payment to the Administrative Agent of all fees that are due, including all expenses of Administrative Agent and the Lenders in connection with this Waiver and any
billed fees and disbursements of Andrews Kurth LLP, in connection with this Waiver; 

  

	 	(c)	the receipt by the Administrative Agent of a certificate of the Secretary or an Assistant Secretary of the Borrower and each Guarantor setting forth
(i) resolutions of its board of directors with respect to the authorization of the Borrower or such Guarantor to execute and deliver this Waiver and other documents executed in connection with Waiver to which it is a party and to enter into the
transactions contemplated in those documents, (ii) the officers of such Loan Party (y) who are authorized to sign the Waiver and other documents executed in connection with Waiver to which the Borrower and/or each Guarantor is a party and
(z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Waiver,
(iii) specimen signatures of such authorized officers, and (iv) the articles or certificate of incorporation and bylaws of such Loan Party, certified as being true and complete. The Administrative Agent and the Lenders may conclusively
rely on such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary; 

  
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	 	(d)	the receipt by the Administrative Agent of certificates of the appropriate State agencies with respect to the existence, qualification and good standing of Borrower and
each Guarantor; 

  

	 	(e)	the receipt by the Administrative Agent of such other documents as the Administrative Agent or its special counsel may reasonably request. 

6.    Counterparts. This Waiver may be signed in any number of counterparts, which may be delivered in
original or facsimile form each of which shall be construed as an original, but all of which together shall constitute one and the same instrument. 
 7.    Governing Law. This Waiver and all other documents executed in connection herewith shall be deemed to be contracts and agreements under the laws of the State of Texas and
of the United States of America and for all purposes shall be construed in accordance with, and governed by, the laws of Texas and of the United States. 
 8.    Continuing Effect of the Credit Agreement. This Waiver shall not constitute a waiver of any provision not expressly referred to herein and shall not be construed as a
consent to any action on the part of the Borrowers or Guarantors that would require a waiver or consent of the Lenders or an amendment or modification to any term of the Loan Documents except as expressly stated herein. Except as expressly modified
hereby, the provisions of the Credit Agreement and the Loan Documents are and shall remain in full force and effect. 

9.    References. The words “hereby,” “herein,” “hereinabove,”
“hereinafter,” “hereinbelow,” “hereof,” “hereunder” and words of similar import when used in this Waiver shall refer to this Waiver as a whole and not to any particular article, section or provision of this
Waiver. References in this Waiver to an article or section number are to such articles or sections of this Waiver unless otherwise specified. 
 10.    Headings Descriptive. The headings of the several sections and subsections of this Waiver are inserted for convenience only and shall not in any way affect the meaning or
construction of any provision of this Waiver. 
 11.    Release by Borrower and Guarantors. The
Borrower and each Guarantor does hereby release and forever discharge the Administrative Agent and each of the Lenders and each affiliate thereof and each of their respective employees, officers, directors, trustees, agents, attorneys, successors,
assigns or other representatives from any and all claims, demands, damages, actions, cross-actions, causes of action, costs and expenses (including legal expenses), of any kind or nature whatsoever, whether based on law or equity, which any of said
parties has held or may now or in the future own or hold, whether known or unknown, for or because of any matter or thing done, omitted or suffered to be done on or before the actual date upon which this Waiver is signed by any of such parties
(i) arising directly or indirectly out of the Credit Agreement, Loan Documents, or any other documents, instruments or any other transactions relating thereto and/or (ii) relating directly or indirectly to all transactions by and between
the 

  
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Borrower or Guarantors or their representatives and the Administrative Agent and each Lender or any of their respective directors, officers, agents, employees, attorneys or other representatives
and, in either case, whether or not caused by the sole or partial negligence of any indemnified party. Such release, waiver, acquittal and discharge shall and does include, without limitation, any claims of usury, fraud, duress, misrepresentation,
lender liability, control, calling of the Credit Agreement into default, exercise of remedies and all similar items and claims, which may, or could be, asserted by any of the Borrower or Guarantors. 

12.    Final Agreement of the Parties. THIS WAIVER, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN 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. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed by
their respective officers thereunto duly authorized as of the date first above written. 
  

			
	 BORROWER:
  

BLACK    ELK    ENERGY OFFSHORE OPERATIONS, LLC, a Texas limited liability company

		
	By:	 	

		 	 James Hagemeier
 Vice President

  

			
	 GUARANTORS:
  

BLACK ELK ENERGY FINANCE CORP., a Texas corporation

		
	By:	 	

		 	 James Hagemeier
 Vice President

  

			
	BLACK ELK ENERGY LAND OPERATIONS, LLC, a Texas limited liability company
		
	By:	 	

		 	 James Hagemeier
 Vice President

			
	 ADMINISTRATIVE AGENT, ISSUING BANK AND LENDER:

 
 CAPITAL ONE, N.A.

		
	By:	 	

		 	Scott L. Joyce
		 	Senior Vice President

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