Document:

Ninth Amendment to Credit Agreement

 Exhibit 10.26 
  
 NINTH AMENDMENT TO CREDIT AGREEMENT 
  
 This NINTH AMENDMENT TO CREDIT AGREEMENT (this “Ninth Amendment”) is made and entered into effective
as of July 29, 2004, between CONTANGO OIL AND GAS COMPANY, a Delaware corporation, (the “Borrower”), and GUARANTY BANK, FSB, a federal savings bank (the “Lender”). 
  
 W I T N E S S E
T H 
  
 WHEREAS, the above named parties did
execute and exchange counterparts of that certain Credit Agreement dated June 29, 2001, as amended by First Amendment to Credit Agreement dated January 8, 2002, Second Amendment to Credit Agreement dated February 13, 2002, Third Amendment to Credit
Agreement dated April 26, 2002, Fourth Amendment to Credit Agreement dated September 9, 2002, Letter Amendment to Credit Agreement dated January 7, 2003, Fifth Amendment to Credit Agreement dated June 1, 2003, Sixth Amendment to Credit Agreement
dated September 1, 2003, Seventh Amendment to Credit Agreement dated December 31, 2003, and Eighth Amendment to Credit Agreement dated February 13, 2004 (the “Agreement”), to which reference is here made for all purposes;

  
 WHEREAS, the parties subject to and bound by the Agreement are
desirous of amending the Agreement in the particulars hereinafter set forth; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties to the Agreement, as set forth therein, and the mutual covenants and agreements of the parties hereto, as set forth in this Ninth
Amendment, the parties hereto agree as follows: 
  
 ARTICLE I

 DEFINITIONS 
  
 1.01 Terms Defined Above. As used herein, each of the terms “Agreement,” “Borrower,” “Lender”
and “Ninth Amendment” shall have the meaning assigned to such term hereinabove. 
  
 1.02 Terms Defined in Agreement. As used herein, each term defined in the Agreement shall have the meaning assigned thereto in the Agreement,
unless expressly provided herein to the contrary. 
  
 1.03
References. References in this Ninth Amendment to Article or Section numbers shall be to Articles and Sections of this Ninth Amendment, unless expressly stated herein to the contrary. References in this Ninth Amendment to “hereby,”
“herein,” hereinafter,” hereinabove,” “hereinbelow,” “hereof,” and “hereunder” shall be to this Ninth Amendment in its entirety and not only to the particular Article or Section in which such
reference appears. 
  
 1.04 Articles and Sections. This
Ninth Amendment, for convenience only, has been divided into Articles and Sections and it is understood that the rights, powers, 

 privileges, duties, and other legal relations of the parties hereto shall be determined from this Ninth Amendment as an
entirety and without regard to such division into Articles and Sections and without regard to headings prefixed to such Articles and Sections. 
  
 1.05 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. 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. Definitions of terms defined in the singular and plural shall be equally applicable to the plural or singular, as the case may be. 
  
 ARTICLE II 
 AMENDMENTS 
  
 The Borrower and the Lender
hereby amend the Agreement in the following particulars: 
  
 2.01
Amendment of Section 2.1A (a). Section 2.1A(a) of the Agreement is amended to change the final payment date to October 1, 2004. 
  
 ARTICLE III 
 CONDITIONS

  
 The obligation of the Lender to amend the Agreement as
provided herein is subject to the fulfillment of the following conditions precedent: 
  
 3.01 Receipt of Documents. The Lender shall have received, reviewed, and approved the following documents and other items, appropriately executed when necessary and in form and substance satisfactory to the
Lender: 
  

	 	(a)	multiple counterparts of this Ninth Amendment as requested by the Lender; and 

  

	 	(b)	such other agreements, documents, items, instruments, opinions, certificates, waivers, consents, and evidence as the Lender may reasonably request. 

  
 3.02 Accuracy of Representations and Warranties. The representations
and warranties contained in Article IV of the Agreement and this Ninth Amendment shall be true and correct. 
  
 3.03 Matters Satisfactory to Lender. All matters incident to the consummation of the transactions contemplated hereby shall be satisfactory to the
Lender. 
  

 2 

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower hereby expressly re-makes, in favor of the Lender, all of the representations and warranties set forth in Article IV of the Agreement, and represents and warrants that all such representations and
warranties remain true and unbreached. 
  
 ARTICLE V

 RATIFICATION 
  
 Each of the parties hereto does hereby adopt, ratify, and confirm the Agreement and the other Loan Documents, in all things in accordance with the terms
and provisions thereof, as amended by this Ninth Amendment. 
  
 ARTICLE VI 
 MISCELLANEOUS 
  
 6.01 Scope of Amendment. The scope of this Ninth Amendment is expressly limited to the matters addressed herein and
this Ninth Amendment shall not operate as a waiver of any past, present, or future breach, Default, or Event of Default under the Agreement. except to the extent, if any, that any such breach, Default, or Event of Default is remedied by the effect
of this Ninth Amendment. 
  
 6.02 Agreement as Amended. All
references to the Agreement in any document heretofore or hereafter executed in connection with the transactions contemplated in the Agreement shall be deemed to refer to the Agreement as amended by this Ninth Amendment. 
  
 6.03 Parties in Interest. All provisions of this Ninth Amendment shall
be binding upon and shall inure to the benefit of the Borrower, the Lender and their respective successors and assigns. 
  
 6.04 Rights of Third Parties. All provisions herein are imposed solely and exclusively for the benefit of the Lender and the Borrower, and no other
Person shall have standing to require satisfaction of such provisions in accordance with their terms and any or all of such provisions may be freely waived in whole or in part by the Lender at any time if in its sole discretion it deems it advisable
to do so. 
  
 6.05 ENTIRE AGREEMENT. THIS NINTH
AMENDMENT CONSTITUTES THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO WITH RESPECT TO THE SUBJECT HEREOF AND SUPERSEDES ANY PRIOR AGREEMENT, WHETHER WRITTEN OR ORAL, BETWEEN SUCH PARTIES REGARDING THE SUBJECT HEREOF. FURTHERMORE IN THIS REGARD, THIS
NINTH AMENDMENT, THE AGREEMENT, THE NOTES, THE SECURITY INSTRUMENTS, AND THE OTHER WRITTEN DOCUMENTS REFERRED TO IN THE AGREEMENT OR EXECUTED IN CONNECTION WITH OR AS SECURITY FOR THE NOTES REPRESENT, COLLECTIVELY, THE FINAL AGREEMENT AMONG THE
PARTIES THERETO 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. 
  

 3 

 6.06 GOVERNING LAW. THIS NINTH AMENDMENT, THE AGREEMENT AND THE NOTES SHALL BE DEEMED TO BE
CONTRACTS MADE UNDER AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS. THE PARTIES ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT AND THE NOTES AND THE TRANSACTIONS CONTEMPLATED HEREBY BEAR A NORMAL, REASONABLE,
AND SUBSTANTIAL RELATIONSHIP TO THE STATE OF TEXAS. 
  
 6.07 JURISDICTION AND VENUE. ALL ACTIONS OR PROCEEDINGS WITH RESPECT TO, ARISING DIRECTLY OR INDIRECTLY IN CONNECTION WITH, OUT OF, RELATED TO, OR FROM THIS NINTH AMENDMENT, THE AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE
LITIGATED IN COURTS HAVING SITUS IN HARRIS COUNTY, TEXAS. EACH OF THE BORROWER AND THE LENDER HEREBY SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE, OR FEDERAL COURT LOCATED IN HARRIS COUNTY, TEXAS, AND HEREBY WAIVES ANY RIGHTS IT MAY HAVE TO
TRANSFER OR CHANGE THE JURISDICTION OR VENUE OF ANY LITIGATION BROUGHT AGAINST IT BY THE BORROWER OR THE LENDER IN ACCORDANCE WITH THIS SECTION. 
  
 IN WITNESS WHEREOF, this Ninth Amendment to Credit Agreement is executed effective the date first hereinabove written. 
  

			
	BORROWER
	
	CONTANGO OIL AND GAS COMPANY
		
	By:	 	 /s/ WILLIAM H. GIBBONS

	 	 	William H. Gibbons
	 	 	Vice President and Treasurer
	
	LENDER
	
	GUARANTY BANK, FSB
		
	By:	 	 /s/ RICHARD E. MENCHACA

	 	 	Richard E. Menchaca
	 	 	Senior Vice President

  

 4Amendment No. 1 to Preferred Stock Purchase Agreement

 Exhibit 4.1 
  
 AMENDMENT NO. 1 TO 
  
 PREFERRED STOCK PURCHASE AGREEMENT 
  
 AMENDMENT NO. 1 TO PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of September 22, 2004, among Airspan Networks, Inc., a
Washington corporation (the “Company”), and Oak Investment Partners XI, Limited Partnership, a Delaware Limited Partnership (the “Purchaser”). 
  
 R E C I T A L S: 
  
 A. WHEREAS, the Company and the Purchaser entered into a Preferred Stock Purchase Agreement dated as of September 10, 2004; 
  
 B. WHEREAS, pursuant to the terms of the Preferred Stock Purchase
Agreement, on September 13, 2004 the Company issued and sold to the Purchaser, an aggregate of 73,000 shares of a newly designated class of the Company’s preferred stock, par value U.S.$0.0001 per share (“Preferred Stock”),
entitled Series A Preferred Stock (the “Series A Preferred Stock”), at a per share price of $400.00 and having an total aggregate purchase price of $29,200,000; 
  
 C. WHEREAS, the Company has previously filed Articles of Amendment to its Articles of Incorporation with the
Secretary of State of the State of Washington setting forth the rights, preferences and privileges of the Series A Preferred Stock (the “Certificate of Designation”); 
  
 D. WHEREAS, certain terms and provisions of the Preferred Stock Purchase Agreement relate to the Company’s and
the Purchaser’s rights and duties subsequent to the sale of the Preferred Stock; 
  
 E. WHEREAS, the Company and the Purchaser desire to amend and clarify their agreement with respect to the Purchaser’s and subsequent Series A Preferred Stock holders’ rights to vote the Series A
Preferred Stock. 
  
 A G R E E M E N T: 
  
 In consideration of the foregoing premises and the mutual covenants contained
herein, the sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
  
 1. The Company and the Purchaser agree to amend and restate in their entirety the sections and/or subsections of the Preferred Stock Purchase Agreement that appear below: 
  
 6.2 Transfer of Securities. Each holder of the
Offered Securities and each Holder, severally and not jointly, agrees that it will not effect any disposition of the Offered Securities or Registrable Securities that would constitute a sale within the meaning of the Securities Act, unless:

  
 PREFERRED STOCK
PURCHASE AGREEMENT 

 (a) (i) pursuant to a Registration Statement(s) then in effect covering such
disposition, if such disposition is made in accordance with such Registration Statement(s); or (ii) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a reasonably detailed statement of
the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, or other evidence, reasonably
satisfactory to the Company, that such disposition will not require registration of such Registrable Securities under the Securities Act; and 
  
 (b) the Company is given written notice prior to said transfer or assignment, stating the name and address of the transferee or
assignee and identifying the Registrable Securities that are intended to be transferred or assigned and (y) the transferee or assignee of such rights delivers to the Company, in a form reasonably acceptable to the Company, an agreement evidencing
the assumption of all of the rights and obligations of such Holder under this Agreement, including the obligations set forth in Section 8.3, if applicable to the transferred Registrable Securities, and Section 8.2; provided, it is agreed that
this Section 6.2(b) will not apply to dispositions of Registrable Securities pursuant to and in accordance with a Registration Statement(s) (or other registration statement declared effective under the Securities Act) or dispositions of Registrable
Securities pursuant to and in compliance with Rule 144. 
  
 6.3 Legends. Each certificate representing Registrable Securities shall (unless otherwise permitted by the provisions of the Agreement) be stamped or otherwise imprinted with a legend substantially similar to
the legend described in the Articles of Incorporation. Each certificate representing the Series A Preferred Stock shall be stamped or otherwise imprinted with: (a) a legend substantially similar to the legend described in the Articles of
Incorporation; and (b) a legend that is substantially similar to the following: 
  
 THE SECURITIES REPRESENTED HEREBY ARE THE SUBJECT OF A VOTING AGREEMENT BETWEEN THE ISSUER AND THE HOLDER OF THESE SECURITIES AND THESE SECURITIES MAY NOT BE TRANSFERRED OR ASSIGNED UNLESS THE ISSUER SHALL HAVE
RECEIVED FROM THE PROPOSED ASSIGNEE OR TRANSFEREE AN AGREEMENT, IN A FORM REASONABLY ACCEPTABLE TO THE ISSUER, EVIDENCING THE ASSUMPTION OF ALL THE RIGHTS AND OBLIGATIONS OF A HOLDER UNDER AMENDMENT NO. 1 TO THE PREFERRED STOCK PURCHASE AGREEMENT.

  
 6.11 Restrictions on Transfer of Section 6
Rights and Obligations. In addition to the requirements of Section 6.2 hereof, the rights and obligations of a Holder under this Section 6 may be transferred or assigned by a Holder only (i) to a transferee or assignee of not less than 1,000,000
Registrable Securities (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) or (ii) by a Holder (A) that is a partnership to its partners or former partners in
accordance with partnership interests, (B) that is a limited liability company to its 
  
 PREFERRED STOCK PURCHASE AGREEMENT 

 members or former members in accordance with their interest in the limited liability company, (C) that is
a corporation to its majority owned subsidiaries or affiliates or (D) that is an individual to the Holder’s family member or trust for the benefit of Holder or his or her family members or an entity whose equity owners consist solely of the
Holder and his or her family members; provided that in all instances (x) the Company is given written notice prior to said transfer or assignment, stating the name and address of the transferee or assignee and identifying the Registrable
Securities that are intended to be transferred or assigned and (y) the transferee or assignee of such rights delivers to the Company, in a form reasonably acceptable to the Company, an agreement evidencing the assumption of all of the rights and
obligations of such Holder under this Agreement, including the obligations set forth in Section 8.3, if applicable to the transferred Registrable Securities, and Section 8.2, Section 17 and Section 18. 
  
 2. The Company and the Purchaser hereby agree to amend the Preferred Stock
Purchase Agreement to include a new Section 17 and a new Section 18, which will read in their entirety as follows. 
  
 Section 17. Voting Rights. 
  
 The Company, the Purchaser and each subsequent holder of the Series A Preferred Stock hereby agrees to enter into a voting agreement with
respect to the voting of the Series A Preferred Stock. 
  
 (a) The Certificate of Designation currently provides, among other things: Holders of Series A Preferred Stock shall be entitled to vote on all matters submitted to a vote of the holders of the Corporation’s Common Stock, including
with respect to the election of directors of the Corporation, on an as is if converted basis based on the Conversion Rate in effect on the record date of such vote. 
  
 (b) Notwithstanding the provisions of the Certificate of Designation set forth above, The Company, the
Purchaser and each subsequent holder of the Series A Preferred Stock hereby agree that the holders of Series A Preferred Stock: 
  
 (i) may only vote, in the manner elected by the holders of the Series A Preferred Stock, on an as is if converted basis based upon the
Voting Conversion Rate (defined below) in effect on the record date of such vote; and 
  
 (ii) shall not vote, and shall take such action as is deemed reasonable necessary to evidence its abstention from voting with respect to,
such number of votes as is determined by the difference between; (a) the votes entitled to cast on an as if converted basis based on the Conversion Rate (as such term is defined in the Certificate of Designation) in effect on the record date of the
vote; and (b) the votes entitled to be cast on an as is if converted basis based upon the Voting Conversion Rate (defined below) in effect on the record date of such vote. 
  
 (c) Each share of Series A Preferred Stock shall initially be entitled to cast eighty six (86) votes in
accordance with Section 17(b) hereof (as adjusted from time 
  
 PREFERRED STOCK PURCHASE AGREEMENT 

 to time hereunder, the “Voting Conversion Rate”). The Voting Conversion Rate shall be adjusted
from time to time in the same manner and under the same circumstances as the Conversion Rate is adjusted pursuant to the Certificate of Designation. 
  
 (d) The Company, the Purchaser and each holder of the Series A Preferred Stock acknowledges and agrees the provisions of Section 17 of the
Agreement will not be materially amended or modified unless the NASDAQ shall have been provided notice in writing of such amendment or modification. 
  
 Section 18. Amendment of Certificate of Designation 
  
 (a) The Company, the Purchaser and each holder of the Series A Preferred Stock irrevocably commits to use their reasonable
efforts to amend the Company’s Certificate of Designation (before September 1, 2005) to reduce the voting rights of the Series A Preferred Stock as described below. More specifically, the Company, the Purchaser and each holder of the Series A
Preferred Stock agree, subject to the requisite approvals of the Company’s Board of Directors and holders of Common Stock, to amend and restate Section 11 of the Certificate of Designation to read in its entirety as follows (new language
appears in italics) (the “Amendment”) (and each holder of Series A Preferred Stock irrevocably commits to vote in favor of the Amendment): 
  
 Holders of Series A Preferred Stock shall be entitled to vote on all matters submitted to a vote of the holders of the Corporation’s
Common Stock, including with respect to the election of directors of the Corporation, on an as if converted basis based on the Voting Conversion Rate (defined below) in effect on the record date of such vote. Each share of Series A Preferred Stock
shall initially be entitled to cast 86 votes (as adjusted from time to time hereunder, the “Voting Conversion Rate”). The Voting Conversion Rate shall be adjusted from time to time in the same manner and under the same circumstances as the
Conversion Rate is adjusted. Notwithstanding the voting group rights set forth in Section 23B.11.035 of the WBCA, holders of Series A Preferred Stock will not have, by virtue of the WBCA or this Section 11, the right to vote separately as a series
on any proposed plan of merger or plan of share exchange. Except as otherwise provided herein, to the maximum extent permitted by law, holders of Series A Preferred Stock will not have any rights to vote separately as a series with respect to any
matter submitted to a vote of the holders of the Corporation’s outstanding securities. 
  
 (b) The Company, the Purchaser and each holder of the Series A Preferred Stock agree that if the Board of Directors of the Company
determines that it does not have the unilateral right and power to amend the Certificate of Designation as described above without the consent of the holders of the Company’s Common Stock, the Company will use its reasonable efforts to, at the
next regularly scheduled meeting of shareholders, seek such consent from the holders of the Company’s Common Stock. The Company will use commercially reasonable efforts to hold such meeting, and file the Amendment, before September 1, 2005

  
 PREFERRED STOCK
PURCHASE AGREEMENT 

 (c) The obligations of the Company, the Purchaser and the holders of the Series A
Preferred Stock under this Section 18 shall terminate once all of the Series A Preferred Stock is converted into Common Stock. 
  
 3. Except as previously amended herein, the Preferred Stock Purchase Agreement shall remain in full force and effect without amendment or modification.

  
 [Signature Page Follows] 
  
 PREFERRED STOCK PURCHASE
AGREEMENT 

 IN WITNESS WHEREOF, this Agreement is entered into by the undersigned parties as of the date first
written above. 
  

			
	Very truly yours,
	
	AIRSPAN NETWORKS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

	
	 OAK INVESTMENT PARTNERS XI,
LIMITED PARTNERSHIP
  
  

	

	 Managing Member of Oak Associates XI, LLC
 The General
Partner of Oak Investments Partners XI, Limited Partnership

  
 PREFERRED STOCK PURCHASE AGREEMENT

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