Document:

EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED 

TELLURIAN INVESTMENTS INC. 

2016 OMNIBUS INCENTIVE PLAN 

Effective as of June 14, 2016 

1. Purpose; Eligibility. 

1.1 General Purpose. The name of this plan is the Amended and Restated Tellurian Investments Inc. 2016 Omnibus
Incentive Plan (the “Plan”), which amends and restates the original Tellurian Investments Inc. 2016 Omnibus Incentive Plan that was adopted by the Board of Directors (the “Board”) of Tellurian Investments Inc., a
Delaware corporation (the “Company”) on March 3, 2016. The purposes of the Plan are to (a) enable the Company and its Affiliates to attract and retain the types of Employees, Consultants and Directors who will contribute
to the Company’s long-term success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the stockholders of the Company; and (c) promote the success of the Company’s business.

 1.2 Eligible Award Recipients. The Persons eligible to receive Awards are the Employees, Consultants and
Directors. 
 1.3 Available Awards. Awards that may be granted under the Plan are: (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c) Restricted Stock, (d) Phantom Stock, (e) Vested Stock, and (f) Other Stock-Based Awards. 

2. Definitions. 

“Affiliate” means a corporation or other entity that, directly or through one or more intermediaries,
controls, is controlled by or is under common control with, the Company; provided, however, that with respect to Incentive Stock Options, the term “Affiliate” means only a “parent corporation” of the Company or a “subsidiary
corporation” of the Company (as such terms are defined in Sections 424(e) and (f) of the Code and determined in accordance with Section 421 of the Code); and provided further, that with respect to grants of Non-Qualified Options that are intended to be exempt from Section 409A of the Code pursuant to Treasury Regulation Section 1.409A-1(b)(5)(i)(A), the term “Affiliate”
means only a corporation or other entity in a chain of corporations and/or other entities in which the Company has a “controlling interest” within the meaning of Treasury Regulation
Section 1.414(c)-2(b)(2)(i), but using the threshold of 50% ownership wherever 80% appears. 

“Award” means any Incentive Stock Option, Non-qualified Stock
Option, Restricted Stock, Phantom Stock, Vested Stock and Other Stock-Based Awards granted under the Plan. 

 “Award Agreement” means a written agreement,
contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award
Agreement shall be subject to the terms and conditions of the Plan and, to the extent of any conflict between the terms of the Plan and the terms of any Award Agreement, the terms of the Plan shall control. 

“Board” means the Board of Directors of the Company, as constituted at any time. 

“Cause” means, unless the applicable Award Agreement provides otherwise: 

With respect to any Employee or Consultant: (a) If the Employee or Consultant is a party to a then-effective written
employment or service agreement with the Company or an Affiliate and such agreement provides for a definition of Cause (or words of like import), the definition contained therein; or (b) If no such agreement exists or is then-effective, or if
such agreement does not define Cause (or words of like import): (i) failure by such Employee or Consultant to perform such duties as are reasonably requested by the Board; (ii) material breach by such Employee or Consultant of any agreement
with the Company or an Affiliate, or a material violation of the Company’s or an Affiliate’s code of conduct or other written policy; (iii) commission of, or plea of guilty or no contest to, by such Employee or Consultant a crime
involving moral turpitude or a felony, or the commission by such Employee or Consultant of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (iv) use by such Employee or
Consultant of illegal drugs or abuse of alcohol that materially impairs the Participant’s ability to perform his or her duties to the Company or an Affiliate; or (v) gross negligence or willful misconduct by such Employee or Consultant
with respect to the Company or an Affiliate. 
 With respect to any Director, a determination by a majority of the
disinterested Board members that the Director has engaged in any of the following: (a) malfeasance in office; (b) gross misconduct or neglect; (c) false or fraudulent misrepresentation inducing the Director’s appointment;
(d) willful conversion of corporate funds; or (e) repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance. 

The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a
Participant has been discharged for Cause. 
 “Change in Control” means: 

(a) The acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of the combined voting power of the then outstanding voting securities of
the Company; provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company or any Affiliate, (ii) any acquisition by any employee
benefit plan sponsored or maintained by the Company or any subsidiary, (iii) in 

  
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respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any
group of persons including the Participant); or (iv) the acquisition of securities pursuant to an offer made to the general public through a registration statement filed with the Securities and Exchange Commission; 

(b) The sale, transfer or other disposition of all or substantially all of the assets of the Company to any Person other than
an Affiliate; or 
 (c) A change in the composition of the Board occurring within a
one-year period as a result of which fewer than a majority of the Directors are Incumbent Directors. “Incumbent Directors” are Directors who either (i) are members of the Board as
of the effective date of the Plan, or (ii) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination. 

Notwithstanding the foregoing, in any circumstance or transaction in which compensation payable pursuant to this Plan or an Award Agreement
would be subject to the tax under Section 409A of the Code if the foregoing definition of “Change in Control” were to apply, but would not be so subject if the term “Change in Control” were defined herein to mean a
“change in control event” within the meaning of Treasury Regulation § 1.409A-3(i)(5), then “Change in Control” means, but only with respect to the applicable Participant and only to
the extent necessary to prevent such compensation from becoming subject to the tax under Section 409A of the Code, a transaction or circumstance that satisfies the requirements of both (1) a Change in Control under the applicable clause
(a) through (c) above, and (2) a “change in control event” within the meaning of Treasury Regulation § 1.409A-3(i)(5). 

“Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and
administrative guidance promulgated thereunder. 
 “Committee” means the Board or, if the Board so
appoints, a committee of one or more Persons appointed by the Board to administer the Plan. 
 “Common
Stock” means the common stock, $.001 par value per share, of the Company. 

“Company” means Tellurian Investments Inc., a Delaware corporation, and any successor thereto. 

“Consultant” means any individual who is engaged by the Company or by any Affiliate to render consulting
or advisory services for compensation. 
 “Continuous Service” means that the
Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or terminated. Subject to Section 409A of the Code, the Participant’s Continuous Service shall not be deemed to have
terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service,
provided that there is no interruption or termination 

  
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of the Participant’s Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any
leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence. 

“Detrimental Activity” means any of the following: (i) unauthorized disclosure of any
confidential or proprietary information of the Company or any of its Affiliates; (ii) any activity that would be grounds to terminate the Participant’s employment or service with the Company or any Affiliate for Cause; (iii) the
breach of any non-competition, non-solicitation, non-disparagement or other agreement containing restrictive covenants, with the
Company or its Affiliates; (iv) fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion; or (v) any other conduct or act determined to be materially injurious,
detrimental or prejudicial to any interest of the Company or any of its Affiliates, as determined by the Committee in its sole discretion. 

“Director” means an individual who is a member of the Board or of the board of any Affiliate. 

“Disability” means that the Participant has experiences a “permanent and total disability”
within the meaning of Section 22(e)(3) of the Code. The determination of whether a Participant has experienced a Disability shall be determined under procedures established by the Committee. Notwithstanding the foregoing, in any circumstance or
transaction in which compensation payable pursuant to this Plan or an Award Agreement would be subject to the tax under Section 409A of the Code if the foregoing definition of “Disability” were to apply, then “Disability”
means (i) the inability of the Participant 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 or (ii) the receipt of income replacements by the Participant, 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, for a period of not less than three (3) months under the Company’s or applicable Affiliate’s accident and health plan. 

“Disqualifying Disposition” has the meaning set forth in Section 16.10. 

“Effective Date” shall mean June 14, 2016. 

“Employee” means any individual, including an officer or Director, employed by the Company or by an
Affiliate. Mere service as a Director or payment of a director’s fee by the Company or by an Affiliate shall not be sufficient to constitute “employment” by the Company or by an Affiliate. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor law
thereto. 

  
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 “Fair Market Value” means, on a given date,
(i) if there is a public market for the shares of Common Stock on such date, the closing price of the shares as reported on such date on the principal national securities exchange on which the shares are listed or, if no sales of shares have
been reported on any national securities exchange, then the immediately preceding date on which sales of the shares have been so reported or quoted, (ii) if there is no public market for the shares of Common Stock on such date, then the fair
market value shall be determined by the Committee in good faith after taking into consideration all factors which it deems appropriate, including, without limitation, Sections 409A and 422 of the Code and (iii) in the case of any property other
than shares of Common Stock, the value determined in accordance with the foregoing. 
 “Grant
Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set
forth in such resolution, then such date as is set forth in such resolution. 
 “Incentive Stock
Option” means an option to purchase Common Stock that qualifies as an incentive stock option within the meaning of Section 422 of the Code and that is granted pursuant to the Plan. 

“Non-qualified Stock Option” means an option to
purchase Common Stock that is not an Incentive Stock Option and that is granted pursuant to the Plan. 

“Option” means an Incentive Stock Option or a Non-qualified
Stock Option. 
 “Optionholder” means a Participant to whom an Option is granted and who holds such
Option. 
 “Option Exercise Price” means the price at which a share of Common Stock may
be purchased upon the exercise of an Option. 
 “Participant” means an Employee, Consultant or
Director to whom an Award is granted and who holds such Award as an outstanding Award or, if applicable, such other person who holds an outstanding Award. 

“Permitted Transferee” means: (a) a member of the Optionholder’s immediate family
(child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the
Optionholder’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets, and any other
entity in which these persons (or the Optionholder) own more than 50% of the voting interests; or (b) such other transferees as may be permitted by the Committee in its sole discretion. 

  
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 “Person” means any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 “Phantom Stock” means an
unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to such terms, conditions and restrictions (including, without limitation, a requirement that the Participant provide Continuous
Service for a specified period of time), if any, as set forth in the Plan and in the applicable Award Agreement and granted under Section 7 of the Plan. 

“Plan” means the Amended and Restated Tellurian Investments Inc. 2016 Omnibus Incentive Plan, as amended
from time to time. 
 “Restricted Stock” means a grant of Common Stock that is subject to
certain specified terms, conditions and restrictions (including, without limitation, a requirement that the Participant provide Continuous Service for a specified period of time) and that is granted under Section 7 of the Plan.

 “Ten Percent Stockholder” means a person who owns (or is deemed to own pursuant to
Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any Affiliate. 

“Vested Stock” means a grant of Common Stock that is not subject to a “substantial risk of
forfeiture” (within the meaning of Section 83 of the Code) at the time of grant but that may be subject to certain specified restrictions as set forth in the Plan and the applicable Award Agreement and that is granted under
Section 8 of the Plan. 
 3. Administration. 

3.1 Authority of Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan, the
Committee’s charter, if any, and applicable laws, and in addition to other express powers and authorization conferred by the Plan, the Committee shall have the authority, rights and powers: 

(a) to construe and interpret the Plan and apply its provisions; 

(b) to promulgate, amend, modify, rescind and terminate rules and regulations relating to the administration of the Plan; 

(c) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the
Plan; 
 (d) to delegate its authority to one or more officers of the Company; 

(e) to determine who are Employees, Consultants and Directors; 

  
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 (f) to select, subject to the limitations set forth in this Plan, those
Employees, Consultants and Directors to whom Awards shall be granted; 
 (g) to determine when Awards are to be granted
under the Plan and the applicable Grant Date; 
 (h) to determine the type of Award to be granted to an Employee, Consultant
or Director and the number of shares of Common Stock to be made subject to such Award; 
 (i) to determine, subject to the
limitations set forth in this Plan, whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option; 

(j) to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of
payment and vesting provisions (including vesting upon attainment of specified performance goals and/or metrics), and to specify the provisions of the Award Agreement relating to such grant; 

(k) to amend any outstanding Awards or Award Agreements, including for the purpose of modifying the time or manner of vesting,
or the term of any outstanding Award; provided, however, that if any such amendment materially impairs a Participant’s rights or increases a Participant’s obligations under his or her Award, such amendment shall also be
subject to the Participant’s consent; 
 (l) to determine the duration and purpose of leaves of absences which may be
granted to a Participant without constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the Company’s employment policies; 

(m) to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an
event that triggers anti-dilution adjustments; 
 (n) to interpret, administer, reconcile any inconsistency in, correct any
defect in and/or supply any omission in the Plan and any Award Agreement, instrument or agreement relating to, or Award granted under, the Plan; and 

(o) to make any and all other determinations and to take any and all other actions which it determines to be necessary,
desirable or advisable for the administration of the Plan. 
 3.2 Acquisitions and Other Transactions. The Committee
may, from time to time, assume outstanding awards granted by another entity, whether in connection with an acquisition of such other entity or otherwise, by either (i) granting an Award under the Plan in replacement of or in substitution for
the award assumed by the Company, or (ii) treating the assumed award as if it had been granted under the Plan if the terms of such assumed award could be applied to an Award granted under the Plan. Such assumed award shall be permissible if the
holder of the assumed award would have been eligible to be granted an Award hereunder if the other entity 

  
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had applied the rules of this Plan to such grant. The Committee may also grant Awards under the Plan in settlement of or in substitution for outstanding awards or obligations to grant future
awards in connection with the Company or an Affiliate acquiring another entity, an interest in another entity, or an additional interest in an Affiliate whether by merger, stock purchase, asset purchase or other form of transaction. 

3.3 Committee Decisions Final. All designations, determinations, interpretations and other decisions made by the
Committee pursuant to the provisions of the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding on the Company, the Participants and all other Persons. 

3.4 Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of
the Committee, and to the extent allowed by applicable laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or in
connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in
settlement thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or
proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the
Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60 days after institution of any such action, suit or proceeding, such Committee
shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding. 
 4.
Shares Subject to the Plan. 
 4.1 Subject to adjustment in accordance with Section 13, a total of
30,000,000 shares of Common Stock shall be available with respect to the grant of Awards under the Plan, all of which may be granted as Incentive Stock Options. During the terms of the Awards, the Company shall keep available at all times the number
of shares of Common Stock required to satisfy such Awards. 
 4.2 Shares of Common Stock available for distribution under
the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares, shares previously issued and reacquired by the Company or otherwise. 

4.3 Any shares of Common Stock subject to an Award that is canceled, forfeited or expires prior to exercise or realization,
either in full or in part, shall again become available for issuance under the Plan. In addition, shares of Common Stock subject to an Award under the Plan shall also again be made available for issuance or delivery under the Plan if such shares are
(a) shares of Common Stock retained by the Company in payment of an Option or (b) shares of Common Stock withheld by the Company to satisfy any tax withholding obligation. 

4.4 If the Committee authorizes the assumption of awards pursuant to Section 3.2 or
Section 14.1 hereof, the assumption will reduce the number of shares of Common Stock available with respect to grant of Awards under the Plan in the same manner as if the assumed awards had been granted under the Plan. 

  
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 5. Eligibility. 

5.1 Eligibility for Specific Awards. Incentive Stock Options may be granted to Employees only. Awards other than
Incentive Stock Options may be granted to Employees, Consultants and Directors. 
 5.2 Ten Percent Stockholders. A
Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Stock at the Grant Date and the Option is not exercisable after the expiration of five
years from the Grant Date. 
 6. Option Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each
Option so granted shall be subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately
designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock
purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if
an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate
Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 

6.1 Term. Subject to the provisions of Section 5.2 regarding Ten Percent Stockholders, no Incentive
Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee; provided,
however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. 

6.2 Exercise Price of An Incentive Stock Option. Subject to the provisions of
Section 5.2 regarding Ten Percent Stockholders, the Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a
manner satisfying the provisions of Section 424(a) of the Code. 

  
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 6.3 Exercise Price of a Non-qualified
Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding
the foregoing, a Non-qualified Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution
for another option in a manner satisfying the provisions of Section 409A of the Code. 
 6.4 Method of Exercise.
The Option Exercise Price shall be paid, to the extent permitted by applicable laws, either (a) in cash or by certified or bank check (acceptable to the Company) at the time the Option is exercised or (b) in the discretion of the
Committee, upon such terms as the Committee shall approve: (i) by delivery to the Company of other shares of Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise
Price (or portion thereof) due for the number of shares being acquired; (ii) by a “net exercise” procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed
to pay the Option Exercise Price; (iii) by any combination of the foregoing methods; or (iv) in any other form of legal consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the Option
Exercise Price that is paid by delivery to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of Common Stock that have been held for more than six months (or such longer or shorter
period of time required to avoid a charge to earnings for financial accounting purposes). 
 6.5 Transferability of An
Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the
foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 6.6 Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company,
designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. 

6.7 Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments
that may, but need not, be equal. The Option may be subject 

  
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to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting
provisions of individual Options may vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award
Agreement upon the occurrence of a specified event. 
 6.8 Termination of Continuous Service. Unless otherwise
provided in an Award Agreement or in a then-effective employment agreement between the Participant and the Company or applicable Affiliate, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the
date three months following the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service
is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately cease to be exercisable and terminate for no consideration. If, after termination, the Optionholder does not exercise his or her Option within the time
specified in the Award Agreement, the Option shall immediately cease to be exercisable and terminate for no consideration. 

6.9 Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an
Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of
termination), but only within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the
Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall immediately cease to be exercisable and terminate for no consideration. 

6.10 Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s
Continuous Service terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person
who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within the period ending on the earlier of (a) the date 12 months following
the date of death or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified herein or in the Award Agreement, the Option
shall immediately cease to be exercisable and terminate for no consideration. 
 6.11 Incentive Stock Option $100,000
Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which 

  
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Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or
portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options. 

6.12 Detrimental Activity. Unless otherwise provided in an Award Agreement, all outstanding Options (whether or not
vested) shall immediately cease to be exercisable and terminate for no consideration on the date on which an Optionholder engages in Detrimental Activity. 

7. Restricted Stock and Phantom Stock. Each grant of Restricted Stock or Phantom Stock under the Plan shall be evidenced by an Award
Agreement. Each grant of Restricted Stock and of Phantom Stock shall be subject to the terms and conditions set forth in this Section 7, and to such restrictions and other terms and conditions not inconsistent with the Plan as may
be reflected in the applicable Award Agreement. 
 7.1 Restricted Stock. Each Participant granted Restricted Stock
shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock, including the purchase price, if any, required to be
paid by the Participant with respect to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (a) an escrow agreement satisfactory to the Committee, if applicable and (b) the appropriate blank stock power with respect to the
Restricted Stock covered by such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be null and void. Subject to the restrictions
set forth in the Award, the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to receive dividends; provided that,
except as otherwise provided in the applicable Award Agreement, any dividends with respect to the Restricted Stock shall be withheld by the Company for the Participant’s account and subject to such terms and conditions as determined by the
Committee. Any dividends withheld by the Committee pursuant to the immediately preceding sentence and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the discretion of the Committee, in
shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable, without interest upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such
dividends. 
 7.2 Phantom Stock. The terms and conditions of a grant of Phantom Stock shall be reflected in an Award
Agreement. No shares of Common Stock shall be issued at the time Phantom Stock is granted, and the Company will not be required to set aside funds for the payment of any such Award. A Participant shall have no voting rights with respect to any
Phantom Stock granted hereunder and Phantom Stock shall not constitute an equity interest in the Company or in any 

  
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Affiliate. To the extent provided in an Award Agreement, the holder of Phantom Stock shall be entitled to be credited with dividend equivalent payments (upon the payment by the Company of
dividends on shares of Common Stock) either in cash or, at the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, which accumulated dividend equivalents shall be payable,
without interest, to the Participant upon the vesting of such Phantom Stock (or at such other time as provided in the applicable Award Agreement), and if such Phantom Stock forfeited, the Participant shall have no right to such dividend equivalent
payments. 
 7.3 Restrictions. 

(a) Restrictions on Restricted Stock. Restricted Stock awarded to a Participant shall be subject to the following
restrictions until the expiration of such restrictions pursuant to the Plan or the applicable Award Agreement, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (i) if an escrow arrangement is used,
the Participant shall not be entitled to delivery of the stock certificate; (ii) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (iii) the shares shall be subject to forfeiture to the
extent provided in the applicable Award Agreement; and (iv) to the extent such shares are forfeited, the stock certificates, if any, shall be promptly returned to the Company, and all rights of the Participant to such shares and as a
stockholder with respect to such shares shall terminate without further obligation on the part of the Company. 
 (b)
Restrictions on Phantom Stock. Phantom Stock awarded to a Participant shall be subject to forfeiture until the expiration of the restrictions on the Phantom Stock and satisfaction of the terms and conditions set forth in the Plan and the
applicable Award Agreement, and to the extent such Phantom Stock is forfeited, all rights of the Participant to such Phantom Stock shall automatically terminate for no consideration without further obligation on the part of the Company. 

7.4 Delivery of Restricted Stock and Settlement of Phantom Stock. Upon the vesting of shares of Restricted Stock, the
restrictions set forth in Section 7.3(a) and in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the Plan or in the applicable Award Agreement. If an escrow
arrangement is used, upon such expiration, the Company shall deliver to the Participant (or to his or her beneficiary in the event of Participant’s death) the stock certificate evidencing the shares of Restricted Stock which have vested and any
dividends credited to the Participant’s account with respect to such shares of Restricted Stock. Upon the vesting of any outstanding Phantom Stock, the Company shall deliver to the Participant (or to his or her beneficiary in the event of
Participant’s death) one share of Common Stock for each vested share of Phantom Stock and any dividend equivalent payments credited to the Participant’s account with respect to such shares of Phantom Stock; provided, however,
that if explicitly provided in the Award Agreement, the Committee may, in its sole discretion, elect to settle vested portion of such Award in cash or settle partly in cash and partly Common Stock, in such percentages as determined by the Committee
in its sole discretion, in lieu of delivering only shares of Common Stock for vested shares of Phantom Stock. If, with 

  
 13 

 
respect to the vesting of Phantom Stock, a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common
Stock as of the date on which the applicable shares of Phantom Stock vested, unless provided otherwise in the applicable Award Agreement. No Award of Restricted Stock or of Phantom Stock may be granted or settled for a fraction of a share of Common
Stock. 
 7.5 Termination of Continuous Service. Unless otherwise provided in an Award Agreement, in the event a
Participant’s Continuous Service terminates, all of such Participant’s unvested Restricted Stock and unvested Phantom Stock shall be immediately forfeited for no consideration. 

8. Vested Stock. Each grant of Vested Stock under the Plan shall be evidenced by an Award Agreement and shall be subject to such terms
and conditions, if any, not inconsistent with the Plan as may be reflected in the applicable Award Agreement, including the purchase price, if any, required to be paid by the Participant with respect to such Vested Stock. 

9. Other Stock-Based Awards. Each grant of an Other Stock-Based Award, which shall consist of a right which is an Award denominated or
payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of Common Stock as is deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the Committee shall
determine the terms and conditions of any such Other Stock-Based Award, which shall be evidenced by an Award Agreement. Unless otherwise provided in an Award Agreement, in the event a Participant’s Continuous Service terminates, all of such
Participant’s unvested Other Stock-Based Awards shall immediately be forfeited for no consideration. 
 10. Securities Law
Compliance. 
 10.1 Securities Registration. No Awards shall be granted under the Plan and no shares of Common
Stock shall be issued and delivered upon the exercise of Options or the vesting or settlement of other Awards granted under the Plan unless and until the Company and/or the Participant have complied with all applicable federal and state
registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction. 

10.2 Representations; Legends. The Committee may, as a condition to the grant of any Award or the exercise of any
Option under the Plan, require a Participant to (i) represent in writing that the shares of Common Stock received in connection with such Award are being acquired for investment and not with a view to distribution and (ii) make such other
representations and warranties as are deemed appropriate by counsel to the Company. Each certificate representing shares of Common Stock acquired under the Plan shall bear a legend in such form as the Company deems appropriate. 

11. Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company. 

  
 14 

 12. Miscellaneous. 

12.1 Acceleration of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an
Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which it
will vest. 
 12.2 Stockholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be
deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to an Award unless and until such Participant has satisfied all requirements for exercise or settlement of the Award pursuant to
its terms and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Common Stock certificate is
issued, except as provided in Section 13 hereof. 
 12.3 No Employment or Other Service Rights.
Nothing in the Plan or any Award Agreement or other instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in any capacity as an Employee, Consultant or
Director or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee or the service of a Consultant with or without notice and with or without Cause or (b) the service of a Director pursuant to
the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 

12.4 Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall
be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or
for any other purpose approved by the Company, if the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so
provides in writing, in either case, except to the extent inconsistent with Section 409A of the Code if the applicable Award is subject thereto. 

12.5 Withholding Obligations. The Company or any Affiliate is authorized to withhold from any Award, from any payment
due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount of any applicable taxes determined by the Company to be required to be withheld in respect of an Award. Subject to the
discretion of the Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company’s
right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock
otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, provided, however, that no shares of 

  
 15 

 
Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common
Stock of the Company. 
 13. Adjustments Upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the
capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination,
exchange, or other relevant change in capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and the maximum number of shares of Common Stock subject to
Awards stated in Section 4 will be equitably adjusted or substituted, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the economic intent
of such Award. 
 14. Effect of Change in Control. 

14.1 In the event of a Change in Control, the Committee may, but shall not be obligated to: 

(a) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of any Award; 

(b) cancel Awards and cause to be paid to the holders of vested Awards the value of such Awards, if any, as determined by the
Committee, in its sole discretion, it being understood that in the case of any Option with an Option Exercise Price that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel
the Option without the payment of consideration therefor; 
 (c) provide for the issuance of substitute Awards or the
assumption or replacement of such Awards; or 
 (d) provide written notice to Participants that for some period prior to the
Change in Control, such Awards shall be exercisable, to the extent applicable, as to all shares of Common Stock subject thereto and upon the occurrence of the Change in Control, any Awards not so exercised shall terminate and be of no further force
and effect. 
 14.2 The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates,
taken as a whole. 
 15. Amendment of the Plan and Awards. 

15.1 Amendment of the Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However,
except as provided in Section 13 relating to adjustments upon changes in Common Stock, no amendment shall be effective unless approved by the stockholders of the Company to the extent stockholder approval is necessary to satisfy
any applicable laws. 

  
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 15.2 Stockholder Approval. The Board may, in its sole discretion, submit
any other amendment to the Plan for stockholder approval. 
 15.3 No Impairment of Rights. Rights under any Award
granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless the affected Participant consents. 

15.4 Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more
Awards and the Award Agreements related thereto; provided, however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award unless the Participant consents. 

16. General Provisions. 

16.1 Clawback; Forfeiture. Notwithstanding anything to the contrary contained herein, the Committee may, in its sole
discretion, provide in an Award Agreement or otherwise that the Committee may cancel, terminate or cause to be forfeited of such Award for no consideration if the Participant has engaged in or engages in any Detrimental Activity. The Committee may,
in its sole discretion, also provide in an Award Agreement or otherwise that (i) if the Participant has engaged in or engages in Detrimental Activity, the Participant will forfeit any gain realized on the vesting, exercise or settlement of any
Award, and must promptly repay to the Company any gain thereon and (ii) if the Participant receives any amount in excess of what the Participant should have received under the terms of the Award for any reason (including, without limitation, by
reason of a financial restatement, mistake in calculations or other administrative error), then the Participant shall be required to repay promptly to the Company any such excess amount. Without limiting the foregoing, all Awards shall be subject to
reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with applicable laws. 
 16.2 Sub-plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the
sub-plan was designed. 
 16.3 Unfunded Plan. The Plan shall be unfunded.
Neither the Company, the Board nor the Committee shall be required to establish any special or separate trust or fund or to segregate any assets to assure the performance of its obligations under the Plan. To the extent that any Person acquires a
right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or any Affiliate. 

  
 17 

 16.4 Limits on Transfer of Awards. 

(a) Except as provided in Section 6 with respect to Options, each Award, and each right under any Award,
shall be exercisable only by the Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will, the laws of descent and distribution or domestic relations order entered or approved by a
court of competent jurisdiction. 
 (b) Except as provided in Section 6 with respect to Options, no Award
and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than by will, by the laws of descent and distribution (or, in the case of Restricted Stock, to
the Company) or by domestic relations order entered or approved by a court of competent jurisdiction, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or any Affiliate. 
 16.5 Delivery. Upon exercise of a right granted under this Plan, the Company shall issue
Common Stock or pay any amounts due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days shall be considered a reasonable period of time.

 16.6 No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan.
The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 16.7 Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not
inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable. 

16.8 Section 409A. The Plan, all Awards and Award Agreements are intended to comply with or otherwise be exempt from
Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered in accordance with such intention. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid the
tax under Section 409A of the Code, if the Participant is a “specified employee” (as defined in Section 409A of the Code), amounts that as a result of a Participant’s separation from service would be paid and benefits that would be
provided pursuant to the Plan during the six (6) month period immediately following the Participant’s separation from service and that are not otherwise exempt from Section 409A of the Code shall instead be paid or provided, in either case
without interest, on the Company’s or applicable Affiliate’s first regular payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s
death, if earlier). For purposes of Section 409A of the Code, each payment or amount due under this Plan shall be considered a separate payment, and a Participant’s entitlement to a series of payments under this Plan shall be treated as an
entitlement to a series of separate payments. Notwithstanding the 

  
 18 

 
foregoing, none of the Company, any Affiliate or the Committee shall have any obligation to take any action to prevent the assessment of any additional tax, penalty or interest on any Participant
under Section 409A of the Code and none of the Company, any Affiliate or the Committee will have any liability to any Participant for such tax, penalty or interest. 

16.9 No Guarantee of Tax Consequences. None of the Board, the Company, any Affiliate or the Committee (i) makes
any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to any Participant (or to any transferee of any Award or Person claiming through or on behalf of any Participant) or
(ii) shall have any liability or responsibility with respect to any taxes, penalties or other amounts imposed on any Participant (or on any transferee of any Award or Person claiming through or on behalf of any Participant) as a result of the
Plan or any Award or Award Agreement hereunder. 
 16.10 Disqualifying Dispositions. Any Participant or other Person
who makes a “disposition” (as defined in Section 424 of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date of such Incentive Stock Option
or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to
the occurrence of the sale and the amount realized upon the disposition of such shares of Common Stock. 
 16.11
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke
all prior designations by the same Participant, shall be in a written form acceptable to the Committee and shall be effective only when filed by the Participant in writing with and accepted by the Company during the Participant’s lifetime. In
the absence of a valid beneficiary designation at the time a Participant’s death (or if all validly designated beneficiaries have predeceased such Participant), the Participant’s estate shall be deemed to be such Participant’s
designated beneficiary. 
 16.12 Expenses. The costs of administering the Plan shall be paid by the Company. 

16.13 Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or
unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby. 

16.14 Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or
limit the construction of the provisions hereof. 
 16.15 Non-Uniform
Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the
Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.

  
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 17. Termination or Suspension of the Plan. The Plan shall terminate automatically on the
tenth (10th) anniversary of the date it is adopted by the Board. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier
date pursuant to Section 15.1 hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

18. Choice of Law. The law of the State of Delaware shall govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to such state’s conflict of law rules. 
 Originally adopted by the Board and approved by
the stockholders of Tellurian Investments Inc. on March 3, 2016. 
 As amended and restated by the Board of Directors of
Tellurian Investments Inc. on May 26, 2016 

  
 20Exhibit 10.1

 

THIRD AMENDMENT

 

This THIRD AMENDMENT, dated as of February 8, 2017 (this “Amendment”), by and among Douglas Dynamics, Inc. (“Holdings”), Douglas Dynamics, L.L.C. (the “Company” or the “Borrower”), Douglas Dynamics Finance Company (“DD Finance”), Fisher, LLC (“Fisher”), Trynex International LLC (“Trynex”), Henderson Enterprises Group, Inc. (the survivor of a merger with DDIZ Acquisition, Inc.) (“HEG”), Henderson Products, Inc. (“HPI”) and Dejana Truck & Utility Equipment Company, LLC (“Dejana” and, together with Holdings, DD Finance, Fisher, Trynex, HEG and HPI, each a “Guarantor” and collectively, the “Guarantors”), JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”), the Requisite Lenders and the Additional Term B Lender (as defined below) party hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower is party to that certain Amended and Restated Credit and Guaranty Agreement dated as of December 31, 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Term Loan Credit Agreement”), among the Borrower, the guarantors party thereto, the lenders from time to time party thereto (the “Lenders”), the Administrative Agent, the Collateral Agent and the certain other parties from time to time party thereto;

 

WHEREAS, the Borrower has requested that (i) the outstanding Term Loans under the Term Loan Credit Agreement be refinanced with a new class of term loans by obtaining additional term loan commitments (the “Term B Loan Commitments”) and (ii) the Term Loan Credit Agreement be amended in the form attached hereto as Exhibit A (the “Amended Credit Agreement”) substantially concurrently with, but immediately following, the initial funding under the Term B Loan Commitments, in each case, on the terms and subject to the conditions set forth herein;

 

WHEREAS, Section 10.5(a) of the Term Loan Credit Agreement provides that the relevant Credit Parties and the Requisite Lenders may amend the Term Loan Credit Agreement and the other Credit Documents for certain purposes;

 

WHEREAS, (i) each Amendment Consenting Lender (as defined in Exhibit A) has agreed, on the terms and conditions set forth herein, to have up to all of its outstanding Term Loans either (A) converted into a like principal amount of Term B Loans (as defined in Exhibit A) effective as of the Third Amendment Effective Date (as defined below) or (B) prepaid pursuant to the Post-Closing Settlement Option (as defined herein), and (ii) if not all outstanding Term Loans are converted as described in clause (i)(A) above, JPMorgan Chase Bank, N.A. (the “Additional Term B Lender”) has agreed to provide an Additional Term B Commitment (as defined in Exhibit A) in a principal amount equal to the principal amount of Term Loans that were not converted into Term B Loans on the Third Amendment Effective Date as described in clause (i)(A) above, the proceeds of which shall be applied to repay in full such then outstanding non-converted Term Loans and to pay fees and expenses related thereto (collectively, the “Refinancing”);

 

WHEREAS, certain Amendment Consenting Lenders have elected to have 100% of the outstanding principal amount of the Term Loans held by such Lenders prepaid on the Third Amendment Effective Date and purchase by assignment a principal amount of Term B Loans committed to separately (or such lesser amount allocated to such Lender by the Amendment Lead Arrangers (as defined herein) (the “Post-Closing Settlement Option”);

 

 

WHEREAS, JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners (the “Amendment Lead Arrangers”) for the Term B Loans;

 

WHEREAS, the Borrower has requested that in connection with the Refinancing, the Requisite Lenders agree (the “Required Approvals”) to certain other amendments to be made to the Term Loan Credit Agreement;

 

WHEREAS, the Requisite Lenders, on the terms and conditions set forth herein, are willing to provide the Required Approvals and agree to the amendments set forth herein;

 

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

 

I. DEFINED TERMS

 

Terms defined in the Term Loan Credit Agreement and not defined herein are used herein as defined therein.

 

II. TERM B LOANS; AMENDMENT OF THE TERM LOAN CREDIT AGREEMENT

 

(a)                                 Effective as of the Third Amendment Effective Date (i) each existing Lender that executes and delivers a Consenting Lender Addendum in the form attached hereto (a “Consenting Lender Addendum”) consents to this Amendment and (x) if such Lender has delivered a Consenting Lender Addendum indicating an election for the “Cashless Settlement Option” (such Lender, a “Converting Term Lender”), agrees to continue all of its existing Term Loans outstanding immediately before giving effect to this Amendment as Term B Loans on the Third Amendment Effective Date (the “Converted Term Loans”) in Dollars in a principal amount equal to such Converting Term Lender’s existing Term Loans (or such lesser amount as notified to such Converting Term Lender by the Administrative Agent prior to the Third Amendment Effective Date) or (y) if such Lender has delivered a Consenting Lender Addendum indicating an election for the “Post-Closing Settlement Option”, such Lender will be repaid on the Third Amendment Effective Date and such Lender shall purchase by assignment Term B Loans from the Additional Term B Lender in a like principal amount (or such lesser amount as notified to such Lender in writing by the Administrative Agent) as the Term Loans of such Lender that were repaid (it being understood that no Term Loans repaid pursuant to this clause (y) shall be deemed to be Converted Term Loans for purposes of the Amended Credit Agreement), and (ii) the Additional Term B Lender hereby agrees to provide to the Borrower an Additional Term B Commitment and agrees to make Term B Loans in Dollars in a single borrowing on the Third Amendment Effective Date in accordance with the Amended Credit Agreement. For purposes hereof, the Additional Term B Lender shall become a party to the Amended Credit Agreement as a Lender as of the Third Amendment Effective Date by executing and delivering to the Administrative Agent, on or prior to the Third Amendment Effective Date, a Lender Addendum (Additional Term Lender) in the form attached hereto (a “Lender Addendum (Additional Term Lender)” in its capacity as a Lender.  For the avoidance of doubt, the existing Term Loans of a Converting Term Lender must be continued in whole (or such lesser amount as notified to such Lender by the Administrative Agent prior to the Third Amendment Effective Date) and may not be continued in part.

 

(b)                                 The continuation of Converted Term Loans may be implemented pursuant to other procedures specified by the Amendment Lead Arrangers, including by repayment of Converted Term Loans of a Converting Term Lender followed by a subsequent assignment to it of Term B Loans in the same amount.

 

2

 

(c)                                  As of the Third Amendment Effective Date, the Term Loan Credit Agreement is hereby amended to delete the (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Term Loan Credit Agreement attached as Exhibit A hereto.

 

III. EFFECT ON THE CREDIT DOCUMENTS

 

Except as expressly provided herein, all of the terms and provisions of the Term Loan Credit Agreement and the other Credit Documents are and shall remain in full force and effect. This Amendment shall constitute a Credit Document for all purposes of the Term Loan Credit Agreement and the other Credit Documents.  Provisions of this Amendment are deemed incorporated into the Term Loan Credit Agreement as if fully set forth therein. To the extent required by the Term Loan Credit Agreement, the Borrower and the Administrative Agent hereby consent to the Additional Term B Lender becoming a Lender under the Term Loan Credit Agreement on the Third Amendment Effective Date.

 

IV. CONDITIONS

 

This Amendment shall become effective on the date of satisfaction of the following conditions precedent (such date, the “Third Amendment Effective Date”):

 

(a)                                 The Administrative Agent shall have received an executed signature page to this Amendment from (i) each applicable Credit Party, (ii) the Administrative Agent, (iii) the Additional Term B Lender (in the form of a Lender Addendum (Additional Term Lender)) and each Converting Term Lender (in the form of a Consenting Lender Addendum) and (iv) Lenders constituting the Requisite Lenders (in the form of a Consenting Lender Addendum).

 

(b)                                 The Administrative Agent, the Requisite Lenders, the Additional Term B Lender, and their respective counsel shall have received originally executed copies of the favorable written opinion of Foley & Lardner LLP, counsel for the Credit Parties, in form and substance satisfactory to the Administrative Agent, dated as of the Third Amendment Effective Date (and each Credit Party hereby instructs such counsel to deliver such opinion to the Administrative Agent, the Requisite Lenders and the Additional Term B Lender).

 

(c)                                  The Administrative Agent shall have received (i) copies of each Organizational Document for each Credit Party, certified as of a recent date prior to the Third Amendment Effective Date by the appropriate governmental official or, as applicable, by an officer of such Credit Party, (ii) signature and incumbency certificates of the officers of each Credit Party executing the Credit Documents to which it is a party, (iii) resolutions of the Board of Directors or similar governing body of each Credit Party approving and authorizing the execution, delivery and performance of this Amendment and the other Credit Documents to which it is a party, certified as of the Third Amendment Effective Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment, (iv) a good standing certificate from the applicable Governmental Authority of each Credit Party’s jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Third Amendment Effective Date, and (v) such other documents as the Administrative Agent may reasonably request.

 

3

 

(d)                                 The Administrative Agent shall have received, at least five (5) Business Days in advance of the Third Amendment Effective Date, all documentation and other information required by Governmental Authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including, without limitation, as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001.

 

(e)                                  All fees, expenses and other amounts due and payable to the Amendment Lead Arrangers, the Agents, the Additional Term B Lender and the Requisite Lenders on the Third Amendment Effective Date shall have been paid or shall have been authorized to be deducted from the proceeds of the funding of the Term B Loans.

 

(f)                                   The Administrative Agent shall have received a certificate of an Authorized Officer of the Borrower dated the Third Amendment Effective Date certifying that (a) the representations and warranties contained in the Term Loan Credit Agreement and the other Credit Documents are true and correct in all material respects (or in all respects, if qualified by materiality) on and as of the date hereof to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (or in all respects, if qualified by materiality) on and as of such earlier date, and (b) both before and after giving effect to the making of the Term B Loans, no Event of Default under the Term Loan Credit Agreement exists on the Third Amendment Effective Date.

 

(h)                                 The Borrower shall have provided the Administrative Agent with a Funding Notice substantially in the form of Exhibit A-1 to the Term Loan Credit Agreement no later than 10:00 a.m. (New York City time) at least three Business Days in advance of the Third Amendment Effective Date with respect to the borrowing of Additional Term B Loans (as defined in Exhibit A) on the Third Amendment Effective Date.

 

SECTION V. REAFFIRMATION

 

By signing this Amendment, each Credit Party hereby confirms that (a) its obligations and liabilities under the Term Loan Credit Agreement as modified hereby (including with respect to the Term B Loans contemplated by this Amendment) and the other Credit Documents to which it is a party remain in full force and effect on a continuous basis after giving effect to this Amendment, (b) the Secured Parties remain entitled to the benefits of the Guaranty and the security interests set forth or created in the Collateral Documents and the other Credit Documents, (c) notwithstanding the effectiveness of the terms hereof, the Collateral Documents and the other Credit Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects and (d) the Additional Term B Lender shall be a “Secured Party” and a “Lender” for all purposes of the Term Loan Credit Agreement and the other Credit Documents.  Each Credit Party ratifies and confirms that all Liens granted, conveyed, or assigned to any Agent by such Person pursuant to each Credit Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and performance of the Obligations as increased hereby.

 

SECTION VI. EXPENSES

 

The Borrower agrees to pay and reimburse the Administrative Agent for all its reasonable costs and out-of-pocket expenses incurred in connection with the preparation and delivery of this Amendment, including, without limitation, the reasonable and invoiced fees, charges and disbursements of one counsel in each applicable jurisdiction to the Administrative Agent.

 

4

 

SECTION VII. MISCELLANEOUS

 

(a)                                 This Amendment and the rights and obligations of the parties hereunder shall be governed by, and shall be construed and enforced in accordance with the laws of the State of New York without regard to conflict of law principles thereof that would result in the application of the laws of another jurisdiction.

 

(b)                                 EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AMENDMENT.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AMENDMENT, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AMENDMENT, WHICH EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AMENDMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION OF THIS AMENDMENT AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, SUPPLEMENTS OR MODIFICATIONS HERETO OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS AMENDMENT.  IN THE EVENT OF LITIGATION, THIS AMENDMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(c)                                  This Amendment may be executed in counterparts, each of which when so executed and delivered shall be deemed an original, but all of such counterparts together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic file shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature Pages Follow.]

 

5

 

	
 
    	
DOUGLAS   DYNAMICS, INC.
    
	
 
    	
DOUGLAS DYNAMICS,   L.L.C.
    
	
 
    	
DOUGLAS DYNAMICS   FINANCE COMPANY
    
	
 
    	
FISHER, LLC
    
	
 
    	
TRYNEX INTERNATIONAL   LLC
    
	
 
    	
HENDERSON ENTERPRISES   GROUP, INC.
    
	
 
    	
HENDERSON   PRODUCTS, INC.
    
	
 
    	
DEJANA TRUCK &   UTILITY EQUIPMENT COMPANY, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James L. Janik
    
	
 
    	
 
    	
Name: James L. Janik
    
	
 
    	
 
    	
Title: Chief Executive   Officer
    

 

[Signature Page to Third Amendment]

 

 

	
 
    	
JPMORGAN CHASE BANK,   N.A., as
    
	
 
    	
Administrative Agent,   as Collateral Agent and 
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Danielle M. Clarke
    
	
 
    	
 
    	
Name: Danielle M.   Clarke
    
	
 
    	
 
    	
Title: Authorized   Signer
    

 

[Signature Page to Third Amendment]

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