Document:

SEC Exhibit

Exhibit 10.2

Performance-Based Award Agreement

NORTHERN OIL AND GAS, INC.
2013 INCENTIVE PLAN

Restricted Stock Award Agreement

Northern Oil and Gas, Inc. (the “Company”), pursuant to its 2013 Incentive Plan (the “Plan”), hereby grants an award of Restricted Stock to you, the Participant named below.  The Restricted Stock Award is governed by this Restricted Stock Award Agreement (this “Agreement”), consisting of this cover page and the Terms and Conditions and Exhibit A on the following pages, and the Plan document, a copy of which has been provided to you.  Unless otherwise indicated herein, to the extent any capitalized term used in this Agreement is not defined, it shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.

	
		
	Name of Participant:      Thomas Stoelk

	Number of Shares of Restricted Stock:    341,530
	Grant Date:April 8, 2016

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document.  You acknowledge that you have reviewed these documents and that they set forth the entire agreement between you and the Company regarding your rights and obligations in connection with this Restricted Stock Award; provided, however, that to the extent any term of this Agreement is inconsistent with the terms of any then-effective written employment or severance agreement between you and the Company or any Affiliate, such written employment or severance agreement shall govern (so long as not in violation of the Plan).  You acknowledge that you have had an opportunity to have this Agreement and the Plan reviewed by your legal and tax advisers, and hereby attest that you are relying solely on such advisors and not on any statements or representations of the Company or any of its agents or Affiliates.  You hereby agree that all questions of interpretation and administration relating to this Agreement and the Plan shall be solely resolved by the Committee.

	
			
	PARTICIPANT:
	 
	NORTHERN OIL AND GAS, INC.:

	 
	 
	 

	/s/ Thomas Stoelk                        
	 
	By:  /s/ Michael Reger                        

	 
	 
	Title: Chief Executive Officer            

Northern Oil and Gas, Inc.
2013 Incentive Plan
Restricted Stock Award Agreement

Terms and Conditions

		
	1.
	Grant of Restricted Stock.  The Company hereby grants to you, as of the Grant Date specified on the cover page of this Agreement and subject to the terms and conditions in this Agreement and the Plan, an Award of the number of Shares of Restricted Stock specified on the cover page of this Agreement.  Unless and until these Shares vest as provided in Section 4 below, they are subject to the restrictions specified in Section 3 of this Agreement and are referred to as “Restricted Shares.”  

		
	2.
	Delivery of Restricted Shares.  As soon as practicable after the Grant Date, the Company will issue one or more certificates for, or cause its transfer agent to maintain a book entry account reflecting the issuance of, the Restricted Shares in your name.  The Secretary of the Company, or the Company's transfer agent, will hold the certificate(s) for the Restricted Shares, or cause such Restricted Shares to be maintained as restricted shares in a book entry account, until the Restricted Shares either vest as provided in Section 4 or are forfeited as provided in Section 6.  Any certificate(s) issued for Restricted Shares will bear the legend specified in Section 10, and any book entry accounts that reflect the issuance of such Restricted Shares will be accompanied by comparable stop transfer instructions.  Your right to receive this Restricted Stock Award is conditioned upon your execution and delivery to the Company of all stock powers or other instruments of assignment that may be necessary to permit transfer to the Company of all or a portion of the Restricted Shares if such Restricted Shares are forfeited in whole or in part.  

		
	3.
	Applicable Restrictions.

(a)    Beginning on the Grant Date, you shall have all rights and privileges of a stockholder of the Company with respect to the Restricted Shares except as follows (the “Restrictions”):

		
	(i)
	dividends and other distributions declared and paid with respect to the Restricted Shares before they vest shall be subject to Section 3(c);

		
	(ii)
	none of the Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered, subjected to a levy or attachment or disposed of before they vest other than a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan; and

		
	(iii)
	all or a portion of the Restricted Shares may be forfeited in accordance with Section 6.

(b)    Any attempt to transfer or dispose of any Restricted Shares in a manner contrary to the Restrictions shall be void and of no effect.  

(c)    You will be entitled to receive regular cash dividends with respect to outstanding Restricted Shares, but any other dividends or distributions payable or distributable with respect to outstanding Restricted Shares, including any Shares or other property or securities distributable as the result of any equity restructuring or other change in corporate capitalization described in Section 12(a) of the Plan, shall be retained and held by the Company subject to the same Restrictions, performance and vesting conditions and any other terms of this Agreement to which the underlying Restricted Shares are subject.  At the time the underlying Restricted Shares vest, the Company shall deliver to you (without interest) the portion of such retained dividends and distributions that relate to the Shares that have vested.  In the event that the underlying Restricted Shares are forfeited, the portion of such retained dividends and distributions that relate to such Shares shall also be forfeited.

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	4.
	Vesting of Restricted Shares.  

(a)Scheduled Vesting.  If you remain a Service Provider continuously from the Grant Date specified on the cover page of this Agreement, then the Restricted Shares will vest in accordance with the performance criteria and vesting schedule set forth on Exhibit A. 

(b)Accelerated Vesting.  Notwithstanding Section 4(a), any outstanding Restricted Shares will vest as if target-level performance had been achieved upon the earlier to occur of (i) the involuntary termination of your Service for reasons other than Cause or your voluntary termination of your Service for Good Reason, or (ii) a Change in Control that occurs while you continue to be a Service Provider.  For the purposes of this Section 4(b), Cause, Good Reason and Change in Control shall have the meanings ascribed to them in the Amended and Restated Employment Agreement between the Company and Thomas Stoelk dated April 8, 2016.

		
	5.
	Release of Unrestricted Shares.  Upon the vesting of Restricted Shares and the corresponding lapse of the Restrictions, and after the Company has determined that all conditions to the release of unrestricted Shares, including Section 8 of this Agreement, have been satisfied, it shall release to you the unrestricted Shares, as evidenced by issuance of a stock certificate without restrictive legend, by electronic delivery of such Shares to a brokerage account designated by you, or by an unrestricted book-entry registration of such Shares with the Company’s transfer agent.  

		
	6.
	Forfeiture of Restricted Shares.  Subject to Section 4(b), if your Service terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted Shares in a manner contrary to the Restrictions, you will immediately forfeit all unvested Restricted Shares, which shall be returned to the Company for cancellation.  

		
	7.
	83(b) Election.  You may make and file with the Internal Revenue Service an election under Section 83(b) of the Code with respect to the grant of the Restricted Shares hereunder, electing to include in your gross income as of the Grant Date the Fair Market Value of the Restricted Shares as of the Grant Date.  You shall promptly provide a copy of such election to the Company.  If you make and file such an election, you shall make such arrangements in accordance with Section 8 as are satisfactory to the Committee to provide for the timely payment of all applicable withholding taxes.  You are strongly encouraged to seek the advice of your own tax consultants in connection with the Restricted Shares granted pursuant to the Plan and this Agreement, and the advisability of filing an election under Section 83(b) of the Code.

YOU ACKNOLWEDGE THAT IT IS YOUR SOLE RESPONSIBILITY AND NOT THE COMPANY'S OR ANY AFFILIATE TO TIMELY FILE AN ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF YOU REQUEST THE COMPANY, AFFILIATE OR THEIR REPRESENTATIVE TO MAKE THIS FILING ON YOUR BEHALF.

		
	8.
	Withholding Taxes.  You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy any federal, state, local or foreign withholding taxes that may be due as a result of the receipt or vesting of Restricted Shares, and the Company may defer the release to you of any and all unrestricted Shares until you have made arrangements acceptable to the Company for payment of all such withholding taxes in accordance with the provisions of Section 14 of the Plan.  You may satisfy some or all of such withholding tax obligations by delivering Shares you already own or by forfeiting and directing the Company to retain a portion of the unrestricted Shares that would otherwise be released to you. 

		
	9.
	Legality of Initial Issuance.  No Restricted Shares shall be issued unless and until the Committee has determined that: (i) you and the Company have taken all actions required to register the Restricted Shares under the Securities Act of 1933 or to perfect an exemption from the registration requirements thereof, if applicable; (ii) all applicable listing requirements of any stock exchange or other securities market on which the Restricted Shares are listed have been satisfied; and (iii) any other applicable provision of state or U.S. federal law or other applicable law has been satisfied.

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	10.
	Restrictive Legend.  Any certificate representing Restricted Shares shall bear the following legend:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER, AND THE POSSIBLE FORFEITURE OF SUCH SHARES TO NORTHERN OIL AND GAS, INC. WITHOUT CONSIDERATION, AS SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT BETWEEN NORTHERN OIL AND GAS, INC. AND THE REGISTERED OWNER OF THE SHARES REPRESENTED BY THIS CERTIFICATE.  A COPY OF SUCH AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE REGISTERED OWNER.
You agree that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent.  The Company shall not be required (i) to transfer on its books any Shares that have purportedly been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any transferee to whom such Shares shall have been purportedly sold or transferred in violation of any of the provisions of this Agreement.
		
	11.
	Governing Plan Document.  This Agreement and the Restricted Stock Award are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan.  If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.  Any question or dispute regarding the interpretation of this Agreement or the receipt of the Restricted Shares or Shares hereunder shall be submitted by you to the Committee.  The resolution of such dispute by the Committee shall be final and binding on all parties.

		
	12.
	Governing Law/Venue.  This Agreement will be interpreted and enforced under the laws of the state of Minnesota (without regard to its conflicts or choice of law principles).  Each party to this Agreement hereby irrevocable submits to the exclusive jurisdiction of the state and federal courts in Minnesota, for the purposes of any proceeding arising out of or based upon this Agreement. 

		
	13.
	Binding Effect.  This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

		
	14.
	Continued Service.  This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have upon you under this Agreement.  

		
	15.
	Counterparts.  This Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile or email of a PDF, and each of which shall be deemed to be an original, but all of which together shall be deemed to be one and the same instrument. 

		
	16.
	Construction; Severability.  The captions used in this Agreement are inserted for convenience and in no way define, limit or interpret the scope of this Agreement or of a particular section.  Except where otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.  The validity, legality or enforceability of the remainder of this Agreement shall not be affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.

		
	17.
	Waiver.  Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed to be a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed to be a waiver or relinquishment of such right or power at any other time or times. 

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	18.
	Notices.  Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided.  Unless and until some other address is so designated, all notices or communications by you to the Company shall be mailed or delivered to the Company at its office at 315 Manitoba Avenue, Suite 200, Wayzata, Minnesota 55391, fax 952-476-9801, and all notices or communications by the Company to you may be given to you personally or may be mailed or emailed to you at the applicable address indicated in the Company's records as your most recent mailing or email address.

By signing the cover page of this Agreement or otherwise accepting this Award in a manner approved by the Company, you agree to all the terms and conditions contained in this Agreement and in the Plan document.

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EXHIBIT A
Northern Oil and Gas, Inc.
2013 Incentive Plan
Restricted Stock Award Agreement

Performance-Based Vesting Requirements
This Exhibit A to the Restricted Stock Agreement sets forth the performance-based vesting conditions of the Restricted Shares granted pursuant to this Agreement.
(a)Number of Performance-Based Restricted Shares.  The number of Restricted Shares specified in the cover page of this Agreement shall be divided into four equal tranches composed of an equivalent number of Restricted Shares (each such tranche being the “Annual Tranche”).  Each Annual Tranche shall be assigned to one of the annual performance periods for the calendar years 2016, 2017, 2018 and 2019 (each, a “Performance Period”). 

(b)Vesting.  Following the end of each Performance Period, the Committee will certify the level of Relative Total Shareholder Return (as defined below) achieved by the Company for such Performance Period.  The Restricted Shares in the applicable Annual Tranche will be subject to forfeiture and cancellation by the Company if the Company's performance during such Performance Period does not meet or exceed the target percentile rank as set forth below for such Performance Period.   Performance at or above the target percentile rank will result in the Restricted Shares in each Annual Tranche becoming vested as follows:
	
		
	Company's Relative
Total Shareholder Return Rank  
	Percentage of Annual Tranche Vesting

	< 50%
	0%

	= 50% and < 75% 
	100%

	≥ 75%
	150%

 
In addition to the 341,530 Restricted Shares initially issued and specified on the cover page of this Agreement, the Company will reserve 170,764 additional shares to allow for the potential supplemental issuance of some or all of such shares in the event that Company performance at or above the 75th percentile for one or more Performance Periods requires such supplemental issuance to provide for vesting at the 150% level.  However, Mr. Stoelk acknowledges and agrees that his potential right to receive 56,258 of such additional shares is subject to the Company obtaining shareholder approval after the grant date to add at least that many shares to the Plan, because on the grant date hereof there is only availability under the Plan to reserve 114,506 of such additional shares (i.e. a shortfall of 56,258 shares).

(c)Calculation of Total Shareholder Return.   At the end of each Performance Period, the total shareholder return (“Total Shareholder Return” or “TSR”) of the Company and each of the Peer Group Companies (as defined below) shall be calculated by dividing (i) the Closing Share Value, as such synonymous term is defined for purposes of the Company’s Long-Term Equity Incentive Program for executive officers approved by the Committee for such year (the “Program”) by (ii) the Opening Share Value, as such synonymous term is defined under the Program.  For the avoidance of doubt, for calendar year 2016, “Closing Share Value” and “Opening Share Value” shall equal the simple average closing price per share for each trading day during 2016 and 2015, respectively. 

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The TSR of the Company and each of the Peer Group Companies shall be adjusted to give appropriate effects to any stock splits, reverse stock splits and similar transactions, as determined by the Committee.

(d)Calculation of Relative Total Shareholder Return.  The Company's “Relative Total Shareholder Return” means the Company's TSR relative to the TSR of the Peer Group Companies.  Relative Total Shareholder Return will be determined by ranking the Company and the Peer Group Companies from highest to lowest according to their respective TSRs.  After this ranking, the percentile performance of the Company relative to the companies in the Peer Group will be determined as follows:
	
		
	P = 1 - 
	R - 1

	N - 1 

		
	where:
	“P” represents the percentile performance which will be rounded, if necessary, to the nearest whole percentile by application of regular rounding. 

“N” represents the number of Peer Group Companies, plus the Company.
“R” represents the Company's ranking among the Peer Group Companies.
Example: If there are 12 Peer Group Companies and the Company ranked 4th, the performance would be at the 75th percentile: .75 = 1 - ((4-1)/(13-1)). 
(e)Peer Group Companies.  The “Peer Group Companies” for each Performance Period shall be those companies that the Committee, with the input of Participant, has chosen to comprise the peer group under the Program, as disclosed in the Company's Proxy Statement for the fiscal year that corresponds to the Performance Period.  The initial Peer Group Companies for the 2016 Performance Period are as follows:
	
		
	Abraxas Petroleum Corporation
	Oasis Petroleum Inc.

	Continental Resources, Inc.
	QEP Resources, Inc.

	Emerald Oil, Inc.
	SM Energy Company

	Halcon Resources Corporation
	Triangle Petroleum Corporation

	Resolute Energy Corporation
	Whiting Petroleum Corporation

	Legacy Reserves LP
	WPX Energy, Inc.

The Peer Group Companies shall be modified in the following events:
(1)    In the event of a merger, acquisition or business combination of a Peer Group Company with or by another Peer Group Company, the surviving entity shall remain a Peer Group Company and the non-surviving entity shall be replaced in the Peer Group Companies for the period in question by a Stand-In Peer (as defined below).

(2)    In the event of a merger of a Peer Group Company with an entity that is not a Peer Group Company, or the acquisition or business combination transaction of a Peer Group Company by or with an entity that is not a Peer Group Company, in each case where the Peer Group Company is the surviving entity and remains publicly traded, the surviving entity shall remain a Peer Group Company.

(3)    In the event of a merger or acquisition or business combination transaction of a Peer Group Company by or with an entity that is not a Peer Group Company or a “going private” transaction involving a Peer Group Company, in each case where the Peer Group Company is not the surviving entity or is otherwise no longer publicly traded, the company shall no longer be a Peer Group Company for the period in question and shall be replaced in the Peer Group Companies for the period in question by a Stand-In Peer (as defined below).

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(4)    In the event a Peer Group Company, (i) files for bankruptcy, reorganization, or liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy proceeding that is not dismissed within 30 days; (iii) is the subject of a stockholder approved plan of liquidation or dissolution; or (iv) ceases to conduct substantial business operations, in each case, the company will remain a Peer Group Company and the TSR for the Performance Period will be negative one hundred percent (-100%).

For purposes hereof, a “Stand-In Peer” shall be a dummy entity for purposes of calculating the Company’s Relative Total Shareholder Return for a Performance Period during which one or more actual companies cease to be Peer Group Companies pursuant to the foregoing paragraphs 5(a) or 5(c).  For the period in question, a Stand-In Peer’s TSR shall be deemed to be equal to the average TSR of all remaining Peer Group Companies (excluding the Stand-In Peers).

Example:  If there are originally 12 Peer Group Companies, and two such companies cease to be Peer Group Companies during a Performance Period pursuant to the foregoing paragraphs 5(a) or 5(c), they shall be replaced by two Stand-In Peers.  Each such Stand-In Peer shall be deemed to have a TSR equal to the simple average of the TSRs of the ten remaining actual Peer Group Companies.

*     *     *     *     *

8SEC Exhibit

Exhibit 10.1
Execution Version

EIGHTH AMENDMENT 
TO 
THIRD AMENDED AND RESTATED CREDIT AGREEMENT

DATED AS OF MAY 6, 2016
AMONG
NORTHERN OIL AND GAS, INC., 
as Borrower,
ROYAL BANK OF CANADA, 
as Administrative Agent,
AND
THE LENDERS PARTY HERETO

EIGHTH AMENDMENT TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
This EIGHTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 6, 2016, is by and among Northern Oil and Gas, Inc., a Minnesota corporation (the “Borrower”), Royal Bank of Canada (the “Administrative Agent”), and the Lenders party hereto.
R E C I T A L S:
WHEREAS, the Borrower, the Administrative Agent and the other Lenders party thereto entered into that certain Third Amended and Restated Credit Agreement, dated as of February 28, 2012 (as previously amended by the First Amendment dated as of June 29, 2012, the Second Amendment dated as of September 28, 2012, the Third Amendment dated as of March 28, 2013, the Fourth Amendment dated as of September 30, 2013, the Fifth Amendment dated as of April 7, 2015, the Sixth Amendment dated as of May 13, 2015, the Seventh Amendment dated as of October 21, 2015 and as the same may be further amended, modified, supplemented or restated from time to time, the “Credit Agreement”);
WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth below; and
WHEREAS, the Administrative Agent and the Lenders are willing to (i) amend the Credit Agreement and (ii) take such other actions as provided herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I
Definitions
Each capitalized term used in this Amendment and not defined herein shall have the meaning assigned to such term in the Credit Agreement.
ARTICLE II
Amendments to Credit Agreement

Section 2.01    Amendment to Section 1.02 of the Credit Agreement.  Section 1.02 of the Credit Agreement is hereby amended by adding the following definitions where alphabetically appropriate:
“Account Control Agreement” shall mean, as to any deposit account or securities account of any Credit Party held with a financial institution, an agreement or agreements, in form and substance reasonably acceptable to the Administrative Agent, among such Credit 

Party owning such deposit account or securities account, the Administrative Agent and the financial institution at which such deposit account or securities account is located, which agreement establishes the Administrative Agent’s control with respect to such deposit account.  For purposes of this definition, the term “control” means “control” within the meaning of Article 9 of the UCC.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Consolidated Cash Balance” means, as of any date, the aggregate amount of cash and cash equivalents of the Credit Parties as of such date (other than Excluded Cash).
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eighth Amendment Effective Date” means May 6, 2016. 
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Excluded Accounts” means deposit accounts that are used solely for payroll funding, payroll taxes and other employee wage and benefit payments, tax payments or trust purposes.
“Excluded Cash” means, as of any date, (i) the aggregate amount of cash of the Credit Parties received as proceeds of any issuance by the Borrower of any Permitted Additional Debt or any issuance of Equity Interests by the Borrower; provided that in each such case prior to the permitted application thereof, such cash is deposited in a segregated 

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deposit account that is subject to an Account Control Agreement, (ii) any cash set aside to pay royalty obligations of the Credit Parties then due and owing to third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers in order to pay such amounts (or will issue checks or initiate wires or ACH transfers within five Business Days), (iii) any cash set aside to pay in the ordinary course of business, obligations of the Credit Parties (other than royalty obligations) then due and owing or that will become due and owing within five Business Days to third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers in order to pay such amounts (or will issue checks or initiate wires or ACH transfers in order to pay such amounts within five Business Days) and (iv) any cash set aside to pay the purchase price in connection with acquisitions of the Credit Parties permitted under this Agreement then due and owing or that will become due and owing within five Business Days to third parties and for which (A) the Credit Parties have issued checks or have initiated wires or ACH transfers in order to pay such amounts (or will issue checks or initiate wires or ACH transfers in order to pay such amounts within five Business Days) and (B) the Borrower has delivered a certificate from a Responsible Officer to the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent, which such certificate shall include a summary of such acquisition, including, among other things, the purchase price and the third party buyer. 
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
Section 2.02    Amendment and Restatement of Definitions in Credit Agreement.  The following definition contained in Section 1.02 of the Credit Agreement is hereby amended and restated to read in full as follows:
“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period:

(a)    the rate of interest per annum, expressed on the basis of a year of 360 days, determined by the Administrative Agent,  which is equal to the offered rate that appears on the page of the Reuters LIBOR01 screen (or any successor thereto as may be selected by the Administrative Agent) that displays an average British Bankers Association Interest Settlement Rate for deposits in dollars with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) business days prior to the first day of such Interest Period, or 
(b)    if the rates referenced in the preceding subsection (a) are not available, the rate per annum determined by the Administrative Agent as the rate of interest, expressed on a basis of 360 days at which deposits in dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the LIBO Rate loan being made, continued or converted by the Administrative Agent and with a term and amount comparable to such Interest Period and principal amount of such LIBO Rate loan as would be offered by the 

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Administrative Agent’s London Branch to major banks in the offshore dollar market at their request at approximately 11:00 a.m. (London time) two (2) business days prior to the first day of such Interest Period;
provided that, if the rate determined based upon either clause (a) or (b) above is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
Section 2.03    Amendment to Definition of “Applicable Margin”.  Section 1.02 of the Credit Agreement is hereby amended by replacing the Utilization Grid in the definition of “Applicable Margin” with the following:
	
						
	Utilization Grid

	Borrowing Base Utilization Percentage
	<25%
	≥25%
<50%
	≥50%
<75%
	≥75%
<90%
	≥90%

	Eurodollar Loans
	2.00%
	2.25%
	2.50%
	2.75%
	3.00%

	ABR Loans
	1.00%
	1.25%
	1.50%
	1.75%
	2.00%

Section 2.04    Amendment to Definition of “Defaulting Lender”.  Section 1.02 of the Credit Agreement is amended hereby by amending and restating clause (f) of the definition “Defaulting Lender” to read in full as follows:
“(f) (i) become the subject of a bankruptcy or insolvency proceeding, (ii) has had a receiver, conservator, administrator, trustee, custodian or similar Person appointed for it, (iii) has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, (iv) become subject of a Bail-in Action, or (v) has a direct or indirect parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, administrator, trustee, custodian or similar Person appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has become subject to a Bail-in Action; provided that a Lender shall not become a Defaulting Lender solely as the result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or the exercise of control over such Lender or its parent company, by a Governmental Authority, as long as such ownership interest or exercise of control does not result in or provide such Lender or its parent company with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender or its parent company (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any such Agreements made by such Lender or its parent company; provided further that the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator with respect to a Lender or a Lender’s direct or indirect parent company under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation) shall not result in a Lender being deemed a Defaulting Lender.”

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Section 2.05    Amendment to Section 3.04 of the Credit Agreement.  Section 3.04 of the Credit Agreement is hereby amended by adding a new clause (e) at the end of such Section to read in full as follows:
“(e)    If, as of the end of any Business Day, the Consolidated Cash Balance exceeds $15,000,000, then, within 5 Business Days of such date, the Borrower shall have prepaid Borrowings in an amount equal to the lesser of (x) the amount necessary to reduce the Consolidated Cash Balance to $15,000,000 and (y) the aggregate principal amount of all Borrowings outstanding at such time.  Such prepayment will not result in the reduction of the Maximum Credit Amounts.”  
Section 2.06    Amendments to Section 6.02 of the Credit Agreement.  Section 6.02 of the Credit Agreement is hereby amended as follows:
(a)    by inserting a new section (g) thereof immediately following clause (f) thereof to read in full as follows:
“(g)    At the time of and immediately after giving effect to such Borrowing and the application of the proceeds thereof or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, the Consolidated Cash Balance shall not exceed an amount equal to $15,000,000.” 
(b)    by amending and restating the final paragraph thereof to read in full as follows:
“Each request for a Borrowing and each request for the issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in Sections 6.02(a) through (g), except that the Borrower’s representation and warranty with respect to Section 6.02(d) shall be deemed to be to its knowledge.”
Section 2.07    Amendments to Article VII.  Article VII of the Credit Agreement is hereby amended by adding new Section 7.32 thereto immediately after Section 7.31 thereof, which new Section 7.32 shall read in full as follows:
“Section 7.32    EEA Financial Institution.  No Credit Party is an EEA Financial Institution.”
Section 2.08    Amendment to Article VIII of the Credit Agreement.  Article VIII of the Credit Agreement is hereby amended by inserting new Section 8.19 thereof at the end of such article to read in full as follows:
“Section 8.19    Accounts.  Each Credit Party shall:
(a) from and after the 30th day following the Eighth Amendment Effective Date (or such later date as may be extended by the Administrative Agent in its sole discretion from time to time), cause all of its deposit accounts and securities accounts, other than Excluded Accounts, to be subject to Account Control Agreements; and

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(b) upon the request of the Administrative Agent, promptly provide a schedule of the deposit accounts and securities accounts of the Credit Parties, together with such other information in respect of such accounts as the Administrative Agent may reasonably request.”
Section 2.09    Amendments to Section 9.01 of the Credit Agreement. Section 9.01(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“(c)    Ratio of EBITDAX to Interest.  The Borrower will not permit its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended (i) as of the last day of the fiscal quarters ending on or after March 31, 2016 but prior to December 31, 2016, to be less than 2.5 to 1.00, (ii) as of the last day of the fiscal quarter ending on December 31, 2016, to be less than 1.75 to 1.00, (iii) as of the last day of the fiscal quarter ending on March 31, 2017, to be less than 1.5 to 1.00, (iv) as of the last day of the fiscal quarters ending on or after June 30, 2017 but prior to December 31, 2017, to be less than 1.25 to 1.00, (v) as of the last day of the fiscal quarters ending on or after December 31, 2017 but prior to June 30, 2018, to be less than 1.00 to 1.00 and (vi) as of the last day of the fiscal quarters ending on or after June 30, 2018, to be less than 2.5 to 1.00; provided however, if, in accordance with GAAP, the Borrower realizes any non-cash charges categorized as interest expense (including any such charges resulting from the accelerated realization of amortizing fees paid to the Administrative Agent or any Lender in connection with this Agreement in any given fiscal quarter as a result of a Borrowing Base reduction), then such non-cash charges shall be excluded from the calculation of interest expense for purposes of this Section 9.01(c).”
Section 2.10    Amendment to Article XII of the Credit Agreement.  Article XIV of the Credit Agreement is hereby amended by adding new Section 12.18 thereto immediately after Section 12.17 thereof, which new Section 12.18 shall read in full as follows:
“Section 12.18     Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;

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(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.”
ARTICLE III
Reaffirmation of the Borrowing Base

Section 3.01    Redetermination of the Borrowing Base. Notwithstanding the requirements of Section 2.07 of the Credit Agreement, effective as of the Eighth Amendment Effective Date, the amount of the Borrowing Base shall be reduced to $350,000,000.00, subject to further adjustments from time to time pursuant to Section 2.07, Section 8.13(c) or Section 9.12(d) of the Credit Agreement. The redetermination of the Borrowing Base pursuant to this Section 3.01 of this Amendment shall constitute the Scheduled Redetermination for April 1, 2016.
ARTICLE IV
Conditions Precedent

This Amendment shall become effective as of the date first referenced above when and only when the following conditions are satisfied (the “Eighth Amendment Effective Date”):
(a)    the Administrative Agent shall have received duly executed counterparts of this Amendment from the Borrower and the Lenders, in such numbers as the Administrative Agent or its counsel may reasonably request;
(b)    The Borrower shall have paid to the Administrative Agent, for the account of each Lender executing this Amendment, an amendment fee in an amount equal to 12.5 basis points (0.125%) of such Lender’s Applicable Percentage of the Borrowing Base after giving effect to this Amendment; and
(c)    the Administrative Agent and the Lenders shall have received all fees due and payable on or prior to the effectiveness hereof as provided in any Loan Document, including reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement (including, without limitation, the reasonable fees and expenses of counsel to the Administrative Agent).

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ARTICLE V
Representations and Warranties

The Borrower hereby represents and warrants to the Administrative Agent and each Lender that:
(a)    Each of the representations and warranties made by the Borrower under the Credit Agreement and each other Loan Document is true and correct on and as of the actual date of execution of this Amendment by the Borrower, as if made on and as of such date, except for any representations and warranties made as of a specified date, which are true and correct as of such specified date.
(b)    At the time of, and immediately after giving effect to, this Amendment, no Default has occurred and is continuing.
(c)    The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by the Borrower.
(d)    This Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(e)    The execution, delivery and performance by the Borrower of this Amendment (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including the members or any class of directors of the Borrower or any other Person, whether interested or disinterested), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except (a) such as have been obtained or made and are in full force and effect, and (b) the Borrower may need to file a current report on Form 8‐K with the SEC disclosing this Amendment, (ii) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or their Properties, or give rise to a right thereunder to require any payment to be made by the Borrower or such Subsidiary and (iv) will not result in the creation or imposition of any Lien on any Property of the Borrower or any of its Subsidiaries (other than the Liens created by the Loan Documents).
ARTICLE VI
Miscellaneous

Section 6.01    Credit Agreement in Full Force and Effect as Amended.  Except as specifically amended hereby, the Credit Agreement and other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed as so amended.  Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification of any provisions of the Credit Agreement or any other Loan Document or any right, power or remedy of 

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the Administrative Agent or the Lenders, or constitute a waiver of any provision of the Credit Agreement or any other Loan Document, or any other document, instrument and/or agreement executed or delivered in connection therewith or of any Default or Event of Default under any of the foregoing, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder.  This Amendment also shall not preclude the future exercise of any right, remedy, power, or privilege available to the Administrative Agent and/or the Lenders whether under the Credit Agreement, the other Loan Documents, at law or otherwise.  All references to the Credit Agreement shall be deemed to mean the Credit Agreement as modified hereby.  The parties hereto agree to be bound by the terms and conditions of the Credit Agreement and Loan Documents as amended by this Amendment, as though such terms and conditions were set forth herein.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment, and each reference herein or in any other Loan Documents to the “Credit Agreement” shall mean and be a reference to the Credit Agreement as amended and modified by this Amendment.
Section 6.02    Governing Law.  THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
Section 6.03    Descriptive Headings, Etc.  The descriptive headings of the sections of this Amendment are inserted for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.  The statements made and the terms defined in the recitals to this Amendment are hereby incorporated into this Amendment in their entirety.
Section 6.04    Entire Agreement.  This Amendment and the documents referred to herein represent the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior and contemporaneous oral and written agreements of the parties hereto with respect to the subject matter hereof.  
Section 6.05    Loan Document.  This Amendment is a Loan Document executed under the Credit Agreement, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto.
Section 6.06    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one agreement.  Delivery of an executed counterpart of the signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof.
Section 6.07    Successors.  The execution and delivery of this Amendment by any Lender shall be binding upon each of its successors and assigns.

(Signature Pages Follow)

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first written above.
NORTHERN OIL AND GAS, INC., as the Borrower 
By:      /s/ Thomas W. Stoelk                                   
Name:   Thomas W. Stoelk
Title:      Chief Financial Officer

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

ROYAL BANK OF CANADA, as Administrative Agent

By:  /s/ Rodica Dutka    
Name:    Rodica Dutka
Title:    Manager, Agency

ROYAL BANK OF CANADA, as a Lender

By:      /s/ Don J. McKinnerney    
Name:    Don J. McKinnerney
Title:    Authorized Signatory

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

SUNTRUST BANK, as a Lender

By:      /s/ Shannon Juhan    
Name:    Shannon Juhan
Title:    Director

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

BMO HARRIS FINANCING, INC., as a Lender

By:      /s/ Melissa Guzmann    
Name:    Melissa Gezmann
Title:    Vice President

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

KEYBANK NATIONAL ASSOCIATION, as a Lender

By:      /s/ John Dravenstott    
Name:    John Dravenstott
Title:    Vice President

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

SANTANDER BANK, N.A., as a Lender

By:      /s/ Aidan Lanigan    
Name:    Aidan Lanigan
Title:    Senior Vice President

By:      /s/ Payal Shah    
Name:    Payal Shah
Title:    Vice President

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

By:      /s/ Robert James    
Name:    Robert James
Title:    Director

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

BOKF, NA dba BANK OF OKLAHOMA, as a Lender

By:      /s/ Parker Heikes    
Name:    Parker Heikes
Title:    Vice President

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

BRANCH BANKING & TRUST COMPANY, as a Lender

By:      /s/ Ryan K. Michael    
Name:    Ryan K. Michael
Title:    Senior Vice President

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

CADENCE BANK, N.A., as a Lender

By:      /s/ Kyle Gruen    
Name:    Kyle Gruen
Title:    AVP

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

THE BANK OF NOVA SCOTIA, as a Lender

By:      /s/ Alan Dawson    
Name:    Alan Dawson
Title:    Director

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

ING CAPITAL LLC, as a Lender

By:      /s/ Josh Strong    
Name:    Josh Strong
Title:    Director

By:      /s/ Charles Hall    
Name:    Charles Hall
Title:    Managing Director

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

FIFTH THIRD BANK, as a Lender

By:      /s/ Thomas Kleiderer    
Name:    Thomas Kleiderer
Title:    Director

SIGNATURE PAGE 
EIGHTH AMENDMENT TO CREDIT AGREEMENT

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