Document:

Exhibit 10.1

Exhibit 10.1

EXECUTION VERSION

EIGHTH AMENDMENT TO CREDIT AGREEMENT

EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of April 22, 2009, by
and among CARRIZO OIL & GAS, INC., a Texas corporation (“Borrower”), certain SUBSIDIARIES
OF BORROWER, as Guarantors (in such capacity, “Guarantors”), the LENDERS party hereto (the
“Lenders”), and GUARANTY BANK, as administrative agent for the Lenders (in such capacity,
the “Administrative Agent”). Unless otherwise expressly defined herein, capitalized terms
used but not defined in this Amendment have the meanings assigned to such terms in the Credit
Agreement (as defined below).

WITNESSETH:

WHEREAS, Borrower, Guarantors, the Administrative Agent and certain Lenders have entered into
that certain Credit Agreement, dated as of May 25, 2006 (as the same has been and may hereafter be
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”); and

WHEREAS, Borrower has requested that the Administrative Agent and the Lenders amend the Credit
Agreement to modify the leverage ratio financial covenant contained in Section 7.12(b) of
the Credit Agreement and for certain other purposes as provided herein; and

WHEREAS, the Administrative Agent and the Lenders have agreed to amend the Credit Agreement as
provided herein upon the terms and conditions set forth herein.

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

SECTION 1. Amendments to Credit Agreement. Subject to the satisfaction or waiver in writing of
each condition precedent set forth in Section 2 of this Amendment, and in reliance on the
representations, warranties, covenants and agreements contained in this Amendment, the Credit
Agreement shall be amended in the manner provided in this Section 1.

1.1 Additional Definitions. The following definitions shall be and they hereby are added to
Section 1.01 of the Credit Agreement in appropriate alphabetical order:

“Eighth Amendment Effective Date” means April 22, 2009.

“Senior Debt” means, on any date of determination, the Borrower’s
consolidated Indebtedness on such date less (a) the amount of unrestricted cash and
cash equivalents on hand of the Borrower and the Guarantors as of such date, (b) any
Non-Recourse Debt, (c) any Indebtedness of any Unrestricted Subsidiary, (d) any
Indebtedness of the Borrower or any Restricted Subsidiary under any Convertible
Notes (or any Permitted Refinancing thereof), and (e) any other unsecured
Indebtedness of the Borrower or any Restricted Subsidiary to the extent permitted
under Section 7.01(l).

Eighth Amendment to Credit Agreement

 

 

 

1.2 Amended Definitions. The following definitions in Section 1.01 of the Credit
Agreement shall be and they hereby are amended in their respective entireties to read as follows:

“Applicable Rate” means, for any day, with respect to any ABR Loan or
Eurodollar Loan, or with respect to the Unused Commitment Fees payable hereunder, as
the case may be, the applicable rate per annum set forth below under the caption
“ABR Spread”, “Eurodollar Spread” or “Unused Commitment Fee Rate”, as the case may
be, based upon the Borrowing Base Usage applicable on such date:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Unused	 
	Borrowing	 	Eurodollar	 	 	ABR	 	 	Commitment	 
	Base Usage	 	Spread	 	 	Spread	 	 	Fee Rate	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than 90%
	 	 	325 b.p.	 	 	 	200 b.p.	 	 	 	50 b.p.	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than 75% and less than or
equal to 90%
	 	 	300 b.p.	 	 	 	175 b.p.	 	 	 	50 b.p.	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than 50% and less than or
equal to 75%
	 	 	275 b.p.	 	 	 	150 b.p.	 	 	 	50 b.p.	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Greater than 25% and less than or
equal to 50%
	 	 	250 b.p.	 	 	 	125 b.p.	 	 	 	50 b.p.	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Less than or equal to 25%
	 	 	225 b.p.	 	 	 	100 b.p.	 	 	 	50 b.p.	 

Each change in the Applicable Rate shall apply during the period commencing on
the effective date of such change and ending on the date immediately preceding the
effective date of the next change.

“Conforming Date” means the Eighth Amendment Effective Date.

“Convertible Notes” means the senior unsecured convertible notes issued
by the Borrower in one or more transactions on or after the Fourth Amendment
Effective Date and on or before the Eighth Amendment Effective Date pursuant to the
Convertible Notes Indenture, in each case, on terms and conditions reasonably
satisfactory to the Administrative Agent and the Required Lenders (it being
understood that the terms and conditions set forth in the Draft Preliminary
Prospectus Supplement are satisfactory to the Administrative Agent and the Required
Lenders and that, so long as such senior unsecured convertible notes do not contain
terms and conditions that are materially more onerous to the Borrower and its
Subsidiaries than those set forth in the Draft Preliminary Prospectus Supplement,
the terms and conditions of such senior unsecured convertible notes are satisfactory
to the Administrative Agent and the Required Lenders).

Eighth Amendment to Credit Agreement

 

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“Consolidated EBITDAX” means the Borrower’s consolidated earnings
determined in accordance with GAAP (excluding earnings of Unrestricted Subsidiaries)
before interest expense, income taxes, depreciation, amortization, depletion, oil
and gas asset impairment write downs, lease impairment expense, gains and losses
from the sale of capital assets, and other non-cash charges. For purposes of
calculating Consolidated EBITDAX, Consolidated EBITDAX shall not include (a) the
non-cash effects of (i) the early extinguishment of long-term debt, (ii) CCBM’s
equity investment in Pinnacle and (iii) any stock option re-pricing expenses, (b)
the income (or deficit) of any Person that is not a Subsidiary in which the Borrower
or any of its Restricted Subsidiaries has an Equity Interest, except to the extent
of the amount of dividends or other distributions actually paid to the Borrower or
any of its Restricted Subsidiaries, (c) the income (or deficit) of any Restricted
Subsidiary in which any other Person (other than the Borrower or any of its
Restricted Subsidiaries) has an Equity Interest, except to the extent that the
declaration or payment of dividends or similar distributions by such Restricted
Subsidiary is not prohibited by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to such Restricted Subsidiary, and (d) any portion of the
consolidated earnings of Marcellus Holdings that is allocated or remitted to Avista
or Avista JV Partner in accordance with the Marcellus JV Participation Agreement or
the Marcellus JV Operating Agreement. For purposes of determining the Borrower’s
compliance with Section 7.12(b), Consolidated EBITDAX shall not include any net
revenue attributable to any assets that are subject to a Lien granted to secure
Non-Recourse Debt.

“Fee Letter” means that certain Fee Letter, dated as of April 22, 2009,
between Borrower and Guaranty Bank.

“Total Net Debt” means, on any date of determination, the Borrower’s
consolidated Indebtedness on such date less the amount of unrestricted cash and cash
equivalents on hand of the Borrower and the Guarantors as of such date. For
purposes of this definition and for determining the Borrower’s compliance with
Section 7.12(b), the Borrower’s consolidated Indebtedness shall not include (a)
Non-Recourse Debt, (b) Indebtedness of any Unrestricted Subsidiary, and (c) for each
date of determination during any period set forth below, the amount set forth below
opposite such period as the equity component of the Borrower’s Convertible Notes
pursuant to FASB Staff Position (“FSB”) Accounting Principles Board (“APB”) 14-1:

	 	 	 	 	 
	Period	 	Equity Component	 
	 
	 	 	 	 
	1/1/2009 –12/31/2009
	 	$	51,252,980	 
	 
	 	 	 	 
	1/1/2010 –12/31/2010
	 	$	38,874,756	 
	1/1/2011 –12/31/2011
	 	$	26,021,425	 
	1/1/2012 –10/29/2012
	 	$	12,674,753	 

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“Redetermination Date” means each date on which the Borrowing Base is
redetermined pursuant to the terms hereof, which shall be (a) with respect to any
Scheduled Redetermination, on or about March 31 and September 30 of each year,
(b) with respect to any Special Redetermination (other than the Special
Redeterminations set forth in the following clause (c)), the first day of the first
month which is not less than twenty (20) Business Days following the date of a
request by the Borrower for a Special Redetermination and (c) with respect to any
Special Redetermination requested by the Required Lenders or any Redetermination
pursuant to Section 7.04, the date notice of such Redetermination is delivered to
the Borrower pursuant to Section 3.06.

“Unrestricted Subsidiary” means (a) any Subsidiary that at the time of
determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of the Borrower in the manner provided below and (b) any Subsidiary of an
Unrestricted Subsidiary. The Board of Directors of the Borrower may at any time and
from time to time designate any Subsidiary (including any newly acquired or newly
formed Subsidiary but excluding any Subsidiary that owns or operates Oil and Gas
Interests included in the Borrowing Base Properties or other interests of the type
described in clauses (d) or (e) of the definition of Oil and Gas Interests relating
to any Borrowing Base Properties) to be an Unrestricted Subsidiary provided
that (i) no Default or Event of Default has occurred or is continuing at the time of
such designation and after giving effect to such designation, (ii) immediately after
such designation, no Credit Party has any obligation to pay any Indebtedness of such
Subsidiary, has in any way guaranteed any Indebtedness of such Subsidiary, or has
any assets or properties (excluding a pledge of the Equity Interests in such
Subsidiary) which are subject to any Lien securing any Indebtedness of such
Subsidiary, and (iii) notice of any such designation is promptly given to the
Administrative Agent in writing.

1.3 Mandatory Prepayment of Loans. Section 2.10 of the Credit Agreement shall be and
it hereby is amended by (a) deleting the last sentence of clause (b) thereof in its entirety and
(b) adding a new clause (c) and a new clause (d) to the end thereof to read as follows:

(c) In the event that the Aggregate Credit Exposure exceeds (i) the Maximum
Facility Amount or (ii) the Aggregate Commitment at any time other than, with
respect to this clause (ii), as a result of the occurrence of a Borrowing Base
Deficiency, the Borrower shall immediately prepay, without penalty or premium but
otherwise subject to any funding indemnification amounts required by Section 2.15,
the principal amount of the Loans to the extent necessary to eliminate such excess.

(d) Amounts applied to the prepayment of Borrowings pursuant to this Section
shall be first applied ratably to ABR Borrowings then outstanding and, upon payment
in full of all outstanding ABR Borrowings, second, to Eurodollar Borrowings then
outstanding, and if more than one Eurodollar Borrowing is then outstanding, to each
such Eurodollar Borrowing beginning with the Eurodollar Borrowing with the least
number of days remaining in the Interest Period
applicable thereto and ending with the Eurodollar Borrowing with the most
number of days remaining in the Interest Period applicable thereto. Any prepayments
pursuant to this Section shall be without penalty or premium but otherwise
accompanied by accrued interest to the extent required by Section 2.12 and any
funding indemnification amounts required by Section 2.15.

Eighth Amendment to Credit Agreement

 

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1.4 Indebtedness. Clause (k) of Section 7.01 of the Credit Agreement shall be and it
hereby is amended in its entirety to read as follows:

(k) subject to any adjustment to the Borrowing Base and Conforming Borrowing
Base required under Section 3.05, unsecured Indebtedness of the Borrower resulting
from the issuance of Convertible Notes in an aggregate principal amount not to
exceed $373,750,000 at any time outstanding, and any Permitted Refinancing of any
Indebtedness incurred under this clause (k); provided that (i) the final
stated maturity date of such Convertible Notes shall not be earlier than 91 days
after the Maturity Date (as in effect on the date of issuance of such Convertible
Notes) and the average life of such Convertible Notes (based on the stated final
maturity date and payment schedule provided at the date of issuance of such
Convertible Notes) shall not be shorter than the period beginning on the date of
issuance of such Convertible Notes and ending on the date that is 91 days after the
Maturity Date (as in effect on the date of issuance of such Convertible Notes), and
(ii) at the time of and immediately after giving effect to each issuance of such
Convertible Notes or any Permitted Refinancing thereof, no Default shall have
occurred and be continuing; and

1.5 Swap Agreements. The last sentence of Section 7.06 of the Credit Agreement shall
be and it hereby is amended in its entirety to read as follows:

In the event any Credit Party amends, modifies, cancels, sells, transfers,
assigns, terminates, or otherwise disposes of any Swap Agreement entered into by any
Credit Party pursuant to this Section 7.06 (other than any disposition occurring as
a result of a scheduled termination of a Swap Agreement or a transaction under a
Swap Agreement in accordance with its terms) on or at any time after the Eighth
Amendment Effective Date (each, a “Swap Modification”), the Borrower shall
promptly, and in any event within three (3) Business Days thereafter, provide
written notice to the Administrative Agent of the terms of such Swap Modification,
setting forth, in reasonable detail, (x) the effect of such Swap Modification on the
aggregate notional amount of Crude Oil and Natural Gas subject to the Credit
Parties’ Swap Agreements and (y) the amount of net consideration (if any) received
by such Credit Party in the form of cash or Permitted Investments (“Net Cash
Consideration”) as a result of such Swap Modification; provided that no
Swap Modification may be made by any Credit Party without the prior written consent
of the Required Lenders if such Swap Modification, together with all other Swap
Modifications made since the most recent Redetermination Date, has the effect of
reducing the aggregate notional amount of Crude Oil and Natural Gas subject to the
Credit Parties’ Swap Agreements in effect as of the most recent

Eighth Amendment to Credit Agreement

 

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Redetermination Date
by more than five percent (5%); provided, further, that no Swap Modification
may be made by any Credit Party if the aggregate Net Cash Consideration received by
such Credit Party as a result of such Swap Modification, together with the aggregate
Net Cash Consideration received by the Credit Parties as a result of all other Swap
Modifications made since the most recent Redetermination Date, exceeds two and
one-half percent (2.5%) of the Borrowing Base then in effect unless (1) such Credit
Party has received the prior written consent of the Required Lenders or (2) promptly
and in any event within three (3) Business Days after receipt thereof, the Borrower
applies such excess Net Cash Consideration to prepay the principal amount of the
Loans.

1.6 Leverage Ratio. Clause (b) of Section 7.12 of the Credit Agreement shall be and
it hereby is amended in its entirety to read as follows:

(b) Leverage Ratio.

(i) The Borrower will not permit the ratio, determined as of the end of the
fiscal quarters ending December 31, 2008 and March 31, 2009, of (A) Total Net Debt
as of the end of such fiscal quarter to (B) Consolidated EBITDAX for the trailing
four fiscal quarter period ending on such date, to be greater than 4.00 to 1.00.

(ii) The Borrower will not permit the ratio, determined as of the end of the
fiscal quarter ending June 30, 2009, of (A) Total Net Debt as of the end of such
fiscal quarter to (B) Consolidated EBITDAX for the trailing four fiscal quarter
period ending on such date, to be greater than 4.25 to 1.00.

(iii) The Borrower will not permit the ratio, determined as of the end of the
fiscal quarter ending September 30, 2009, of (A) Total Net Debt as of the end of
such fiscal quarter to (B) Consolidated EBITDAX for the trailing four fiscal quarter
period ending on such date, to be greater than 4.50 to 1.00.

(iv) The Borrower will not permit the ratio, determined as of the end of each
fiscal quarter ending on or after December 31, 2009 and on or before September 30,
2010, of (A) Total Net Debt as of the end of such fiscal quarter to (B) Consolidated
EBITDAX for the trailing four fiscal quarter period ending on such date, to be
greater than 4.75 to 1.00.

(v) The Borrower will not permit the ratio, determined as of the end of the
fiscal quarter ending December 31, 2010, of (A) Total Net Debt as of the end of such
fiscal quarter to (B) Consolidated EBITDAX for the trailing four fiscal quarter
period ending on such date, to be greater than 4.25 to 1.00.

(vi) The Borrower will not permit the ratio, determined as of the end of each
fiscal quarter ending on or after March 31, 2011, of (A) Total Net Debt as of the
end of such fiscal quarter to (B) Consolidated EBITDAX for the trailing four fiscal
quarter period ending on such date, to be greater than 4.00 to 1.00.

Eighth Amendment to Credit Agreement

 

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1.7 Senior Debt Leverage Ratio. Section 7.12 of the Credit Agreement shall be and it
hereby is amended by adding a new clause (c) to the end thereof to read as follows:

(c) Senior Debt Leverage Ratio. The Borrower will not permit the
ratio, determined as of the end of each fiscal quarter ending on or after March 31,
2009, of (A) Senior Debt as of the end of such fiscal quarter to (B) Consolidated
EBITDAX for the trailing four fiscal quarter period ending on such date, to be
greater than 2.25 to 1.00.

SECTION 2. Conditions. The amendments to the Credit Agreement contained in Section 1 of
this Amendment shall become effective upon the satisfaction of each of the conditions set forth in
this Section 2.

2.1 Execution and Delivery. Each Credit Party, the Lenders, and the Administrative Agent
shall have executed and delivered this Amendment.

2.2 No Default. No Default shall have occurred and be continuing or shall result from the
effectiveness of this Amendment.

2.3 Fees. Borrower and the Administrative Agent shall have executed and delivered a fee
letter in connection with this Amendment and Borrower shall have paid to the Administrative Agent
all fees payable under such fee letter at the time this Amendment becomes effective.

2.4 Other Documents. The Administrative Agent shall have received such other instruments and
documents incidental and appropriate to the transaction provided for herein as the Administrative
Agent or its special counsel may reasonably request prior to the date hereof, and all such
documents shall be in form and substance reasonably satisfactory to the Administrative Agent.

SECTION 3. Representations and Warranties of Borrower. To induce the Lenders to enter into this
Amendment, each Credit Party hereby represents and warrants to the Lenders as follows:

3.1 Reaffirmation of Representations and Warranties/Further Assurances. After giving effect
to the amendments herein, each representation and warranty of such Credit Party contained in the
Credit Agreement or in any of the other Loan Documents is true and correct in all material respects
as of the date hereof (except to the extent such representations and warranties specifically refer
to an earlier date, in which case such representations and warranties shall be true and correct in
all material respects as of such earlier date and taking into account any amendments to the
schedules or exhibits as a result of any disclosures made in writing by such Credit Party to the
Administrative Agent after the Effective Date and approved by the Administrative Agent and the
Required Lenders in writing).

3.2 Corporate Authority; No Conflicts. The execution, delivery and performance by such Credit
Party (to the extent a party hereto or thereto) of this Amendment and all documents, instruments
and agreements contemplated herein are within such Credit Party’s corporate or other organizational
powers, have been duly authorized by all necessary action,
require no action by or in respect of, or filing with, any court or agency of government and
do not violate or constitute a default under any provision of any applicable law or other
agreements binding upon such Credit Party or result in the creation or imposition of any Lien upon
any of the assets of such Credit Party except for Permitted Liens and otherwise as permitted in the
Credit Agreement.

Eighth Amendment to Credit Agreement

 

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3.3 Enforceability. This Amendment has been duly executed and delivered by each Credit Party
and constitutes the valid and binding obligation of such Credit Party enforceable in accordance
with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency
or similar laws affecting creditor’s rights generally, and (ii) the availability of equitable
remedies may be limited by equitable principles of general application.

3.4 No Default. As of the date hereof, both before and immediately after giving effect to
this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 4. Miscellaneous.

4.1 Reaffirmation of Loan Documents and Liens. Any and all of the terms and provisions of the
Credit Agreement and the Loan Documents shall, except as amended and modified hereby, remain in
full force and effect and are hereby in all respects ratified and confirmed by each Credit Party.
Each Credit Party hereby agrees that nothing contained in this Amendment shall in any manner affect
or impair the liabilities, duties and obligations of such Credit Party under the Credit Agreement
and the other Loan Documents or the Liens securing the payment and performance thereof.

4.2 Parties in Interest. All of the terms and provisions of this Amendment shall bind and
inure to the benefit of the parties hereto and their respective successors and assigns.

4.3 Legal Expenses. Each Credit Party hereby agrees to pay all reasonable fees and expenses
of special counsel to the Administrative Agent incurred by the Administrative Agent in connection
with the preparation, negotiation and execution of this Amendment and all related documents.

4.4 Further Assurances. Each Credit Party covenants and agrees from time to time, as and when
requested by the Administrative Agent or the Lenders, to execute and deliver or cause to be
executed or delivered, all such documents, instruments and agreements and to take or cause to be
taken such further or other action as Administrative Agent or the Lenders, as the case may be, may
reasonably deem necessary or desirable in order to carry out the intent and purposes of this
Amendment.

4.5 Counterparts. This Amendment may be executed in one or more counterparts and by different
parties hereto in separate counterparts each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one and the same
instrument; signature pages may be detached from multiple separate counterparts and attached to a
single counterpart so that all signature pages are physically attached to the same document.
Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail
shall be effective as delivery of manually executed counterparts of this Amendment.

Eighth Amendment to Credit Agreement

 

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4.6 Headings. The headings, captions and arrangements used in this Amendment are, unless
specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the
terms of this Amendment, nor affect the meaning thereof.

4.7 Governing Law. This Amendment shall be construed in accordance with and governed by the
law of the State of Texas.

4.8 Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
THE PARTIES.

[Remainder of page intentionally blank]

Eighth Amendment to Credit Agreement

 

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

	 	 	 	 	 
	 	BORROWER:

CARRIZO OIL & GAS, INC.

 	 
	 	By:  	/s/ Paul F. Boling
 	 
	 	 	Name:  	Paul F. Boling 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	GUARANTORS:

CCBM, INC.

 	 
	 	By:  	/s/ Paul F. Boling
 	 
	 	 	Name:  	Paul F. Boling 	 
	 	 	Title:  	Vice President 	 
	 
	 	CLLR, INC.

 	 
	 	By:  	/s/ Paul F. Boling
 	 
	 	 	Name:  	Paul F. Boling 	 
	 	 	Title:  	Vice President 	 
	 
	 	HONDO PIPELINE, INC.

 	 
	 	By:  	/s/ Paul F. Boling
 	 
	 	 	Name:  	Paul F. Boling 	 
	 	 	Title:  	Vice President 	 
	 
	 	CARRIZO (MARCELLUS) LLC

 	 
	 	By:  	/s/ Paul F. Boling
 	 
	 	 	Name:  	Paul F. Boling 	 
	 	 	Title:  	Vice President 	 
	 
	 	CARRIZO MARCELLUS HOLDING INC.

 	 
	 	By:  	/s/ Paul F. Boling
 	 
	 	 	Name:  	Paul F. Boling 	 
	 	 	Title:  	Vice President 	 

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

GUARANTY BANK, as Administrative Agent and as a
Lender

 	 
	 	By:  	/s/ Kelly L. Elmore
 	 
	 	 	Name:  	Kelly L. Elmore III 	 
	 	 	Title:  	Senior Vice President 	 

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as a Co-Agent and as a Lender

 	 
	 	By:  	/s/ Justin M. Alexander
 	 
	 	 	Name:  	Justin M. Alexander 	 
	 	 	Title:  	Vice President 	 

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA,

as a Co-Agent and as a Lender

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

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	CAPITAL ONE, N.A.,

as a Co-Agent and as a Lender

 	 
	 	By:  	/s/ Paul D. Hein
 	 
	 	 	Name:  	Paul D. Hein 	 
	 	 	Title:  	Vice President 	 

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	UNION BANK OF CALIFORNIA, N.A.,

as a Lender

 	 
	 	By:  	/s/
Damien Meiburger
 	 
	 	 	Name:  	Damien Meiburger 	 
	 	 	Title:  	Senior Vice President 	 

Eighth Amendment to Credit Agreement

Signature Page

 

 

	 	 	 	 	 
	 	CREDIT SUISSE,

as a Lender

 	 
	 	By:  	/s/ Vanessa Gomez
 	 
	 	 	Name:  	Vanessa Gomez 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                                                  /s/ Mikhail Faybusovich
 	 
	 	 	Name:  	Mikhail Faybusovich 	 
	 	 	Title:  	Vice President 	 

Eighth Amendment to Credit Agreement

Signature PageExhibit 10.12

EXHIBIT 10.12

[GLOBAL CONSUMER LETTERHEAD]

April 28, 2009

Global Consumer Acquisition Corp. 

1370 Avenue of the Americas, 28th Floor

New York, New York 10019

Re:      Agreement Relating to the
Appointment of the President of Global Consumer Acquisition Corp.

Mr. Daniel Silvers:

This letter agreement (the “Letter
Agreement”) is being delivered to you in connection with your agreement hereby to serve as the President
(“President”) of Global Consumer Acquisition Corp., a Delaware corporation (the
“Company”). In connection with and in consideration of your appointment as President, and in
consideration of the representations, warranties and mutual covenants made in this Letter Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

1. Acknowledgement of Appointment. You hereby
acknowledge that the Board of Directors of the Company (the “Board”) will appoint you to serve as
President of the Company until the earlier of (i) your resignation, removal or death or (ii) the due election
and qualification of your successor.

2. Equity Compensation.

a. In consideration of your service as
President, the Company agrees to grant you 50,000 restricted stock units (the “Restricted Stock
Units”) with respect to shares of the Company’s common stock (“Common Stock”),
subject to approval of the Company’s stockholders of the issuance of the Restricted Stock Units in connection
with the solicitation of proxies for approval of a Business Combination (as defined below). The Company hereby agrees
that it will not solicit proxies or consents from its stockholders for approval of a Business Combination unless the
Company solicits proxies or consents from its stockholders to approve the issuance of the Restricted Stock Units
concurrently therewith.

For purposes of this Letter Agreement,
“Business Combination” shall mean the initial acquisition by the Company of one or more assets or
operating businesses with a fair market value of at least 80% of the Company’s net assets held in trust (net of
taxes and amounts disbursed for working capital purposes and excluding the amount held in the trust account
representing a portion of the underwriters’ discount) at the time of the acquisition through a merger, capital
stock exchange, asset or stock acquisition, exchangeable share transaction or other similar business combination,
pursuant to which the Company will require that a majority of the shares of common stock voted by the public
stockholders are voted in favor of the acquisition and less than 30% of the public stockholders both vote against the
proposed acquisition and exercise their conversion rights.

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b. The Restricted Stock Units shall become
fully vested on the closing date of a Business Combination (the “Vesting Date”); provided,
however, that (i) you have been performing services for the Company from the date hereof up to and including
the Vesting Date; and (ii) the Business Combination occurs by November 27, 2009. Payment and settlement of
Restricted Stock Units will occur on the date that is 180 calendar days after the closing date of the Business
Combination. Restricted Stock Units granted hereunder will be settled by delivery of one share of Common Stock for each
Restricted Stock Unit settled.

c. If you resign as President for any reason
or are terminated from as President for cause (as determined by a majority of the Board or Jason N. Ader, in his
capacity as Chief Executive Officer of the Company) prior to the consummation of a Business Combination, you
acknowledge and agree that the Company shall have no obligation hereunder to solicit proxies or consents from its
stockholders to approve the grant of the Restricted Stock Units and you forfeit any rights, powers or privileges to
receive Restricted Stock Units or  shares of Common Stock in connection therewith.

3. Lock-Up. You agree that during the Lock-up
Period (as defined below), you will not offer, sell, contract to sell, pledge, grant any option to purchase, make any
short sale or otherwise dispose of, directly or indirectly, (i) the Restricted Stock Units or any part thereof,
(ii) any shares of Common Stock or (iii) any other securities of the Company (collectively, the
“Securities”). The foregoing restriction is expressly agreed to preclude you or any of your
affiliates from engaging in any hedging or other transaction which is designed to or which reasonably could be expected
to lead to or result in a sale or disposition of any Securities or any part thereof. Such prohibited hedging or other
transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including,
without limitation, any put or call option) with respect to the Securities or any part thereof. The “Lock-Up
Period” will commence on the date of this Letter Agreement and continue for a period of 180 calendar
days after the closing date of a Business Combination.

Notwithstanding the foregoing, during the Lock-Up Period you
may transfer the Securities or any part thereof (i) as a bona fide gift or gifts, provided that the donee or
donees thereof agree to be bound by the restrictions set forth herein or (ii) to any trust for the direct or
indirect benefit of you or your immediate family, provided that the trustee of the trust agrees to be bound by the
restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value.
For purposes hereof, “immediate family” shall mean any relationship by blood, marriage or adoption,
not more remote than first cousin. You further understand and agree that this paragraph 3 is irrevocable and shall be
binding upon your heirs, legal representatives, successors, and assigns.

4. Waiver of Trust. You hereby acknowledge that
the aggregate gross proceeds from the Company’s initial public offering (“IPO”), including the
proceeds received upon the consummation of the exercise of the over-allotment option, and proceeds received from a
private placement that closed simultaneously with the first closing of the IPO, was placed in a trust account (the
“Trust Account”) for the benefit of the Company’s public stockholders. You further acknowledge
and agree that you do not have any right, title, interest or claim of any kind in or to any monies in the Trust Account
established by the Company (“Claim”) and hereby waive any Claim you may have in the future as a
result of, or arising out of, the matters contemplated by this Letter Agreement and will not seek recourse against the
Trust Account for any reason whatsoever, including any accrued interest not released to the Company in accordance with
the terms of the IPO.

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5. Representations and Warranties. You hereby
represent and warrant to the Company as follows:

a. You have all the requisite power,
authority and legal capacity to execute and deliver this Letter Agreement, to perform fully your obligations hereunder
and to consummate the transactions contemplated hereby.

b. This Letter Agreement constitutes your
legal, valid and binding obligations, enforceable against you in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the
rights of creditors generally and by equitable principles.

c. You are an “accredited
investor” as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of
1933, as amended (the “Securities Act”).

d. You have such knowledge and experience in
financial and business matters to be capable of evaluating the merits and risks of entering into this Letter Agreement
and to make an informed decision relating thereto.

e. The receipt of Restricted Stock Units and
shares of Common Stock pursuant to the terms and conditions of this Letter Agreement will be for your account for the
purpose of investment and not with a view to or for sale in connection with any distribution thereof within the meaning
of the Securities Act of 1933, as amended.

f. You understand that your shares of Common
Stock may not be sold, transferred or otherwise disposed of by you without registration under the Securities Act and
any applicable state securities laws, or an exemption thereto, and your shares of Common Stock shall bear the following
legend: THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”). THESE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL FOR THE CORPORATION
THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

6. Counterparts. This Letter Agreement may be
executed (including by facsimile transmission) with counterpart signature pages or in several counterparts, each of
which shall be deemed an original and all of which shall together constitute one and the same instrument.

7. D&O Coverage. As long as the Company
maintains directors and officers liability insurance, the levels of coverage shall not be reduced from those currently
in effect as of the date of this Agreement.

8. Headings. The headings contained in this Letter
Agreement are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or
interpretation of any of the terms or provisions of this Letter Agreement.

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9. Amendments Waivers.

a. No amendment or waiver of any provision of
this Letter Agreement shall be valid unless the same shall be in writing and signed by each of the parties. No
amendment to the indemnification provisions of the Company’s Certificate of Incorporation or By-laws, each as may
be amended from time to time, may become effective without your having at least five (5) business days prior
written notice of the adoption thereof.

b. Although the Company does not guarantee to
you any particular tax treatment relating to the Restricted Stock Units that may become payable under this Letter
Agreement, the Restricted Stock Units are intended to comply with the applicable requirements of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) and shall be limited, construed and
interpreted in a manner so as to comply therewith.

10. Governing Law; Submission to Jurisdiction; Waiver
of Jury Trial.

a. This Letter Agreement and all matters
arising directly or indirectly herefrom shall be governed by, construed and enforced in accordance with the laws of the
State of New York, without giving effect to any principles of conflict of laws (whether of the State of New York or any
other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

b. Any actions, suits or proceedings arising
out of or relating to this Letter Agreement shall be heard and determined in any state or federal court sitting in the
Borough of Manhattan, The City of New York, and each of the parties hereto hereby irrevocably submits to the exclusive
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding
and irrevocably waives the defense of an inconvenient forum to the maintenance of any such action, suit or proceeding.
The parties hereto agree that a final judgment in any such action, suit or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law.

c. EACH PARTY HERETO ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LETTER AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES,
AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER
AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS LETTER AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
(A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER,
(B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10(c).

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11. Severability. If any provision of this Letter
Agreement, including any phrase, sentence, clause, Section or subsection is inoperative or unenforceable for any
reason, such circumstances shall not have the effect of rendering the provision in question inoperative or
unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained
invalid, inoperative, or unenforceable to any extent whatsoever.

12. Entire Agreement. This Letter Agreement and
the documents and instruments and other agreements specifically referred to herein or delivered pursuant hereto
constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

13. Assignment. This Letter Agreement shall not be
assigned by you, other than by operation of law, without the prior written consent of the Company in its sole
discretion.

14. Effective Date of this Letter Agreement. This
Letter Agreement shall not become effective and shall have no force and effect until and unless you are duly appointed
as President.

15. Conflict of Interest. You hereby agree, until
the earliest of the Company’s consummation of a Business Combination, the Company’s liquidation or such
time as you cease to be President, except as disclosed under the heading “Management—Conflicts of
Interest” in the Company’s registration statement on Form S-1, filed with the United States Securities and
Exchange Commission, (i) to present to the Company for the Company’s consideration, prior to presentation to
any other entity, any business opportunity which may reasonably be deemed appropriate for the Company based on the
description in the Company’s registration statement on Form S-1 of the Company’s proposed business or which
is required to be presented to the Company under Delaware General Corporation Law, (ii) that you shall not assist
or participate with any other person or entity in the pursuit of or negotiation with respect to such business
opportunity unless and until you receive written notice from the Company that the Company has determined not to pursue
such business opportunity and (iii) that you will not seek any business opportunity that would conflict with the
Company’s search for an acquisition candidate, which would include any involvement in a blank check company that
is potentially seeking acquisition candidates in the same industry as the Company. You hereby acknowledge that
Hayground Cove Capital Partners LLC, of which you are co-founder and President, is an affiliate of Hayground Cove Asset
Management LLC, the Company’s sponsor, and you hereby agree that you will perform your duties as President of the
Company in compliance with the conflict of interest policies set forth in the Company’s registration statement on
Form S-1 under the heading “Management—Conflicts of Interest” in the Company’s IPO prospectus.

16. Indemnification Agreement. In the event that
the Company enters into an Indemnification Agreement with any officer of the Company having terms that are different
than the terms of your Indemnification Agreement with the Company, you shall receive prompt written notice thereof and
the Company, at your request, will amend your Indemnification Agreement to include such of those terms as you may
request.

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17. Acknowledgement of Current Report on
Form 8-K. You acknowledge that the Company intends to file a Current Report on Form 8-K (the
“8-K”) in connection with your appointment as President that will set forth, among other things,
your appointment as President and a summary of the terms of this Letter Agreement. You have been provided with the
opportunity to review your biographical information included in the 8-K in advance of filing with the Securities and
Exchange Commission.

Sincerely,

GLOBAL CONSUMER ACQUISITION CORP.

By:
 /s/ Jason N. Ader                     

Name:
Jason N. Ader

Title: Chief Executive Officer

Acknowledged and Agreed to as 

of the date first written above:

 /s/ Daniel Silvers                        

Daniel Silvers

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