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Exhibit 10.2
Execution Version

BORROWING BASE REDETERMINATION AGREEMENT AND AMENDMENT NO. 1

This BORROWING BASE REDETERMINATION AGREEMENT AND AMENDMENT NO. 1 (herein called this “Agreement”) is made as of November 30, 2018 by and among Magnolia Oil & Gas Intermediate LLC, a Delaware limited liability company (“Holdings”), Magnolia Oil & Gas Operating LLC, a Delaware limited liability company (the “Borrower”), each Guarantor, each Lender party hereto as set forth on the signature pages hereto and Citibank, N.A., as the Administrative Agent and the Collateral Agent.
W I T N E S S E T H:
    WHEREAS, Holdings, the Borrower, the Lenders, the Administrative Agent, the Collateral Agent, the Swingline Lender and each Issuing Bank are party to that certain Credit Agreement dated as of July 31, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), whereby each Issuing Bank became obligated to issue Letters of Credit for the account of the Credit Parties and the Lenders became obligated to make Loans to the Borrower in each case, as therein provided; and

WHEREAS, Holdings, the Borrower, the Administrative Agent, the Collateral Agent and the Lenders party hereto desire to provide for the first Scheduled Redetermination of the Borrowing Base and to amend certain terms of the Credit Agreement as more specifically set forth below;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Credit Agreement, in consideration of the Loans and other credit which may hereafter be made or provided by the Lenders and each Issuing Bank to the Credit Parties, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:
ARTICLE I.
DEFINITIONS AND REFERENCES

Section 1.1.    Defined Terms.  Unless the context otherwise requires, capitalized terms used in this Agreement shall have the meanings assigned to them either in the preamble and recitals hereto or in the Credit Agreement, as applicable.
ARTICLE II.
BORROWING BASE REDETERMINATION

Section 2.1.    Scheduled Redetermination of the Borrowing Base.  This Agreement shall constitute notice of the Scheduled Redetermination to occur on or about November 1, 2018 pursuant to Section 2.14 of the Credit Agreement, and the Administrative Agent, the Collateral Agent, each Issuing Bank, the Lenders party hereto hereby agree (and the Borrower and the 
[Borrowing Base Redetermination Agreement and Amendment No. 1]

Guarantors hereby accept) that effective as of the Effective Date, the Borrowing Base shall remain $550,000,000, and such redetermined Borrowing Base (which shall be deemed to be the Scheduled Redetermination of the Borrowing Base to be effective as of October 1, 2018 or as promptly as possible thereafter) shall remain in effect until the earlier of (a) the next Scheduled Redetermination or Interim Redetermination of the Borrowing Base or (b) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.
ARTICLE III.
AMENDMENTS TO CREDIT AGREEMENT

Section 3.1    Amendments to Section 1.1.  
(a)    The definition of “Consolidated EBITDAX” set forth in Section 1.1 of the Credit Agreement is hereby amended by amending and restating clause (vii) thereof in its entirety to read as follows: 
“(vii)    the amount of “run rate” net cost savings, synergies and operating expense reductions related to (x) the Transactions that are reasonably identifiable and projected by the Borrower in good faith to result from (and are reasonably attributable to (in the good faith determination of the Borrower)) actions that have been taken or committed to be taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within eighteen (18) months after the Effective Date and (y) acquisitions, Dispositions, discontinuance of activities or operations or other Specified Transactions (including, for the avoidance of doubt, acquisitions occurring prior to the Effective Date), restructurings, cost savings initiatives, operational changes and other initiatives that are factually supportable and reasonably identified in writing to the Administrative Agent together with the delivery of a certificate pursuant to Section 9.1(c) and projected by the Borrower in good faith to result from (and are reasonably attributable to (in the good faith determination of the Borrower)) actions taken or committed to be taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) no later than eighteen (18) months after such acquisition, Disposition or other Specified Transaction, restructuring, cost savings initiative, operational change or other initiative (or undertaken or implemented prior to consummation of the acquisition or other applicable transaction) (including any actions taken on or prior to the Effective Date), in each case for foregoing clauses (x) and (y), calculated on a Pro Forma Basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of the period for which Consolidated EBITDAX is being determined and if such cost savings, operating expense reductions and synergies were realized during the entirety of such period, net of the amount of actual benefits realized during such period from such action (it is understood and agreed that “run rate” means the full recurring benefit for a period that is associated with 
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[Borrowing Base Redetermination Agreement and Amendment No. 1]

any action taken or with respect to which substantial steps have been taken or are expected to be taken or committed to be taken within the timeframe described above) (which adjustments may be incremental to (but not duplicative of) pro forma cost savings, synergies or operating expense reduction adjustments made pursuant to Section 1.12); provided further that the aggregate amount of any such “run rate” net cost savings, synergies and operating expense reductions add-backs made pursuant to this clause (vii) and clause (c) of Section 1.12 shall not exceed 15% of Consolidated EBITDAX (calculated prior to giving effect to such add-backs), plus”

(b)    The definition of “Lender-Related Distress Event” set forth in Section 1.1 of the Credit Agreement is hereby amended by inserting the following proviso immediately before the period at the end thereof: 
“; 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 any person that directly or indirectly controls such Lender under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation) shall not be deemed to be a Lender-Related Distress Event.” 

ARTICLE IV.
CONDITIONS OF EFFECTIVENESS

Section 4.1.    Conditions to Effectiveness of Agreement.  This Agreement shall become effective on the first date on which each of the conditions set forth in this Section 4.1 is satisfied (the “Effective Date”):
(a)    The Administrative Agent shall have received executed counterparts (in such number as may be reasonably requested by the Administrative Agent) of this Agreement from (i) the Borrower, (ii) each Guarantor, (iii) the Administrative Agent, (iv) the Collateral Agent and (v) the Lenders constituting at least the Required Lenders. 
(b)    The Lenders shall have received (i) an updated Reserve Report, (ii) a Reserve Report Certificate with respect to the foregoing and (iii) such other Engineering Reports as the Required Lenders may have reasonably requested. 
(c)    The Borrower shall have paid (including an authorization by the Borrower to debit an account with the Administrative Agent), no later than the Effective Date, all fees and reasonable out-of-pocket expenses of the Agents and Lenders to the extent invoiced at least three (3) Business Days prior to the Effective Date, required to be reimbursed or paid by the Borrower pursuant to Section 13.5 of the Credit Agreement.
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[Borrowing Base Redetermination Agreement and Amendment No. 1]

ARTICLE V.
MISCELLANEOUS

Section 5.1.    Ratification of Agreements.  By its acceptance hereof, each of Holdings, the Borrower and each other Guarantor hereby ratifies and confirms each Credit Document to which it is a party in all respects, after giving effect to the Scheduled Redetermination and other agreements set forth herein.  From and after the Effective date, any reference to the Credit Agreement in any Credit Document shall be deemed to be a reference to the Credit Agreement as hereby amended.  The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein or therein, operate as a waiver of any right, power or remedy of the Administrative Agent, the Collateral Agent or the Lenders under the Credit Agreement, or any other Credit Document nor constitute a waiver of any provision of the Credit Agreement, or any other Credit Document.
Section 5.2.    Credit Documents.  This Agreement is a Credit Document, and from and after the Effective Date, all provisions in the Credit Agreement pertaining to Credit Documents apply hereto and thereto.
Section 5.3.    Governing Law.  This Agreement shall be governed by and construed in accordance with the Laws of the State of New York.
Section 5.4.    Counterparts; Electronic Transmission.  This Agreement may be separately executed in counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Agreement.  This Agreement may be validly executed by with electronic signatures and delivered by facsimile or other electronic transmission, which shall have the same legal effect, validity or enforceability as a manually executed and physically delivered signature.
THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES HERETO.
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[Borrowing Base Redetermination Agreement and Amendment No. 1]

IN WITNESS WHEREOF, this Agreement is executed as of the date first above written.

Magnolia Oil & Gas Intermediate LLC
Magnolia Oil & Gas Operating LLC
MAGNOLIA OIL & GAS FINANCE CORP.

By:     /s/ Christopher Stavros                                                          
Name:     Christopher Stavros
Title:     Executive Vice President - Chief Financial Officer
        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

CITIBANK, N.A., as the Administrative Agent, Collateral Agent and a Lender

By:    /s/ Cliff Vaz                                                            
Name:    Cliff Vaz
Title:    Vice President

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

JPMORGAN CHASE BANK, N.A., 
as a Lender 

By:    /s/ Jorge Diaz Granados                                        
Name:    Jorge Diaz Granados
Title:    Authorized Officer
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

BANK OF AMERICA. n.a., 
as a Lender 

By:    /s/ Kimberly Miller                                                 
Name:    Kimberly Miller
Title:    Vice President

 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, 
as a Lender 

By:    /s/ Marc Graham                                                   
Name:    Marc Graham
Title:    Managing Director
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

BMO HARRIS BANK N.A., 
as a Lender 

By:     /s/ James V. Ducote                                                 
Name: Javes V. Ducote
Title:      Managing Director
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

ING CAPITAL LLC, 
as a Lender 

By:    /s/ Juli Bieser             
Name:    Juli Bieser
Title:    Managing Director

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

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

MIZUHO BANK, LTD., 
as a Lender 

By:       /s/ Donna DeMagistris                                          
Name:  Donna DeMagistris 
Title:     Authorized Signatory
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

MUFG UNION BANK, N.A., 
as a Lender 

By:    /s/ Traci Bankston                                                   
Name:    Traci Bankston
Title:    Authorized Signatory
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

SOCIETE GENERALE, 
as a Lender 

By:    /s/ Max Sonnonstine                                             
Name:    Max Sonnonstine
Title:    Director
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
as a Lender 

By:    /s/ Nupar Kumar                                                    
Name:    Nupur Kumar
Title:    Authorized Signatory

By:    /s/ Christopher Zybrick                                          
Name:    Christopher Zybrick
Title:    Authorized Signatory
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

PNC BANK, N.A., 
as a Lender 

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

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

REGIONS BANK, 
as a Lender 

By:    /s/ Kelly L. Elmore III                                           
Name:    Kelly L. Elmore III
Title:    Managing Director
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

THE HUNTINGTON NATIONAL BANK, 
as a Lender 

By:    /s/ Jason Zilewicz              
Name:     Jason Zilewicz
Title:      Director
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

U.S. BANK NATIONAL ASSOCIATION, 
as a Lender 

By:    /s/ Tara R. Mclean                                        
Name:    Tara R. Mclean
Title:    Vice President
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]

UBS AG, STAMFORD BRANCH, 
as a Lender 

By:    /s/ Houssem Daly                                                  
Name:    Houssem Daly
Title:    Associate Director

By:    /s/ DaNese Anas                                                  
Name:    DaNese Anas
Title:    Director
 

        [Signature Page to Borrowing Base Redetermination Agreement and Amendment No. 1]Document

10.8
Execution Version

AMENDMENT NO. 1 TO
NON-COMPETITION AGREEMENT

    This Amendment No. 1 TO NON-COMPETITION AGREEMENT (this “Amendment”) is made as of January 29, 2021, by and between EnerVest, Ltd., a Texas limited partnership (“EnerVest”), and Magnolia Oil & Gas Corporation (formerly known as TPG Pace Energy Holdings Corp.), a Delaware corporation (“PubCo”). EnerVest and PubCo may be referred to herein each as a “Party” and together as the “Parties.”
    WHEREAS, the Parties have previously executed that certain Non-Competition Agreement, dated as of July 31, 2018 by and between EnerVest and PubCo (the “Original Agreement”), pertaining to the restraint from competition by EnerVest and certain of its affiliates in certain geographic areas in which PubCo operates; and
WHEREAS, the Parties desire to amend the Original Agreement as set forth herein and to agree upon revised consideration thereunder.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1.Sections 4(b) and (c) of the Original Agreement shall be amended and restated in their entirety as follows:
“(b)    Subject to Section 8, solely in the event that, at any time prior to the fourth anniversary of the Closing Date, the Closing Sale Price of the Class A Common Stock equals or exceeds $13.50 for at least 10 Trading Days in any consecutive 20-Trading Day period (the “First Condition”), PubCo shall (i) deliver to EnerVest Employee Services, LLC (“EES”) an amount of cash equal to the product of (x) the Closing Sale Price of the Class A Common Stock on the last Trading Day immediately preceding the two and one-half year anniversary of the Closing Date multiplied by (y) 2,025,000, and (ii) issue 375,000 shares of Class A Common Stock to John B. Walker via book entry issuance bearing customary legends noting that such securities constitute restricted securities under the Securities Act of 1933, as amended (the “Securities Act”), with the delivery and issuance described in (i) and (ii) to occur on the later of (y) the two and one-half year anniversary of the Closing Date and (z) the date on which the First Condition is satisfied.
(c)    Subject to Section 8, solely in the event that, at any time prior to the fourth anniversary of the Closing Date, the Closing Sale Price of the Class A Common Stock equals or exceeds $14.50 for at least 10 Trading Days in any consecutive 20-Trading Day period (the “Second Condition”), PubCo shall, at and by the direction of EnerVest, subject to Section 4(i), issue to EES 1,225,000 shares of Class A Common Stock and issue to John B. Walker 375,000 shares of Class A Common Stock, each on the fourth anniversary of the Closing Date via 

book entry issuance bearing customary legends noting that such securities constitute restricted securities under the Securities Act.”
2.Section 4(i) of the Original Agreement shall be amended and restated in its entirety as follows:
“(i) As a condition to the issuance of shares to EES and John B. Walker as contemplated by this Section 4, EES and Mr. Walker shall each (i) represent and warrant to PubCo in writing that, on the date of any issuance of Class A Common Stock contemplated by this Section 4 that it or he, as applicable, is an “accredited investor”, as such term is defined in Regulation D of the Securities Act and will acquire the Class A Common Stock contemplated hereby for its or his, as applicable, own account and not with a view to a sale or distribution thereof in violation of the Securities Act and the rules and regulations thereunder, any state blue sky laws or any other securities laws and (ii) if, at the time of any such issuance, EnerVest or any of its Affiliates is a Stockholder (as defined in the Stockholder Agreement) under the Stockholder Agreement, agree to be bound in writing by the Stockholder Agreement.”
3.A new Section 4(j) shall be added to the Original Agreement as follows:
“(j)    At any time PubCo is eligible to file a Registration Statement on Form S-3ASR, if any Affiliate of EnerVest that is a party to that certain Registration Rights Agreement (“EnerVest Parties”), dated as of July 31, 2018 (as amended, the “Registration Rights Agreement”), by and among PubCo and each of the persons listed under the heading “Holders” on the signature pages attached thereto: (i) requests that its Registrable Securities be included on a Demand Registration Statement or a Piggyback Registration Statement or (ii) is the initiating Holder in an Underwritten Shelf Takedown or a Block Trade, Mr. Walker shall have the same rights as such EnerVest Party as if Mr. Walker was a Holder in such request to include any shares held by Mr. Walker that would be Registrable Shares. EnerVest agrees to provide any notice or request received under the Registration Rights Agreement by an EnerVest Party to Mr. Walker and to include any required information with respect to Mr. Walker’s rights under this Section 4(j) in any notices or requests provided to PubCo under the Registration Rights Agreement, and PubCo shall have no obligation to provide Mr. Walker any notice or requests under the Registration Rights Agreement. PubCo agrees, at its own expense, to take all actions reasonable and necessary to implement Mr. Walker’s rights under this Section 4(j). Capitalized but undefined terms used in this Section 4(j) shall have the meanings ascribed to such terms in the Registration Rights Agreement.”
4.THIS AMENDMENT, THE REGISTRATION RIGHTS AGREEMENT, THE PURCHASE AGREEMENTS (AS DEFINED IN THE ORIGINAL AGREEMENT) AND THE ORIGINAL AGREEMENT, COLLECTIVELY, CONSTITUTE THE ENTIRE AGREEMENT BETWEEN THE PARTIES PERTAINING TO THE SUBJECT MATTER HEREOF AND 
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SUPERSEDE ALL PRIOR AGREEMENTS, UNDERSTANDINGS, NEGOTIATIONS, AND DISCUSSIONS, WHETHER ORAL OR WRITTEN, OF THE PARTIES PERTAINING TO THE SUBJECT MATTER HEREOF. 
5.This Amendment shall not constitute an amendment or waiver of any provision of the Original Agreement not expressly referred to herein. The Original Agreement, as amended by this Amendment, is and shall continue to be in full force and effect and is in all respects ratified and confirmed hereby.
6.The applicable provisions of Sections 9, 10 and 12 through 18 of the Original Agreement shall apply mutatis mutandis to this Amendment.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.

ENERVEST, LTD.

By:     EnerVest Management GP, L.C., 
    its General Partner 

By:      /s/ Jud Walker_ ________________
Name:      Jud Walker
Title:     President

MAGNOLIA OIL & GAS CORPORATION

By:     /s/ Stephen Chazen______________
Name:     Stephen Chazen
Title:    Chief Executive Officer

    Signature Page to Amendment No. 1 to Non-Competition Agreement

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