Document:

exv4w1

EXHIBIT
4,1

FORM OF CONTINGENT CONVERTIBLE

PERPETUAL NON-CUMULATIVE PREFERRED STOCK

SEE REVERSE

FOR LEGEND

Number:

			
	 	 	 
	Contingent Convertible Perpetual Non-

Cumulative Preferred Stock
	 	Shares

					
	 	 	 	 	 
	 
	 	CITIZENS REPUBLIC 
BANCORP, INC.
	 	CUSIP NO.: 174420109

FACE OF SECURITY

     This certifies that                      is the owner of fully paid and non-assessable shares of the
Contingent Convertible Perpetual Non-Cumulative Preferred Stock, no par value, of Citizens Republic
Bancorp, Inc. (hereinafter called the Corporation), transferable on the books of the Corporation by
the holder hereof in person or by duly authorized attorney, upon surrender of this Certificate
properly endorsed. This Certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Articles of Incorporation of Citizens Republic Bancorp, Inc.
and all amendments thereto (copies of which are on file at the office of the Transfer Agent) to all
of which the holder of this Certificate by acceptance hereof assents. This Certificate is not valid
until countersigned by the Transfer Agent and registered by the Registrar.

     Witness the facsimile seal of the Corporation and the facsimile signatures of its duly
authorized officers.

	 	 	 
	Dated

	 	Countersigned and Registered
	 
	 	 
	 

	 	American Stock Transfer & Trust Co.
	 
	 	 
	 

	 	Transfer Agent and Registrar

	 	 	 	 	 	 	 
	By
	 	 	 	 	 	 
	 

	 	Authorized Signature
	 	Secretary
	 	[Title]

 

REVERSE OF SECURITY

CITIZENS REPUBLIC BANCORP, INC.

     The shares of Contingent Convertible Perpetual Non-Cumulative Preferred Stock (the “CONTINGENT
CONVERTIBLE PREFERRED STOCK”) will automatically convert on the fifth business day after which the
Corporation receives the approval of holders of its Common Stock of an amendment to the Amended &
Restated Articles of Incorporation to increase the number of authorized shares of Common Stock to
permit the full conversion of the Contingent Convertible Preferred Stock into a number of shares of
Common Stock, no par value, of the Corporation (the “COMMON SHARES”) as provided in the Certificate
of Designations that amends the Amended and Restated Articles of Incorporation of the Corporation
relating to the Contingent Convertible Preferred Stock (the “CERTIFICATE OF DESIGNATIONS”). The
preceding description is qualified in its entirety by reference to the Certificate of Designations,
a copy of which will be furnished by the Corporation to any shareholder without charge upon request
addressed to the Secretary of the Corporation at its principal office in Flint, Michigan, or to the
Transfer Agent named on the face of this certificate.

     The Corporation will furnish to any shareholders, upon request, and without charge, a full
statement of the designations, relative rights, preferences and limitations of the shares of each
class and series authorized to be issued so far as the same have been determined and of the
authority of the Board to divide the shares into classes or series and to determine and change the
relative rights, preferences and limitations of any class or series. Any such request should be
addressed to the Secretary of the Corporation at its principal office in Flint, Michigan, or to the
Transfer Agent named on the face of this certificate.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR THE TRANSFER AGENT NAMED ON THE FACE
OF THIS CERTIFICATE, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS
MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.

     TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE CERTIFICATE OF AMENDMENT. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
THE TRANSFER AGENT NAMED ON THE FACE OF THIS CERTIFICATE SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.

 

ASSIGNMENT

FOR VALUE RECEIVED,                      HEREBY SELL, ASSIGN AND TRANSFER UNTO

Please Insert Social Security or

Other Identifying Number of Assignee

(Please Print or Typewrite Name and Address, Including Zip Code, of Assignee)

SHARES OF THE CAPITAL STOCK REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY
CONSTITUTE AND APPOINT

ATTORNEY TO TRANSFER THE SAID STOCK ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH FULL POWER OF
SUBSTITUTION IN THE PREMISES.

DATED

	 	 	 	 	 
	 

	 	NOTICE:
	 	The Signature to this Assignment Must Correspond
with the Name As Written Upon the Face of the
Certificate in Every Particular, Without Alteration or
Enlargement or Any Change Whatever.

SIGNATURE GUARANTEED

(Signature Must Be Guaranteed by a Member

of a Medallion Signature Program)exv10w1

EXHIBIT 10.1

Execution Copy

WAIVER AGREEMENT

     This WAIVER AGREEMENT (“Agreement”) dated as of June 9, 2008 (“Effective Date”) is among
Pioneer Drilling Company, a Texas corporation (“Borrower”), the Guarantors (as defined below), the
Lenders (as defined below) signatory hereto, and Wells Fargo Bank, N.A., as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”), as issuing lender (in such
capacity, the “Issuing Lender”), and as swing line lender (in such capacity, the “Swing Line
Lender”).

RECITALS

     A. The Borrower is party to that certain Credit Agreement dated as of February 29, 2008 (the
“Credit Agreement”) among the Borrower, the lenders party thereto from time to time (the
“Lenders”), the Administrative Agent, the Issuing Lender, and the Swing Line Lender.

     B. The Borrower has requested that the Lenders (i) acknowledge the existence of a Default (as
defined in the Credit Agreement), and (ii) provide for a waiver for such Default as set forth
below, and the Lenders signatory hereto have agreed, subject to the terms and conditions of this
Agreement, to such acknowledgement and waiver.

     NOW THEREFORE, in consideration of the benefits to be derived by the parties hereto and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     Section 1. Defined Terms; Etc. As used in this Agreement, each of the capitalized
terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to
such terms therein. Each capitalized term defined in the Credit Agreement and used herein without
definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly
provided to the contrary. Article, Section, Schedule, and Exhibit references are to Articles and
Sections of and Schedules and Exhibits to this Agreement, unless otherwise specified. The words
“hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement.

     Section 2. Waiver. The Borrower hereby acknowledges the existence of a Default
arising from the Borrower’s failure to timely deliver internally prepared Financial Statements
within 60 days after the end of the fiscal quarter ending on March 31, 2008 certified by a
Financial Officer of the Borrower as fairly presenting in all material respects the financial
condition of the Borrower, together with a duly completed Compliance Certificate, in each case as
required under Section 5.2(b) of the Credit Agreement (the “Existing Default”). Subject to the
terms and conditions of this Agreement, the Lenders hereby waive the Existing Default; provided
however that (a) the Borrower complies with the requirements of Section 5.2(b) of the Credit
Agreement for the fiscal quarter ending on March 31, 2008 on or before August 13, 2008, and (b)
until such time as the Borrower complies with the requirements of Section 5.2(b) of the
Credit Agreement for the fiscal quarter ending on March 31, 2008, (i) the sum of the aggregate
outstanding amount of all Revolving Advances plus the Letter of Credit Exposure
plus the aggregate outstanding amount of all Swing Line Advances shall not exceed
$350,000,000 at any

 

 

time (provided, however, that the Commitment Fee shall continue to be calculated based on the
Total Commitment) and (ii) the Applicable Margin shall be determined at Level V. In addition, as a
result of and in connection with the Existing Default, the Lenders hereby waive the requirement
that the Borrower make the representation set forth in Section 4.4(a) with respect to the audited
financial statements for the Borrower and its Restricted Subsidiaries (other than the Wedge
Entities) dated as of December 31, 2007 being true and correct in all material respects and
presenting fairly in all material respects the consolidated financial condition of the Borrower and
its Restricted Subsidiaries (other than the Wedge Entities) as of the date thereof (the “Financial
Statement Representation”) until the earlier of (A) the date of the Borrower’s compliance with the
requirements of Section 5.2(b) of the Credit Agreement for the fiscal quarter ending on March 31,
2008 and (B) August 13, 2008. The waivers by the Lenders described in this Section 2 are
contingent upon the satisfaction of the conditions precedent set forth in Section 4 below and are
limited to the Existing Default and the Financial Statement Representation. Such waiver shall not
be construed to be a permanent waiver of the Sections covered by the Existing Default or the
Financial Statement Representation or any other terms, provisions, covenants, warranties or
agreements contained in the Credit Agreement or in any of the other Credit Documents. The
description herein of the Existing Default is based upon the information provided to the Lenders on
or prior to the date hereof and shall not be deemed to exclude the existence of any other Defaults
or Events of Default. The failure of the Lenders to give notice to the Borrower or the Guarantors
of any such other Defaults or Events of Default is not intended to be nor shall be a waiver
thereof.

     Section 3. Representations and Warranties. The Borrower and each Guarantor hereby
represents and warrants that: (a) after giving effect to this Agreement, the representations and
warranties of such Person contained in the Credit Agreement (other than the Financial Statement
Representation) and the representations and warranties of such Person contained in the other Credit
Documents are true and correct in all material respects on and as of the Effective Date as if made
on as and as of such date, except to the extent that any such representation or warranty expressly
relates solely to an earlier date, in which case such representation or warranty is true and
correct in all material respects as of such earlier date; (b) after giving effect to this
Agreement, no Default has occurred and is continuing; (c) the execution, delivery and performance
of this Agreement are within the corporate, limited liability company or partnership power and
authority of such Person and have been duly authorized by appropriate corporate, limited liability
company or partnership action and proceedings; (d) this Agreement constitutes the legal, valid, and
binding obligation of such Person enforceable in accordance with its terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights
of creditors generally and general principles of equity; and (e) there are no governmental or other
third party consents, licenses and approvals required in connection with the execution, delivery,
performance, validity and enforceability of this Agreement.

     Section 4. Conditions to Effectiveness. This Agreement shall become effective on the
Effective Date and enforceable against the parties hereto upon the occurrence of the following
conditions precedent: (a) the Administrative Agent shall have received multiple counterparts, as
requested by the Administrative Agent, of this Agreement duly and validly executed and delivered by
duly authorized officers of the Borrower and the Majority Lenders; and (b) the Borrower shall have
paid (i) to the Administrative Agent for the pro rata account of the Lenders executing this
Agreement, an amendment and consent fee equal to 0.02% of each

-2-

 

such Lender’s Revolving Commitment in effect as of the Effective Date and (ii) any other fees
as may be agreed to between the Administrative Agent and the Borrower and all fees and expenses of
the Administrative Agent’s outside legal counsel pursuant to all invoices presented for payment on
or prior to the Effective Date. Such fees shall be non-refundable and deemed to be fully earned
when paid.

     Section 5. Acknowledgments and Agreements.

          (a) The Borrower acknowledges that on the date hereof all outstanding Obligations are payable
in accordance with their terms and the Borrower waives any defense, offset, counterclaim or
recoupment with respect thereto.

          (b) The Administrative Agent and the Lenders hereby expressly reserve all of their rights,
remedies, and claims under the Credit Documents. Nothing in this Agreement shall constitute a
waiver or relinquishment of (i) any Default or Event of Default under any of the Credit Documents
other than as expressly set forth above with respect to the Existing Default, (ii) any of the
agreements, terms or conditions contained in any of the Credit Documents, other than as expressly
set forth above with respect to the Existing Default and the Financial Statement Representation,
(iii) any rights or remedies of the Administrative Agent or any Lender with respect to the Credit
Documents, or (iv) the rights of the Administrative Agent or any Lender to collect the full amounts
owing to them under the Credit Documents. The Lenders reserve the right to exercise any rights and
remedies available to them in connection with any other present or future defaults with respect to
the Credit Agreement or any other provision of any Credit Document.

          (c) The Borrower hereby agrees and acknowledges that the Lenders require and will require
strict performance by the Borrower of all of its obligations, agreements and covenants contained in
the Credit Agreement and the other Credit Documents, and no inaction or action regarding any
Default or Event of Default is intended to be or shall be a waiver thereof.

          (d) Each of the Borrower, the Guarantors, the Administrative Agent, the Issuing Lender, the
Swing Line Lender and the Lenders does hereby adopt, ratify, and confirm the Credit Agreement and
acknowledges and agrees that, except as specifically waived or amended hereby, the Credit Agreement
is and remains in full force and effect, and the Borrower and the Guarantors acknowledge and agree
that their respective liabilities and obligations under the Credit Agreement and the Guaranty, are
not impaired in any respect by this Agreement, other than as expressly set forth above with respect
to the Existing Default and the Financial Statement Representation.

          (e) This Agreement is a Credit Document for the purposes of the provisions of the other Credit
Documents. Without limiting the foregoing, any breach of representations, warranties, and
covenants under this Agreement shall be a Default or Event of Default, as applicable, under the
Credit Agreement.

     Section 6. Reaffirmation of the Guaranty. Each Guarantor hereby ratifies, confirms,
acknowledges and agrees that its obligations under the Guaranty are in full force and effect and
that such Guarantor continues to unconditionally and irrevocably guarantee the full

-3-

 

and punctual payment, when due, whether at stated maturity or earlier by acceleration or
otherwise, all of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed
Obligations may have been amended by this Agreement, and its execution and delivery of this
Agreement does not indicate or establish an approval or consent requirement by such Guarantor under
the Guaranty in connection with the execution and delivery of amendments, consents or waivers to
the Credit Agreement, the Notes or any of the other Credit Documents.

     Section 7. Counterparts; Successors and Assigns. This Agreement may be signed in any
number of counterparts, each of which shall be an original and all of which, taken together,
constitute a single instrument. This Agreement may be executed electronically or by facsimile
signature and all such signatures shall be effective as originals. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted pursuant to the Credit Agreement.

     Section 8. Invalidity; Governing Law. In the event that any one or more of the
provisions contained in this Agreement shall for any reason be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Agreement. This Agreement shall be deemed to be a contract made under and
shall be governed by and construed in accordance with the laws of the State of Texas.

     Section 9. Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT, THE NOTES, AND THE
OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO
THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT
THERETO.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[SIGNATURES BEGIN ON NEXT PAGE]

-4-

 

     EXECUTED effective as of the date first above written.

	 	 	 	 	 
	BORROWER: 	 PIONEER DRILLING COMPANY

 	 
	 	By:  	/s/ Joyce M. Schuldt
 	 
	 	 	Joyce M. Schuldt 	 
	 	 	Chief Financial Officer 	 
	 
	GUARANTORS: 	 PIONEER DRILLING SERVICES, LTD.

PIONEER PRODUCTION SERVICES, INC.

PIONEER WIRELINE SERVICES 
   HOLDINGS, INC.

PIONEER WELL SERVICES HOLDINGS, INC.

PIONEER FISHING & RENTAL SERVICES 
   HOLDINGS, INC.

PIONEER WELL SERVICES, LLC

PIONEER FISHING & RENTAL SERVICES, LLC

PIONEER WIRELINE SERVICES, LLC 

 	 
	 	Each  by:  	/s/ Joyce M. Schuldt
 	 
	 	 	Joyce M. Schuldt 	 
	 	 	Chief Financial Officer 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	ADMINISTRATIVE AGENT/

ISSUING LENDER/

SWING LINE LENDER/

LENDER:
 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	/s/ Eric Hollingsworth
 	 
	 	 	Eric Hollingsworth 	 
	 	 	Senior Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	LENDERS: 	 WELLS FARGO BANK, N.A., as a Lender

 	 
	 	By:  	/s/ Eric Hollingsworth
 	 
	 	 	Name:  	Eric Hollingsworth 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	FORTIS BANK SA/NV, NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Svein Engh
 	 
	 	 	Name:  	Svein Engh 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	     /s/ K. De Lathauwer
 	 
	 	 	Name:  	K. De Lathauwer 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	AMEGY BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Michael Skarke
 	 
	 	 	Name:  	Michael Skarke 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	NATIXIS, as a Lender

 	 
	 	By:  	/s/ Timothy L. Polvado
 	 
	 	 	Name:  	Timothy L. Polvado 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	     /s/ Carlos L. Quinteros
 	 
	 	 	Name:  	Carlos L. Quinteros 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	CATERPILLAR FINANCIAL SERVICES CORPORATION, as a Lender

 	 
	 	By:  	/s/ Christopher C. Patterson 	 
	 	 	Name:  	Christopher C. Patterson 	 
	 	 	Title:  	Global Operations Manager-Capital Markets 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender

 	 
	 	By:  	/s/ Gary L. Mingle
 	 
	 	 	Name:  	Gary L. Mingle 	 
	 	 	Title:  	Senior Vice-President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	COMERICA BANK, as a Lender

 	 
	 	By:  	/s/ Gary Culbertson
 	 
	 	 	Name:  	Gary Culbertson 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	THE FROST NATIONAL BANK, as Issuing Lender for Existing
Letters of Credit and a Lender

 	 
	 	By:  	/s/ Gregg Chinn
 	 
	 	 	Name:  	Gregg Chinn 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as a Lender

 	 
	 	By:  	/s/ Brian N. Thomas
 	 
	 	 	Name:  	Brian N. Thomas 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Steven F. Larsen
 	 
	 	 	Name:  	Steven F. Larsen 	 
	 	 	Title:  	First Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	BANK OF SCOTLAND plc, as a Lender

 	 
	 	By:  	/s/ Julia R. Franklin
 	 
	 	 	Name:  	Julia R. Franklin 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

 

 

	 	 	 	 	 
	 	WHITNEY NATIONAL BANK, as a Lender

 	 
	 	By:  	/s/ Paul W. Cole
 	 
	 	 	Name:  	Paul W. Cole 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Waiver Agreement

(Pioneer Drilling Company)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]