Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 FIRST
AMENDMENT 
 TO 

FOURTH AMENDED AND RESTATED 

CREDIT AGREEMENT 

DATED AS OF FEBRUARY 5, 2018 

AMONG 

BLACK STONE MINERALS COMPANY, L.P., 

AS BORROWER, 

BLACK STONE MINERALS, L.P., 

AS PARENT MLP, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS ADMINISTRATIVE AGENT, 

AND 

THE LENDERS PARTY HERETO 

SOLE BOOK RUNNER AND SOLE LEAD
ARRANGER 
 WELLS FARGO SECURITIES, LLC 

 FIRST AMENDMENT TO FOURTH AMENDED 

AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) dated as of
February 5, 2018, is among: BLACK STONE MINERALS COMPANY, L.P., a Delaware limited partnership (the “Borrower”); BLACK STONE MINERALS, L.P., a Delaware limited partnership (the “Parent MLP”); each of the
lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such
capacity, the “Administrative Agent”). 
 R E C I T A L S 

A. The Borrower, the Parent MLP, the Administrative Agent and the Lenders are parties to that certain Fourth Amended and Restated Credit
Agreement dated as of November 1, 2017 (as amended, modified or supplemented to date, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 

B. The Borrower, the Parent MLP, the Administrative Agent and the Lenders desire to amend the Credit Agreement in connection with Parent
MLP’s issuance of Series B Preferred Stock as provided herein. 
 C. Now, therefore, to induce the Administrative Agent and the Lenders
to enter into this First Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given
such term in the Credit Agreement, as amended by this First Amendment. Unless otherwise indicated, all section references in this First Amendment refer to sections of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1 Amendments to Section 1.02. Section 1.02 is hereby amended by deleting the following definitions in their
entirety and replacing them with the following: 
 “Agreement” means this Fourth Amended and Restated Credit
Agreement, as amended by the First Amendment to Fourth Amended and Restated Credit Agreement dated as of February 5, 2018, as the same may be amended or supplemented from time to time. 

“Change of Control” means: 

(i) the Parent MLP shall cease to own, directly or indirectly, all of the outstanding equity interests of (a) the Borrower
and (b) the General Partner; (ii) any Person or two or more Persons acting as a group (as defined in Section 

  
 1 

 
13(d)(3) of the Securities Exchange Act of 1934), other than the Parent MLP or any Wholly-Owned Subsidiary of the Parent MLP, shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the Securities Exchange Act of 1934) of 35% or more of the outstanding membership interests of the Parent MLP GP; (iii) individuals who, as of the Closing Date, constitute the board of
directors of the Parent MLP GP (the “Parent MLP GP Incumbent Board”) cease for any reason to constitute at least a majority of the board of directors of the Parent MLP GP; provided, however, that any individual becoming a director
of the Parent MLP GP subsequent to such date whose election, or nomination for election by the Parent MLP GP’s board of directors or committee thereof, was approved by a vote of at least a majority of the directors then comprising the Parent
MLP GP Incumbent Board, shall be considered as though such individual were a member of the Parent MLP GP Incumbent Board; or (iv) a Series B Change of Control occurs pursuant to the terms of the Series B Preferred Stock. 

Section 1.02 is hereby amended by adding the following definitions where alphabetically appropriate to read as follows: 

“Parent MLP LPA” shall mean that certain First Amended and Restated Agreement of Limited Partnership
Agreement, dated as of May 6, 2015, as amended by Amendment No. 1 thereto, effective as of May 6, 2015, and by Amendment No. 2 thereto, effective November 28, 2017, and as may be further amended, restated, amended and
restated, supplemented or otherwise modified from time to time. 
 “Series B Change of Control Cash Redemption
Election” shall mean a notice issued in connection with a Series B Change of Control by a holder of Series B Preferred Stock to Parent MLP pursuant to paragraph 11(b) of Annex B of the Parent MLP LPA electing to require Parent MLP to redeem
such holder’s Series B Preferred Stock for cash pursuant to paragraph 11(b)(iv) of such Annex B of the Parent MLP LPA. 

“Series B Change of Control” shall have the meaning assigned such term in the Parent MLP LPA. 

“Series B Change of Control Notice” shall mean a notice issued by Parent MLP to the holders of Series B
Preferred Stock pursuant to paragraph 11(b) of Annex B of the Parent MLP LPA) of a Series B Change of Control. 

“Series B Preferred Stock” shall mean (i) (x) $300,000,000 of Parent MLP’s Series B Cumulative
Convertible Preferred Units (as defined in the Parent MLP LPA) issued pursuant to Amendment No. 2 to the Parent MLP LPA and (y) any Series B PIK Units (as defined in the Parent MLP LPA) issued in connection with the same and (ii) (x)
up to $200,000,000 of Series B Parity Securities (as defined in the Parent MLP LPA) and (y) any equity interests of the same type as the Series B Parity Securities issued as
“payment-in-kind” with respect to such Series B Parity Securities. 

  
 2 

 2.2 Amendment to Section 8.01(i). Section 8.01(i) is hereby
amended to read as follows: 
 (i) Series B Preferred Stock. (i) contemporaneous with the issuance thereof by
Parent MLP (and in any event not less than ten (10) Business Days prior to any Series B Change of Control), any Series B Change of Control Notice and (ii) promptly upon receipt thereof by Parent MLP, a copy of any Series B Change of
Control Cash Redemption Election. 
 2.3 Amendment to Section 9.01(a). The parenthetical in Section 9.01(a)
is hereby amended to read as follows: 
 (excluding the Preferred Stock and the Series B Preferred Stock) 

2.4 Amendment to Section 9.02(m). Section 9.02(m) is hereby amended to read as follows: 

 

	 	(m)	the Preferred Stock and the Series B Preferred Stock. 

 2.5 Amendments to
Section 9.04. Section 9.04 is hereby amended to read as follows: 
 Section 9.04.
Dividends, Distributions and Redemptions. The Parent MLP and the Borrower will not, and will not permit any Restricted Subsidiary to, declare or pay any dividend, purchase, redeem or otherwise acquire for value any of its capital or
partnership interests now or hereafter outstanding, return any capital to its Partners or make any distribution of its assets to its Partners, except for any such dividend, distribution or redemption (collectively, “Distributions”)

 (a) by any Restricted Subsidiary to the Parent MLP or to any other Restricted Subsidiary; 

(b) by the Parent MLP, other than a redemption of the Preferred Stock or the Series B Preferred Stock, so long as no Default,
Event of Default or Deficiency has occurred and is continuing or would result therefrom; 
 (c) by the Parent MLP of a
redemption of the Preferred Stock, so long as (i) no Default, Event of Default or Deficiency has occurred and is continuing or would result therefrom, (ii) after giving effect to such redemption of Preferred Stock on a pro forma basis, the
Parent MLP shall be in compliance with the covenants set forth in Section 9.01 as of the last day of the applicable period covered by the certificate most recently delivered pursuant to Section 8.01(f) (for purposes of Section 9.01,
as if such redemption of the Preferred Stock, and all other redemption of Preferred Stock and Series B Preferred Stock since the first day of such applicable period, had been redeemed on the first day of such applicable period), and (iii) after
giving effect to such redemption of Preferred Stock, the Parent MLP shall have demonstrated that it will have unrestricted cash 

  
 3 

 
liquidity (including, for purposes of this computation, the Unused Amount that is then available for borrowing) in an amount not less than 10% of the Aggregate Elected Revolving Commitment
Amount; 
 (d) by the Parent MLP of a redemption of the Series B Preferred Stock in connection with a mandatory redemption
upon a Series B Change of Control, so long as all Loans, all interest thereon and all other amounts payable by the Borrower hereunder and under the other Loan Documents that have become due and payable as a result of such Series B Change of Control
have first been paid in full or such required payments have been waived in accordance with Section 12.04; and 
 (e) by
the Parent MLP of a redemption of the Series B Preferred Stock (other than a redemption described in clause (d) above), so long as (i) no Default, Event of Default or Deficiency has occurred and is continuing or would result therefrom,
(ii) after giving effect to such redemption of Series B Preferred Stock on a pro forma basis (x) the Parent MLP shall be in compliance with the covenant set forth in Section 9.01(b) and (y) the ratio of Total Debt (excluding the
Preferred Stock and the Series B Preferred Stock) as of such time to EBITDAX for the four fiscal quarters ending on the last day of the fiscal quarter immediately preceding the date of determination for which financial statements are available shall
be less than or equal to 2.5 to 1.0, in each case as of the last day of the applicable period covered by the certificate most recently delivered pursuant to Section 8.01(f) (for purposes hereof, as if such redemption of the Series B Preferred
Stock, and all other redemption of Preferred Stock and Series B Preferred Stock since the first day of such applicable period, had been redeemed on the first day of such applicable period), and (iii) after giving effect to such redemption of
Series B Preferred Stock, the Parent MLP shall have demonstrated that it will have unrestricted cash liquidity (including, for purposes of this computation, the Unused Amount that is then available for borrowing) in an amount not less than 20% of
the Aggregate Elected Revolving Commitment Amount. 
 Parent MLP shall not amend or modify the terms of Annex B of the Parent MLP LPA, if
such amendment or modification would (x) amend or modify the requirement set forth in paragraph 11(b)(iv) of such Annex B such that any redemption payable in cash pursuant thereto shall be subject to the prior payment of any Indebtedness then
due as a result of the event resulting in the Series B Change of Control triggering such redemption or (y) provide for the mandatory redemption of the Series B Preferred Stock for any consideration other than capital stock or other equity
interests upon the happening of any event other than a Series B Change of Control. 
 2.6 Amendments to
Section 10.02. Section 10.02(a) is hereby amended to read as follows: 
 (a) In the case of an
Event of Default other than one referred to in Section 10.01 (e), (f) or (g) (or in Section 10.01(j) that is a Series B Change of Control pursuant to which a holder of Series B Preferred Stock has issued a Series B Change of Control Cash
Redemption Notice), the Administrative Agent shall, upon request of the Majority Lenders, by notice to the Borrower, cancel the Revolving Commitments and/or declare the principal amount then outstanding of, and the accrued interest on, the Loans and
all 

  
 4 

 
other amounts payable by the Borrower hereunder and under the Notes (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in Section 2.10(b))
to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other formalities of any kind, all of which are hereby
expressly waived by the Borrower. 
 Section 10.02(b) is hereby amended by adding a new sentence at the end thereof, to read as
follows: 
 In the case of an Event of Default referred to in Section 10.01(j) that is a Series B Change of Control pursuant to which a
holder of Series B Preferred Stock has issued a Series B Change of Control Cash Redemption Notice, the principal amount then outstanding of, and the accrued interest on, the Loans and all other amounts payable by the Borrower hereunder and under the
Notes (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in Section 2.10(b)) shall become automatically immediately due and payable upon the consummation of such Series B Change of Control,
without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other formalities of any kind, all of which are hereby expressly waived by the Borrower; provided, such acceleration may at any time prior to the payment
in full of such amounts by the Borrower be rescinded by Majority Lenders. 
 2.7 Amendments to Section 12.04.
Section 12.04(a) is hereby amended by adding the following at the end thereof: 
 ; provided, the rescission of any acceleration of the
Loans and other amounts payable by the Borrower hereunder and under the Notes pursuant to the last sentence of Section 10.02(b) shall as provided therein be effective upon consent of Majority Lenders: 

Section 3. Conditions Precedent. This First Amendment shall become effective on the date (such date, the “First Amendment
Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 12.04): 
 3.1 The
Administrative Agent shall have received from the Majority Lenders, the Parent MLP, and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on behalf of such Person. 

3.2 The Administrative Agent shall have received the Consent and Agreement attached to this First Amendment executed by the Guarantors (in
such numbers as may be requested by the Administrative Agent). 
 3.3 The Administrative Agent and the Lenders shall have received all fees
and other amounts due and payable on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses
required to be reimbursed or paid by the Borrower under the Credit Agreement. 
 3.4 No Default or Event of Default shall have occurred and
be continuing as of the date hereof, immediately after giving effect to the terms of this First Amendment. 

  
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 The Administrative Agent is hereby authorized and directed to declare this First Amendment to be
effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 of this Amendment or the waiver of such conditions as permitted in
Section 12.04. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 4. Miscellaneous. 

4.1 Confirmation. The provisions of the Credit Agreement, as amended and waived by this First Amendment, shall remain in full force and
effect following the effectiveness of this First Amendment. 
 4.2 Ratification and Affirmation; Representations and Warranties. Each
of the Borrower and the Parent MLP hereby (a) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party
remains in full force and effect as expressly amended or waived hereby and (b) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this First Amendment: 

(i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in
all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date,

 (ii) no Default or Event of Default has occurred and is continuing, and 

(iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect. 
 4.3 Counterparts. This First Amendment may be executed by one or more of the parties hereto in any number of
separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this First Amendment by facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. 
 4.4 NO ORAL AGREEMENT. THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS
EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. 
 4.5 GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 

  
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 4.6 Payment of Expenses. In accordance with Section 12.03, the Borrower agrees to pay
or reimburse the Administrative Agent for all of its reasonable out-of-pocket expenses incurred in connection with this First Amendment, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees, charges and disbursements of counsel to the Administrative Agent. 

4.7 Severability. Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 4.8 Successors and Assigns. This First Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 
 4.9 Loan Document. This First Amendment is a Loan
Document. 
 [SIGNATURES BEGIN NEXT PAGE] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of
the date first written above. 
  

			
	BLACK STONE MINERALS COMPANY, L.P., as Borrower
		
	By:	 	 BSMC GP, L.L.C.,
 its General
Partner

		
	By:	 	 Black Stone Minerals, L.P.,
 its Sole
Member

		
	By:	 	 Black Stone Minerals GP, L.L.C.,
 its General
Partner

		
	By:	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	 Senior Vice President and
 Chief Financial
Officer

	
	BLACK STONE MINERALS, L.P., as Parent MLP
		
	By:	 	 Black Stone Minerals GP, L.L.C.,
 its General
Partner

		
	By:	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President
and Chief Financial Officer

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Administrative Agent, Issuing Bank and a Lender
		
	By:	 	 /s/ Lila Jordan

	Name:	 	Lila Jordan
	Title:	 	Managing Director

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

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

		
	By:	 	 /s/ Alia Qaddumi

	Name:	 	Alia Qaddumi
	Title:	 	Director

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 COMPASS BANK,
 as a
Lender

		
	By:	 	 /s/ Gabriela Azcarate

	Name:	 	Gabriela Azcarate
	Title:	 	Vice President

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 JPMORGAN CHASE BANK N.A.,
 as
a Lender

		
	By:	 	 /s/ Theresa M. Benson

	Name:	 	Theresa M. Benson
	Title:	 	Authorized Officer

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 NATIXIS, NEW YORK BRANCH,

as a Lender

		
	By:	 	 /s/ Brice Le Foyer

	Name:	 	Brice Le Foyer
	Title:	 	Director
		
	By:	 	 /s/ Ajay Prakash

	Name:	 	Ajay Prakash
	Title:	 	Vice President

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 ZB, N.A. DBA AMEGY BANK,
 as
a Lender

		
	By:	 	 /s/ Sam Trail

	Name:	 	Sam Trail
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender
		
	By:	 	 /s/ Alan Dawson

	Name:	 	Alan Dawson
	Title:	 	Director

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	IBERIABANK,
	as a Lender
		
	By:	 	 /s/ Blake Norris

	Name:	 	Blake Norris
	Title:	 	Vice President

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	ABN AMRO CAPITAL USA LLC,
	as a Lender
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director
		
	By:	 	 /s/ Michaela Braun

	Name:	 	Michaela Braun
	Title:	 	Director

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	KEYBANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ George E. McKean

	Name:	 	George E. McKean
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	TEXAS CAPITAL BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ James E. Hibbert, Jr.

	Name:	 	James E. Hibbert, Jr.
	Title:	 	Assistant Vice President

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	BOKF, N.A. DBA BANK OF TEXAS.,
	as a Lender
		
	By:	 	 /s/ Marisol Salazar

	Name:	 	Marisol Salazar
	Title:	 	SVP

  
 SIGNATURE PAGE 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 [First Amendment] 

CONSENT AND AGREEMENT 
 Each of
the undersigned hereby (i) consents to the provisions of this First Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Fifth Amended and Restated Guaranty and Collateral Agreement dated as of
November 1, 2017, as amended, modified or supplemented to date, made by it for the benefit of Administrative Agent and Lenders executed pursuant to the Credit Agreement and the other Loan Documents, (iii) ratifies and confirms all other
Loan Documents made by it for the benefit of Administrative Agent and Lenders, (iv) agrees that all of its respective obligations and covenants thereunder, except as may be amended or modified hereby, shall remain unimpaired by the execution
and delivery of this First Amendment and the other documents and instruments executed in connection herewith, and (v) agrees that such Fifth Amended and Restated Guaranty and such other Loan Documents shall remain in full force and effect. 

[SIGNATURES BEGIN NEXT PAGE] 

 IN WITNESS WHEREOF, the parties hereto have caused this Consent and Agreement to be duly executed
as of the date first written above. 
  

			
	BLACK STONE ENERGY COMPANY, L.L.C.
		
	 By:
	 	Black Stone Minerals Company, L.P.,
		 	its Sole Member
		
	 By:
	 	BSMC GP, L.L.C.,
		 	its General Partner
		
	 By:
	 	Black Stone Minerals, L.P.,
		 	its Sole Member
		
	 By:
	 	Black Stone Minerals GP, L.L.C.,
		 	its General Partner
		
	 By:
	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President and Chief Financial Officer
	
	BLACK STONE NATURAL RESOURCES, L.L.C.
		
	 By:
	 	Black Stone Minerals Company, L.P.,
		 	its Sole Member
		
	 By:
	 	BSMC GP, L.L.C.,
		 	its General Partner
		
	 By:
	 	Black Stone Minerals, L.P.,
		 	its Sole Member
		
	 By:
	 	Black Stone Minerals GP, L.L.C.,
		 	its General Partner
		
	 By:
	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President and Chief Financial Officer

  
 SIGNATURE PAGE 

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	TLW INVESTMENTS, L.L.C.
		
	By:	 	Black Stone Energy Company, L.L.C.,
		 	its Manager
		
	By:	 	Black Stone Minerals Company, L.P.,
		 	its Sole Member
		
	By:	 	BSMC GP, L.L.C.,
		 	its General Partner
		
	By:	 	Black Stone Minerals, L.P.,
		 	its Sole Member
		
	By:	 	Black Stone Minerals GP, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President and Chief Financial Officer
	
	BSAP II GP, L.L.C.
		
	By:	 	Black Stone Minerals Company, L.P.,
		 	its Sole Member
		
	By:	 	BSMC GP, L.L.C.,
		 	its General Partner
		
	By:	 	Black Stone Minerals, L.P.,
		 	its Sole Member
		
	By:	 	Black Stone Minerals GP, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President and Chief Financial Officer

  
 SIGNATURE PAGE 

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	BLACK STONE MINERALS, L.P.
		
	By:	 	Black Stone Minerals GP, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President and Chief Financial Officer
	
	BSMC GP, L.L.C.
		
	By:	 	Black Stone Minerals, L.P.,
		 	its Sole Member
		
	By:	 	Black Stone Minerals GP, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Jeffrey P. Wood

		 	Jeffrey P. Wood
		 	Senior Vice President and Chief Financial Officer

  
 SIGNATURE PAGE 

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENTExhibit 10.3

 

EnSync, Inc.

Director Compensation Policy

 

Members of the Board of Directors (the “Board”)
of EnSync, Inc. (the “Company”) who are not officers or employees of the Company or any subsidiary of the Company (“non-employee
directors”) shall be paid the following amounts in consideration for their services on the Board:

 

		(i)	An annual equity retainer in the amount of $96,000, to be awarded in accordance with clause (v) below.

 

		(ii)	In addition, an annual Chairman’s retainer in the following amounts, payable in cash quarterly in arrears: $50,000 for
the Chairman of the Board; $12,000 for the Chairman of the Audit Committee and for the Chairman of the Compensation Committee;
and $8,000 for the Chairman of the Nominating and Governance Committee.

 

		(iii)	In addition, an annual committee membership fee in the amount of $6,000 for each committee of the Board on which the non-employee
director serves, payable in cash quarterly in arrears, provided the non-employee director remains in continuous service with the
Board through each applicable payment date.

 

		(iv)	The annual equity retainer for a non-employee director for a year will be awarded as of the date of the annual meeting of shareholders
of the Company (the “Annual Meeting”) in the form of restricted stock units (“RSUs”) under the Company’s
2012 Non-Employee Director Equity Compensation Plan (or any successor plan thereto) (the “Stock Plan”). The RSUs will
have the following terms and conditions: (A) the number of RSUs will be determined by dividing the dollar amount of the award by
the closing price of the Company’s common stock on the first business day preceding the Annual Meeting, rounded up to the
next whole share; (B) 25% of the RSUs will vest on the date of grant, and the remaining RSUs will vest 25% each on March 31, June
30 and September 30 following the Annual Meeting, provided the non-employee director remains in continuous service with the Board
through the applicable vesting date; (C) the RSUs will vest earlier in the event of a “Change in Control” of the Company
(as defined in the Stock Plan); (D) except in the case of Mr. Stern’s RSUs, vested RSUs will be payable upon the earlier
of (x) the date that is 90 days after the non-employee director “separates from service” with the Board (within the
meaning of Section 409A of the Internal Revenue Code) or (y) the date of a Change in Control (provided that the Change in Control
is a permissible “change in control” payment event within the meaning of Section 409A of the Internal Revenue Code);
(E) Mr. Stern’s ssvested RSUs will be payable on vesting; (F) vested RSUs will be payable in the form of one share of common
stock of the Company for each vested RSU then payable; and (G) the RSUs will otherwise be subject to the terms of the Stock Plan
and will be evidenced by an appropriate RSU award agreement.

 

Directors who are not non-employee directors
receive no compensation for such service.

 

Adopted Effective November 14, 2017

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