Document:

exv10w20

Exhibit 10.20

AGREEMENT AND AMENDMENT NO. 3

     This
AGREEMENT AND AMENDMENT NO. 3 (“Agreement”) dated as of
May 23, 2011 (“Effective Date”)
is among Alta Mesa Holdings, LP, a Texas limited partnership (“Borrower”), the affiliates of the
Borrower party hereto (the “Guarantors”), the Lenders (as defined below), and Wells Fargo Bank,
N.A. as administrative agent for such Lenders (in such capacity, the “Administrative Agent”) and as
issuing lender (in such capacity, the “Issuing Lender”).

RECITALS

     A. The Borrower is party to that certain Sixth Amended and Restated Credit Agreement dated as
of May 13, 2010 among the Borrower, the lenders party thereto from time to time (the “Lenders”),
the Administrative Agent, and the Issuing Lender, as amended by that certain Amendment No. 1 dated
as of September 2, 2010 among the Borrower, the Guarantors, the Lenders, the Administrative Agent
and the Issuing Lender and that certain Agreement and Amendment No. 2 dated as of December 6, 2010
among the Borrower, the Guarantors, the Lenders, the Administrative Agent and the Issuing Lender
(as so amended, the “Credit Agreement”).

     B. The parties hereto wish to, subject to the terms and conditions of this Agreement, (i)
redetermine and increase the Borrowing Base (as defined in the Credit Agreement) and (ii) make
certain other amendments to the Credit Agreement as provided herein.

     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; Other Provisions. As used in this Agreement, each
of the terms defined in the opening paragraph and the Recitals above shall have the meanings
assigned to such terms therein. Each 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. The term
“including” means “including, without limitation,”. Paragraph headings have been inserted in this
Agreement as a matter of convenience for reference only and it is agreed that such paragraph
headings are not a part of this Agreement and shall not be used in the interpretation of any
provision of this Agreement.

     Section 2. Agreement — Borrowing Base. Subject to the terms of this
Agreement, as of the Effective Date, the Borrowing Base shall be increased to $260,000,000. Such
Borrowing Base shall remain in effect at such level until the Borrowing Base is redetermined in
accordance with Section 2.02 of the Credit Agreement, as amended hereby. The Borrower and the
Lenders hereby acknowledge and agree that the redetermination of the Borrowing Base set forth in
this Section 2 is the scheduled semi-annual redetermination of the Borrowing Base scheduled for
Spring, 2011 under Section 2.02 of the Credit Agreement. Each Lender’s Pro Rata Share of the
redetemined Borrowing Base, after giving effect to the increase in the Borrowing Base set forth in
this Section 2, is set forth in Annex I attached hereto

 

 

Section 3. Amendments to Credit Agreement.

          (a) Section 1.01 (Certain Defined Terms) of the Credit Agreement is hereby amended
by deleting the terms “Applicable Margin” and “Maturity Date”, and replacing them with the
following corresponding terms:

“Applicable Margin” means (i) with respect to any Advance, (a) during any
time when an Event of Default under Section 7.01(a) or Section 7.01(e) exists, 3%
per annum plus the rate per annum set forth in the pricing grid set forth below for
the relevant Type of such Advance based on the present Utilization Level applicable
at such time, (b) during any time when any other Event of Default exists and upon
election by the Required Lenders (or the Administrative Agent at the direction of
the Required Lenders), 3% per annum plus the rate per annum set forth in the pricing
grid set forth below for the relevant Type of such Advance based on the present
Utilization Level applicable at such time, and (c) at any other time, the rate per
annum set forth in the pricing grid set forth below for the relevant Type of such
Advance based on the relevant Utilization Level applicable at such time, and (ii)
with respect to the commitment fees, the rate per annum set forth in the pricing
grid set forth below based on the relevant Utilization Level applicable at such
time. The Applicable Margin for any Advance and the commitment fees shall change
when and as the relevant Utilization Level changes.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Applicable Margin	 
	Borrowing Base

Utilization	 	Eurodollar Rate 

Advance	 	Reference Rate 

Advance	 	Commitment 

Fee
	Less than 50%
	 	 	2.00	%	 	 	1.00	%	 	 	0.375	%
	Greater than or equal to 50% but less than 75%
	 	 	2.25	%	 	 	1.25	%	 	 	0.500	%
	Greater than or equal to 75% but less than 90%
	 	 	2.50	%	 	 	1.50	%	 	 	0.500	%
	Greater than or equal to 90%
	 	 	2.75	%	 	 	1.75	%	 	 	0.500	%

“Maturity Date” means May 23, 2016.

          (b) The definition for “Additional Subordinated Debt” found in Section 1.01 (Certain
Defined Terms) of the Credit Agreement is hereby amended replacing clause (a)(vi) therein in its
entirety with the following:

          (vi) a scheduled maturity date that is earlier than May 23, 2017,

          (c) Section 2.02(e) (Mandatory Reductions in the Borrowing Base) of the Credit
Agreement is hereby amended by replacing the phrase “...the issuance of Senior Unsecured Notes...”
with the phrase “...each issuance of Senior Unsecured Notes...”

          (d) Section 2.08(a) (Commitment Fees) of the Credit Agreement is replaced in its
entirety with the following:

(a) Commitment Fees. The Borrower agrees to pay to the
Administrative Agent for the account of each Lender having a Commitment a commitment
fee in an amount equal to the Applicable Margin on the daily Unused Commitment
Amount of such Lender, from the date of this Agreement until the Commitment
Termination Date; provided that, no commitment fee shall accrue on the Commitment of
a Defaulting Lender during the

-2-

 

period such Lender remains a Defaulting Lender. The
commitment fees shall be due and payable quarterly in arrears on the last day of
each March, June, September, and December commencing on June 30, 2010 and continuing thereafter through and including
the Commitment Termination Date.

          (e) Section 6.01 (Liens, Etc.) of the Credit Agreement is hereby amended (i) by
deleting the word “and” at the end of clause (n), (ii) by replacing the period at the end of clause
(o) with a semicolon and the word “and”; and (iii) adding the following new clause (p) to the end
thereof:

(p) Liens not otherwise permitted in this Section 6.01 so long as (i) such Liens do
not encumber Oil and Gas Properties and (ii) the aggregate amount of obligations
secured thereby shall not exceed $1,000,000.

          (f) Section 6.02 (Debts, Guaranties, and Other Obligations) of the Credit Agreement
is hereby amended by replacing clause (j) found therein in its entirety with the following:

(j) Senior Unsecured Notes and the guaranties given by Restricted Subsidiaries with
respect thereto; provided that (i) the principal amount of such Debt shall not
exceed $700,000,000 in the aggregate, (ii) the Borrowing Base is reduced if and to
the extent required by Section 2.02(e), and (iii) the Debt Incurrence Proceeds
thereof shall be applied to make the payments, if any, required under Section
2.05(b)(ii);

          (g) Section 6.06 (Investments) of the Credit Agreement is hereby amended by
replacing clause (f) in its entirety with the following:

(f) other investments, loans or advances not otherwise permitted by this Section
6.06 in an aggregate amount not to exceed $10,000,000 at any time.

     Section 4. Representations and Warranties. Each of the Guarantors and the
Borrower hereby represents and warrants that: (a) after giving effect to this Agreement, the
representations and warranties contained in the Credit Agreement, as amended hereby, and the
representations and warranties contained in the other Loan Documents are true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any
representation or warranty that already is qualified or modified by materiality in the text
thereof) on and as of the Effective Date as if made on 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 (except that such
materiality qualifier shall not be applicable to any representation or warranty that already is
qualified or modified by materiality in the text thereof) as of such earlier date; (b) no Default
has occurred which 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 and governing 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; (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; and (f) the Liens under the Security Instruments are valid and subsisting and
secure Borrower’s and the Guarantors’ obligations under the Loan Documents.

     Section 5. 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:

-3-

 

          (a) The Administrative Agent shall have received multiple original counterparts, as
requested by the Administrative Agent, of this Agreement duly and validly executed and delivered by
duly authorized officers of the Borrower, the Guarantors and all the Lenders.

          (b) The Administrative Agent shall have received executed mortgage amendments from
the Borrower and each Guarantor, as applicable and as requested by the Administrative Agent, in any
event, evidencing the intent of the parties as set forth in Section 8 below.

          (c) The representations and warranties in this Agreement made by the Guarantors and
the Borrower shall be true and correct in all material respects.

          (d) The Borrower shall have paid (i) all reasonable fees and expenses of the
Administrative Agent’s outside legal counsel and other consultants pursuant to all invoices
presented for payment on or prior to the Effective Date, (ii) to the Administrative Agent such
other fees as agreed to between the Administrative Agent and the Borrower and (iii) for the account
of each Lender, an amendment, extension and borrowing base increase fee equal to 0.45% of such
Lender’s Pro Rata Share of the Borrowing Base (after giving effect to the increase effected
hereby).

     Section 6. Acknowledgments and Agreements.

          (a) The Borrower and each Guarantor acknowledges that on the date hereof all
outstanding Obligations are payable in accordance with their terms and the Borrower and each
Guarantor hereby 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 Loan Documents. Nothing in this Agreement shall constitute
a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents,
(ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any
rights or remedies of the Administrative Agent or any Lender with respect to the Loan Documents, or
(iv) the rights of the Administrative Agent or any Lender to collect the full amounts owing to them
under the Loan Documents.

          (c) Each of the parties hereto hereby adopt, ratify, and confirm the Credit
Agreement, as amended hereby, and acknowledges and agrees that the Credit Agreement, as amended
hereby, 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, as amended
hereby, and the Guaranties, are not impaired in any respect by this Agreement.

          (d) From and after the Effective Date, all references to the Credit Agreement and
the Loan Documents shall mean such Credit Agreement and such Loan Documents as amended by this
Agreement.

          (e) This Agreement is a Loan Document for the purposes of the provisions of the
other Loan 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 7. Reaffirmation of the Guaranty. Each Guarantor hereby ratifies,
confirms, acknowledges and agrees that its obligations under its respective Guaranty are in full
force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the
full and punctual

-4-

 

payment, when due, whether at stated maturity or earlier by acceleration or otherwise, of all
of the Guaranteed Obligations (as defined in the Guaranties), 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 its respective
Guaranty in connection with the execution and delivery of amendments, consents or waivers to the
Credit Agreement, the Notes or any of the other Loan Documents.

     Section 8. Flood Insurance Regulations. Each party hereto acknowledges and
agrees that, unless otherwise required by the Administrative Agent (and in the absence of an Event
of Default, agreed to by the Borrower), in no event shall any Mortgage encumber any Building (as
defined in the applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in
the applicable Flood Insurance Regulation). To the extent that any Mortgage may have ever covered
or affected any such Buildings or Manufactured (Mobile) Homes, such property shall be released and
discharged from the Lien of the Mortgage. Each Secured Party hereby authorizes the Administrative
Agent to execute and deliver any amendment or partial release or such other document necessary to
evidence such release and discharge. As used herein, “Flood Insurance Regulations” shall
mean (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor
statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or
any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 (amending 42
USC 4001, et seq.), as the same may be amended or recodified from time to time, and (iv) the Flood
Insurance Reform Act of 2004 and any regulations promulgated thereunder. By accepting the benefit
of the Liens granted pursuant to the Security Instruments, each Secured Party not party hereto
hereby agrees to the terms of this Section 8.

     Section 9. Counterparts. 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 by facsimile signature or other similar
electronic means and all such signatures shall be effective as originals.

     Section 10. Successors and Assigns. 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 11. Invalidity. 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.

     Section 12. Governing Law. 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 13. Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS
AMENDED BY THIS AGREEMENT, THE NOTES, AND THE OTHER LOAN 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]

-5-

 

     EXECUTED effective as of the date first above written.

	 	 	 	 	 	 	 	 	 

	BORROWER:	 	ALTA MESA HOLDINGS, LP	 	 
	 	 	By:	 	Alta Mesa Holdings GP, LLC	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	Name:
	 	 

Michael McCabe
	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	GUARANTORS:	 	ALTA MESA FINANCE SERVICES CORP.	 	 
	 	 	ALTA MESA GP, LLC	 	 
	 	 	ARI DEVELOPMENT, LLC	 	 
	 	 	ALTA MESA ACQUISITION SUB, LLC	 	 
	 	 	BRAYTON MANAGEMENT GP, LLC	 	 
	 	 	BRAYTON MANAGEMENT GP II, LLC	 	 
	 	 	CAIRN ENERGY USA, LLC	 	 
	 	 	LOUISIANA ONSHORE PROPERTIES LLC	 	 
	 	 	THE MERIDIAN PRODUCTION, LLC	 	 
	 	 	THE MERIDIAN RESOURCE, LLC	 	 
	 	 	THE MERIDIAN RESOURCE & EXPLORATION LLC	 	 
	 	 	TMR DRILLING, LLC	 	 
	 	 	VIRGINIA OIL AND GAS, LLC	 	 
	 	 	ALTA MESA HOLDINGS GP, LLC	 	 
	 	 	ALTA MESA ENERGY LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Each by:
	 	/s/ Michael A. McCabe	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Michael A. McCabe	 	 
	 	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ALTA MESA SERVICES, LP	 	 
	 	 	ARANSAS RESOURCES, LP	 	 
	 	 	BUCKEYE PRODUCTION COMPANY, LP	 	 
	 	 	LOUISIANA EXPLORATION & ACQUISITIONS, LP	 	 
	 	 	NAVASOTA RESOURCES, LTD., LLP	 	 
	 	 	NUECES RESOURCES, LP	 	 
	 	 	OKLAHOMA ENERGY ACQUISITIONS, LP	 	 
	 	 	TEXAS ENERGY ACQUISITIONS, LP	 	 
	 	 	GALVESTON BAY RESOURCES, LP	 	 
	 	 	PETRO ACQUISITIONS, LP	 	 
	 	 	PETRO OPERATING COMPANY, LP	 	 
	 	 	ORION OPERATING COMPANY, LP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Each by: Alta Mesa GP, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	 	 	 

Michael A. McCabe
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 	 	 

	 	 	BRAYTON RESOURCES, LP,
	 	 	By: Brayton Management GP, LLC, its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By: 	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	 	 	 

Michael A. McCabe
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BRAYTON RESOURCES II, L.P.,
	 	 	By: Brayton Management
GP II, LLC, its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	 	 	 

Michael A. McCabe
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ALTA MESA RESOURCES, LP,
	 	 	By:	 	Alta Mesa Resources GP, LLC,	 	 
	 	 	 	 	its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	 	 	 

Michael A. McCabe,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PETRO ACQUISITIONS HOLDINGS, LP,
	 	 	By:	 	Petro Acquisitions Holdings GP, LLC,	 	 
	 	 	 	 	its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	 	 	 

Michael A. McCabe,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PETRO OPERATING COMPANY HOLDINGS, INC.,
	 

	 	By:	 	 	 	/s/ Michael A. McCabe	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Michael A. McCabe	 	 
	 	 	 	 	Chief Financial Officer	 	 
	 
	 	 	GALVESTON BAY RESOURCES HOLDINGS, LP,
	 	 	By:	 	Galveston Bay Resources Holdings GP, LLC	 	 
	 	 	 	 	its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Michael A. McCabe	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Michael A. McCabe,	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	ADMINISTRATIVE AGENT/
	 	 	 	 	 	 
	ISSUING LENDER/
	 	 	 	 	 	 
	LENDER:	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Shiloh Davila	 	 
	 

	 	 	 	 

Shiloh Davila
	 	 
	 

	 	 	 	Vice President	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	UNION BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Brian Caddell
	 	 
	 

	 	Name:
	 	Brian Caddell 

	 	 
	 

	 	Title:
	 	Assistant
Vice President

	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	TORONTO DOMINION (NEW YORK) LLC	 	 
	 
	 	 	 	 	 	 
	 
	 	By:	 	/s/ Bebi Yasin 	 	 
	 
	 	Name:	 	Bebi Yasin 
	 	 
	 
	 	Title:	 	Authorized Signatory 
	 	 
	 

	 	 	 	 	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	ING CAPITAL LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Charles
Hall 
	 	 
	 

	 	Name:
	 	Charles
Hall 

	 	 
	 

	 	Title:
	 	Managing
Director 

	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	CITIBANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Thomas Benavides	 	 
	 

	 	Name:
	 	 

Thomas Benavides	 	 
	 

	 	Title:
	 	 

Senior Vice President	 	 
	 

	 	 	 	 

	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	CAPITAL ONE, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Nancy M. Mak	 	 
	 

	 	Name:
	 	 

Nancy M. Mak	 	 
	 

	 	Title:
	 	 

Vice President	 	 
	 

	 	 	 	 

	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	BOKF, NA DBA BANK OF TEXAS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Martin W. Wilson 	 	 
	 
	 	Name:	 	Martin W. Wilson 
	 	 
	 
	 	Title:	 	Senior Vice President 
	 	 
	 

	 	 	 	 	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	AMEGY BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Mark Serice
	 	 
	 

	 	Name:
	 	 Mark
Serice

	 	 
	 

	 	Title:
	 	Senior
Vice President

	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	TEXAS CAPITAL BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
W. David McCarver IV
	 	 
	 

	 	Name:
	 	W. David McCarver IV 

	 	 
	 

	 	Title:
	 	Vice
President 

	 	 

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)

 

 

ANNEX I

BORROWING BASE AS OF MAY 23, 2011*

	 	 	 	 	 	 	 	 	 
	 	 	PRO RATA SHARE OF THE	 	PERCENTAGE OF
	LENDERS	 	BORROWING BASE*	 	TOTAL
	Wells Fargo Bank, N.A.

	 	$	63,859,649.12	 	 	 	24.561403509	%
	Union Bank, N.A.

	 	$	41,052,631.58	 	 	 	15.789473684	%
	Toronto Dominion (New York) LLC

	 	$	31,017,543.86	 	 	 	11.929824561	%
	ING Capital LLC

	 	$	25,543,859.65	 	 	 	9.824561404	%
	Citibank, N.A.

	 	$	25,543,859.65	 	 	 	9.824561404	%
	Capital One, N.A.

	 	$	22,807,017.54	 	 	 	8.771929824	%
	Bank of Texas, NA

	 	$	22,807,017.54	 	 	 	8.771929824	%
	Amegy Bank National Association

	 	$	13,684,210.53	 	 	 	5.263157895	%
	Texas Capital Bank, N.A.

	 	$	13,684,210.53	 	 	 	5.263157895	%
	TOTAL

	 	$	260,000,000.00	 	 	 	100	%

 

			
	*	 	Borrowing Base is subject to redetermination pursuant to the terms of the Credit Agreement, as
amended.

Signature Page to Agreement and Amendment No. 3

(Alta Mesa Holdings, LP)exv10w21

Exhibit 10.21

Execution Copy

FIRST AMENDMENT TO

THE MERIDIAN RESOURCE & EXPLORATION LLC

CHANGE IN CONTROL SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION

(AS AMENDED AND RESTATED EFFECTIVE AS OF MAY 14, 2010)

     This First Amendment to the “The Meridian Resource & Exploration LLC Change in Control
Severance Plan and Summary Plan Description (as Amended and Restated Effective as of May 14, 2010)”
(the “Plan”), which amendment is dated the
6th day of July, 2011 (the “Amendment”), is hereby
adopted by The Meridian Resource & Exploration LLC, a Delaware limited liability company
(“Company”), and the Committee appointed and serving under the Plan. All capitalized terms used
and not otherwise defined herein have the meanings ascribed to them in the Plan.

RECITALS

     WHEREAS, Alta Mesa Holdings, LP, a Texas limited partnership (“Parent”), is the sole member of
Alta Mesa Acquisition Sub, LLC, a Texas limited liability company (“Merger Sub”); and

     WHEREAS, Parent, Merger Sub and The Meridian Resource Corporation, a Texas corporation
(“Target”), entered into an Agreement and Plan of Merger dated as of December 22, 2009, as amended
by a First Amendment to Agreement and Plan of Merger dated as of April 7, 2010 (the “Merger
Agreement”); and

     WHEREAS, pursuant to the terms of the Merger Agreement, Target merged with and into the
Company with the Company being the surviving company, effective as of May 13, 2010 (the “Effective
Time”); and

     WHEREAS, effective as of the Effective Time, Merger Sub became the sole member of the Company;
and

     WHEREAS, under Articles IX and X of the Plan, the Company may amend the Plan at any time in
its discretion, and the Company previously amended and restated the Plan effective as of May 14,
2010 (the “Restatement Date”); and

     WHEREAS, the version of the plan document (the “Prior Plan”) that the Company used as the
underlying document for purposes of creating the amendment and restatement was the copy of the
Prior Plan that the Target had filed with the U.S. Securities and Exchange Commission (“SEC”) as
Exhibit 10.1 to the Form 10-K/A filed by Target on April 30, 2009, and pursuant to which the chief
executive officer and chief financial officer of the Target had certified to the SEC as being the
true and correct version of the Plan as required under the rules of the SEC; and

     WHEREAS, the Company has just recently discovered that the copy of the Prior Plan that the
Target had filed with the SEC on April 30, 2009 was not the true and correct copy of the Plan as it
contained a different definition of the defined term, “Term of the Plan”, than the definition of
such term in the executed Prior Plan document that is maintained in the records of the Company and
was approved by the governing authority of the Target; and

 

 

     WHEREAS, as the true and correct copy of the Plan is otherwise identical to the Prior Plan
except for the variation in the defined term, “Term of the Plan,” the Company did not have reason
to notice this variation between the Plan and the Prior Plan until it was recently brought to the
Company’s attention; and

     WHEREAS, as a result of the Prior Plan document that was filed with the SEC not being the true
and correct copy in this material respect, when the Company amended and restated the Prior Plan
under the form of the Plan, the definition of “Term of the Plan” was unknowingly altered to reflect
the inaccurate definition of “Term of the Plan” from the copy of the Prior Plan that had been filed
with the SEC; and

     WHEREAS, the Company having discovered this error made by the Target when filing the Prior
Plan with the SEC, now desires to amend the Plan effective as of the Restatement Date in order to
revise the definition of “Term of the Plan” to reflect the true and correct definition of “Term of
the Plan” that is in the official version of the Prior Plan; and

     WHEREAS, due to the error in the SEC filing, the Company was operating under a mistake of fact
for purposes of incorporating the incorrect definition of “Term of the Plan” into the Plan as it
was amended and restated effective as of the Restatement Date, and is now hereby retroactively
amending the Plan, effective as of Restatement Date, to incorporate the true and correct definition
of “Term of the Plan” as such term is defined in the official version of the Prior Plan; and

     WHEREAS, due to the Change in Control (as defined in the Plan) that occurred as of the
Effective Time, the Term of the Plan expired on May 13, 2011, which is one year after the date on
which the Change in Control occurred;

     NOW, THEREFORE, the Plan is hereby amended, effective as of May 14, 2010, as follows:

     Effective as of May 14, 2010, the definition of “Term of the Plan” in Section 2.1 of the Plan
is hereby deleted and replaced, in its entirety, with the following new definition of “Term of the
Plan”:

“Term of the Plan” means the period commencing on the Effective Date and ending on:

     (a) the last day of the one-year period beginning on the Effective Date if no
Change in Control shall have occurred during that one-year period (such last day
being the “Expiration Date”); or

     (b) if a Change in Control shall have occurred during (i) the one-year period
beginning on the Effective Date or (ii) any period for which the Term of the Plan
shall have been automatically extended pursuant to the second sentence of this
definition, the last day of the one-year period beginning on the date on which the
Change in Control occurred.

 

 

After the expiration of the time period described in subsection (a) of this
definition and in the absence of a Change in Control (as described in subsection (b)
of this definition), the Term of the Plan shall be automatically extended for
successive one-year periods beginning on the day immediately following the
Expiration Date (the beginning date of each successive one-year period being a
“Renewal Date”), unless, not later than six months prior to the Expiration Date or
applicable Renewal Date, the Company shall give notice to Participants that the Term
of the Plan will not be extended (which notice, for purposes of clarity, only
applies if a Change in Control, as described in subsection (b) above, has not
occurred).

     As amended hereby, the Plan is hereby ratified and confirmed in all respects.

     IN WITNESS WHEREOF, this Amendment has been approved, affirmed, ratified, adopted and
executed, as of the date first set forth above, to be effective as of May 14, 2010, by a duly
authorized officer of the Company on behalf of the Company, and by all of the members of the
Committee appointed and currently serving under the Plan.

[Signature page follows.]

 

 

	 	 	 	 	 
	 	THE MERIDIAN RESOURCE & 
EXPLORATION LLC

 	 
	 	By:  	 /s/
Harlan H. Chappelle	 
	 	 	Name:  	Harlan H. Chappelle 	 
	 	 	Title:  	Manager

 	 
	 
	 	COMMITTEE OF THE PLAN

 	 
	 	By:  	 /s/
Harlan H. Chappelle	 
	 	 	Name:  	Harlan H. Chappelle 	 
	 	 	Date: July 6, 2011	 
	 
	 	 	 
	 	By:  	
 /s/ Michael E. Ellis	 
	 	 	Name:  	Michael E. Ellis 	 
	 	 	Date: July 6, 2011	 
	 
	 	 	 
	 	By:  	
 /s/ Michael A. McCabe	 
	 	 	Name:  	Michael A. McCabe 	 
	 	 	Date: July 6, 2011

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