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EXHIBIT 10.7
AMENDMENT NO. 2 
TO 
WARRANT EXERCISABLE FOR JUNIOR SECURITIES
This Amendment No. 2 (this “Amendment”) to Warrant Exercisable for Junior Securities is entered into effective as of May 3, 2021 by Evolve Transition Infrastructure LP, a Delaware limited partnership (the “Partnership”), and Stonepeak Catarina Holdings LLC, a Delaware limited liability company (the “Holder”).  Capitalized terms used but not defined herein have the meanings ascribed to them in the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of August 2, 2019, as amended by the Letter Agreement (as defined below).
RECITALS
WHEREAS, on August 2, 2019, the Partnership issued to the Holder that certain Warrant Exercisable for Junior Securities, dated August 2, 2019 (the “Original Warrant”);
WHEREAS, the Partnership and the Holder entered into Amendment No.1 to Warrant Exercisable for Junior Securities (the “First Amendment”);
WHEREAS, the Original Warrant entitles the Holder to receive from the Partnership a number of each class of Junior Securities (including Common Units but excluding Excluded Junior Securities) representing ten percent (10%) of the Junior Securities Deemed Outstanding (as defined in the Original Warrant) of such class as of the Exercise Date (as defined in the Original Warrant);
WHEREAS, Junior Securities Deemed Outstanding includes, among other things, the number of such class of Junior Securities reserved for issuance at such time under the stock option or other equity incentive plans approved by the Board of Directors (the “Board”) of Evolve Transition Infrastructure GP LLC, the sole general partner of the Partnership (the “General Partner”), regardless of whether such Junior Securities are actually subject to outstanding Options at such time or whether any outstanding Options are actually exercisable at such time;
WHEREAS, the Partnership’s Long-Term Incentive Plan, effective March 6, 2015 (the “LTIP”), is such an equity incentive plan approved by the Board;
WHEREAS, on November 16, 2020, the Holder entered into a letter agreement with the Partnership and the General Partner (the “Letter Agreement”), pursuant to which the Holder was provided the option to elect to receive the Class C Preferred Quarterly Distribution in Common Units for any Quarter following the Quarter ended September 30, 2020, by providing written notice to the Partnership no later than the last day of the calendar month following the end of such Quarter;
WHEREAS, on April 30, 2021, pursuant to the Letter Agreement, the Holder provided its notice of election to receive 13,763,249 Common Units in lieu of receiving Class C Preferred PIK 

Units with respect to the Class C Preferred Quarterly Distribution for the Quarter ended March 31, 2021 (the “First Quarter Units”);
WHEREAS, Section 4(a) of the LTIP, provides that upon the issuance of additional Units from time to time, the maximum number of Units that may be delivered or reserved for delivery with respect to the LTIP shall be automatically increased by a number of Units equal to the lesser of (i) fifteen percent (15%) of such additional Units, or (ii) such lesser number of Units as determined by the Board (such increase, the “LTIP Increase”);
WHEREAS, the maximum LTIP Increase resulting from the issuance of the First Quarter Units is 2,064,487 Units (the “First Quarter LTIP Units”);
WHEREAS, the First Quarter LTIP Units are Junior Securities Deemed Outstanding for purposes of the Original Warrant; and
WHEREAS, the Partnership and the Holder desire to amend the Original Warrant to include the First Quarter LTIP Units in the definition of Excluded Junior Securities.
NOW, THEREFORE, in consideration of the covenants, conditions and agreements contained herein, the General Partner does hereby amend the Partnership Agreement as follows:
1.Amendments.  The Original Warrant is hereby amended as follows:
a.The definition of “Excluded Junior Securities” in Section 1 of the Original Warrant is hereby amended and restated in its entirety as follows:
“Excluded Junior Securities” means (i) any class or series of Junior Security that, with respect to distributions on such Junior Securities of cash or property and distributions upon liquidation of the Partnership (taking into account the intended effects of the allocation of gain and losses as provided in this Agreement), ranks junior to the Class C Preferred Units and senior to the Common Units, the proceeds from the sale of which are used to redeem the Class C Preferred Units, (ii) 1,866,823 Common Units reserved for issuance under the LTIP on February 25, 2021, so long as such Common Units are so reserved or issued pursuant to the LTIP, and (iii) 2,064,487 Common Units reserved for issuance under the LTIP on May 20, 2021, so long as such Common Units are so reserved for issued pursuant to the LTIP.
2.Agreement in Effect.  Except as amended by this Amendment, the Original Warrant shall remain in full force and effect.
3.Applicable Law.  This Amendment shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of laws.
4.Severability.  Each provision of this Amendment shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Amendment that are valid, enforceable and legal.

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5.Electronic Signature.  This Amendment may be executed via facsimile or other electronic transmission (including portable document format (*pdf)), and any such executed facsimile or electronic copy shall be treated as an original.
[Signature Pages Follow]
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IN WITNESS WHEREOF, this Amendment has been executed as of the effective date written above.
PARTNERSHIP:
EVOLVE TRANSITION INFRASTRUCTURE LP
		By:
	Evolve Transition Infrastructure GP LLC, 
its general partner

By:/s/ Charles C. Ward​ ​ 
Name:Charles C. Ward 
Title:Chief Financial Officer and Secretary
HOLDER:
STONEPEAK CATARINA HOLDINGS, LLC
		By:
	Stonepeak Texas Midstream Holdco LLC, 
its managing member

		By:
	Stonepeak Associates LLC, 
its managing member

		By:
	Stonepeak GP Holdings LP, 
its sole member

		By:
	Stonepeak GP Investors LLC, 
its general partner

		By:
	Stonepeak GP Investors Manager LLC, 
its managing member

By:/s/ Jack Howell ​ ​
Name:Jack Howell 
Title:Senior Managing Director
By:/s/ Luke Taylor ​ ​
Name:Luke Taylor 
Title:Senior Managing Director

Signature Page to Amendment No. 2 to
Warrant Exercisable for Junior SecuritiesExhibit 10.8
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May 11, 2021
Royal Bank of Canada
Agency Services Group
4th Floor, 20 King Street West
Toronto, Ontario, Canada
M5H 1CA
Attention:  Manager Agency
Ladies and Gentlemen:
Reference is made to that certain Third Amended and Restated Credit Agreement dated as of March 31, 2015 (as amended, restated, modified or supplemented from time to time prior to the date hereof, the “Credit Agreement”) among Evolve Transition Infrastructure LP (formerly known as Sanchez Midstream Partners LP), a Delaware limited partnership, as borrower (the “Borrower”), the financial institutions from time to time party thereto (the “Lenders”), and Royal Bank of Canada, as administrative agent (the “Administrative Agent”) for the Lenders, as collateral agent and as letter of credit issuer.  Capitalized terms used herein and not otherwise defined herein have the meaning ascribed thereto in the Credit Agreement.
The Borrower has informed the Administrative Agent and the Lenders that (i) the Borrower and certain of its Affiliates are evaluating a potential joint venture transaction described in a brief Lender Request & Update presentation distributed to the Lenders on or about May 6, 2021 involving a publicly traded company identified to the Administrative Agent (the “PubCo”), (ii) in connection therewith, the Borrower proposes to enter into a certain letter agreement with PubCo with respect to the Borrower’ s evaluation of PubCo and the contemplated joint venture transaction (the “JV Letter Agreement”) pursuant to which the Borrower will commit to pay or reimburse certain legal and due diligence costs of PubCo in an aggregate amount not to exceed $200,000 if the joint venture transaction is ultimately consummated (the “PubCo Reimbursement”), and (iii) concurrently with the Borrower entering into such letter agreement, the Borrower, certain Affiliates of the Borrower and PubCo will enter into a warrant agreement pursuant to which the Borrower will be issued certain warrants in PubCo (such agreement, the “PubCo Warrant Agreement” and the warrants issued thereunder, the “PubCo Warrants”; and the JV Letter Agreement and the PubCo Warrant Agreement, collectively the “PubCo Transaction Agreements”).
The Borrower hereby requests that the Lenders waive the provisions of Section 9.05 of the Credit Agreement (which restricts the Borrower and its Subsidiaries from making certain Investments except as otherwise permitted therein) to the extent, and only to the extent, that the Borrower’ s undertaking to pay the PubCo Reimbursement, the Borrower’ s entering into the PubCo Transaction Agreements and the issuance to the Borrower of the PubCo Warrants (or any and/or all of the foregoing in combination) constitutes an Investment that is not otherwise permitted under Section 9.05 of the Credit Agreement.  For the avoidance of doubt, the Borrower acknowledges and agrees that the requested waiver does not include or extend to the exercise by the Borrower of the PubCo Warrants, the entering into of the potential joint venture transaction, 

purchasing any stock of PubCo or any other Investment or transaction that is otherwise not permitted by the Credit Agreement.
Each Lender party hereto hereby waives the provisions of Section 9.05 of the Credit Agreement to the extent, and only to the extent, that the Borrower’s undertaking to pay the PubCo Reimbursement, the Borrower’s entering into the PubCo Transaction Agreements and the issuance to the Borrower of the PubCo Warrants (or any and/or all of the foregoing in combination) constitutes an Investment that is not otherwise permitted under Section 9.05 of the Credit Agreement.
This Letter Agreement constitutes a limited waiver of the Credit Agreement with respect to the specific matters set forth above, and the provisions of this Letter Agreement shall be strictly limited as set forth above.  Except to the extent (but only to such extent) of the waivers provided above, the Borrower hereby further ratifies, approves and confirms all of the other Obligations under the Credit Agreement and the other Loan Documents.
This Letter Agreement shall become effective upon receipt by the Administrative Agent of duly executed counterparts of this Letter Agreement from the Borrower and Lenders comprising at least the Majority Lenders.
This Letter Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.  A facsimile signature or electronic signature (e.g. pdf), of any party hereto shall be deemed to be an original signature for the purposes of this Letter Agreement.
This Letter Agreement shall constitute a Loan Document.
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Please confirm that the foregoing is our mutual understanding by signing and returning to us an executed counterpart of this letter agreement.
Very truly yours,
EVOLVE TRANSITION 
INFRASTRUCTURE LP, 
as Borrower
		By:
	Evolve Transition Infrastructure GP LLC, 
as general partner

By:  /s/ Charles C. Ward​ ​
Name:Charles C. Ward 
Title:Chief Financial Officer
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Accepted and agreed to as of 
the date first above written:
ROYAL BANK OF CANADA, as a Lender
By:  /s/ Don J. McKinnerney​ ​
Name:Don J. McKinnerney 
Title:Authorized Signatory
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BBVA USA 
as a Lender
By: /s/ Mark H. Wolf​ ​​ ​
Name:Mark H. Wolf 
Title:Senior Vice President
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TRUIST BANK, 
as a Lender
By: /s/ Greg Krablin​ ​
Name:Greg Krablin 
Title:Director
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CAPITAL ONE, NATIONAL ASSOCIATION 
as a Lender
By: /s/ Matthew Brice​ ​
Name:Matthew Brice 
Title:Duly Authorized Signatory
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Citibank, N.A. 
as a Lender
By: /s/ Jeff Ard​ ​
Name:Jeff Ard 
Title:Vice President
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ING Capital LLC 
as a Lender
By: /s/ Juli Bieser​ ​
Name:  Juli Bieser 
Title:  Managing Director
By: /s/ Scott Lamoreaux​ ​
Name:Scott Lamoreaux 
Title:Director
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CIT BANK, N.A. 
as a Lender
By: /s/ John Feeley​ ​
Name:John Feeley 
Title:Director

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