Document:

EXHIBIT 10.13

 

STOCK AWARD AGREEMENT

 

THIS STOCK AWARD AGREEMENT
(the “Agreement”), dated as of the 16th day of May, 2013, governs the stock award granted by TRADE
STREET RESIDENTIAL, INC., a Maryland corporation (the “Company”), to Michael D. Baumann (the “Participant”),
in accordance with and subject to the provisions of the Trade Street Residential, Inc. 2013 Equity Incentive Plan (the “Plan”).
A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have
the same meaning given them in the Plan.

 

1.      Grant of
Stock Award. In accordance with the Plan, and effective as of May 16, 2013 (the “Date of Grant”), the
Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a Stock Award of 54,338
shares of Common Stock (the “Stock Award”).

 

2.      Vesting.
The Participant’s interest in the shares of Common Stock covered by the Stock Award shall become vested and nonforfeitable
to the extent provided in paragraphs (a), (b), (c), (d) and (e) below.

 

(a)Continued
Employment. The Participant’s interest in the shares of Common Stock covered by the Stock Award shall become vested and
nonforfeitable in accordance with the following table provided that the Participant remains in the continuous employ of the Company
or an Affiliate from the Date of Grant until the applicable Vesting Date shown in the table:

 

	Vesting Date	Number of Shares Vesting On the Vesting Date
	May 16, 2014	13,584
	May 16, 2015	13,584
	May 16, 2016	13,585
	May 16, 2017	13,585

 

For purposes of clarity and illustration, if the Participant
remains in the continuous employ of the Company or an Affiliate from the Date of Grant until May 16, 2017, then as of that Vesting
Date, one hundred percent (100%) of the shares of Common Stock subject to the Stock Award will have become vested and nonforfeitable.

 

(b)Change in
Control. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award (if not sooner vested),
shall become vested and nonforfeitable on a Control Change Date if the Participant remains in the continuous employ of the Company
or an Affiliate from the Date of Grant until the Control Change Date.

 

(c)Death or
Disability. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award (if not sooner
vested), shall become vested and nonforfeitable on the date that the Participant’s employment by the Company and its Affiliates
ends if (i) such employment ends on account of the Participant’s death or because the Participant is “disabled”
(as defined in Code section 409A(a)(2)(c)) and (ii) the Participant remains in the continuous employ of the Company or an Affiliate
from the Date of Grant until the date such employment ends on account of the Participant’s death or because the Participant
is disabled.

 

(d)Termination
of Employment Without Cause. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award
(if not sooner vested), shall become vested and nonforfeitable on the date that the Participant’s employment by the Company
and its Affiliates ends if (i) such employment is terminated by the Company or an Affiliate without Cause and (ii) the Participant
remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date such employment ends on account
of a termination by the Company or an Affiliate without Cause. For purposes of this Agreement, a termination of the Participant’s
employment with the Company or an Affiliate is with Cause if such employment is terminated by action of a majority of the non-employee
members of the Board (the “Independent Directors”) on account of (i) the Participant’s repeated and continuing
(x) failure to perform a material duty of the Participant’s employment, (y) material breach of an obligation under an agreement
with the Company or (z) breach of a material and written Company policy; in each case other than by reason of mental or physical
illness or injury, (ii) the Participant’s breach of a fiduciary duty to the Company, (iii) the Participant’s conduct
that is demonstrably and materially injurious to the Company, materially or otherwise or (iv) the Participant’s conviction
of, or plea of nolo contendre to, a felony or crime involving moral turpitude or fraud or dishonesty involving assets of the Company
and that in all cases is described in a written notice adopted and approved by a majority of the Independent Directors and that
is not cured, to the reasonable satisfaction of a majority of the Independent Directors, within thirty (30) days after such notice
is received by the Participant.

 

    	 

    	 

    

(e)Resignation
With Good Reason. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award (if not
sooner vested) shall become vested and nonforfeitable on the date that the Participant’s employment by the Company and its
Affiliates ends if (i) such employment is terminated by the Participant with “good reason” and (ii) the Participant
remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the date such employment ends on account
of the Participant’s resignation with “good reason.” For purposes of this Agreement, the Participant’s
resignation is with “good reason” if the Participant resigns on account of (w) the Company’s material breach
of an agreement with the Participant or a direction from the Board that the Participant act or refrain from acting which in either
case would be unlawful or contrary to a material and written Company policy, (x) a material diminution in the Participant’s
duties, functions and responsibilities to the Company and its Affiliates without the Participant’s consent or the Company
preventing the Participant from fulfilling or exercising the Participant’s material duties, functions and responsibilities
to the Company and its Affiliates without the Participant’s consent, (y) a material reduction in the Participant’s
base salary or annual bonus opportunity or (z) a requirement that the Participant relocate the Participant’s employment more
than fifty (50) miles from the location of the Participant’s principal office on the Date of Grant, without the consent of
the Participant. The Participant’s resignation shall not be a resignation with “good reason” unless the Participant
gives the Board written notice (delivered within thirty (30) days after the Participant knows of the event, action, etc. that the
Participant asserts constitutes “good reason”), the event, action, etc. that the Participant asserts constitutes “good
reason” is not cured, to the reasonable satisfaction of the Participant, within thirty (30) days after such notice and the
Participant resigns effective not later than ninety (90) days after the expiration of such cure period.

 

Except as provided
in this Section 2, any shares of Common Stock covered by the Stock Award that are not vested and nonforfeitable on or before
the date that the Participant’s employment by the Company and its Affiliates ends shall be forfeited on the date that such
employment terminates.

 

3.      Transferability.
Shares of Common Stock covered by the Stock Award that have not become vested and nonforfeitable as provided in Section 2
cannot be transferred. Shares of Common Stock covered by the Stock Award may be transferred, subject to the requirements of applicable
securities laws, after they become vested and nonforfeitable as provided in Section 2.

 

4.      Shareholder
Rights. On and after the Date of Grant and prior to their forfeiture, the Participant shall have all of the rights of a
shareholder of the Company with respect to the shares of Common Stock covered by the Stock Award, including the right to vote the
shares and to receive, free of all restrictions, all dividends declared and paid on the shares. Notwithstanding the preceding sentence,
the Company shall retain custody of the certificates evidencing the shares of Common Stock covered by the Stock Award until the
date that the shares of Common Stock become vested and nonforfeitable and the Participant hereby appoints the Company’s Chief
Executive Officer and its Secretary as the Participant’s attorneys in fact, with full power of substitution, with the power
to transfer to the Company and cancel any shares of Common Stock covered by the Stock Award that are forfeited under Section
2.

 

5.      No Right
to Continued Employment. This Agreement and the grant of the Stock Award does not give the Participant any rights with
respect to continued employment by the Company or an Affiliate. This Agreement and the grant of the Stock Award shall not interfere
with the right of the Company or an Affiliate to terminate the Participant’s employment.

 

6.      Governing
Law. This Agreement shall be governed by the laws of the State of Florida except to the extent that Florida law would require
the application of the laws of another State.

 

    	 

    	 

    

7.      Conflicts.
In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions
of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

 

8.      Participant
Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and
the Participant agrees to be bound by all the terms and provisions of the Plan.

 

9.      Binding
Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and
the Participant’s successors in interest and the Company and any successors of the Company.

 

[signature page follows]

 

    	 

    	 

    

[Signature Page to Stock Award Agreement]

 

IN WITNESS WHEREOF, the Company and the
Participant have executed this Agreement as of the date first set forth above.

 

	 	TRADE STREET RESIDENTIAL, INC.,
	 	a Maryland corporation
	 	 
	 	 
	 	 
	 	/s/ Bert Lopez                                                       
	 	Name:  Bert Lopez                                                
	 	Title:  COO/CFO                                                   
	 	Date:  June 27, 2013                                              

 

 

 

The foregoing agreement is hereby accepted,
and the terms and conditions thereof hereby agreed to, by the Participant.

 

 

	Date:  June 27, 2013                                           	/s/ Michael Baumann                                            
	 	Participant Signature 
	 	Name:  Michael Baumann                                     
	 	Address: 19950 W. Country Club Drive             
	 	                 Suite 800                                                 
	 	                 Aventura, Florida 33180Exhibit 10.1

 

August 9, 2013

 

Emerald Oil, Inc.

1600 Broadway, Suite 1040

Denver, Colorado 80202

Attention: Paul Wiesner

 

	Re:	Credit Agreement dated as of November 20, 2012 among Emerald Oil, Inc. (the “Borrower),
Wells Fargo Bank, National Association, as administrative agent for the Lenders (the “Administrative Agent”)
and each of the Lenders from time to time party thereto (as amended, modified or supplemented to date, the “Credit Agreement”).

 

To Whom It May Concern:

 

This letter is in relation
to the Credit Agreement and all capitalized terms used, but not defined, herein shall have the meaning assigned to such terms in
the Credit Agreement.

 

Pursuant to Section
2.07 of the Credit Agreement, the Lenders have determined a new Borrowing Base to become effective on August 9, 2013 (the “Effective
Date”), this letter serving as the New Borrowing Base Notice. The new Borrowing Base which has been approved by the Required
Lenders is $75,000,000. Such amount shall become the Borrowing Base on the Effective Date until the next Scheduled Redetermination
Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.07(e), Section 8.13(c)
or Section 9.12(d), whichever occurs first.

 

On the Effective Date
the company will pay to the Lead Arranger, for the account of each of the Lenders, on a pro rata basis in accordance with their
allocated commitments, an upfront fee in an aggregate amount equal to 50 basis points on the increase in the Borrowing Base (the
“Upfront Fee”). The entire amount of the Upfront Fee shall be fully earned and shall be due and payable in full
in cash, in immediately available funds on the Effective Date. The Upfront Fee shall not be refundable under any circumstance and
shall not be subject to any counterclaim, setoff or other impairment of right or rescission or turnover.

 

This letter constitutes
the New Borrowing Base Notice and is a Loan Document. Failure to comply with the terms hereof shall constitute an Event of Default
under the Credit Agreement.

 

If the foregoing correctly
states your understanding with respect to the matters stated in this letter, please acknowledge by signing in the space provided
below.

 

[Signatures pages follow.]

 

 

 

Borrowing Base Letter Agreement

Emerald Oil, Inc.

 

    	 

    	 

    

 

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

 

Very truly yours,

 

WELLS FARGO BANK, 

NATIONAL ASSOCIATION,

as Administrative Agent and Lender

 

 

By: /s/ Suzanne
Ridenhour                         

Name: Suzanne
Ridenhour

Title: Director

 

 

 

 

Signature Page to Borrowing Base Letter
Agreement

Emerald Oil, Inc.

 

    	 

    	 

    

 

Accepted and
Agreed to as of the date first written above by:

 

EMERALD OIL,
INC.

 

By: /s/ Paul
Wiesner                                 

Paul Wiesner

Chief Financial Officer

 

 

 

 

Signature Page to Borrowing Base Letter
Agreement

Emerald Oil, Inc.

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