Document:

Exhibit

EXHIBIT 10.15

DRIVE SHACK INC. 
2018 OMNIBUS INCENTIVE PLAN

DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT 
  
This Director Restricted Stock Unit Award Agreement (this “Agreement”), dated as of [●] (such date, “Date of Grant”), is made by and between Drive Shack Inc., a Maryland corporation (the “Company”), and [●] (the “Participant”).  Capitalized terms not defined herein shall have the meaning ascribed to them in the Drive Shack Inc. 2018 Omnibus Incentive Plan (the “Plan”).  Where the context permits, references to the Company shall include any successor to the Company.
1. Grant of Restricted Stock Units. The Company hereby grants to the Participant [●] restricted stock units (the “RSUs”), subject to all of the terms and conditions of this Agreement and the Plan. 
2. Form of Payment. Except as otherwise provided in the Plan or in Section 8 hereof, each RSU granted hereunder shall represent the right to receive one (1) share of Common Stock (a “Share”), which shall be issued to the Participant pursuant to the terms of Section 3(b) hereof. 
3. Vesting and Settlement. 
(a)    The RSUs shall become vested in full on the first anniversary of the applicable Date of Grant; provided that the Participant remains in continuous service as a member of the Board through, and has not given or received a notice of termination of such service as of, the first anniversary of such applicable Date of Grant. Notwithstanding the foregoing, in the event that the Participant’s service as a member of the Board ends on account of the Participant’s death or Disability at any time, all unvested RSUs not previously forfeited shall immediately vest on such date service ends.
(b)    The Shares subject to the RSUs shall become issuable hereunder (provided, that such issuance is otherwise in accordance with federal and state securities laws) as soon as practicable following the date on which they vest in accordance with Section 3(a) and in no event later than March 15 of the year following the year in which they vest.  
4. Restrictions.  
(a)    The RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered, and shall be subject to a risk of forfeiture until they vest in accordance with Section 3(a) and any additional requirements or restrictions contained in this Agreement or in the Plan have been otherwise satisfied, terminated or expressly waived by the Company in writing. 
(b)    Except as otherwise provided under the terms of the Plan or in Section 3(a) hereof, if the Participant’s service as a member of the Board is terminated for any reason, this Agreement shall terminate and all rights of the Participant with respect to RSUs that have not 

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vested shall immediately terminate.  Except as otherwise provided under the terms of the Plan or in Section 3(a) hereof, the RSUs that are subject to restrictions upon the date of termination shall be forfeited without payment of any consideration, and neither the Participant nor any of the Participant’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs.
5. Voting and Other Rights. The Participant shall have no rights of a stockholder (including the right to distributions or dividends) until Shares are issued following vesting of the Participant’s RSUs; provided, that with respect to the period commencing on the date an RSU becomes vested and ending on the date the Shares subject to such RSU are issued pursuant to this Agreement, the Participant shall be eligible to receive an amount of cash or property equal to the product of (i) the number of Shares to be delivered as a result of such vesting, and (ii) the amount of cash or property distributed with respect to an outstanding Share during such period, which amount of cash or property shall be paid to the Participant on the date such Shares are issued.  No interest or other earnings will be credited with respect to such payment. 
6. Agreement Subject to Plan. This Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith.  In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern. 
7. Taxes. The Participant understands that the Participant (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement. 
8. Section 409A Compliance. The intent of the parties is that the payments and benefits under this Agreement comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.  Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the Participant shall not be considered to have terminated service with the Company and its Affiliates for purposes of this Agreement until the Participant would be considered to have incurred a “separation from service” within the meaning of Section 409A of the Code.  Any payments described in this Agreement that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise.  Notwithstanding anything to the contrary in this Agreement, to the extent that any payment (including Share delivery) is to be made upon a separation from service and such payment would result in the imposition of any individual penalty tax and late interest charges imposed under Section 409A of the Code, such payment shall instead be made on the first business day after the date that is six (6) months following such separation from service (or upon the Participant’s death, if earlier).  The Company makes no representation that any or all of the payments under this Agreement comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payments or benefits.  The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code. 

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9. Governing Law. This Agreement shall be governed by, and construed in accordance with the laws of the State of Maryland, without giving effect to the principles of conflict of laws of such state. 

10. Agreement Binding on Successors. The terms of this Agreement shall be binding upon the Participant and upon the Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan. 
11. No Assignment. Notwithstanding anything to the contrary in this Agreement, neither this Agreement nor any rights granted herein shall be assignable by the Participant. 
12. Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws. 
13. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement.  Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction. 
14. Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof. 
15. Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section. 
16. Counterparts; Electronic Signature. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.  The Participant’s electronic signature of this Agreement shall have the same validity and effect as a signature affixed by the Participant’s hand. 
17. Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto. 

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18. Set-Off. The Participant hereby acknowledges and agrees, without limiting rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, the number of Shares due to the Participant under this Agreement may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Code. 

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above. 
 
DRIVE SHACK INC. 
 
	
			
	 
	 
	 

	 
	 

	By
	 
	 

	 
	 
	 

	
			
	 
	 
	 

	 
	 

	Print Name:
	 
	 

	 
	 
	 

	
			
	 
	 
	 

	 
	 

	Title:
	 
	 

	 
	 
	 

The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Agreement. 
 
PARTICIPANT 
 
	
			
	 
	 
	 

	 
	 

	Signature
	 
	 

	 
	 
	 

	
			
	 
	 
	 

	 
	 

	Print Name:
	 
	 

	 
	 
	 

5Exhibit 10.1

 

FIFTH AMENDMENT TO

AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”) is dated as of November 7, 2018, to be effective as of the Amendment Effective Date (defined below) and is entered into by and between HALCÓN RESOURCES CORPORATION, as “Borrower”, each of the undersigned Guarantors (together with the Borrower, the “Obligors”), each of the undersigned Lenders party to the Credit Agreement, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

 

RECITALS

 

Reference is made to the Amended and Restated Senior Secured Revolving Credit Agreement dated as of September 7, 2017, among the Borrower, a corporation duly formed and existing under the laws of the State of Delaware, each of the Lenders and other parties from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders, as amended by the First Amendment dated as of November 1, 2017, the Second Amendment dated as of February 2, 2018, the Third Amendment dated as of May 2, 2018 and the Fourth Amendment dated as of July 12, 2018 (such agreement, as the same may be further amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”).  Unless otherwise stated in this Amendment, any reference to a “Section” shall be deemed a reference to the applicable Section of the Credit Agreement and capitalized terms used but not defined herein shall have the meanings given to such terms in the Credit Agreement.

 

WHEREAS, the Borrower has requested and the Administrative Agent and the Lenders party hereto have agreed to enter into this Amendment, and modify certain provisions of the Credit Agreement, all as set forth herein.

 

NOW, THEREFORE, to induce the Administrative Agent and the Majority Lenders to enter into this 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:

 

ARTICLE I
 AMENDMENTS TO CREDIT AGREEMENT

 

Section 1.01                 Amendment to Section 1.02.

 

(a)                                 The definition of EBITDA is hereby amended to read:

 

“EBITDA” means, for any period, an amount determined for the Borrower and its Consolidated Restricted Subsidiaries equal to the sum of Consolidated Net Income for such period plus the following expenses or charges to the extent deducted from Consolidated Net Income in such period: (a) interest expense, (b) income taxes, (c) depreciation, (d) depletion, (e) amortization, (f) all other non-cash charges and (g) the amount of non-recurring expenses and charges

 

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in an amount not to exceed ten percent (10%) of EBITDA (prior to giving effect to such addbacks) for such period in the aggregate during such time, minus all non-cash income (including cancellation of indebtedness income) to the extent included in Consolidated Net Income; provided, that for purposes of determining EBITDA:

 

(i)                                     for the fiscal quarter ending September 30, 2018, EBITDA shall be equal to EBITDA for the six month period then ending multiplied by 2,

 

(ii)                                  for the fiscal quarter ending December 31, 2018, EBITDA shall be equal to EBITDA for the nine month period then ending multiplied by 4/3,

 

(iii)                               for the fiscal quarter ending March 31, 2018, EBITDA shall be equal to EBITDA for such fiscal quarter multiplied by 4,

 

(iv)                              for the fiscal quarter ending June 30, 2019, EBITDA shall be equal to EBITDA for the six month period then ending multiplied by 2, and

 

(v)                                 for the fiscal quarter ending September 30, 2019, EBITDA shall be equal to EBITDA for the nine month period then ending multiplied by 4/3.

 

(b)                                 The following defined terms are hereby added in the appropriate alphabetical order as follows:

 

“Water Business Asset Sale” means the sale pursuant to that certain Asset Purchase Agreement dated as of October 31, 2018 among certain of the Borrower’s Subsidiaries as sellers and a private company, as buyer, of all or a material portion of approximately 50 miles of water gathering pipelines, saltwater disposal wells, water recycling pits and equipment, fresh water wells, and other related infrastructure assets, together with the corresponding fee surface, surface use agreements, easements and rights of way related thereto, that are currently owned by the Guarantors in Pecos, Reeves, Ward and Winkler Counties, Texas for aggregate consideration of up to $325.0 million, subject to customary closing conditions and adjustments, consisting of an initial cash payment of $200.0 million and additional payment of up to $125.0 million on a deferred basis subject to meeting certain annual incentive thresholds.

 

“Water Business Asset Sale Notice” means a notice delivered by the Borrower, in the form of a certificate of a Responsible Officer of the Borrower following the consummation of the Water Business Asset Sale.

 

(c)                                  The following defined terms are hereby deleted in their entirety, “Midstream Asset Sale” and “Midstream Asset Sale Notice”.

 

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Section 1.02     Amendment to Section 8.01(t).  Section 8.01(t) is hereby amended by deleting such Section in its entirety and replacing it with the following:

 

“(t)                              Water Business Asset Sale Notice.  Upon the consummation of the Water Business Asset Sale, but no later than three Business Days thereafter, the Borrower shall deliver a Water Business Asset Sale Notice to the Administrative Agent.”

 

Section 1.03     Amendment to Section 9.01(a).  Section 9.01(a) is hereby amended by deleting such Section in its entirety and replacing it with the following:

 

“(a)                           Total Net Indebtedness Leverage Ratio.  The Borrower will not permit its ratio of Consolidated Total Net Debt as of the last day each fiscal quarter set forth below to EBITDA as of such day to be greater than the ratio set forth opposite such date:

 

	
Fiscal Quarter
    	
 
    	
Ratio
    
	
September 30, 2018
    	
 
    	
4.75: 1.0
    
	
December 31, 2018
    	
 
    	
4.25: 1.0
    
	
Thereafter
    	
 
    	
4.00: 1.0”
    

 

Section 1.04     Amendment to Section 9.12.  Section 9.12 is hereby amended by deleting “and” at the end of Section 9.12(h), deleting the “.” at the end of Section 9.12(i) and replacing it with “; and” and adding the following Section 9.12(j):

 

“(j)                              if no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing or would occur as a result thereof after giving effect to any concurrent amendments, waivers, or repayments of the Loans pertaining thereto, the Water Business Asset Sale.”

 

ARTICLE II
  CONDITIONS PRECEDENT

 

This Amendment shall become effective on the date (the “Amendment Effective Date”) when each of the following conditions are satisfied (or waived in accordance with Section 12.02):

 

Section 2.01     Amendment.  The Administrative Agent shall have received a counterpart of this Amendment signed by the Borrower and the Majority Lenders.

 

Section 2.02     Fees.  The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced, reimbursement or payment in full of all out of pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.

 

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Section 2.03     No Default; No Material Adverse Effect.  At the time of and immediately after giving effect to this Amendment, (a) no Default or Event of Default shall have occurred and be continuing and (b) no event or events shall have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

The Administrative Agent is hereby authorized and directed to declare this 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 Article II or the waiver of such conditions as permitted in Section 12.02.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

 

ARTICLE III
 MISCELLANEOUS

 

Section 3.01     Confirmation.  The provisions of the Credit Agreement shall remain in full force and effect following the effectiveness of this Amendment.

 

Section 3.02     Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends 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, except as expressly amended hereby, and (c) represents and warrants to the Lenders that on and as of the date hereof, and immediately after giving effect to the terms of this 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 those which have a materiality qualifier, which shall be true and correct as so qualified), 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.

 

Section 3.03     Loan Document.  This Amendment is a Loan Document.

 

Section 3.04     Counterparts.  This 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 Amendment by facsimile or electronic transmission in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart hereof.

 

Section 3.05     NO ORAL AGREEMENT.  THIS 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 UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

 

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Section 3.06     GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.07     Severability.  Any provision of this 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.

 

Section 3.08     Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 3.09     No Waiver.  Neither the execution by the Administrative Agent or the Majority Lenders of this Amendment, nor any other act or omission by the Administrative Agent or the Majority Lenders or their respective officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Majority Lenders of any defaults which may exist or which may occur in the future under the Credit Agreement and/or the other Loan Documents (collectively, “Violations”).  Similarly, nothing contained in this Amendment shall directly or indirectly in any way whatsoever either: (i) impair, prejudice or otherwise adversely affect the Administrative Agent’s or any Lender’s right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Violations, (ii) amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, except as expressly set forth herein, or (iii) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  Nothing in this Amendment shall be construed to be a waiver by the Administrative Agent or the Lenders of any Violations.

 

[Counterpart signature pages follow.]

 

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IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Amendment as of the date first written above.

 

	
BORROWER:
    	
HALCÓN RESOURCES   CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark   J. Mize 
    
	
 
    	
 
    	
Name:
    	
Mark J.   Mize 
    
	
 
    	
 
    	
Title: 
    	
Executive   Vice President, Chief Financial Officer and Treasurer
    

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

 

 

	
GUARANTORS:
    	
HALCÓN   HOLDINGS, INC.
    
	
 
    	
HALCÓN RESOURCES   OPERATING, INC.
    
	
 
    	
HALCÓN ENERGY   PROPERTIES, INC.
    
	
 
    	
HALCÓN OPERATING   CO., INC.
    
	
 
    	
HALCÓN FIELD   SERVICES, LLC
    
	
 
    	
HALCÓN PERMIAN, LLC
    

 

	
 
    	
By: 
    	
/s/ Mark   J. Mize
    
	
 
    	
Name:
    	
Mark J.   Mize
    
	
 
    	
Title:
    	
Executive   Vice President,
    
	
 
    	
 
    	
Chief   Financial Officer and Treasurer
    
				

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A.,
    
	
 
    	
as   Administrative Agent and a Lender
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Ron   Dierker 
    
	
 
    	
 
    	
Name: 
    	
Ron   Dierker 
    
	
 
    	
 
    	
Title: 
    	
Authorized   Officer
    

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

 

 

	
 
    	
BMO HARRIS BANK N.A. 
    
	
 
    	
as a   Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James   V. Ducote
    
	
 
    	
 
    	
Name: 
    	
James V.   Ducote
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION 
    
	
 
    	
as a   Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Todd   C. Fogle
    
	
 
    	
 
    	
Name:
    	
Todd C.   Fogle
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

 

 

	
 
    	
NATIXIS, NEW YORK BRANCH,
    
	
 
    	
as a   Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Vikram Nath
    
	
 
    	
 
    	
Name:
    	
Vikram   Nath 
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brian   O’Keefe
    
	
 
    	
 
    	
Name:
    	
Brian   O’Keefe 
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

 

 

	
 
    	
ROYAL BANK OF CANADA,
    
	
 
    	
as a   Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Emilee Scott 
    
	
 
    	
 
    	
Name:
    	
Emilee   Scott 
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Fifth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement

Halcón Resources Corporation

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