Document:

exv10w2

EXHIBIT 10.2

FORM OF WAIVER

In consideration for the benefits I will receive as a result of my employer’s participation in the
United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily
waive any claim against the United States or any state or territory thereof or my employer or any
of its directors, officers, employees and agents for any changes to my compensation or benefits
that are required in order to comply with Section 111(b) of the Emergency Economic Stabilization
Act of 2008, as amended (“EESA”), and rules, regulations, guidance or other requirements issued
thereunder (collectively, the “EESA Restrictions”).

I acknowledge that the EESA Restrictions may require modification of the employment, compensation,
bonus, incentive, severance, retention and other benefit plans, arrangements, policies and
agreements (including so-called “golden parachute” agreements), whether or not in writing, that I
have with my employer or in which I participate as they relate to the period the United States
holds any equity or debt securities of my employer acquired through the TARP Capital Purchase
Program and I hereby consent to all such modifications. I further acknowledge and agree that if my
employer notifies me in writing that I have received payments in violation of the EESA
Restrictions, I shall repay the aggregate amount of such payments to my employer no later than
fifteen business days following my receipt of such notice.

This waiver includes all claims I may have under the laws of the United States or any other
jurisdiction related to the requirements imposed by the EESA Restrictions (including without
limitation, any claim for any compensation or other payments or benefits I would otherwise receive
absent the EESA Restrictions, any challenge to the process by which the EESA Restrictions were
adopted and any tort or constitutional claim about the effect of the foregoing on my employment
relationship) and I hereby agree that I will not at any time initiate, or cause or permit to be
initiated on my behalf, any such claim against the United States, my employer or its directors,
officers, employees or agents in or before any local, state, federal or other agency, court or
body.

In witness whereof, I execute this waiver on my own behalf, thereby communicating my acceptance and
acknowledgement to the provisions herein.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Name
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Titleexv4w1

Exhibit 4.1

STONE ENERGY CORPORATION

AND

THE GUARANTOR NAMED HEREIN,

AND

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

 

SECOND SUPPLEMENTAL INDENTURE

Dated as of January 26, 2010

to

Indenture

Dated as of December 10, 2001

8-1/4% Senior Subordinated Notes due 2011

 

 

     THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of January 26,
2010, is by and among Stone Energy Corporation, a Delaware corporation (the “Company”), Stone
Energy Offshore, L.L.C., a Delaware limited liability company (the “Guarantor”), and The Bank of
New York Mellon Trust Company, N.A., a national banking association, successor to JPMorgan Chase
Bank, as trustee (the “Trustee”).

     WHEREAS, the Company and the original Trustee have executed and delivered that certain
Indenture dated as of December 10, 2001 (the “Original Indenture”), providing for the issuance of
the Company’s 8-1/4% Senior Subordinated Notes due 2011 (the “Notes”), and the Company, the
Guarantor and the Trustee have executed and delivered that certain First Supplemental Indenture
thereto dated as of August 28, 2008, providing for the Guarantor’s guarantee of the Notes (the
Original Indenture, as so amended and supplemented, being referred to herein as the “Indenture”);

     WHEREAS, on or about December 10, 2001, the Company issued $200,000,000 aggregate principal
amount of Notes, all of which Notes are currently outstanding;

     WHEREAS, Section 9.02 of the Indenture provides that, with the consent of Holders representing
at least a majority in principal amount of the Notes then outstanding, the Company, the Guarantor,
and the Trustee may enter into an indenture supplemental to the Indenture for the purpose of
amending or supplementing the Indenture or the Notes (subject to certain exceptions);

     WHEREAS, the Company desires and has requested the Trustee to join with it and the Guarantor
in entering into this Supplemental Indenture for the purpose of amending the Indenture and the
Notes in certain respects as permitted by Section 9.02 of the Indenture;

     WHEREAS, the Company has been soliciting consents to this Supplemental Indenture upon the
terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation
Statement dated January 11, 2010 and the related consent and letter of transmittal (which together,
including any amendments, modifications or supplements thereto, constitute the “Tender Offer”);

     WHEREAS, (1) the Company has received the consent of the Holders of more than a majority in
principal amount of the outstanding Notes, all as certified by an Officers’ Certificate delivered
to the Trustee simultaneously with the execution and delivery of this Supplemental Indenture, (2)
the Company has delivered to the Trustee simultaneously with the execution and delivery of this
Supplemental Indenture an Opinion of Counsel relating to this Supplemental Indenture as
contemplated by Section 9.06 of the Indenture and (3) the Company and the Guarantor have satisfied
all other conditions required under Article 9 of the Indenture to enable the Company, the Guarantor
and the Trustee to enter into this Supplemental Indenture.

     NOW, THEREFORE, in consideration of the above premises, each party hereby agrees, for the
benefit of the others and for the equal and ratable benefit of the Holders of the Notes, as
follows:

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ARTICLE I

AMENDMENTS TO INDENTURE AND NOTES

     Section 1.1 Amendment to Article 3. Section 3.03 is hereby amended by substituting
“three” for “30” in the first sentence thereof.

     Section 1.2 Amendments to Exhibit A. The form of Exchange Security in Exhibit A to
the Indenture is hereby amended by substituting “three” for “30” each time such number appears in
paragraphs 5 and 7 thereof.

     Section 1.3 Amendments to Notes. The Notes are hereby amended by substituting “three”
for “30” each time such number appears in paragraphs 5 and 7 thereof.

ARTICLE II

MISCELLANEOUS PROVISIONS

     Section 2.1 Defined Terms. For all purposes of this Supplemental Indenture, except as
otherwise defined or unless the context otherwise requires, terms used in capitalized form in this
Supplemental Indenture and defined in the Indenture have the meanings specified in the Indenture.

     Section 2.2 Indenture. Except as amended hereby, the Indenture and the Notes are in
all respects ratified and confirmed and all the terms shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby
and all terms and conditions of both shall be read together as though they constitute a single
instrument, except that in the case of conflict the provisions of this Supplemental Indenture shall
control.

     Section 2.3 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Section 2.4 Successors. All agreements of the Company and the Guarantor in this
Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the
Trustee in this Supplemental Indenture shall bind its successors.

     Section 2.5 Duplicate Originals. All parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together shall
represent the same agreement. It is the express intent of the parties to be bound by the exchange
of signatures on this Supplemental Indenture via telecopy or other form of electronic transmission.

     Section 2.6 Severability. In case any one or more of the provisions in this
Supplemental Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any
respect for any reason, the validity, legality and enforceability of any such provision in every

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other respect and of the remaining provisions shall not in any way be affected or impaired
thereby, it being intended that all of the provisions hereof shall be enforceable to the full
extent permitted by law.

     Section 2.7 Trustee Disclaimer. The Trustee accepts the amendments of the Indenture
effected by this Supplemental Indenture and agrees to execute the trust created by the Indenture as
hereby amended, but on the terms and conditions set forth in the Indenture, including the terms and
provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms
and provisions shall in like manner define and limit its liabilities and responsibilities in the
performance of the trust created by the Indenture as hereby amended, and without limiting the
generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or
with respect to any of the recitals or statements contained herein, all of which recitals or
statements are made solely by the Company and the Guarantor, and the Trustee makes no
representation with respect to any such matters. Additionally, the Trustee makes no
representations as to the validity or sufficiency of this Supplemental Indenture.

     Section 2.8 Effectiveness. The provisions of this Supplemental Indenture shall be
effective only upon execution and delivery of this instrument by the parties hereto.
Notwithstanding the foregoing sentence, the provisions of this Supplemental Indenture shall become
operative only upon the purchase by the Company of more than a majority in principal amount of the
outstanding Notes pursuant to the Tender Offer, with the result that the amendments to the
Indenture effected by this Supplemental Indenture shall be deemed to be revoked retroactive to the
date hereof if such purchase shall not occur. The Company shall notify the Trustee promptly after
the occurrence of such purchase or promptly after the Company shall determine that such purchase
will not occur.

     Section 2.9 Endorsement and Change of Form of Notes. Any Notes authenticated and
delivered after the close of business on the date that this Supplemental Indenture becomes
operative in substitution for Notes then outstanding and all Notes presented or delivered to the
Trustee on and after that date for such purpose shall be stamped, imprinted or otherwise legended
by the Company, with a notation as follows:

“Effective as of January 26, 2010, the Company is required to give to the Holders only three days’
prior notice of any redemption of the Notes, as provided in the Second Supplemental Indenture,
dated as of January 26, 2010. Reference is hereby made to said Second Supplemental Indenture,
copies of which are on file with the Trustee, for a description of the amendments made therein.”

     Section 2.10 Effect of Headings. The Section headings herein are for convenience only
and shall not affect the construction thereof.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year written above.

	 	 	 	 	 
	 	STONE ENERGY CORPORATION

 	 
	 	By:  	/s/ Kenneth H. Beer
 	 
	 	 	Name:  	Kenneth H. Beer 	 
	 	 	Title:  	Senior Vice President and Chief Financial

Officer 	 
	 
	 	GUARANTOR

STONE ENERGY OFFSHORE, L.L.C.

By and through its sole member,

STONE ENERGY CORPORATION

 	 
	 	By:  	/s/ Kenneth H. Beer
 	 
	 	 	Name:  	Kenneth H. Beer 	 
	 	 	Title:  	Senior Vice President and Chief Financial

Officer 	 
	 
	 	THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,

as Trustee

 	 
	 	By:  	/s/ Rafael Martinez
 	 
	 	 	Name:  	Rafael Martinez 	 
	 	 	Title:  	Senior Associate 	 
	 

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