Document:

Exhibit

Exhibit 10.3
REGISTRATION RIGHTS AGREEMENT
This Registration Rights Agreement (the “Agreement”) is made and entered into as of this 4th day of August, 2016, by and among Cinedigm Corp., a Delaware corporation (the “Company”), (ii) the holders of the Company’s Common Stock (the “Holders”) set forth on the attached Schedule A and such persons who may become Holders from time to time pursuant to Section 8(e) below.
WHEREAS, the Company has requested that the Holders extend term loans (the “Second Lien Financing”) to the Company pursuant to the terms of that certain Second Lien Loan Agreement (the “Second Lien Loan Agreement”), dated as of July 14, 2016, by and among the Company, the Holders and Cortland Capital Market Services LLC, a Delaware limited liability company, as Agent (the “Agent”); and
WHEREAS, in connection with the Second Lien Financing and related transactions, the Company shall issue Warrants and/or Shares to the Holders; and
WHEREAS, it is a condition to the Holders’ willingness to consummate the Second Lien Financing that the Company and the Holders agree to the terms and subject to the conditions set forth in this Agreement.
In recognition of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1.Certain Definitions.
As used in this Agreement, the following terms shall have the following meanings:
“Affiliate” means, with respect to a person, another person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such person.  For the purpose of this definition, “control” includes the beneficial ownership of more than 50% of the equity securities of an entity.
“Allowed Delay” has the meaning assigned to such term in Section 2(c)(ii)
“Blackout Period” has the meaning assigned to such term in Section 2(c)(i).
“Chez IRA” means first Bank & Trust as Custodian of the Ronald L. Chez IRA #1073.
“Common Stock” means the Company’s Class A common stock, par value $0.001 per share, and any securities into which such shares may hereinafter be reclassified.
“Filing Deadline” has the meaning assigned to such term in Section 2(a).

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“Holders” has the meaning assigned to such term in the introductory paragraph, along with any Affiliate or permitted transferee of any Holder who becomes a holder of any shares of Common Stock.
“Initial Closing Date” means July 14, 2016.
“Lead Counsel” means counsel designated by the Lead Holder.
“Lead Holder” means Chez IRA.
“1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Prospectus” means (i) the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus, and (ii) any “free writing prospectus” as defined in Rule 405 under the 1933 Act.
“Register,” “registered” and “registration” refer to a registration made by preparing and filing a Registration Statement or similar document in compliance with the 1933 Act (as defined below), and the declaration or ordering of effectiveness of such Registration Statement or document.
“Registrable Securities” means (i) the Warrant Shares and the Shares and (ii) any other securities issued or issuable with respect to or in exchange for Registrable Securities, whether by exercise, conversion, merger, charter amendment or otherwise; provided, that, a security shall cease to be a Registrable Security upon (A) a sale pursuant to an effective Registration Statement or Rule 144 or any other applicable exemption under the 1933 Act, or (B) such security becoming eligible for sale without restriction by the Holder thereof pursuant to Rule 144.
“Registration Statement” means any registration statement of the Company filed under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.
“Required Holders” means (i) the Lead Holder and (ii) the Holders beneficially owning a majority of the Registrable Securities without giving effect to any beneficial ownership limitation set forth in Warrants (inclusive of the Lead Holder).
“SEC” means the U.S. Securities and Exchange Commission.

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“Second Lien Loan Documents” has the meaning assigned to such term in the Second Lien Loan Agreement.
“Shares” means shares of Common Stock issued to Holders by the Company in connection with the Second Lien Financing and related transactions, including an aggregate of 406,000 shares of Common Stock issued to the Lead Holder thereunder, as well as 155,000 shares of Common Stock issued to an affiliate of the Lead Holder pursuant to the Settlement Agreement, dated July 30, 2015, as amended, with the Company.
“Subsequent Closing Date” means the latest Subsequent Closing Date as defined in the Second Lien Loan Agreement.
“Underwritten Offering” means a sale of securities of the Company to an underwriter or underwriters for re-offering to the public.
“Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants (including, without limitation, any shares of Common Stock issuable pursuant to the anti-dilution and other adjustment provisions set forth in the Warrants).
“Warrants” means the warrants issued to the Lead Holder by the Company on the Initial Closing Date pursuant to the Second Lien Loan Documents.
2.
    Registration.
(a)
    Registration Statement.  Within the later of (i) ninety (90) days following the Initial Closing Date or (ii) thirty (30) days following the Subsequent Closing Date (the “Filing Deadline”), the Company shall prepare and file with the SEC one (1) shelf Registration Statement on Form S-1 or such other form under the Securities Act then available to the Company providing for the resale of all Registrable Securities pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”).  The Company shall use best efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable after the initial filing thereof.  Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents) by the Holders of any and all Registrable Securities.  Such Registration Statement also shall cover pursuant to Rule 416 such indeterminate number of additional shares of Common Stock due to an increase in the number of Warrant Shares resulting from adjustments pursuant to the terms of the Warrants.  Such Registration Statement shall not include any shares of Common Stock or other securities for the account of any other holder without the prior written consent of the Required Holders.  The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 3(c) to the Holders and the Lead Counsel prior to its filing or other submission.  If a Registration Statement covering the Registrable Securities is not filed with the SEC on or prior to the Filing Deadline, the Company will make pro rata payments to each Holder, as liquidated damages and not as a penalty, in an amount equal to 1.0% of the 

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aggregate amount invested by such Holder pursuant to the Second Lien Loan Agreement for each 30-day period or pro rata for any portion thereof following the Filing Deadline for which no Registration Statement is filed with respect to the Registrable Securities; provided, however, that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be six percent (6%) of the aggregate amount invested by such Holder pursuant to the Second Lien Loan Agreement.  Such payments shall be made to each Holder in cash no later than five (5) Business Days after the end of each 30-day period in which such liquidated damages accrue.  No liquidated damages shall accrue under this Section 2(a) if such delay in filing the Registration Statement is substantially caused by one or more of the Holders or their agents, representatives or counsel.
(b)
    Expenses.  The Company will pay all expenses associated with effecting the registration of the Registrable Securities, including filing and printing fees, the Company’s counsel and accounting fees and expenses, the Lead Holder’s fees and expenses (including, without limitation, reasonable attorneys’ fees) in connection with the registration, costs associated with clearing the Registrable Securities for sale under applicable state securities laws, and listing fees, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold.
(c)
    Effectiveness.
(i)
    The Company shall use its best efforts to have the Registration Statement declared effective as soon as practicable.  The Company shall notify the Holders by facsimile or e-mail as promptly as practicable, and in any event, within twenty-four (24) hours, after any Registration Statement is declared effective and shall simultaneously provide the Holders with copies of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby.  If (A) a Registration Statement covering the Registrable Securities is not declared effective by the SEC prior to the earlier of (i) five (5) Business Days after the SEC shall have informed the Company that no review of the Registration Statement will be made or that the SEC has no further comments on the Registration Statement or (ii) the 150th day after the Initial Closing Date, or (B) after a Registration Statement has been declared effective by the SEC but before the end of the Effectiveness Period (as defined below), sales cannot be made pursuant to such Registration Statement for any reason (including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement), but excluding any Allowed Delay (as defined below) or the inability of any Holder to sell the Registrable Securities covered thereby due to market conditions, the Company will make pro rata payments to each Holder, as liquidated damages and not as a penalty, in an amount equal to 1.0% of the aggregate amount invested by such Holder pursuant to the Second Lien Loan Agreement for each 30-day period or pro rata for any portion thereof following the date by which such Registration Statement should have been effective (the “Blackout Period”); provided, however, that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be three percent (3%) of the aggregate amount invested by such Holder pursuant to the Second Lien Loan Agreement.  The amounts payable as liquidated damages pursuant to this paragraph shall be paid monthly within five (5) Business Days of the last day of each month following the 

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commencement of the Blackout Period until the termination of the Blackout Period.  Such payments shall be made to each Holder in cash.  No liquidated damages shall accrue under this Section 2(c)(i) if such delay in the Registration Statement being declared effective is substantially caused by one or more of the Holders or their agents, representatives or counsel.
(ii)
    For not more than ten (10) consecutive days or for a total of not more than thirty (30) days in any twelve (12) month period, the Company may suspend the use of any Prospectus included in any Registration Statement contemplated by this Section in the event that the Company determines in good faith that such suspension is necessary to (A) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the affected Registration Statement or the related Prospectus so that such Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in light of the circumstances under which they were made, not misleading (an “Allowed Delay”); provided, however, that the Company shall promptly (a) notify each Holder in writing of the commencement of an Allowed Delay, but shall not (without the prior written consent of the applicable Holder) disclose to such Holder any material non-public information giving rise to an Allowed Delay, (b) advise the Holders in writing to cease all sales under the Registration Statement until the end of the Allowed Delay and (c) use best efforts to terminate an Allowed Delay as promptly as practicable.
(d)
    Rule 415; Cutback.  If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933 Act or requires any Holder to be named as an “underwriter” as such term is defined under the 1933 Act, the Company shall use its best efforts to persuade the SEC that the offering contemplated by the Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Holders is an “underwriter”.  The Lead Holder shall have the right to participate or have the Lead Counsel participate in any meetings or discussions with the SEC regarding the SEC’s position and to comment or have the Lead Counsel comment on any written submission made to the SEC with respect thereto.  No such written submission shall be made to the SEC to which the Lead Counsel reasonably objects.  In the event that, despite the Company’s best efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position, the Company shall (i) remove from the Registration Statement such portion of the Registrable Securities (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree to name any Holder as an “underwriter” in such Registration Statement without the prior written consent of such Holder.  Any cut-back imposed on the Holders pursuant to this Section 2(d) shall be allocated among the Holders on a pro rata basis, unless the SEC Restrictions otherwise require or provide or the Lead Holder otherwise agrees.  Liquidated damages shall not accrue on any Cut Back Shares (i) so long as the Company effects 

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the registration of such Cut Back Shares as soon as practicable in accordance with any SEC Restrictions or (ii) if a Holder declines to be named as an “underwriter” in such Registration Statement, if so required by the SEC, and as a result elects not to have included in the Registration Statement such Holder’s Registrable Securities.
(e)
    Right to Piggyback Registration.
(i)
    If at any time following the date of this Agreement that any Registrable Securities remain outstanding and are not freely tradable under Rule 144 (A) there is not one or more effective Registration Statements covering all of the Registrable Securities and (B) the Company proposes for any reason to register any shares of Common Stock under the 1933 Act (other than pursuant to a registration statement on Form S-4 or Form S-8 (or a similar or successor form) or pursuant to an already-effective registration statement) with respect to an offering of Common Stock by the Company for its own account or for the account of any of its stockholders, it shall at each such time promptly give written notice to the holders of the Registrable Securities of its intention to do so (but in no event less than thirty (30) days before the anticipated filing date) and, to the extent permitted under the provisions of Rule 415 under the 1933 Act, include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after receipt of the Company’s notice (a “Piggyback Registration”).  Such notice shall offer the holders of the Registrable Securities the opportunity to register such number of shares of Registrable Securities as each such holder may request and shall indicate the intended method of distribution of such Registrable Securities.
(ii)
    Notwithstanding the foregoing, (A) if such registration involves an Underwritten Offering, the Holders must sell their Registrable Securities to, if applicable, the underwriter(s) at the same price and subject to the same underwriting discounts and commissions that apply to the other securities sold in such offering (it being acknowledged that the Company shall be responsible for other expenses as set forth in Section 2(b)) and subject to the Holders entering into customary underwriting documentation for selling stockholders in an underwritten public offering, and (B) if, at any time after giving written notice of its intention to register any Registrable Securities pursuant to Section 2(e)(i) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to cause such registration statement to become effective under the 1933 Act, the Company shall deliver written notice to the Holders and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration; provided, however, that nothing contained in this Section 2(e)(ii) shall limit the Company’s liabilities and/or obligations under this Agreement, including, without limitation, the obligation to pay liquidated damages under this Section 2; provided further, however, that liquidated damages under Sections 2(a) and 2(c)(i) hereunder shall not accrue with respect to such Registrable Securities registered pursuant to a Piggyback Registration under this Section 2(e).
3.
    Company Obligations.  The Company will use best efforts to effect the registration of the 

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Registrable Securities in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:
(a)
    use best efforts to cause such Registration Statement to become effective and to remain continuously effective for a period that will terminate upon the earliest date on which all Registrable Securities covered by such Registration Statement as amended from time to time, either have been sold or may be sold without restriction pursuant to Rule 144 (the “Effectiveness Period”);
(b)
    prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to comply with the provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;
(c)
    provide copies to and permit the Lead Counsel to review each Registration Statement and all amendments and supplements thereto no fewer than three (3) Business Days prior to their filing with the SEC and not file any document to which the Lead Counsel reasonably objects;
(d)
    furnish to the Holders and the Lead Counsel (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company (but not later than two (2) Business Days after the filing date, receipt date or sending date, as the case may be) one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as each Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holder that are covered by the related Registration Statement;
(e)
    use best efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment;
(f)
    if required under applicable law, prior to any public offering of Registrable Securities, use best efforts to register or qualify or cooperate with the Holders and the Lead Counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions requested by the Holders and do any and all other best acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however, that the Company 

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shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f), (iii) file a general consent to service of process in any such jurisdiction, or (iv) register or qualify the Registrable Securities in a jurisdiction outside the United States;
(g)
    use best efforts to cause all Registrable Securities covered by a Registration Statement to be listed on each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;
(h)
    promptly notify the Holders, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the happening of any event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly prepare, file with the SEC and furnish to such Holder a supplement to or an amendment of such Prospectus as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;
(i)
    otherwise use best efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act, including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement or amendment thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Holders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and
(j)
    With a view to making available to the Holders the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any time permit the Holders to sell shares of Common Stock to the public without registration, the Company covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) six (6) months after such date as all of the Registrable Securities may be sold without restriction by the Holders thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as all of the Registrable Securities shall have been resold; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish to each Holder upon request, as long as such Holder owns any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the 1934 Act, (B) a copy of the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably 

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requested in order to avail such Holder of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration.
Notwithstanding the foregoing, the obligations of the company under this Section 3 shall terminate when Registrable Securities are no longer held by the Holders or their Affiliates.
4.
    Information.  Other than with respect to Holders who are officers or directors of, or consultants to, the Company, the Company shall not disclose material nonpublic information to the Holders, or to advisors to or representatives of the Holders, unless prior to disclosure of such information the Company identifies such information as being material nonpublic information and provides the Holders, such advisors and representatives with the opportunity to accept or refuse to accept such material nonpublic information for review, and any Holder wishing to obtain such information enters into an appropriate confidentiality agreement with the Company with respect thereto.
5.
    Obligations of the Holders.
(a)
    Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.  At least five (5) Business Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify each Holder of the information the Company requires from such Holder if such Holder elects to have any of the Registrable Securities included in the Registration Statement.  An Holder shall provide such information to the Company at least three (3) Business Days prior to the first anticipated filing date of such Registration Statement if such Holder elects to have any of the Registrable Securities included in the Registration Statement.  There shall be no prejudice to the Company as a result of any Holder’s delay in the foregoing.
(b)
    Each Holder, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Holder has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.
(c)
    Each Holder agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, or upon a Holder’s knowing receipt of material nonpublic information concerning the Company, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until the Holder is advised by the Company that such dispositions may again be made.

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6.
    Indemnification.
(a)
    Indemnification by the Company.  The Company will indemnify and hold harmless each Holder that participates in the offering of Registrable Securities and its officers, directors, members, employees and agents, successors and assigns, and each other person, if any, who controls such Holder within the meaning of the 1933 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon:  (i) any untrue statement or alleged untrue statement or omission or alleged omission of any material fact contained in any Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement thereof; (ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”); (iii) the omission or alleged omission to state in a Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any violation by the Company or its agents of any rule or regulation promulgated under the 1933 Act applicable to the Company or its agents and relating to action or inaction required of the Company in connection with such registration; or (v) any failure to register or qualify the Registrable Securities included in any such Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification on an Holder’s behalf and will reimburse such Holder, and each such officer, director or member and each such controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability (i) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Holder or any such controlling person in writing specifically for use in such Registration Statement or Prospectus, (ii) arises out of the negligence or intentional misconduct of a Holder, (iii) arises with respect to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), or (iv) relates to a sale of Registrable Securities in violation of Section 2(c)(ii).
(b)
    Indemnification by the Holders.  Each Holder participating in the offering of Registrable Securities agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement or Prospectus or preliminary Prospectus or amendment or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent that such untrue statement 

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or omission is contained in any information furnished in writing by such Holder to the Company specifically for inclusion in such Registration Statement or Prospectus or amendment or supplement thereto.  In no event shall the liability of a Holder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.
(c)
    Conduct of Indemnification Proceedings.  Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses, or (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation.  It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties.  No indemnifying party will (i), except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation and (ii) be liable for any settlement entered into without the indemnifying party’s prior written approval, such approval not to be unreasonably withheld or delayed.
(d)
    Contribution.  If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations.  No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation.  In no event shall the contribution obligation of a Holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 6 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue 

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or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.
7.
    Miscellaneous.
(a)
    Amendments and Waivers.  This Agreement may be amended only by a writing signed by the Company and the Required Holders.  The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the Required Holders.
(b)
    Notices.  All notices, demands, requests, directions and other communications required or expressly authorized to be made by this Agreement shall, whether or not specified to be in writing but unless otherwise expressly specified to be given by any other means, be given in writing and addressed to, with respect to any party, the Persons and addresses specified under such party’s name on Schedule B.  All notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one (1) Business Day after delivery to such courier service, (iii) if delivered by mail, when received, (iv) if delivered by facsimile, upon sender’s receipt of confirmation of proper transmission.
(c)
    Assignments and Transfers by Holders.  The provisions of this Agreement shall be binding upon and inure to the benefit of the Holders and their respective successors and assigns.  A Holder may transfer or assign, in whole or from time to time in part, to one or more persons its rights hereunder in connection with the transfer of Registrable Securities by such Holder to such person, provided that such Holder complies with all laws applicable thereto and provides written notice of assignment to the Company promptly after such assignment is effected.
(d)
    Assignments and Transfers by the Company.  This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without the prior written consent of the Required Holders; provided, however, that in the event that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company” shall be deemed to refer to such Person and the term “Registrable Securities” shall be deemed to include the securities received by the Holders in connection with such transaction unless such securities are otherwise freely tradable by the Holders after giving effect to such transaction.
(e)
    Additional Holders.  Upon any subsequent closing pursuant to the Second Lien Loan Agreement, any lender at such subsequent closing shall be entitled to become a Holder and join 

NY01\SherC\4300269.1    12

this Agreement by delivering to the Company a Joinder Signature Page in the form of Exhibit A attached hereto, and Schedule B shall be amended and supplemented by the Company’s listing such additional Holder(s) on Schedule B.
(f)
    Benefits of the Agreement.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
(g)
    Counterparts; Facsimiles.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  This Agreement may also be executed via facsimile, which shall be deemed an original.
(h)
    Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
(i)
    Severability.  Any provision of this Agreement that 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 but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect.
(j)
    Further Assurances.  The parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.
(k)
    Entire Agreement.  Along with the other Second Lien Loan Documents, this Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  Along with the Second Lien Loan Documents, this Agreement supersedes all prior agreements and understandings between the parties hereto with respect to such subject matter.
(l)
    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Agreement shall be 

NY01\SherC\4300269.1    13

governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof.  Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.  Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.  Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.
[Remainder of page left intentionally blank]

    

IN WITNESS WHEREOF, the parties have executed this Rights Agreement or caused their duly authorized officers to execute this Rights Agreement as of the date first above written.
COMPANY:
CINEDIGM CORP., a Delaware corporation
By:    /s/ Gary S. Loffredo    
Name:  Gary S. Loffredo
Title:  SVP

HOLDER:
RONALD L. CHEZ, INC., an Illinois Corporation
By:    /s/ Ronald L. Chez    
Name:  Ronald L. Chez
Title:  President

HOLDER:
FIRST BANK & TRUST AS CUSTODIAN OF THE IRA #1073
By:    /s/ Karen Rose    
Name:  Karen Rose
Title:  Authorized signatory

SCHEDULE A
HOLDERS
1.  First Bank & Trust as Custodian of The Ronald L. Chez Ira #1073

SCHEDULE B
NOTICES
If to the Company:
Cinedigm Corp.
902 Broadway, 9th Floor
New York, NY 10010.
Attention:  Gary S. Loffredo
Email:  gloffredo@cinedigm.com
with a copy to:
Kelley Drye & Warren LLP
101 Park Avenue, 27th Floor
New York, NY 10178
Attention: Jonathan Cooperman
Email:  JCooperman@kelleydrye.com
Facsimile:  (212) 808-7897
If to the Lead Lender:
First Bank & Trust as Custodian of the
Ronald L. Chez IRA #1073
Attention: Karen Rose
820 Church Street
Evanston, Illinois 60201
Tel:  (847) 733-7400 ext. 261
Email:  Krose@firstbt.com
with a copy to:
Holland & Knight LLP
131 South Dearborn Street, 30th Floor 
Chicago, IL 60603
Attention: Elias Matsakis, Esq. 
Email:  elias.matsakis@hklaw.com 
Telephone:  (312) 715-5731
Facsimile:  (312) 578-6666

EXHIBIT A
Joinder Signature Page
By executing and delivering this Joinder Signature Page, the undersigned, as provided in Section 8(e) of the Registration Rights Agreement (the “Registration Rights Agreement”) dated as of July __, 2016 among Cinedigm Corp. (the “Company”) and the Holders party thereto, hereby becomes a party to the Registration Rights Agreement as a Holder thereunder with the same force and effect as if originally named as a Holder therein. From and after the date hereof, the undersigned shall for all purposes be a party to the Registration Rights Agreement and shall have the same rights, benefits and obligations as an original Holder party thereto.
The undersigned hereby represents and warrants that each of the representations and warranties contained in the Registration Rights Agreement applicable to it is true and correct on and as the date hereof as if made on and as of such date.
HOLDER:
[NAME OF HOLDER]
By:      
Name: 
Title:
Date:      

NY01\SherC\4300269.1    14EX-10.22.5.9.10

 Exhibit 10.22.5.9.10 

EXECUTION VERSION 
 NINTH
AMENDMENT TO SECOND AMENDED 
 AND RESTATED CREDIT AGREEMENT AND LIMITED WAIVER 

THIS NINTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND LIMITED WAIVER (the “Ninth Amendment” or this
“Amendment”) is entered into as of July 22, 2016, among PRIMEENERGY CORPORATION, a Delaware corporation (“Borrower”), PRIMEENERGY MANAGEMENT CORPORATION, a New York corporation
(“PrimeEnergy Management”), PRIME OPERATING COMPANY, a Texas corporation (“Prime Operating”), EASTERN OIL WELL SERVICE COMPANY, a West Virginia corporation (“Eastern Oil Well
Service”), SOUTHWEST OILFIELD CONSTRUCTION COMPANY, an Oklahoma corporation (“Southwest Oilfield Construction”), E O W S MIDLAND COMPANY, a Texas corporation
(“E O W S Midland”), PRIME OFFSHORE L.L.C., a Delaware limited liability company (“Prime
Offshore”, and together with PrimeEnergy Management, Prime Operating, Eastern Oil Well Service, Southwest Oilfield Construction and E O W S Midland, collectively, the “Guarantors”, and each, a
“Guarantor”), the Lenders party hereto, and COMPASS BANK, an Alabama banking association, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). 

R E C I T A L S 

A. Borrower, Guarantors, the financial institutions signing as Lenders and Administrative Agent are parties to a Second Amended and
Restated Credit Agreement dated as of July 30, 2010, as amended by (i) a First Amendment to Second Amended and Restated Credit Agreement and Limited Waiver dated as of September 30, 2010, (ii) that certain Second Amendment to Second Amended and
Restated Credit Agreement dated as of June 22, 2011, (iii) that certain Third Amendment to Second Amended and Restated Credit Agreement dated as of December 8, 2011, (iv) that certain Fourth Amendment to Second Amended and Restated Credit Agreement
dated as of June 25, 2012, (v) that certain Fifth Amendment to Second Amended and Restated Credit Agreement dated as of November 26, 2012, (vi) that certain Sixth Amendment to Second Amended and Restated Credit Agreement dated as of June 28, 2013,
(vii) that certain Seventh Amendment to Second Amended and Restated Credit Agreement dated as of June 26, 2014, and (viii) that certain Eighth Amendment to Second Amended and Restated Credit Agreement dated effective as of June 29, 2015
(collectively, the “Original Credit Agreement”). 
 B. The parties desire to amend the Original Credit Agreement as
hereinafter provided. 
 NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Same Terms. All terms used
herein which are defined in the Original Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. In addition, (a) all references in the Loan Documents to the
“Agreement” or the “Credit Agreement” shall mean the Original Credit Agreement, as amended by this Amendment, as the same shall hereafter be amended from time to time, and (b) all references in the Loan Documents to the
“Loan Documents” shall mean the Loan Documents, as amended by this Amendment, as the same shall hereafter be amended from time to time. In addition, the following terms have the meanings set forth below: 

“Effective Date” means the date when (a) those Lenders comprising the Required Lenders have executed this
Amendment, and (b) the conditions set forth in Section 2 of this Amendment have been complied with to the satisfaction of the Administrative Agent, unless waived in writing by the Administrative Agent. 

4823-3798-0468v.8 16621-388 

  
 NINTH AMENDMENT
– Page 1 

 “Loan Parties” means, collectively, Borrower and each Guarantor, and
“Loan Party” means any one of them, as applicable. 
 “Modification Papers” means this
Amendment and all of the other documents and agreements executed in connection with the transactions contemplated by this Amendment. 
 2.
Conditions Precedent. The obligations, agreements and waivers of Lenders as set forth in this Amendment are subject to the satisfaction (in the opinion of Administrative Agent), unless waived in writing by Administrative Agent, of
each of the following conditions (and upon such satisfaction, this Amendment shall be deemed to be effective as of the Effective Date): 

(a) Ninth Amendment to Second Amended and Restated Credit Agreement and Limited Waiver. This Amendment shall
be in full force and effect. 
 (b) Security Documents. Administrative Agent shall have received Security
Documents, in form and substance satisfactory to Administrative Agent, executed and delivered by the Loan Parties and encumbering substantially all of their personal property. 

(c) Payment of Deficiency. Borrower shall have paid to the Administrative Agent, for the benefit of the
Lenders, the amount of any Deficiency resulting from the reduction of the Borrowing Base set forth in Section 4. 

(d) Fees and Expenses. Administrative Agent shall have received payment of all out-of-pocket fees and
expenses (including reasonable attorneys’ fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution of the Modification Papers. 

3. Amendments to Original Credit Agreement. On the Effective Date, the Original Credit Agreement shall be deemed to be
amended as follows: 
 (a) The following definitions in Section 1.2 of the Original Credit
Agreement shall be amended and restated to read in their entirety as follows: 
 “‘Applicable Margin’
shall mean, on any day and as to each LIBO Rate Loan or Base Rate Loan, as the case may be, outstanding under the Facility on such day the rate determined by reference to the following table: 

 

					
	 Borrowing Base

Utilization
	  	Applicable Margin
	  	LIBO Rate Loans	 	Base Rate Loans
	 390%
	  	3.50%	 	2.50%
	 375% but
<90%
	  	3.25%	 	2.25%
	 350% but
<75%
	  	3.00%	 	2.00%
	 325% but
<50%
	  	2.75%	 	1.75%
	 <25%
	  	2.50%	 	1.50%

 provided, however, during any period while there exists a Deficiency, the relevant rate above
shall be increased by two percent (2.00%) and, during any period while the delivery of a required Reserve Report is delinquent, the Applicable Margin shall be that shown in the table above when Borrowing Base Utilization is greater than or equal to
ninety percent (90%).

  
 NINTH AMENDMENT
– Page 2 

 ‘Borrowing Request’ shall mean each written request,
substantially in the form attached hereto as Exhibit II, by the Borrower to the Agent for a borrowing or conversion pursuant to Section 2.1 or Section 2.12, each of which shall: 

(a) be signed by a Responsible Officer of the Borrower; 

(b) specify the amount and type of the Loan requested or to be converted and the date of the borrowing or conversion (which
shall be a Business Day); 
 (c) for each Loan request, specify the Consolidated Cash Balance (without regard to the
requested Loan or any Late Receipts) and the pro forma Consolidated Cash Balance (after giving effect to the requested Loan and the use of proceeds thereof but not any Late Receipts); 

(d) when requesting a Base Rate Loan, be delivered to the Agent no later than 11:00 a.m., Central Standard or Central Daylight
Savings Time, as the case may be, on the Business Day preceding the requested borrowing or conversion; and 
 (e) when
requesting a LIBO Rate Loan, be delivered to the Agent no later than 11:00 a.m., Central Standard or Central Daylight Savings Time, as the case may be, the third Business Day preceding the requested borrowing or conversion and designate the Interest
Period requested with respect to such Loan. 
 “EBITDAX” shall mean, as of any date and for any period of
determination thereof, Net Income for such period; plus, without duplication and to the extent deducted in the calculation of Net Income for such period, the sum of (a) income or franchise Taxes paid or accrued, (b) Interest Expense, (c)
amortization, depletion and depreciation expense, and any non-cash, ceiling test writedowns, (d) exploration expenses and other similar non-cash charges and expenses, (e) any non-cash losses, charges or gains under Interest Rate Hedge Agreements or
Commodity Hedge Agreements resulting from the requirements of ASC 815 or with respect to retirement obligations resulting from the requirements of ASC 410 for that period (provided that, for the avoidance of doubt, any losses or charges in respect
of the termination of any Interest Rate Hedge Agreements or Commodity Hedge Agreements shall not be added to Net Income and gains will not be subtracted), (f) losses from sales or other dispositions of assets (other than hydrocarbons produced in the
ordinary course of business) and other extraordinary or non-recurring losses, and (g) other non-cash charges (excluding accruals for cash expenses made in the ordinary course of business); minus, to the extent included in the calculation of
Net Income for such period, the sum of (i) any non-cash gains on any Interest Rate Hedge Agreements or Commodity Hedge Agreements resulting from the requirements of ASC 815 or with respect to retirement obligations resulting from the requirements of
ASC 410 for such period, (ii) extraordinary or non-recurring gains attributable to such period, and (iii) gains from sales or other dispositions of assets (other than hydrocarbons produced in the ordinary course of business) attributable to such
period. 
 ‘LIBO Rate’ shall mean, for any Interest Period with respect to any Loan the interest on which is
determined by reference to the LIBO Rate, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor to or substitute page for such 

  
 NINTH AMENDMENT
– Page 3 

 
service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Agent from time to
time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period as the rate for
Dollar deposits with a maturity comparable to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the
interest rate per annum determined by the Agent to be the average of the rates per annum at which deposits in Dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England by the Agent at
approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period; provided further that if the LIBO Rate shall be less than zero, such rate will be deemed to be zero for purposes of
this Agreement. The determination and calculation of the LIBO Rate and each component thereof by the Agent shall be conclusive and binding, absent manifest error. 

“Principal Office” shall mean the office of BBVA Compass in Houston, Texas located at 2200 Post Oak Blvd.,
Houston, Texas 77056, Attention: Energy Division, or such other office as the Agent may designate in writing to the Borrower and/or the Lenders from time to time, the wiring instructions to such currently designated office being as follows: 

Compass Bank 
 ABA
No. 113010547 
 Account No. 90173032 

Reference: PrimeEnergy” 

(b) Section 1.2 of the Original Credit Agreement shall be amended by adding the following definitions
in alphabetical order: 
 “‘ASC’ shall mean the Financial Accounting Standards Board Accounting
Standards Codification, as in effect from time to time. 
 ‘Consolidated Cash Balance’ shall mean, at any
time, the aggregate amount of unrestricted cash and cash equivalents, marketable securities, treasury bonds and bills, certificates of deposit, investments in money market funds and commercial paper, in each case held by Borrower and its
consolidated Subsidiaries, other than (a) any cash set aside to pay in the ordinary course of business amounts of the Borrower or any Subsidiary then due and owing to unaffiliated third parties and for which the Borrower or such Subsidiary has
issued checks or has initiated wires or ACH transfers in order to pay such amounts, and (b) cash and cash equivalents held in Excluded Accounts. 

‘Consolidated Cash Balance Threshold’ shall mean $10,000,000. 

‘Control Agreement’ shall mean a deposit account control agreement or securities account control agreement (or
similar agreement), as applicable, in form and substance satisfactory to the Agent, executed by the Borrower or any of its Subsidiaries, as applicable, the Agent and the relevant financial institution party thereto. Such agreement shall provide
(a) a first priority perfected Lien in favor of the Agent, for the benefit of the Lenders, in the Borrower’s or such Subsidiary’s, as applicable, deposit account and/or securities account and (b) that the Agent may exercise exclusive
control upon an Event of Default. 

  
 NINTH AMENDMENT
– Page 4 

 ‘Controlled Account’ shall mean (a) a deposit account or
securities account that is subject to a Control Agreement or (b) in the sole discretion of the Agent, a deposit account or securities account maintained with the Agent. 

‘Excluded Account’ shall mean those accounts listed on Schedule 1.2(a), provided that in no
event shall any operating account of the Borrower or any Subsidiary constitute an Excluded Account. 
 ‘Excess
Cash’ shall mean, at any time, the amount of the Consolidated Cash Balance (minus Late Receipts) in excess of the Consolidated Cash Balance Threshold. 

‘Late Receipts’ shall mean, as of any date of determination on any Business Day, any funds received by the
Borrower on such Business Day after 10:00 a.m., Houston time, from the sale of Property or otherwise to the extent such funds would cause the Consolidated Cash Balance to exceed the Consolidated Cash Balance Threshold at the end of such Business
Day. 
 ‘Ninth Amendment Effective Date’ shall mean July 22, 2016. 

‘Test Period’ shall mean, at any time, the four consecutive fiscal quarters of Borrower then last ended (in
each case taken as one accounting period) for which financial statements have been or are required to be delivered pursuant to this Agreement; provided, however, for purposes of the calculation of EBITDAX and Interest Expense (i) for
the Test Period ending September 30, 2016, such amounts shall be annualized by taking the results of the fiscal quarter ending September 30, 2016, and multiplying them by four (4); (ii) for the Test Period ending December 31,
2016, such amounts shall be annualized by taking the results of the two (2) fiscal quarters ending December 31, 2016, and multiplying them by two (2); and (iii) for the Test Period ending March 31, 2017, such amounts shall be
annualized by taking the results of the three (3) fiscal quarters ending March 31, 2017, and multiplying them by four (4) and dividing them by three (3).” 

(c) Section 2.11 of the Original Credit Agreement shall be amended by adding thereto a new paragraph (c) which shall
read in its entirety as follows: 
 “(c) If on any Business Day (i) there are any outstanding Loans or L/C Exposure and
(ii) the Borrower has Excess Cash as of the close of business on such day, then the Borrower shall, on the next succeeding Business Day, (x) prepay the Loan Balance in an aggregate principal amount equal to the amount of such Excess Cash, and (y) if
any Excess Cash remains after prepaying the Loan Balance and there is any L/C Exposure, pay to the Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral, in each case as provided in Section 2.11(a).”

  
 NINTH AMENDMENT
– Page 5 

 (d) Section 3.2 of the Original Credit Agreement shall be amended by (A)
removing the word “and” at the end of clause (h) thereof, (B) deleting the period at the end of clause (i) thereof and replacing it with “; and” and (C) adding thereto a new clause (j) thereto which shall read in its entirety as
follows: 
 “(j) at the time of and immediately after giving effect to the requested Loan (as certified by the Borrower
in the applicable Borrowing Request), the Borrower and its Subsidiaries do not have any Excess Cash.” 
 (e) Section
3.3 of the Original Credit Agreement shall be amended by (A) removing the word “and” at the end of clause (h) thereof, (B) deleting the period at the end of clause (i) thereof and replacing it with “; and” and (C) adding
thereto a new clause (j) thereto which shall read in its entirety as follows: 
 “(j) at the time of and immediately
after giving effect to the requested issuance, renewal or extension of a Letter of Credit (as certified by the Borrower in the applicable request), the Borrower and its Subsidiaries do not have any Excess Cash.” 

(f) Section 5.8 of the Original Credit Agreement shall be amended to read in its entirety as follows: 

“5.8 Minimum Commodity Hedge Agreements and Hedging Reports.

(a) Implement, with one or more Approved Counterparties, and maintain in effect Commodity Hedge Agreements covering, subject
to the provisions of Section 6.1, no less than fifty percent (50%) of reasonably projected production of proved developed producing oil and gas reserves for the period beginning November 2016 and continuing through December 2018. 

(b) At any time the Borrower or any Subsidiary has any Interest Rate Hedge Agreements or Commodity Hedge Agreements, deliver
to the Agent, with the Financial Statements delivered pursuant to Section 5.2 and Section 5.3, a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Agent, setting forth as of the last
Business Day of such fiscal quarter a true and complete list of all Interest Rate Hedge Agreements or Commodity Hedge Agreements of the Borrower and its Subsidiaries (including any Commodity Hedge Agreement in place pursuant to the requirement
of Section 5.8(a) above), the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net market-to-market value therefor, any credit support agreements relating thereto,
any margin required or supplied under any credit support document and the counterparty to each such agreement.” 
 (g)
Article V of the Original Credit Agreement shall be amended by adding a new Section 5.24 and a new Section 5.25 thereto to read in their entirety as follows: 

“5.24 Consolidated Cash Balance Information. If there are any outstanding Loans or L/C Exposure, then (a) upon
the request of the Administrative Agent (within one (1) Business Day of such request or such longer period as the Agent may agree in its sole discretion) or (b) on any Business Day on which the Borrower has any Excess Cash, provide to the Agent
summary and balance statements for each deposit account, securities 

  
 NINTH AMENDMENT
– Page 6 

 
account, commodity account or other account in which any Consolidated Cash Balance is held or to which any Consolidated Cash Balance is credited, together with an officer’s certificate of
the Borrower including the amount of Excess Cash on such day. 
 5.25 Control Agreements.

(a) For each deposit or security account that the Borrower or any of its Subsidiaries maintains as of the Ninth Amendment
Effective Date, the Borrower will, by no later than 30 days after the Ninth Amendment Effective Date, either (i) cause such account to be subject to a Control Agreement, or (ii) close such account and transfer any funds therein to an account that
otherwise meets the requirements of this Section 5.25(a). From and after the Ninth Amendment Effective Date, the Borrower shall not open, nor allow any of its Subsidiaries to open, any deposit or security account unless such deposit or
security account is subject to a Control Agreement. 
 (b) The Borrower will, and will cause each of its Subsidiaries to,
until the proceeds of any Loans are used or transferred in accordance with the Loan Documents, hold the proceeds of any Loans made under this Agreement in a deposit account and/or a securities account that is a Controlled Account.” 

(h) Section 6.4 of the Original Credit Agreement shall be amended and restated to read in its
entirety as follows: 
 “6.4 Sales of Assets. Sell, transfer or otherwise dispose of, in one or any series
of transactions, any of its Property, whether now owned or hereafter acquired, or enter into any agreement to do so; provided, however, the foregoing restriction shall not apply to: 

(a) the sale of hydrocarbons or inventory in the ordinary course of business, provided that no contract for the sale of
hydrocarbons shall obligate the relevant Person to deliver hydrocarbons produced from any of its Oil and Gas Properties at some future date without receiving full payment therefor within 60 days of delivery, 

(b) the sale or other disposition of Property destroyed, lost, worn out, damaged or having only salvage value or no longer
used or useful in the business in which it is used; 
 (c) the sale, transfer or other disposition of Property from
Subsidiaries of the Borrower to the Borrower; 
 (d) so long as no Default, Event of Default or Deficiency exists or results
therefrom and the requirement below in this Section 6.4(d) as to use of the net proceeds thereof is complied with, sales or other dispositions of Oil and Gas Properties evaluated in establishing the Total Borrowing Base between
redeterminations of the Total Borrowing Base as provided in Section 2.10 the aggregate loan value of which, as assigned thereto by the Agent in the most recent setting of the Total Borrowing Base in accordance with the provisions of
Section 2.10, equals five percent (5%) or less of the amount of the then existing Total Borrowing Base; provided, however, if at any time the aggregate value of Oil and Gas Properties sold or disposed of in any period between
scheduled 

  
 NINTH AMENDMENT
– Page 7 

 
redeterminations of the Total Borrowing Base exceeds five percent (5%) of the Total Borrowing Base then in effect, then the existing Total Borrowing Base shall be automatically reduced by an
amount equal to the aggregate loan value of the relevant Oil and Gas Properties, and further provided, however, upon consummation of any such transaction, if a Deficiency exists or results therefrom, up to one-hundred percent (100%) of
the proceeds of such sale or other disposition, net of usual and customary reasonable fees, expenses and taxes, shall be applied, as necessary and substantially contemporaneously with receipt thereof, to cure such Deficiency, notwithstanding any
provisions of Section 2.11 to the contrary; 
 (e) other sales of equipment with gross sale proceeds not exceeding
$5,000,000 in the aggregate in any fiscal year of the Borrower; 
 (f) sales of vehicles or equipment which is leased back
as permitted pursuant to the provisions of the proviso in Section 6.5; and 
 (g) so long as no Default, Event of
Default or Deficiency exists or results therefrom, sales of undeveloped acreage not evaluated in establishing the Total Borrowing Base.” 

(i) Section 6.15 of the Original Credit Agreement shall be amended and restated to read in its
entirety as follows: 
 “6.15 Total Indebtedness to EBITDAX Ratio. Permit the ratio, determined as of the
end of each quarter of each fiscal year of the Borrower, commencing with that ending on September 30, 2016, of (a) Indebtedness of the Borrower and its consolidated Subsidiaries, on a consolidated basis, for borrowed money (exclusive, for the
avoidance of doubt, of trade accounts payable and accrued liabilities, net unrealized losses or charges in respect of Commodity Hedge Agreements or Interest Rate Hedge Agreements and the undrawn, unexpired amount of all outstanding Letters of
Credit, if such would otherwise be included) to (b) EBITDAX for the Test Period ending on such date to be more than 4.00 to 1.00.” 

(j) Section 6.16 of the Original Credit Agreement shall be amended and restated to read in its
entirety as follows: 
 “6.16 Interest Coverage Ratio. Permit the ratio, determined as of the end of each
quarter of each fiscal year of the Borrower, commencing with that ending on September 30, 2016, of (a) EBITDAX for the Test Period ending on such date, to (b) cash Interest Expense, other than any cost arising from the extinguishment of any
Indebtedness prior to the maturity of such Indebtedness, for the Test Period ending on such date to be less than 3.00 to 1.00.” 

(k) The form of Borrowing Request attached as Exhibit II to the Original Credit Agreement shall be replaced with the
form of Borrowing Request attached as Exhibit II of this Amendment. 
 (l) There shall be added to the Original Credit
Agreement a new Schedule 1.2(a) in the form of Schedule 1.2(a) attached hereto. 

  
 NINTH AMENDMENT
– Page 8 

 4. Borrowing Base Decrease. Effective as of the Effective Date, the Borrowing
Base is hereby decreased from $95,000,000 to $80,000,000, and the Monthly Reduction Amount is hereby reaffirmed at $0. The foregoing adjustment of the Borrowing Base and reaffirmation of the Monthly Reduction Amount is the periodic
determination of the Borrowing Base and the Monthly Reduction Amount under Section 2.10 of the Original Credit Agreement. The Borrowing Base, as adjusted, and the Monthly Reduction Amount, as reaffirmed, will remain in effect until next
redetermined in accordance with the provisions of Section 2.10 of the Original Credit Agreement.
 5. Limited Waiver of Certain
Financial Covenants for Period Ending 6/30/16. The Borrower anticipates that it will fail to comply with the provisions of Sections 6.15 and 6.16 of the Original Credit Agreement (prior to giving effect to this Amendment)
for the fiscal quarter ending June 30, 2016 (the “Specified Defaults”). Subject to the terms and conditions set forth in this Amendment and the Loan Parties’ execution of this Amendment, the Required Lenders hereby
waive the Specified Defaults. The waiver granted herein is limited precisely as written and should not be deemed to be a waiver of or a consent to the modification of or deviation from any other term or condition of the Original Credit
Agreement, as amended hereby, or to prejudice any right or rights which Administrative Agent and/or the Lenders may now have or may have in the future under or in connection with the Original Credit Agreement, as amended hereby. 

6. Certain Representations.

(a) Each Loan Party represents and warrants that, as of the Effective Date: (i) it has full power and authority to
execute the Modification Papers to which it is a party and such Modification Papers constitute the legal, valid and binding obligation of such Loan Party enforceable in accordance with their terms, except as enforceability may be limited by general
principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the enforcement of creditors’ rights generally; and (ii) no authorization, approval, consent or other action by,
notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance by each Loan Party thereof. In addition, each Loan Party represents that after giving effect to this Amendment all
representations and warranties contained in the Original Credit Agreement and the other Loan Documents are true and correct in all material respects (provided that any such representations or warranties that are, by their terms, requalified by
reference to materiality shall be true and correct without regard to such materialty standard) 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 (or true and correct without regard to such materiality standard, as applicable) as of such earlier date. 

(b) In addition, each Loan Party represents and warrants that as of the Effective Date, there are no claims or offsets or
defenses or counterclaims to its obligations under the Loan Documents, and in accordance therewith each Loan Party: 
 (i)
waives any and all such claims, offsets, defenses or counterclaims, whether known or unknown, arising under the Loan Documents prior to the Effective Date; and 

(ii) releases and discharges Administrative Agent and Lenders and their officers, directors, employees, agents, shareholders,
affiliates and attorneys (the “Released Parties”) from any and all obligations, indebtedness, liabilities, claims, rights, causes of action or other demands whatsoever, whether known or unknown, suspected or

  
 NINTH AMENDMENT
– Page 9 

 
unsuspected, in law or equity, which it ever had, now has or claims to have or may have against any Released Party arising prior to the Effective Date and from or in connection with the Loan
Documents or the transactions contemplated thereby, except those resulting from the gross negligence or willful misconduct of the Released Party. 

7. No Further Amendments. Except as previously amended in writing or as amended hereby, the Original Credit Agreement shall
remain unchanged and all provisions shall remain fully effective between the parties. 
 8. Acknowledgments and
Agreements. Each Loan Party acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms, and each Loan Party waives any defense, offset, counterclaim or recoupment with respect
thereto. Each Loan Party, Administrative Agent and each Lender do hereby adopt, ratify and confirm the Original Credit Agreement, as amended hereby, and acknowledge and agree that the Original Credit Agreement, as amended hereby, is and remains
in full force and effect. Each Loan Party acknowledges and agrees that its liabilities and obligations under the Original Credit Agreement, as amended hereby, and under the other Loan Documents are not impaired in any respect by this
Amendment. Any breach of any representations, warranties and covenants under this Amendment shall be an Event of Default under the Original Credit Agreement. 

9. Limitation on Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed
(a) to be a consent under or a waiver of or an amendment to any other term or condition in the Original Credit Agreement or any of the Loan Documents, or (b) to prejudice any right or rights that Administrative Agent now has or may have in
the future under or in connection with the Original Credit Agreement and the other Loan Documents, each as amended hereby, or any of the other documents referred to herein or therein. The Modification Papers shall constitute Loan Documents for
all purposes. The failure of Administrative Agent and Lenders to exercise available rights and remedies is not intended (i) to operate as a waiver of rights and remedies except as herein provided, and (ii) to indicate any agreement on the part
of Administrative Agent and Lenders to waive their rights and remedies in the future. Administrative Agent and Lenders are not obligated in any way with respect to future dealings between them and the Loan Parties, except as are set forth in
the presently existing Loan Documents. 
 10. Confirmation of Security. Each Loan Party hereby confirms and agrees that
all of the Security Documents that presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the Original Credit Agreement as
modified by this Amendment. 
 11. Counterparts. This Amendment may be executed in any number of counterparts, each of
which when executed and delivered shall be deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each
of the parties hereto. 
 12. Incorporation of Certain Provisions by Reference. The provisions of
Section 9.12 of the Original Credit Agreement captioned “Governing Law” and Section 9.13 of the Original Credit Agreement captioned “Waiver of Jury Trial” are incorporated herein by
reference for all purposes. 
 13. Entirety, Etc. This Amendment and the other Modification Papers and all of the other
Loan Documents embody the entire agreement between the parties. THIS AMENDMENT AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,

  
 NINTH AMENDMENT
– Page 10 

 
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[This space is left intentionally blank. Signature pages follow.] 

  
 NINTH AMENDMENT
– Page 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be effective as of the
date and year first above written. 
  

			
	BORROWER:
	
	PRIMEENERGY CORPORATION
		
	By:    	 	  

		 	Beverly A. Cummings
		 	Executive Vice President, Treasurer
		 	and Chief Financial Officer
	
	GUARANTORS:
	
	PRIMEENERGY MANAGEMENT CORPORATION
		
	By:	 	  

		 	Beverly A. Cummings
		 	Executive Vice President and Treasurer
	
	PRIME OPERATING COMPANY
		
	By:	 	  

		 	Beverly A. Cummings
		 	Executive Vice President and Treasurer
	
	EASTERN OIL WELL SERVICE COMPANY
		
	By:	 	  

		 	Beverly A. Cummings
		 	Executive Vice President and Treasurer

  
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continue on following pages) 

  
 NINTH AMENDMENT
– Signature Page – S-1 

 
			
	SOUTHWEST OILFIELD CONSTRUCTION COMPANY
		
	By:	 	  

		 	Beverly A. Cummings
		 	Executive Vice President and Treasurer
	
	E O W S MIDLAND COMPANY
		
	By:    	 	  

		 	Beverly A. Cummings
		 	Executive Vice President and Treasurer
	
	PRIME OFFSHORE L.L.C.
		
	By:	 	  

		 	Beverly A. Cummings
		 	Executive Vice President and
		 	Chief Executive Officer

  
 (Signatures
continue on following pages) 

  
 NINTH AMENDMENT
– Signature Page – S-2 

 
			
	ADMINISTRATIVE AGENT:
	
	 COMPASS BANK,
 as Administrative
Agent

		
	By:	 	  

		 	Kathleen J. Bowen
		 	Managing Director
	
	LENDER:
	
	COMPASS BANK
		
	By:    	 	  

		 	Kathleen J. Bowen
		 	Managing Director

  
 (Signatures
continue on following pages) 

  
 NINTH AMENDMENT
– Signature Page – S-3 

 
			
	LENDER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	  

	Name: 	 	  

	Title:	 	  

  
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continue on following pages) 

  
 NINTH AMENDMENT
– Signature Page – S-4 

 
			
	LENDER:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

	Name: 	 	  

	Title:	 	  

  
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continue on following pages) 

  
 NINTH AMENDMENT
– Signature Page – S-5 

 
			
	LENDER:
	
	CITIBANK, N.A.
		
	By:	 	  

	Name: 	 	  

	Title:	 	  

  
 (Signatures
continue on following page) 

  
 NINTH AMENDMENT
– Signature Page – S-6 

 
			
	LENDER:
	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	  

	Name: 	 	  

	Title:	 	  

  
 NINTH AMENDMENT
– Signature Page – S-7 

 EXHIBIT II 

[FORM OF BORROWING REQUEST] 

[Date] 
 Compass Bank, as Agent 

2200 Post Oak Blvd. 
 Houston, Texas 77056 

Attention: Energy Division 
  

	 	Re:	Second Amended and Restated Credit Agreement dated effective July 30, 2010 by and among PrimeEnergy Corporation, certain other parties, Compass Bank, an Alabama banking association, as Agent, and the lenders
signatory thereto or bound thereby from time to time (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) 

Ladies and Gentlemen: 
 Pursuant to the Credit
Agreement, the undersigned hereby makes the requests indicated below: 
  

	 	1.	Loans 

 (a) Amount of new
Loan: $             
 (b) Requested funding date:
                    , 20     

(c) $             of such Loan is to be a Base Rate Loan;
and 
 $             of such Loan is to be a LIBO Rate
Loan. 
 (d) Requested Interest Period for LIBO Rate Loan:          months.

 (e) Consolidated Cash Balance as of the date hereof (prior to giving effect to the requested Loan and without regard to
any Late Receipts): $             
 (f) Pro forma total
Consolidated Cash Balance (after giving effect to the requested Loan but not any Late Receipts): $            . 

 

	 	2.	Continuation or conversion of LIBO Rate Loan maturing on                     : 

(a) Amount to be continued as a LIBO Rate Loan is
$            , with an Interest Period of                      months; and

 (b) Amount to be converted to a Base Rate Loan is
$            . 
  

	 	3.	Conversion of Base Rate Loan: 

 (a) Requested conversion date:
                    , 20    . 

(b) Amount to be converted to a LIBO Rate Loan is
$            , with an Interest Period of                      months. 

  
 EXHIBIT II
– Page 1 

 CERTIFICATION 

The undersigned individual certifies that [s]he is
the                     of the Borrower, has obtained all consents necessary, and as such [s]he is authorized to execute this request on
behalf of the Borrower. The undersigned individual further certifies, represents, and warrants on behalf of the Borrower that the Borrower is entitled to receive the requested borrowing, continuation, or conversion under the terms and
conditions of the Credit Agreement and that, to the best knowledge of such undersigned individual, there exists as of the date hereof neither a Default nor an Event of Default under the Credit Agreement. 

Each capitalized term used but not defined herein shall have the meaning assigned to such term in the Credit Agreement. 

 

	
	 Very truly yours,

	
	  

	                      of

PrimeEnergy Corporation

  
 EXHIBIT II
– Page 2 

 Schedule 1.2(a) 

EXCLUDED ACCOUNTS 
  

					
	 Designation (Account Name)
	  	 Account Number
	  	 Financial Institution

	PEMC – PS	  	6702543302	  	Compass Bank
	PrimeEnergy Corporation	  	000000838723286	  	JP Morgan Chase Bank NA
	Prime Operating Company	  	3802548606	  	Compass Bank
	 Cash Management Suspense
	  		  	

  
 Schedule 1.2(a)
– Page Solo

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