Document:

INDUCEMENT STOCK OPTION AWARD AGREEMENT
(Non-Plan Inducement Award)
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THIS INDUCEMENT STOCK OPTION AWARD AGREEMENT (this “Agreement”) is entered into and effective as of this 8th day of September, 2020 (the “Date of Grant”), by and between ANI Pharmaceuticals, Inc. (the “Company”) and Nikhil Lalwani (the “Optionee”).
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		A.	The Company desires to grant the Optionee a non-statutory stock option to purchase shares of common stock of the Company as an inducement material to the Optionee entering into employment with the Company.

		B.	This stock option is not being granted pursuant to the terms of the ANI Pharmaceuticals, Inc. Sixth Amended and Restated 2008 Stock Incentive Plan (the “Plan”), but shall be subject to the terms of the Plan as if granted thereunder and such terms shall be deemed incorporated herein by reference and made a part of this inducement grant, except to the extent otherwise provided for under that certain employment agreement by and between the Company and Optionee dated July 24, 2020 (the “Employment Agreement”), as in effect on the date the Employment Agreement was originally executed, notwithstanding any amendments thereto. Unless otherwise defined herein or in the Employment Agreement, the terms defined in the Plan shall have the same meanings in this Agreement.

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Accordingly, the parties agree as follows:
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		1.	Grant of Option.

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The Company hereby grants to the Optionee the right, privilege, and option (the “Option”) to purchase 179,643 shares (the “Option Shares”) of the Company’s common stock, $0.0001 par value (the “Common Stock”).  The Option is not intended to be an “incentive stock option,” as that term is used in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  The Company will register the Option Shares underlying the Option concurrently with the next registration of shares under the Plan but in no event later than the date any portion of the Option becomes exercisable.
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		2.	Option Exercise Price.

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The per share price to be paid by Optionee in the event of an exercise of the Option will be $29.00, which represents 100% of the Fair Market Value of a share of Common Stock on the Date of Grant, as determined in accordance with the Plan.
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		3.	Duration of Option and Time of Exercise.

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		13.1	Initial Period of Exercisability. The Option will become exercisable with respect to the Option Shares in installments. The following table sets forth the initial dates of exercisability of each installment and the number of Option Shares as to which this Option will become exercisable on such dates:

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	Exercisability
	​
	Available for Exercise

	September 8, 2021
	 
	44,910

	September 8, 2022
	​
	44,911

	September 8, 2023 
	​
	44,911

	September 8, 2024
	​
	44,911

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The foregoing rights to exercise this Option will be cumulative with respect to the Option Shares becoming exercisable on each such date. In no event will this Option be exercisable after, and this Option will become void and expire as to all unexercised Option Shares at 5:00 p.m. Central time on September 7, 2030 (the “Time of Termination”).
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		13.2	Termination of Employment or Other Service 

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	(a)		Termination by Company Without Good Cause or by Optionee for Good Reason.  In the event the Optionee is terminated by the Company “Without Good Cause” or the Optionee resigns for “Good Reason” (in each case, as defined in the Employment Agreement, and each, a “Qualifying Termination Event”), then notwithstanding any other provision contained in this Agreement or the Plan, the vesting of the Option shall be accelerated to the extent determined by the applicable provisions of the Employment Agreement, subject to the Optionee’s compliance with the conditions required by the Employment Agreement including, but not limited to the execution of a release of claims specified in the Employment Agreement.  This Option will remain exercisable, to the extent exercisable after taking into accounting such acceleration, for a period of eighteen months after such termination (but in no event after the Time of Termination).

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	(b)		Termination Due to Change in Control Conditions.  In the event Change in Control Conditions (as defined in the Employment Agreement) have occurred, then notwithstanding any other provision contained in this Agreement or the Plan, the vesting of the Option shall be accelerated to the extent determined by the applicable provisions of the Employment Agreement, subject to the Optionee’s compliance with the conditions required by the Employment Agreement including, but not limited to the execution of a release of claims specified in the Employment Agreement. This Option will remain exercisable, to the extent exercisable after taking into accounting such acceleration, until the Time of Termination.

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(c)   Termination Due to Death, Disability or Retirement.  In the event the Optionee’s employment or other service with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).
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(d)    Termination for Reasons Other Than Due to Death, Disability, Retirement, a Qualifying Termination or Change in Control Conditions.  In the event that the Optionee’s employment or other service with the Company and all Subsidiaries is terminated for any reason other than due to death, Disability, Retirement, a Qualifying Termination or Change in Control Conditions, all rights of the Optionee under the Plan, the Employment Agreement or this Agreement will immediately terminate without notice of any kind, and this Option will no longer be exercisable; provided, however, that if such termination is due to any reason other than termination by the Company or any Subsidiary for Good Cause (as defined in the Employment Agreement), this Option will remain exercisable to the extent exercisable as of such termination for a period of three months after such termination (but in no event after the Time of Termination).
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(e)    Breach of Employment, Consulting, Confidentiality or Non-Compete Agreements. Notwithstanding anything in this Agreement to the contrary and in addition to the rights of the Committee as set forth in Section 12.4 of the Plan, in the event that the Optionee materially breaches the terms of any employment, consulting, confidentiality or non-compete agreement entered into with the Company or any Subsidiary (including an employment, consulting, confidentiality or non-compete agreement made in connection with the grant of the Option), whether such breach occurs before or after termination of the Optionee’s employment or other service with the Company or any Subsidiary, the Committee in its sole discretion may require the Optionee to surrender shares of Common Stock received, and to disgorge any profits 

(however defined by the Committee), made or realized by the Optionee in connection with this Option or any shares issued upon the exercise or vesting of this Option.
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		13.3	Change in Control. For the avoidance of doubt, the provisions of the Plan related to acceleration in the event of a Change in Control (as defined in the Plan) shall not apply. Notwithstanding the foregoing, the Committee, in its sole discretion, retains the right to accelerate all or a portion of the Option in the event of a Change in Control.

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		4.	Manner of Option Exercise.

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		14.1	Notice. This Option may be exercised by the Optionee in whole or in part from time to time, subject to the conditions contained in the Plan, the Employment Agreement and in this Agreement, by delivery, in person, by facsimile or electronic transmission or through the mail, to the Company at its principal executive office in Baudette, Minnesota, of a written notice of exercise. Such notice must be in a form satisfactory to the Committee, must identify the Option, must specify the number of Option Shares with respect to which the Option is being exercised, and must be signed by the person or persons so exercising the Option. Such notice must be accompanied by payment in full of the total purchase price of the Option Shares purchased. In the event that the Option is being exercised, as provided by the Plan and Section 3.2 above, by any person or persons other than the Optionee, the notice must be accompanied by appropriate proof of right of such person or persons to exercise the Option. As soon as practicable after the effective exercise of the Option, the Optionee will be recorded on the stock transfer books of the Company as the owner of the Option Shares purchased, and the Company will deliver to the Optionee certificated or uncertificated (“book entry”) shares. In the event that the Option is being exercised, as provided by resolutions of the Committee and Section 4.2 below, by tender of a Broker Exercise Notice, the Company will deliver such shares directly to the Optionee’s broker or dealer or their nominee.

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		4.2	Payment.

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	(a)		At the time of exercise of this Option, the Optionee must pay the total purchase price of the Option Shares to be purchased entirely in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion and upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender of a Broker Exercise Notice; (ii) by tender, or attestation as to ownership, of Previously Acquired Shares that are acceptable to the Committee; (iii) by a “net exercise” of the Option (as described below); or (iv) by a combination of such methods.

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	(b)		In the event the Optionee is permitted to pay the total purchase price of this Option in whole or in part with Previously Acquired Shares, the value of such shares will be equal to their Fair Market Value on the date of exercise of this Option.

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	(c)		In the case of a “net exercise” of an Option, the Company will not require a payment of the exercise price of the Option from the Optionee but will reduce the number of shares of Common Stock issued upon the exercise by the largest number of whole shares that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares exercised under this method.

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	(d)		Shares of Common Stock will no longer be issuable under this Option (and this Option will therefore not thereafter be exercisable) following the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under the “net exercise,” (ii) shares actually delivered to the Optionee as a result of such exercise and (iii) any shares withheld for purposes of tax withholding.

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		5.	Rights of Optionee; Transferability.

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		5.1	Employment or Service. Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Subsidiary to terminate the employment or service of the Optionee at any time, nor confer upon the Optionee any right to continue in the employ of or provide services to the Company or any Subsidiary at any particular position or rate of pay or for any particular period of time.

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		5.2	Rights as a Stockholder. The Optionee will have no rights as a stockholder of the Company unless and until all conditions to the effective exercise of this Option (including, without limitation, the conditions set forth in Sections 4 and 6 of this Agreement) have been satisfied and the Optionee has become the holder of record of such shares. No adjustment will be made for dividends or distributions with respect to this Option as to which there is a record date preceding the date the Optionee becomes the holder of record of such shares, except as may otherwise be provided in the Plan or determined by the Committee in its sole discretion.

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		5.3	Restrictions on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted by the Plan, no right or interest of the Optionee in this Option prior to exercise may be assigned or transferred, or subjected to any lien, during the lifetime of the Optionee, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. The Optionee will, however, be entitled to designate a beneficiary to receive this Option upon such Optionee’s death, and, in the event of the Optionee’s death, exercise of this Option (to the extent permitted pursuant to Section 3.2(a) of this Agreement) may be made by the Optionee’s legal representatives, heirs and legatees.

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		6.	Withholding Taxes.

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The Company is entitled to (a) withhold and deduct from future wages of the Optionee (or from other amounts that may be due and owing to the Optionee from the Company or a Subsidiary), or make other arrangements for the collection of, all amounts the Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and employment-related tax requirements attributable to the Option, including, without limitation, the grant, exercise or vesting of, this Option or a disqualifying disposition of any Option Shares; (b) withhold cash paid or payable or shares of Common Stock from the shares issued or otherwise issuable to the Optionee in connection with this Option; or (c) require the Optionee promptly to remit the amount of such withholding to the Company before taking any action, including issuing any shares of Common Stock, with respect to this Option. Shares of Common Stock issued or otherwise issuable to the Optionee in connection with this Option that gives rise to the tax withholding obligation that are withheld for purposes of satisfying the Optionee’s withholding or employment-related tax obligation will be valued at their Fair Market Value on the Tax Date.
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		7.	Adjustments.

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In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off), or any other similar change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation), in order to prevent dilution or enlargement of the rights of the Optionee, will make appropriate adjustment (which determination will be conclusive) as to the number and kind of securities or other property (including cash) subject to, and the exercise price of, this Option.
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		8.	Plan Terms Incorporated by Reference.

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The Option Shares granted and issued pursuant to this Agreement have not been granted and issued under the Plan; however, the terms of the Plan are incorporated by reference in this Agreement except to the extent otherwise provided in the Employment Agreement, and the Optionee, by execution of this Agreement, acknowledges having received a copy of the Plan. The provisions of this Agreement will be interpreted as to be consistent with the Plan and Employment Agreement, as applicable, and any ambiguities in this Agreement will be interpreted by reference to the Plan and Employment Agreement, as applicable. In the event that any provision of this Agreement is inconsistent with the terms of the Plan or Employment Agreement, as applicable, the terms of the Plan or Employment Agreement, as applicable will prevail.
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		9.	Miscellaneous.

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		9.1	Binding Effect. This Agreement will be binding upon the heirs, executors, administrators and successors of the parties to this Agreement.

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		9.2	Governing Law. This Agreement and all rights and obligations under this Agreement will be construed in accordance with the Plan and the Employment Agreement, as applicable, and governed by the laws of the State of Delaware, without regard to conflicts of laws provisions. Any legal proceeding related to this Agreement will be brought in an appropriate Delaware court, and the parties to this Agreement consent to the exclusive jurisdiction of the court for this purpose.

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		9.3	Entire Agreement. This Agreement, the Employment Agreement and the Plan set forth the entire agreement and understanding of the parties to this Agreement with respect to the grant and exercise of this Option and the administration of the Plan and supersede all prior agreements, arrangements, plans and understandings relating to the grant and exercise of this Option and the administration of the Plan.

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		9.4	Amendment and Waiver. Other than as provided in the Plan and the Employment Agreement, as applicable, this Agreement may be amended, waived, modified or canceled only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance.

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		9.5	Construction. Wherever possible, each provision of this Agreement will be interpreted so that it is valid under the applicable law. If any provision of this Agreement is to any extent invalid under the applicable law, that provision will still be effective to the extent it remains valid. The remainder of this Agreement also will continue to be valid, and the entire Agreement will continue to be valid in other jurisdictions.

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		9.6	Counterparts. For convenience of the parties hereto, this Agreement may be executed in any number of counterparts, each such counterpart to be deemed an original instrument, and all such counterparts together to constitute the same agreement.

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[Remainder of page intentionally left blank]

The parties to this Agreement have executed this Agreement effective the day and year first above written. 
ANI PHARMACEUTICALS, INC. 
ANI PHARMACEUTICALS, INC. 
By ​ ​/s/ Stephen P. Carey​ ​​ ​
​
Stephen P. Carey
Its Vice President, Finance and Chief Financial Officer
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By execution of this Agreement, the Optionee 
acknowledges having received a copy of the Plan. 
OPTIONEE 
​
​ ​/s/ Nikhil Lalwani​ ​​ ​
(Signature) 
Nikhil Lalwani  
​
(Name and Address)
​
_______________________________EX-10.1

 Exhibit 10.1 

[Ascribe Letterhead] 

CONFIDENTIAL 

November 5, 2020 
 Basic Energy Services,
Inc. 
 80 l Cherry Street, Suite 2100 
 Fort Worth, TX 76102

 Attention: Keith L. Schilling 
 Email:
Keith.Schilling@basicenergyservices.com 
 Commitment Letter 

Ladies and Gentlemen: 
 Basic Energy Services,
Inc., a Delaware corporation (the “Company”, “you” or “your”) has advised Ascribe III Investment LLC, a Delaware limited liability company (the “Commitment
Party”, “we” or “us”), that pursuant to the terms and subject to the conditions in that certain Confidential Offering Memorandum dated November 5, 2020 (as it may be supplemented and
amended from time to time, the “Offering Memorandum”), you are offering to all eligible holders to exchange (the “Exchange Offer”) the Company’s outstanding 10.75% Senior Secured Notes due 2023
(the “Existing Notes”) for new 11.00% Senior Secured Notes due 2025 to be issued by you (the “New Notes”) and, in the case of Participating Holders (as defined in the Offering Memorandum), the right to
subscribe to the 9.75% Super Priority Lien Senior Secured Notes due 2025 to be issued by you (the “New Super Priority Notes”). Capitalized terms used but not otherwise defined herein are used with the meanings assigned to
such terms in the Offering Memorandum. 

 1.    Commitment. 

In connection with the Exchange Offer, we hereby commit to purchase $15,000,000 aggregate principal amount of New Super Priority Notes for a
cash purchase price equal to 100% of the principal amount of the New Super Priority Notes (the “Commitment”) (a) upon the terms set forth or referred to in this Commitment Letter and the Summary of Terms attached as
Exhibit A and (b) subject only to the conditions set forth on Exhibit B hereto (such Exhibits A and B and, together with this letter and Exhibit C hereto, collectively, this
“Commitment Letter”); provided, that the Commitment shall be reduced on a dollar-for-dollar basis by the first $15,000,000 aggregate
principal amount of the New Super Priority Notes purchased by the Participating Holders in the Rights Offering at the closing thereof. Notwithstanding any other provision of the Commitment Letter to the contrary and notwithstanding any subscription
by any Participating Holder for the New Super Priority Notes, we acknowledge and agree that we shall not be relieved or released from our obligation to purchase $15,000,000 aggregate principal amount of the New Super Priority Notes unless and until
the Participating Holders shall have purchased their committed portion of the first $15,000,000 aggregate principal amount of New Super Priority Notes to be issued at the closing of the Rights Offering expected to occur on or about the Final
Settlement Date (the “Closing Date”) and that all subscriptions that have not been delivered to the Escrow Agent as set forth in the Offering Memorandum on or prior to the Expiration Time shall be automatically void at the
close of business on the Expiration Time. 
 2.    Commitment Cash Premium. 

As consideration for the Commitment hereunder, you agree to pay to the Commitment Party on the Closing Date a commitment cash premium (the
“Commitment Cash Premium”) in an amount equal to 1.25% of the aggregate principal amount of New Super Priority Notes issued to it on the Closing Date. The Commitment Cash Premium will be fully earned and due and payable on,
and subject to the occurrence of, the Closing Date. The Commitment Cash Premium may be net funded against payment in full by the Commitment Party of the purchase price for its New Super Priority Notes. 

3.    Expense Reimbursement. 

You agree to reimburse the Commitment Party on the Closing Date (to the extent an invoice therefor is received at least three (3) business
days prior to the Closing Date, or if invoiced after such date, within 30 days following receipt of the relevant invoice), for all reasonable and documented
out-of-pocket expenses (limited, in the case of legal fees and expenses, to (a) the reasonable fees, charges and disbursements of Fried, Frank, Harris,
Shriver & Jacobson LLP acting as legal counsel to the Commitment Party and (b) if reasonably necessary, the fees, charges and disbursements of one local counsel in any relevant local jurisdiction (which may be a single firm for
multiple jurisdictions)), incurred in connection with this Commitment Letter and any related documentation (including this Commitment Letter, the Offering Memorandum and the New Super Priority Notes Indenture). 

4.    Representations and Warranties. 

We hereby represent and warrant to you as of the date hereof and as of the Closing Date as to the matters set forth in Part A of
Exhibit C hereof. You represent and warrant to us as of the date of your countersignature to this Commitment Letter and as of the Closing Date as to the matters set forth in Part B of Exhibit C hereof. 

5.    Assignability; Amendments; Counterparts. 

This Commitment Letter and the obligations hereunder shall not be assignable by any party hereto without the prior written consent of each
other party hereto (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto, are not 

  
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intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Parties to the extent expressly set forth herein) and are not
intended to create a fiduciary relationship among the parties hereto. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by you and us. This Commitment Letter may be
executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile
transmission or other electronic transmission (e.g., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. This Commitment Letter (a) is the only agreement
that has been entered into among the parties hereto with respect to the matters contemplated hereby and (b) supersedes all prior understandings, whether written or oral, among us and you with respect to the matters contemplated hereby and set
forth the entire understanding of the parties hereto with respect thereto. Section headings used herein are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into
consideration in interpreting, this Commitment Letter. 
 6.    Maximum Remedy. 

Notwithstanding anything to the contrary contained herein, the Company, in accepting the Commitment hereunder, agrees and acknowledges the
liability and obligations of the Commitment Party hereunder shall not exceed its Commitment. The Commitment Party’s commitment, if any, to contribute or otherwise fund to the Company an amount determined pursuant to this Commitment Letter up
to, but in no case exceeding, its Commitment shall be the sole and exclusive remedy of the Company against the Commitment Party and its affiliates in respect of this Commitment Letter, and the Company, on behalf of itself and its affiliates, hereby
waives all other rights and remedies it may have against the Commitment Party and its affiliates (other than the Company), whether sounding in contract or tort, or whether at law or in equity, or otherwise, relating to this Commitment Letter. 

7.    Indemnity. 
 The
Company agrees to indemnify and hold harmless the Commitment Party and each of its affiliates and their respective officers, directors, employees, advisors and agents (each an “Indemnified Party”) from and against (and will
reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and expenses (including, without limitation, the reasonable and documented fees and disbursements of a single firm of counsel to all
Indemnified Parties and, if necessary, one firm of local counsel in each appropriate jurisdiction and one firm of special counsel in each appropriate specialty) that may be incurred by or asserted or awarded against any Indemnified Party, in each
case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) the Commitment Party agreeing to backstop
the Rights Offering as provided in this Commitment Letter, except to the extent such claim, damage, loss, liability or expense is found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from (i) such
Indemnified Party’s gross negligence, bad faith or willful misconduct or (ii) such Indemnified Party’s breach of its obligations under this Commitment Letter. In the case of an investigation, litigation or proceeding to which the
indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Company, its subsidiaries, its equityholders or creditors or an Indemnified Party, whether or not an
Indemnified Party is otherwise a party thereto and whether or not any aspect of the Rights Offering or other transactions contemplated by this Commitment Letter is consummated. The Company also agrees that no Indemnified Party shall have any
liability (whether direct or indirect, in contract or tort or otherwise) to the Company or the Company’s subsidiaries or affiliates or to the Company’s or their respective equity holders or creditors arising out of, related to or in
connection with any aspect of the Rights Offering or other transactions contemplated by this 

  
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Commitment Letter, except to the extent of direct, as opposed to special, indirect, consequential or punitive, damages determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct or breach of its obligations under this Commitment Letter. Notwithstanding any other provision of this Commitment Letter, no Indemnified Party
shall be liable for any damages arising from the use by the Company of information or other materials relating to the Rights Offering communications by the Company through electronic telecommunications or other information transmission systems,
other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnified Party as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

8.    Confidentiality. 

The Company, in accepting the Commitment hereunder, agrees that it shall not make any announcement or disclosure of this Commitment Letter or
the contents hereof except: (i) on a confidential basis to (a) its accountants, attorneys and other professional advisors retained in connection with the Commitment and related transactions and (b) its board of directors and advisors
to the Company in connection with their consideration of the Rights Offering; (ii) after its acceptance of this Commitment Letter, (a) in filings with the SEC and other applicable regulatory authorities and stock exchanges or (b) in
public announcements or investor communications made or to be made in connection with the Exchange Offer, the Rights Offering, the Consent Solicitation and related transactions; and (iii) pursuant to the order or direction of any court or
administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case you shall use your commercially reasonable efforts promptly to notify the Commitment
Party thereof to the extent lawfully permitted to do so); provided that the Commitment Party shall have a reasonable opportunity to review and consent to any such disclosure described in the foregoing clauses (ii)(a) and (ii)(b), such consent
not to be unreasonably withheld or delayed. 
 9.    Termination. 

This Commitment Letter, including the undersigned’s obligations to fund the Commitment, terminates upon the earliest to occur of
(a) the receipt by the Company of proceeds from the sale of at least $15,000,000 aggregate principal amount of New Super Priority Notes to Participating Holders in the Rights Offering and to the Commitment Party, pursuant to its purchase of any
otherwise unsubscribed portion of the New Super Priority Notes, (b) the date on which the Company provides written notice to the Commitment Party that it is terminating this Commitment Letter, (c) the date on which the Commitment Party has
provided the Company with cash in the amount of the full amount of the Commitment on the terms set forth in this Commitment Letter or (d) January 4, 2021. Upon any such termination of this Commitment Letter, any obligations of the
Commitment Party hereunder will terminate. Notwithstanding anything in this paragraph to the contrary, the termination of this Commitment Letter pursuant to this paragraph does not prejudice our or your rights and remedies in respect of any breach
of this Commitment Letter. 
 10.    Governing Law; Waiver of Jury Trial. 

THIS COMMITMENT LETTER AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
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 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING, DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS COMMITMENT LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). 
 Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the
jurisdiction of any New York State court or federal court of the United States of America sitting in the Borough of Manhattan in the county of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Commitment Letter, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be brought, heard and determined in such New York State court or, to the extent permitted by
law, in such federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Commitment Letter in any such New York State or federal court and (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Notwithstanding the
foregoing, the parties agree that a final judgment in any such action, suit, proceeding or claim shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law and that service of any
process, summons, notice or document by registered mail or overnight courier addressed to any of the parties hereto at the addresses set forth above shall be effective service of process against such party for any suit, action or proceeding brought
in any such court. 
 11.     Miscellaneous. 

The expense reimbursement, indemnity, confidentiality, jurisdiction, governing law, waiver of jury trial, service of process and venue and
information contained herein shall remain in full force and effect regardless of whether the New Super Priority Notes Indenture shall be executed and delivered and notwithstanding the termination or expiration of this Commitment Letter or the
commitments hereunder. Subject to the preceding sentence, you may terminate this Commitment Letter upon written notice to us at any time. 

Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter
contained herein or therein (including an obligation to negotiate in good faith); it being acknowledged and agreed that the commitment provided hereunder is subject only to those conditions set forth on Exhibit B hereto;
provided that nothing contained in this Commitment Letter obligates you or any of your affiliates to issue any portion of the New Super Priority Notes. 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter by returning to us
executed counterparts hereof not later than 11:59 p.m., New York City time, on November 6, 2020. The Commitment Party’s commitment hereunder and the Commitment Party’s agreements contained herein will expire at such time in the event
that they have not received such executed counterparts in accordance with the immediately preceding sentence. Notwithstanding anything in this paragraph to the contrary, the termination of this Commitment Letter pursuant to this paragraph does not
prejudice our or your rights and remedies in respect of any breach of this Commitment Letter. 
 [Signature Pages Follow] 

  
 5 

 The Commitment Party is pleased to have been given the opportunity to assist you in
connection with this financing. 
  

			
	Very truly yours,
	
	ASCRIBE III INVESTMENTS LLC
		
	By:	 	 /s/ Lawrence First

	Name:	 	Lawrence First
	Title:	 	Chief Investment Officer

 Accepted and agreed to as of the date first above written: 

 

			
	BASIC ENERGY SERVICES, INC.
		
	By:	 	 /s/ Keith L. Schilling

	Name:	 	Keith L. Schilling
	Title:	 	President and Chief Executive Officer

 Exhibit A 

Summary of Terms 
 [See
Attached] 
 Summary of Terms 

Exhibit A – Page 1 

 Exhibit B 

Conditions 
 The purchase
of the New Super Priority Notes by the Commitment Party shall be subject to the satisfaction (or waiver) of solely the following conditions. Capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in the
Commitment Letter to which this Exhibit B is attached or on Exhibit A attached thereto. 

1.    The Company shall have executed and delivered the New Super Priority Notes Indenture to which it is a party, and the
New Super Priority Notes Indenture shall be in full force and effect. 
 2.    The Proposed Amendments Condition shall
have been satisfied, and such Proposed Amendments shall be effective. 
 3.    Not later than substantially concurrently
with the purchase of the New Super Priority Notes, the Exchange Offer shall have been consummated in accordance with the terms of the Offering Memorandum and the New Notes shall have been issued. 

4.    Both before and after giving effect to the funding of the Commitment, no Event of Default under and as defined in
the ABL Credit Agreement shall have occurred and be continuing under the ABL Credit Agreement. 
 5.    All
representations and warranties of the Company in Part B of Exhibit C hereof must be true and correct in all material respects. 

6.    The Commitment Party shall have received a true, complete and correct copies of the resolutions or written consent
of (x) the Special Committee of the Board of Directors of the Company and (y) the Board of Directors of the Company, authorizing the offering of the New Super Priority Notes and the use of the proceeds of such offering, in part, to repay
the Second Lien Promissory Note. 
 7.    The satisfaction of Section 2 and
Section 3 of the Commitment Letter. 
 8.    The receipt by the Commitment Party of written
notice from the Company as soon as reasonably practicable following the Expiration Time but prior to the termination of the Commitment pursuant to Section 7 of the Commitment Letter that the Company is exercising its rights
to require the Commitment Party to fund its Commitment and setting forth the amount of the Commitment to be funded. 
 Conditions 

Exhibit B – Page 1 

 Exhibit C 

Representations and Warranties 

Part A – Commitment Party 

1.    We have the requisite corporate or other applicable power and authority to execute and deliver this Commitment
Letter and to perform our obligations hereunder and thereunder. 
 2.    We are a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)). 

3.    We are acquiring the New Super Priority Notes for our own account with the present intention of holding such New
Super Priority Notes for purposes of investment, and we have no intention of selling such New Super Priority Notes in a public distribution in violation of the federal securities laws or any applicable state securities laws. 

4.    No brokerage or finder’s fees or commissions are or will be payable by us to any broker, financial advisor or
consultant, finder, placement agent, investment banker, bank or other person with respect to the issuance of the New Super Priority Notes, and we have not taken any action that could cause the Company to be liable for any such fees or commissions.

 5.    We acknowledge the following as of the date hereof and as of the Closing Date: 

 

	 	a.	 The New Super Priority Notes purchased pursuant to this Commitment Letter will be issued in book-entry from
originally and will be in the form of one or more global certificates, which will be deposited with, or on behalf of DTC. 

  

	 	b.	 The New Super Priority Notes have not been and will not be registered under the Securities Act and the Exchange
Act, and the rules and regulations promulgated by the SEC thereunder and may not be offered or issued, except in compliance with the registration requirements of the Securities Act or pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act (and in accordance with the restrictions described in the Offering Memorandum). 

  

	 	c.	 We have read and understand the Offering Memorandum and the documents incorporated by reference in the Offering
Memorandum and understand the terms and conditions herein and therein and the risks associated with the Company and its business as described in the Offering Memorandum and the documents incorporated by reference therein. We are not relying upon any
information, representation or warranty by the Company, other than as set forth in this Commitment Letter and, except as provided for in such document, has not relied upon any information provided by or investigation conducted by advisors to the
Company in making our investment decision. We have, to the extent deemed necessary by us, discussed with our own advisors (i) the representations, warranties and agreements that we are making herein and (ii) the financial, tax, legal and
related matters concerning an investment in the New Super Priority Notes. We acknowledge that (x) no party has made any recommendation to us as to whether or not we should enter into this Commitment Letter or make any investment in any New
Super Priority Notes, (y) we have not relied on any party in making our investment decision of whether or not to enter into this Commitment Letter or make any investment in any New Super Priority

  
 Representations and
Warranties 
 Exhibit C – Page 1 

	 	
Notes and (z) we have relied on our own examination of the Company and the terms of this Commitment Letter in determining whether or not to enter into this Commitment Letter or make any
investment in any New Super Priority Notes. 

  

	 	d.	 Each certificate representing any New Super Priority Notes shall be stamped or otherwise imprinted with legends
in substantially the following form: 

 THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER. 
 THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(A) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (B) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (D) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER SO REQUESTS), (2) TO THE ISSUER OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET
FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 

  
 Representations and
Warranties 
 Exhibit C – Page 2 

 [Regulation S Legend] 

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
  

	 	e.	 We agree that we will not offer, sell or otherwise transfer any New Super Priority Notes except in accordance
with an exemption from registration, including under Rule 144 under the Securities Act, if and when available. 

 Part B
– Company 
 1.    The Company is duly organized and validly existing under the laws of the state of Delaware. 

2.    The Company has the requisite corporate power and authority to execute and deliver this Commitment Letter and the
Company has duly authorized all requisite corporate action with respect to this Commitment Letter and the Offering Memorandum and the consummation of the transactions contemplated hereby. 

  
 Representations and
Warranties 
 Exhibit C – Page 3

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