Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 7 TO CREDIT AGREEMENT
AMENDMENT NO. 7 TO CREDIT AGREEMENT, dated as of February 6, 2019 (this “Amendment”), to the Amended and Restated Credit Agreement dated as of February 14, 2017 (as amended by Amendment No. 1 to Credit Agreement dated as of March 31, 2017, Amendment No. 2 to Credit Agreement dated June 2, 2017, Amendment No. 3 to Credit Agreement dated February 5, 2018, Amendment No. 4 to Credit Agreement dated March 6, 2018, Amendment No. 5 to Credit Agreement dated May 24, 2018, Amendment No. 6 to Credit Agreement dated as of July 5, 2018, and as otherwise amended, supplemented and modified from time to time, the “Credit Agreement”) among NGL Energy Partners LP, a Delaware limited partnership (“Parent”), NGL Energy Operating LLC, a Delaware limited liability company (“Borrowers’ Agent”), each subsidiary of the Parent identified as a “Borrower” under the Credit Agreement (together with the Borrowers’ Agent, each, a “Borrower” and collectively, the “Borrowers”), each subsidiary of Parent identified as a “Guarantor” under the Credit Agreement (together with the Parent, each, a “Guarantor” and collectively, the “Guarantors”) Deutsche Bank AG, New York Branch, as technical agent (in such capacity, together with its successors in such capacity, the “Technical Agent”) and Deutsche Bank Trust Company Americas (“DBTCA”), as administrative agent for the Secured Parties (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as collateral agent for the Secured Parties (as defined below) (in such capacity, together with its successors in such capacity, the “Collateral Agent”) and each financial institution identified as a “Lender” or an “Issuing Bank” under the Credit Agreement (each, a “Lender” and together with the Technical Agent, the Administrative Agent and the Collateral Agent, the “Secured Parties”). 
RECITALS
WHEREAS, the Borrowers have requested certain amendments to the Credit Agreement; and
WHEREAS, the Lenders have agreed to amend the Credit Agreement solely upon the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:
1.Defined Terms.  Unless otherwise noted herein, terms defined in the Credit Agreement and used herein shall have the respective meanings given to them in the Credit Agreement.

2.Amendment to Section 1.1 (Certain Defined Terms) of the Credit Agreement.  The following capitalized terms defined in Section 1.1 of the Credit Agreement are hereby amended as follows:

(a)the defined term “Consolidated EBITDA” is amended by adding the following sentence at the end of the definition:

“Solely for the two fiscal quarters ending December 31, 2018 and March 31, 2019, “Consolidated EBITDA” may be adjusted (without duplication) to exclude the expenses recognized (in accordance with GAAP) arising from the Gavilon Energy EPA Settlement in an amount not to exceed, in connection with the determination of “Consolidated EBITDA” for any period, $35,000,000.” 
3.Amendment to Section 1.1 (Certain Defined Terms) of the Credit Agreement.  Section 1.1 of the Credit Agreement is hereby amended by adding the following new defined terms “in their respective alphabetical order therein: 

““Amendment No. 7 Effective Date” means February 6, 2019.”
““Gavilon Energy EPA Settlement” means the settlement of certain allegations by the U.S. Environmental Protection Agency against Gavilon Energy relating to alleged civil violations by Gavilon Energy and Western Dubuque Biodiesel in 2011 of certain Clean Air Act’s renewable fuel standards regulations, which settlement terms were memorialized in a consent decree that was lodged with the United States District Court for the Northern District of Iowa on September 27, 2018 and approved by such court November 8, 2018.
4.Amendment to Section 7.10 (Redemptions, Dividends, Equity Issuance, Distributions and Payments) of the Credit Agreement.  Section 7.10 of the Credit Agreement is hereby amended by deleting clause (A) of such provision in its entirety as it appears therein immediately following the phrase “(i) by Parent of Equity Interests in the Parent or Equity Interests in the

General Partner” and immediately before the phrase “(B) with the net cash proceeds from a substantially concurrent issuance of new Equity Interests in the Parent” and inserting in lieu thereof the following:

“(A) for an amount not to exceed, determined from and after the Amendment No. 7 Effective Date, either (x) $50,000,000 in the aggregate in any fiscal quarter or (y) $150,000,000 in the aggregate during the term of this Agreement, in the case of each of clause (x) and (y), exclusive of redemptions, purchases, retirements or other acquisitions permitted under any other clause of this Section 7.10(a); provided that any such redemption, purchase, retirement or other acquisition pursuant to this clause (A) shall only be permitted to the extent that immediately before and after giving pro forma effect thereto, the Leverage Ratio is less than 3.25 to 1.00 and the Revolving Availability is greater than or equal to $200,000,000,” 
5.Amendment to Section 7.11 (Financial Covenants) of the Credit Agreement.  Section 7.11(d) of the Credit Agreement is hereby amended by deleting such provision in its entirety and inserting in lieu thereof the following:

“(d)    Commencing with the fiscal quarter ending March 31, 2019 (and for each subsequent fiscal quarter listed in the table below), permit the Total Leverage Indebtedness Ratio of the Credit Parties as of the last day of the applicable fiscal quarter (determined at the Borrowing Base Reference Time of such day) to be greater than the ratio set forth opposite such fiscal quarter end date in the table below under the heading “Maximum Total Leverage Ratio”:
	
		
	Fiscal Quarter End Date
	Maximum Total Leverage Indebtedness Ratio

	3/31/2019
	6.50 to 1.0

	6/30/2019
	6.50 to 1.0

	9/30/2019
	6.25 to 1.0

	12/31/2019
	6.25 to 1.0

	3/31/2020 and the last day of each fiscal quarter thereafter
	6.00 to 1.0

6.Representations and Warranties; No Default.  To induce the Lenders to enter into this Amendment, each Credit Party that is a party hereto (by delivery of its respective counterpart to this Amendment) hereby (i) represents and warrants to the Administrative Agent and the Lenders that after giving effect to this Amendment, its representations and warranties contained in the Credit Agreement and other Loan Documents are true and correct in all material respects on and as of the date hereof with the same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material respects as of such earlier date); (ii) represents and warrants to the Administrative Agent and the Lenders that it (x) has the requisite power and authority to make, deliver and perform this Amendment; (y) has taken all necessary corporate, limited liability company, limited partnership or other action to authorize its execution, delivery and performance of this Amendment, and (z) has duly executed and delivered this Amendment and (iii) certifies that no Default or Event of Default has occurred and is continuing under the Credit Agreement (after giving effect to this Amendment) or will result from the making of this Amendment.

7.Effectiveness of Amendments.  This Amendment shall become effective upon the first date on which each of the following conditions has been satisfied:

(a)Amendment Documents.  The Administrative Agent shall have received this Amendment, duly executed and delivered by each of the Credit Parties, and by Lenders constituting the Required Lenders.
 
(b)Fees and Expenses.  The Borrowers’ Agent shall pay to the Administrative Agent (i) the aggregate amount of the amendment fees due to the Lenders that return their counterparts to this Amendment prior to the 4:00 pm (New York time) deadline on February 6, 2019, which amendment fee shall be an amount, for each such Lender, equal to the product of (x) such Lender’s Commitment, multiplied by (y) 2.5 basis points, and (ii) any and all other reasonable fees, costs and expenses that are for the account of the Borrowers pursuant to Section 10.9 of the Credit Agreement, including all such fees, costs and expenses incurred in connection with this Amendment.

(c)Proceedings and Documents.  All corporate and other proceedings pertaining directly to this Amendment and all documents, instruments directly incident to this Amendment shall be satisfactory to the required Lenders and their 

respective counsel and the Technical Agent shall have received all such counterpart originals or certified or other copies of such documents as the Technical Agent may reasonably request.

8.Limited Effect.  Except as expressly provided hereby, all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect.  The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Credit Agreement or the other Loan Documents or for any purpose, except as expressly set forth herein, or a consent to any further or future action on the part of any Credit Party that would require the waiver or consent of the Lenders.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

9.GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAW OF THE STATE OF NEW YORK.

10.Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart hereof by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

11.Headings.  Section or other headings contained in this Amendment are for reference purposes only and shall not in any way affect the meaning or interpretation of this Amendment.

12.Guarantor Acknowledgement.  Each Guarantor party hereto hereby (i) consents to the modifications to the Credit Agreement contemplated by this Amendment and (ii) acknowledges and agrees that its guaranty pursuant to Section 10.18 of the Credit Agreement is, and shall remain, in full force and effect after giving effect to the Amendment.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

BORROWERS’ AGENT AND BORROWER:

NGL ENERGY OPERATING LLC,
a Delaware limited liability company

		
	By:
	/s/ Robert W. Karlovich III

		
	Name:
	Robert W. Karlovich III

		
	Title:
	Chief Financial Officer and Executive Vice President

PARENT:

NGL ENERGY PARTNERS LP,
a Delaware limited partnership, in its capacity as Parent and as Guarantor

		
	By:
	/s/ Robert W. Karlovich III

		
	Name:
	Robert W. Karlovich III

		
	Title:
	Chief Financial Officer and Executive Vice President

Signature Page to Amendment No. 7 to Credit Agreement

GUARANTORS:
ANTICLINE DISPOSAL, LLC
CENTENNIAL ENERGY, LLC
CENTENNIAL GAS LIQUIDS ULC
CHOYA OPERATING, LLC
GRAND MESA PIPELINE, LLC
NGL CRUDE CUSHING, LLC
NGL CRUDE LOGISTICS, LLC
NGL CRUDE TERMINALS, LLC
NGL CRUDE TRANSPORTATION, LLC
NGL ENERGY EQUIPMENT, LLC
NGL ENERGY FINANCE CORP.
NGL ENERGY HOLDINGS II, LLC
NGL ENERGY LOGISTICS, LLC
NGL ENERGY OPERATING LLC
NGL ENERGY PARTNERS LP
NGL LIQUIDS, LLC
NGL MARINE, LLC
NGL MILAN INVESTMENTS, LLC
NGL SOUTH RANCH, INC.
NGL SUPPLY TERMINAL COMPANY, LLC
NGL SUPPLY WHOLESALE, LLC
NGL WATER PIPELINES, LLC 
NGL WATER SOLUTIONS, LLC
NGL WATER SOLUTIONS DJ, LLC
NGL WATER SOLUTIONS EAGLE FORD, LLC
NGL WATER SOLUTIONS - ORLA SWD, LLC
NGL WATER SOLUTIONS PERMIAN, LLC
TRANSMONTAIGNE LLC
TRANSMONTAIGNE PRODUCT SERVICES LLC
TRANSMONTAIGNE SERVICES LLC

		
	By:
	/s/ Robert W. Karlovich III

		
	Name:
	Robert W. Karlovich III

		
	Title:
	Chief Financial Officer and Executive Vice President

Signature Page to Amendment No. 7 to Credit Agreement

SECURED PARTIES:

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent and as Collateral Agent

		
	By:
	/s/ Shai Bandner

		
	Name:
	Shai Bandner

		
	Title:
	Director

		
	By:
	/s/ Laureline DeLichana

		
	Name:
	Laureline DeLichana

		
	Title:
	Director

DEUTSCHE BANK AG, NEW YORK BRANCH, 
as a Lender, as Swingline Lender, as an Issuing Bank and as Technical Agent

		
	By:
	/s/ Shai Bandner

		
	Name:
	Shai Bandner

		
	Title:
	Director

		
	By:
	/s/ Laureline DeLichana

		
	Name:
	Laureline DeLichana

		
	Title:
	Director

Signature Page to Amendment No. 7 to Credit Agreement

ROYAL BANK OF CANADA,
as a Lender

		
	By:
	/s/ Jason York

		
	Name:
	Jason York

		
	Title:
	Authorized Signatory

BNP PARIBAS,
as a Lender and Issuing Bank

		
	By:
	/s/ Christine Dirringer

		
	Name:
	Christine Dirringer

		
	Title:
	Managing Director    

		
	By:
	/s/ Redi Meshi

		
	Name:
	Redi Meshi

		
	Title:
	Vice President    

PNC BANK, NATIONAL ASSOCIATION
as a Lender

		
	By:
	/s/ Jonathan Luchansky

		
	Name:
	Jonathan Luchansky

		
	Title:
	Director

BARCLAYS BANK PLC,
as a Lender

		
	By:
	/s/ Sydney G. Dennis

		
	Name:
	Sydney G. Dennis

		
	Title:
	Director

Signature Page to Amendment No. 7 to Credit Agreement

ABN AMRO CAPITAL USA LLC,
as a Lender

		
	By:
	/s/ Darrell Holley

		
	Name:
	Darrell Holley

		
	Title:
	Managing Director

		
	By:
	/s/ Anna C. Ferreira

		
	Name:
	Anna C. Ferreira

		
	Title:
	Vice President

TORONTO DOMINION BANK, NEW YORK BRANCH,
as a Lender

		
	By:
	/s/ Peter Kuo

		
	Name:
	Peter Kuo

		
	Title:
	Authorized Signatory

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

		
	By:
	/s/ Jacob L. Osterman

		
	Name:
	Jacob L. Osterman

		
	Title:
	Director

MIZUHO BANK, LTD.,
as a Lender

		
	By:
	/s/ Donna DeMagistris

		
	Name:
	Donna DeMagistris

		
	Title:
	Authorized Signatory

Signature Page to Amendment No. 7 to Credit Agreement

UBS AG, STAMFORD BRANCH,
as a Lender

		
	By:
	/s/ Darlene Arias

		
	Name:
	Darlene Arias

		
	Title:
	Director

		
	By:
	/s/ Houssem Daly

		
	Name:
	Houssem Daly

		
	Title:
	Associate Director

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as a Lender

		
	By:
	/s/ Nupur Kumar

		
	Name:
	Nupur Kumar

		
	Title:
	Authorized Signatory

		
	By:
	/s/ Brady Bingham

		
	Name:
	Brady Bingham

		
	Title:
	Authorized Signatory

GOLDMAN SACHS BANK USA,
as a Lender

		
	By:
	/s/ Jamie Minieri

		
	Name:
	Jamie Minieri

		
	Title:
	Authorized Signatory

MACQUARIE BANK LIMITED,
as a Lender

		
	By:
	/s/ Robert McRobbie

		
	Name:
	Robert McRobbie

		
	Title:
	Division Director

    

		
	By:
	/s/ Robert Trevena

		
	Name:
	Robert Trevena

		
	Title:
	Division Director

Signature Page to Amendment No. 7 to Credit Agreement

RAYMOND JAMES BANK, N.A.,
as a Lender

		
	By:
	/s/ John Harris

		
	Name:
	John Harris

		
	Title:
	Managing Director

CITIZENS BANK, N.A.,
as a Lender

		
	By:
	/s/ Scott Donaldson

		
	Name:
	Scott Donaldson

		
	Title:
	Senior Vice President

Signature Page to Amendment No. 7 to Credit AgreementEX-10.1

 Exhibit 10.1 

 
 

 
  

 February 7, 2019 

Rafe Brown 
 60 Sunset Rd, Weston, 

MA, 02493 
 Dear Rafe, 

Mimecast is pleased to offer you the position of Chief Financial Officer. Our offer is contingent on a successful background check being completed and
compensation details are subject to board approval. You’d work from the Lexington office, travel from time to time, including to our global offices. You would report to me as part of our senior executive team. 

Our offer of employment is as follows: 
  

	 	i.	 Your semi-monthly salary will be $15,625.00 ($375,000.00 annualized), to be paid on a semi-monthly basis;

  

	 	ii.	 You will be eligible to participate in a discretionary bonus plan through which you will be eligible to receive
a bonus of up to 60% of your annual salary, pro-rated as applicable based on your start date, provided you remain employed with the Company through the date upon which the bonuses are awarded; this bonus is
typically paid quarterly based on financial results per the Executive Variable Compensation Plan, which may be subject to change; 

  

	 	iii.	 Subject to approval by the Company’s Board of Directors, you will be awarded 180,000 share options which
will be issued on the first trading day of the month following your hire date and priced as of the close of that day. Vesting for this award will commence on the vesting commencement date stated in the Option Agreement. Unless otherwise

  
 

 

 

 
  

	 	
specified in the schedule in the Option Agreement, the vesting schedule shall be as follows: 25% of the Options shall be vested on the first anniversary of the vesting commencement date and
thereafter 6.25% of the Option Shares shall vest quarterly until the Option Shares are fully vested on the fourth anniversary of the vesting commencement date. 

  

	 	iv.	 Also subject to approval by the Company’s Board of Directors, you will be awarded 50,000 Restricted Stock
Units (RSU) which will be issued on the first trading day of the month following your hire date. Vesting for this award will commence on the vesting commencement date stated in the Restricted Stock Unit Agreement. Unless otherwise specified in the
schedule in Restricted Stock Unit agreement, the vesting schedule shall be as follows: 25% of the Options shall be vested on the anniversary of the vesting commencement date and annually thereafter until the RSU’s are fully vested on the fourth
anniversary of the vesting commencement date. 

  

	 	v.	 If your employment is terminated by the Company or any successor company without cause (as defined below) or
you terminate your employment for good reason (as defined below), then you will continue to receive your base salary, target bonus and health and dental insurance benefits for a period of time after the date of termination equal to 6 months, in each
such case subject to your execution and delivery of a release drafted by and satisfactory to counsel for the Company. “Cause” shall mean, for purposes of this letter, willful misconduct by you relating to your duties to the Company, or
willful failure by you to perform your responsibilities to the Company as determined by the Company in good faith. No act or failure to act by you shall be considered willful unless it is done, or omitted to be done, in bad faith or without a
reasonable belief by you that your actions or omissions were in the best interests of the Company. “Good Reason” shall mean, for purposes of this letter, the 

  
 

 

 

 
  

	 	
occurrence of any of the following events without your prior written consent: (i) a reduction in your base salary or total target compensation of more than 5%; (ii) a material diminution in
your duties, authority or responsibilities; (iii) a material relocation; or (iv) a material breach of this letter, including the Agreement (as defined below); 

 

	 	vi.	 If there is a Change of Control (as defined below) in the company, fifty percent (50%) of any of your then
unvested outstanding options (or other equity) will immediately become vested and exercisable. In addition, if within one (1) year after a Change of Control your employment is terminated by the Company or any successor company without
“cause” (as defined above) or you terminate your employment for “good reason” (as defined above), then the remainder of your unvested options (or other equity) will become immediately vested and exercisable. For the avoidance of
doubt, “Change of Control” means the sale of all or substantially all the stock or assets of Company through a merger, consolidation or acquisition of the Company with, by or into another corporation, entity or person; or any change in the
ownership of more than fifty percent (50%) of the voting capital stock of Company in one or more related transactions. A merger or consolidation of the company means that the shareholders of the Company hold less than 50% of the shares in the
resulting entity on completion of the transaction. 

  

	 	vii.	 You will be eligible for four weeks of vacation annually in addition to other benefits available to employees
for sick and holiday time which will be pro-rated for the remainder of the fiscal year. 

 Your
employment relationship with Mimecast will be ‘at-will’, meaning that you are free to resign from, and Mimecast is free to terminate, your employment at any time for any reason, with or without
notice. Nothing in this offer letter shall be construed to alter this ‘at-will’ employment relationship. 

  
 

 

 

 
  

 Your acceptance of this offer (‘Offer Letter’) is subject to your signature on a
‘Confidentiality and Non-Disclosure (Agreement), which will be provided to you under separate cover. No prior promises, discussions, representations, or other understandings relative to terms or
conditions of your employment are to be considered part of this agreement unless expressed in writing in this Offer Letter and the Agreement. 
 Mimecast
reserves the right to conduct background and reference checks and your employment is contingent on satisfactory results of those checks. Upon acceptance, we will provide you with the new hire paperwork and an
I-9 form, which is required by the government to verify employment eligibility. Noted on the back of the I-9 are lists of acceptable documents for this purpose. The
appropriate documents must be presented when you report to work, since we will be unable to process your employment paperwork without them. 
 Rafe, we are
very excited to have you join our growing team and I believe you can be extremely successful with us. If you have any questions please do not hesitate to call me at
617-285-4483 / 781 697 6895. Otherwise, please confirm your acceptance of this offer of employment and start date by email to me at pbauer@mimecast.com. 

  
 

 

 

 
  

 We are confident that with your background and skills, you will have an immediate positive impact on our
organization. 
 Sincerely, 
 /s/ Peter Bauer 

Peter Bauer 
 Chief Executive Officer 

 

			
	Accepted by:	 	/s/ Rafe Brown

			
	Date:	 	February 8, 2019

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