Document:

EX-10.2

 Exhibit 10.2 
 FORM OF EXECUTIVE OFFICER 
 CHANGE IN CONTROL SEVERANCE 

AGREEMENT FOR AGREEMENTS 
 ENTERED OR RENEWED ON OR AFTER 1 OCTOBER 20141 
 Dear [Executive] 
 Air Products and Chemicals, Inc. (“Air Products”) considers a sound and vital management to be essential to protecting and enhancing its best interests and those of its shareholders. In this
connection, Air Products recognizes that, as is the case with any publicly held corporation, the possibility of a change in control of Air Products may develop, although no such change is now expected or contemplated. 

The Management Development and Compensation Committee of the Air Products Board of Directors and the Board believe it imperative that the
Company and the Board be able to rely upon key members of the Company’s management to continue in their positions and to act in the best financial interests of Air Products shareholders in the event of a bid, offer or proposal to take control
of Air Products and following any change in control of Air Products. Therefore, the Committee and the Board have determined that appropriate steps should be taken to protect key members of the Company’s management against significant negative
personal financial consequences that might result from a change in control, and to reinforce and encourage the continued attention and dedication of such key members of management to their duties without distraction should the possibility of a
change in control of Air Products ever arise. 
 In order to induce you to remain in the employ of the Company and to assure
your continued dedication and the availability of your advice and counsel during the possibility and pendency of, and following, a change in the control of Air Products, Air Products agrees that it will provide you, or cause you to be provided the
severance benefits set forth in this change in control agreement (“the Agreement”) in the event your employment with the Company is terminated subsequent to a Change in Control under the circumstances described herein.2 

 

	1.	DEFINITIONS 

“Act” means the Securities Exchange Act of 1934. 
 “Annual Incentive Plan” shall mean the Air Products and Chemicals, Inc. Annual Incentive Plan and/or any similar, successor or substitute short-term bonus plan, program or pay practice.

 “Base Salary” shall mean your total annual salary payable by the Company in accordance with its normal compensation
practices, including any amounts deferred pursuant to the Savings Plans or Code Section 125. 
  

	1 	The agreement to be entered with Seifi Ghasemi, Chairman, President and Chief Executive Officer of the company, includes several provisions noted below that are
slightly different from this Form of Agreement in accordance with the Employment Agreement entered into between the Company and Mr. Ghasemi dated June 17, 2014 filed as Exhibit 10.1 to the Company’s current report on Form 8-K dated
June 18, 2014. 

	2 	Mr. Ghasemi’s agreement also will provide that, “in such event the benefits under this Agreement shall not result in less favorable treatment of any
element than you would receive if this Agreement did not apply.” 

  
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 “Benefit Plans” shall have the meaning set forth in clause (F) under the
definition of Good Reason. 
 “Board” shall mean the Board of Directors of Air Products. 

“Bonus Plans” shall have the meaning set forth in clause (C) under the definition Good Reason. 

“Cause” shall mean either of the following: 
  

	 	(A)	The willful and continued failure by you to substantially perform your duties with the Company (other than any such failure resulting from your incapacity due to
physical or mental illness or injury or any such actual or anticipated failure after the issuance by you of a Termination Notice for Good Reason), over a period of not less than forty-five days after a demand for substantial performance is delivered
to you by the Board which specifically identifies the manner in which the Board believes that you have not substantially performed your duties; or 

  

	 	(B)	The willful engaging by you in gross misconduct materially and demonstrably injurious to the Company; provided that no act or failure to act on your part will be
considered willful if done, or omitted to be done, by you in good faith and with reasonable belief that your action or omission was in the best interest of the Company, or if any member of the Board who was not a party to such act or omission had
actual knowledge of it for at least twelve months.3

 “Change in Control” shall mean the first to occur of any one of the events described below:

  

	 	(i)	Stock Acquisition. Any “person” (as such term is used in Sections 13(d) and 14(d) (2) of the Act), other than the Company or a corporation, a majority of
whose outstanding stock entitled to vote is owned, directly or indirectly, by the Company, or a trustee of an employee benefit plan or trust sponsored solely by the Company and/or such a corporation, is or becomes, other than by purchase from the
Company or such a corporation, the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s
then outstanding voting securities; 

  

	 	(ii)	Change in Board. During any period of two consecutive years, individuals who at the beginning of such period were members of the Board of Directors cease for any reason
to constitute at least a majority of the Board of Directors, unless the election or nomination for election by the Company’s shareholders of each new director was approved by a vote of at least two-thirds of the directors then still in office
who were directors at the beginning of the period. Such a Change in Control shall be deemed to have occurred on the date upon which the requisite majority of directors fail to be elected by the shareholders of the Company; 

 

	3 	Mr. Ghasemi’s agreement also will provide: “notwithstanding the foregoing, in no event will any conduct or omission be deemed Cause for purposes of this
Agreement if it would not be Cause as defined by the Employment Agreement.” 

  
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	 	(iii)	Business Combination. Consummation of a reorganization, merger, consolidation, or other corporate transaction involving the Company (a “Transaction”), in each
case, with respect to which the shareholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50 percent (50%) of the combined voting power of the Company or other corporation
resulting from such Transaction in substantially the same respective proportions as such shareholders’ ownership of the voting power of the Company immediately before such Transaction; 

 

	 	(iv)	Sale or Liquidation. The shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or a sale or disposition of all or
substantially all of the Company’s assets. 

 Notwithstanding the foregoing or anything in the Agreement to
the contrary, if any payment under this Agreement is “deferred compensation” for purposes of Code Section 409A, the foregoing definition shall be modified to the extent necessary to avoid the imposition of an excise tax under Code
Section 409A. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the Management Development and Compensation Committee of the Board or a successor Committee of the Board.

 “Common Stock” means the common stock, $1 par value, of Air Products. 

“Company” means Air Products and any successor in interest thereto, and any affiliate of Air Products in which it holds,
directly or indirectly, a controlling interest and to whom your employment has been transferred with your consent. 

“Contract Period” shall mean the period commencing on a Change in Control and ending two years following the Change in Control.

 “Disability” shall exist where, as a result of your incapacity due to physical or mental illness or injury you have
been absent from the performance of your duties with the Company for at least six consecutive months. 4 
 “Fair Market Value” shall have the meaning set forth in the Long-Term
Incentive Plan. 
 “Fiscal Year” shall mean the fiscal year of the Company which commences on October 1 of each
calendar year and ends on September 30 of the following calendar year, or such other fiscal year as the Company may adopt for keeping its financial records. 
 “Good Reason” shall mean the occurrence of any of the following without your consent: 
  

	 	A.	A material adverse change, during the Contract Period, in your position or office with the Company, or a material diminution in the duties, reporting responsibilities
and authority with the Company which you held and performed during the ninety-day period immediately preceding the beginning of the Contract Period, or an assignment to you of duties or responsibilities, which are materially inconsistent

  

	4 	 Mr. Ghasemi’s Agreement also will provide: “Employment Agreement shall mean the Employment Agreement entered between you and the Company
dated 17 June 2014.” 

  
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with your status or position with the Company immediately prior to the Change in Control; provided that, any of the foregoing in connection with termination of your employment for Cause,
Retirement or Disability shall not constitute Good Reason. Your determination that any of the foregoing has occurred shall be presumed to be correct, unless refuted by the Company by clear and convincing evidence. 

 

	 	B.	The failure by the Company to pay you a Base Salary, in substantially equal installments conforming with the Company’s normal pay practices, at a rate at least
equal to your Base Salary rate in effect immediately before the beginning of the Contract Period or a failure to increase such Base Salary each year, beginning one year after the last increase in your Base Salary occurring before the beginning of
the Contract Period, by an amount which at least equals, on a percentage basis, the average annual percentage increase in your Base Salary during the three full Fiscal Years immediately preceding the beginning of the Contract Period;
provided, however, that the Company may reduce your Base Salary or adjust your Base Salary on a smaller percentage basis if such reduction or adjustment is no less favorable to you on a percentage basis than the average annual
percentage reduction or adjustment during the applicable Fiscal Year for all Highly Compensated Employees. 

  

	 	C.	The failure by the Company to continue the Annual Incentive Plan or initiate and maintain other similar plans, programs or practices (collectively, the “Bonus
Plans”), in each case on terms that provide to you, beginning no later than the beginning of the first Fiscal Year after the beginning of the Contract Period, annual incentive opportunities (i) at least equal in amount to your “Target
Annual Bonus” under the Annual Incentive Plan for the Fiscal Year immediately preceding the beginning of the Contract Period, and (ii) payable upon the attainment of performance targets that are comparable (both in type and level of
difficulty) to those established under the Annual Incentive Plan during the three Fiscal Years immediately preceding the beginning of the Contract Period; provided, however, that the Company may reduce or adjust your annual incentive
opportunities to a lower amount if such reduction or adjustment is on a basis no less favorable to you than the basis upon which it reduces or adjusts annual incentive opportunities under the Bonus Plans or comparable plans for all Highly
Compensated Employees during the applicable Fiscal Year; 

  

	 	D.	The failure by the Company to continue the Long-Term Incentive Plan or initiate and maintain other plans, programs or practices (collectively, the “Incentive
Plans”), in each case on terms that grant to you, beginning no later than the beginning of the first Fiscal Year after the beginning of the Contract Period, annual awards that are at least equal in the aggregate to the average value, determined
based on valuation models normatively used by publicly held corporations of similar size to the Company in setting long term incentive compensation levels, of your aggregate annual awards granted each year for the last three Fiscal Years preceding
the beginning of the Contract Period; provided, however, that if the Company provides the Incentive Plans or comparable plans for Highly Compensated Employees, the Company may maintain the level of awards granted to you each year under
the Incentive Plans at a lower value if such benefits are determined on a basis no less favorable to you than for all Highly Compensated Employees during the applicable Fiscal Year. 

  
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	 	E.	The material breach by the Company of any of its obligations under this Agreement, any other agreement entered into by you and the Company, or a continued arbitrary
refusal by the Company to pay you your accrued benefits under any benefit plan, program or arrangement maintained by the Company and in which you are a participant; 

 

	 	F.	A material reduction in your aggregate benefits under, or a failure by the Company to continue in effect, any employee pension benefit or welfare benefit plan, program
or practice in which you are eligible to participate immediately before the beginning of the Contract Period, including but not limited to, the Pension Plans, the Savings Plans, and the Company’s life insurance, medical, dental, health and
accident, disability, severance and paid vacation plans, programs and practices (such plans, programs and practices herein together referred to as the “APCI Benefit Plans”), or, in lieu thereof, to initiate and maintain other plans,
programs or practices providing you with benefits substantially similar in type and amount to those under the APCI Benefit Plans, with your aggregate benefits under the APCI Benefit Plans and such similar benefit plans (together, the “Benefit
Plans”) being comparable in type and amount to your benefits under the APCI Benefit Plans immediately before the beginning of the Contract Period, or the Company’s failure to maintain for you any other material fringe benefit or perquisite
enjoyed by you immediately before the beginning of the Contract Period; provided however that the Company may reduce or adjust the aggregate benefits payable to you if such reduction is on a basis no less favorable to you than the
basis on which the Company reduces or adjusts aggregate benefits payable with respect to Highly Compensated Employees. 

  

	 	G.	Any purported termination of your employment for Disability or for Cause which is effected in breach of the procedures required in Section 3.

  

	 	H.	The breach by the Company of its obligations to obtain the written assumption of this Agreement by any successor of the Company prior to the effectiveness of any such
succession. 

  

	 	I.	A requirement by the Company that you relocate your principal place of employment by more than fifty (50) miles from the location in effect immediately prior to
the Change in Control. 

 Notwithstanding anything to the contrary contained herein, your termination of employment will not be
treated as for Good Reason as the result of the occurrence of any event specified in the foregoing clauses A through I (each such event, a “Good Reason Event”) unless, within 90 days following the occurrence of such event, you
provide written notice to the Company of the occurrence of such event, which notice sets forth the exact nature of the event and the conduct required to cure such event. The Company will have 30 days from the receipt of such notice within which to
cure such event (such period, the “Cure Period”). If, during the Cure Period, such event is remedied, you will not be permitted to terminate your employment for Good Reason. If, at the end of the Cure Period, the Good Reason Event has not
been remedied, your voluntary termination of employment will be treated as for Good Reason during the 90-day period that follows the end of the Cure Period. If you terminate employment during such 90-day period, so long as you have delivered the
written notice to the Company of the occurrence of the Good Reason Event at any time prior to the expiration of this Agreement, for purposes of the payments, benefits and other entitlements under this Agreement, the

  
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termination of your employment pursuant thereto shall be deemed to be a termination before the expiration of this Agreement. If you do not terminate employment during such 90-day period, you will
not be permitted to terminate employment and receive the payments and benefits set forth under this Agreement as a result of such Good Reason Event. 
 “Highly Compensated Employees” shall mean the highest paid one percent of employees of the Company together with all corporations, partnerships, trusts, or other entities controlling, controlled
by, or under common control with, the Company. 
 “Incentive Plans” shall have the meaning set forth in
clause (D) under the definition of Good Reason. 
 “Long Term Incentive Plan” shall mean the Air Products and
Chemicals, Inc. Long Term Incentive Plan and/or any similar, successor or substitute long-term incentive compensation plan or program. 
 “Notice Date” shall mean the date a Termination Notice prepared by the Company or you is received by you or the Company, respectively. 

“Pension Plans” shall mean, the Air Products and Chemicals, Inc. Pension Plan for Salaried Employees, as amended from time to
time together with any similar, succeeding or substitute plan, and the Supplementary Pension Plan of Air Products and Chemicals, Inc. as amended from time to time, together with any similar, succeeding or substitute plan, and any private annuity or
pension agreement between you and the Company. 5/6 

“Retirement” shall mean (1) your voluntary retirement with an immediate non-actuarially reduced pension under the Pension
Plans, provided that Termination for Good Reason before attaining normal retirement age under the Pension Plans shall not be deemed a Retirement for purposes of this Agreement even though you are eligible for and elect to receive, an
immediate non-actuarially reduced pension under the Pension Plans, or (2) Termination of Employment in accordance with any retirement arrangement other than under the Pension Plans which is established with your consent with respect to you,
provided that Termination for Good Reason shall not be deemed a Retirement for purposes of this Agreement even though you are eligible to retire, and receive benefits under, any such retirement arrangement, or (3) mandatory retirement as
set forth under a policy of the Company as it existed prior to the Change in Control or as agreed to by you following a Change in Control. 
 “Retirement Savings Plan” shall mean the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

 “Savings Plans” shall mean the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to
time, together with any similar, succeeding or substitute plan, and the Air Products and Chemicals, Inc. Deferred Compensation Plan, as amended from time to time, together with any similar, succeeding or substitute plan. 

 

	5 	Mr. Ghasemi’s agreement will not contain this definition as he is not a participant in the Company’s defined benefit pension plans.

	6 	Mr. Ghasemi’s agreement will define “Retirement” as: “the expiration of the Term of the Employment Agreement on 30 September 2019.”

  
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 “Section 409A” shall mean Section 409A of the Code and the regulations
thereunder as in effect from time to time. 
 “Target Annual Bonus” shall mean your target bonus under the Annual
Incentive Plan which is approved by the Committee for the applicable Fiscal Year or, if no such target bonus has been determined for such Fiscal Year, such target bonus for the most recent Fiscal Year for which one was determined; 

“Termination Date” means the effective date of a Termination of Employment for any reason, including death, Disability, or
Retirement, whether by the Company or you, subject to subsection 3B. 
 “Termination”, “Termination of
Employment” or “Termination of your Employment” shall mean the termination of your employment with the Company, whether by you or the Company. 
 “Termination Notice” shall mean the notice required by Subsection 3A. 
  

	2.	TERM OF AGREEMENT 

 This
Agreement will commence on the date of your signing hereof and will continue while you are in the active employment of the Company until 30 September 2014 and, beginning on 1 October 2014 and each one year anniversary thereof, the
term of this Agreement will automatically be extended for one additional year unless, at least (90) ninety days prior to such date, either party gives written notice to the other that it does not wish to extend this Agreement. Notwithstanding
any such written notice, if a Change in Control shall have occurred prior to receipt of the notice or does occur within (90) ninety days of receipt of the notice, the attempted termination of the Agreement by the Company shall be ineffective
and the Agreement shall continue until the end of the Contract Period. If a Change in Control otherwise occurs during the term of this Agreement, this Agreement will continue in effect until the end of the Contract Period. 

 

	3.	TERMINATION PROCEDURES  

A. Termination Notice. During the Contract Period, any Termination of Employment by the Company or by you must be communicated by a
written Termination Notice to the other party hereto. The “Termination Notice” must (i) specify the Termination Date; (ii) indicate the specific provisions in this Agreement, if any, applicable to the Termination and set forth in
reasonable detail the facts and circumstances, if any, claimed to provide a basis for application of the provision so indicated; and (iii) if given by the Company to you for other than Disability or Cause, specify, with supporting calculations,
the amount the Company believes to be payable to you under this Agreement as a result of such Termination. 
 B. Termination
Date. “Termination Date” shall be: (i) if your employment is terminated due to your death, the date of your death, (ii) if your employment is terminated for Disability, at least forty-five days after the Termination Notice is
given (provided that you have not returned to the full-time performance of your duties during such period), and (iii) if your employment is terminated for any other reason, the date specified in the Termination Notice by the party giving the
Notice, which date must be at least forty-five days after the Termination Notice if given by the Company for any reason other than Cause. 

  
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	4.	COMPENSATION UPON TERMINATION OF EMPLOYMENT. 

 A. Termination for Cause, Death, Disability, or Retirement. If during the Contract Period the Company terminates your employment for Cause, or your employment terminates due to death, Disability or
Retirement, the Company shall pay to you as soon as practicable but no later than 30 days after the Termination Date (i) your Base Salary to the extent earned but unpaid as of the Termination Date and vacation pay accrued through the
Termination Date, plus (ii) any benefits or awards which have been earned by you or become payable to you under any policy or employee compensation or benefit plan of the Company. 7 The benefits payable to you due to your death, Disability, Retirement or other Termination of Employment under all
Benefit Plans, Bonus Plans and Incentive Plans in which you are participating before such Termination of Employment, will be paid as provided under such plans and the Company will have no further obligation. 

B. Termination other than for Cause, Death, Retirement or Disability or for Good Reason. If during the Contract Period the Company
terminates your employment other than for death, Retirement, Disability or Cause (it being understood that a purported termination for Disability or Cause which is disputed and finally determined not to have been proper or which is not effected in
accordance with the procedures required in Section 3 will be a Termination other than for Cause or Disability), or you terminate your employment for Good Reason, then Air Products will provide you or cause you to be provided the payments and
benefits described below in this Subsection 4B. 
 (i) Cash Payment. The Company will pay to you on or before the tenth
day following your Termination Date, a lump sum cash payment equal to the sum of the following amounts: 
 (a) Your earned but
unpaid Base Salary through your Termination Date at the higher of the rate in effect on the Termination Date or the rate in effect immediately before any purported reduction in your Base Salary constituting Good Reason and the vacation pay that you
accrued through the Termination Date. 
 (b) The product of (I) the amount of the Target Annual Bonus for which you would
have been eligible if you had been employed by the Company on the last day of the Fiscal Year (or other bonus performance cycle that includes your Termination Date), multiplied by (II) a fraction of which the numerator is the number of days which
have elapsed through the Termination Date in such Fiscal Year (or, if applicable, such other bonus performance cycle that includes your Termination Date) and the denominator is 365 (or, if applicable, the number of days in such other performance
cycle that includes your Termination Date). 
 (c) Two8 times the sum of (I) your Base Salary at the rate required by subparagraph (i)(a) above and (II) the Company
matching contributions made and/or accrued in respect of your contributions to or deferrals under the Savings Plans during and/or for the last full Fiscal Year of the Company preceding your Termination Date. 

 

	7 	Mr. Ghasemi’s agreement also will provide: “or under the Employment Agreement.” 

	8 	Three for Mr. Ghasemi. 

  
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 (d) Two9 times the Target Annual Bonus for the Fiscal Year or other bonus performance cycle in which your Termination Date
occurs. 
 (e) (I) If you are a participant in the Pension Plans and are not a Core Contribution Participant under the
Retirement Savings Plan, a pension payment equal to the difference between the actuarial present values as of the Termination Date of: 
 (A) your accrued vested pension benefits under the Pension Plans, calculated assuming that payment of the benefits will commence in the form of a straight life annuity on the earliest date on which you
could commence payment if you are eligible for an early retirement subsidy on any portion of your accrued benefits on the Termination Date, or on the first day of the month after you attain age 65 if you are not; and 

(B) your accrued vested pension benefits under the Pension Plans calculated by adding two years of service to the actual service
credited under such plans for benefit accrual and vesting purposes and including any early retirement subsidy available under the Pension Plans (as in effect immediately prior to the beginning of the Contract Period) for which you are not eligible
due to termination before satisfying age and service requirements for such subsidy, and assuming that your benefit will commence in the form of a straight life annuity on the earliest date on which you could retire and commence a benefit under the
Pension Plans. 
 For purposes of calculating the actuarial present values of (A) and (B) above, the interest rate shall be the
average of the average monthly yields for municipal bonds published monthly by Moody’s Investors’ Service Inc. for the three months immediately preceding your Termination Date and the life expectancy assumptions shall be those most
frequently used by the Pension Plans’ actuaries for other purposes. The calculation of the pension payment described in this subparagraph shall be made by a nationally recognized firm of enrolled actuaries acceptable to you and the Company. The
Company shall pay the reasonable fees and expenses of such actuarial firm. The calculation made by such actuarial firm shall be binding on you and the Company; or10 
 (II) If you are a Core Contribution Participant in the Retirement Savings Plan, a payment (in lieu of the payment described in clause (I) above) equal to the Company Core Contributions and Core
Credits (as defined in the Savings Plans) that you would have received under the Savings Plans during the
two-year11 period following the Termination Date assuming
that (i) you remained actively employed by the Company during such two-year12 period, (ii) your Base Salary continued at the higher of the rate in effect on the Termination Date or the rate in effect immediately prior to any purported reduction in your Base Salary
constituting Good Reason and (iii) your Annual Incentive Plan awards were equal in amount to the higher of the most recent award received prior to the Termination Date and the average of the awards available to you under the Annual Incentive
Plan during and/or for each of the three full Fiscal Years immediately preceding the beginning of the Contract Period. 
  

	9 	Three years for Mr. Ghasemi. 

	10 	This provision will not be in Mr. Ghasemi’s agreement as he is not a participant in the Company’s defined benefit pension plans.

	11 	Three years for Mr. Ghasemi. 

	12 	Three years for Mr. Ghasemi. 

  
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 (f) For purposes of subparagraphs (i)(c), (i)(d) and (i)(e) of this Subsection 4B, in
the event you have attained age 63 on or before your Termination Date, the amounts payable shall be reduced to an amount which bears the same proportion to the unreduced amount as the number of months preceding your sixty-fifth birthday bears to
twenty-four. 13 

(g) The amount of the payment described in (a)-(f) shall be reduced to the extent of any severance or redundancy benefit or payment
sponsored by the Company and/or provided or required by applicable law or regulation, which is received by you on account of your Termination of Employment. 
 (h) If the amount of the payment described in (a)-(g) above, including a reduced amount calculated pursuant to paragraph 4(b)(vi) below, cannot be finally determined on or before the tenth day
following the Termination Date, the Company will pay to you on such day an estimate, as determined in good faith by the Company, of the minimum amount of such payment and will pay the remainder of such payment as soon as the amount thereof can be
determined but in no event later than the thirtieth day after your Termination Date. 
 (ii) Insurance and Welfare Benefit
Plans. The Company will provide for you and your dependents for two14 years following your Termination Date, benefits equivalent to those provided by the Company under all life insurance, medical, dental, health and accident, long term disability, long term care plans or
programs in which you were participating on your Termination Date or, in the event of a reduction in such benefits constituting Good Reason, equivalent to those provided immediately before such reduction; provided that, such benefits will not be
provided beyond the period of time during which they would have been provided to you under such plans or programs, as in effect on your Termination Date or immediately before a reduction constituting Good Reason, had you not been Terminated other
than for death, Retirement, Disability or Cause or Terminated for Good Reason, and such benefits will be provided for at least the period during which they would have been provided to you were this Agreement not in effect. In the event of your death
during such two-year15 period, benefits in respect of you
or to your beneficiaries will be provided in accordance with the terms of such plans or programs as if you were actively employed by the Company on the date of your death. Any continuation of benefits pursuant to this subparagraph shall not run
concurrent with any continuation rights provided pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and for purposes of applying COBRA with respect to your coverage under any group health plan,
the end of coverage under this subparagraph shall be deemed to be the date of a qualifying event resulting from the termination of a covered employee. Except as specifically permitted by Section 409A, the coverage provided to you during any
calendar year will not (A) affect the coverage to be provided to you in any other calendar year and (B) be subject to liquidation or exchange for another benefit. Notwithstanding anything herein to the contrary, the cost of continued
benefits provided pursuant to this clause (ii) shall be shared by you and the Company in the same proportion and on the same terms as such costs were shared by you and the Company prior to your Termination Date or the proportion and terms in
effect immediately prior to any purported change constituting Good Reason. 
  

	13 	This provision will not be included in Mr. Ghasemi’s agreement. 

	14 	Three years for Mr. Ghasemi. 

	15 	Three years for Mr. Ghasemi. 

  
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 (iii) Legal Fees and Expenses. The Company will reimburse you for all legal and other
fees and expenses incurred by you as a result of Termination of Employment, including without limitation all such fees and expenses, if any, reasonably incurred in verifying the amount of the benefits owed by the Company under this Agreement, in
contesting or disputing the fact or nature of any such Termination, in seeking to obtain or enforce any right or benefit provided by this Agreement and/or in connection with any tax audit or proceeding with respect to payments made or to be made
hereunder. The Company will pay, to the fullest extent permitted by law, all legal fees and expenses which you may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company of the validity or enforceability of,
or liability under or as a result of, any provision of this Agreement or any guarantee of performance thereof. Any payment to you by the Company under this clause (iii) shall be limited to expenses incurred by you prior to the tenth anniversary
of the expiration of this Agreement. All reimbursable expenses shall be reimbursed to you as promptly as practicable and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred. The
amount of expenses eligible for reimbursement during any calendar year will not (A) affect the amount of expenses eligible for reimbursement in any other calendar year or(B) be subject to liquidation or exchange for another benefit.

 (iv) Outplacement Counseling. The Company shall, within 30 days of the Termination Date, make available to you at
the Company’s expense, outplacement counseling at times and locations that are convenient to you, with a nationally recognized outplacement counseling firm. You may select the organizations that will provide the outplacement counseling. The
outplacement services will be provided for a period of 12 months following the Termination Date. 
 (v) Interest on
Unpaid Amounts. The Company shall pay you interest, compounded quarterly, on any unpaid amount determined to be payable by the Company to you under this Agreement from the date such amount would first have been payable to you during the Contract
Period in accordance with the provisions of this Agreement until paid, such interest to be calculated on the basis of 120% of the applicable federal funds rate, as provided for in Section 1274(c) of the Code, in effect from time to time during
the period of such nonpayment. 
 (vi) Long Term Incentive Plan Awards. Any awards granted to you under the Long Term
Incentive Plan shall be treated in connection with a Change in Control in the manner provided under the Long Term Incentive Plan and your Award Agreements thereunder. 
 (vii) Potential Limit on Payments. Notwithstanding any other provision in this Subsection 4B, in the event that an excise tax under Code Section 4999 would be assessed on payments or
other benefits to be received by you upon a Change in Control, you will be entitled to receive whichever of the following amounts would result in the largest aggregate amount being retained by you after the application of all applicable federal,
state, and local taxes: 
 (a) All payments and other benefits described under paragraphs (i) through (vi) of this
Subsection 4B; or 

  
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 (b) Reduced payments and other benefits described under paragraphs (i) through
(vi) of this Subsection 4B which have an aggregate value equal to the highest amount that, together with all other payments and benefits to be received by you which are parachute payments within the meaning of Code Section 4999, does
not exceed three times your “base amount” (within the meaning of Code Section 280G). 
 The determination of whether (a) or
(b) above would result in the largest aggregate amount being retained by you after taxes and the calculation of the amount described in (b) shall be made, at the Company’s expense, by a nationally recognized public accounting firm
acceptable to you. If a reduced amount is to be paid under clause (b) above, you will be notified no later than the fifth day following the Termination Date and will be entitled to choose which payments and benefits you will receive and which
will be reduced or eliminated in order for the total payments and benefits to be received by you to equal the value described in (b).16 
 (viii) Mitigation. You shall not be obligated to seek other employment or take any other action to mitigate the amounts payable to you under any of the provisions of this Agreement, nor shall the
amount of any payment hereunder be reduced by any compensation earned as result of your employment by another employer, except that any continued insurance and welfare benefits provided for by paragraph (ii) shall not duplicate any benefits
that are provided to you and your family by such other employer and shall be secondary to any coverage provided by such other employer. 
 C. Tax Withholding: Survival of Obligations. Any payments provided for under this Agreement shall be paid net of any applicable withholding required under federal, state or local law. The
obligations of the Company set forth in this Section 4 shall survive your Termination of Employment and the end of the Contract Period to the extent not previously performed in full. 

 

	5.	INDEMNIFICATION 

 If you
are made a party or threatened to be made a party to or are otherwise involved at any time before or during the Contract Period in any action, suit or proceeding, other than one instituted by you or by the Internal Revenue Service, whether civil,
criminal, administrative or investigative (hereinafter a “proceeding”) by reason of the fact that you are a party to this Agreement, you will be indemnified and held harmless by the Company, to the fullest extent permitted by applicable
law (regardless of the outcome of the proceeding), against all 
  

	16 	In lieu of this paragraph, Mr. Ghasemi’s agreement provides: 

 “The determination of whether (a) or (b) above would result in the largest aggregate amount being retained by you after taxes and the calculation of the amount described in (b) shall
be made, at the Company’s expense, by a nationally recognized public accounting firm acceptable to you. If a reduced amount is to be paid under clause (b) above, the Company will provide you with notice of such determination no later than
the fifth day following the Termination Date, and, unless you have given prior written notice to the Company specifying a different order and such right to give such directions would not be in violation of Code Sections 280G or 409A, the Company
shall reduce or eliminate the payments or benefits provided in this Subsection 4B, by first reducing or eliminating the portion of such payments or benefits which are not payable in cash and then by reducing or eliminating vesting of whole shares
not subject to Treasury Regulation 280G-1, Q&A 24(c) and then by reducing options subject to Treasury Regulation 280G-1 Q&A 24(c) and finally by reducing whole shares subject to Treasury Regulation 280G-1, Q&A 24(c), in each case in
reverse order beginning with payments or benefits which are to be paid the farthest in time from the determination made pursuant to the preceding sentence.” 

  
 12 

 
expense, liability and loss (including attorney’s fees, judgments, fines and amounts paid in settlement) reasonably incurred or suffered by you in connection therewith. You will notify the
Company in the event of the commencement or threat of commencement of any proceeding in respect of which indemnity may be sought under this Section. 
 The Company will at its expense participate in and assume the defense of any such proceeding, including the employment of counsel chosen by it (and as to whom you have no reasonable objection) and the
payment of the fees and disbursements of such counsel. You will cooperate with the Company in respect of such defense and may retain separate counsel at your expense to participate in such defense. In the event that, in the opinion of your counsel,
you and the Company or any other executive represented by the Company’s counsel in such proceeding have a conflict of interest in respect of the proceeding, then you may employ counsel as separate counsel to represent or defend you in the
proceeding and the Company will pay for the reasonable fees and disbursements of such counsel. The provisions of this paragraph shall be inapplicable to any proceeding instituted by the Company during the Contract Period which shall, as to your
defense and fees and expenses thereof, be governed by paragraph (iii) of Subsection 4B hereof. 
 Your rights under this
Section 5 are not exclusive of any other right which you may have or hereafter acquire under any statute, certificate of incorporation, by-law, agreement, insurance policy or otherwise, and shall survive your Termination of Employment and the
end of the Contract Period. 
  

	6.	SUCCESSORS; BINDING AGREEMENT 

 Air Products will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Air Products, to
expressly, by written agreement in form and substance satisfactory to you, assume and agree to perform this Agreement in the same manner and to the same extent that Air Products would be required to perform it if no such succession had taken place.
As used in this Agreement, during the Contract Period “Air Products” means Air Products as herein before defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this
Section 6 or which becomes bound by all the terms and provisions of this Agreement by operation of law or otherwise. 

This Agreement will inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators,
successors, heirs, distributees, devises and legatees, but neither this Agreement nor any of your rights or obligations hereunder may be assigned or pledged by you. If you should die while any amounts would still be payable to you under Subsection
4B hereof if you had continued to live, all such amounts, unless otherwise provided herein, will be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate.

  

	7.	NOTICE 

 For purposes of
this Agreement, notices and all other communications provided for in this Agreement must be in writing and will be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, as
to you, addressed to your address set forth on the first page of this Agreement, and as to Air Products, addressed to the address printed on the first page of this Agreement or such other location as you know to be the chief executive offices of Air
Products directed to the attention 

  
 13 

 
of the chief executive officer17 of Air Products with a copy to the secretary of Air Products. You and Air Products may change your respective notice addresses hereunder by furnishing such new address to the other in writing in
accordance herewith, except that notices of change of address will be effective only upon receipt. 
  

	8.	MISCELLANEOUS 

 A.
Amendment; Waiver. Except as specifically provided in clause 9(G)(iv), no provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by you and the
Company’s chief executive officer18 or another
officer of the Company specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other
party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

Notwithstanding the foregoing, prior to a Change in Control the Company may unilaterally amend this Agreement as may from time to time be required to
assure that this Agreement does not violate or cause the Company to be in violation of applicable law or that any payment provided for hereunder would not be prohibited by applicable law; provided that all other employment or other agreements
between the Company and other key members of its management substantially similar to this Agreement are similarly amended at such time. 
 B. Nondisclosure. You hereby ratify and affirm, and agree to be bound by, the terms and provisions of your Employee Patent, Copyright and Confidential Information Agreement with the Company dated
                     (your “Employee Agreement”) during the Contract Period and thereafter in accordance with the terms of your
Employee Agreement, which Agreement is incorporated by reference herein and made a part hereof as if set forth in full herein. 

C. Exclusive Agreement. Except for your Employee Agreement19 and any similar, succeeding or substitute agreement between you and the Company, no agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. Notwithstanding any other provision of this Agreement, this Agreement does not
affect the Company’s right to terminate your employment or to alter your compensation, benefits, position or other terms and conditions of employment with the Company prior to a Change in Control, or your right to resign from employment with
the Company prior to a Change in Control, and any such termination, resignation or other action with respect to your terms and conditions of employment prior to a Change in Control will give rise to no rights or obligations in either of the parties
hereto under this Agreement. 
 D. Other Plans and Programs. Nothing in this Agreement shall prevent or limit your
continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company and for which you may qualify, nor shall anything herein limit or otherwise affect such rights as you may have under any such plan
or program. Except as 
  

	17 	General Counsel in Mr. Ghasemi’s agreement. 

	18 	General Counsel in Mr. Ghasemi’s agreement. 

	19 	 Mr. Ghasemi’s agreement will also except his Employment Agreement.

  
 14 

 
expressly provided herein, amounts which are vested benefits or which you are otherwise entitled to receive under any plan or program of the Company at or subsequent to your Termination Date
shall be payable in accordance with such plan or program, unless you should expressly waive your rights thereto in writing. 

E. Governing Law; Validity; References to Law. The validity, interpretation, construction and performance of this Agreement shall
be governed by the laws of the Commonwealth of Pennsylvania. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision or provisions of this Agreement, which shall
remain in full force and effect. All references herein to sections of the Act or the Code shall be deemed also to refer to any successor provisions to such sections. 
 F. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

 G. Section 409A. 
 (i) It is intended that the provisions of this Agreement comply with Section 409A, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements
for avoiding taxes or penalties under Section 409A. 
 (ii) Neither you nor any of your creditors or beneficiaries shall
have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement or under any other plan, policy, arrangement or agreement of or with the Company or any of its affiliates (this Agreement and
such other plans, policies, arrangements and agreements, the “Company Plans”) to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any
deferred compensation (within the meaning of Section 409A) payable to you or for your benefit under any Company Plan may not be reduced by, or offset against, any amount owed by you to the Company or any of its affiliates. 

(iii) If, at the time of your separation from service (within the meaning of Section 409A), (I) you shall be a specified
employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (II) the Company shall make a good faith determination that an amount payable under a Company Plan
constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under
Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it, without interest, on the first business day after such six-month period. 

(iv) Notwithstanding any provision of this Agreement or any Company Plan to the contrary, in light of the uncertainty with respect to the
proper application of Section 409A, the Company reserves the right to make amendments to this Agreement and any Company Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In
any case, you are solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with any Company Plan (including any taxes and penalties under Section 409A), and
neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties. 

  
 15 

 If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign
and return to the Company the enclosed copy of this letter which will then constitute our agreement on this subject. 
  

			
	Sincerely,
	
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

	Title:	 	Chairman, President, and Chief Executive
Officer20

  

			
	AGREED TO THIS       DAY OF             
          
		
	  
	 	
	Enclosure	 	

  

	20 	 Mr. Ghasemi’s agreement will be signed by another officer of the Company. 

  
 162014 8-K EX 4.1 2nd Amendment to Credit Agreement 09.22.14

EXHIBIT 4.1

SECOND AMENDMENT

This SECOND AMENDMENT (“Amendment”) dated as of September 22, 2014 (the “Amendment Effective Date”) is by and among Pioneer Energy Services Corp. (f/k/a Pioneer Drilling Company), a Texas corporation (the “Borrower”), the Lenders party hereto, and Wells Fargo Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
WHEREAS, the Borrower, the lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are parties to the Amended and Restated Credit Agreement dated as of June 30, 2011, as amended by the First Amendment thereto dated as of March 3, 2014 (as so amended, and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
WHEREAS, Goldman Sachs Bank USA, Regions Bank, Santander Bank, N.A., Sumitomo Mitsui Banking Corporation and Amegy Bank National Association (each a “New Lender”) and the other parties to the Credit Agreement have agreed that each New Lender will become a party to the Credit Agreement as a Lender with a Revolving Commitment in the amount set forth across from such New Lender’s name on Schedule 2.1 attached hereto as of the Amendment Effective Date; 
WHEREAS, Caterpillar Financial Services Corporation (the “Exiting Lender”) and the other parties to the Credit Agreement have agreed that each Exiting Lender will cease to be a Lender as of the Amendment Effective Date; and
WHEREAS, subject to the terms and conditions set forth herein, the parties hereto wish to amend certain provisions of the Credit Agreement as set forth below.
NOW THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
Section 1.Defined Terms.  Unless otherwise defined in this Amendment, each capitalized term used in this Amendment has the meaning given such term in the Credit Agreement, as amended by this Amendment.

EXHIBIT 4.1

Section 2.    Amendments to the Credit Agreement.  
(a)    Section 1.1 of the Credit Agreement is hereby amended by amending and restating the pricing grid in the definition of “Applicable Margin” as follows:
	
					
	Applicable Margin

	Total
Leverage Ratio 
	Eurodollar Advances
	Base Rate Advances
	Commitment Fee

	Level I
	Is less than 1.50
	2.00%
	1.00%
	0.40%

	Level II
	Is equal to or greater than 1.50 but less than 2.50
	2.25%
	1.25%
	0.50%

	Level III
	Is equal to or greater than 2.50
but less than 3.50
	2.50%
	1.50%
	0.50%

	Level IV
	Is equal to or greater than 3.50
	3.00%
	2.00%
	0.50%

(b)    Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following defined terms in their entirety as follows:
"Change in Law" means, after the Effective Date, the adoption of any applicable law, rule, or regulation, or any change in any applicable law, rule, or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank, or comparable agency charged with the interpretation or administration thereof, or compliance by financial institutions generally, including a Lender (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such governmental authority, central bank, or comparable agency; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
"Eligible Assignee" means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural Person) approved by the Administrative Agent and, unless an Event of Default has occurred and is continuing at the time such Person becomes a Lender in accordance with Section 9.7, the Borrower, such approval not to be unreasonably withheld or delayed by the Borrower or the Administrative Agent; provided, however, that none of the Borrower, any Affiliate of the Borrower, any Defaulting Lender, any Subsidiary of a Defaulting Lender or any Person that would be a Defaulting Lender or a Subsidiary of a 

-2-

EXHIBIT 4.1

Defaulting Lender immediately upon becoming a Lender shall qualify as an Eligible Assignee.
"Fee Letters" means, collectively, (a) that certain increase and extension amendment engagement letter dated as of September 2, 2014 among the Borrower, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and (b) that certain agency fee letter dated as of September 2, 2014 between the Borrower and the Administrative Agent.
"Maturity Date" means the earlier of (a) September 22, 2019 and (b) the earlier termination in whole of the Total Commitment pursuant to Section 2.1(b) or Article 7.
"Obligations" means (a) all principal, interest (including post-petition interest), fees, reimbursements, indemnifications, and other amounts now or hereafter owed by any of the Credit Parties to the Lenders, the Swing Line Lender, the Issuing Lender, or the Administrative Agent under this Agreement and the Credit Documents, including, the Letter of Credit Obligations, and any increases, extensions, and rearrangements of those obligations under any amendments, supplements, and other modifications of the documents and agreements creating those obligations, (b) all obligations of any of the Credit Parties owing to any Swap Counterparty under any Hedging Arrangements entered into between such Swap Counterparty and any of the Credit Parties; provided that, with respect to any Credit Party which is not a Qualified ECP Guarantor, the “Obligations” shall exclude any Excluded Swap Obligations, and (c) all obligations of any of the Credit Parties owing to any Cash Management Bank under any Cash Management Agreements entered into between such Cash Management Bank and any of the Credit Parties.
(c)    Section 1.1 of the Credit Agreement is hereby amended by inserting the following new defined terms in their appropriate alphabetical order:
“Additional Lender” has the meaning set forth in Section 2.1(e).
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Commitment Increase” has the meaning set forth in Section 2.1(e).
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the 

-3-

EXHIBIT 4.1

Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.
“Increase Date” has the meaning set forth in Section 2.1(e).
“Increasing Lender” has the meaning set forth in Section 2.1(e).
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Sanctions” has the meaning set forth in Section 6.6.
“Second Amendment Effective Date” means September 22, 2014.
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
(d)    Section 2.1 of the Credit Agreement is hereby amended by adding the following as new paragraph (e) thereof:
(e)    Increase in Revolving Commitments.
(i)    At any time from and after the Second Amendment Effective Date and prior to the Business Day immediately preceding the Maturity Date, the Borrower may effectuate one or more increases in the aggregate Revolving Commitments (each such increase being a “Commitment Increase”), by designating either one or more of the existing Lenders (each of which, in its sole discretion, may determine whether and to what degree 

-4-

EXHIBIT 4.1

to participate in such Commitment Increase) or one or more other Eligible Assignees that at the time agree, in the case of any such Eligible Assignee that is an existing Lender to increase its Revolving Commitment as such Lender shall so select (an “Increasing Lender”) and, in the case of any other Eligible Assignee that is not an existing Lender (an “Additional Lender”), to become a party to this Agreement as a Lender; provided, however, that (i) each such Commitment Increase shall be equal to at least $25,000,000, (ii) all Revolving Commitments and Revolving Advances provided pursuant to a Commitment Increase shall be available on the same terms as those applicable to the existing Revolving Commitments and Revolving Advances, except as to upfront fees which may be as agreed to between the Borrower and such Increasing Lender or Additional Lender, as the case may be, (iii) the aggregate of all such Commitment Increases after the Second Amendment Effective Date shall not exceed an amount equal to $100,000,000, (iv) such Commitment Increase shall not effect an increase in the aggregate Revolving Commitments if the Maturity Date has occurred and (v) if the Borrower requests a Commitment Increase to be effective on the Second Amendment Effective Date, the amount of such Commitment Increase may not exceed $50,000,000.  The Borrower shall provide prompt notice of such proposed Commitment Increase pursuant to this Section 2.1(e) to the Administrative Agent and the Lenders.  This Section 2.1(e) shall not be construed to create any obligation on the Administrative Agent or any of the Lenders to advance or to commit to advance any credit to the Borrower or to arrange for any other Person to advance or to commit to advance any credit to the Borrower.
(ii)    The Commitment Increase shall become effective on the date (the “Increase Date”) on or prior to which each of following conditions shall have been satisfied: (i) the receipt by the Administrative Agent of (A) an agreement in form and substance reasonably satisfactory to the Administrative Agent signed by the Borrower, each Increasing Lender and/or each Additional Lender, setting forth the Revolving Commitments of each such Increasing Lender and/or Additional Lender and, if applicable, setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof binding upon each Lender and (B) such evidence of appropriate authorization on the part of the Credit Parties with respect to such Commitment Increase and such legal opinions as the Administrative Agent may reasonably request, (ii) the funding by each Increasing Lender and Additional Lender of the Revolving Advances to be made by each such Lender to effect the prepayment requirement set forth in Section 2.5(c)(iv), (iii) receipt by the Administrative Agent of a certificate of a Responsible Officer of the Borrower certifying (A) both before and after giving effect to such Commitment Increase, no Default has occurred and is continuing, (B) all representations and warranties made by the Borrower in this Agreement are true and correct in all material respects, unless such representation or warranty relates to an earlier date 

-5-

EXHIBIT 4.1

which remains true and correct in all material respects as of such earlier date, and (C) the pro forma compliance with the covenants in Sections 6.17, 6.18 and, if applicable, 6.19, after giving effect to any borrowings on the Increase Date under such Commitment Increase, and (iv) receipt by the Increasing Lender or Additional Lender, as applicable, of all such fees as agreed to between such Increasing Lender and /or Additional Lender and the Borrower.  
(iii)    On such Increase Date, each Lender’s share of the Letter of Credit Exposure and participations in respect of Swing Line Advances on such date shall automatically be deemed to equal such Lender’s Pro Rata Share of such Letter of Credit Obligations and participations in respect of Swing Line Advances (such Pro Rata Share for such Lender to be determined as of the Increase Date in accordance with its Revolving Commitment on such date as a percentage of the aggregate Revolving Commitments on such date) without further action by any party.
(e)    Section 2.5(c) of the Credit Agreement is hereby amended by adding the following as new sub-paragraph (iv) thereof:
(iv)    If an increase in the aggregate Revolving Commitments is effected as permitted under Section 2.1(e), the Borrower shall be deemed to have repaid any Revolving Advances outstanding on the date such increase is effected with the proceeds of Revolving Advances to the extent necessary to keep the outstanding Revolving Advances ratable to reflect the revised Pro Rata Shares of the Lenders arising from such increase.  Any prepayment made by Borrower in accordance with this clause (iv) shall be deemed to have been made with the proceeds of Revolving Advances made by all the Revolving Lenders in connection with such increase occurring simultaneously with the prepayment.
(f)    Section 2.11(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(b)    Capital Adequacy.  If, after the Effective Date, any Lender shall have determined that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the capital of financial institutions generally, including such Lender or any corporation controlling such Lender, as a consequence of such Lender's obligations hereunder to a level below that which such Lender or such corporation could have achieved but for such Change in Law (taking into consideration its policies with respect to capital adequacy and liquidity), then from time to time within three (3) Business Days after written demand by such Lender the Borrower shall pay to such Lender such additional amount or amounts as such Lender determines in good faith to be necessary to compensate such Lender for such reduction.

-6-

EXHIBIT 4.1

(g)    Section 6.3(k)(ii)(A) of the Credit Agreement is hereby amended and restated in its entirety as follows:  “(A) if the principal amount of the Investment is more than $1,000,000 individually or the aggregate amount of Investments (net of any repayments or return of assets in respect thereof) exceeds $5,000,000 in any fiscal year, the Asset Coverage Ratio is equal to or greater than 1.00 to 1.00 at the time of incurrence of such Investment”.
(h)    Section 6.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Section 6.6. Use of Proceeds. The Borrower shall not, nor shall it permit any Restricted Subsidiary to, (a) use the proceeds of the Revolving Advances for any purposes other than (i) working capital purposes, (ii) to finance Acquisitions, Investments and Capital Expenditures permitted hereunder and (iii) general corporate purposes, including, without limitation, the refinancing of existing Indebtedness and the payment of fees and expenses related to the entering into of this Agreement and the other Credit Documents.  The Borrower shall not, directly or indirectly, nor shall it permit any of its Subsidiaries to, use any part of the proceeds of Advances or Letters of Credit for any purpose which violates, or is inconsistent with, Regulations T, U, or X.  The Borrower shall not, directly or indirectly, nor shall it permit any of its Subsidiaries to, use the proceeds of the Advances or Letters of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (x) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), or (y) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Advances, whether as underwriter, advisor, investor, or otherwise).
(i)    Section 6.9 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Section 6.9    Restricted Payments.  The Borrower shall not, nor shall it permit any Restricted Subsidiary to declare, pay or make any Restricted Payments except: 
(a)    each Restricted Subsidiary may make Restricted Payments to the Borrower and any other Restricted Subsidiary (other than Global Holdings and its Subsidiaries);
(b)    each Subsidiary of Global Holdings may make Restricted Payments to Global Holdings and its Subsidiaries;

-7-

EXHIBIT 4.1

(c)    so long as no Event of Default exists or would result from the making of such Restricted Payments, payments of principal and interest on any seller notes permitted under Section 6.1(j); provided that, during such Event of Default such principal and interest shall accrue and the same shall be permitted to be paid hereunder at such time as no Event of Default exists; and 
(d)    the Borrower may repurchase its common Equity Interests in any amount so long as (i) no Default shall have occurred and be continuing or result therefrom, (ii) at least $25,000,000 of the Total Commitment is unused and available after giving effect to such Restricted Payment, (iii) the Borrower would be in compliance with the financial covenants set forth in Sections 6.17(a) and 6.18 as of the end of the most recently completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial statements required by Section 5.2(a) or (b) have been delivered, after giving pro forma effect to such transaction and to any other event occurring during or after such period as to which pro forma recalculation is appropriate as if such transaction had occurred as of the first day of such period and (iv) the Senior Leverage Ratio is no greater than 2.00 to 1.00 as of the end of the most recently completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial statements required by Section 5.2(a) or (b) have been delivered, after giving pro forma effect to such transaction and to any other event occurring during or after such period as to which pro forma recalculation is appropriate as if such transaction had occurred as of the first day of such period.  
(j)    Section 7.6 of the Credit Agreement (Application of Payments) is hereby amended by adding the following new paragraph at the end thereof:
Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Credit Parties to preserve the allocation to Obligations otherwise set forth above in this Section.
(k)    Section 8.7 of the Credit Agreement (Resignation of Administrative Agent and Issuing Lender) is hereby amended by adding the following at the end thereof: “If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Majority Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor.”
(l)    The Credit Agreement is hereby amended by adding the following as new Sections 9.19 and 9.20:
Section 9.19    Keepwell.  The Borrower hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Credit Party to honor all of its obligations under the Guaranty in respect of Swap Obligations (provided, however, that the Borrower shall 

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EXHIBIT 4.1

only be liable under this Section 9.19 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 9.19, or otherwise under this Agreement, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The Borrower intends that this Section 9.19 constitute, and this Section 9.19 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
Section 9.20    No Fiduciary Duty.  Each of the Administrative Agent, the Issuing Lender, the Swing Line Lender, the Lenders, and their respective Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates.  Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other.  The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders, creditors or any other Person.  Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.  Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.  
(m)    Schedule 2.1 to the Credit Agreement (Revolving Commitments of the Lenders) is hereby amended and restated in its entirety in the form of Schedule 2.1 attached hereto.
Section 3.    Increase of the Revolving Commitments; New Lenders.  As of the Amendment Effective Date, the aggregate Revolving Commitments shall be increased from $250,000,000 to $350,000,000.  Upon the effectiveness of this Amendment pursuant to Section 6 below, each Lender’s Revolving Commitment (including each New Lender) shall be the Revolving Commitment set forth on Schedule 2.1 attached hereto.  The Commitment Fees provided for in 

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EXHIBIT 4.1

Section 2.7(a) of the Credit Agreement shall hereafter be computed on the basis of the aggregate Revolving Commitments as so increased.  Each New Lender is hereby made a party to the Credit Agreement as a Lender with a Revolving Commitment in the amount set forth across from such New Lender’s name on Schedule 2.1 attached hereto.
Section 4.    Assignment.  
(a)    For an agreed consideration, each Exiting Lender, Wells Fargo Bank, N.A., Bank of America, N.A., Royal Bank of Canada, and Comerica Bank (each, an “Assignor”) hereby irrevocably sells and assigns to each New Lender and Whitney Bank (each, an “Assignee”), and each Assignee hereby irrevocably purchases and assumes from the respective Assignors, subject to and in accordance with the terms and conditions of this Section 4 and the Credit Agreement, as of the Amendment Effective Date (i) all of the respective Assignors' rights and obligations in their respective capacities as Lenders under the Credit Agreement and any other documents or instruments delivered pursuant thereto (including without limitation any letters of credit and guarantees included in such facilities) that would result in the Assignors and the Assignees having the respective Revolving Commitments set forth in Schedule 2.1 attached hereto and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the respective Assignors (in their respective capacities as Lenders) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by any Assignor to any Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as an "Assigned Interest").  Each such sale and assignment is without recourse to any Assignor and, except as expressly provided in this Section 4, without representation or warranty by any Assignor.
(b)    Each Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the relevant Assigned Interest, (ii) such Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated by this Section 4; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, its Subsidiaries or any other Person obligated in respect of any Credit Document, or (iv) the performance or observance by the Borrower, its Subsidiaries or any other Person of any of its obligations under any Credit Document.
(c)    Each Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated by this Section 4, (ii) it meets all the requirements to be an Eligible Assignee under the Credit Agreement (subject to such consents, if any, as may be 

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EXHIBIT 4.1

required under the Credit Agreement), (iii) it is sophisticated with respect to decisions to acquire assets of the type represented by the relevant Assigned Interest and either it, or the person exercising discretion in making its decision to acquire such Assigned Interest, is experienced in acquiring assets of such type, (iv) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment and to purchase such Assigned Interest, and (v) if it is not incorporated under the laws of the United States of America or a state thereof, it has delivered to the Borrower any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such Assignee; and (b) agrees that it will, independently and without reliance on the Administrative Agent, any Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents.
(d)    From and after the Amendment Effective Date, the Administrative Agent shall make all payments in respect of each Assigned Interest (including payments of principal, interest, fees and other amounts) to the relevant Assignee whether such amounts have accrued prior to, on or after the Amendment Effective Date.  The Assignors and the Assignees shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Amendment Effective Date or with respect to the making of this assignment directly between themselves.
Section 5.    Exiting Lender.  Effective as of the Amendment Effective Date, each Exiting Lender shall cease to be a Lender, shall have no Commitments under the Credit Agreement, and shall relinquish its rights (provided that it shall still be entitled to any rights of indemnification in respect of any circumstance or event or condition arising prior to the Amendment Effective Date) and be released from its obligations under the Credit Agreement and the other Credit Documents.
Section 6.    Conditions to Effectiveness.  This Amendment shall become effective as of the Amendment Effective Date upon the satisfaction of the following conditions precedent:
(a)    Documentation.  The Administrative Agent shall have received the following, duly executed by all the parties thereto:
(i)    counterparts of this Amendment executed by the Borrower, each Guarantor, the Administrative Agent and each of the Lenders; 
(ii)    a Revolving Note payable to each Lender in the amount of such Lender’s Revolving Commitment, as amended hereby, if requested by the applicable Lender; 
(iii)    a certificate from a Financial Officer of the Borrower certifying that, before and after giving effect to the Borrowings contemplated under the Credit Agreement, the Borrower and each of its Restricted Subsidiaries, taken as a whole, are Solvent (assuming with respect to each Guarantor, that the fraudulent conveyance savings language and the contribution provisions contained in the Guaranty will be given full effect);

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EXHIBIT 4.1

(iv)    a secretary's certificate from Borrower and each Guarantor certifying such Person's (A) officers' incumbency, (B) authorizing resolutions, (C) Organization Documents, and (D) governmental approvals, if any, with respect to this Amendment and the other Credit Documents to which such Person is a party; 
(v)    certificates of good standing for the Borrower and each Guarantor in each state in which such Person is organized, which certificate shall be dated a date not sooner than thirty (30) days prior to the Amendment Effective Date; and
(vi)    a legal opinion of Fulbright & Jaworski LLP counsel to the Credit Parties.
(b)    Payment of Fees.  The Borrower shall have paid the fees and expenses required to be paid as of the Amendment Effective Date pursuant to the Fee Letters (as such defined term is amended hereby) and Section 9.1 of the Credit Agreement.
(c)    Representations and Warranties.  The representations and warranties of each Credit Party contained in the Credit Documents (as amended by this Amendment) shall be true and correct in all material respects on and as of the date hereof, other than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain true and correct in all material respects as of such earlier date; and
(d)    No Default.  No Default or Event of Default shall have occurred and be continuing.
Section 7.    Representations and Warranties.  Each Credit Party hereby represents and warrants that after giving effect hereto:
(a)    the representations and warranties of such Credit Party contained in the Credit Documents (as amended by this Amendment) are true and correct in all material respects on and as of the date hereof, other than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain true and correct in all material respects as of such earlier date; and
(b)    no Default or Event of Default has occurred and is continuing.
Section 8.    Reaffirmation of Guaranty.  Each undersigned Guarantor hereby ratifies, confirms, and acknowledges that its obligations under the Guaranty are in full force and effect and that each undersigned Guarantor continues to unconditionally and irrevocably, jointly and severally, guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, of all of the Obligations, as such Obligations may have been amended by this Amendment.  Each undersigned Guarantor hereby acknowledges that its execution and delivery of this Amendment does not indicate or establish an approval or consent requirement by the Guarantors in connection with the execution and delivery of amendments to the Credit Agreement or any of the other Credit Documents.

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EXHIBIT 4.1

Section 9.    Effect of Amendment.
(a)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, the Issuing Lender or the Administrative Agent under any of the Credit Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the Credit Documents.
(b)    Upon and after the execution of this Amendment by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby.
(c)    This Amendment is a Credit Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof.
(d)    Except as specifically modified above, the Credit Agreement and the other Credit Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
Section 10.    Governing Law.  This AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
Section 11.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Transmission by facsimile or other electronic means of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart.
[Remainder of Page Intentionally Left Blank]

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EXHIBIT 4.1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the date first above written.
BORROWER:
PIONEER ENERGY SERVICES CORP.
By:/s/ Lorne E. Phillips
Name: Lorne E. Phillips
Title: Executive Vice President and Chief Financial Officer

GUARANTORS:

PIONEER DRILLING SERVICES, LTD.
PIONEER GLOBAL HOLDINGS, INC.
PIONEER PRODUCTION SERVICES, INC.
PIONEER WIRELINE SERVICES HOLDINGS, INC.
PIONEER WIRELINE SERVICES, LLC
PIONEER WELL SERVICES, LLC
PIONEER FISHING & RENTAL SERVICES, LLC
PIONEER COILED TUBING SERVICES, LLC

Each By:/s/ Lorne E. Phillips
Name: Lorne E. Phillips
Title: Executive Vice President and Chief Financial Officer

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

ADMINISTRATIVE AGENT:
WELLS FARGO BANK, N.A., in its capacity as Administrative Agent, Issuing Lender, Swing Line Lender and a Lender
By: /s/ Kristen Brockman
Name: Kristen Brockman
Title: Vice President

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

BANK OF AMERICA, N.A., as a Lender

By: /s/ Rebecca L. Hetzer
Name: Rebecca L. Hetzer
Title:  Senior Vice President

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

ROYAL BANK OF CANADA, as a Lender

By: /s/ Jay T. Sartain
Name: Jay T. Sartain
Title: Authorized Signatory

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

WHITNEY BANK, as a Lender

By:/s/ Paul W. Cole
Name: Paul W. Cole
Title: Senior Vice President
 

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

REGIONS BANK, as a New Lender

By:/s/ Eyassu Menelik
Name: Eyassu Menelik
Title: Vice President

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

SANTANDER BANK, N.A., as a New Lender

By: /s/ Aidan Lanigan
Name: Aidan Lanigan
Title: Senior Vice President

By: /s/ Puiki Lok
Name: Puiki Lok
Title: Vice President

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

AMEGY BANK NATIONAL ASSOCIATION, 
as a New Lender

By:/s/ Brad Ellis
Name: Brad Ellis
Title: Senior Vice President

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

COMERICA BANK, as a Lender

By: /s/ Evan Elsea
Name: Evan Elsea
Title: Relationship Manager

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

GOLDMAN SACHS BANK USA, as a New Lender

By: /s/ Mark Walton
Name: Mark Walton
Title: Authorized Signatory

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

SUMITOMO MITSUI BANKING CORPORATION, as a New Lender

By: /s/ James D. Weinstein
Name: James D. Weinstein
Title: Managing Director

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

Solely for purposes of Sections 4 and 5:

CATERPILLAR FINANCIAL SERVICES CORPORATION, as an Exiting Lender

By: /s/ Adam Brown
Name: Adam Brown
Title: Credit Manager

Signature Page to Second Amendment to Amended and Restated Credit Agreement
Pioneer Energy Services Corp.

EXHIBIT 4.1

SCHEDULE 2.1
REVOLVING COMMITMENTS OF THE LENDERS
	
		
	Lender
	Revolving Commitment

	Wells Fargo Bank, N.A.
	$75,000,000.00

	Bank of America, N.A.
	$75,000,000.00

	Royal Bank of Canada
	$40,000,000.00

	Whitney Bank
	$30,000,000.00

	Regions Bank
	$25,000,000.00

	Santander Bank N.A.
	$25,000,000.00

	Amegy Bank National Association
	$20,000,000.00

	Comerica Bank
	$20,000,000.00

	Goldman Sachs Bank USA
	$20,000,000.00

	Sumitomo Mitsui Banking Corporation
	$20,000,000.00

	TOTAL
	$350,000,000.00

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