Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FORBEARANCE AGREEMENT 

This FORBEARANCE AGREEMENT, dated as of August 16, 2016 (this “Agreement”), is made by and among AMERICAN SHALE
DEVELOPMENT, INC., a Delaware corporation (the “Borrower”), each of the undersigned Specified Parties (together with the Borrower, the “Obligors”), each of the undersigned Lenders party to the Credit Agreement, each
of the undersigned Lender Hedge Counterparties, and MORGAN STANLEY CAPITAL GROUP INC., as administrative agent for the Secured Parties (in such capacity, together with its successors in such capacity, the “Administrative Agent”).
Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement referred to below. Unless otherwise indicated, all section references in this Agreement refer to the applicable section of the
Credit Agreement. 
 PRELIMINARY STATEMENTS 

A. Reference is made to (i) that certain Credit Agreement dated as of May 21, 2014 (as amended, restated, modified or otherwise supplemented
prior to the date hereof, the “Credit Agreement”) among the Obligors, each of the Lenders party thereto and the Administrative Agent, pursuant to which the Lenders have made certain credit and other financial accommodations
available to and on behalf of the Borrower and (ii) that certain 2002 Master Agreement dated as of May 21, 2014 among the Borrower and Morgan Stanley Capital Group Inc. 

B. The Borrower has previously been notified of certain Events of Default pursuant to that certain Notice of Event of Default from the
Administrative Agent to the Borrower dated September 30, 2015 (the “Notice”). Additionally, following the date of such Notice, the following Defaults and Events of Default have occurred and are continuing (together with each of the
Events of Default described in the Notice, collectively, the “Existing Defaults”): 
 1. The Borrower has
failed to maintain the Asset Coverage Ratio as set forth in Section 6.21 since September 30, 2015; 
 2. The Borrower has
failed to timely provide the materials required pursuant to Sections 5.06 (u), (v), and (w) for the relevant periods since November 2015; 

3. The Borrower has failed to timely provide the materials required pursuant to Sections 5.06 (r) as of March 15, 2016 and June
15, 2016; 
 4. The Borrower has failed to timely engage a financial advisor reasonably acceptable to Administrative Agent
and to commence the related activities in accordance with Section 5.20; 
 5. The Borrower has failed to timely provide the
annual financial statements pursuant to Section 5.06(a) for the year ended December 31, 2015 and the quarterly financial statements pursuant to Section 5.06(b) for the quarter ended March 31, 2016; 

6. The Borrower has failed to timely provide the Reserve Report pursuant to Section 5.06(d) for the year ended December 31,
2015; 
 7. The Borrower has failed to timely provide the Quarterly Report on Hedging pursuant to Section 5.06(g) for the
quarters ended September 30, 2015 and March 31, 2016; and 
 8. The Borrower has failed to timely consummate the Tug Hill
Disposition. 

 C. The Borrower anticipates that the following additional Defaults and Events of Default will
occur or may occur prior to the Forbearance Termination Date (collectively, the “Anticipated Defaults” and, together with the Existing Defaults, collectively, the “Specified Defaults”): 

1. The Borrower will fail to maintain the Asset Coverage Ratio as set forth in Section 6.21; and 

2. The Borrower will fail to timely provide the materials required pursuant to Section 5.06(r)in connection with the activities
that are required under Section 5.20. 
 D. Under the terms of the Credit Agreement and the Security Instruments, upon the occurrence and
continuation of an Event of Default, the Secured Parties are entitled to exercise their rights and remedies under the Credit Agreement and the other Loan Documents (the exercise of any such rights and remedies, collectively, the “Credit
Agreement Enforcement Actions”). 
 E. Under the terms of each Hedge Transaction of the Borrower with a Lender Hedge Counterparty
(each a “Subject Swap Agreement”), upon the occurrence and continuation of an “Event of Default” (as defined in the applicable Subject Swap Agreement), the Lender Hedge Counterparties are entitled to exercise their rights
and remedies under such Subject Swap Agreements, including termination thereof (the exercise of any such rights and remedies, collectively, the “Swap Agreement Enforcement Actions” and, together with the Credit Agreement Enforcement
Actions, the “Enforcement Actions”). 
 F. The Borrower has requested that the Administrative Agent, the Lenders and the
Lender Hedge Counterparties agree to forbear from taking Enforcement Actions as a result of the Specified Defaults. 
 G. The Administrative
Agent, the Majority Lenders, and each Lender Hedge Counterparty signatory hereto have agreed to such request, subject to the terms and provisions set forth in this Agreement. 

H. In consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto hereby agree as follows: 

Section 1. Acknowledgement and Forbearance. 

(a) Acknowledgement. The Borrower hereby acknowledges that as of the date hereof, (A) the aggregate principal balance of Loans
outstanding is $137,167,819.10 (including, for the avoidance of doubt, an amount equal to (i) $743,608.62 in respect of legal fees incurred and invoiced as of such date owed by the Borrower to Simpson Thacher & Bartlett LLP, as counsel to the
Administrative Agent (“STB”) that have been previously paid, or are contemplated to be paid, by the Administrative Agent on behalf of the Borrower and (ii) $405,854.31 in respect of advisory fees incurred and invoiced as of such
date owed by the Borrower to Blackhill Partners, LLC, as financial advisor to the Administrative Agent (“BHP”) that have been previously paid, or are contemplated to be paid, by the Administrative Agent on behalf of the Borrower),
(B) the aggregate face amount of Letters of Credit issued and outstanding is $0, (C) the aggregate amount of accrued and unpaid interest is $1,156,156.03, (D) the aggregate amount of accrued and unpaid commitment fees is $0, (E) the aggregate amount
of accrued and unpaid letter of credit fees is $0 and (F) other fees and expenses, if any. All fees and expenses owing as of the date hereof shall be added to the principal balance of the Loans. The Borrower hereby further acknowledges the existence
of the Existing Defaults and its expectation that the Anticipated Defaults will occur in the future. The list of Defaults and Events of Default contained in the Recitals does not preclude the 

  
 2 

 
existence of other defaults or constitute a waiver of any such defaults, whether they are known or unknown. 

(b) Forbearance. Subject to the conditions of this Agreement, the Administrative Agent, the Lenders, and each Lender Hedge Counterparty
hereby agree to, and shall, forbear from taking any Enforcement Actions solely as a result of Specified Defaults during the period (the “Forbearance Period”) from the date hereof until the earliest to occur of: 

(i) the occurrence of any Default or Event of Default under the Credit Agreement or the ISDA other than the Specified Defaults,

 (ii) any creditor of any Obligor (other than the Administrative Agent or any Secured Party, in their respective capacities
as such) takes any action to foreclose on or otherwise realize on any Liens it may have or exercise other remedies with respect to such claims, (other than actions consisting solely of exercising rights to offset amounts owed under joint operating
agreements), which are not stayed or enjoined by action of such Obligor, 
 (iii) the failure of any representation or
warranty made by any Obligor under this Agreement to be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof) as of the date when made (except in the case of representations and warranties which are made solely as of an earlier date or time, which representations and warranties shall be true and correct in all material
respects as of such earlier date or time, except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), 

(iv) the occurrence of any event or condition which results in or could reasonably be expected to result in a Material Adverse
Change, 
 (v) the failure by any Obligor to satisfy any of the obligations set forth in the Sale Process (as defined below),
and 
 (vi) the failure of any Obligor to comply with any term or agreement set forth in this Agreement, 

(such earliest date, the “Forbearance Termination Date”). 

(c) Limitation on and Inapplicability of Forbearance. Each Obligor acknowledges and agrees that, notwithstanding the agreement of the
Administrative Agent, the Majority Lenders, and each Lender Hedge Counterparty to forbear from taking Enforcement Actions during the Forbearance Period, (i) nothing contained in this Agreement shall be construed to limit or affect the right of the
Administrative Agent and the Secured Parties to bring or maintain during the Forbearance Period any action to enforce or interpret any term or provision of this Agreement, or to file or record instruments of public record (or take other action) to
perfect or further protect the liens and security interests granted by the Obligors to the Secured Parties, and (ii) in connection with the termination, unwind or cancellation of any Hedge Transaction between the Obligors and a Lender Hedge
Counterparty, the Obligors acknowledge and agree that nothing set forth in this Agreement shall affect (A) the rights of such Lender Hedge Counterparty or its Affiliates to exercise any right of setoff contemplated by the Loan Documents or the
Subject Swap Agreements and (B) the operation of any provisions of the Loan Documents and the Subject Swap Agreements concerning any such rights of setoff. None of the Secured Parties shall have any obligation to extend the Forbearance Period, or
enter into any waiver, further forbearance or amendment, and the 

  
 3 

 
Secured Parties’ agreement to permit any such extension, or enter into any waiver, further forbearance or amendment shall be subject to the sole discretion of such Secured Party. Any
agreement by any Secured Party to extend the Forbearance Period, if any, or enter into any waiver, further forbearance or amendment, must be set forth in writing and signed by a duly authorized signatory of the relevant Secured Party. Each Obligor
acknowledges that the Secured Parties have not made any assurances concerning any possibility of an extension of the Forbearance Period or the entering into of any waiver, further forbearance or amendment. 

(d) Enforcement Actions After Forbearance Termination Date. Each Obligor acknowledges and agrees that, on the Forbearance Termination
Date, all agreements of the Lenders, the Administrative Agent, and each Lender Hedge Counterparty pursuant to this Agreement shall immediately cease and be of no further force or effect without any demand, presentment, protest, or notice of any
kind, all of which are hereby waived by the Obligors, and the Administrative Agent, the Lenders and the Lender Hedge Counterparties shall be entitled to exercise any and all rights and remedies, pursuant to the Loan Documents, under applicable law
and/or equity, or otherwise, including Enforcement Actions against such Obligor. Each Obligor hereby further agrees and acknowledges that (i) the Designated Defaults have not been waived as a result of this Agreement and that such forbearance is
temporary in nature and (ii) from and after the Forbearance Termination Date, all rights and remedies of the Administrative Agent, the Lenders and each Lender Hedge Counterparty postponed as a result of this Section 1 shall be immediately
reinstated. 
 Section 2. Conditions to Effective Date. This Agreement, shall not become effective until the date of satisfaction or
waiver of the following conditions (the “Effective Date”): 
 (a) The Administrative Agent shall have received from the
Obligors, the Administrative Agent, the Lenders and the Lender Hedge Counterparties duly executed counterparts of this Agreement. 
 (b) All
representations and warranties of the Obligors contained herein and in the other Loan Documents (other than with respect to the first sentence of Section 4.23 with respect to the Specified Defaults) shall be true and correct in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the Effective Date (except in the case of representations
and warranties which are made solely as of an earlier date or time, which representations and warranties shall be true and correct in all material respects as of such earlier date or time, except that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof). 
 (c) The
Administrative Agent shall add as principal owing under the Loans all outstanding out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement. 

(d) The Obligors and the Administrative Agent shall have agreed on the terms of a sale process (the “Sale Process”) for
certain oil and gas properties of the Borrower in Marion, Wetzel and Marshall Counties, West Virginia, including the NPI Obligations (the “Subject Properties”). 

The Administrative Agent shall notify the Borrower, the Lenders and the Lender Hedge Counterparties of the Effective Date, and such notice shall be conclusive
and binding. 
 Section 3. Agreements and Covenants. The parties hereto hereby agree to comply with the following terms, conditions
and covenants during the Forbearance Period (which shall supplement the 

  
 4 

 terms, conditions and covenants set forth in the Credit Agreement, the other Loan Documents and any Subject Swap
Agreement), in each case notwithstanding any provision to the contrary set forth in this Agreement, the Credit Agreement, any other Loan Document or any Subject Swap Agreement: 

(a) Application of Proceeds of Contemplated Asset Dispositions. The parties hereto hereby agree that the proceeds of any Disposition of
the Subject Properties in compliance with the Sale Process will be paid as follows: 
 (i) first, 100% to the Administrative Agent
for the ratable account of the Secured Parties, until the Secured Parities have received under this clause (i) an amount equal to the First Threshold Amount; 

(ii) second, 78.75% to the Administrative Agent for the ratable account of the Secured Parties and 21.25% to the Borrower, until the
Secured Parties have received under this clause (ii) an amount equal to the Second Threshold Amount; and thereafter 
 (iii) third,
15.00% to the Administrative Agent for the ratable account of the Secured Parties and 85.00% to the Borrower. 
 As used in this Section
3(a): 
 “First Threshold Amount” means an amount equal to $80,000,000, as such amount is increased from and after the
Effective Date, at a rate per annum equal to 12.00%. 
 “Second Threshold Amount” means an amount equal to the sum of (a)
the outstanding principal balance of all Loans as of the Effective Date, as set forth in Section 1 (a) hereto, in excess of $80,000,000, as such outstanding principal amount is increased from and after the Effective Date at a rate per annum equal to
15.00%, (b) all other amounts set forth in clauses (B) through (F) of Section 1(a) hereto, as such amounts are increased from and after the Effective Date at a rate per annum equal to 15.00% and (c) the amount of any fees and expenses payable by the
Obligors pursuant to the Loan Documents that are incurred after the Effective Date, as such amount is increased from and after the Effective Date at a rate per annum equal to 15.00%. 

The parties hereto further agree and Administrative Agent, as Payee on behalf of the NPI Holders agrees, that in the event of any Disposition of the Subject
Properties (x) no NPI Obligations will be required to be paid by the Borrower or any other Loan Party and such NPI Obligations will be terminated, (y) the NPI Holder will, immediately prior to such Disposition, reconvey the NPI to the Borrower, and
(z) the Administrative Agent shall release all Liens created by the Borrower to secure the Secured Obligations, including, without limitation, the NPI Mortgage. 

(b) Sale Process Reporting and Meetings. On or before the 1st and the 15th of each month (beginning with the first such date to occur after the Effective Date), the Borrower shall provide to the Administrative Agent and the Lenders a report, in form and substance
reasonably satisfactory to Administrative Agent and certified as being true and correct in all material respects by a Responsible Officer of Borrower, providing updates and such other information as Administrative Agent may reasonably request with
respect to the Sale Process. The Borrower will use commercially reasonable efforts to arrange a meeting, to occur on or before August 31, 2016, between the Lenders, the Obligors, Republic, the owners of Republic’s Equity Interests, and all
lenders to Republic to discuss the Sale Process. 

  
 5 

 (c) Call Option. Whether or not the Disposition of the Subject Properties pursuant to the
Sale Process has occurred, the Borrower shall have the option (the “Call Option”) to repurchase the Secured Obligations owed to the Secured Parties with funds provided by a financially capable third party (such party, an
“Acceptable Third Party”) for an amount equal to the sum of (a) $142,384,847.65 plus (b) the legal fees incurred and invoiced as of such repurchase date owed by the Borrower to STB that have been previously paid, or are contemplated
to be paid, by the Administrative Agent on behalf of the Borrower and the advisory fees incurred and invoiced as of such repurchase date owed by the Borrower to BHP that have been previously paid, or are contemplated to be paid, by the
Administrative Agent on behalf of the Borrower, so long as (i) no later than November 15, 2016, the Obligors enter into definitive documentation with an Acceptable Third Party to provide financing for such repurchase (the date such definitive
documentation is entered into is referred to herein as the “Definitive Documentation Date”) and the Borrower provides written notice to the Administrative Agent that it intends to exercise the Call Option and (ii) no later than
December 31, 2016, the Borrower exercises the Call Option; provided that the deadlines set forth in clauses (i) and (ii) may be extended up to an additional 30 days, but solely to the extent required to comply with regulatory requirements relating
to such transaction. 
 Section 4. Loan Document. This Agreement is a Loan Document. 

Section 5. RELEASE. THE BORROWER AND EACH OTHER OBLIGOR, IN CONSIDERATION OF THE ADMINISTRATIVE AGENT’S AND THE
UNDERSIGNED LENDERS’ AND LENDER HEDGE COUNTERPARTIES’ EXECUTION AND DELIVERY OF THIS AGREEMENT AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, UNCONDITIONALLY, FREELY, AND
VOLUNTARILY, AFTER CONSULTATION WITH COUNSEL AND BECOMING FULLY AND ADEQUATELY INFORMED AS TO THE RELEVANT FACTS, CIRCUMSTANCES AND CONSEQUENCES, RELEASES, WAIVES AND FOREVER DISCHARGES (AND FURTHER AGREES NOT TO ALLEGE, CLAIM OR PURSUE) ANY AND ALL
CLAIMS, RIGHTS, CAUSES OF ACTION, COUNTERCLAIMS OR DEFENSES OF ANY KIND WHATSOEVER, IN CONTRACT, IN TORT, IN LAW OR IN EQUITY, WHETHER KNOWN OR UNKNOWN, DIRECT OR DERIVATIVE, WHICH THE BORROWER, EACH OTHER OBLIGOR OR ANY PREDECESSOR, SUCCESSOR OR
ASSIGN MIGHT OTHERWISE HAVE OR MAY HAVE AGAINST THE ADMINISTRATIVE AGENT, THE LENDERS, THE LENDER HEDGE COUNTERPARTIES, THEIR PRESENT OR FORMER SUBSIDIARIES AND AFFILIATES OR ANY OF THE FOREGOING’S OFFICERS, DIRECTORS, EMPLOYEES, CONSULTANTS,
ATTORNEYS OR OTHER REPRESENTATIVES OR AGENTS IN EACH CASE ON ACCOUNT OF ANY CONDUCT, CONDITION, ACT, OMISSION, EVENT, CONTRACT, LIABILITY, OBLIGATION, DEMAND, COVENANT, PROMISE, INDEBTEDNESS, CLAIM, RIGHT, CAUSE OF ACTION, SUIT, DAMAGE, DEFENSE,
CIRCUMSTANCE OR MATTER OF ANY KIND WHATSOEVER WHICH EXISTED, AROSE OR OCCURRED AT ANY TIME PRIOR TO THE EFFECTIVE DATE RELATING TO THE LOAN DOCUMENTS, THE SUBJECT SWAP AGREEMENTS, THIS AGREEMENT AND/OR THE TRANSACTIONS CONTEMPLATED THEREBY OR
HEREBY. THE FOREGOING RELEASE SHALL SURVIVE THE TERMINATION OF THE LOAN DOCUMENTS, THE SUBJECT SWAP AGREEMENTS, AND THIS AGREEMENT. 

Section 6. Representations and Warranties; No Event of Default. Each Obligor represents and warrants to the Administrative Agent, the
Lenders and each Lender Hedge Counterparty that on and as of the Effective Date, after giving effect to this Agreement, (a) all of the representations and warranties of each Obligor set forth in Article VII of the Credit Agreement (other than
with respect to the first sentence of Section 4.23 with respect to the Specified Defaults) and in each other Loan Document are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any

  
 6 

 
representations and warranties that already are qualified or modified by materiality in the text thereof) (except in the case of representations and warranties which are made solely as of an
earlier date or time, which representations and warranties shall be true and correct in all material respects as of such earlier date or time, except that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof), (b) there exists no Default or Event of Default (other than the Specified Defaults) and (c) neither the execution, delivery or performance by any Obligor of this Agreement, nor
compliance by it with the terms and provisions hereof (i) will contravene in any material respect any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or Governmental Authority, (ii) will
conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the
Security Instruments) upon any of the property or assets of any Obligor or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or
instrument, in each case to which any Obligor or any of its Subsidiaries is a party or by which it or any its property or assets is bound or to which it may be subject, or (iii) will violate any provision of the certificate or articles of
incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent constitutional, organizational and/or formation documents), as applicable, of any Obligor or any of its Subsidiaries. 

Section 7. Affirmations. 

(a) Each Obligor acknowledges the terms of this Agreement and confirms and agrees that each Loan Document to which such Obligor is a party is,
and the obligations of such Obligor contained in the Credit Agreement, this Agreement or in any other Loan Document or any Subject Swap Agreement to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified
and confirmed in all respects. For greater certainty and without limiting the foregoing, each Obligor hereby confirms that the existing security interests and liens granted by it in favor of the Administrative Agent for the benefit of the Secured
Parties pursuant to the Loan Documents in the Collateral described therein (including, without limitation, in all cash and cash equivalents maintained in deposit and other accounts, which the Obligors acknowledge and agree are identifiable cash
proceeds of other Collateral) are valid and perfected and shall continue to secure the Obligations as and to the extent provided in the Loan Documents. Each Obligor unconditionally and irrevocably waives any claim or defense in respect of the
Obligations, including, without limitation, any claim or defense based on any right of set off or counterclaim and hereby ratifies and affirms each and every waiver of claims and defenses granted under the Loan Documents from time to time. 

(b) Each Obligor acknowledges and affirms that BHP and STB are “sub-agents” under Section 8.07 and entitled to the payment of
fees and expenses by the Obligors and the other benefits thereunder, including indemnification from all indemnified liabilities therein. 

(c) The Obligors hereby agree, acknowledge and affirm that any failure to comply with their respective obligations under this Agreement,
including with the agreements contained in this Section and the agreements and covenants contained in Section 3 shall constitute an immediate Event of Default 

Section 8. Entire Agreement. This Agreement, the Credit Agreement, the other Loan Documents, and the Subject Swap Agreements constitute
the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter
hereof. Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a consent or waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement, the other Loan
Documents, or the Subject Swap Agreements nor alter, modify, 

  
 7 

 
amend, or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, the other Loan Documents, or the Subject Swap Agreements all of
which are ratified and affirmed in all respects and shall continue in full force and effect. 
 Section 9. No Waiver. The agreement
contained in Section 1(b) above shall not be a waiver by the Administrative Agents, the Lenders or the Lender Hedge Counterparties of the Specified Defaults or any other Defaults, Events of Default, “Potential Events of Default” (as
defined in the applicable Hedge Agreement) or “Events of Default” (as defined in the applicable Hedge Agreement), as applicable, which may exist or which may occur in the future under the Credit Agreement, any other Loan Document or any
Subject Swap Agreement, or any future defaults of the same provision waived hereunder (collectively “Violations”). Similarly, nothing contained in this Agreement shall directly or indirectly in any way whatsoever: (i) impair,
prejudice or otherwise adversely affect the Administrative Agent’s, the Lenders’ or the Lender Hedge Counterparties’ right at any time to exercise any right, privilege or remedy in connection with the Credit Agreement, any other Loan
Document or any Subject Swap Agreement, as the case may be, with respect to any Violations (except as expressly provided in Section 1 above), (ii) amend or alter any provision of the Credit Agreement, the other Loan Documents, the Subject Swap
Agreements, or any other contract or instrument, or (iii) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent, the Lenders or the Swap Agreement
counterparties party to a Subject Swap Agreement under the Credit Agreement, the other Loan Documents, the Subject Swap Agreements or any other contract or instrument, as applicable. Nothing in this letter shall be construed to be a consent by the
Administrative Agent, the Lenders or any Lender Hedge Counterparty to any Violations. 
 Section 10. GOVERNING LAW. THIS AGREEMENT
SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTION 9.14 AND SECTION 9.17 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT MUTATIS MUTANDIS AND
SHALL APPLY HERETO. 
 Section 11. Severability. In the event any one or more of the provisions contained in this Agreement
should be held invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein, to the full extent permitted by applicable law, shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal, or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal, or unenforceable provisions 

Section 12. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or other means of electronic transmission (e.g.,
“pdf”) shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 [SIGNATURES BEGIN NEXT PAGE] 

  
 8 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and
deliver this Agreement as of the date first written above. 
  

					
	BORROWER:	  	AMERICAN SHALE DEVELOPMENT, INC.
			
		  	By:	 	 /s/ John G. Corp

		  		 	Name: John G. Corp
		  		 	Title: President
		
	SPECIFIED PARTIES:	  	TRANS ENERGY, INC.
		  	PRIMA OIL COMPANY, INC.
			
		  	By:	 	 /s/ John G. Corp

		  		 	Name: John G. Corp
		  		 	Title: President

  
 Signature Page to
Forbearance Agreement 

							
	ADMINISTRATIVE AGENT:	 		 	 MORGAN STANLEY CAPITAL GROUP INC.,

as Administrative Agent

				
		 		 	By:	 	/s/ Brett Humphreys
		 		 		 	Name: Brett Humphreys
		 		 		 	Title: Authorized Signatory

  

							
	LENDER:	 		 	 MORGAN STANLEY CAPITAL GROUP INC.,

as Lender

				
		 		 	By:	 	/s/ Brett Humphreys
		 		 		 	Name: Brett Humphreys
		 		 		 	Title: Authorized Signatory

  

							
	LENDER HEDGE COUNTERPARTY:	 		 	MORGAN STANLEY CAPITAL GROUP INC.
				
		 		 	By:	 	/s/ Brett Humphreys
		 		 		 	Name: Brett Humphreys
		 		 		 	Title: Authorized Signatory

  

							
	PAYEE UNDER NPI:	 		 	MORGAN STANLEY CAPITAL GROUP INC.
				
		 		 	By:	 	/s/ Brett Humphreys
		 		 		 	Name: Brett Humphreys
		 		 		 	Title: Authorized Signatory

  
 Signature Page to
Forbearance AgreementEX-10.1

 Exhibit 10.1 

AGREEMENT 
 This
Agreement, dated as of November 10, 2016, is by and among PRGX Global, Inc., a Georgia corporation (the “Company”), Matthew A. Drapkin, an individual resident of Connecticut (“Drapkin”), Northern Right Capital
Management, L.P., a Texas limited partnership, Northern Right Capital (QP), L.P., a Texas limited partnership, and BC Advisors, LLC, a Texas limited liability company (the foregoing (other than the Company) collectively with any Affiliate or
Associate thereof, the “Shareholder Group”). 
 WHEREAS, the Company and the Shareholder Group have come to an agreement
regarding the appointment of Drapkin to the Board of Directors of the Company and certain other matters, as provided in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants, agreements and
conditions hereinafter set forth, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1.
Definitions. For purposes of this Agreement: 
 (a) The terms “Affiliate” and “Associate” have the
respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); provided that
neither “Affiliate” nor “Associate” shall include (i) any person that is a publicly held concern and otherwise would be an Affiliate or Associate solely by reason of the fact that a principal of any member of the Shareholder
Group serves as a member of the board of directors or similar governing body of such concern, (ii) such principal solely in his or her capacity as a member of the board of directors or other similar governing body of such concern, or
(iii) any entity which is an Associate solely by reason of clause (1) of the definition of Associate in Rule 12b-2 (provided, however, that nothing in this clause (iii) shall affect whether such entity is an Affiliate or
an Associate under any other provision thereof). 
 (b) “Annual Meeting” means any annual meeting of the shareholders of
the Company. 
 (c) The terms “beneficial owner” and “beneficial ownership” shall have the respective
meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act except that a person shall also be deemed to be the beneficial owner of all shares of Common Stock which are referenced in any Derivative Instrument. 

(d) “Board” means the board of directors of the Company. 

(e) “Common Stock” means the common stock of the Company, no par value. 

(f) “Compensation Committee” means the Compensation Committee of the Board. 

(g) “Competitive Business” means any company or business that provides accounts payable recovery audit services, contract
compliance audit services, supplier information management services, or spend analytics services focused on improving clients’ procure-to-pay processes, transaction accuracy or management of suppliers. 

(h) “Derivative Instrument” shall mean any option, warrant, convertible security, stock appreciation right, or similar right
with an exercise or conversion privilege for or into any class or series of shares of the Company or with a value all or substantially all of which is derived from the value of any class or series of shares of the Company, whether capable of being
settled in stock or cash or both. 

 (i) “Nominating and Corporate Governance Committee” means the Nominating and
Corporate Governance Committee of the Board. 
 (j) The terms “person” or “persons” shall mean any
individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature, including any governmental authority. 

(k) “Shareholder Group Event” means the earlier to occur of: 

(i) the first date on which the Shareholder Group does not have beneficial ownership of 3% or more of the outstanding Common Stock. The
number of outstanding shares of Common Stock shall be based on the latest annual, quarterly or other report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; and 

(ii) the date on which any member of the Shareholder Group breaches in any material respect any of his or its representations, warranties,
commitments or obligations set forth in Sections 3, 5, 6, 7, 8, 9, 10, 14, or 15 (which, for the avoidance of doubt, shall include the failure of any member of the Shareholder Group to
cause its respective Affiliates and Associates to comply with and perform such representations, warranties, commitments or obligations as if they were a party hereto and bound thereby), and such breach has not been cured within ten
(10) business days following written notice of such breach so long as such breach is curable. 
 (l) “Standstill
Period” means the period from the date hereof and ending: 
 (i) if, pursuant to Section 4(c), the Board resolves to
recommend Drapkin for election to the Board at the Company’s Annual Meeting to be held in 2018 (the “2018 Annual Meeting”), on the date on which Drapkin ceases to be a member of the Board; 

(ii) if, pursuant to Section 4(c), the Board resolves not to recommend Drapkin for election to the Board at the Company’s
2018 Annual Meeting, on the date on which Drapkin resigns from the Board in accordance with Section 9(b); 
 provided that the Standstill
Period shall end on such date, if any, on which the Company breaches in any material respect any of its representations, warranties, commitments or obligations set forth in Sections 2, 4, 11, 12, 13, 15 or
17 and such breach has not been cured within ten (10) business days following written notice of such breach, so long as such breach is curable (with the understanding that a breach of Section 4(c) is not curable); and 

 provided further that if there is a Shareholder Group Event, the Standstill Period shall end on the date on which Drapkin resigns from the
Board in accordance with Section 9(a). 
 (m) “Timely Notice Deadline” means, with respect to any Annual
Meeting, the last date upon which a notice to the Secretary of the Company of nominations of persons for election to the Board at such Annual Meeting or the proposal of business at such Annual Meeting would be considered “timely” under the
Company’s Bylaws. 

  
 2 

 2. Representations and Warranties of the Company. The Company represents and warrants as
follows as of the date hereof: 
 (a) The Company has the corporate power and authority to execute, deliver and carry out the terms and
provisions of this Agreement and to consummate the transactions contemplated hereby. 
 (b) This Agreement has been duly and validly
authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles. 

(c) The execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law,
rule, regulation, order, judgment or decree, in each case that is applicable to the Company, or (ii) result in any material breach or material violation of, or constitute a material default (or an event which with notice or lapse of time or
both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, (A) any organizational document of the Company or
(B) any agreement, contract, commitment, understanding or arrangement, in each case to which the Company is a party or by which it is bound and which is material to the Company’s business or operations. 

3. Representations and Warranties of the Shareholder Group. Each member of the Shareholder Group jointly and severally represents and
warrants with respect to himself or itself and each other member of the Shareholder Group as follows as of the date hereof: 
 (a) Such
member has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. Such member, if an entity, has the corporate, limited partnership or limited
liability company power and authority, as applicable, to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. 

(b) This Agreement has been duly and validly authorized, executed, and delivered by such member, constitutes a valid and binding obligation
and agreement of such member, and is enforceable against such member in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws
affecting the rights of creditors and subject to general equity principles. 
 (c) The execution, delivery and performance of this Agreement
by such member does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to him or it, or (ii) result in any material breach or material violation of, or constitute a material
default (or an event which with notice or lapse of time or both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of,
(A) any organizational document, if an entity, or (B) any agreement, contract, commitment, understanding or arrangement, in each case to which he or it is a party or by which he or it is bound and which is material to the Shareholder
Group’s business or operations. 

  
 3 

 (d) As of the date hereof, such member is the beneficial owner of the number of shares of Common
Stock as set forth on Annex A attached hereto. No other Affiliate or Associate of such member beneficially owns any shares of Common Stock. As of the date hereof, the members of the Shareholder Group, including their Affiliates and
Associates, do not beneficially own any Derivative Instruments. At all times during the Standstill Period during which the Shareholder Group is not required to publicly disclose its beneficial ownership of the Common Stock through Schedule 13D
filings made with the SEC, the Shareholder Group shall disclose its beneficial ownership of Common Stock to the Company on a quarterly basis and otherwise as reasonably requested by the Company. 

(e) Drapkin consents and agrees to serve as a director of the Company as of the date hereof in accordance with the terms of this Agreement.

 4. Appointment of Directors; Related Matters. 

(a) Provided that a Shareholder Group Event has not occurred, the Board shall, on the date hereof: 

i. increase the size of the Board to seven (7) directors; and 

ii. appoint Drapkin to the Board as a member of the class of directors scheduled to be next elected at the 2018 Annual Meeting (Class I).

 (b) Provided that (i) a Shareholder Group Event has not occurred; (ii) Drapkin consents to serve; (iii) Drapkin has not,
in any material respect, violated any of the Company’s policies, procedures, and guidelines applicable to members of the Board, including, without limitation, the Company’s Code of Conduct, Securities Trades Policy, the Corporate
Governance Principles and the charter of any Board committee on which he has served (the “Company Policies”); (iv) none of the disqualifying events specified in Rule 506(d) of the Securities Act of 1933, as amended, have
occurred with respect to Drapkin; and (v) no event has occurred with respect to Drapkin that would require disclosure under Item 401(f) of Regulation S-K other than events that would require disclosure under Item 401(f)(1) of
Regulation S-K with respect to any partnership, corporation or business association of which Drapkin is or was a partner or an executive officer (other than entities comprising the Shareholder Group), the Board and the Nominating and Corporate
Governance Committee shall nominate Drapkin for election as a director at the Annual Meeting to be held in 2017 (the “2017 Annual Meeting”). If nominated, the Company shall recommend that the Company’s shareholders vote, and
shall solicit proxies, in favor of the election of Drapkin at the 2017 Annual Meeting and otherwise support Drapkin for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees. 

(c) Provided that a Shareholder Group Event has not occurred, at least forty-five (45) days prior to the Timely Notice Deadline for the
2018 Annual Meeting, the Company will notify the Shareholder Group whether the Nominating and Corporate Governance Committee or the Board, as applicable, has resolved to recommend Drapkin for election to the Board at the 2018 Annual Meeting. 

(d) The Company agrees to (i) appoint Drapkin to either the Nominating and Corporate Governance Committee or Compensation Committee, as
determined by the Board, prior to December 13, 2016 and agrees that Drapkin shall continue to be a member of either committee, as determined by the Board unless Drapkin’s membership thereon shall cause the composition of the Nominating and
Corporate Governance Committee or Compensation Committee, as applicable, not to comply with 

  
 4 

 
applicable law, securities exchange rules or ISS guidelines (other than as a direct result of actions or omissions by the Company) and (ii) the Company will consider Drapkin, in good faith,
for membership on any committee of the Board that may be constituted to evaluate strategic opportunities or transactions for the Company. 

5. Voting. At all shareholder meetings during the Standstill Period, each member of the Shareholder Group shall cause all shares of
Common Stock owned of record or beneficially owned by it or its respective Affiliates or Associates to be present for quorum purposes and to be voted (i) in favor of all directors nominated by the Board for election and against the removal of
any directors whose removal is not recommended by the Board, (ii) in favor of the Board’s recommendation regarding appointment of the Company’s independent registered public accounting firm, and (iii) in favor of the Board’s
recommendation with respect to any advisory vote on executive compensation. 
 6. Standstill. Each member of the Shareholder Group
agrees that during the Standstill Period he or it will not, and he or it will cause each of such person’s respective Affiliates, Associates and agents and any other persons acting on his or its behalf not to: 

(a) acquire, offer to acquire or agree to acquire by purchase, tender offer, exchange offer, agreement or business combination or any other
manner beneficial ownership of any securities of the Company, if after completion of such acquisition or proposed acquisition, the members of the Shareholder Group, in the aggregate, would beneficially own more than ten percent (10%) of the
outstanding shares of Common Stock (based on the latest annual, quarterly or other report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act), excluding the acquisition of equity-based compensation pursuant to
Section 11 hereof and the exercise of any options or conversion of any convertible securities comprising such equity-based compensation; 

(b) submit any shareholder proposal (pursuant to Rule 14a-8 promulgated by the SEC under the Exchange Act or otherwise) or any notice of
nomination or other business for consideration, or nominate any candidate for election to the Board or oppose the directors nominated by the Board, other than as expressly permitted by this Agreement; 

(c) form, join in or in any other way participate in a “partnership, limited partnership, syndicate or other group” within the
meaning of Section 13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares of Common Stock to any voting agreement or pooling
arrangement, other than (i) with other members of the Shareholder Group or one or more of their Affiliates (provided that any such Affiliate signs a joinder to this Agreement), (ii) to the extent such a group may be deemed to result with
the Company any of its Affiliates as a result of this Agreement or (iii) a voting agreement entered into pursuant to a Sale Transaction (as defined below) which has been approved by a majority of the Board; 

(d) engage in discussions with other shareholders of the Company, solicit proxies or written consents of shareholders, or otherwise conduct
any nonbinding referendum with respect to the Common Stock, or make, or in any way encourage, influence or participate in, any “solicitation” of any “proxy” within the meaning of Rule 14a-1 promulgated by the SEC under the
Exchange Act, in each case, to vote, or advise, encourage or influence any person with respect to voting or tendering, any shares of Common Stock with respect to any matter, including without limitation, any Sale Transaction that is not approved by
a majority of the Board, or become a “participant” in any 

  
 5 

 
contested “solicitation” for the election of directors with respect to the Company (as such terms are defined or used under the Exchange Act and the rules promulgated by the SEC
thereunder), other than a “solicitation” or acting as a “participant” in support of all of the nominees of the Board at any shareholder meeting; 

(e) call, seek to call, or to request the calling of, a special meeting of the shareholders of the Company, or seek to make, or make, a
shareholder proposal at any meeting of the shareholders of the Company or make a request for a list of the Company’s shareholders (or otherwise induce, encourage or assist any other person to initiate or pursue such a proposal or request) or
otherwise acting alone, or in concert with others, seek to control or influence the governance or policies of the Company; 
 (f) effect or
seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way
assist, solicit, encourage or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or cause or participate in (including by tendering or selling into) (i) any acquisition of any material
assets or businesses of the Company or any of its subsidiaries, (ii) any transfer or acquisition of shares of Common Stock or other securities of the Company or any securities of any Affiliate of the Company if, after completion of such
transfer or acquisition or proposed transfer or acquisition, a person or group (other than the Shareholder Group and their Affiliates) would beneficially own, or have the right to acquire beneficial ownership of, more than 5% of the outstanding
shares of Common Stock (based on the latest annual or quarterly report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act), provided that open market sales of securities through a broker by the Shareholder
Group which are not actually known by the Shareholder Group to result in any transferee acquiring beneficial ownership of more than 5% of the outstanding shares of Common Stock shall not be included in this clause (ii) or constitute a breach of
this Section 6, (iii) any tender offer or exchange offer, merger, change of control, acquisition or other business combination involving the Company or any of its subsidiaries, or (iv) any recapitalization, restructuring,
liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its subsidiaries (any of the transactions or events described in (i) through (iv) above are referred to as a “Sale
Transaction”), unless such Sale Transaction has been approved by a majority of the Board and has been publicly announced by the Company; provided, that this paragraph shall not require members of the Shareholder Group or Drapkin, in his
capacity as a shareholder of the Company, to vote in favor of a Sale Transaction that was approved by the Board; 
 (g) publicly disclose,
or cause or facilitate the public disclosure (including without limitation the filing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of any
intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of, any of the provisions of Section 5 hereof or this Section 6, or otherwise seek (in any manner that would require public disclosure
by any of the Company, or members of the Shareholder Group or their Affiliates or Associates) to obtain any waiver, consent under, or amendment of, any provision of this Agreement; 

(h) disparage the Company or any member of the Board or management of the Company, provided that this provision shall not apply to compelled
testimony, either by legal process, subpoena or otherwise, or to communications that are required by an applicable legal obligation and are subject to contractual provisions providing for confidential disclosure; 

  
 6 

 (i) engage in any short sale or any purchase, sale or grant of any option, warrant, convertible
security, stock appreciation right, or other similar right (including, without limitation, any put or call option or “swap” transaction) with respect to any security (other than a broad-based market basket or index) that includes, relates
to or derives any significant part of its value from a decline in the market price or value of the Company’s securities; 
 (j) demand
or make a request for inspection of the Company’s records under the Georgia Business Corporation Code; 
 (k) enter into any
arrangements, understandings or agreements (whether written or oral) with, or advise, finance, assist or encourage any other person that engages, or offers or proposes to engage, in any of the foregoing; or 

(l) take or cause or induce or assist others to take any action inconsistent with any of the foregoing; 

provided, that notwithstanding the foregoing, it is understood and agreed that this Agreement shall not be deemed to prohibit Drapkin from engaging in any
lawful act in his capacity as a director of the Company that is either approved by the Board or required for Drapkin to comply with his fiduciary duties. 

7. Company Policies. Drapkin agrees to abide by the Company Policies, as they may be amended from time to time (provided such amendment
applies to all non-employee directors in the same manner), during his service as a director of the Company and for such period of time thereafter as may be set forth in the Company Policies. The Shareholder Group will and will cause its Affiliates
and Associates and all related persons to abide by all Company Policies concerning insider trading, window periods, and material non-public information until the time specified in the applicable Company Policy. 

8. Confidentiality. 
 (a)
Each member of the Shareholder Group acknowledges that certain information concerning the business and affairs of the Company (“Confidential Information”) may be disclosed to Drapkin in his capacity as a director of the Company by
the Company and its officers, directors, employees and agents. Each member of the Shareholder Group agrees that the Confidential Information shall only be used in furtherance of Drapkin’s duties as a member of the Board. Each member of the
Shareholder Group further agrees that the Confidential Information shall be kept confidential at all times and that the Shareholder Group and their respective Affiliates and Associates shall not disclose any of the Confidential Information in any
manner whatsoever without the specific prior written consent of the Company unless pursuant to paragraph (b) below; provided, however, that no party shall be prohibited from exercising any legally protected whistleblower rights
(including under Rule 21F under the Exchange Act); and provided further that the term “Confidential Information” shall not include information that (i) was in or enters the public domain, or was or becomes generally
available to the public, other than as a result of the disclosure by any member of the Shareholder Group and their respective Affiliates and Associates in violation of the terms of this Agreement, any other confidentiality agreement, or under any
other contractual, legal, fiduciary or binding obligation of any member of the Shareholder Group and their respective Affiliates and Associates; or (ii) was independently developed or acquired by any member of the Shareholder

  
 7 

 
Group without violating any of the obligations of any member of the Shareholder Group and their respective Affiliates and Associates under this Agreement, any other confidentiality agreement, or
under any other contractual, legal, fiduciary or binding obligation of any member of the Shareholder Group and their respective Affiliates and Associates and without use of any Confidential Information. Each member of the Shareholder Group shall
undertake reasonable precautions to safeguard and protect the confidentiality of the Confidential Information. The provisions of this Section 8(a) shall survive the expiration of the Standstill Period or termination of this Agreement
pursuant to Section 16 for a period of two (2) year or, if the Confidential Information covered by this Section 8(a) represents “trade secrets” of the Company, for so long as such information constitutes a
trade secret under applicable law, whichever is longer. 
 (b) In the event that any member of the Shareholder Group or any of their
respective Affiliates and Associates is required to disclose any Confidential Information by oral questions, interrogatories, requests for information or documents, subpoenas, civil investigative demands or similar processes (a “Legal
Requirement”), such member of the Shareholder Group and their respective Affiliates and Associates shall (i) provide the Company prompt written notice of such Legal Requirement so that the Company may seek an appropriate protective
order and waive compliance with the provisions of this Agreement; and (ii) consult with the Company as to the advisability of taking legally available steps to resist or narrow any disclosure pursuant to such Legal Requirement. If, in the
absence of a protective order or the receipt of a waiver hereunder, such member of the Shareholder Group is advised by its outside legal counsel that it is legally required to disclose such Confidential Information, such member of the Shareholder
Group may disclose to the required person that portion (and only that portion) of the Confidential Information that such counsel has advised is required to be disclosed; provided, however, that such member of the Shareholder Group
shall give the Company written notice as far in advance of its disclosure as is reasonably practicable and shall cooperate using commercially reasonable efforts in assisting the Company in connection with the Company seeking to obtain an order or
other reliable assurance that confidential treatment shall be accorded to such portion of the Confidential Information required to be disclosed. 

9. Resignation.
 (a)
Drapkin hereby irrevocably tenders his resignation as a director of the Company effective as of the date, if any, that a Shareholder Group Event has occurred. The Board may accept such resignation, in its sole discretion, by a majority vote
(excluding Drapkin). 
 (b) If, pursuant to Section 4(c), the Board resolves not to recommend Drapkin for election to the Board
at the Company’s 2018 Annual Meeting, Drapkin shall promptly resign from the Board, but in no event shall such resignation be more than three (3) days after the date on which Drapkin is informed of the decision of the Board not to
recommend him for election at the 2018 Annual Meeting. 
 10. Questionnaires. By the date hereof, Drapkin will have accurately
completed the form of questionnaire provided by the Company for its use in connection with his appointment to the Board and preparation of the Company’s proxy statement and other reports filed with the SEC. 

11. Compensation. Drapkin shall be compensated for his service as a director and shall be reimbursed for his expenses on the same basis
as all other non-employee directors of the Company and shall be eligible to be granted equity-based compensation on the same basis as all other non-employee directors of the Company. 

  
 8 

 12. Indemnification and Insurance. Drapkin shall be entitled to the same rights of
indemnification and directors’ and officers’ liability insurance coverage as the other non-employee directors of the Company, as such rights may exist from time to time. 

13. Non-Disparagement. The Company agrees during the Standstill Period that it shall not disparage the Shareholder Group, any member of
the Shareholder Group, or any member of the management of the Shareholder Group, provided that this provision shall not apply to compelled testimony, either by legal process, subpoena or otherwise, or to communications that are required by an
applicable legal obligation and are subject to contractual provisions providing for confidential disclosure. 
 14. Competitive
Businesses. Drapkin will not serve on the board of directors or similar governing body of any Competitive Business while serving as a director of the Company. The Shareholder Group will implement and maintain policies and procedures necessary to
ensure that (i) Shareholder Group personnel who are involved with matters related to the Company will not discuss or share confidential information involving the Company with other Shareholder Group personnel who are involved with matters
related to any Competitive Business and (ii) Shareholder Group personnel involved with matters related to any Competitive Business will not have access to any internal files or confidential information concerning the Company. 

15. Form 8-K; Disclosure. 

(a) The Company shall provide to the Shareholder Group a reasonable opportunity to review and comment on the Company’s Current Report on
Form 8-K to be filed with the SEC with respect to the execution and delivery of this Agreement by the parties hereto in advance of its filing, and shall consider in good faith the reasonable and timely comments of the Shareholder Group. No member of
the Shareholder Group shall make (and they will cause their Affiliates and Associates not to make) any public statements with respect to the matters covered by this Agreement (including in any filing with the SEC, any other regulatory or
governmental agency, or any stock exchange, or in any materials that would reasonably be expected to be filed with the SEC, including pursuant to Exchange Act Rules 14a-6 or 14a-12) that are inconsistent with, or otherwise contrary to, this
Agreement or the statements in the above-described Form 8-K. The parties acknowledge that this Agreement is required to be filed with the SEC and each party hereto agrees to the filing of this Agreement by the other party hereto as may be required
for such other party to comply with applicable securities laws. 
 (b) During the Standstill Period, all members of the Shareholder Group
agree not to file or disseminate any public disclosure with respect to the Company or Drapkin’s position on the Board without the prior approval of the Company; provided, that the Company’s approval will not be required with respect
to any filings or other public disclosures (including disclosure regarding the Standstill Agreement) that may be required by applicable law (including filings required by the SEC), subject to compliance with the second sentence of
Section 15(a) above; provided, further, that the Company shall be provided with a reasonable opportunity to review and comment on any filing by any member of the Shareholder Group on Schedule 13D (and any amendments
thereto). 
 16. Termination. This Agreement shall terminate and be of no further force or effect, without further action by any
party hereto, effective as of the expiration of the Standstill Period; provided, however, that Section 7, Section 8, this Section 16, and Sections 17 through 25 shall continue beyond
the termination of this Agreement and the expiration of the Standstill Period. 

  
 9 

 17. Expenses. The Company shall reimburse the Shareholder Group for the reasonable and
documented out-of-pocket expenses (up to a maximum of $10,000) actually incurred by the Shareholder Group in connection with the negotiation and execution of this Agreement. The Company shall pay any expense reimbursement required pursuant to this
Section 17 within ten (10) business days of the Company’s receipt of documentation supporting such expense. Except as provided in the preceding sentence, all costs or expenses incurred in connection with this Agreement and all
matters related hereto shall be paid by the party incurring such cost or expense. 
 18. Specific Performance. Each party hereto
acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties will be entitled to seek specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof in the United States District Court for the Northern District of Georgia or the courts of the State of Georgia located in Atlanta, Georgia, in addition to any other remedy to which they may be entitled at law or in
equity. Any requirements for the securing or posting of any bond with such remedy are hereby waived. 
 19. Jurisdiction. Each party
hereto agrees, on behalf of itself and its Affiliates, that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in the United States District
Court for the Northern District of Georgia or the courts of the State of Georgia located in Atlanta, Georgia (and the parties agree on behalf of themselves and their respective Affiliates not to commence any action, suit or proceeding relating
thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 24 hereof will be effective service of process for any
such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates, agrees and consents to the personal jurisdiction of the United States District Court for the Northern District of
Georgia and the courts of the State of Georgia located in Atlanta, Georgia, and irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions
contemplated hereby, in the United States District Court for the Northern District of Georgia or the courts of the State of Georgia located in Atlanta, Georgia, and hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum. 

20. Waiver of July Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER
IN THE EVENT OF A LEGAL ACTION, (B) SUCH 

  
 10 

 
PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS MADE IN THIS SECTION 20. 
 21. Applicable Law. This Agreement shall be governed
in all respects, including validity, interpretation and effect, by the laws of the State of Georgia applicable to contracts executed and to be performed wholly within such state, without giving effect to the choice of law principles of such state.

 22. Counterparts; Facsimile or Electronic Signatures. This Agreement may be executed in two or more counterparts which together
shall constitute a single agreement. Facsimile or electronic (i.e., PDF) signatures shall be as effective as original signatures. 
 23.
Entire Agreement; Amendment and Waiver; Successors and Assigns. This Agreement contains the entire understanding of the parties hereto with respect to, and supersedes all prior agreements relating to, its subject matter. There are no
restrictions, agreements, promises, representations, warranties, covenants or undertakings between the parties other than those expressly set forth herein. This Agreement may be amended only by a written instrument duly executed by the parties
hereto or their respective successors or assigns. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such
right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and
conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective successors, heirs, executors, legal representatives, and assigns. 

24. Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal
process in regard hereto shall be in writing and shall be deemed validly given, made or served, (a) if given by facsimile, when such facsimile is transmitted to the facsimile number set forth below, or to such other facsimile number as is
provided by a party to this Agreement to the other parties pursuant to notice given in accordance with the provisions of this Section 24, and the appropriate confirmation is received, or (b) if given by any other means, when
actually received during normal business hours at the address specified in this Section 24, or at such other address as is provided by a party to this Agreement to the other parties pursuant to notice given in accordance with the
provisions of this Section 24: 
 if to the Company: 

PRGX Global, Inc. 

600 Galleria Parkway 

Suite 100 

Atlanta, Georgia 30339 

Facsimile: (770) 779-3034 

E-mail: vic.allums@prgx.com 

Attention: Victor A. Allums, Senior Vice President and General Counsel 

  
 11 

 with a copy to: 

Troutman Sanders LLP 

600 Peachtree Street 

Suite 5200 

Atlanta, Georgia 30308 

Facsimile: (404) 962-6599 

E-mail: david.ghegan@troutmansanders.com 

Attention: David W. Ghegan 

if to the Shareholder Group or any member thereof: 

Northern Right Capital Management, L.P. 

10 Corbin Drive 

3rd Floor 

Darien, Connecticut 06820 

Facsimile: (203) 202-9823 

E-mail: matt@northernrightcap.com 

Attention: Matthew A. Drapkin 

with a copy to: 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 

New York, NY 10166-0193 

E-mail: RBirns@gibsondunn.com 

Facsimile: (212) 716-0830 

Attention: Richard J. Birns, Esq. 

25. No Third-Party Beneficiaries. Nothing in this Agreement is intended to confer on any person other than the parties hereto or their
respective successors and assigns, and their respective Affiliates to the extent provided herein, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

[Signature page follows] 

  
 12 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the parties as of the date first written above. 
 COMPANY: 

PRGX GLOBAL, INC. 

			
		
	 By:
	 	/s/ Ronald E. Stewart
	 Name:
	 	Ronald E. Stewart
	 Title:
	 	President and Chief Executive Officer

 SHAREHOLDER GROUP: 

MATTHEW A. DRAPKIN 

			
	
	 /s/ Matthew A. Drapkin
  

NORTHERN RIGHT CAPITAL MANAGEMENT, L.P.

  

			
	By:	 	BC Advisors, LLC, its general partner

			
		
	 By:
	 	/s/ Matthew Drapkin
	 Name:
	 	Matthew Drapkin
	 Title:
	 	Class A Member

 NORTHERN RIGHT CAPITAL (QP), L.P. 

			
		
	 By:
	 	 Northern Right Capital Management, L.P.,

its general partner

					
			
		 	 By:
	 	BC Advisors, LLC, its general partner
			
		 	 By:
	 	 /s/ Matthew Drapkin

		 	 Name:
	 	Matthew Drapkin
		 	 Title:
	 	Class A Member

 BC ADVISORS, LLC 

			
		
	 By:
	 	/s/ Matthew Drapkin
	 Name:
	 	Matthew Drapkin
	 Title:
	 	Class A Member

  
 13 

 Annex A 

Beneficial Ownership of each member of the Shareholder Group 

1,083,365 shares of Common Stock are directly held by Northern Right Capital (QP), L.P. Due to the relationships amongst the members of the Shareholder Group,
the other members of the Shareholder Group may be deemed to share beneficial ownership of such shares of Common Stock. 

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]