Document:

EX-10.1

STOCK PLEDGE AGREEMENT

THIS STOCK PLEDGE AGREEMENT (the “Agreement”) is made as of January 2, 2015 between Ladenburg
Thalmann Financial Services Inc., a Florida corporation (the “Pledgor”), and Wade Wilkinson and
David Michael Coffey (together, the “Pledgee”), as representatives of the former shareholders of
Securities Service Network, Inc., a Tennessee corporation (“SSN”), and Renaissance Capital
Corporation, a Tennessee corporation (“RCC”).

WHEREAS, the Pledgor is the owner of 1,000 shares of common stock, no par value, of SSN and
2,000 shares of common stock, no par value, of RCC (collectively, the “Pledged Shares”), as a
result of the stock purchase described in that certain Stock Purchase Agreement (“Purchase
Agreement”), dated as of September 21, 2014, by and among SSN, RCC, the David L. and Patricia B.
Coffey Descendants Trust, as the principal shareholder of SSN and the sole shareholder of RCC (the
“Trust”), the other shareholders of SSN (together with the Trust, the “Shareholders”) and the
Pledgor; and

WHEREAS, for purposes of this Agreement, the term “Pledged Shares” shall also include any and
all other shares of the capital stock of SSN and of RCC owned or held of record or beneficially by
Pledgor at any time and from time to time and any and all rights, options or warrants relating to
the foregoing;

WHEREAS, the Pledgor has agreed to pledge the Pledged Shares as security for the repayment of
those certain promissory notes in the aggregate original principal amount of $45,000,000, dated as
of the date hereof, made by Pledgor in favor of the Shareholders (the “Notes”);

WHEREAS, Wade Wilkinson and David Michael Coffey have been appointed as the Representatives
(as defined in the Purchase Agreement) of the Shareholders;

NOW, THEREFORE, in consideration of the premises, the covenants and agreements herein
contained and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

	1.	 	Pledge of Shares. The Pledgor hereby mortgages, pledges, charges and grants to the Pledgee a
security interest, as and by way of a fixed and specific mortgage, pledge, charge and security
interest to and in favor of the Pledgee, for the benefit of the Pledgee and the holders of the
Notes (the “Noteholders”), in (a) the Pledged Shares, (b) all dividends, distributions,
interest, other payments and rights with respect to the Pledged Shares and (c) all proceeds of
any of the foregoing, in each case subject to Section 3 of this Agreement (collectively, the
“Collateral”), as a general and continuing collateral security for the repayment of the Notes
and any obligations owed to the Pledgee under this Agreement (collectively, the
“Obligations”).

	2.	 	Covenants, Representations and Warranties of Pledgor. The Pledgor hereby covenants,
represents and warrants to the Pledgee that, except to the extent that the failure of any of
the following representations and warranties arises in connection with any inaccuracy,
violation or breach by the Shareholders, SSN or RCC of their respective representations and
warranties under the Purchase Agreement:

	 	(a)	 	the Pledgor is the sole beneficial owner of the Pledged Shares;

	 	(b)	 	the Pledged Shares are not encumbered, pledged or charged in any manner
whatsoever;

	 	(c)	 	there are no outstanding calls for the Pledged Shares;

	 	(d)	 	the Pledged Shares represent one hundred percent (100%) of the outstanding and
issued shares of all types and classes of SNN and RCC, respectively;

	 	(e)	 	there are no warrants, options, subscriptions or other contractual arrangements
for the purchase of stock or securities convertible into the stock of SSN or RCC;

	 	(f)	 	until such time as all amounts owed under the Notes have been paid in full,
Pledgor, without the prior written consent of Pledgee, which may be granted or withheld
in Pledgee’s sole discretion, shall not cast any vote and no consent shall be given or
action taken, which would have the effect of impairing the position or interest of
Pledgee or which would authorize, effect or consent to or otherwise permit or suffer
the occurrence of: (i) the dissolution or liquidation, in whole or in part, of SSN or
RCC; (ii) the consolidation or merger of SSN or RCC with any other corporation or other
entity or the consolidation or merger of any SSN Subsidiary (as defined in the Purchase
Agreement), except with or into SSN or another SSN Subsidiary; (iii) the sale or
disposition of all or substantially all of the assets of SSN or RCC or any SSN
Subsidiary; (iv) the authorization of the creation or issuance of any additional shares
of stock of SSN or RCC or the issuance or grant of any warrants, options, subscriptions
or other contractual arrangements for the purchase of stock or securities convertible
into the stock of SSN or RCC; (v) the issuance of any certificates or substitute
certificates representing the Pledged Shares or any other shares of the stock of SSN or
of RCC or the entry of any similar notations in the stock ledger of SSN or RCC
representing noncertificated shares; (vi) a change in the class or characteristics
(including the voting rights, dividend rights or liquidation proceeds distribution
rights) of the Pledged Shares or any other shares, whether presently authorized or
otherwise; (vii) a change in the conduct of the business of SSN which results in more
than five percent (5%) of the registered representatives and advisors of SSN as of the
date hereof ceasing to be registered representatives and advisors of SSN and becoming
registered representatives and advisors of any subsidiary of Pledgor other than SSN or
any corporation or other entity with respect to which Pledgor, or any of its
shareholders owning at least twenty-five percent (25%) of Pledgor’s shares of stock,
own at least twenty-five percent (25%) of the stock or other equity interests; (viii)
the incurrence by either SSN or RCC or any SSN Subsidiary of indebtedness, or the grant
of a security interest or lien, at any time in an aggregate amount greater than
$5,000,000, other than (a) trade payables incurred in the ordinary course of business
consistent with past practice and (b) Permitted Liens (as defined in the Purchase
Agreement); or (ix) payment of any dividend or make any other distribution of any cash
or other assets of either SSN or RCC, except for cash dividends consistent with the
past dividend practice of SSN and RCC, respectively;

	 	(g)	 	the Pledgor has full power, authority, right and capacity to pledge, assign and
deliver the Pledged Shares as herein provided;

	 	(h)	 	the execution and delivery of this Agreement by the Pledgor and the fulfillment
of or compliance with the terms and conditions of this Agreement by the Pledgor will
not violate, contravene, breach or offend against or result in any default under any
indenture, mortgage, lease, agreement, instrument, statute, regulation, order,
judgment, decree or law to which the Pledgor is party or by which the Pledgor is bound
or affected;

	 	(i)	 	the Pledgor will not grant, bargain, sell, convey, assign, mortgage or grant a
security interest in or otherwise deal with the Pledged Shares and will not make,
create or give any charge, mortgage, pledge, lien, assignment or security interest upon
any or all of the Pledged Shares until the Notes are repaid in full;

	 	(j)	 	the Pledgor will use commercially reasonable efforts to cause the business,
assets and/or operations of each of SSN and RCC (i) to be at all times sufficiently
capitalized in order to fully meet any and all legal and regulatory requirements
applicable to SSN and RCC (including the Securities and Exchange Commission’s net
capital rule, as applicable) and (ii) to be at all times owned, held and operated by
SSN and RCC as a stand-alone operation and wholly-owned subsidiaries of the Pledgor,
operated in all respects as separate entities;

	 	(k)	 	Not later than 45 days following the end of each of the first three fiscal
quarters of each of SSN and RCC and not later than 120 days after the end of each
fiscal year of SSN and RCC, respectively, Pledgor shall deliver to Pledgee copies of
(i) the unconsolidated financial statements of SSN and RCC, respectively, prepared in
accordance with Pledgor’s customary accounting practices and as used in connection with
its financial reporting obligations as a public company under the Securities Exchange
Act of 1934, as amended, and (ii) the FOCUS reports of SSN for each such period;

	 	(l)	 	the pledge of the Collateral and all proceeds thereof, upon delivery of the
Pledged Shares to the Pledgee, is effective to create a valid first priority security
interest in the Collateral and such proceeds thereof, securing payment of the
Obligations; and

	 	(m)	 	the Pledgor will, upon obtaining knowledge thereof, advise the Pledgee
promptly, in reasonable detail, of (i) any lien, security interest, encumbrance or
claims (other than a Permitted Lien of the type referenced in clause (a) of the
definition of Permitted Lien in the Purchase Agreement) made or asserted against any of
the Collateral, (ii) the occurrence of any other event which would have a materially
adverse effect on the security interests created hereunder or (iii) the occurrence of
any Event of Default (as defined in Section 9 of each Note).

	3.	 	Dealings with Pledged Shares. Unless an Event of Default shall have occurred and be
continuing, (i) all dividends or other distributions in respect of all or any of the Pledged
Shares paid in accordance with Section 2(f)(ix) hereof, shall be for the account of the
Pledgor, free and clear of the security interest created hereby and (ii) the Pledgor
shall have the right and power to represent the Pledged Shares at any meeting or meetings of
the shareholders of SSN or RCC and to exercise all voting or consent rights attached to any of
the Pledged Shares, subject to the terms and provisions hereof, including, without limitation,
the terms and provisions set forth in Section 2(f) of this Agreement.

	4.	 	Enforcement of Pledge. The security hereby constituted shall become enforceable upon the
occurrence of and during the continuation of an Event of Default.

	5.	 	Remedies of Pledgee. If any Event of Default shall have occurred and be continuing, Pledgee
shall be entitled to exercise all of the rights, powers and remedies vested in it by this
Agreement, and now or hereafter existing at law or in equity or by statute (including, without
limitation, the Uniform Commercial Code of Delaware) or otherwise for the protection and
enforcement of its rights with respect to the Pledged Shares; and Pledgor hereby irrevocably
appoints and constitutes the Pledgee as Pledgor’s attorney-in-fact, coupled with an interest
and with full power of substitution, to exercise any or all of the following rights, powers
and remedies:

	 	(a)	 	receive directly all payments and distributions payable or deliverable with
respect to the Pledged Shares otherwise payable or deliverable to Pledgor;

	 	(b)	 	to endorse and transfer all or any part of the Pledged Shares into the
Pledgee’s name or the name of its nominee and to cause new certificates to be issued in
the name of the Pledgee or of such nominee with respect to the Pledged Shares;

	 	(c)	 	vote all or any part of the Pledged Shares, whether or not transferred into the
name of the Pledgee, and give all proxies, consents, waivers and ratifications with
respect to the Pledged Shares and otherwise act with respect thereto as though it were
the outright owner thereof;

	 	(d)	 	at any time or from time to time, sell, assign and deliver, or grant options to
purchase, all or any part of the Pledged Shares, or any interest therein, at any public
or private sale, to the fullest extent permitted by law, without demand of performance,
advertisement or notice of intention to sell or of the time or place of sale or
adjournment thereof or otherwise (all of which are hereby waived by Pledgor to the
fullest extent permitted by law), for cash, on credit or for other property, for
immediate or future delivery without any assumption of credit risk, and for such price
or prices and on such terms as the Pledgee in its absolute discretion may determine;

	 	(e)	 	take control of any proceeds from the sale of the Pledged Shares; and

	 	(f)	 	execute (in the name, place, and stead of the Pledgor) endorsements,
assignments, stock powers, and other instruments of conveyance or transfer with respect
to all or any of the Pledged Shares.

Pledgor and Pledgee, on behalf of itself and the Noteholders, acknowledge that Pledgor,
Pledgee and the Noteholders are aware that in case of an Event of Default, no transfer of
25% or more of the Pledged Shares under the terms of this Pledge Agreement may be effected
unless and until such transfer has been approved by FINRA pursuant to NASD Rule 1017.

	6.	 	Private Sales. The Pledgor recognizes that the Pledgee may be unable to effect a public sale
or other disposition of the Pledged Shares by reason of certain prohibitions contained in the
Securities Act of 1933, as amended (the “Securities Act”), federal banking laws, and other
applicable laws, but may be compelled to resort to one or more private sales thereof to a
restricted group of purchasers. The Pledgor agrees that any such private sales may be at
prices and other terms less favorable to the seller than if sold at public sales and that such
private sales shall not by reason thereof be deemed not to have been made in a commercially
reasonable manner. The Pledgee shall be under no obligation to delay a sale of any of the
Pledged Shares for the period of time necessary to permit the issuer of such securities to
register such securities for public sale under the Securities Act, or such other federal
banking or other applicable laws, even if the issuer would agree to do so. Subject to the
foregoing, the Pledgee agrees that any sale of the Pledged Shares shall be made in a
commercially reasonable manner, and the Pledgor agrees to use its commercially reasonable
efforts to cause the issuer or issuers of the Pledged Shares contemplated to be sold, to
execute and deliver, and cause the directors and officers of such issuer to execute and
deliver, all at the Pledgor’s expense, all such instruments and documents, and to do or cause
to be done all such other acts and things as may be necessary or, in the reasonable opinion of
the Pledgee, advisable to exempt such Pledged Shares from registration under the provisions of
the Securities Act, and to make all amendments to such instruments and documents which, in the
opinion of the Pledgee, are necessary or advisable, all in conformity with the requirements of
the Securities Act and the rules and regulations of the Securities and Exchange Commission
applicable thereto. The Pledgor further agrees to use its commercially reasonable efforts to
cause such issuer or issuers to comply with the provisions of the securities or “Blue Sky”
laws of any jurisdiction which the Pledgee shall designate and, if required, to cause such
issuer or issuers to make available to its security holders, as soon as practicable, an
earnings statement (which need not be audited) which will satisfy the provisions of Section
11(a) of the Securities Act..

	7.	 	Monies Received as Trustee. If any Event of Default shall have occurred and be continuing,
all moneys collected or received by the Pledgor in respect of the Collateral during the
continuation of such Event of Default shall be received in trust for the Pledgee and shall be
forthwith paid to the Pledgee, for the benefit of the Pledgee, the Noteholders and the Pledgor
as described in this Agreement.

	8.	 	Application of Proceeds of Sale. The proceeds of sale of the Pledged Shares and any dividends
or other distributions received by the Pledgee shall be applied or imputed to the Notes as
follows:

	 	(a)	 	first, in payment of all costs and expenses incurred by the Pledgee or its
nominee with reference to the Pledged Shares or the realization of the security thereof
(including all reasonable legal fees and court costs) and all interest thereon;

	 	(b)	 	second, in payment of the Notes other than the costs and charges referred to in
subparagraph 8(a) of this Agreement in such manner as the Pledgee may determine; and

	 	(c)	 	third, any surplus shall be paid to the Pledgor or as otherwise required by
law, except that Pledgee shall have no duty to marshal the Pledged Shares or any of the
proceeds thereof.

	9.	 	Satisfaction of Notes. The Pledgee shall not be required to surrender the Pledged Shares
unless and until the Notes are fully satisfied and paid in full (including by means of any
offset against the Cap Notes expressly permitted by the Cap Notes, as defined in the Purchase
Agreement). Upon satisfaction and payment of the Notes in full (including by means of any
offset against the Cap Notes expressly permitted by the Cap Notes), the Pledgee (i) shall
surrender the certificates representing the Pledged Shares, together with any proceeds thereon
and all separate instruments of assignment or transfer duly executed in blank by Pledgor, that
then remain in the possession of the Pledgee, and (ii) shall release the Pledgor from the
provisions of this Agreement.

	10.	 	Remedies Cumulative. All rights and remedies of the Pledgee set out in this Agreement are
cumulative and no right or remedy contained in this Agreement is intended to be exclusive, but
each shall be in addition to any other right or remedy contained in this Agreement or any
existing or further or other security document entered into between the Pledgor and the
Pledgee or now or hereafter existing at law or in equity or by statute.

	11.	 	Amendment; Waiver. This Agreement may be amended only by further written agreement executed
by the Pledgor and the Pledgee. No waiver or consent by the Pledgee to or of any breach of or
default in the observance of any terms, conditions, covenants, agreements, representations and
warranties contained in this Agreement to be observed or performed shall constitute a consent
or waiver by the Pledgee to or of any further breach of or default in this Agreement. No
exercise or enforcement of any such rights and remedies available to the Pledgee hereunder or
otherwise shall be held to exhaust any right or remedy of the Pledgee.

	12.	 	Change in Pledged Shares. Subject to the other terms hereof regarding such matters, if the
Pledged Shares or any of them are changed, reclassified, subdivided, consolidated or converted
into a different number or class of shares or units or otherwise, the shares or other
securities resulting from the change, reclassification, subdivision, consolidation or
conversion shall be subject to the provisions of this Agreement.

	13.	 	Registration of Pledged Shares. The Pledged Shares shall be registered in the name of the
Pledgor. All certificates representing the Pledged Shares in existence on the date hereof have
been delivered to the Pledgee, along with separate instruments of assignment or transfer duly
executed by the Pledgor. The Pledged Shares may from time to time be surrendered to SSN or
RCC, as applicable, for cancellation, transfer or re-registration in accordance with this
Agreement or in exchange for certificates of different denominations. The Pledgor agrees that
the responsibility of the Pledgee is limited to exercising, in regard to the certificate or
certificates representing the Pledged Shares, the same degree of care which it gives to its
own valuable property.

	14.	 	No Merger. The pledge of the Pledged Shares shall not operate by way of merger of any
indebtedness or liability of the Pledgor or of any other persons to the Pledgee under any
deed, guarantee, contract, bill of exchange, promissory note or other instrument by which the
same may now or at any time hereafter be represented or evidenced, and no judgment recovered
by the Pledgee shall merge or in any way affect the security hereby created.

	15.	 	Additional Security. This security is in addition to and not in substitution for any other
security now or hereafter held by the Pledgee.

	16.	 	Attachment. The Pledgor and the Pledgee expressly state that they intend that the pledge and
security interest hereby constituted attach upon execution and delivery of this Agreement. The
Pledgor acknowledges receipt of a true copy of this Agreement.

	17.	 	Further Assurances.

	 	(a)	 	The Pledgor shall, and shall cause SSN and/or RCC to, from time to time, on
request by the Pledgee, execute such further and other assurances, conveyances,
mortgages, assignments, consents and documents, and take such other actions, as may be
reasonably necessary for the purpose of perfecting the Pledgee’s security in the
Pledged Shares or enabling the Pledgee to exercise and enforce its rights and remedies
hereunder with respect to the Collateral, including without limitation any and all such
documents and actions reasonably necessary or appropriate in order to promptly obtain
any necessary consent or approval from the Financial Industry Regulatory Authority,
Inc. or other regulatory authority.

	 	(b)	 	The Pledgor shall not bring any proceeding to enforce and shall not otherwise
assert any claim that may arise as a result of the Pledgee exercising its rights under
this Agreement against any officer, director, employee, agent or representative of SSN
or any of the SSN Subsidiaries (each an “SSN Person”) (i) under Exhibit D to the
Employment Agreements (as defined in the Purchase Agreement) or Section 6.6 of the
Purchase Agreement or (ii) any other agreement to which any SSN Person who is such as
of the Closing Date is or becomes a party at any time while any of the Obligations
remain outstanding and which contains any restrictive covenants of the same or similar
type referenced in clause (b)(i), or any extension, renewal or replacement of any of
the agreements referenced in causes (b)(i) or (b)(ii).

	18.	 	Notices. All notices and other communications required or permitted hereunder shall be given
in accordance with the provisions of, and to the addresses provided in, the Purchase
Agreement.

	19.	 	Representatives. Upon a Representative ceasing to be such under the terms of the Purchase
Agreement, (i) such individual shall cease to be Pledgee under this Agreement and, except as
set forth in clause (ii), this Agreement shall terminate and be of no further force and effect
with respect to such individual, and (ii) all certificates representing the Pledged Shares,
together with any proceeds thereon and all instruments of assignment or transfer duly executed
in blank by Pledgor, that then remain in the possession of such individual shall be delivered
promptly to the remaining Representative or to a successor thereto appointed in accordance
with the Purchase Agreement. Upon the appointment of a successor Representative or
Representatives under the Purchase Agreement, such Representative shall execute a joinder to
this Agreement as Pledgee.

	20.	 	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, executors, administrators, successors and assigns.

	21.	 	Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Tennessee.

	22.	 	Expenses. Pledgor shall pay all costs of collection and enforcement of Pledgee under this
Agreement (including court costs and reasonable attorneys’ fees and costs and costs associated
with seeking any required regulatory approvals contemplated hereunder) in the event of an
Event of Default or other failure of Pledgor to fulfill any term, covenant or condition under
this Agreement.

	23.	 	Waiver by Jury Trial; Venue. EACH OF PLEDGOR AND THE PLEDGEE HEREBY KNOWINGLY, VOLUNTARILY,
AND INTENTIONALLY WAIVES ANY RIGHT IT OR THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION (INCLUDING BUT NOT LIMITED TO ANY CLAIMS, CROSS-CLAIMS, OR THIRD PARTY CLAIMS)
ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED
HEREIN.

Pledgor hereby specifically authorizes any action brought upon the enforcement of this
Agreement by Pledgee to be instituted and prosecuted in the State or Federal courts located
in Knox County, Tennessee. Pledgor hereby consents and submits to the personal jurisdiction
of the State and Federal courts of Tennessee in any action instituted by Pledgee arising
under or related to this Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF the parties hereto have executed this agreement as of the date first
above written.

PLEDGEE:

	 	 	 
	/s/ Wade Wilkinson

	 	/s/ David Michael Coffey
	 

	 	 
	Wade Wilkinson

	 	David Michael Coffey

PLEDGOR:

LADENBURG THALMANN FINANCIAL SERVICES INC.

	 	 	 
	By:

	 	/s/ Brian L. Heller
	
 
	 	 
	
 
	 	Name: Brian L. Heller

Title: Senior Vice President – Business and Legal AffairsEX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED FORBEARANCE AGREEMENT 

AND FIFTH AMENDMENT TO THE 

AMENDED AND RESTATED CREDIT AGREEMENT 

effective as of December 31, 2014 

among 
 Dune Energy,
Inc., 
 as Borrower, 

Bank of Montreal, 
 as
Administrative Agent, 
 CIT Capital Securities LLC, 

as Syndication Agent, 

and 
 The Guarantors and
Lenders Party Hereto 
 BMO Capital Markets Corp. 

Sole Lead Arranger and Sole Bookrunner 

 AMENDED AND RESTATED FORBEARANCE AGREEMENT AND FIFTH 

AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED FORBEARANCE AGREEMENT AND FIFTH AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT (this
“Agreement”), effective as of December 31, 2014, is among DUNE ENERGY, INC., a Delaware corporation (the “Borrower”); the Guarantors party hereto; certain of the lenders (the “Lenders”) party
to the Credit Agreement referred to below; and BANK OF MONTREAL, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).  

R E C I T A L S 

A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement, dated as of
December 22, 2011 (as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of September 25, 2012, that certain Second Amendment to Amended and Restated Credit Agreement, dated as of May 3, 2013,
that certain Third Amendment to Amended and Restated Credit Agreement, dated as of December 17, 2013, and that certain Forbearance Agreement and Fourth Amendment to Amended and Restated Credit Agreement, dated as of September 30, 2014 (the
“Existing Forbearance Agreement”), and as may be further amended, supplemented, modified or restated, collectively, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on
behalf of the Borrower. 
 B. The Borrower has informed the Administrative Agent that it is continuing to negotiate the terms and conditions
of the transaction contemplated by that certain Agreement and Plan of Merger, dated as of September 17, 2014 (such agreement as modified and in effect on the date hereof and together with all exhibits and schedules thereto, the “Merger
Agreement”), among EOS Petro, Inc. (“EOS Parent”), a Nevada Corporation, Eos Merger Sub, Inc. (“EOS Merger Sub”), a Delaware corporation and the Borrower, pursuant to which (a) LowCal Industries, LLC,
individually or collectively with one or more of its affiliates (collectively, “LowCal”), an investor, shall provide at least $50,000,000 (US$) of capital on terms and conditions mutually satisfactory to LowCal and the parties to
the Merger Agreement, the proceeds of which shall be used to, among other things, acquire and otherwise pay to the Lenders an amount equal to all Secured Obligations in return for assignment of Lenders’ rights, obligations, collateral and
security under the Credit Agreement, with the closing of such transactions currently contemplated to be consummated on or about January 31, 2015. 

C. The Borrower has informed the Administrative Agent in a Compliance Certificate delivered by the Borrower on August 14, 2014 that it
did not comply with the minimum ratio of Total Debt to EBITDAX requirement set forth in Section 9.01(a) and an Event of Default has occurred and is continuing as of June 30, 2014 under Section 10.01(d) with respect thereto (the
“Total Debt to EBITDAX Covenant Default”). 
 D. The Borrower has informed the Administrative Agent in a Compliance
Certificate delivered by the Borrower on November 14, 2014 that a Total Debt to EBITDAX Covenant Default occurred and is continuing as of September 30, 2014, and that the Borrower also did not

 
comply with the minimum Current Ratio of total current assets to total current liabilities requirement as set forth in Section 9.01(b) and an Event of Default would have occurred and is
continuing as of September 30, 2014 under Section 10.01(d) with respect thereto (the “Current Ratio Covenant Default”) and, together with the Total Debt to EBITDAX Covenant Defaults, the “Subject
Defaults”). 
 E. The Borrower has requested and the Lenders have agreed to provide an extension of the forbearance for the Subject
Defaults, subject to the conditions and covenants set forth herein, until January 31, 2015. 
 F. Now, therefore, to induce the
Administrative Agent and the Lenders party hereto to enter into this Agreement extending the forbearance period and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms.
Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Agreement. Unless otherwise indicated, all section references in this Agreement refer to sections of the
Credit Agreement. For purposes of this Agreement, the following capitalized term shall have the following meaning: 

“Acceptable Transaction Documents” means documentation that demonstrates the contemplated transactions are
reasonably likely to be consummated timely (or at least promptly) in the judgment and opinion of the Administrative Agent in the exercise of its sole and absolute discretion, and, as a result thereof, will at least pay in full all obligations owed
and owing to the Lenders under the Credit Agreement and Loan Documents, provided that such documentation include, at a minimum, financial statements and such other generally acceptable evidence of the liquidity and financial ability of LowCal to
consummate the transactions contemplated thereby. 
 “Forbearance Period” means the period commencing on or
about September 30, 2014 and ending on the Business Day immediately following the earliest of (a) the Business Day immediately following the occurrence of any other Default or Event of Default (other than the Subject Defaults),
(b) 5:00 p.m. Central Standard Time (“Close of Business”), January 16, 2015 unless the Borrower has delivered to the Administrative Agent Acceptable Transaction Documents, (c) subsequent to the delivery of
Acceptable Transaction Documents to the Administrative Agent, abandonment or termination of the Merger Agreement by one or more parties thereto or the occurrence of any modification, amendment or express waiver or consent to the Merger Agreement
that, as a result thereof, would not pay in full all obligations owed and owing to the Lenders under the Credit Agreement and the Loan Documents, without the prior written consent of the Lenders, (d) failure to deliver the documents required by
the deadlines set forth under Section 10.3 herein, and (e) January 31, 2015. 

  
 2 

 Section 2. Borrowing Base 

(a) Effective as of the Effective Date, the Borrowing Base shall be maintained at $40,000,000. 

(b) Both the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the
redetermination of the Borrowing Base pursuant to clause (a) of this Section 2 has been negotiated among the Borrower and the Lenders and shall not constitute an Interim Redetermination of the Borrowing Base pursuant to
Section 2.07 (b) of the Credit Agreement by any of the Borrower, the Administrative Agent or any Lender. Notwithstanding the foregoing or any other term or provision to the contrary contained herein, in the Credit Agreement or any other
Loan Document, the Administrative Agent and each Lender hereby agree that no redetermination of the Borrowing Base shall occur prior to the end of the Forbearance Period. 

Section 3. Commitments. Notwithstanding the Maturity Date under the Credit Agreement or any language in
Section 2.06 to the contrary, the Borrower, the Administrative Agent and each of the Lenders acknowledges and agrees that the Commitments under the Credit Agreement terminate on January 31, 2015, and any and all Commitments of the
Lenders under the Credit Agreement shall be irrevocably terminated in full as of such date. Borrower, the Administrative Agent and each of the Lenders hereby waive any notice requirements (if any) related to the termination of the Commitments under
the Credit Agreement. 
 Section 4. Interest. 

4.1 Interest Elections. From and after the execution of this Agreement, all Borrowings shall be only of the Type of ABR Borrowings with
an Interest Period of one month’s duration. Eurodollar Borrowings shall no longer be available under the Credit Agreement. 
 4.2
Interest Payment Dates. The definition of Interest Payment Date in Section 1.02 of the Credit Agreement shall be replaced entirely with the following: “means January 2, 2015, January 31, 2015, and thereafter the last
day of each calendar month or, if such day is a weekend or United States federal holiday, the next business day, including the last day of each calendar month following the Termination Date in the event any Secured Obligation remains unpaid.”

 Section 5. Swap Agreements. 

5.1 Secured Swap Agreements. Following the date of execution of this Agreement, in the absence of written consent of the Administrative
Agent with such consent granted at the exercise of the Administrative Agent’s sole and absolute discretion, the Borrower shall not enter into any Secured Swap Agreements. Any and all Swap Agreements entered into by the Borrower, if any, shall
not be secured by any collateral, or proceeds therefrom, pledged to or otherwise encumbered by mortgages, liens or other security interests of the Lenders. 

  
 3 

 Section 6. Negative Covenants. 

6.1 Debt. Section 9.02(g) of the Credit Agreement is amended and replaced in its entirety with the following: “Debt under the
`payment-in-kind’ provisions of the Senior Notes which is added to the principal balance of the Senior Notes in accordance with the terms of the Senior Notes.” 

6.2 Liens. Sections 9.03(c), (d), and (e) of the Credit Agreement are hereby deleted in their entirety; however, any liens in
existence as of the date of the execution of this Agreement which would otherwise have been permitted under Section 9.03(c), (d), and (e) shall remain as permitted liens. 

6.3 Dividends, Distributions and Redemptions. Section 9.04(a) of the Credit Agreement is hereby amended by deleting everything
therein and replacing as follows: “Restricted Payments. The Borrower will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, return any capital to its stockholders or make any distribution of
its Property to its Equity Interest holders, except the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its Equity Interests (other than Disqualified Capital Stock).” 

6.4 Investments, Loans and Advances. Section 9.05 of the Credit Agreement is hereby amended by deleting Sections 9.05(h),
(i) and (m) in their entirety. 
 6.5 Sale of Properties or Assets. Section 9.12 of the Credit Agreement is hereby
amended by deleting Sections 9.12 (b), (d), (e) and (f) in their entirety. 
 6.6 Senior Note Interest Payments. No cash
payments may be made or issued during the Forbearance Period in regard to any interest accruing or payable on the Senior Notes. 

Section 7. Financial Statements: Other Information. In addition to the information required under Section 8.01
of the Credit Agreement, the Borrower shall deliver to the Administrative Agent not later than close of business on each Tuesday, a thirteen (13) week cash flow forecast or projection of the Borrower, together with the Borrower’s accounts
payables and accounts receivables aging reports, with all such information current as of the immediately preceding Friday, in form and substance consistent with the similar reports most recently furnished to the Administrative Agent, and
demonstrating positive cash flow and available liquidity at the conclusion of each week on a forward looking basis. 

Section 8. Forbearance. 

(a) The Borrower acknowledges and agrees that it is in Default under the Credit Agreement as a result of the Subject Defaults,
(ii) the Commitments under the Credit Agreement terminate on January 31, 2015, and (iii) without this amendment of the Existing Forbearance Agreement, the Administrative Agent and the Lenders, in accordance with, and subject to, the
terms of the Credit Agreement and the other Loan Documents have the right to accelerate the Loans outstanding and to make demands upon the Borrower and the Guarantors for the payment in full of the Secured Obligations as a result of the Subject
Defaults. 

  
 4 

 (b) During the Forbearance Period, in reliance upon the acknowledgments and
agreements of the Borrower contained in this Agreement, and subject to the terms and conditions of this Agreement, the Administrative Agent and the Lenders agree to forbear from exercising any of their rights and remedies under the Loan Documents
and any applicable law in respect of, or arising out of, the Subject Defaults. 
 (c) Upon expiration or termination of the
Forbearance Period, the agreement of the Administrative Agent and Lenders to forbear from exercising any of their rights and remedies under the Loan Documents and applicable law in respect of, or arising out of, the Subject Defaults shall
automatically and without further action or notice terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be that the Administrative Agent and the Lenders may exercise any or all of their rights
and remedies with respect to the Subject Defaults under the Loan Documents and applicable law immediately, including, but not limited to, the acceleration of the Loans in accordance with the terms of the Loan Documents and the taking of enforcement
action against the Collateral (as defined in the applicable Security Instruments), in any case without any further notice, passage of time or forbearance of any kind except as otherwise expressly required by the terms of the Loan Documents and,
unless waived, applicable law. For the avoidance of doubt, nothing contained in this Agreement shall prejudice any rights or remedies that the Administrative Agent or any of the Lenders may have to exercise any rights and remedies during the
Forbearance Period with respect to any Defaults or Event of Default (whether now existing or hereafter occurring) other than with respect to the Subject Defaults. For further avoidance of doubt, the Lenders party hereto hereby direct the
Administrative Agent to act or not act, as the case may be, so as to carry out the terms and provisions hereof. 

Section 9. Retention of Financial Advisor by Administrative Agent on Behalf of Lenders. The Administrative Agent
may retain a financial advisory firm acceptable to the Administrative Agent in its sole and absolute discretion commencing at some point during the Forbearance Period, and, as also reflected in Section 12.03(a), such fees, costs and expenses of
the financial advisory firm retained by the Administrative Agent and Lenders shall be paid by the Borrower. Moreover, the Borrower and its retained financial advisors shall reasonably cooperate with the financial advisory firm retained by the
Administrative Agent by sharing information and making information available to the financial advisory firm and its representatives reasonably promptly, including without limitation allowing the financial advisory firm to have access to all
information that is available or access that is granted to the Administrative Agent and Lenders pursuant to the terms and covenants of the Credit Agreement. 

Section 10. Conditions Precedent. This Agreement shall become effective on the date (such date, the
“Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 12.02), except for Sections 10.3 which may be completed after the Effective Date but by the dates set forth therein:

  
 5 

 10.1 The Administrative Agent shall have received from the Lenders, the Administrative Agent,
each Guarantor and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this Agreement signed on behalf of such Person. 

10.2 The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the date hereof,
including to the extent invoiced, reimbursement obligations or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement, including without limitation the fees and expenses of the
Administrative Agent’s legal counsel. 
 10.3 The Administrative Agent shall have received fully executed depository account control
agreements (“DACAs”) by all parties thereto not later than January 15, 2015, with regard to all depository and other accounts of the Borrower reasonably acceptable to the Administrative Agent and the relevant depository
institution. In addition, the Administrative Agent shall have received not later than January 15, 2015 additional or amended financing statements in its favor in respect of all assets, tangible or intangible, including office furniture,
equipment, receivables, claims or recoveries or rights of the Borrower in such funds or claims thereto, including in claims or rights in and to the security, escrow, break-up fee or other damages or payments recoverable under the Merger Agreement or
any other transaction documents (“Additional Collateral Documents”). Unless Acceptable Transaction Documents are received by the Administrative Agent by Close of Business on January 16, 2015, the Administrative Agent may submit
the executed DACAs to the appropriate depository or other institution regarding the accounts at or after 8:00 a.m. Central Standard Time, January 20, 2015 and file and/or record the Additional Collateral Documents at or after 8:00 a.m. Central
Standard Time, January 17, 2015. 
 10.4 No Default or Event of Default (except for the Subject Defaults) shall have occurred and be
continuing as of the date hereof, after giving effect to the terms of this Agreement. 
 10.5 The Administrative Agent shall have received
such other documents as the Administrative Agent or its counsel may reasonably require. 
 The Administrative Agent is hereby authorized and
directed to declare this Agreement to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of such
conditions as permitted in Section 12.02. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 11. Miscellaneous. 

11.1 Confirmation. The provisions of the Credit Agreement, as amended by this Agreement, shall remain in full force and effect following
the effectiveness of this Agreement. 
 11.2 Ratification and Affirmation; Representations and Warranties. The Borrower and each
Guarantor hereby (a) acknowledges the terms of this Agreement, (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to
which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Agreement: 

  
 6 

 (i) all of the representations and warranties contained in each Loan Document to
which it is a party are true and correct in all material respects (except (A) the representation and warranty in Section 7.07(c) and (B) those which have a materiality qualifier, which shall be true and correct as so qualified),
except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, and 

(ii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect. 
 11.3 Counterparts. This Agreement may be executed by one or more of the parties hereto in any number of separate
counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Agreement by facsimile transmission or electronic transmission in portable document format (.pdf) shall be
effective as delivery of a manually executed counterpart hereof. 
 11.4 NO ORAL AGREEMENT. THIS AGREEMENT, THE CREDIT
AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT UNWRITTEN ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 
 11.5 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; WAIVER
OF JURY TRIAL. SECTION 12.09 OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT MUTATIS MUTANDIS AND SHALL APPLY HERETO. 

11.6 Payment of Expenses. In accordance with Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent
for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the
reasonable fees and disbursements of counsel to the Administrative Agent. 
 11.7 Severability. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11.8
Non-Waiver. Except as explicitly set forth in this Agreement, the execution, delivery, performance and effectiveness of this Agreement shall not operate nor be deemed to be nor construed as a waiver (a) of any right, power or
remedy of the Administrative Agent or any 

  
 7 

 
of the Lenders under the Credit Agreement or any other Loan Document or (b) of any other term, provision, representation, warranty or covenant contained in the Credit Agreement, any other
Loan Documents or any other instruments or documents executed in connection therewith. Further, none of the provisions of this Agreement shall constitute, be deemed to be or construed as, a waiver of any Default or Event of Default under the Credit
Agreement or any other Loan Document, as amended by this Agreement. Any existing Default or Event of Default (including, without limitation, the Subject Defaults), if any, shall continue and shall not be deemed waived or cured in any way by the
execution of this Agreement. 
 11.9 RELEASE. IN CONSIDERATION OF THIS AGREEMENT AND, SUBJECT TO THE CONDITIONS STATED
HEREIN, THE BORROWER HEREBY RELEASES, ACQUITS, FOREVER DISCHARGES, AND COVENANTS NOT TO SUE, THE ADMINISTRATIVE AGENT AND EACH OF THE LENDERS, ALONG WITH ALL OF THEIR BENEFICIARIES, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SERVANTS, ATTORNEYS AND
REPRESENTATIVES, AS WELL AS THEIR RESPECTIVE HEIRS, EXECUTORS, LEGAL REPRESENTATIVES, ADMINISTRATORS, PREDECESSORS IN INTEREST, SUCCESSORS AND ASSIGNS (EACH INDIVIDUALLY, A “RELEASED PARTY” AND COLLECTIVELY, THE “RELEASED
PARTIES”) FROM ANY AND ALL CLAIMS, DEMANDS, DEBTS, LIABILITIES, SUITS, OFFSETS AGAINST THE INDEBTEDNESS EVIDENCED BY THE LOAN DOCUMENTS AND THE SECURED SWAP AGREEMENTS AND ACTIONS, CAUSES OF ACTION OR CLAIMS FOR RELIEF OF WHATEVER KIND OR
NATURE, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED BY BORROWER, WHICH BORROWER OR ANY SUBSIDIARY MAY HAVE OR WHICH MAY HEREAFTER ACCRUE RELATED TO ANY ACTIONS OR FACTS OCCURRING PRIOR TO THE DATE OF THIS AGREEMENT AGAINST ANY RELEASED PARTY,
FOR OR BY REASON OF ANY MATTER, CAUSE OR THING WHATSOEVER OCCURRING ON OR PRIOR TO THE DATE OF THIS AGREEMENT, WHICH RELATE TO, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY THE CREDIT AGREEMENT, ANY NOTE, ANY SECURITY INSTRUMENT, ANY OTHER LOAN
DOCUMENT, THE SECURED SWAP AGREEMENTS OR THE TRANSACTIONS EVIDENCED THEREBY, INCLUDING, WITHOUT LIMITATION, ANY DISBURSEMENTS UNDER THE CREDIT AGREEMENT, ANY NOTES, THE NEGOTIATION OF ANY OF THE CREDIT AGREEMENT, THE NOTES, THE MORTGAGES OR THE
OTHER LOAN DOCUMENTS, THE TERMS THEREOF, OR THE APPROVAL, ADMINISTRATION, ENFORCEMENT OR SERVICING THEREOF. 
 11.10 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

11.11 Loan Document. This Agreement is a Loan Document. 

[SIGNATURES BEGIN NEXT PAGE] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and shall
be effective as of the date first written above. 
  

							
	BORROWER:	 		 	DUNE ENERGY, INC.
				
		 		 	By:	 	/s/ James A. Watt
		 		 	 Name: James A. Watt
 Title:
President & Chief Executive Officer

			
	GUARANTORS:	 		 	DUNE OPERATING COMPANY
				
		 		 	By:	 	/s/ James A. Watt
		 		 	 Name: James A. Watt
 Title:
President

			
		 		 	DUNE PROPERTIES, INC.
				
		 		 	By:	 	/s/ James A. Watt
		 		 	 Name: James A. Watt
 Title:
President

  
 [Signature Page Dune
– Amended and Restated Forbearance Agreement and Fifth Amendment to the Credit Agreement.] 

 
			
	 BANK OF MONTREAL, as Administrative

Agent and a Lender

		
	By:	 	 /s/ Sue R. Blazis

		 	 Name: Sue R. Blazis
 Title: Managing
Director

  

  
 [Signature Page Dune
– Amended and Restated Forbearance Agreement and Fifth Amendment to the Credit Agreement.] 

 
			
	CIT BANK, as a Lender
		
	By:	 	 /s/ John Feeley

		 	 Name: John Feeley
 Title:
Director

  
 [Signature Page Dune
– Amended and Restated Forbearance Agreement and Fifth Amendment to the Credit Agreement.]

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