Document:

Exhibit 10.1
Execution Version

TENTH AMENDMENT
TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
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This TENTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of November 6, 2020, is among SANCHEZ MIDSTREAM PARTNERS LP, a Delaware limited partnership (the “Borrower”), the guarantors party hereto (the “Guarantors”), each of the Lenders party hereto, and ROYAL BANK OF CANADA, as administrative agent (in such capacity, the “Administrative Agent”), and as collateral agent (in such capacity, the “Collateral Agent”), and as letter of credit issuer (in such capacity, the “Issuer”) and relates to that certain Third Amended and Restated Credit Agreement, dated as of March 31, 2015 (as amended, restated, modified or supplemented from time to time prior to the date hereof, the “Existing Credit Agreement”; and as amended hereby, the “Credit Agreement”), among the Borrower, the Lenders, the Administrative Agent, the Collateral Agent and the Issuer.
WITNESSETH:
WHEREAS, the Borrower desires to amend the Existing Credit Agreement on the terms set forth herein; 
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WHEREAS, Section 12.02 of the Existing Credit Agreement provides that the Borrower and the Lenders may amend the Existing Credit Agreement and the other Loan Documents for certain purposes; 
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WHEREAS, the Administrative Agent, the Collateral Agent, the Issuer, the Lenders party hereto, the Borrower and the Guarantors all desire to enter into this Amendment to amend the Existing Credit Agreement on the terms and subject to the conditions set forth herein; 
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NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
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Section 1.Definitions.  Unless otherwise defined in this Amendment, each capitalized term used in this Amendment has the meaning assigned to such term in the Credit Agreement.
Section 2.Reduction of Maximum Revolving Credit Amount.  In accordance with Section 2.06(b) of the Credit Agreement, the Borrower hereby reduces the Maximum Revolving Credit Amount from $20,000,000 to $17,500,000, effective as of the Tenth Amendment Effective Date.  Such reduction in the Maximum Revolving Credit Amount shall be applied ratably among the Revolving Lenders in accordance with each Revolving Lender’s Applicable Percentage.

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108231.0172624 EMF_US 82599460v2​

Section 3.Amendments to the Existing Credit Agreement.  The Existing Credit Agreement is hereby amended as follows:
(a)Clause (ii)(x) of the definition of “Applicable Percentage” in Section 1.02 of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“(x) on the Ninth Amendment Effective Date, the percentage of the Aggregate Term Loan Commitment Amount represented by such Term Lender’s Term Loan Commitment and”
(b)The second sentence in the definition of “Maximum Revolving Credit Amount” in Section 1.02 of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“The Maximum Revolving Credit Amount as of the Tenth Amendment Effective Date is $17,500,000.”
(c)The definition of “Permitted Holders” in Section 1.02 of the Existing Credit Agreement is hereby amended by amending and restating clauses (d) and (e) thereof and adding a new clause (f) as follows:
“(d) each Person that is a member of SP Holdings on the Tenth Amendment Effective Date, (e) the Stonepeak Investors, and (f) any Person Controlled by any one or more of the foregoing.”
(d)The definition of “Revolving Loan Limit” in Section 1.02 of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“Revolving Loan Limit” means, as of any time of determination, the lesser of (i) (x) during the period from the Tenth Amendment Effective Date through May 14, 2021, $15,000,000 and (y) during the period from and after May 15, 2021, the positive difference of the Borrowing Base minus the aggregate outstanding principal amount of the Term Loans and (ii) the Maximum Revolving Credit Amount.
(e)Section 1.02 of the Existing Credit Agreement is hereby further amended by inserting in its alphabetically appropriate location therein the following new definitions:
“Stonepeak Investors” means (a) Stonepeak Partners LP and (b) any investment funds or partnerships advised, managed or sub-advised by Stonepeak Partners LP or its Affiliates.
“Tenth Amendment Effective Date” shall mean November 6, 2020.
(f)The second sentence of Section 2.04(e) of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“Notwithstanding any contrary provision hereof, (i) if an Event of Default has occurred and is continuing or (ii) at any time on or after May 15, 2021, if a Borrowing Base Deficiency has occurred and is continuing, then no outstanding 

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Borrowing may be continued as a Eurodollar Borrowing (and any Interest Election Request that requests the continuation of any Borrowing shall be ineffective).”
(g)Section 2.05(b)(ii) of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“(ii) in the case of the Borrower, the interest rate applicable to the Loans comprising such Borrowing.”
(h)The proviso at the end of the first sentence of Section 2.08(a) of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“; provided that the Borrower may not request the issuance, amendment, renewal or extension of Letters of Credit hereunder on or after May 15, 2021, if a Borrowing Base Deficiency exists at such time or would exist as a result thereof.”
(i)The last sentence of Section 2.08(e) of the Existing Credit Agreement is hereby amended by replacing the reference to “ABR” therein with “Alternate Base Rate”.
(j)Section 2.10(b) of the Existing Credit Agreement is hereby amended by replacing the reference to “Revolving Commitment Amount” therein with “Revolving Loan Commitment”.
(k)Section 2.10(c) of the Existing Credit Agreement is hereby amended by replacing the reference to “Revolving Loan Credit Amount” therein with “Revolving Loan Commitment”.
(l)Section 3.03(c)(i) of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows: 
“Upon the occurrence of a Borrowing Base Deficiency, the Administrative Agent shall give the Borrower and the Lenders prompt written notice thereof.  If a Borrowing Base Deficiency exists at any time during the period from April 1, 2021 through and including May 14, 2021 and is continuing on May 14, 2021 (after giving effect to (A) any Borrowings made on such date, (B) any voluntary prepayments of the Loans made pursuant to Section 3.03(a), (C) any mandatory prepayments of the Loans made pursuant to the other paragraphs of this Section 3.03(c) and (D) any increase (if any) in the Midstream Component upon a Scheduled Midstream Component Recalculation or any pro forma adjustment to the Midstream Component pursuant to Section 2.07(b), but without giving effect to any decrease (if any) in the Midstream Component upon a Scheduled Midstream Component Recalculation concurrently with delivery of the consolidated financial statements of the Borrower and its Subsidiaries pursuant to Section 8.01(b) for the fiscal quarter ending March 31, 2021), then the Borrower shall prepay Loans (whether Revolving Loans, Term Loans or a combination thereof) on May 14, 2021, in an amount sufficient to eliminate any such continuing Borrowing Base Deficiency.  If a Borrowing Base Deficiency exists on or after May 15, 2021, and such Borrowing Base Deficiency has not been 

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eliminated on or prior to the date that is forty-five (45) days after the first occurrence of such Borrowing Base Deficiency (after giving effect to (A) any voluntary prepayments of the Loans made pursuant to Section 3.03(a), (B) any mandatory prepayments of the Loans made pursuant to the other paragraphs of this Section 3.03(c) and (C) any pro forma adjustment to the Midstream Component pursuant to Section 2.07(b)), then the Borrower shall prepay Loans (whether Revolving Loans, Term Loans or a combination thereof) on such forty-fifth (45th) day in an amount sufficient to eliminate any such continuing Borrowing Base Deficiency.  Any mandatory prepayment of a Borrowing Base Deficiency pursuant to this Section 3.03(c)(i) shall be made in the manner set forth in Section 3.03(d), (e), (f) and (g).
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(m)Section 3.03(c)(v) of the Existing Credit Agreement is hereby amended by inserting the parenthetical “(other than cash in Cash Collateral Accounts and Excluded Cash)” immediately before the phrase “does not exceed $20,000,000, and in the manner set forth in Section 3.03(d), (e), (f) and (g).”.
(n)Section 3.03(g) of the Existing Credit Agreement is hereby amended and restated to provide as follows: 
“(g)Application of Payments to Reduce Term Loans Due at Maturity.  To the extent the principal amount of any outstanding Term Loans is repaid pursuant to clauses (ii), (iv), (v) or (vi) of Section 3.03(c), such prepayments shall be applied dollar-for-dollar as a prepayment to reduce the outstanding principal amount of the Term Loans due on the Maturity Date (and for the avoidance of doubt, no mandatory prepayment of the Term Loans (other than any mandatory prepayment made pursuant to Section 3.03(c)(i) to eliminate a Borrowing Base Deficiency that is not also of a type described in any of the other paragraphs of Section 3.03(c)), shall be applied to or otherwise used to reduce any quarterly mandatory amortization payment required under Section 3.01(b)).”
(o)Section 6.02(a) of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“(a)  At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, (x) no Default shall have occurred and be continuing and (y) except with respect to any Borrowing to be made or Letter of Credit to be issued, amended, renewed or extended at any time during the period from the Tenth Amendment Effective Date through May 14, 2021, no Borrowing Base Deficiency shall exist or result therefrom.”
(p)Section 6.02(c) of the Existing Credit Agreement is hereby amended and restated to provide as follows:
“(c)The representations and warranties of the Borrower and the Guarantors, if any, set forth in this Agreement and in the other Loan Documents shall be true 

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and correct in all material respects (or if any such representation or warranty is qualified by or subject to a “materiality”, “material adverse effect”, “material adverse change” or any similar term or qualification, such representation or warranty shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (or if any such representation or warranty is qualified by or subject to a “materiality”, “material adverse effect”, “material adverse change” or any similar term or qualification, such representation or warranty shall be true and correct in all respects) as of such specified earlier date.”
(q)Section 7.16(c) of the Existing Credit Agreement is hereby amended by deleting the word “and” between the reference to “Sections 6.01(m)” and the reference to “8.01” and inserting in the place thereof the word “or”.
(r)Section 7.18(a) of the Existing Credit Agreement is hereby amended by deleting the phrase “secured parties” and inserting in the place thereof the defined term “Secured Parties”.
(s) Section 8.01(a)(i) of the Existing Credit Agreement is hereby amended by deleting the parenthetical “(without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit)” and inserting in the place thereof the following parenthetical:
“(without a “going concern” or like qualification or exception, other than resulting from (x) any actual or prospective breach of the financial covenants set forth in Section 9.01 of this Agreement or (y) the fact that the final maturity date of any Debt is less than one year after the date of such report, and without any qualification or exception as to the scope of such audit)”
(t)Section 8.18 of the of the Existing Credit Agreement is hereby amended by inserting the word “and” after the semicolon at the end of clause (c) thereof, replacing the semicolon at the end of clause (d) with a period and deleting clause (e) in its entirety.
(u)Section 9.02(f) of the Existing Credit Agreement is hereby amended by amended and restated to provide as follows:
“(f) (i) Debt incurred under Unsecured Notes and any guarantees by a Guarantor in respect thereof in an aggregate principal amount that would not cause, as of the date on which such Debt is incurred, the ratio of Total Net Debt to Adjusted EBITDA to exceed the maximum amount then permitted under Section 9.01(b) after giving pro forma effect to such incurrence, provided that (1) such Unsecured Notes and any Unsecured Notes Indenture under which such Unsecured Notes are issued contain customary terms and conditions for unsecured notes of similar type and of like tenor and amount and do not contain any financial covenants that are, taken as a whole, more onerous to the Borrower and 

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its Subsidiaries than those imposed by this Agreement (as determined in good faith by the senior management of the General Partner) (as in effect on the date of incurrence of such Debt), (2) the final stated maturity date and the average life (based on the stated final maturity date and payment schedule provided at the date of issuance) of such Unsecured Notes shall not be earlier than 180 days after the Maturity Date (as in effect on the date of incurrence of such Debt), (3) at the time of and immediately after giving effect to each incurrence of such Debt, no Default or Event of Default shall have occurred and be continuing, and (4) the net cash proceeds of any issuance thereof shall be used to prepay the outstanding principal amount of the Term Loans pursuant to the terms and conditions of Section 3.03(c)(vi) and (ii) any Permitted Refinancing Debt in respect of any Debt described in clause (i) of this paragraph (f);”
(v)The second sentence of Section 12.04(c) of the Existing Credit Agreement is hereby amended by inserting the word “second” immediately before the word “proviso”.
Section 4.Ratification.  Except as expressly amended, modified or waived herein, each of the Borrower and the Guarantors hereby ratifies and confirms all of the Obligations under the Credit Agreement and the other Loan Documents to which it is a party, and all references to the Credit Agreement, the Mortgages and the Notes in any of the Loan Documents shall be deemed to be references to the Credit Agreement, the Mortgages and the Notes as amended, modified or waived hereby.
Section 5.Effectiveness.  This Amendment shall become effective on the date (the “Tenth Amendment Effective Date”) on which each of the following conditions is satisfied:
(a)the Administrative Agent shall have received counterparts of this Amendment executed by the Administrative Agent, the Collateral Agent, the Issuer, the Borrower, the Guarantors and Lenders comprising at least the Majority Lenders;
(b)to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulations, the Administrative Agent shall have received a Beneficial Ownership Certification;
(c)the Borrower and each Guarantor shall have confirmed and acknowledged to the Administrative Agent and the Lenders, and by its execution and delivery of this Amendment the Borrower and each Guarantor do hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) the execution, delivery and performance of this Amendment has been duly authorized by all requisite limited partnership or limited liability company action, as applicable, on the part of the Borrower or such Guarantor, as applicable, (ii) the Credit Agreement and each other Loan Document to which it is a party constitute valid and legally binding agreements enforceable against the Borrower or such Guarantor, as applicable, in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, 

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moratorium, fraudulent transfer or other similar laws relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity, (iii) the representations and warranties of the Borrower or such Guarantor, if any, set forth in the Credit Agreement and in each other Loan Document to which it is a party, shall be true and correct in all material respects on and as of the Tenth Amendment Effective Date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such specified earlier date, (iv) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents and (v) since December 31, 2019, there has been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect; and 
(d)the Borrower shall have (i) paid to the Administrative Agent for the pro rata account of each Lender that shall have approved this Amendment (as evidenced by such Lender having delivered without restriction or condition to the Administrative Agent or its counsel an executed counterpart signature page hereto) on or prior to 2:00 pm Houston time on November 6, 2020 (the “Amendment Approval Deadline”) an amendment fee in an amount equal to ten (10) basis points on the aggregate amount of (x) all Term Loans then outstanding on such date plus (y) the Revolving Commitment Amount on such date (after giving effect to the reduction thereof pursuant to Section 3 above) and (ii) paid or reimbursed the Administrative Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation and execution and delivery of this Amendment (including the reasonable fees, disbursements and other charges of Mayer Brown LLP), in each case, to the extent provided in Section 12.03 of the Credit Agreement.
Section 6.Post-Closing Covenants; Milestone.  The Borrower shall deliver to the Administrative Agent on or before April 1, 2021, a certificate from an Authorized Officer certifying that either (a) (x) attached thereto is a true and correct copy of a binding engagement letter between one or more of the Borrower and an investment bank, an advisory firm or a “sell-side” oil and gas midstream acquisition and divestiture firm, in any case, of recognized standing in the oil and gas industry (such bank or firm referred to herein as the “Advisory Firm”) pursuant to which such Advisory Firm undertakes to advise the Borrower with respect to a possible strategic transaction, which may include one or a combination of the following or another similar transaction or transactions: (i) a sale of some or all of (x) the Midstream Properties of the Borrower or any of its Subsidiaries or (y) the Borrower’s equity interests, (ii) an issuance of equity interests in the Borrower or any of its Subsidiaries owning Midstream Properties, or (iii) a debt financing transaction (any of the transactions described in the forgoing clauses (i) through (iii), a “Qualifying Transaction”); and (y) the Borrower has communicated to the Advisory Firm that the target closing date for such Qualifying Transaction is not later than August 31, 2021, and that the net cash proceeds from such Qualifying Transaction would reasonably be expected to be greater than an amount that will allow the Borrower to repay in full all Obligations under the Loan Documents (collectively, the “Qualifying Transaction 

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Conditions”), or (b) the Borrower has, with or without an Advisory Firm, taken material steps toward engaging in a Qualifying Transaction that would reasonably be expected to meet the Qualifying Transaction Conditions.  In the event that the certificate delivered by the Borrower pursuant to the preceding sentence contains the certification set forth in clause (b) of the preceding sentence and a Qualifying Transaction is not consummated on or before June 30, 2021, then the Borrower shall deliver to the Administrative Agent on or before June 30, 2021 a certificate from an Authorized Officer certifying that attached thereto is a true and correct copy of a binding engagement letter between one or more of the Borrower and an Advisory Firm of the type described in clause (a) of the preceding sentence.  The failure to comply with the covenants set forth in this Section 6 shall constitute an immediate Event of Default under the Credit Agreement.
Section 7.Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 8.Miscellaneous.
(a)On and after the Tenth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import, referring to the Credit Agreement, and each reference in each other Loan Document to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Existing Credit Agreement as amended or otherwise modified by this Amendment.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement. 
(b)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any default of the Borrower or any Guarantor or any right, power or remedy of the Administrative Agent, the Collateral Agent, the Issuer or the Lenders under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
(c)Each of the Borrower and each Guarantor represents and warrants that as of the date hereof (i) it has the limited partnership or limited liability company power and authority to execute, deliver and perform the terms and provisions of this Amendment, has taken all necessary limited partnership or limited liability company action to authorize the execution, delivery and performance of this Amendment, delivery and performance of this Amendment does not and will not contravene the terms of the Borrower’s or such Guarantor’s, as applicable, organizational documents; (ii) it has duly executed and delivered this Amendment and this Amendment constitutes the legal, valid and binding obligation of the Borrower or such Guarantor enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law); (iii) no Default or Event of Default has occurred and is continuing; and (iv) no action, suit, investigation or other proceeding is pending or threatened before any arbitrator or Governmental Authority seeking to restrain, enjoin or prohibit or declare illegal, or seeking 

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damages from the Borrower in connection with this Amendment or which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
Section 9.Severability.  Any provisions of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provisions so held to be invalid. 
Section 10.Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the Administrative Agent, the Collateral Agent, the Issuer, the Lenders, the Borrower and each Guarantor and their respective successors and assigns.
Section 11.Counterparts; Electronic Execution.  This Amendment and each other Loan Document may be executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by fax or other electronic transmission of an executed counterpart of a signature page to this Amendment and each other Loan Document shall be effective as delivery of an original executed counterpart of this Amendment and such other Loan Document.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment or any other Loan Document shall be deemed to include electronic signatures, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, as in provided Parts 2 and 3 of the Personal Information Protection and Electronic Documents Act (Canada), the Electronic Commerce Act, 2000 (Ontario), the Electronic Transaction Acts (British Columbia), the Electronic Transactions Act (Alberta), or any other similar laws based on the Uniform Electronic Commerce Act of the Uniform Law Conference of Canada.  The Administrative Agent may, in its discretion, require that any such documents and signatures executed electronically or delivered by fax or other electronic transmission be confirmed by a manually-signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature executed electronically or delivered by fax or other electronic transmission. 
Section 12.Headings.  The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment or any other Loan Document.
Section 13.Integration.  This Amendment represents the final agreement of the Borrower, each Guarantor, the Collateral Agent, the Administrative Agent, the Issuer, and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Borrower, any Guarantor, the Administrative Agent, the Collateral Agent, the Issuer, nor any Lender relative to subject matter hereof not expressly set forth or referred to herein.
Section 14.RELEASE.  IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS SET FORTH IN THIS AMENDMENT, THE BORROWER AND EACH 

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OF THE GUARANTORS HEREBY RELEASES, ACQUITS, DISCHARGES, COVENANTS NOT TO SUE, AND AGREES FOREVER TO HOLD HARMLESS THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, THE ISSUER AND EACH LENDER THAT EXECUTES AND DELIVERS TO THE ADMINISTRATIVE AGENT (OR ITS COUNSEL) A COUNTERPART OF THIS AMENDMENT ON OR BEFORE THE AMENDMENT APPROVAL DEADLINE, ALONG WITH ALL OF THEIR BENEFICIARIES, OFFICERS, DIRECTORS, SHAREHOLDERS, AGENTS, EMPLOYEES, SERVANTS, ATTORNEYS, ADVISORS AND REPRESENTATIVES, AS WELL AS THEIR RESPECTIVE HEIRS, EXECUTORS, LEGAL REPRESENTATIVES, ADMINISTRATORS, PREDECESSORS IN INTEREST, SUCCESSORS AND ASSIGNS (EACH INDIVIDUALLY, A “RELEASED PARTY”) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION, DEBTS, LIABILITIES, CONTRACTS, AGREEMENTS, OBLIGATIONS, ACCOUNTS, DEFENSES, SUITS, OFFSETS AGAINST THE INDEBTEDNESS EVIDENCED BY THE LOAN DOCUMENTS, ACTIONS, AND ANY AND ALL CLAIMS FOR DAMAGES OR RELIEF OF WHATEVER KIND OR NATURE, WHETHER IN EQUITY OR AT LAW, MONETARY OR NON-MONETARY, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, MATURED OR UNMATURED, THAT THE BORROWER OR ANY GUARANTOR OR ANY SUBSIDIARY OF ANY OF THEM, HAS, HAD OR MAY HAVE AGAINST ANY RELEASED PARTY, INDIVIDUALLY OR COLLECTIVELY, FOR OR BY REASON OF ANY MATTER, CAUSE OR THING WHATSOEVER OCCURRING ON OR AT ANY TIME PRIOR TO THE DATE OF THE EXECUTION OF THIS AMENDMENT, INCLUDING, WITHOUT LIMITATION, ANY MATTER THAT RELATES TO, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY (A) THIS AMENDMENT, THE CREDIT AGREEMENT, ANY NOTE, ANY SECURITY INSTRUMENTS, ANY OTHER LOAN DOCUMENT, ANY SWAP AGREEMENT OR SWAP TRANSACTION EXECUTED BY LENDERS OR THEIR AFFILIATES (COLLECTIVELY, THE “TRANSACTION DOCUMENTS”) OR THE TRANSACTIONS EVIDENCED HEREBY OR THEREBY, INCLUDING, WITHOUT LIMITATION, ANY DISBURSEMENTS UNDER ANY TRANSACTION DOCUMENTS, THE TERMS HEREOF OR THEREOF, OR THE APPROVAL, ADMINISTRATION OR SERVICING HEREOF OR THEREOF, OR (B) ANY NOTICE OF DEFAULT, EVENT OF DEFAULT IN REFERENCE TO ANY TRANSACTION DOCUMENTS OR ANY OTHER MATTER PERTAINING TO THE COLLECTION OR ENFORCEMENT BY ANY RELEASED PARTY OF THE INDEBTEDNESS EVIDENCED BY ANY TRANSACTION DOCUMENTS OR ANY RIGHT OR REMEDY UNDER ANY TRANSACTION DOCUMENTS, OR (C) ANY PURPORTED ORAL AGREEMENTS OR UNDERSTANDINGS BY AND BETWEEN ANY RELEASED PARTY AND THE BORROWER AND ANY GUARANTOR IN REFERENCE TO ANY TRANSACTION DOCUMENTS.
[Signature Pages Follow]
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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed by its officer(s) thereunto duly authorized as of the date first above written.
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	SANCHEZ MIDSTREAM PARTNERS LP, as Borrower

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	By:
	SANCHEZ MIDSTREAM PARTNERS GP LLC, its general partner

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	By: 
	/s/ Charles C. Ward

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	Name:
	Charles C. Ward

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	Title: 
	Chief Financial Officer

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	SEP HOLDINGS IV, LLC,

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	as a Guarantor

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	By: 
	/s/ Charles C. Ward

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	Name:
	Charles C. Ward

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	Title: 
	Chief Financial Officer

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	CATARINA MIDSTREAM, LLC,

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	as a Guarantor

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	By: 
	/s/ Charles C. Ward

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	Name:
	Charles C. Ward

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	Title: 
	Chief Financial Officer

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	SECO PIPELINE, LLC,

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	as a Guarantor

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	By: 
	/s/ Charles C. Ward

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	Name:
	Charles C. Ward

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	Title: 
	Chief Financial Officer

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	ROYAL BANK OF CANADA,

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	as Administrative Agent and Collateral Agent

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	By:
	/s/ Yvonne Brazier

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	Name: 
	Yvonne Brazier

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	Title: 
	Manager, Agency Services

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	ROYAL BANK OF CANADA,

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	as a Revolving Lender and the Issuer

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	By: 
	/s/ Don J. McKinnerney

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	Name: 
	Don J. McKinnerney

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	Title: 
	Authorized Signatory

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	ROYAL BANK OF CANADA,

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	as a Term Lender

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	By: 
	/s/ Don J. McKinnerney

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	Name: 
	Don J. McKinnerney

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	Title: 
	Authorized Signatory

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‌Note
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	BBVA USA f/k/a Compass Bank, as a Revolving Lender

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	​

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	By:
	/s/ Mark Wolf

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	Name:
	Mark H. Wolf

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	Title:
	Senior Vice President

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	BBVA USA f/k/a Compass Bank, as a Term Lender

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	By:
	/s/ Mark Wolf

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	Name:
	Mark H. Wolf

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	Title:
	Senior Vice President

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	TRUIST BANK, formerly known as Suntrust Bank, as a Revolving Lender

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	By:
	/s/ Greg Krablin

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	Name:
	Greg Krablin

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	Title:
	Senior Vice President

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	TRUIST BANK, formerly known as Suntrust Bank, as a Term Lender

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	By:
	/s/ Greg Krablin

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	Name:
	Greg Krablin

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	Title:
	Senior Vice President

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	CAPITAL ONE, NATIONAL ASSOCIATION,

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	as a Revolving Lender

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	By:
	/s/ Matthew Brice

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	Name:
	  Matthew Brice

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	Title:
	Director

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	CAPITAL ONE, NATIONAL ASSOCIATION,

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	as a Term Lender

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	By:
	/s/ Matthew Brice

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	Name:
	Matthew Brice

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	Title:
	Director

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	COMERICA BANK, as a Revolving Lender

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	By:
	/s/ Cynthia B. Jones

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	Name:
	Cynthia B. Jones

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	Title:
	Vice President

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	COMERICA BANK, as a Term Lender

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	By:
	/s/ Cynthia B. Jones

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	Name:
	Cynthia B. Jones

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	Title:
	Vice President

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	CITIBANK, N.A.,

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	as a Revolving Lender

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	By:
	/s/ Jeff Ard

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	Name:
	Jeff Ard

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	Title:
	Vice President

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	CITIBANK, N.A.,

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	as a Term Lender

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	By:
	/s/ Jeff Ard

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	Name:
	Jeff Ard

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	Title:
	Vice President

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	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as a Revolving Lender

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	By:
	/s/ Sathish Shanthan

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	Name:
	Sathish Shanthan

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	Title:
	Authorized Signatory

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	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as a Term Lender

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	By:
	/s/ Sathish Shanthan

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	Name:
	Sathish Shanthan

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	Title:
	Authorized Signatory

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	ING CAPITAL LLC,

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	as a Revolving Lender

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	By:
	/s/ Scott Lamoreaux

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	Name:
	Scott Lamoreaux

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	Title:
	Director

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	By:
	/s/ Lauren Gutterman

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	Name:
	Lauren Gutterman

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	Title:
	Vice President

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	ING CAPITAL LLC,

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	as a Term Lender

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	By:
	/s/ Scott Lamoreaux

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	Name:
	Scott Lamoreaux

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	Title:
	Director

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	By:
	/s/ Lauren Gutterman

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	Name:
	Lauren Gutterman

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	Title:
	Vice President

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	CIT BANK, N.A., as a Revolving Lender

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	By:
	/s/ John Feeley

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	Name:
	John Feeley

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	Title:
	Director

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	CIT BANK N.A., as a Term Lender

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	By:
	/s/ John Feeley

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	Name:
	John Feeley

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	Title:
	Director

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	MACQUARIE INVESTMENTS US INC.

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	as a Revolving Lender

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	By:
	/s/ Garrison Ziff

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	Name:
	Garrison Ziff

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	Title:
	Division Director

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	By:
	/s/ James M. Jordan

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	Name:
	James M. Jordan

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	Title:
	Executive Director

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	MACQUARIE INVESTMENTS US INC.

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	as a Term Lender

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	By:
	/s/ Garrison Ziff

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	Name:
	Garrison Ziff

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	Title:
	Division Director

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	By:
	/s/ James M. Jordan

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	Name:
	James M. Jordan

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	Title:
	Executive Director

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‌Note
735399300 14464587Document

Exhibit 10.4

CONFIDENTIAL SEPARATION AND RELEASE AGREEMENT

This Confidential Separation and Release Agreement (“Agreement”) is made and entered into by and between Charles Meintjes (“Meintjes”) and Peabody Energy Corporation, a Delaware corporation (the “Company”) (each a “Party”, together the “Parties”).
WHEREAS, Meintjes was employed by the Company until his separation on September 18, 2020 (the “Separation Date”);
WHEREAS, Meintjes was an eligible employee who, on February 22, 2019, entered into a Participation Agreement, as amended by the Addendum to the Participation Agreement, dated May 8, 2020 (collectively, the “Participation Agreement”) with the Company in order to become eligible to obtain certain payments and benefits under the Company’s 2019 Executive Severance Plan (the “Plan”);
WHEREAS, on September 8, 2020, Meintjes received notice pursuant to Section 6 of the Plan that his employment with the Company would not continue following the Separation Date (a “without cause” event under the Plan);
WHEREAS, in lieu of the 90 days’ notice of termination pursuant to Section 6 of the Plan, the Company has paid/will pay Meintjes an amount equal to his base salary through December 7, 2020;
WHEREAS, the Plan provides that if, but only if, Meintjes enters into (and does not revoke) a release agreement with the Company, in a form satisfactory to the Company in its sole discretion, Meintjes will receive certain payments and benefits as set forth in the Plan;
NOW THEREFORE, for and in consideration of the covenants, undertakings and release hereinafter set forth, and for other good and valuable consideration, the sufficiency of which the Parties hereby acknowledge, it is agreed as follows:
1.Severance Payments.  The Company shall provide Meintjes the payments and benefits set forth in the Plan and as further described on Exhibit A hereto.  Meintjes acknowledges that the Company has no obligation to provide the payments and benefits set forth in the Plan absent this Agreement and that the payments and benefits it provides to Meintjes are consideration to which he is not otherwise entitled.
2.General Release.  Meintjes, for himself and his heirs, executors, administrators and assigns, does hereby irrevocably and unconditionally forever release and discharge the Company, its predecessors, successors and assigns, parents, subsidiaries, affiliates and benefits plans and their respective directors, officers, shareholders, trustees, administrators,                   employees, attorneys, representatives and agents (the “Released Parties”), from any and            all actual or potential claims, demands, actions, causes of action or liabilities of any kind or nature, whether known or unknown, from the beginning of time to the date of execution              of this Agreement, including, but not limited to, all claims related to or arising out of          Meintjes’ employment with the Company (or any parent, subsidiary or affiliate), or the                  separation of such employment, whether such claims, demands, actions, causes                            of action or liabilities are based on tort, contract (express or implied) or any federal, state            or local law, statute or regulation, including, but not limited to:  (i) the Age                                                                                                            

Discrimination in Employment Act, 29 U.S.C. § 621 et seq.; (ii) the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq.; (iii) the Family and Medical Leave Act, 29 U.S.C. § 2611 et seq., or COBRA; (iv) race, color, religion, sex, or national origin discrimination under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2001e et seq., as amended; (v) the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.; (vi); the Missouri Human Rights Act, R.S. Mo. § 213.010 et seq.; (vii) any claims under any other state or local laws or ordinances similarly relating to discrimination, retaliation, harassment or the like including, without limitation, claims for breach of contract, fraudulent inducement, wrongful discharge, constructive discharge, retaliation, tortious interference with contract, and intentional or negligent infliction of emotional distress; (viii) any other claims for personal injury, compensatory or punitive damages or attorney’s fees; and (ix) claims for computer tampering, including, without limitation, claims under R.S. Mo. §§ 537.525, 569.095 and 569.099.  Except as may be otherwise expressly provided in this Agreement, this release is intended to cover all possible legal and/or equitable relief, including, but not limited to, reinstatement, wages, back pay, front pay, benefits, perquisites, compensatory damages, punitive damages, liquidated damages, damages for pain or suffering, damages for emotional distress, damages for loss of consortium, and attorneys’ fees.  This release excludes claims that arise after the Effective Date of this Agreement.
Meintjes agrees not to file or submit against the Released Parties any charge, claim, complaint, arbitration request, or action to any agency, court, organization, or judicial forum, including, but not limited to, all federal, state, and local forums, arising out of any actions or non-actions on the part of the Released Parties before execution of this Agreement.  Meintjes also agrees not to permit any person, group of persons, or entity to take such action on his behalf.  Meintjes waives and forfeits any right to recovery for any claims released herein.
Nothing in this Agreement is intended to prohibit or dissuade Meintjes from reporting possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  Meintjes does not need the prior authorization of the Company to make any such reports or disclosures and Meintjes is not required to notify the Company that he has made such reports or disclosures.
The provisions of this Section or any other Section in this Agreement shall not prevent Meintjes from filing a charge with the Equal Employment Opportunity Commission (“EEOC”), the Securities and Exchange Commission (“SEC”), or other government agency to the extent Meintjes is permitted to do so by law.  Meintjes further understands that this Agreement does not limit his ability to communicate with any government agencies or otherwise participate or cooperate with an investigation conducted by the EEOC, SEC, or other similar agency, including providing documents or other information, without notice to the Company.  By signing this Agreement, Meintjes understands he is giving up any rights to receive any remedial and/or monetary relief (for example, reinstatement, back pay, front pay, emotional distress damages, and punitive damages) as a consequence of any charge or complaint filed by him or on his behalf with the EEOC or any other human rights commission and hereby expressly agrees to provide such benefit or pay any such compensation directly to Company, except for compensation related to any whistleblower claims to the SEC or other similar government agency.  This Agreement does not prohibit Meintjes from seeking and obtaining a whistleblower award from the SEC pursuant to 21F of the Exchange Act.
{20502/00000/2945322.DOCX.}    

3.ADEA Release.  Without limiting the above, in exchange for the Company’s obligations under this Agreement, Meintjes unconditionally waives, releases and discharges the Released Parties from any and all claims, whether known or unknown, from the beginning of time to the date of the Employee’s execution of this Agreement, arising under the Age Discrimination in Employment Act, as amended, and its implementing regulations (collectively, the “ADEA”).  Meintjes acknowledges that:
(a)this Agreement is written in a manner calculated to be understood by him;
(b)this Agreement represents Meintjes’ knowing and voluntary release of any and all claims that he might have, including, but not limited to, any claims arising under the ADEA;
(c)Meintjes has not been asked to release, nor has he released, any claim under the ADEA that may arise after the date of this Agreement;
(d)the consideration that he will receive in exchange for this Agreement is something of value to which he is not otherwise entitled;
(e)he is hereby advised to consult with an attorney before signing this Agreement; and
(f)he understands that he has twenty-one (21) calendar days to consider this Agreement before signing it, and that he can revoke his release of claims under the ADEA within seven (7) calendar days of signing it by sending written notice of revocation to the Chief Human Resources Officer, Peabody Energy, 701 Market Street, St. Louis, MO 63101.
(g)he understands the day following the date of expiration of the seven (7) day revocation period is the “Effective Date” of this Agreement.
4.Resignation.  As a result of Meintjes’ separation from all positions held with the Company and its subsidiaries and affiliates as of September 18, 2020, Meintjes also agrees to resign from all positions as a director or officer of the Company (or any parent, subsidiary or affiliate).  Further, Meintjes acknowledges that he has taken any additional steps necessary to document such resignation(s), and will execute any further documents the Company may reasonably require to effectuate such resignation(s).
5.Non-Admission.  Nothing contained in this Agreement shall constitute or be treated as an admission of any wrongdoing or liability on the part of either Party.
6.Confidentiality.  With the exception of any documents required to be disclosed by law, the Parties agree they will not disclose or discuss, directly or indirectly, the terms of this Agreement or the circumstances related thereto, (collectively referred to as the “Settlement Information”) with any other person, except with their respective attorneys, accountants, tax advisors and, in Meintjes’ case, his spouse and, in the Company’s case, its senior management and directors.  In the event the Parties discuss the Settlement Information with any such permitted person(s), they must direct such person(s) not to disclose the Settlement Information in violation                                                                                                                                            
{20502/00000/2945322.DOCX.}    

of this Agreement.  Notwithstanding any other provision in this paragraph 6, under no circumstances shall Meintjes disclose the Settlement Information to any of the Company’s current or former employees, officers, directors, agents or independent contractors, other than the Company’s Chief Executive Officer, Chief Human Resources Officer, Chief Legal Officer, and board members.
7.The Participation Agreement.  Notwithstanding anything to the contrary herein, the Parties acknowledge and reaffirm their obligations fully to perform and abide by the terms of the Participation Agreement (collectively, the “Surviving Obligations”).  If there are any conflicts between this Agreement and the Plan, this Agreement governs.  Meintjes further acknowledges that he will continue to be bound by the applicable terms of the Restrictive Covenant Agreements he signed in connection with his 2018, 2019 and 2020 Restricted Stock Unit Agreements and 2018, 2019 and 2020 Performance Stock Unit Agreements.  Company agrees that Meintjes may advise and negotiate on behalf of his family regarding the use or disposition of his family lands in South Africa held as of the date of this Agreement and that this will not be a violation of Paragraph 5 of The Participation Agreement.
8.Benefits.  Other than any rights to which Meintjes may be entitled under the Participation Agreement, Meintjes acknowledges and agrees that his participation in any of the Company’s (or any parent’s subsidiary’s or affiliate’s) disability, life insurance, accidental death and dismemberment, and/or other related plans shall cease in accordance with the terms of the respective plans, and that he has been informed that the Company’s Long-Term Disability Plan requires as a condition of participation that he be “actively at work” and that he will not, therefore, be eligible to continue to participate in such plan after the Separation Date.  Furthermore, nothing in this Agreement modifies or affects any rights, if any, that Meintjes may have to be indemnified and held harmless for his acts and omissions to act as an employee of the Company under any insurance policy procured and maintained by the Company, any indemnification agreement with or indemnification policy of the Company or of any other party, as in effect at any time and from time to time (including, but not limited to, the Company’s Amended and Restated By-Laws, Article IV, Indemnification), or under applicable law.
Further, Meintjes agrees that he will continue to be subject to the tax equalization program for any assignment related payments or Long Term Incentive payments relating to his international assignment to Australia which began in 2012 and ended in Spring 2017 (“Assignment Period”); and that to the extent U.S. Federal tax is reduced via the claiming of Foreign Tax Credits (FTC) on his applicable U.S. tax return, the FTC claimed shall be due back to the Company on the basis of the tax equalization program as the FTC’s represent foreign taxes funded by the Company in relation to the Assignment Period.
The Company agrees it will provide Meintjes with assistance in relation to the preparation and filing of his 2020 and 2021, if applicable U.S. Federal and any U.S. State and any Australian tax returns at no cost to Meintjes where these contain income related to the Assignment Period.
In the event any of Meintjes’ tax returns are selected for inspection, review and or audit by any tax authority in Australia or in the United States and such tax returns correspond to the Assignment Period or contain any assignment related payments, including Long Term Incentive Payments attributable to the Assignment Period, the Company shall, at no cost to Meintjes, make 
{20502/00000/2945322.DOCX.}    

available to Meintjes the accounting firm who prepared his taxes for these years (or other comparable accounting firm) to assist with questions relating to Meintjes’ assignment related payments in connection with said tax authority’s inspection, review and or audit.
Further, Meintjes agrees that any adjustments to Australia, U.S. Federal or applicable State taxes arising from such inspection, review and or audit by any tax authority in Australia or the United States or any applicable State will also be handled in accordance with the tax equalization program.
9.Representations and Acknowledgment.  Meintjes represents and warrants that within two weeks following the effective date of this agreement:  (a) he will return to the Company, and will not retain in any format, all documents and other property of the Company, or any parent, subsidiary or affiliate, that he had in his possession at any time, including, without limitation, computers, telephones, mobile digital devices, security access cards, tangible or electronic files, confidential documents (excluding personal employment related information), external hard drives, flash drives, notes, notebooks, correspondence, memoranda, agreements, drawings, records, business plans, forecasts, financial information, specifications and tangible property (and all reproductions thereof in whole or in part); (b) he has filed no pending claims with any court or government agency against any of the Released Parties; (c) he has not breached any of the terms of the Participation Agreement; (d) he has properly disclosed to the Company any work-related injury(s); (e) he has been paid in full all wages due and owing to his for any and all work performed for the Companies (as defined below) up to the Separation Date; and (f) he has properly disclosed to the Company all facts or circumstances of which he is aware that may constitute a violation by any of the Companies of any federal state or local law.
Meintjes acknowledges that he remains bound by, and that the Company’s obligation to provide the payments and benefits under this Agreement is contingent on his compliance with, this Agreement and the Participation Agreement.  If Meintjes breaches this Agreement or the Participation Agreement, or if he revokes the ADEA release contained in paragraph 3 of this Agreement, the Company may, in addition to any other remedies it may have, cease performing or paying any remaining obligations it otherwise owes Meintjes under this Agreement or the Participation Agreement and reclaim any amounts or benefits paid to Meintjes under either such agreement, without waiving the releases provided herein.
10.    Cooperation.  Meintjes agrees that,during the Severance Period as defined in Exhibit A, at the Company’s request, he will cooperate in any pending or future litigation or governmental inquiry which involves any interests of the Company, its parents, subsidiaries or affiliates (collectively the “Companies”), to which he is not a party adverse to the Companies and in relation to which he has knowledge or information.  Upon the request of and at the expense of the Companies, and upon reasonable notice, Meintjes will testify truthfully in such proceedings, in any jurisdiction, whether or not such testimony can otherwise be compelled.  Meintjes also agrees to cooperate with the Company in answering questions which may arise after his Separation Date regarding the status or background of projects on which he has worked.
11.    Non-Disparagement.  Meintjes agrees that he shall not criticize, denigrate, or otherwise disparage or cause disparagement, or make any disparaging remarks (“Disparage”), to the media, the general public, or to any other person or entity about the Companies or their 
{20502/00000/2945322.DOCX.}    

officers and directors.  The Company will direct those of its employees, officers, and directors with specific knowledge of this Agreement not to publicly Disparage Meintjes.
12.    Knowing and Voluntary Agreement.  Meintjes represents and acknowledges that he has carefully read and fully understands all the provisions of this Agreement, that he is signing this document freely and voluntarily as a conscious act of his own free will, and that he is under no duress, coercion or undue influence in executing this Agreement.  Meintjes also represents and acknowledges that he has no legal impediments (including bankruptcies) to fully and completely settle all claims and to sign this Agreement.
13.    Entire Agreement.  This Agreement may not be modified, altered, or changed except by a written agreement signed by the Parties.  The Parties acknowledge that the Participation Agreement and this Agreement constitute the entire agreement between them, superseding all prior written and oral agreements.
14.    Severability.  If any of the provisions, terms or clauses of this Agreement are declared illegal, unenforceable, or ineffective, those provisions, terms and clauses shall be deemed severable, and all other provisions, terms and clauses of this Agreement shall remain valid and binding upon both Parties.
15.    Counterparts.  This Agreement may be executed in separate counterparts and each such counterpart shall be deemed an original with the same effect as if both Parties had signed the same document.  Facsimile signatures shall have the same effect as original signatures.
16.    No Transfer of Rights.  Meintjes represents and warrants that he is the sole owner of all claims he has released in this Agreement, and that he has not assigned or transferred any such claim (or any interest in such claim) to any other person or entity, and he will indemnify, defend, and hold the Company harmless for any damages costs or expenses which it, its successors and assigns may incur if these representations and warranties are incorrect in any respect.
17.    Assignment.  The Released Parties may assign this Agreement at any time, and the Agreement shall inure to the benefit of their respective successors and assigns.  Meintjes may not assign this Agreement.
18.    Choice of Law; Forum Selection.
(a)Any suit, action, or other legal proceeding arising out of or relating to this Agreement or the Participation Agreement must be brought exclusively in the Circuit Court of St. Louis County, Missouri or the United States District Court for the Eastern District of Missouri (the “Selected Fora”) and must not be commenced or maintained in any other court.  The Parties consent to the exclusive venue and jurisdiction of the Selected Fora for any such suit, action or proceeding.  Meintjes shall update his address with the Company as soon as possible after a change in address occurs and acknowledges that it is his responsibility to ensure that the Company has his correct address on file.
{20502/00000/2945322.DOCX.}    

(b)The Parties agree and understand that Missouri has the most substantial relationship to them, the employment relationship and this Agreement.  The Parties therefore agree and understand that this Agreement will be governed and construed in accordance with the laws of Missouri, without regard to its laws concerning choice or conflicts of law.
19.    Drafting.  This Agreement shall be construed without regard to the drafter of the same and shall be construed as though each party to this Agreement participated equally in the preparation and drafting of this Agreement.
20.    Attorneys’ Fees.  Each Party shall be responsible for bearing their own costs, expenses and attorneys’ fees incurred in connection with suit, action, or other legal proceeding arising out of or relating to this Agreement or the Participation Agreement and the completion of this settlement.  In the event of any suit, action, or other legal proceeding to enforce this Agreement or for its breach, the prevailing party shall be entitled to recover all costs and attorneys’ fees expended in the prosecution or defense thereof.
21.    Execution of Additional Documents.  The Parties agree to execute such other, further, and different documents as reasonably may be required to effectuate this Agreement.
22.    Headings.  The headings in each paragraph herein are for convenience of reference only and shall be of no legal effect in the interpretation of the terms hereof.

{20502/00000/2945322.DOCX.}    

IN WITNESS WHEREOF, the Parties hereto have executed this Confidential Separation and Release Agreement on the dates indicated below.

CHARLES MEINTJES

     /s/ Charles Meintjes                                         

Date:    09/28/2020                                               

PEABODY ENERGY CORPORATION

By:     /s/ Paul V. Richard                                     

Name:     Paul V. Richard                                     

Title:       CHRO                                                    

Date:       09/28/2020                                             

{20502/00000/2945322.DOCX.}    

																																				
	ESTIMATE
	Charles Meintjes
	Severance Provisions (Executive Severance Plan)
	September 18, 2020 Separation Date
												
	Severance Calculation
						Annual						
		Base Salary as of				Incentive		Bonus Earned by			
		Separation Date				Opportunity		Calendar Year			
		$610,000				100%		$	476,114 		2019			
								629,000 		2018			
								715,808 		2017			
								$	606,974 					
								Reference Bonus			
		Executive										
		Severance Plan										
		Payments										
		$	1,220,000 			2.0X Participant's Base Salary			
		1,213,948 			2.0X Reference Bonus			
		73,200 			2.0X 6% of Participant's Base Salary			
		$	2,507,148 			Total Executive Severance Plan Payments			
												
		Other Payments										
		TBD		2020 Pro Rata Bonus based on actual (to be paid no later than March 15, 2021) - $67,261 estimated based on August 2020 forecast
		46,923 			Accrued but unused vacation (retirement eligible, full remaining balance of 160 hours to be paid by September 30, 2020)
		133,700 			Pay in lieu of notice for 80 days to be paid by September 30, 2020
		$	180,623 			Total Other Payments	
												
	Payment Schedule
												
		Severance Date										
		 +65 Days										
		11/23/2020			$313,394	Severance payment 1 (covers September, October and November)	
		12/31/2020			$104,465	Severance payment 2	11/30/2021	$104,465		Severance payment 13	
		1/31/2021			$104,465	Severance payment 3	12/31/2021	$104,465		Severance payment 14	
		2/28/2021			$104,465	Severance payment 4	1/31/2022	$104,465		Severance payment 15	
		3/31/2021			$104,465	Severance payment 5	2/28/2022	$104,465		Severance payment 16	
		4/30/2021			$104,465	Severance payment 6	3/31/2022	$104,465		Severance payment 17	
		5/31/2021			$104,465	Severance payment 7	4/30/2022	$104,465		Severance payment 18	
		6/30/2021			$104,465	Severance payment 8	5/31/2022	$104,465		Severance payment 19	
		7/31/2021			$104,465	Severance payment 9	6/30/2022	$104,465		Severance payment 20	
		8/31/2021			$104,465	Severance payment 10	7/31/2022	$104,465		Severance payment 21	
		9/30/2021			$104,465	Severance payment 11	8/30/2022	$104,465		Severance payment 22	
		10/31/2021			$104,465	Severance payment 12					
												
	Benefits
												
	Group Health - continuation of group health coverage (including medical, dental and vision) for the shorter of the severance period or 18 months following the date of Participant's termination of employment; provided the Participant pays the full cost of coverage under such plans and such coverage shall terminate to the extent that the Participant is offered or obtains comparable benefits from any other employer during the continuation period. The Participant shall be reimbursed by the Company, on an after-tax basis, for the cost of the Continuation Benefits (except that the reimbursement for his or her required contributions for COBRA health care continuation shall be reduced by an amount equal to the cost paid by an active employee for similar coverage under the Company health plan).
	
	
	
	
	
	
	
												
	SERA - distribution will be based on the SERA balance as of March 18, 2021.
			
												
	Equity Awards
												
	Per the terms of the award agreement, the following treatment applies to the following:			

																																	
	Grant Date	Outstanding PSUs at 9/18/20	Performance Period Start Date	Performance Period End Date	Days in Performance Period	Severance Date	Days Completed at 9/18/20	Percent Completed at 9/18/20	PSUs Prorated at 9/18/20	Achievement as of 9/18/2020	Estimated Shares
	2/9/2018	19,685	1/1/2018	12/31/2020	1,096	9/18/2020	991	90%	17,799	14.6%	2,599
	1/2/2019	24,323	1/1/2019	12/31/2021	1,096	9/18/2020	626	57%	13,893	13.8%	1,917
	1/2/2020	86,400	1/1/2020	12/31/2022	1,096	9/18/2020	261	24%	20,575	15.0%	3,086
									52,267		7,602
											
	PSUs: upon a termination without cause or for good reason, a pro-rata portion of the PSUs based on the number of days the grantee provided services during the performance period shall become earned and vest on the basis of the relative achievement of the applicable performance goals and payment will be made at the end of the performance cycle for each grant
	
	
	
											
	RSUs: upon a termination without cause or for good reason, all unvested RSUs are forfeited

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]