Document:

VANGUARD HEALTH SYSTEMS, INC.

EXHIBIT 10.1

AMENDMENT NUMBER 5

to the

VANGUARD HEALTH SYSTEMS, INC.

2004 STOCK INCENTIVE PLAN

1.         Section 1 of the above-referenced Plan is deleted in its entirety and replaced with the following new sentence 1.

            1.         Purpose of the Plan.

                        The purpose of the Plan is to aid the Company (as defined below) and its Affiliates (as
defined below) in recruiting and retaining key employees and directors or representatives of outstanding ability and to motive such employees and directors or representatives to exert their best efforts on behalf of the Company and its Affiliates by providing
compensation and incentives through the granting of Awards (as defined below).  The Company expects that it will benefit from the added interest which such key employees and directors or representatives will have in the welfare of the Company as a result of
their proprietary interest in the Company’s success.

2.         The definition of the term “Employment” in Section 2 of the above-referenced Plan is deleted in its entirety and replaced with the following new definition of the
term “Employment.”

                        (m)       “Employment”: Either (1) a
Participant’s employment if the Participant is an employee of the Company or any of its Affiliates provided, however, that unless otherwise determined by the Committee, a change in a Participant’s status from employee to non-employee shall constitute a
termination of employment hereunder, (2) service to the Company or to one of its Affiliates as a member of its Board of Directors or Board of Representatives, as the case may be; or (3) a different service relationship with the Company or its Affiliate other than
being a director of the Company or a director or representative of one of its Affiliates.  Unless the Committee provides otherwise:  A Participant who receives an Award in any capacity other than as an Employee will be deemed to continue Employment so long
as the Participant is providing services in such capacity.  If a Participant’s relationship is with an Affiliate and that entity ceases to be an Affiliate, the Participant will be deemed to cease Employment when the entity ceases to be an Affiliate unless
the Participant transfers Employment to the Company or its remaining Affiliates.

3.         The definition of the term “Participant” in Section 2 of the above-referenced Plan is deleted in its entirety and replaced with the following new definition of the
term “Participant.”

                        (t)         “Participant”
means a natural person who is selected by the Committee to receive an Award under the Plan.

4.         The following new Section 18 is added to the above-referenced Plan:

            18.       Section 409A

                        It is intended that the terms of the Plan comply with Section 409A of the Code. 
If it is determined that the terms of the Plan have been structured in a manner that would result in adverse tax treatment under Section 409A of the Code, the parties agree to cooperate in taking all reasonable measures to restructure the arrangement to minimize or
avoid such adverse tax treatment without materially impairing any Participant’s economic rights.QuickLinks
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Exhibit 10.1  

 
 

SIXTH AMENDMENT TO THE
  SECOND AMENDED AND RESTATED CREDIT AGREEMENT    
    

        THIS SIXTH AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), dated as of
May 9, 2008 and effective as of the date on which all of the conditions set forth in Section 6 have been satisfied or waived by the Administrative Agent (the
"Amendment Effective Date") which amends that certain Second Amended and Restated Credit Agreement dated as of March 30, 2006, as amended by the
First Amendment to the Second Amended and Restated Credit Agreement dated as of May 2, 2006, the Second Amendment to Second Amended and Restated Credit Agreement dated as of October 25,
2006, the Third Amendment to Second Amended and Restated Credit Agreement dated as of November 29, 2006, the Fourth Amendment to Second Amended and Restated Credit Agreement dated as of
March 1, 2007 and the Fifth Amendment to Second Amended and Restated Credit Agreement dated as of May 7, 2007, by and among VENOCO, INC., a Delaware corporation (the
"Company"), the Guarantors, each of the Lenders party thereto, BANK OF MONTREAL, a Canadian chartered bank acting through certain of its U.S. branches
or agencies, as Administrative Agent (in such capacity, the "Administrative Agent"), CREDIT SUISSE, CAYMAN ISLANDS BRANCH, and LEHMAN COMMERCIAL
PAPER INC., as Co-Syndication Agents and FORTIS CAPITAL CORP., as Documentation Agent (as in effect immediately prior to the Amendment Effective Date, the
"Credit Agreement"), is by and among the Company, the Guarantors, each of the Lenders party hereto and the Administrative Agent. 

        WHEREAS,
the Company has requested that the Credit Agreement be amended to allow The Royal Bank of Scotland plc, Key Bank National Association, and RZB Finance LLC
(collectively, the "New Lenders") to become "Lenders" party to the Credit Agreement, as set forth herein; 

        WHEREAS,
the Company has requested that the Credit Agreement be amended to make certain other changes to the Credit Agreement on the terms and conditions set forth in this Amendment; and 

        WHEREAS,
all of the Lenders have agreed to such amendments subject to the terms and conditions set forth in this Amendment. 

        NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

        Section 1.  Defined Terms; Interpretation. 

        (a)   "Current Lenders" means the Lenders identified as the Current Lenders on Schedule I hereto. 

        (b)   "Exiting Lender" means Citibank, N.A. 

        (c)   Capitalized
terms used but not otherwise defined herein shall have the meanings assigned such terms in the Credit Agreement. 

        (d)   The
rules of interpretation set forth in Section 1.2 of the Credit Agreement are incorporated in this Amendment as if set forth herein. 

        Section 2.
Lender Transactions. 

        (a)   Each
Current Lender hereby sells, transfers and assigns to the other Current Lenders (other than the Exiting Lender) and the New Lenders, and each other Current Lender
(other than the Exiting Lender) and each New Lender hereby purchases, assumes and undertakes from such Current Lender, without recourse and without representation or warranty (except as provided in 

1

 

this
Section 2) a percentage equal to the percentage set forth opposite such Lender's name on Schedule I hereto under the column "Lender's Pro Rata Share at the Effective Date" of
(i) the Maximum Loan Amount and the Loans of such Current Lender and (ii) all related rights, benefits, obligations, liabilities and indemnities of such Current Lender under and in
connection with the Credit Agreement, each Guaranty, the Mortgages, each other Security Document and the other Loan Documents and all Collateral and other security for the Obligations (the
"Assigned Interest"). 

        (b)   Upon
effectiveness of this Amendment and by its execution and delivery hereof, each of the New Lenders shall be a party to the Credit Agreement, shall have all the
rights and obligations of a "Lender" under the Credit Agreement and the other Loan Documents as if each were a signatory thereto, and shall agree, and does hereby agree, to be bound by the terms and
conditions set forth in the Credit Agreement and the other Loan Documents to which the Lenders are a party, in each case, as if each were a signatory thereto. 

        (c)   Upon
effectiveness of this Amendment and by its execution and delivery hereof, the Exiting Lender is released from its obligations under the Loan Documents, other than
those relating to events or circumstances occurring prior to the date hereof and the Exiting Lender shall cease to be a party to the Credit Agreement. Notwithstanding any other provisions hereof or in
any other agreement, the Borrower shall remain fully liable to the Exiting Lender or to any of its Indemnified Persons with respect to all valid and existing obligations and liabilities, if any,
regarding indemnification and reimbursement of fees, expenses and other obligations created or evidenced by the Credit Agreement and arising prior to the date hereof; provided, however, such
obligations and liabilities are not secured by the existing Loan Documents. 

        (d)   Each
of the New Lenders hereby represents and warrants as follows: (i) such New Lender has fully reviewed the terms of the Credit Agreement and the other Loan
Documents, copies of which, together with copies of the documents which were required to be delivered as a condition to the making of the initial Loans thereunder, have been delivered to such New
Lender by the Administrative Agent, and such New Lender has independently and without reliance upon any other Lender or the Administrative Agent, and based on such information as such New Lender has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement and (ii) if such New Lender is not incorporated, formed or organized under the laws of the United
States of America or a state thereof, such New Lender has contemporaneously herewith delivered to the Administrative Agent and the Company such documents as are required by the Credit Agreement. Each
of the New Lenders hereby (x) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as
are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (y) agrees that it will perform in accordance
with their terms all of the obligations that by the terms of the Credit Agreement or any other Loan Document are required to be performed by it as a Lender. 

        (e)   Each
of the Current Lenders (a) represents and warrants that (i) it is the legal and beneficial owner of its respective Assigned Interest, (ii) such
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Amendment and to consummate the transactions contemplated hereby; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Credit Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any
other Loan Document or any other instrument or document furnished pursuant thereto; (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition
of the Company, any of its Subsidiaries or any other obligor or the performance or observance by the Company, any of its Subsidiaries or any other obligor of any of their respective obligations under 

2

 

the
Credit Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto or thereto; and (d) attaches any Note held by it evidencing the Assigned Interest
and (1) requests that the Administrative Agent, upon request by any New Lender, request that the Company exchange the attached Note (if any) for a new Note payable to such New Lender and
(2) requests that the Administrative Agent request that the Company exchange the attached Note for a new Note payable to such Current Lender, in each case in amounts which reflect the
assignments being made hereby. 

        (f)    Each
of the New Lenders hereby advises the other parties hereto that its respective address for notices and its respective Lending Office(s) shall be as set forth below
its name on its respective signature page hereto. 

        Section 3.  Borrowing Base. The Lenders hereby approve a Borrowing Base of $200,000,000 as of the Amendment Effective Date. Such
determination shall constitute the annual Borrowing Base determination for purposes of Section 2.6(b) of the Credit Agreement. 

        Section 4.
Amendments. The Credit Agreement is hereby amended as follows: 

        (a)   The
definition of "Maturity Date" is amended and restated to read in its entirety as follows: 

"'Maturity Date' means March 30, 2011." 

        (b)   Section 8.12
is hereby amended and restated to read in its entirety as follows: 

        "8.12
Consolidated Leverage Ratio. The Company shall not permit the Consolidated Leverage Ratio to exceed 4.00 to 1.00 for any fiscal
quarter." 

        (c)   Section 8.14
is hereby amended by deleting the entirety of Section 8.14 and replacing the text thereof with
"[Intentionally omitted]." 

        (d)   Section 8.15
is hereby amended by deleting the entirety of Section 8.15 and replacing the text thereof with
"[Intentionally omitted]." 

        (e)   Schedules 1.1(a)
and 1.1(b) are hereby replaced in their entirety with Schedules 1.1(a) and 1.1(b) attached to this Amendment. 

        Section 5.  Amendment and Ratification. Upon the effectiveness hereof as provided in Section 6 of this Amendment, this
Amendment shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as modified hereby, is hereby ratified, approved and confirmed to be in full force and effect in each
and every respect. Except as expressly provided by the amendments set forth in Section 4 of this Amendment, the execution, delivery and effectiveness of this Amendment shall neither operate as
a waiver of any right, power or remedy of any Lender or any Agent, nor constitute a waiver of any provision of any of the Loan Documents. All references to the Credit Agreement in any other document,
instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement as amended hereby and as may be further amended, amended and restated, supplemented or otherwise modified
from time to time pursuant to the terms thereof and the Intercreditor Agreement. 

        Section 6.
Conditions to Effectiveness. The effectiveness of this Amendment is subject to the condition that the Administrative
Agent shall have received all of the following, in form and substance satisfactory to the Administrative Agent and each Lender, and in sufficient copies for each Lender: 

        (a)   Amendment.    This Amendment, duly executed and delivered by each of the Company, the Guarantors and all
Lenders; 

        (b)   Payment of Fees.    Evidence of payment by the Company of all accrued and unpaid fees, costs and expenses owed
pursuant to the Credit Agreement or this Amendment, in each case to 

3

 

the
extent then due and payable at the Amendment Effective Date, including any such costs, fees and expenses arising under or referenced in Sections 2.8 and 11.4 of the Credit Agreement and
including a fee to the Administrative Agent for the account of the Lenders on the Closing Date equal to $500,000, which fee will be allocated to each Current Lender (other than the Exiting Lender) and
each New Lender in accordance with such Lender's Pro Rata Share at the Effective Date. 

        (c)   Certificate.    A certificate signed by a Responsible Officer, dated as of the date hereof, stating that
(i) the representations and warranties contained in Article VI and Section 4.5(b) of the Credit Agreement are true and correct on and as of the Amendment Effective Date, as though
made on and as of such date; (ii) no litigation is pending or threatened against the Company or any Subsidiary in which there is a reasonable probability of an adverse decision which would
result in a Material Adverse Effect; and (iii) there has occurred no event or circumstance that has resulted or would reasonably be expected to result in a Material Adverse Effect since
December 31, 2007; 

        (d)   Opinion of Counsel.    An opinion of Davis Graham & Stubbs LLP covering such matters as the
Administrative Agent may require and in form and substance satisfactory to the Administrative Agent dated as of the Amendment Effective Date; and 

        (e)   Other Documents.    Such other approvals, opinions, documents or materials as the Administrative Agent or any
Lender may reasonably request. 

        Section 7.
Representations and Warranties. The Company and each Guarantor each hereby represent and warrant that, as of the date
hereof and the Amendment Effective Date, after giving effect to this Amendment: 

        (a)   Bring-Down of Representations and Warranties.    The representations and warranties of the Company
and each Guarantor contained in Article VI and Section 4.5(b) of the Credit Agreement are true and correct on and as of the Amendment Effective Date, as though made on and as of such
date. 

        (b)   No Litigation.    No litigation is pending or threatened against the Company or any Subsidiary in which there
is a reasonable probability of an adverse decision which would result in a Material Adverse Effect. 

        (c)   No Material Adverse Effect.    There has occurred no event or circumstance that has resulted or would
reasonably be expected to result in a Material Adverse Effect since December 31, 2007. 

        (d)   No Default or Event of Default.    No event has occurred and is continuing which constitutes a Default, an
Event of Default or both. 

        Section 8.
Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

        Section 9.
Costs and Expenses. The Company shall pay all reasonable costs and expenses incurred by the Administrative Agent or any
other Agent, the Lenders or any of their Affiliates in connection with the development, preparation, administration and execution of this Amendment, including Attorney Costs incurred by any such
Person with respect thereto. 

        Section 10.
Counterparts. This Amendment may be executed in any number of separate counterparts, no one of which need be signed by
all parties; each of which, when so executed, shall be deemed an original, and all of such counterparts taken together shall be deemed to constitute but one and the same instrument. A fully executed
counterpart of this Amendment by facsimile signatures shall be binding upon the parties hereto. 

[Signature Pages Follow]

4

  
        IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to the Second Amended and Restated Credit Agreement be duly executed and delivered by their respective duly
authorized officers as of the date first set forth above, to be effective as of the Amendment Effective Date. 

	

 	
 	
COMPANY:
	
 	
 	

VENOCO, INC.
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez
 Chief Executive Officer
	

 	
 	
GUARANTORS:
	

 	
 	
WHITTIER PIPELINE CORPORATION
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez
 President
	

 	
 	
TEXCAL ENERGY (LP) LLC
	

 	
 	

By:	
 	

VENOCO, INC., its Manager
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez
 Chief Executive Officer
	

 	
 	
TEXCAL ENERGY (GP) LLC
	

 	
 	

By:	
 	

VENOCO, INC., its Manager
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez
 Chief Executive Officer

	

 	
 	
GUARANTORS:
	

 	
 	
TEXCAL ENERGY SOUTH TEXAS L.P.
	

 	
 	

By:	
 	

TEXCAL ENERGY (GP) LLC,

as general partner
	

 	
 	

By:	
 	

VENOCO, INC., its Manager
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez
 Chief Executive Officer
	

 	
 	
CATCO ENERGY LLC
	

 	
 	

By:	
 	

VENOCO, INC., its Manager
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez
 Chief Executive Officer
	

 	
 	

Address for Notice to the Company and the Guarantors:

Principal Place of Business

and Chief Executive Office:
	

 	
 	

 	
 	

370 17th Street, Suite 2950

Denver, Colorado 80202-1370

Attention: Chief Financial Officer

Facsimile No.: (303) 626-8315

	
 	
 	

ADMINISTRATIVE AGENT:
	

 	
 	
BANK OF MONTREAL, acting through its U.S. branches and agencies, including its Chicago, Illinois branch, as Administrative Agent and as a Lender
	

 	
 	

By:	
 	

/s/  JOSEPH A. BLISS      
 Joseph A. Bliss
 Managing Director
	
 	
 	

LENDER:
	

 	
 	

BMO CAPITAL MARKETS FINANCING INC.
	
 	
 	

By:	
 	

/s/  JIM DUCOTE      
 Jim Ducote
 Director
	

 	
 	
CO-SYNDICATION AGENT AND A LENDER:
	

 	
 	

CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	
 	
 	

By:	
 	

/s/  DOREEN BARR      
 Name:  Doreen Barr

Title:    Vice President
	

 	
 	

By:	
 	

/s/  MORENIKEJI AJAYI      
 Name:  Morenikeji Ajayi

Title:    Associate

	

 	
 	
CO-SYNDICATION AGENT AND A LENDER:
	

 	
 	

LEHMAN COMMERCIAL PAPER INC.
	
 	
 	

By:	
 	

/s/  MARIA M. LUND      
 Name:  Maria M. Lund

Title:    Authorized Signatory
	
 	
 	

DOCUMENTATION AGENT AND A LENDER:
	

 	
 	
FORTIS CAPITAL CORP.
	

 	
 	

By:	
 	

/s/  DAVID MONTGOMERY      
 Name:  David Montgomery

Title:    Director
	

 	
 	

By:	
 	

/s/  ILENE FOWLER      
 Name:  Ilene Fowler

Title:    Director
	
 	
 	

A LENDER:
	

 	
 	

ALLIED IRISH BANKS p.l.c.
	
 	
 	

By:	
 	

/s/  DAVID O'DRISCOLL      
 Name:  David O'Driscoll

Title:    Assistant Vice President
	

 	
 	

By:	
 	

/s/  AIDAN LANIGAN      
 Name:  Aidan Lanigan

Title:    Vice President
	
 	
 	

A LENDER:
	

 	
 	

AMEGY BANK NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

/s/  GREGORY J. PETRUSKA      
 Name:  Gregory J. Petruska

Title:    Senior Vice President

	 	 	EXITING LENDER:
	

 	
 	

CITIBANK, N.A.
	

 	
 	

By:	
 	

/s/  THOMAS BENAVIDES      
 Name:  Thomas Benavides

Title:    Vice President
	
 	
 	

A LENDER:
	
 	
 	

THE BANK OF NOVA SCOTIA
	

 	
 	

By:	
 	

/s/  JAMES FORWARD      
 Name:  James Forward

Title:    Managing Director
	

 	
 	
A LENDER:
	

 	
 	
UNION BANK OF CALIFORNIA, N.A.
	

 	
 	

By:	
 	

/s/  WHITNEY RANDOLPH      
 Name:  Whitney Randolph

Title:    Assistant Vice President
	

 	
 	
A LENDER:
	

 	
 	

BANK OF OKLAHOMA,

NATIONAL ASSOCIATION
	
 	
 	

By:	
 	

/s/  THOMAS M. FONCANNON      
 Name:  Thomas M. Foncannon

Title:    Senior Vice President
	
 	
 	

A LENDER:
	

 	
 	

KEYBANK NATIONAL ASSOCIATION
	
 	
 	

By:	
 	

/s/  KEVIN HAYS      
 Name:  Kevin Hays

Title:    Director
	

 	
 	

Address for Notices:

8177 Preston Rd, Suite 440

Dallas, Texas 75225
	

 	
 	

Facsimile No.:    (214) 414-2610

 

	

 	
 	
A LENDER:
	

 	
 	
RZB FINANCE LLC
	
 	
 	

By:	
 	

/s/  SHIRLEY RITCH      
 Name:  Shirley Ritch

Title:    Assistant Vice President
	

 	
 	

By:	
 	

/s/  CHRISTOPH HOEDL      
 Name:  Christoph Hoedl

Title:    Group Vice President

	

 	
 	

Address for Notices:	
 	

RZB Finance LLC

24 Grassy Plain Street

Bethel CT 06801
	 	 	Facsimile No.:	 	212-944-2093
	 	 	Attention:	 	Shirley Ritch
	

 	
 	
A LENDER:
	

 	
 	

THE ROYAL BANK OF SCOTLAND PLC
 

	

 	
 	

By:	
 	

/s/  ROBERT E. POIRRIER, JR.      
 Name:  Robert E. Poirrier, Jr.

Title:    Senior Vice President

	

 	
 	

Address for Notices:	
 	

101 Park Avenue

New York, NY 10178
	 	 	Facsimile No.:	 	212-401-1494
	 	 	Attention:	 	Claudia Ramirez
	

 	
 	

with a copy to:	
 	

 
	 	 	Address:	 	600 Travis Street, Suite 6500

Houston, Texas 77002
	 	 	Facsimile No.:	 	713-221-2428
	 	 	Attention:	 	Robert E. Poirrier, Jr.

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SIXTH AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT

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