Document:

Unassociated Document

     

    
      Exhibit
10.1

    

     

    As of
September 15, 2009

    

    Teton
Energy Corporation

    600
17th
Street, Suite 1600 North

    Denver,
Colorado 80202

    
      Attention:
Jonathan Bloomfield

    

     

    
      	
              Re:

            	
              Third
      Amendment to Second Amended and Restated Credit Agreement and Forbearance
      Agreement (the “Third
      Amendment”) dated effective as of August 26, 2009, among Teton
      Energy Corporation, a Delaware corporation (“Borrower”), the
      financial institutions party thereto as lenders (“Lenders”), and JPMorgan
      Chase Bank, N.A., as Administrative Agent (“Administrative
      Agent”).  Unless otherwise defined herein, all terms used
      herein which are defined in the Third Agreement shall have the meaning
      assigned to such terms in the Third
Amendment.

            

    

    

     

    
      Ladies
and Gentlemen:

    

     

    Borrower
has advised Administrative Agent and Lenders that it desires to amend certain
terms of the Third Amendment.  In consideration of the mutual
covenants and agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and
confessed, the parties hereto hereby agree as follows:

     

    
      	
              1.

            	
              Amendments.  In
      reliance on the representations, warranties, covenants and agreements
      contained in this letter agreement, and subject to the satisfaction of the
      conditions precedent set forth in Section 3
      hereof, the Third Amendment is hereby amended effective as of the date
      hereof as follows:

            

    

     

    
      	 
      	
              
                (a)
      Section 2.1 of
      the Third Amendment.  Section 2.1 of the Third Amendment
      is hereby amended by replacing each reference to “September 15, 2009” with
      “September 30, 2009”.  

              

            
	 
      	
                    
                (b)
      Section 3.1 of
      the Third Amendment.  Section 3.1 of the Third Amendment
      is hereby amended by inserting the following definition of “Indebtedness”
      before the definition of “Interest Payment
    Date”:

              

            
	 
      	 	 
      
	 
      	
              “Indebtedness”
      means any and all amounts owing or to be owing by  Borrower, any
      Subsidiary or any Guarantor (whether direct or indirect (including those
      acquired by assumption), absolute or contingent, due or to become due, now
      existing or hereafter arising):  (a) to Administrative Agent,
      the Issuing Bank or any Lender under any Loan Document; (b) to any Lender
      or any Affiliate of a Lender under any Swap Agreement between Borrower or
      any Subsidiary and such Lender or Affiliate of a Lender while such Person
      (or in the case of its Affiliate, the Person affiliated therewith) is a
      Lender hereunder; (c) to any Lender or any Affiliate of a Lender created,
      arising, evidenced or acquired (including all renewals, extensions and
      modifications thereof and substitutions therefor) in connection with
      treasury management services (including, without limitation, controlled
      disbursement, automated clearinghouse transactions, return items,
      overdrafts and interstate depository network services) provided to
      Borrower, any Subsidiary or any Guarantor by any Lender or any of its
      Affiliates; and (d) all renewals, extensions and/or rearrangements of any
      of the above.  

            
	 
      	 	 
      
	 
      	
              (c)
      Section 7.5 of the
      Third Amendment.  Section 7.5 of the Third Amendment is
      hereby amended by replacing the reference to “September 15, 2009” with
      “September 30, 2009”.  

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Teton
Energy Corporation

      As of
September 15, 2009

      Page 2

    

     

    
      	
              2.

            	
              Representations and
      Warranties.  To induce Lenders and Administrative Agent
      to enter into this letter agreement, Borrower hereby represents and
      warrants to Lenders and Administrative Agent as
  follows:

            

    

     

    
      	 
      	
              (a)
      Reaffirm Existing Representations and
      Warranties.  Except for the representation and warranties
      made in Sections 7.04(b) and 7.22, each representation and warranty of
      Borrower and its Subsidiaries contained in the Credit Agreement is true
      and correct on the date hereof  and will be true and correct
      after giving effect to this letter agreement (other than breaches which
      result from the Specified Defaults).  

            
	 
      	
              (b)
      Due Authorization; No
      Conflict.  The execution, delivery and performance by
      Borrower of this letter agreement are within Borrower’s corporate powers,
      have been duly authorized by all necessary action, require no action by or
      in respect of, or filing with, any governmental body, agency or official
      and do not violate or constitute a default under any provision of
      applicable law or any material agreement binding upon Borrower or any of
      its Subsidiaries or result in the creation or imposition of any Lien upon
      any of the assets of Borrower or any of its Subsidiaries.
       

            
	 
      	
              (c)
      Validity and
      Enforceability.  This letter agreement constitutes the
      valid and binding obligation of Borrower enforceable in accordance with
      its terms, except as (a) the enforceability thereof may be limited by
      bankruptcy, insolvency or similar laws affecting creditor’s rights
      generally, and (b) the availability of equitable remedies may be limited
      by equitable principles of general application.  

            
	 
      	
              (d)
      No Default or Event of
      Default.  No Default or Event of Default has occurred
      which is continuing, other than the Specified Defaults.
     

            
	 
      	
              (e)
      No Defense.  Borrower
      acknowledges that Borrower has no defense to (i) Borrower’s obligation to
      pay any amount payable under any Loan Document when due, or (ii) the
      validity, enforceability or binding effect against Borrower of the Credit
      Agreement or any of the other Loan Documents or any Liens intended to be
      created thereby.

            

    

     

    
      	
              3.

            	
              Conditions Precedent.  The
      amendments contained in Section 1
      hereof shall be effective as of the date when the following conditions
      precedent have been satisfied:

            

    

     

    
      	 
      	
              (a)
      No
      Default.  No Default or Event of Default shall have
      occurred which is continuing, other than the Specified
      Defaults.

            
	 	 
	 	
              (b)
      Documents.  Administrative
      Agent shall have been provided with executed counterparts of this letter
      agreement and such other documents, instruments and agreements, and
      Borrower and each of its Subsidiaries shall have taken such actions, as
      the Administrative Agent may reasonably require in connection with this
      letter agreement and the transactions contemplated
      hereby.

            

    

     

     

    
      	
              4.

            	
              Miscellaneous.  (a) Borrower
      hereby agrees to pay on demand all reasonable fees and expenses incurred
      by the Administrative Agent (including, without limitation, reasonable
      fees and expenses of counsel to the Administrative Agent) in connection
      with the preparation, negotiation and execution of this letter agreement
      and all related documents, (b) this letter agreement may be executed in
      counterparts, and all parties need not execute the same counterpart;
      however, no party shall be bound by this letter agreement until a
      counterpart hereof has been executed by Borrower and Lenders; facsimiles
      or other electronic transmission (e.g., pdf) shall be
      effective as originals, (c) THIS LETTER AGREEMENT REPRESENTS THE FINAL
      AGREEMENT AMONG THE PARTIES REGARDING THE MATTERS SET FORTH HEREIN AND MAY
      NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL
      AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL
      AGREEMENTS AMONG THE PARTIES, (d) this letter agreement constitutes a
      “Loan Document” under and as defined in Section 1.02 of the Credit
      Agreement, and (e) this letter agreement shall be governed by, and
      construed in accordance with, the laws of the State of
    Texas.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Teton
Energy Corporation

      As of
September 15, 2009

      Page 3

    

     

    Please
evidence your agreement to each of the provisions of this letter agreement by
executing a counterpart hereof where indicated and returning an executed
counterpart to Catherine S. Callahan, counsel for Administrative Agent, via
facsimile number (214) 999-7958 or via e-mail to ccallahan@velaw.com.

     

    [Signature
Pages Follow]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	 
      	
              TETON ENERGY
      CORPORATION, as Borrower

               

               

            
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            

    

    

    Each of
the undersigned (i) consent and agree to this letter agreement and each of the
terms and provisions contained herein, and (ii) agree that the Loan Documents to
which it is a party shall remain in full force and effect and shall continue to
be the legal, valid and binding obligation of such Person, enforceable against
it in accordance with its terms.

     

    
      	 
      	
              ACKNOWLEDGED
      AND AGREED TO BY:

               

            
	 
      	
              TETON NORTH AMERICA LLC,
      as Guarantor

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            

    

     

     

     

    
      	 
      	
              TETON PICEANCE LLC, as
      Guarantor

            
	 
      	 
      	 
      
	 
      	 
      	
               
      

               

            
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            
	 
      	 
      	
               

               

               

            
	 
      	
              TETON DJ LLC, as
      Guarantor

            
	 
      	 
      	 
      
	 
      	 
      	
               
      

               

            
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            
	 
      	 
      	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

          [Signature
Page to Letter Agreement – Teton Energy Corporation]

        

      

      
        
        

      

    

     

     

     

    
      	 
      	
              TETON WILLISTON LLC, as
      Guarantor

            
	 
      	 
      	 
      
	 
      	 
      	
               
      

               

            
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            
	 
      	 
      	
               
      

               

               

               

            
	 
      	
              TETON BIG HORN LLC, as
      Guarantor

            
	 
      	 
      	
               
      

               

               

            
	 
      	 
      	 
      
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            
	 
      	 
      	
               
      

               

               

               

            
	 
      	
              TETON DJCO LLC, as
      Guarantor

            
	 
      	 
      	 
      
	 
      	 
      	
               
      

               

            
	 
      	
              By:

            	    
      
	 
      	 
      	
              Dominic
      J. Bazile II,

            
	 
      	 
      	
              President
      and Chief Operating Officer

            
	 
      	 
      	 
      

    

     

    
      
        
          
          

        

        
          
          

          
            

            [Signature
Page to Letter Agreement – Teton Energy Corporation]

          

        

        
          
          

        

      

       

    

     

     

    
      	 
      	 
      	 
      
	 
      	
              JPMORGAN CHASE BANK,
      N.A., as Administrative Agent and a Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	    
      
	 
      	 
      	
              John
      Runger,

            
	 
      	 
      	
              Managing
      Director

            

    

     

     

    
 

    
      
        
          
          

        

        
          
          

          
            

            [Signature
Page to Letter Agreement – Teton Energy Corporation]

          

        

        
          
          

        

      

       

    

    
 

    

    
      	 
      	
              ROYAL BANK OF CANADA, as
      Syndication Agent and a Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
	 
      	
              Name:

            	 
	 
      	
              Title:

            	 

    

     

     

    
      
        
        

      

      
        
        

        
          

          [Signature
Page to Letter Agreement – Teton Energy Corporation]

        

      

      
        
        

      

    

     

     

    
      	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              GUARANTY BANK AND TRUST
      COMPANY, as a Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	
              Name:

            	 
      
	 
      	
              Title:

            	 
      

    

     

     

     

    
      
        
        

      

      
        
        

        
          [Signature
Page to Letter Agreement – Teton Energy Corporation]

          

        

      

      
        
        

      

    

     

     

     

     

     

     

     

    
      	 
      	
              U.S. BANK NATIONAL
      ASSOCIATION, as a Lender

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
	 
      	
              Name:

            	 
	 
      	
              Title:

            	 

    

    

    
      
        
        

      

      
        
        

        
          

          [Signature
Page to Letter Agreement – Teton Energy Corporation]EXHIBIT
10.9

    

    AMENDMENT
NUMBER ONE TO

    THE
DRESS BARN, INC.

    EXECUTIVE
162(m) BONUS PLAN

    

    WHEREAS, The Dress Barn, Inc.
(the “Company”)
sponsors The Dress Barn, Inc. Executive 162(m) Bonus Plan (the “Plan”);

    

    WHEREAS, pursuant to Section
10 of the Plan, the Board of Directors of the Company (the “Board”) may amend the
Plan at any time, subject, in certain cases, to shareholder approval;
and

    

    WHEREAS, the Board desires to
amend the Plan to provide that, in addition to the Board, the Compensation
Committee of the Board (the “Compensation
Committee”) has the authority to (i) determine the performance period
under the Plan, and (ii) amend the Plan at any time, subject, in certain cases,
to shareholder approval.

     

    NOW, THEREFORE, effective as
of August 31, 2009, the Plan is amended as follows:

    

    1.  Section
2(m) of the Plan is hereby amended in its entirety to read as
follows:

    

    “(m)  
“Performance Period” - shall mean a period of one (1) year, fiscal or calendar,
or less, as determined by the Board or the Committee.”

    

    2.  The
first sentence of Section 10 of the Plan is hereby amended to read as
follows:

    

    “The
Board (or a duly authorized committee thereof) or the Committee may, in its sole
and absolute discretion, amend, suspend or terminate the Plan or adopt a new
plan in place of this Plan at any time; provided, that no such amendment shall,
without the prior approval of the shareholders of the Company entitled to vote
thereon in accordance with the laws of the State of Connecticut to the extent
required under Code Section 162(m):  (i) materially alter the
Performance Goals as set forth in Section 6.2; (ii) increase the maximum
amount set forth in Section 6.5; (iii) change the class of eligible
employees set forth in Section 4(a); or (iv) implement any change to a
provision of the Plan requiring shareholder approval in order for the Plan to
continue to comply with the requirements of Code Section
162(m).”

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, this
Amendment has been adopted as of August 31, 2009.

    

    
      
        	 
      	
                THE
      DRESS BARN, INC.

              
	 
      	 
      
	 
      	
                By:
      /s/ Gene Wexler

              
	 
      	
                Gene
      Wexler

              
	 
      	
                SVP,
      General Counsel

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