Document:

Exhibit 10.3

THIS WARRANT AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD, OFFERED FOR SALE,
ASSIGNED, TRANSFERRED, HYOTHECATED OR OTHERWISE DISPOSED OF, UNLESS REGISTERED
PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OR AN OPINION OF COUNSEL IS
OBTAINED STATING THAT SUCH DISPOSITION IS IN COMPLIANCE WITH AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION.  THIS
WARRANT IS SUBJECT TO THE PROVISIONS OF THE SHARE PURCHASE AGREEMENT DATED OF
EVEN DATE HEREWITH BY AND AMONG VANTAGE ENERGY SERVICES INC., OFFSHORE GROUP
INVESTMENTS LIMITED, AND F3 FUND                  

, 200  

VANTAGE
ENERGY SERVICES, INC.

Incorporated under the laws of the State of Delaware

WARRANT

for the Purchase of Shares of Common Stock

FOR VALUE RECEIVED,  Vantage Energy Services, Inc., a Delaware corporation (the “Company”), hereby certifies that                           
or its assigns (the “Holder”) is
entitled, subject to the provisions of this Warrant, to purchase from the
Company, up to                  
fully-paid and non-assessable shares of common stock, par value $.001 per
share, of the Company (the “Common Stock”),
at an exercise price of $6.00  per share (the
“Exercise Price”).  This Warrant comprises a portion of a Unit
sold by the Company pursuant to the Share Purchase Agreement dated August    ,
2007 by and among the Company, Offshore Group Investments Limited, and F3 Fund (the
“Purchase Agreement”).  Unless otherwise defined herein, terms
defined in this Warrant shall have the meaning as set forth in the Purchase
Agreement.  This Warrant will be
exercisable only if the Company provides for an effective registration statement
covering the Warrant Shares (as defined below). This Warrant will become
exercisable on the later of (i) the completion of a business combination by the
Company, and (ii) May 24, 2008 and may be exercised through and including 5:00
P.M. Eastern Standard Time on May 24, 2011 (the “Expiration
Date”) or earlier upon redemption.

The Holder agrees
with the Company that this Warrant is issued, and all the rights hereunder
shall be held subject to, all of the conditions, limitations and provisions set
forth herein.

1.                                      Certain
Definitions

As used in this
Warrant, the following terms shall have the following meanings:

(a)                                  “Base Date” shall mean the date first written above.

(b)                                 “Company” shall mean and includes the corporation named above
as well as: (i) any immediate or more remote successor corporation resulting
from the merger or consolidation of such corporation (or any immediate or more
remote successor corporation of such corporation) with

another corporation, or (ii) any corporation to which such corporation
(or any immediate or more remote successor corporation of such corporation) has
transferred its property or assets as an entirety or substantially as an
entirety.

(c)                                  “Other Securities” shall mean any other equity or debt
securities that may be issued by the Company in addition thereto or in
substitution for the Warrant Stock.

(d)                               “Warrant Stock” shall mean the fully paid and non-assessable
shares of Common Stock deliverable upon full or partial exercise of this
Warrant, and as adjusted from time to time pursuant to the terms hereof.

2.                                      Exercise
of Warrant.

This Warrant will be exercisable only if the Company
provides for an effective registration statement covering the Warrant Shares.
This Warrant will become exercisable on the later of (i) the completion of a
business combination by the Company, and (ii) May 24, 2008 and may be exercised
through and including the Expiration Date with respect to the Warrant Shares by
presentation and surrender of this Warrant to the Company at its principal
office, or at the office of its stock transfer agent, if any, with the Warrant
Exercise Form attached as Exhibit A hereto duly executed and accompanied
by payment (either in cash or by certified or official bank check, payable to
the order of the Company) of the Exercise Price for the number of shares
specified in such form and instruments of transfer, if appropriate, duly
executed by the Holder or his or her duly authorized attorney.  If this Warrant should be exercised in part
only, the Company shall, upon surrender of this Warrant for cancellation,
execute and deliver a new Warrant evidencing the rights of the Holder thereof
to purchase the balance of the shares purchasable hereunder.  Upon receipt by the Company of this Warrant,
together with the Exercise Price, at its office, or by the stock transfer agent
of the Company at its office, in proper form for exercise, the Holder shall be
deemed to be the holder of record of the shares of Common Stock issuable upon
such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such shares of Common
Stock shall not then be actually delivered to the Holder.  The Company shall pay any and all documentary
stamp or similar issue or transfer taxes payable in respect of the issue or
delivery of shares of Common Stock on exercise of this Warrant.

3.                                         Redemption
of Warrant.

The Company may
redeem this Warrant:

·                  in whole and not in part,

·                  at a price of $0.01 per Warrant at
any time after this Warrant become exercisable,

·                  upon a minimum of 30 days’ prior
written notice of redemption, and

·                  if,
and only if, the last sales price of the Company Common Stock equals or exceeds
$11.50 per share for any 20 trading days within a 30 trading day period ending
three business days before the Company sends the notice of redemption.

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In addition, the
Company may not redeem this Warrant unless this Warrant and the Warrant Shares
are covered by an effective registration statement from the beginning of the
measurement period through the date fixed for the redemption.

If the foregoing
conditions are satisfied and the Company calls this Warrant for redemption, the
Holder shall then be entitled to exercise this Warrant prior to the date
scheduled for redemption.

4.                                      Reservation
of Shares; Fractional Shares.  The
Company will at all times reserve for issuance and delivery upon exercise of
this Warrant all shares of Common Stock or other shares of capital stock of the
Company (and Other Securities) from time to time receivable upon exercise of
this Warrant. All such shares (and Other Securities) shall be duly authorized
and, when issued upon such exercise, shall be validly issued, fully paid and
non-assessable.   No fractional shares or
scrip representing fractional shares shall be issued upon the exercise of this
Warrant, any such fractional share or scrip representing such fractional shares
shall be rounded up to the next whole share.

5.                                      Exchange,
Transfer, Assignment or Loss of Warrant. 
This  Warrant is exchangeable, without
expense, at the option of the Holder, upon presentation and surrender hereof to
the Company for other Warrants of different denominations, entitling the Holder
or Holders thereof to purchase in the aggregate the same number of shares of
Common Stock purchasable hereunder.  In
order to make any assignment, the holder must surrender this Warrant to the
Company, with the Assignment Form annexed as Exhibit B hereto duly
executed and funds sufficient to pay any transfer tax.  The Company shall, without charge, execute
and deliver a new Warrant in the name of the assignee named in such instrument
of assignment and this Warrant shall promptly be canceled.  This Warrant may be divided or combined with
other Warrants that carry the same rights upon presentation hereof at the office
of the Company, together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Holder
hereof.  Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant, and (in the case of loss, theft or destruction) of
reasonably satisfactory indemnification, and upon surrender and cancellation of
this Warrant, if mutilated, the Company shall execute and deliver a new Warrant
of like tenor and date.

6.                                      Adjustment
Provisions.

(a)                                  Adjustment
for Recapitalization.  If the Company
shall at any time subdivide its outstanding shares of Common Stock (or Other
Securities at the time receivable upon the exercise of the Warrant) into a
greater number of shares by recapitalization, reclassification or split-up, or
if the Company shall declare a stock dividend or distribute shares of Common
Stock to its stockholders, the number of shares of Common Stock subject to this
Warrant immediately prior to such subdivision shall be proportionately
increased and the Exercise Price shall be proportionately decreased, and if the
Company shall at any time combine the outstanding shares of Common Stock into a
smaller number of shares by recapitalization, reclassification or combination
thereof, the number of shares of Common Stock or Other Securities subject to
this Warrant immediately prior to such combination shall be proportionately
decreased and the Exercise Price shall be proportionately increased.

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(b)                                 Adjustment
for Reorganization, Consolidation, Merger, etc.  In the case of any reorganization of the
Company (or any other corporation, the securities of which are at the time
receivable on the exercise of this Warrant) or reclassification of Common Stock
after the Base Date or in case after such date the Company (or any such other
corporation) shall consolidate with or merge into another corporation or convey
all or substantially all of its assets, then, and in each such case, the Holder
of this Warrant upon the exercise thereof as provided in Section 2 hereof at
any time after the consummation of such reorganization, consolidation, merger,
or conveyance, shall be entitled to receive, in lieu of the securities and
property receivable upon the exercise of this Warrant prior to such
consummation, the securities or property to which Holder would have been
entitled upon such consummation if Holder had exercised this Warrant
immediately prior thereto; provided, however,
that in each such case, the terms of this Warrant shall be applicable to the
securities or property receivable upon the exercise of this Warrant after such
consummation; and provided further, that in any
such case, appropriate adjustment (as determined in good faith by the Board of
Directors of the Company) shall be made in the application of the provisions of
this Section 6 (including provisions with regard to the adjustment of the
Exercise Price) in order that the rights and interests of the Holders
thereafter shall be as nearly equivalent as may be practicable to the rights
and interests provided for in this Section.

(c)                                  No
Impairment.  The Company will not, by
amendment of its Certificate of Incorporation or Bylaws, or through
reorganization, consolidation, merger, dissolution, issue or sale of securities,
sale of assets or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder of this Warrant against dilution or other
impairment.  Without limiting the
generality of the foregoing, while this Warrant is outstanding, the Company:
(i) will not permit the par value, if any, of the shares of Common Stock
receivable upon the exercise of this Warrant to be above the amount payable
therefor upon such exercise, and (ii) will take all such action as may be
necessary or appropriate in order that the Company may validly and legally
issue or sell fully paid and non-assessable shares of capital stock upon the
exercise of this Warrant.

(d)                                 Certificate
as to Adjustments.  In each case of
an adjustment in the number or type of shares of Warrant Stock or Other Securities
receivable on the exercise of this Warrant, the Company at its expense will
promptly compute such adjustment in accordance with the terms of this Warrant
and prepare a certificate executed by an executive officer of the Company
setting forth such adjustment and showing in detail the facts upon which such
adjustment is based.  The Company will
forthwith mail a copy of each such certificate to the Holder.

(e)                                  Dispute.  In the event of a dispute regarding the
number of shares of Common Stock or type of Other Securities issuable pursuant
to this Warrant, an independent accounting firm with no relationship to the
Company or Holder, selected by the Company and acceptable to Holder, shall
resolve such dispute in accordance with the provisions hereof.

(f)                                    Notices
of Record Date, etc.  In case: (i)
the Company shall take a record of the holders of its Common Stock (or Other
Securities at the time receivable upon the exercise of the Warrant) for the
purpose of entitling them to receive any dividend (other than a cash dividend
at the

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same rate as the
rate of the last cash dividend theretofore paid) or other distribution, or any
right to subscribe for, purchase or otherwise acquire any shares of stock of
any class or any other securities, or to receive any other right; or (ii) of
any capital reorganization of the Company, any reclassification of the capital
stock of the Company, any consolidation or merger of the Company with or into
another corporation, or any conveyance of all or substantially all of the
assets of the Company to another corporation; or (iii) of any voluntary or
involuntary dissolution, liquidation or winding up of the Company; then, and in
each such case, the Company shall mail or cause to be mailed to Holder of this
Warrant a notice specifying, as the case may be, (A) the date on which a record
is to be taken for the purpose of such dividend, distribution or right, and
stating the amount and character of such dividend, distribution or right, or
(B) the date on which such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding up is to take place,
and the time, if any, is to be fixed, as to which the holders of record of
Common Stock (or such other securities at the time receivable upon the exercise
of the Warrant) shall be entitled to exchange its shares of Common Stock (or
such other securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding up. 
Such notice shall be mailed at least twenty (20) days prior to the date
therein specified and the Warrant may be exercised prior to said date during
the term of the Warrant.

7.                                      Rights
of the Holder.  The Holder shall
not, by virtue hereof, be entitled to any rights of a stockholder in the
Company, either at law or in equity, and the rights of the Holder are limited
to those expressed in this Warrant  or
the Purchase Agreement.

8.                                      Notices.  All notices required hereunder shall be in
writing and shall be deemed given when sent by facsimile transmission, by
overnight delivery by a nationally recognized company, delivered personally or
within two (2) days after mailing when mailed by certified or registered mail,
return receipt requested, to the Company at its principal office, or to the
Holder at the address set forth on the record books of the Company, or at such
other address of which the Company or the Holder has been advised by notice
hereunder.

9.                                      Applicable
Law.  The Warrant is issued under
and shall for all purposes be governed by and construed in accordance with the
laws of the State of New York.

IN WITNESS WHEREOF, the Company
has caused this Warrant to be signed on its behalf, in its corporate name, by
its duly authorized officer, all as of the Base Date.

	
   

  	
  VANTAGE ENERGY SERVICES,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Paul A. Bragg

  
	
   

  	
   

  	
  Title:    Chairman and Chief
  Executive Officer

  

 

 5

Exhibit A

WARRANT EXERCISE FORM

The undersigned hereby
irrevocably elects to exercise the within Warrant to the extent of purchasing               
shares of Common Stock of Vantage Energy Services, Inc., a Delaware
corporation, and hereby makes payment of $                 
in payment therefor, all in accordance with the terms and conditions of the
Warrant dated                          ,
2007.

	
  Name:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Signature of joint holder (if applicable):

  	
   

  
	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  
							

 

INSTRUCTIONS FOR ISSUANCE OF STOCK
 (if other than to the registered holder of the within
Warrant)

	
  Name:

  	
   

  	
   

  
	
   

  
	
   

  
	
  Address:

  	
   

  
	
   

  
	
   

  
	
  Social Security or Taxpayer Identification Number of
  Recipient:

  	
   

  
					

 

 A-1

Exhibit B

ASSIGNMENT FORM

FOR VALUED RECEIVED,                                                                                                       

hereby sells, assigns and
transfers unto                                                                                       

the right to
purchase Common Stock of Vantage Energy Services, Inc., a Delaware corporation,
represented by this Warrant to the extent of shares as to which such right is
exercisable and does hereby irrevocably constitute and appoint                                  ,
Attorney, to transfer the same on the books of the Company with full power of
substitution in the premises.

	
  Date:

  	
   

  	
   

  	
   

  

 

 

	
  Signature: 

  	
   

  	
   

  
	
   

  	 

	
   

  	 

	
  Signature of joint holder (if applicable): 

  	
   

  
				

 

 B-1Exhibit 4.1

Execution Copy

AMENDMENT NO. 3 TO SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT OF

LINN ENERGY, LLC

THIS
AMENDMENT NO. 3 TO SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT OF LINN ENERGY, LLC (this “Amendment”), dated as of August 31,
2007, is entered into and effectuated by the Board of Directors (the “Board”)
of Linn Energy, LLC, a Delaware limited liability company (the “Company”),
pursuant to authority granted to it in Sections 5.5 and 11.1 of the Second Amended
and Restated Limited Liability Company Agreement of the Company, dated as of
January 19, 2006 (the “Limited Liability Company Agreement”).  Capitalized terms used but not defined herein
are used as defined in the Limited Liability Company Agreement.

WHEREAS,
Section 5.5(a) of the Limited Liability Company Agreement provides that the
Company may issue additional Company Securities for any Company purpose at any
time and from time to time for such consideration and on such terms and
conditions as the Board shall determine, all without the approval of any
Members;

WHEREAS,
Section 5.5(b) of the Limited Liability Company Agreement provides that the
Company Securities authorized to be issued by the Company pursuant to Section
5.5(a) of the Limited Liability Company Agreement may be issued in one or more
classes, or one or more series of any such classes, with such designations,
preferences, rights, powers and duties (which may be senior to existing classes
and series of Company Securities) as shall be fixed by the Board;

WHEREAS,
Section 11.1(c)(vii) of the Limited Liability Company Agreement provides that
the Board, without the approval of any Member (subject to the provisions of
Section 5.6 of the Limited Liability Company Agreement), may amend any
provision of the Limited Liability Company Agreement that the Board determines
to be necessary or appropriate in connection with the authorization of issuance
of any class or series of Company Securities pursuant to Section 5.5 of the
Limited Liability Company Agreement, and the Board has determined that the
amendments contemplated hereby are necessary or appropriate in connection
therewith;

WHEREAS,
the Board has determined that the issuance of the Class D Units provided for in
this Amendment is permitted by Section 5.6 of the Limited Liability Company
Agreement;

WHEREAS,
Section 11.1(c)(iv) of the Limited Liability Company Agreement provides that
the Board, without the approval of any Member, may amend any provision of the
Limited Liability Company Agreement to reflect a change that the Board
determines does not adversely affect the Members (including any particular
class of Interests as compared to other classes of Interests) in any material
respect, and the Board has determined that such amendments contemplated hereby
do not adversely affect the Members in any material respect; and

WHEREAS,
the Board deems it in the best interest of the Company to effect this Amendment
to provide for (i) the issuance of the Class D Units, (ii) the conversion of
the Class D Units into Units in accordance with the terms described herein and
(iii) such other matters as are provided herein.

NOW,
THEREFORE, it is hereby agreed as follows:

A.            Amendment.  The Limited Liability Company Agreement is
hereby amended as follows:

1.             Section 1.1 of the
Limited Liability Company Agreement is hereby amended to add or amend and
restate the following definitions in the appropriate alphabetical order:

“Capital Account True-Up Election” has the meaning set forth
in Section 6.1(d)(xii)(C).

“Class D Unit” means a Company Security
representing a fractional part of the Interests of all Members, and having the
rights and obligations specified with respect to the Class D Units in this
Agreement.  A “Class D Unit” shall not
constitute a Unit until such time as such Class D Unit is converted into a Unit
pursuant to Section 5.10.

“Issue Price” means the price at which a Unit or Class D Unit
is purchased from the Company, net of any sales commissions or underwriting
discount charged to the Company; for the avoidance of doubt, in the case of the
Class D Units, the Issue Price shall be deemed to be $30.9741 per Class D Unit
and, in the case of the Privately Placed Units, $32.00 per Privately Placed
Unit.

“Percentage Interest” means, as of any date of determination
(a) as to any Unitholder or holder of Class D Units holding Units or Class D
Units, the product obtained by multiplying (i) 100% less the percentage
established pursuant to clause (b) below by (ii) the quotient obtained by
dividing (A) the number of Units and Class D Units held by such Unitholder or
holder of Class D Units by (B) the total number of all Outstanding Units or
Outstanding Class D Units and (b) as to the holders of other Company Securities
issued by the Company in accordance with Section 5.5, the percentage
established as part of such issuance.

“Per Unit Capital Amount” means, as of
any date of determination, the Capital Account, stated on a per Unit, Class D
Unit or Privately Placed Unit basis, as the case may be, underlying any Unit,
Class D Unit or Privately Placed Unit, as the case may be, held by a Person.

“Private Placement Value” means with
respect to the Class D Units $30.9741 per Class D Unit and the Privately Placed
Units $32.00 per Privately Placed Unit.

“Privately Placed Units” means the Units issued pursuant to
the Unit Purchase Agreement.

“Pro Rata” means
(a) when modifying Units, Class D Units, Privately Placed Units or any class of
any thereof, apportioned equally among all designated Units, Class D Units or
Privately Placed Units, as the case may be, in accordance with their relative
Percentage Interests, and (b) when modifying Members, apportioned among all
designated Members in accordance with their relative Percentage Interest.

“Remaining Net Positive Adjustments” means,
as of the end of any taxable period, with respect to the holders of Units,
Privately Placed Units or Class D Units, the excess of (i) the Net Positive
Adjustments of the holders of Units, Privately Placed Units or Class D Units as
of the end of such period over (ii) the sum of those Members’ Share of
Additional Book Basis Derivative Items for each prior taxable period.

“Share of Additional Book Basis Derivative Items”
means, in connection with any allocation of Additional Book Basis Derivative
Items for any taxable period, with respect to the holders of Units, Privately
Placed Units or Class D Units, the amount that bears the same ratio to such
Additional Book Basis Derivative Items as the holders’ Remaining Net Positive
Adjustments as of the end of such period bears to the Aggregate Remaining Net
Positive Adjustments as of that time.

“Unit” means a Company Security
representing a fractional part of the Interests of all Members, and having the
rights and obligations specified with respect to Units in this Agreement, which
includes Privately Placed Units.  The
term “Unit” does not refer to a Class D Unit prior to its conversion into a
Unit pursuant to the terms hereof.

“Unit Majority” means a majority of the
Outstanding Units.

“Unit Purchase Agreement” means the Class D Unit and Unit
Purchase Agreement dated as of June 29, 2007 between the Company and the
purchasers named therein.

2.             Article IV of the
Limited Liability Company Agreement is hereby amended to add a new Section
4.6(c) as follows:

(c)           The transfer of a Class
D Unit or a Privately Placed Unit shall be subject to the restrictions imposed
by Section 6.5.

3.             Section 5.4(a) of the
Limited Liability Company Agreement is hereby amended to add the following at
the end of such section:

The initial Capital Account balance in respect of each
Class D Unit shall be the Private Placement Value for such Class D Unit, and
the initial Capital Account balance of each holder of Class D Units in respect
of all Class D Units held shall be the product of such initial balance for a
Class D Unit multiplied by the number of Class D Units held thereby.  The initial Capital Account balance in
respect of each Privately Placed Unit shall be the Private Placement Value for
such Privately Placed Unit, and the initial Capital Account balance of each
holder of Privately Placed Units in respect of all Privately Placed Units held
shall be the product of such initial balance for a Privately Placed Unit
multiplied by the number of Privately Placed Units held thereby.  Immediately following the creation of a
Capital Account balance in respect of each Class D Unit, each holder acquiring
a Class D Unit at original issuance shall be deemed to have received a cash
distribution in respect of such Class D Units in an amount equal to the product
of (x) the total number of Class D Units so acquired by such holder multiplied
by (y) the difference between the Private Placement Value and the Issue Price
of a Class D Unit.  Immediately following
the creation of a Capital Account balance in respect of each Privately Placed
Unit, each Unitholder acquiring a Privately Placed Unit at original issuance
shall be deemed to have received a cash distribution in respect of such
Privately Placed Units in an amount equal to the product of (x) the total
number of Privately Placed Units so acquired by such Unitholder multiplied by
(y) the difference between the Private Placement Value and the Issue Price of a
Privately Placed Unit.  The purpose of
the four preceding sentences is to provide the initial purchasers of Class D
Units and Privately Placed Units with a net Capital Account in the Class D
Units and Privately Placed Units on the date of purchase equal to the Issue
Price paid by those purchasers for the Class D Units and Privately Placed
Units.

4.             Section 5.4(c)(i) of
the Limited Liability Company Agreement is hereby amended to add the following
at the end of such section:

Any adjustments that are
made under this paragraph in connection with the issuance of the Class D Units
or the Privately Placed Units shall be based on the Private Placement Value of
the Class D Units and the Privately Placed Units.

5.             Article V of the
Limited Liability Company Agreement is hereby amended to add a new Section 5.10
creating a new series of Company Securities as follows:

Section
5.10  Establishment of Class D Units.

(a)           General.  The Board hereby designates and creates a
series of Company Securities to be
designated as “Class D Units” and consisting of a total of 34,997,005 Class D
Units, and fixes the designations, preferences and relative, participating,
optional or other special rights, powers and duties of holders of the Class D
Units as set forth in this Section 5.10.

(b)           Allocations.  Except as otherwise provided in this
Agreement, including Section 6.1(d)(iii), all items of Company income, gain,
loss, deduction and credit shall be allocated to the Class D Units to the same
extent as such items would be so allocated if such Class D Units were Units
(other than Privately Placed Units) that were then Outstanding.

(c)           Distributions.  Each Class D Unit shall have the right to
share in Company distributions on a Pro Rata basis with the Units, with the
amount of distributions on each such Class D Unit being equal to 115% of the
quarterly cash distribution amount payable on each Unit.

(d)           Vote of
Unitholders.  Except as
provided in this Section 5.10, the Class D Units are not convertible into
Units.  The Board shall, as promptly as
practicable following the issuance of the Class D Units, but in any event not
later than 120 days following the Closing Date, take such actions as may be
necessary or appropriate to submit to a vote or consent of the holders of the
Units the approval of a change in the terms of the Class D Units to provide
that each Class D Unit will automatically convert into one Unit (subject to
appropriate adjustment in the event of any split-up, combination or similar
event affecting the Units that occurs prior to the conversion of the Class D
Units) effective immediately upon such approval by the Unitholders of the
issuance of additional Units upon such automatic conversion without any further
action by the holders thereof.  The vote
or consent required for such approval will be the requisite vote required under
this Agreement and under the rules or staff interpretations of the National
Securities Exchange on which the Units are listed or admitted to trading for
the listing or admission to trading of the Units that would be issued upon any
such conversion.  Upon receipt of such
approval and compliance with Section 5.10(f), the terms of the Class D Units
will be changed, automatically and without further action, so that each Class D
Unit is converted into one Unit and, immediately thereafter, none of the Class
D Units shall be Outstanding.

(e)           Change in
Rules of National Securities Exchange.  If at any time (i) the rules of the National
Securities Exchange on which the Units are listed or admitted to trading or the
staff interpretations of such rules are changed or (ii) facts or circumstances
arise so that no vote or consent of Unitholders is required as a condition to
the listing or admission to trading of the Units that would be issued upon any
conversion of any Class D Units into Units as provided in Section 5.10(d), the
terms of such Class D Units will be changed so that each Class D Unit is 

converted (without
further action or any vote of any Unitholders other than compliance with
Section 5.10(f)) into one Unit (subject to appropriate adjustment in the event
of any split-up, combination or similar event affecting the Units that occurs
prior to the conversion of the Class D Units) and, immediately thereafter, none
of the Class D Units shall be Outstanding.

(f)            Surrender of Certificates.  Upon receipt of the approval of
the holders of the Units  to
convert the Class D Units into Units in accordance with Section 5.10(d) or a
change in rules of the National Securities Exchange or a change in facts and
circumstances as described in Section 5.10(e), the Board shall give the holders
of the Class D Units prompt notice of such approval or change and, subject to
Section 6.5, each holder of Class D Units shall promptly surrender the Class D
Unit Certificates therefor, duly endorsed, at the office of the Company or of
any transfer agent for the Class D Units. 
In the case of any such conversion, the Company shall, as soon as
practicable thereafter, issue and deliver at such office to such holder of
Class D Units one or more Unit Certificates, registered in the name of such
holder, for the number of Units to which such holder shall be entitled as aforesaid.  Such conversion shall be deemed to have been
made as of the date of the event specified in Section 5.10(d) or Section
5.10(e), as the case may be, and the Person entitled to receive the Units
issuable upon such conversion shall be treated for all purposes as the record
holder of such Units on said date.

(g)           Voting Rights. 
The Class D Units are non-voting, except that the Class D
Units shall be entitled to vote as a separate class on any matter that
adversely affects the rights or preferences of the Class D Units in relation to
other classes of Interests (including as a result of a merger or consolidation)
or as required by law.  The approval of a
majority of the Class D Units shall be required to approve any matter for which
the holders of the Class D Units are entitled to vote.

6.             Section 6.1(c) of the
Limited Liability Company Agreement is hereby amended to restate Section
6.1(c)(i)(B) as follows:

(B)           Second, 100% to all
Unitholders and holders of Class D Units in accordance with their respective
Percentage Interests.

7.             Section 6.1(c) of the
Limited Liability Company Agreement is hereby amended to add a new Section
6.1(c)(ii)(A) as follows:

(A)          First, to the holders of
Class D Units, Pro Rata, until the Capital Account in respect to each Class D Unit
then Outstanding has been reduced to zero; and

8.             Section 6.1(c)(ii)(A)
of the Limited Liability Company Agreement is hereby redesignated as Section
6.1(c)(ii)(B), and Section 6.1(c)(ii)(B) of the Limited Liability Company
Agreement is hereby redesignated as Section 6.1(c)(ii)(C).

9.             Article VI of the
Limited Liability Company Agreement is hereby amended to add a new Section
6.1(d)(iii) as follows:

(iii)          Priority
Allocations.  If the amount of
cash or the Net Agreed Value of any property distributed (except cash or
property distributed or deemed distributed pursuant to Section 5.4(a) of this
Agreement with respect to Class D Units or Privately Placed Units, or Section
10.3 of this Agreement) to any holder of Class D Units with respect to its
Class D Units for a taxable year is greater (on a per Class D Unit basis) than
the amount of cash or the Net Agreed Value of property distributed to the
Unitholders with respect to their Units (on a per Unit basis), then each holder
of Class D Units receiving such greater cash or property distribution shall be
allocated gross income in an amount equal to the product of (a) the amount by
which the distribution (on a per Class D Unit basis) to such holder of Class D
Units exceeds the distribution (on a per Unit basis) to the Unitholders and (b)
the number of Class D Units owned by the holder of Class D Units.

10.           Article VI of the
Limited Liability Company Agreement is hereby amended to add a new Section
6.1(d)(xii) as follows:

(xii)          Allocations for Class D Units and Privately Placed
Units.

(A)          With respect to any
taxable period of the Company ending upon, or after, a Book-Up Event, a
Book-Down Event or a sale of all or substantially all of the assets of the
Company occurring after the date of issuance of the Class D Units and the
Privately Placed Units, Company items of income or gain for such taxable period
shall be allocated 100% (1) to the Members holding Class D Units or converted
Class D Units that are Outstanding as of the time of such event in proportion
to the number of Class D Units or converted Class D Units held by such Members,
until each such Member has been allocated the amount that increases the Capital
Account of such Class D Unit or converted Class D Unit to the Per Unit Capital
Amount for a then outstanding Unit (other than a converted Class D Unit or a
Privately Placed Unit) and (2) to the Members holding Privately Placed Units
that are Outstanding as of the time of such event in proportion to the number
of Privately Placed Units held by such Members, until each such Member has been
allocated the amount that increases the Capital Account of such Privately
Placed Unit to the Per Unit Capital Amount for a then outstanding Unit (other
than a Privately Placed Unit or a Class D Unit).

(B)           With respect to any taxable
period of the Company ending upon, or after, the transfer of converted Class D
Units or Privately Placed Units to a Person that is not an Affiliate of the
holder, Company items of income or gain for such taxable period shall be
allocated 100% (1) to the Members transferring such converted Class D Units in
proportion to the number of converted Class D Units transferred by such
Members, until each such Member has been allocated the amount that increases
the Capital Account of such converted Class D Unit to the Per Unit Capital
Amount for a then outstanding Unit (other than a converted Class D Unit or a
Privately Placed Unit) and (2) to the Members transferring such Privately
Placed Units in proportion to the number of Privately Placed Units transferred
by such Members, until each such Member has been allocated the amount that
increases the Capital Account of such Privately Placed Unit to the Per Unit
Capital Amount for a then outstanding Unit (other than a Privately Placed Unit
or a converted Class D Unit).

(C)           With respect to the
first taxable period of the Company ending upon, or after, the date of issuance
of the Class D Units or the Privately Placed Units, at the election of a Member
holding Class D Units or Privately Placed Units (the “Capital Account True-Up
Election”), items of income or gain for such taxable period shall be allocated
100% to the Members making such Capital Account True-Up Election with respect
to Class D Units or Privately Placed Units that are Outstanding as of the time
of such Capital Account True-Up Election in proportion to the number of Class D
Units or Privately Placed Units held by such Members, until each such Member
has been allocated the amount that increases the Capital Account of such Class
D Unit or Privately Placed Unit to the Per Unit Capital Amount for a then
outstanding Unit (other than a Class D Unit or a Privately Placed Unit).

11.           Section 6.1(d)(xi)(A) of the Limited Liability Company Agreement is
hereby amended to replace the phrase “this Amended and Restated Limited
Liability Company Agreement” in the two places that it appears to “this
Agreement”.

12.           Section 6.4 of the Limited Liability
Company Agreement is hereby amended to replace the reference to “Section 5.6(b)”
with “Section 5.5(b)”.

13.           Article VI is hereby
amended to add a new Section 6.5 as follows:

Section
6.5             Special Provisions Relating to Holders of Class D Units and Privately
Placed Units.  A holder of (1)
a Privately Placed Unit or (2) a Class D Unit that has converted into a Unit
pursuant to Section 5.10 shall be required to provide notice to the Board of
the number of Privately Placed Units or converted Class D Units transferred by
such holder no later than the last Business Day of the calendar year during
which such transfer occurred, unless (x) the transfer is to an Affiliate of the
holder or (y) by virtue of the application of Section 6.1(d)(xii)(B) to a prior
transfer of the Unit or the application of Section 6.1(d)(xii)(A) or Section
6.1(d)(xii)(C), the Board has previously determined, 

based
on advice of counsel, that the Privately Placed Unit or converted Class D Unit
should have, as a substantive matter, like intrinsic economic and federal
income tax characteristics of an Initial Unit; provided, that such holder may
cure any failure to provide such notice by providing such notice within 20 days
of the last Business Day of such calendar year. 
The sole and exclusive remedy for any holder’s failure to provide any
such notice shall be the enforcement of the remedy of specific performance
against such holder and there will be no monetary damages.  In connection with the condition imposed by
this Section 6.5, the Board shall take whatever steps are required to provide
economic uniformity to the Privately Placed Units and converted Class D Units
in preparation for a transfer thereof, including the application of Section
6.1(d)(xii)(B); provided, however, that no such
steps may be taken that would have a material adverse effect on the Unitholders
holding Units represented by Unit Certificates.

B.            Agreement in Effect.  Except as hereby amended, the Limited
Liability Company Agreement shall remain in full force and effect.

C.            Applicable Law.  This Amendment shall be construed in
accordance with and governed by the laws of the State of Delaware, without regard
to principles of conflicts of laws.

D.            Invalidity of
Provisions.  If any provision of this
Amendment is or becomes invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not be affected thereby.

[Signature Page
Follows]

IN WITNESS
WHEREOF, this Amendment has been executed as of the date first written above.

	
  

  	
  LINN
  ENERGY, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kolja Rockov

  	
   

  
	
   

  	
   

  	
   Kolja
  Rockov

  	
   

  
	
   

  	
   

  	
   Executive
  Vice President and Chief 

   Financial Officer

  

 

[Signature Page to Amendment
No. 3 to Second Amended and Restated Limited Liability Company Agreement of
Linn Energy, LLC]

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