Document:

Exhibit 10.1

 

OVERSTOCK.COM, INC.
 RESTRICTED STOCK UNIT GRANT NOTICE
 (2005 Equity Incentive Plan)

 

Overstock.com, Inc. (the “Company”), pursuant to its 2005 Equity Incentive Plan (the “Plan”), hereby grants to the participant under the Plan (the “Participant”) restricted stock units (“RSUs”) constituting the right to purchase the number of shares of the Company’s common stock (the “Common Stock”) set forth below (the “Award”). This Award is subject to all of the terms and conditions as set forth in this Restricted Stock Unit Grant Notice (the “Grant Notice”), the Restricted Stock Unit Agreement attached hereto and the Plan, a copy of which has previously been furnished to the Participant, all of which are incorporated herein in their entirety.

 

	
Participant:
    	
 
    	
Mitch Edwards
    
	
 
    	
 
    	
 
    
	
Date of Grant:
    	
 
    	
May 10, 2016
    
	
 
    	
 
    	
 
    
	
Number of Shares Subject to Award:
    	
 
    	
29,586 shares
    
	
 
    	
 
    	
 
    
	
Purchase Price per Share:
    	
 
    	
$0.0001
    
	
 
    	
 
    	
 
    
	
Total Purchase Price:
    	
 
    	
$2.96
    
	
 
    	
 
    	
 
    
	
Vesting Schedule:
    	
 
    	
The RSUs vest at the close of business on   March 1, 2017, provided Participant remains employed by the Company   until such date, but subject to the acceleration provisions described below   and to the provisions of the Restricted Stock Unit Agreement attached hereto   and the Plan.
    
	
 
    	
 
    	
 
    
	
Acceleration:
    	
 
    	
The RSUs shall accelerate and vest immediately upon   the first of any of the following to occur:

 

(1)         a Change in Control (as defined in the   Plan);

 

(2)         the Company’s   termination of Participant’s employment without Cause (as defined in the   Plan); or

 

(3)         a decrease in   Participant’s responsibilities from those of Acting Chief Executive Officer,   provided that if any such decrease in Participant’s responsibilities occurs   during 2016, the acceleration of vesting shall not occur immediately but   instead shall occur on 
    

 

 

	
 
    	
 
    	
                        January 1,   2017, subject, however, to Participant remaining employed by the Company   until such date.
    
	
 
    	
 
    	
 
    
	
Payment:
    	
 
    	
As described in the Restricted Stock Unit Agreement,   the par value for the shares must be paid in cash, by check or as   consideration for past services to the Company.
    

 

Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and agrees to the terms and conditions of this Grant Notice, the Restricted Stock Unit Agreement and the Plan, and agrees that his or her signature of this Grant Notice shall also be deemed his or her signature of the attached Restricted Stock Unit Agreement.  Participant further acknowledges that as of the Date of Grant, this Grant Notice, the Restricted Stock Unit Agreement and the Plan set forth the entire understanding between Participant and the Company regarding the matters addressed herein and therein and supersede all prior oral and written agreements relating thereto, with the exception of any other awards previously granted and delivered to Participant under the Plan.

 

	
 
    	
 
    	
 
    
	
Overstock.com, Inc.
    	
 
    	
Participant
    
	
 
    	
 
    	
 
    
	
By:   Robert P. Hughes
    	
 
    	
Print   Name: Mitch Edwards
    
	
 
    	
 
    	
 
    
	
Title:   Senior Vice President, Finance and Risk Management
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Robert P. Hughes
    	
 
    	
Signature:
    	
/s/ Mitch Edwards
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:   May 10, 2016
    	
 
    	
Date:
    	
May 13,   2016
    
						

 

 

OVERSTOCK.COM, INC.
 RESTRICTED STOCK UNIT AGREEMENT
 (2005 Equity Incentive Plan)

 

1.                                      Grant. The Company hereby grants to the Participant named in the Restricted Stock Unit Grant Notice attached hereto (the “Grant Notice”) an award of Restricted Stock Units (“RSUs”), as set forth in the Grant Notice and subject to the terms and conditions in this Restricted Stock Unit Agreement (the “Agreement”) and the Company’s 2005 Equity Incentive Plan (the “Plan”). When the shares of the Company’s common stock (the “Shares”) are issued pursuant to RSUs which vest in accordance with the terms hereof, the par value per Share will be deemed paid by the Participant as a result of services rendered by the Participant prior to the applicable vesting date.  Terms used but not defined herein have the meanings given them in the Plan.

 

2.                                      Company’s Obligation. Each RSU represents the right to receive one Share on the vesting date of that RSU. Unless and until the RSUs vest, the Participant will have no right to receive any Shares under such RSUs. Prior to actual distribution of Shares pursuant to any vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

 

3.                                      Vesting Schedule. Subject to paragraph 4, the Participant will vest in the RSUs awarded by this Agreement according to the vesting schedule specified in the Grant Notice. Accordingly, such vesting may be tied to the attainment of established Performance Goals and/or the completion of a specified period of Service Provider status.

 

4.                                      Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of any or all of the RSUs at any time, subject to the terms of the Plan. If so accelerated, such RSUs will be considered as having vested as of the date specified by the Administrator.

 

5.                                      Forfeiture upon Termination as Service Provider. Subject to the acceleration provisions set forth in the Grant Notice, if the status of the Participant as a Service Provider is terminated for any reason or no reason prior to vesting, the unvested RSUs awarded by this Agreement will thereupon terminate and be forfeited at no cost to the Company and without any payment (in Shares, cash or otherwise) to the Participant.

 

6.                                      Payment upon Vesting. Any RSUs that vest will be paid to the Participant in Shares on the date those RSUs vest or as soon thereafter as practicable, subject to the tax withholding provisions of paragraph 9. For each RSU that vests, the Participant will receive one Share. Notwithstanding anything herein to the contrary, but subject to the terms of the Grant Notice, the Participant shall not be permitted, directly or indirectly, to designate the taxable year in which the Shares shall be issued.

 

7.                                      Payments after Death. Any distribution or delivery of Shares to be made to the Participant in accordance with the provisions of this Agreement will, if the Participant is then deceased, be made to the administrator or executor of the Participant’s estate or the designated beneficiary or beneficiaries of the RSUs. The Shares shall be issued on the issuance date determined in accordance with the provisions of paragraph 6. Any such administrator, executor

 

 

or beneficiary must furnish the Company with (a) written notice of his or her status as such and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. The Participant may make a beneficiary  designation with respect to the RSUs by filing the appropriate form with the Administrator or its designate

 

8.                                      Adjustment in Shares. Should any event described in Section 16(a) of the Plan occur, then equitable adjustments shall be made by the Administrator to the total number and/or class of securities issuable pursuant to this Award as permitted by the Plan. Such adjustments shall be made in such manner as the Administrator deems appropriate so as to prevent dilution or enlargement of the benefits intended to be made available hereunder.

 

9.                                      Withholding of Taxes. When the Shares are issued as payment for vested RSUs, the Company will withhold a portion of the Shares that have an aggregate Fair Market Value sufficient to pay the minimum federal, state and local income, employment and any other applicable taxes required to be withheld by the Company, unless the Company, in its sole discretion, either requires or otherwise permits the Participant to make alternate arrangements satisfactory to the Company for such withholdings in advance of the arising of any withholding obligations. The number of Shares withheld pursuant to the prior sentence will be rounded up to the nearest whole Share, with no cash payment due the Participant for the value of any Share withheld in excess of the tax obligation as a result of such rounding. Notwithstanding any contrary provision of this Agreement, no Shares will be issued unless and until satisfactory arrangements (as determined by the Company) have been made by the Participant with respect to the payment of any income and other taxes which the Company determines must be withheld or collected with respect to such Shares. In addition and to the maximum extent permitted by law, the Company (or the employing Subsidiary) has the right to retain without notice from salary or other amounts payable to the Participant, cash having a sufficient value to satisfy any tax withholding obligations that the Company determines cannot be satisfied through the withholding of otherwise deliverable Shares. All income and other taxes related to the RSU award and any Shares delivered in payment thereof are the sole responsibility of the Participant. By accepting this RSU award, the Participant expressly consents to the withholding of Shares and to any additional cash withholding as provided for in this paragraph 9.

 

10.                               Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until Shares have been issued in accordance with paragraphs 6 or 7, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant (including through electronic delivery to a brokerage account).

 

11.                               No Right to Employment. The Participant’s employment or other Service Provider status with the Company and its Subsidiaries is on an at-will basis only. Accordingly, the terms of the Participant’s employment or other Service Provider status with the Company and its Subsidiaries will be determined from time to time by the Company or the Subsidiary employing or retaining the Participant (as the case may be), and the Company or the Subsidiary will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment or service relationship of the Participant at any time for any reason whatsoever, with or without good cause or notice.

 

2

 

12.                               Address for Notices. Any notice to be given to the Company under the terms of this Agreement must be addressed to the Company at 6350 South 3000 East, Salt Lake City, Utah 84121, Attn: Stock Administration, or at such other address as the Company may hereafter designate in writing or electronically.

 

13.                               Restrictions on Sale of Securities. Subject to the provisions of paragraph 15, the Company shall use its reasonable efforts to assure that the offering of Shares to be issued in payment of the vested RSUs is registered under the federal securities laws or qualifies for an available exemption from such registration requirements. However, any sale of any Shares by the Participant will be subject to the Company’s Insider Trading Policy as amended from time to time and any other policies adopted by the Company relating to the sale of Company Common Stock and any market blackout-period that may be imposed by the Company.  Further, the Participant is solely responsible for ensuring that any sale complies with all applicable securities laws.

 

14.                               Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

15.                               Additional Conditions to Issuance of Stock. If at any time the Company determines, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to the Participant (or his or her estate or beneficiary), such issuance will not occur unless and until such listing, registration, qualification, consent or approval have been effected or obtained, free of any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. In no event, however, shall any Shares be issued in contravention of applicable federal and state securities laws or other regulatory requirements.

 

16.                               Plan Governs. This Agreement and the Grant Notice are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or the Grant Notice and one or more provisions of the Plan, the provisions of the Plan will govern.

 

17.                               Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and the Grant Notice and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, the Grant Notice or this Agreement.

 

18.                               Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

3

 

19.                               Agreement Severable. In the event that any provision in this Agreement is held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not have any effect on, the remaining provisions of this Agreement.

 

20.                               Modifications to the Agreement. This Agreement, together with the Grant Notice, constitutes the entire understanding of the parties regarding the subjects covered. The Participant expressly warrants that he or she is not accepting this Agreement or the Grant Notice in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement, the Grant Notice or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan, the Grant Notice or this Agreement, the Company reserves the right to amend this Agreement, including the Grant Notice, as it deems necessary or advisable, in its sole discretion and without the consent of the Participant, to comply with applicable law, including without limitation Section 409A of the Code or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code prior to the actual payment of Shares pursuant to this RSU award.

 

21.                               Amendment, Suspension or Termination of the Plan. By accepting this RSU award, the Participant expressly warrants that he or she has received a right to purchase stock under the Plan, and has received, read and understood a description of the Plan. The Participant understands that the Plan is discretionary in nature and may be modified, suspended or terminated by the Company at any time.

 

22.                               Electronic Delivery. The Company may, in its sole discretion, decide to deliver any notices required or permitted hereunder or under the Plan and any documents related to RSUs awarded under the Plan or future RSUs that may be awarded under the Plan by electronic means or request the Participant’s consent to participate in the Plan by electronic means. By accepting this RSU award, the Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

23.                               Notice of Governing Law. This RSU award shall be governed by, and construed in accordance with, the laws of the State of Utah without regard to principles of conflict of laws.

 

24.                               Section 409A.  Payments under this Agreement are intended to be exempt from, or comply with, the provisions of Section 409A of the Internal Revenue Code of 1986 (“Section 409A”) and this Agreement shall be administered and construed accordingly. If any payment, compensation or other benefit provided to the Participant in connection with his or her employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Participant is a specified employee as defined in Section 409A(2)(B)(i), no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Participant during the period between the date of termination and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date.

 

4Exhibit 10.1

 

FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”) dated as of May 13, 2016, is made by and among RHINO ENERGY LLC, a Delaware limited liability company (the “Borrower”), each of the GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under the Credit Agreement (hereinafter referred to in such capacity as the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement dated July 29, 2011, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated April 18, 2013, as amended by that certain Second Amendment and Consent to Amended and Restated Credit Agreement dated March 19, 2014, as amended by that certain Third Amendment to Amended and Restated Credit Agreement dated April 28, 2015, as amended by that certain Fourth Amendment to Amended and Restated Credit Agreement dated March 17, 2016 (as the same may be further amended, modified or supplemented from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrower wishes to make certain changes to certain covenants, extend the Expiration Date, reduce the Revolving Credit Commitments, and make other modifications as set forth below.

 

NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows:

 

1.                                      Definitions.  Except as set forth in this Amendment, defined terms used herein shall have the meanings given to them in the Credit Agreement:

 

2.                                      Amendment to Credit Agreement

 

(a)                                 Defined Terms - New.  Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in appropriate alphabetical order:

 

“Fifth Amendment Effective Date shall mean May 13, 2016.”

 

“Financial Advisor shall mean, a third party financial advisor (i) that is engaged by the Borrower, at its expense, (ii) that is satisfactory to the Administrative Agent and the Lenders, and (iii) the scope of the engagement of such financial advisor is satisfactory to the Administrative Agent and the Lenders.”

 

 

“Fourth Amendment Royal Equity Contribution shall mean the $2,000,000 cash equity contribution made by Royal to the Borrower on the Fourth Amendment Effective Date.”

 

“Fifth Amendment Royal Equity Contribution shall mean the $3,000,000 cash equity contribution to be made by Royal to the Borrower on or before the Fifth Amendment Effective Date.”

 

“Non-Royal Equity Contributions” shall mean the net cash proceeds received from Liquidity Events consisting of equity issuances (other than the Royal Equity Contributions and the Scheduled Equity Contributions) occurring after the Fifth Amendment Effective Date.

 

“Scheduled Equity Contribution shall have the meaning ascribed to such term in Section 8.1.17 herein.”

 

“Subordinated Debt shall mean Indebtedness of the Borrower that is subordinated to the Obligations on terms and conditions satisfactory to the Administrative Agent in its sole discretion and that includes, but is not limited to, the following terms:  such Indebtedness:  (i) does not amortize, (ii) has a maturity date that is at least 180 days beyond the Expiration Date at all times, (iii) accrues non-cash interest only, (iv) shall be unsecured, (v) is permanently blocked from exercising remedies so long as the Obligations are outstanding, (vi) allows the Administrative Agent to vote such Indebtedness in any bankruptcy or insolvency proceedings and (vii) shall be subject to an intercreditor agreement in form and substance acceptable to the Administrative Agent in its sole discretion.”

 

(b)                                 Defined Terms - Amended.  The following definitions contained in Section 1.1 of the Credit Agreement shall be amended and restated as follows:

 

“Expiration Date shall mean, with respect to the Revolving Credit Commitments, July 31, 2017, which date shall be automatically extended to December 31, 2017 if the Revolving Credit Commitments are reduced to $55,000,000 or less on or before July 31, 2017.”

 

“Liquidity Event shall mean each (i) issuance of any equity by any Loan Party or its Subsidiaries (other than equity issued in exchange for any Royal Equity Contribution or Scheduled Equity Contribution), or (ii) incurrence of any Subordinated Debt.”

 

“Royal Equity Contribution shall mean the Fourth Amendment Royal Equity Contribution and the Fifth Amendment Royal Equity Contribution.”

 

(c)                                  Consolidated EBITDA.  Clause (iv) of the definition of Consolidated EBITDA contained in Section 1.1 of the Credit Agreement shall be amended and restated as follows:

 

“(iv) amortization expense, and (v) fees paid in cash to the Financial Advisor”

 

2

 

(d)                                 Cash Collateral Prior to the Expiration Date.  Section 2.9.11 of the Credit Agreement shall be amended to replace the phrase “upon termination or expiration of such Letter of Credit” with the phrase “upon the extension of the Expiration Date to a date beyond the earlier of the dates referenced in clauses (i) and (ii) above, or the termination or expiration of such Letter of Credit”

 

(e)                                  Cash Collateral Prior to the Expiration Date.  Section 2.9.11 of the Credit Agreement shall be amended to add the following new sentence to the end thereof:

 

“Notwithstanding the foregoing, if any Letters of Credit have been Cash Collateralized on or before the Fifth Amendment Effective Date, any such cash collateral shall be released and returned to the Borrower.”

 

(f)                                   Commitment Reduction.  Pursuant to Section 2.12 of the Credit Agreement, the Borrower is irrevocably reducing the Revolving Credit Commitments to $75,000,000 as of the Fifth Amendment Effective Date.

 

(g)                                  Reduction of Revolving Credit Commitments.  The first paragraph of Section 2.12 of the Credit Agreement shall be amended and restated as follows:

 

“2.12                                                                  Reduction of Revolving Credit Commitments.

 

(i)                                     Letter of Credit Reductions.  Upon (a) the expiration or termination of a Letter of Credit, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis by an amount equal to the undrawn face amount of such Letter of Credit, and (b) the reduction of a Letter of Credit, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis by an amount equal to the reduction of such Letter of Credit.  Revolving Credit Commitment reductions shall be applied ratably among the Lenders in proportion to their Ratable Shares;

 

(ii)                                  Asset Disposition Reductions.  Upon the occurrence of the disposition of any assets pursuant to Section 8.2.7(vi) of this Agreement, the net cash proceeds shall further reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments on a dollar for dollar basis;

 

(iii)                               Liquidity Event Reductions.  Upon a Liquidity Event after the Fifth Amendment Effective Date, the net cash proceeds received by the Loan Parties from such Liquidity Event shall further reduce (ratably among the Lenders in proportion to their Ratable Shares) the Revolving Credit Commitments as follows:

 

a.                                      For amounts up to and including the first $11,000,000 of such proceeds in the aggregate, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis in an amount equal to such proceeds, and Scheduled Equity Contributions shall be deemed satisfied as provided in Section 8.1.17 herein, and

 

3

 

b.                                      for amounts up to and including the next $9,000,000 of such proceeds in the aggregate, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis in an amount equal to such proceeds; and

 

(iv)                              Scheduled Reductions in Revolving Credit Commitments.  The Revolving Credit Commitments shall be further reduced (ratably among the Lenders in proportion to their Ratable Shares) as follows:

 

	
Date of Reduction
    	
 
    	
Reduction Amount
    
	
September 30, 2016
    	
 
    	
The lesser of   (i) $2,000,000 or (ii) the positive difference (if any) of   $2,000,000 minus the Non-Royal Equity Contributions
    
	
December 31, 2016
    	
 
    	
The lesser of   (i) $2,000,000 or (ii) the positive difference (if any) of   $4,000,000 minus the Non-Royal Equity Contributions
    
	
March 31, 2017
    	
 
    	
The lesser of   (i) $2,000,000 or (ii) the positive difference (if any) of   $6,000,000 minus the Non-Royal Equity Contributions
    
	
June 30, 2017
    	
 
    	
The lesser of   (i) $2,000,000 or (ii) the positive difference (if any) of   $8,000,000 minus the Non-Royal Equity Contributions
    
	
September 30, 2017
    	
 
    	
The lesser of (i) $2,000,000   or (ii) the positive difference (if any) of $10,000,000 minus the   Non-Royal Equity Contributions
    
	
December 1, 2017
    	
 
    	
The lesser of   (i) $1,000,000 or (ii) the positive difference (if any) of   $11,000,000 minus the Non-Royal Equity Contributions
    

 

Any such reduction or termination shall be accompanied by prepayment of the Notes, to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced or terminated.

 

As used in this section and in the defined term Non-Royal Equity Contributions, the term “net proceeds” shall mean the gross proceeds from such Liquidity Event less any accompanying cash sales costs incurred, such as legal, engineering, and other costs related to the sale.”

 

4

 

(h)                                 Use of Proceeds.  Clause (i) of Section 8.1.10 of the Credit Agreement shall be amended and restated as follows:

 

“(i)                               The proceeds of the Revolving Credit Loans will be used by Borrower solely to repay the obligations under the Existing Credit Agreement and for general corporate, limited liability company or partnership purposes of Borrower and its Subsidiaries, including for working capital, capital expenditures, distributions permitted hereunder, and for Permitted Acquisitions.”

 

(i)                                     Financial Advisor.  Section 8.1. of the Credit Agreement shall be amended to add the following new Section 8.1.16 to the end thereof:

 

“8.1.16                                                        Financial Advisor.  Commencing with the Fifth Amendment Effective Date through the Expiration Date, the Borrower shall hire and maintain a Financial Advisor.”

 

(j)                                    Scheduled Equity Contributions.  Section 8.1. of the Credit Agreement shall be amended to add the following new Section 8.1.17 to the end thereof:

 

“8.1.17                                                        Scheduled Equity Contributions.  The Borrower shall receive Scheduled Equity Contributions from Royal in the amount, and on or before the respective date set forth below (the “Scheduled Equity Contributions”):

 

	
Date
    	
 
    	
Amount
    
	
September 30, 2016
    	
 
    	
$
    	
2,000,000
    
	
December 31, 2016
    	
 
    	
$
    	
2,000,000
    
	
March 31, 2017
    	
 
    	
$
    	
2,000,000
    
	
June 30, 2017
    	
 
    	
$
    	
2,000,000
    
	
September 30, 2017
    	
 
    	
$
    	
2,000,000
    
	
December 1, 2017
    	
 
    	
$
    	
1,000,000
    

 

Notwithstanding the foregoing, to the extent that the Borrower receives equity contribution(s) pursuant clause (i) of the definition of a Liquidity Event, such equity contributions shall be deemed to prospectively satisfy the Scheduled Equity Contributions up to the amount of such contributions.  Such contributions shall be applied in chronological order to any Scheduled Equity Contributions that remain to be made.

 

5

 

(k)                                 Certain Asset Sales.  Section 8.1. of the Credit Agreement shall be amended to add the following new Section 8.1.18 to the end thereof:

 

“8.1.18                                                        Certain Asset Sales.  On or before March 31, 2017, the Borrower shall have solicited bids for the potential sale of certain non-core assets of the Loan Parties, satisfactory to the Administrative Agent, and provided the Administrative Agent, and any other Lender upon its request, with a description of the solicitation process, interested parties and any potential bids (including the identification of any potential buyers).”

 

(l)                                     Indebtedness.  Clause (iv) of Section 8.2.1 of the Credit Agreement shall be amended and restated as follows:

 

“(iv)                        Indebtedness secured by Purchase Money Security Interests and capital leases (A) not exceeding $20,000,000 in the aggregate and (B) entered into prior to February 25, 2016;”

 

(m)                             Indebtedness.  Section 8.2.1 of the Credit Agreement shall be amended to (1) delete the “; and” at the end of clause (vii) and replace it with “;”, (2) delete the “.” at the end of clause (viii) and replace it with “; and”, and to add the following new clause (ix):

 

“(ix)                        Subordinated Debt.”

 

(n)                                 Dividends and Related Distributions.  Clause (ii) of Section 8.2.5 of the Credit Agreement shall be amended and restated as follows:

 

“(ii)                            dividends or other distributions payable by the Borrower to the MLP in such amounts as required to pay (1) the usual and customary payroll and benefits of the management team so long as the management team of the Borrower remains employees of the General Partner, (2) the usual and customary board fees of the General Partner, and (3) the usual and customary general and administrative costs and expenses of the MLP incurred in connection with the operation of its business in an amount not to exceed $300,000 per fiscal year including, within the limitations of this clause (3), amounts payable to the General Partner pursuant to the terms of the Partnership Agreement that do not constitute distributions on the general partner interest or limited partner interests in the MLP held by the General Partner.”

 

(o)                                 Liquidations, Mergers, Consolidations, Acquisitions.  Clause (3) of Section 8.2.6 of the Credit Agreement shall be amended to (1) delete the “; and” at the end of clause (v) and replace it with “;”, (2) delete the “.” at the end of clause (vi) and replace it with “; and”, and to add the following new clause (vii):

 

“(vii)                     the Required Lenders shall have consented, in their sole discretion, to such Permitted Acquisition in writing.”

 

6

 

(p)                                 Disposition of Assets or Subsidiaries.  Clause (vi) of Section 8.2.7 of the Credit Agreement shall be amended and restated as follows:

 

“(vi)                        subject to the Commitment reduction provisions of Section 2.12 of this Agreement, any other sale, conveyance, assignment, lease, abandonment or other transfer or disposal of assets or Subsidiaries, the net proceeds of which do not exceed $5,000,000 in the aggregate per fiscal year unless consented to by the Required Lenders.”

 

(q)                                 Affiliate Transactions.  Section 8.2.8 of the Credit Agreement shall be amended and restated as follows:

 

“8.2.8                                                               Affiliate Transactions.  Neither the Borrower, nor any of the Loan Parties, shall or shall permit any of its Subsidiaries to, enter into or carry out any transaction with any Affiliate who is not a Loan Party or an Excluded Subsidiary (including purchasing property or services from or selling property or services to any Affiliate or other Person), unless such transaction: (a) is not otherwise prohibited by this Agreement, (b) does not involve the sale, conveyance, assignment, lease, abandonment or other transfer or disposal of assets of any assets to any Affiliate that is not a Loan Party, (c) is entered into upon fair and reasonable arm’s-length terms and conditions which are fully disclosed to the Administrative Agent, and (d) is in accordance with all applicable Law, except any dividend, distribution, or redemption permitted by Section 8.2.5 [Dividends and Related Distributions].”

 

(r)                                    Maximum Leverage Ratio.  Section 8.2.17 of the Credit Agreement shall be amended and restated in its entirety as follows:

 

“8.2.17                                                        Maximum Leverage Ratio.  The Loan Parties shall not at any time permit the Leverage Ratio, calculated as of the end of the most recent month, on a trailing twelve month basis, to exceed the ratio set forth below for the periods specified below as at the end of each such month:

 

	
Period
    	
 
    	
Ratio
    
	
For the month ending   April 30, 2016, through the month ending May 31, 2016
    	
 
    	
7.50 to 1.00, or such   lower amount as provided for below
    
	
For the month ending   June 30, 2016, through the month ending August 31, 2016
    	
 
    	
7.25 to 1.00, or such   lower amount as provided for below
    
	
For the month ending   September 30, 2016, through the month ending November 30, 2016
    	
 
    	
7.00 to 1.00, or such   lower amount as provided for below
    
	
For the month ending   December 31, 2016, through the month ending
    	
 
    	
6.75 to 1.00, or such   lower amount as
    

 

7

 

	
March 31, 2017
    	
 
    	
provided for below
    
	
For the month ending   April 30, 2017, through the month ending June 30, 2017
    	
 
    	
6.25 to 1.00, or such   lower amount as provided for below
    
	
For the month ending   July 31, 2017, through the month ending November 30, 2017
    	
 
    	
6.0 to 1.00, or such   lower amount as provided for below
    
	
For the month ending   December 31, 2017
    	
 
    	
5.50 to 1.00, or such   lower amount as provided for below
    

 

Notwithstanding the foregoing, the Leverage Ratio shall be reduced by 0.50 to 1.00 for every $10,000,000 of net cash proceeds, in the aggregate, received by the Loan Parties after the date of the Fourth Amendment from (1) the issuance of any equity by any Loan Party or its Subsidiaries (other than the Royal Equity Contributions and the Scheduled Equity Contributions), and/or (2) the disposition of any assets pursuant to Section 8.2.7(vi) of this Agreement; provided, however, that in no event shall the maximum permitted Leverage Ratio be reduced below 3.50 to 1.00.”

 

(s)                                   Minimum Liquidity.  Section 8.2.18 of the Credit Agreement shall be amended and restated in its entirety as follows:

 

“8.2.18                                                        [Intentionally Omitted]”

 

(t)                                    Negative Pledges.  Section 8.2.20 of the Credit Agreement shall be amended so that the Section 8.2.20 [Negative Pledges] covenant remains and the Section 8.2.20 [Minimum Fixed Charge Coverage Ratio] covenant is deleted.  This amendment shall be effective as of the Fourth Amendment Effective Date.

 

(u)                                 Minimum Consolidated EBITDA.  Section 8.2.21 of the Credit Agreement shall be amended and restated in its entirety as follows:

 

“8.2.21                                                        Minimum Consolidated EBITDA.  The Loan Parties shall not permit their Consolidated EBITDA, calculated as of the end of the most recent month, on a trailing twelve month basis, to be less than the amount set forth below for the periods specified below as at the end of each such month:

 

	
Period
    	
 
    	
Amount
    
	
For the month ending   April 30, 2016, through the month ending March 31, 2017
    	
 
    	
$
    	
8,000,000
    

 

8

 

	
For the month ending   April 30, 2017, through the month ending June 30, 2017
    	
 
    	
$
    	
9,000,000
    
	
For the month ending   July 31, 2017, through the month ending September 30, 2017
    	
 
    	
$
    	
9,500,000
    
	
For the month ending   October 31, 2017, and each month thereafter
    	
 
    	
$
    	
10,500,000
    

 

(v)                                 Deposit Accounts.  Section 8.2 of the Credit Agreement shall be amended to add the following new Section 8.2.23 to the end thereof:

 

“8.2.23                                                        Deposit Accounts.  Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, have any deposit account, securities account and investment account after the Fifth Amendment Effective Date which is not (i) maintained with a Lender, (ii) commencing on the date that is 60 days from the Fifth Amendment Effective Date, subject to an account control agreement in form and substance satisfactory to Administrative Agent sufficient to give Administrative Agent “control” (for purposes of Articles 8 and 9 of the Uniform Commercial Code) over such account, and (iii) set forth on Schedule 8.2.23.  No Loan Party or Subsidiary of a Loan Party shall open any new deposit account, securities account or investment account unless (i) such Loan Party shall have given at least thirty (30) days prior written notice to the Administrative Agent and (ii) the Administrative Agent and each applicable Loan Party and Lender shall first have entered into an account control agreement in form and substance satisfactory to Administrative Agent sufficient to give Administrative Agent “control” (for purposes of Articles 8 and 9 of the Uniform Commercial Code) over such account.”

 

(w)                               Breach of Other Covenants.  Section 9.1.4 of the Credit Agreement shall be amended and restated as follows:

 

“9.1.4                                                               Breach of Other Covenants.  Any of the Loan Parties shall default in the observance or performance of (a) the covenants contained in Section 8.1.17 [Scheduled Equity Contributions] and such default shall continue unremedied for a period of five (5) Business Days after the date on which such equity contribution should have been made, or (b) any other covenant, condition or provision hereof or of any other Loan Document and such default shall continue unremedied for a period of ten (10) Business Days after any executive officer of any Loan Party becomes aware of the occurrence thereof (such grace period to be applicable only in the event such default can be remedied by corrective action of the Loan Parties as determined by the Administrative Agent in its sole discretion);

 

9

 

(x)                                 Release of Collateral or Guarantor.  The last cross reference contained in Section 11.1.3 of the Credit Agreement shall be changed from “Section 11.11 [Certain Actions by Administrative Agent]” to “Section 10.10 [Authorization to Release Collateral and Guarantors]”.

 

(y)                                 Miscellaneous.  Section 11.1.4 of the Credit Agreement shall be amended and restated in its entirety as follows:

 

“11.1.4                                                        Miscellaneous.  (i) Amend Section 5.2 [Pro Rata Treatment of Lenders], 10.3 [Exculpatory Provisions] or 5.3 [Sharing of Payments by Lenders] or this Section 11.1, (ii) alter any provision regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or reduce any percentage specified in the definition of Required Lenders, or (iii) decrease the amounts required to be contributed or extend the dates for such contributions required by Section 8.1.17 [Scheduled Equity Contribution], in each case without the consent of all of the Lenders (other than Defaulting Lenders);”

 

(z)                                  Schedules.  The following schedule to the Credit Agreement shall be replaced by the applicable schedule attached to this Amendment:

 

Schedule 1.1 (B) — Commitments of Lenders and Addresses for Notices

 

(aa)                          Schedules.  The following new schedule to the Credit Agreement shall be added to the Credit Agreement in the form of the Schedule attached to this Amendment:

 

Schedule 8.2.23 — Accounts

 

(bb)                          Exhibits.  The following exhibit to the Credit Agreement shall be replaced by the applicable exhibit attached to this Amendment:

 

Exhibit 8.3.3 — Monthly Compliance Certificate

 

3.                                      Conditions Precedent.  The Borrower acknowledges and agrees that this Amendment and the Administrative Agent and Lenders’ consent set forth in this Amendment are subject to the following conditions precedent as determined by the Administrative Agent to its satisfaction:

 

(a)                                 Execution and Delivery of Amendment.  The Borrower, the Loan Parties, the Administrative Agent, and all Lenders shall have executed and delivered this Amendment, and all other documentation necessary for effectiveness of this Amendment shall have been executed and delivered all to the satisfaction of the Borrower, the Lenders and the Administrative Agent.

 

(b)                                 Availability.  Evidence satisfactory to the Administrative Agent that the Borrower has at least $5,000,000 of Availability on the Fifth Amendment Effective Date.

 

(c)                                  Equity Contribution.  Evidence satisfactory to the Administrative Agent that the Fifth Amendment Royal Equity Contribution has occurred.

 

10

 

(d)           Financial Advisor.  The Borrower shall hire, at its expense, a third party financial advisor that is satisfactory to the Administrative Agent and the Lenders.

 

(e)           Officer’s Certificate.  The representations and warranties of the Loan Parties contained in Section 6 of the Credit Agreement, as amended by the modifications and additional representations and warranties of this Amendment, and in each of the other Loan Documents shall be true and accurate on and as of the date hereof with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and each of the Loan Parties shall have performed and complied with all covenants and conditions hereof and thereof after giving effect to this Amendment, no Event of Default or Potential Default shall have occurred and be continuing or shall exist after giving effect to this Amendment; and there shall be delivered to the Administrative Agent for the benefit of each Lender a certificate of the Borrower dated the date hereof and signed by the Chief Executive Officer, President, or Chief Financial Officer of the Borrower to each such effect.

 

(f)            Secretary’s Certificate.  There shall be delivered to the Administrative Agent for the benefit of each Lender a certificate dated the date hereof and signed by the Secretary or an Assistant Secretary of each of the Loan Parties, certifying as appropriate as to:

 

(i)            all action taken by each Loan Party in connection with this Amendment and the other Loan Documents;

 

(ii)           the names of the officer or officers authorized to sign this Amendment and the other Loan Documents and the true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of each Loan Party for purposes of this Amendment and the true signatures of such officers, on which the Administrative Agent and each Lender may conclusively rely; and

 

(iii)          copies of its organizational documents, including its certificate of incorporation and bylaws, certificate of limited partnership and limited partnership agreement or limited liability company certificate and operating agreement, as the case may be, as in effect on the date hereof and certified by the appropriate state official where such document is filed in a state office (or, in the event that no change has been made to such organizational documents previously delivered to the Administrative Agent, so certified by the Secretary or Assistant Secretary of such Loan Party), together with certificates from the appropriate state officials as to the continued existence and good standing of the Borrower in the state of its formation and the state of its principal place of business.

 

(g)           No Defaults under Other Obligations.  No default under any note, credit agreement or other document relating to existing Indebtedness of any of the Loan Parties shall occur as a result of this Amendment.

 

(h)           No Actions or Proceedings.  No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before any court, governmental

 

11

 

agency or legislative body to enjoin, restrain or prohibit, or to obtain damages in respect of, this Amendment, the other Loan Documents or the consummation of the transactions contemplated hereby or thereby or which, in the Administrative Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Amendment or any of the other Loan Documents.

 

(i)            Legal Details.  All legal details and proceedings in connection with the transactions contemplated by this Amendment and the other Loan Documents, including but limited to all documentation and information required by the regulatory authorities under applicable “know your customer”, anti-money laundering, and Patriot Act rules and regulations with respect to Royal and the Loan Parties, shall be in form and substance satisfactory to the Administrative Agent, and the Administrative Agent shall have received all such other counterpart originals or certified or other copies of such documents and proceedings in connection with such transactions, in form and substance satisfactory to the Administrative Agent, as the Administrative Agent or its counsel may reasonably request.

 

(j)            Payment of Fees.  The Borrowers shall have paid to the Administrative Agent for itself and for the account of the applicable Lenders (a) all fees as required hereunder, including a fee to each Lender that consented to this Amendment in writing on or before 12:00 p.m. (Eastern time), May 13, 2016, equal to seventy-five (75) basis points of such Lender’s Revolving Credit Commitment as of the date hereof, after giving effect to the Revolving Credit Commitment reduction, and (b) all other fees, costs and expenses payable to the Administrative Agent, including but not limited to the fees and expenses of the Administrative Agent’s legal counsel.

 

4.             Representations and Warranties.  By its execution and delivery of this Amendment to Administrative Agent, Borrower, and each of the other Loan Parties represents and warrants to Administrative Agent and Lenders as follows:

 

(a)           Authorization, Etc.  Each Loan Party has duly authorized, executed, and delivered this Amendment.

 

(b)           Material Adverse Change.  After giving effect to this Amendment, no Material Adverse Change shall have occurred with respect to Borrower or any of the other Loan Parties since the Closing Date of the Credit Agreement.

 

(c)           Litigation.  After giving effect to this Amendment, there are no actions, suits, investigations, litigation, or governmental proceedings pending or, to Borrower’s or any other Loan Party’s knowledge, threatened against any of the Loan Parties that could reasonably be expected to result in a Material Adverse Change.

 

(d)           Loan Documents.  The representations and warranties set forth in the Credit Agreement and the Loan Documents shall be true and correct on and as of the date of this Amendment after giving effect to this Amendment with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties that relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and no Event of

 

12

 

Default shall exist and be continuing under the Credit Agreement or under any Loan Document as of the date of this Amendment after giving effect to this Amendment.

 

5.             Miscellaneous.

 

(a)           Full Force and Effect.  Nothing contained herein shall operate to release the Borrower, any other Loan Party, or any other person or persons from their liability to keep and perform the provisions, conditions, obligations, and agreements contained in the Credit Agreement or the other Loan Documents, except as expressly herein modified, and the Borrower and each other Loan Party hereby reaffirms that each and every provision, condition, obligation, and agreement in the Credit Agreement and the other Loan Documents shall continue in full force and effect, except as expressly herein modified.  The Borrower and each other Loan Party acknowledge that there are no agreements to make any further amendments or modifications of the Credit Agreement and the Loan Documents, nor are the Administrative Agent and the Lenders under any obligation to make any further amendments or modifications to the Credit Agreement and the Loan Documents other than those changes expressly set forth in this Amendment.  This Amendment shall not constitute or be construed as a waiver of any Event of Default or event which with the giving of notice or the passage of time or both would constitute an Event of Default by Borrower under any of the Loan Documents or any of the Administrative Agent’s or the Lenders’ rights and remedies with respect thereto.  The validity, priority and perfection of all security interests and other liens granted or created by the Loan Documents is hereby acknowledged and confirmed, and the Loan Documents shall continue to secure the Loans, as amended by this Amendment, without any change, loss or impairment of the priority of such security interests or other liens.

 

(b)           Release of Administrative Agent and Lenders.  The Borrower and each of the other Loan Parties hereby fully and unconditionally release and forever discharge the Administrative Agent and the Lenders, their employees, directors, officers, attorneys, branches, affiliates, subsidiaries, successors and assigns and all persons, firms, corporations and organizations acting on any of their behalves (the “Released Parties”) of and from any and all claims, liabilities, demands, obligations, damages, losses, actions and causes of action whatsoever which the Borrower or any of the other Loan Parties may now have or claim to have against the Released Parties as of the date hereof, whether presently known or unknown and of any nature and extent whatsoever, including, without limitation, on account of or in any way affecting, concerning or arising out of or founded upon this Amendment, the Credit Agreement, or any of the Loan Documents, including but not limited to all such loss or damage of any kind heretofore sustained or that may arise as a consequence of the dealings between the parties up to and including the date hereof, including but not limited to, the administration or enforcement of the Obligations, the Loan or any of the Loan Documents.  The obligations of the Borrower and the other Loan Parties under the Loan Documents and the Credit Agreement, as amended by this Amendment, shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by:

 

(i)            any exercise or non-exercise of any right, remedy, power or privilege under or in respect of the Credit Agreement, as amended by this Amendment, the Loan Documents or any document relating to or evidencing any of the Lender’s liens or applicable law,

 

13

 

including, without limitation, any waiver, consent, extension, indulgence or other action or inaction in respect thereof; or

 

(ii)           any other act or thing or omission or delay to do any other act or thing which could operate to or as a discharge of the Borrower or any other Loan Party as a matter of law, other than payment in full of all Obligations, including but not limited to all obligations under the Loan Documents and the Credit Agreement, as amended by this Amendment.

 

(c)           Counterparts.  This Amendment may be signed in counterparts (by facsimile transmission or otherwise), but all of which together shall constitute one and the same instrument.

 

(d)           Incorporation into Credit Agreement.  This Amendment shall be incorporated into the Credit Agreement by this reference.  All representations, warranties, Events of Default, and covenants set forth herein shall be a part of the Credit Agreement as if originally contained therein.

 

(e)           Governing Law.  This Amendment shall be deemed to be a contract under the Laws of the Commonwealth of Pennsylvania and for all purposes shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles.

 

(f)            No Novation.  Except as amended hereby, all of the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect.  Borrower, the other Loan Parties, each Lender, and Administrative Agent acknowledge and agree that this Amendment is not intended to constitute, nor does it constitute, a novation, interruption, suspension of continuity, satisfaction, discharge or termination of the obligations, loans, liabilities, or indebtedness under the Credit Agreement or the other Loan Documents.

 

14

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

IN WITNESS WHEREOF, the parties have executed this instrument as of the day and year first above written.

 

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
RHINO ENERGY LLC,   a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard A. Boone
    	
(SEAL)
    
	
 
    	
Name:
    	
Richard A. Boone
    	
 
    
	
 
    	
Title:
    	
Executive Vice   President and CFO
    	
 
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
BUCK   COAL, INC.
    
	
 
    	
CAM   AIRCRAFT LLC
    
	
 
    	
CAM-BB LLC
    
	
 
    	
CAM COAL TRADING LLC
    
	
 
    	
CAM-COLORADO LLC
    
	
 
    	
CAM-KENTUCKY   REAL ESTATE LLC
    
	
 
    	
CAM   MINING LLC
    
	
 
    	
CAM-OHIO   REAL ESTATE LLC
    
	
 
    	
CASTLE   VALLEY MINING LLC
    
	
 
    	
CLINTON   STONE LLC
    
	
 
    	
HOPEDALE MINING LLC
    
	
 
    	
LEESVILLE   LAND, LLC
    
	
 
    	
MCCLANE CANYON MINING LLC
    
	
 
    	
PENNYRILE   ENERGY LLC
    
	
 
    	
RAM PROCESSING, INC.
    
	
 
    	
RHINO COALFIELD SERVICES LLC
    
	
 
    	
RHINO EXPLORATION LLC
    
	
 
    	
RHINO NORTHERN HOLDINGS LLC
    
	
 
    	
RHINO OILFIELD SERVICES LLC
    
	
 
    	
RHINO SERVICES LLC
    
	
 
    	
RHINO TECHNOLOGIES LLC
    
	
 
    	
RHINO TRUCKING LLC
    
	
 
    	
SANDS HILL MINING LLC
    
	
 
    	
SPRINGDALE LAND, LLC
    
	
 
    	
TAYLORVILLE MINING LLC
    
	
 
    	
THE ELK HORN COAL COMPANY, LLC
    
	
 
    	
THE ELK HORN CORPORATION
    
	
 
    	
TRIAD ROOF SUPPORT SYSTEMS LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard A. Boone
    
	
 
    	
Name:
    	
Richard A. Boone
    
	
 
    	
Title:
    	
Executive Vice   President and CFO of each Guarantor   listed above on behalf of each such Guarantor
    
				

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
RHINO   RESOURCE PARTNERS LP
    
	
 
    	
 
    
	
 
    	
By:
    	
Rhino   GP LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard A. Boone
    
	
 
    	
Name:
    	
Richard   A. Boone
    
	
 
    	
Title:
    	
Executive   Vice President and CFO
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
individually and as   Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher B.   Gribble
    
	
 
    	
Name:
    	
Christopher   B. Gribble
    
	
 
    	
Title:
    	
Senior Vice President
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
MUFG UNION BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Kopcha
    
	
 
    	
Name:
    	
John   Kopcha
    
	
 
    	
Title:
    	
Managing   Director
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
RAYMOND JAMES BANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ H. Fred   Coble, Jr.
    
	
 
    	
Name:
    	
H.   Fred Coble, Jr.
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
THE HUNTINGTON NATIONAL BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bruce G. Shearer
    
	
 
    	
Name:
    	
Bruce   G. Shearer
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Stephanie Micua
    
	
 
    	
Name:
    	
Stephanie   Micua
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
FIFTH THIRD BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David R. Garcia
    
	
 
    	
Name:
    	
David   R. Garcia
    
	
 
    	
Title:
    	
Vice   President
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
ROYAL BANK OF CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Leslie P. Vowell
    
	
 
    	
Name:
    	
Leslie   P. Vowell
    
	
 
    	
Title:
    	
Attorney-in-Fact
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
BRANCH BANKING AND TRUST   COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mary McElwain
    
	
 
    	
Name:
    	
Mary   McElwain
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

 

[SIGNATURE PAGE — FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

	
 
    	
FIRST COMMONWEALTH BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark A. Woleslagle
    
	
 
    	
Name:
    	
Mark   A. Woleslagle
    
	
 
    	
Title:
    	
Vice President
    

 

 

SCHEDULE 1.1(B)

 

Commitments of Lenders and Addresses for Notices

 

	
Lender
    	
 
    	
Amount of
   Commitment for
   Revolving Credit
   Loans
    	
 
    	
Ratable Share
    	
 
    
	
Name:
    	
 
    	
PNC Bank, National Association
    	
 
    	
$
    	
11,250,000.00
    	
 
    	
15.000000000
    	
%
    
	
Address:
    	
 
    	
101 West Washington Street
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
5th Floor, East Tower (Locator I1-Y013-05-3)
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Indianapolis, Indiana 46255
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Christopher B. Gribble, Senior Vice President
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(317) 267-7874
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(317) 267-7088
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
Christopher.Gribble@pnc.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
MUFG Union Bank, N.A.
    	
 
    	
$
    	
11,250,000.00
    	
 
    	
15.000000000
    	
%
    
	
Address:
    	
 
    	
445 South Figueroa Street - 4th Floor
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Mail Code: G04-421
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Los Angeles, California 90071
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Timothy Hintz, Vice President
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(213) 236-5837
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(213) 236-4096
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
timothy.hintz@unionbank.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Raymond James Bank, N.A.
    	
 
    	
$
    	
8,750,000.00
    	
 
    	
11.666666667
    	
%
    
	
Address:
    	
 
    	
710 Carillon Parkway
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
St. Petersburg, Florida 33716
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
H. Fred Coble, Jr., Senior Vice President
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(727) 567-1585
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(866) 205-1396
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
fred.coble@raymondjames.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
The Huntington National Bank
    	
 
    	
$
    	
8,750,000.00
    	
 
    	
11.666666667
    	
%
    
	
Address:
    	
 
    	
41 South High Street
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Columbus, Ohio 43215
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Chad Lowe, Vice President
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(614) 480-5810
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(877) 274-8593
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
chad.lowe@huntington.com
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

	
Lender
    	
 
    	
Amount of
   Commitment for
   Revolving Credit
   Loans
    	
 
    	
Ratable Share
    	
 
    
	
Name:
    	
 
    	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
8,750,000.00
    	
 
    	
11.666666667
    	
%
    
	
Address:
    	
 
    	
1 South Broad Street, 8th Floor
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
MAC Y1375-084
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Philadelphia. Pennsylvania 19107
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Stephanie Micua
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(267) 321-7075
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
Stephanie.micua@wellsfargo.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Fifth Third Bank
    	
 
    	
$
    	
8,750,000.00
    	
 
    	
11.666666667
    	
%
    
	
Address:
    	
 
    	
250 West Main Street - Suite 300
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Lexington, Kentucky 40507
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Mary-Alicha Weldon, Vice President
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(859) 455-5404
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(859) 455-5414
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
mary-alicha.weldon@53.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Royal Bank of Canada
    	
 
    	
$
    	
8,750,000.00
    	
 
    	
11.666666667
    	
%
    
	
Address:
    	
 
    	
Williams Tower - 39th Floor
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
2800 Post Oak Boulevard
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Houston, Texas 77056
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Don McKinnerney
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(713) 403-5607
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(713) 403-5624
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
don.mckinnerney@rbccm.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Branch Banking and Trust Company
    	
 
    	
$
    	
5,000,000.00
    	
 
    	
6.666666667
    	
%
    
	
Address:
    	
 
    	
200 West Second Street, 16th Floor
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Winston-Salem, North Carolina 27101
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Troy Weaver
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(336) 733-2735
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(336) 733-2740
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
TRWeaver@bbandt.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
First Commonwealth Bank
    	
 
    	
$
    	
3,750,000.00
    	
 
    	
5.000000000
    	
%
    
	
Address:
    	
 
    	
Frick Building - Suite 1600
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
437 Grant Street
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Pittsburgh, Pennsylvania 15219
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Stephen J. Orban, Senior Vice President
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
(412) 690-2212
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Telecopy:
    	
 
    	
(412) 690-2206
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
sorban@fcbanking.com
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
TOTAL
    	
 
    	
$
    	
75,000,000.00
    	
 
    	
100
    	
%
    

 

 

SCHEDULE 1.1(B)

 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES

 

Part 2 - Addresses for Notices to Borrower and Guarantors:

 

	
AGENT
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
PNC Bank, National Association
    
	
Address:
    	
 
    	
101 West Washington Street
    
	
 
    	
 
    	
5th Floor, East Tower (Locator I1-Y013-05-3)
    
	
 
    	
 
    	
Indianapolis, Indiana 46255
    
	
Attention:
    	
 
    	
Christopher B. Gribble
    
	
Telephone:
    	
 
    	
(317) 267-7874
    
	
Telecopy:
    	
 
    	
(317) 267-7088
    
	
Email:
    	
 
    	
Christopher.Gribble@pnc.com
    
	
 
    	
 
    	
 
    
	
ALL LOAN PARTIES:
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
c/o Rhino Energy LLC
    
	
Address:
    	
 
    	
424 Lewis Hargett Circle, Suite 250
    
	
 
    	
 
    	
Lexington, KY 40503
    
	
Attention:
    	
 
    	
Richard A. Boone, CFO
    
	
Telephone:
    	
 
    	
(859) 389-6500
    
	
Telecopy:
    	
 
    	
(859) 389-6588
    
	
Email:
    	
 
    	
rboone@rhinolp.com
    
	
 
    	
 
    	
 
    
	
with a copy to:
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
424 Lewis Hargett Circle, Suite 250
    
	
 
    	
 
    	
Lexington, KY 40503
    
	
Attention:
    	
 
    	
Whitney Kegley, General Counsel
    
	
Telephone:
    	
 
    	
(859) 519-3607
    
	
Telecopy:
    	
 
    	
(859) 389-6588
    
	
Email:
    	
 
    	
wkegley@rhinolp.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]