Document:

ex44secondglobalnote

 THIS SENIOR NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE ORIGINAL   INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS   PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST   COMPANY (“DTC”), A NEW YORK CORPORATION, TO CONIFER HOLDINGS, INC. OR   ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY   CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH   OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC   (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS   REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,   PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON   IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS   AN INTEREST HEREIN.   EXCEPT AS OTHERWISE PROVIDED IN SECTION 1.05 OF THE FIRST SUPPLEMENTAL  INDENTURE, THIS SENIOR NOTE MAY BE TRANSFERRED IN WHOLE, BUT NOT IN  PART, ONLY TO DTC, TO ANOTHER NOMINEE OF DTC OR TO A SUCCESSOR  DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.                                28977971  

 

No. A-2                                                 CUSIP No.: 20731J 201                                                          ISIN No.: US20731J2015                                                                                                                CONIFER HOLDINGS, INC.                           Global Certificate initially representing                         $3,300,000 aggregate principal amount of                         6.75% Senior Unsecured Notes due 2023                                                                            Units: 132,000                                             Regular Record Date:    With respect to each Interest Payment Date, the close of business on the                          preceding March 15, June 15, September 15 and December 15, as the                          case may be (whether or not a Business Day).   Original Issue Date:    September 24, 2018   Final Stated Maturity:  September 30, 2023   Interest Payment Dates: March 31, June 30, September 30, and December 31 of each year,                          commencing December 31, 2018   Interest Rate:          6.75% per year   Authorized Denomination:  $25, or any integral multiples of $25 in excess thereof (each unit                          representing $25).      This Global Certificate is in respect of a duly authorized issue of 6.75% Senior Unsecured Notes due  2023 (the “Senior Notes”) of Conifer Holdings, Inc., a Michigan corporation (the “Company,” which  term includes any successor corporation under the Indenture referred to on the reverse hereof). The  Company, for value received, hereby promises to pay to Cede & Co., or registered assigns, the amount of  principal of the Senior Notes represented by this Global Certificate on the Final Stated Maturity shown  above, and to pay interest thereon from the Original Issue Date shown above, or from the most recent  Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on each  Interest Payment Date as specified above, commencing December 31, 2018, and on the Final Stated  Maturity at the Interest Rate per year shown above until the principal hereof is paid or made available for  payment and on any overdue principal and on any overdue installment of interest at such rate to the extent  permitted by law. The interest so payable and punctually paid or duly provided for, on any Interest  Payment Date (other than an Interest Payment Date that is the Final Stated Maturity or any Redemption  Date) will, as provided in the Indenture, be paid to the Person in whose name this Senior Note is  registered at the close of business on the Regular Record Date as specified above next preceding such  Interest Payment Date, provided that any interest payable at Final Stated Maturity or on any Redemption  Date will be paid to the Person to whom principal is payable. Any such interest that is not so punctually    28977971  

 

paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date  and may be paid as provided in Section 3.08 of the Original Indenture.    Payments of interest on this Senior Note will include interest accrued to but excluding the respective  Interest Payment Dates. Interest payments for this Senior Note shall be computed and paid on the basis of  a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable  on this Senior Note is not a Business Day (including the Redemption Date), then payment of the interest  payable on such date will be made on the next succeeding day that is a Business Day (and without any  interest or other payment in respect of any such delay), except that, if such Business Day is in the next  succeeding calendar year, payment shall be made on the immediately preceding Business Day, in each  case with the same force and effect as if made on the date the payment was originally payable.   Payment of the principal of, and premium, if any, and interest due with respect to such principal on this  Senior Note at the Final Stated Maturity or upon redemption will be made upon surrender of this Senior  Note at the Corporate Trust Office of the Trustee in the United States. The principal of, and premium, if  any, and interest due on this Senior Note shall be paid in such coin or currency of the United States of  America as at the time of payment is legal tender for payment of public and private debts. Payment of  interest (including interest on any Interest Payment Date) will be made, subject to such surrender where  applicable and subject to the applicable procedures of the Depository, at the option of the Company, (i) by  check mailed to the address of the Person entitled thereto as such address shall appear in the Note  Register, or (ii) by wire transfer at such place and to such account at a banking institution in the United  States of America as may be designated in writing to the Trustee at least 15 days prior to the date for  payment by the Person entitled thereto.   The Senior Notes will be unsecured obligations of the Company and will rank equally in right of payment  with all of the Company’s existing and future unsecured and unsubordinated indebtedness. The Senior  Notes will rank senior to any subordinated indebtedness of the Company.   REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SENIOR NOTE SET  FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL  PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.   Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this  Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any  purpose.                               28977971  

 

      IN WITNESS WHEREOF, the Company has caused this Senior Note to be duly signed, manually  or by facsimile, by one of its duly authorized officers as of the date first written above.                                               CONIFER HOLDINGS, INC.                                                                                        By:__________________________________                                           Name: Brian J. Roney                                           Title: President                        28977971  

 

                              CERTIFICATE OF AUTHENTICATION    This is one of the Senior Notes referred to in the within mentioned Indenture.                                                  WILMINGTON TRUST, NATIONAL ASSOCIATION,                                            as Trustee                                                                                        By:__________________________                                                  Authorized Signatory    Dated:                                   28977971  

 

                            REVERSE OF SENIOR NOTE   1.    This Senior Note is one of a duly authorized issue of senior unsecured notes of the Company (the  “Notes”) issued and issuable in one or more series under an Indenture dated as of September 24, 2018  (the “Original Indenture”), as supplemented by the First Supplemental Indenture, dated as of September  24, 2018, as amended on October [12], 2018 (the “First Supplemental Indenture,” and together with the  Original Indenture, the “Indenture”), between the Company and Wilmington Trust, National  Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to  which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the  respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and  the holders of the Senior Notes issued thereunder and of the terms upon which said Senior Notes are, and  are to be, authenticated and delivered. This Senior Note is one of the series designated on the face hereof  as the 6.75% Senior Unsecured Notes due 2023, initially limited in aggregate principal amount of  $25,300,000 (1,012,000 units of $25 each); provided, however, that (subject to the provisions of the First  Supplemental Indenture) the aggregate principal amount of the Senior Notes may be increased in the  future with no limit, without the consent of the holders of the Senior Notes, on the same terms and (except  as otherwise provided in the First Supplemental Indenture) with the same CUSIP and ISIN numbers as  the Senior Notes, except for the issue price, Original Issue Date and, if applicable, the first Interest  Payment Date and the initial interest accrual date, provided that no Event of Default with respect to the  Senior Notes shall have occurred and be continuing. Capitalized terms used herein for which no definition  is provided herein shall have the meanings set forth in the Indenture.   2.    This Senior Note is exchangeable in whole or, from time to time, in part for Senior Notes in  definitive registered form only as provided herein and in the Indenture. If (i) at any time the Depository  notifies the Company that it is unwilling or unable to continue as Depository for this Senior Note or if at  any time the Depository shall no longer be registered or in good standing as a “clearing agency”  registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended,  or other applicable statute or regulation, at such time as the Depository is required to be so registered and  the Depository so notifies the Company and, in each case, the Company does not appoint a successor  Depository within 90 days after the Company receives such notice or becomes aware of such condition,  as the case may be, (ii) any Event of Default or Default has occurred and is continuing with respect to the  Senior Notes or (iii) subject to the applicable procedures of the Depository, the Company in its sole  discretion determines that this Senior Note shall be exchangeable for Senior Notes in definitive registered  form and executes and delivers to the Note Registrar a written order of the Company providing that this  Senior Note shall be so exchangeable, this Senior Note shall be exchangeable for Senior Notes in  definitive registered form, provided that the definitive Senior Notes so issued in exchange for this Senior  Note shall be in minimum denominations of $25 and integral multiples of $25 in excess thereof (or units,  each unit representing $25) and be of like aggregate principal amount and tenor as the portion of this  Senior Note to be exchanged. Except as provided above or in the First Supplemental Indenture, owners of  beneficial interests in this Senior Note will not be entitled to have Senior Notes registered in their names,  will not receive or be entitled to physical delivery of Senior Notes in definitive registered form and will  not be considered the holders thereof for any purpose under the Indenture. None of the Company, the  Trustee, any paying agent nor the Note Registrar shall have any responsibility or liability for any aspect of  the records relating to or payments made on account of beneficial ownership interests in this Senior Note,  or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.   3.    If an Event of Default with respect to the Senior Notes shall occur and be continuing, the  principal of the Senior Notes may be declared due and payable in the manner, with the effect and subject  to the conditions provided in the Indenture.    28977971  

 

4.    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and  the modification of the rights and obligations of the Company and the rights of the holders of the Notes  under the Indenture at any time by the Company and the Trustee with the consent of the holders of greater  than 50% in aggregate principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the holders of specified percentages in principal  amount of the Senior Notes at the time Outstanding, on behalf of the holders of all Senior Notes, to waive  compliance by the Company with certain provisions of the Indenture and certain past defaults under the  Indenture and their consequences. Any such consent or waiver by the holder of this Senior Note shall be  conclusive and binding upon such holder and upon all future holders of this Senior Note and of any  Senior Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,  whether or not notation of such consent or waiver is made upon this Senior Note.   5.    The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the  Company pursuant to this Senior Note and (b) restrictive covenants and the related Events of Default,  upon compliance by the Company with certain conditions set forth therein, which provisions apply to this  Senior Note.   6.    At any time and from time to time on September 30, 2021, or any Interest Payment Date  thereafter, this Senior Note will be redeemable at the Company’s option, in whole or in part, at a  redemption price equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest  thereon to, but excluding, such Redemption Date.   7.    If less than all of the Senior Notes are to be redeemed, the Trustee shall select the Senior Notes or  portions of Senior Notes to be redeemed by lot, pro rata or by such other method as the Trustee shall  deem fair and appropriate. The Trustee may select for redemption Senior Notes and portions of Senior  Notes in amounts of $25 and integral multiples of $25 in excess thereof and shall thereafter promptly  notify the Company in writing of the number of Senior Notes to be redeemed, in whole or in part;  provided that if the Senior Notes are represented by one or more Global Notes, interests in such Global  Notes shall be selected for redemption by the Depository in accordance with its applicable procedures  therefor.   8.    No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall  alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal  of, and premium, if any, and interest due on this Senior Note at the time, place and rate, and in the coin or  currency, herein prescribed.   9.    (a) As provided in the Indenture and subject to certain limitations therein set forth, the transfer of  this Senior Note is registrable in the Note Register upon surrender of this Senior Note for registration of  transfer at the office or agency of the Company for such purpose, duly endorsed by or accompanied by a  written instrument of transfer in form satisfactory to the Company or the Note Registrar and duly  executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new  Senior Notes, of authorized denominations and of like tenor and for the same aggregate principal amount,  will be issued to the designated transferee or transferees. No service charge shall be made for any such  exchange or registration of transfer, but the Company will require payment of a sum sufficient to cover  any tax or other governmental charge payable in connection therewith.         (b) Prior to due presentment of this Senior Note for registration of transfer, the Company, the  Trustee, any paying agent and the Note Registrar of the Company or the Trustee may deem and treat the  Person in whose name this Senior Note is registered as the absolute owner hereof for all purposes (subject  to Section 1.03(a) of the First Supplemental Indenture), whether or not this Senior Note be overdue and  notwithstanding any notice of ownership or writing thereon made by anyone other than the Note    28977971  

 

Registrar, and neither the Company nor the Trustee nor any paying agent nor the Note Registrar shall be  affected by notice to the contrary. Except as provided in Section 1.03(a) of the First Supplemental  Indenture, all payments of the principal of, and premium, if any, and interest due on this Senior Note  made to or upon the order of the registered holder hereof shall, to the extent of the amount or amounts so  paid, effectively satisfy and discharge liability for moneys payable on this Senior Note.         (c) The Senior Notes are issuable only in registered form without coupons in minimum  denominations of $25, or any integral multiples of $25 in excess thereof (or units, each unit representing  $25). As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are  exchangeable for a like aggregate principal amount of Senior Notes of a different authorized  denomination, as requested by the holder surrendering the same upon surrender of the Senior Note or  Senior Notes to be exchanged at the office or agency of the Company.   10.   No recourse shall be had for payment of the principal of, or premium, if any, or interest on this  Senior Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the  Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the  Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or  rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by  the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and  released.   11.   This Senior Note shall be deemed to be a contract made under the internal laws of the State of  New York, and for all purposes shall be construed in accordance with laws of said State. EACH OF THE  COMPANY, THE TRUSTEE, AND THE HOLDER OF THIS SENIOR NOTE              HEREBY  IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY  AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR  RELATING TO THE     INDENTURE, THE    SENIOR  NOTES OR THE TRANSACTIONS  CONTEMPLATED HEREBY.                                  28977971  

 

                              ASSIGNMENT FORM                           To assign this Note, fill in the form below:                            I or we assign and transfer this Note to                       (Print or type assignee’s name, address and zip code)                           (Insert assignee’s soc. sec. or tax I.D. No.)    and irrevocably appoint                               agent to transfer this Note on the books of the Company. The                          agent may substitute another to act for him.                                              Date:                              Your Signature:                                                      (Sign exactly as your name appears on the face of this Note)    Tax Identification No.:                             Signature Guarantee*:                                                                       *Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the  Trustee).                                28977971  

 

                                ABBREVIATIONS     The following abbreviations, when used in the inscription on the face of this instrument, shall be  construed as though they were written out in full according to applicable laws or regulations:    TEN COM – as tenants in common        UNIF GIFT MIN ACT - Custodian under                                          Uniform Gift to Minors Act                                                                                    (State)                                              TEN ENT – as tenants by the entireties     JT TEN –  as joint tenants with right of    survivorship and not as tenants in common        Additional abbreviations may also be used though not on the above list.        FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto        PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS. INCLUDING POSTAL ZIP   CODE OF ASSIGNEE                                   (please insert Social Security or other identifying number of assignee)         28977971  

 

the within Senior Note and all rights thereunder, hereby irrevocably constituting and appointing               agent to transfer said Senior Note on the books of the Company, with full power of substitution in  the premises.      Dated: _________________________    _____________________________________________                                       NOTICE: The signature to this assignment must                                      correspond with the name as written upon the face of the                                      within instrument in every particular without alteration                                      or enlargement, or any change whatsoever.             28977971EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE OF CLAIMS 

This Separation Agreement and Release of Claims (this “Agreement”) is entered into by and between Allan D. Keel
(“Executive”) and Contango Oil & Gas Company (the “Company”). The Company and Executive are each referred to herein individually as a “Party” and collectively as the
“Parties.” Capitalized terms not defined herein have the meaning given in that certain Amended and Restated Employment Agreement by and between the Parties made and entered into on November 30, 2016 (the “Employment
Agreement”). 
 WHEREAS, Executive’s employment with the Company ended as of the Separation Date (as defined below); 

WHEREAS, subject to the terms of this Agreement, the Parties wish for Executive to receive severance pay, which pay is conditioned upon
Executive’s timely execution (and non-revocation) of this Agreement and Executive’s compliance with the terms of this Agreement; and 

WHEREAS, the Parties wish to resolve certain claims or potential claims as set forth in the release of claims herein, including any claims
that Executive may have arising out of Executive’s employment or the end of such employment. 
 NOW, THEREFORE, in consideration of the
representations and promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows: 

1.    Separation from Employment. Executive’s employment with the Company ended as of 11:59 p.m.
Houston, Texas time on September 13, 2018 (the “Separation Date”). As of such time, Executive did not have any further employment relationship with the Company or any other Company Party (as defined below). 

2.    Separation Payment and Benefits. Provided that Executive complies with Executive’s
obligations under the Employment Agreement (as required by Section 3.3(a) of the Employment Agreement), and so long as Executive executes this Agreement by October 9, 2018 and returns it to the Company, care of Wilkie S. Colyer, 717 Texas
Ave., Ste. 2900, Houston, Texas, 77002 (e-mail: WColyer@contango.com) so that it is received by Mr. Colyer no later than October 9, 2018; the Company shall provide Executive with those severance
payments and benefits set forth in Section 3.2(b)(i), 3.2(b)(iii), and 3.2(b)(v) of the Employment Agreement, which payments and benefits will be provided at the time set forth in the Employment Agreement, which shall be no later than
November 12, 2018. 
 3.    Satisfaction of All Leaves and Payment Amounts; Prior Rights and
Obligations. 
 (a)    In entering into this Agreement, Executive expressly acknowledges and agrees that
Executive has received all leaves (paid and unpaid) to which Executive has been entitled during Executive’s employment with the Company or any other Company Party, and Executive has received all wages, bonuses and other compensation, been
provided all benefits and been afforded all rights and been paid all sums that Executive is owed or has been owed by the Company or any other Company Party, including all payments arising out of all incentive plans

 
and any other bonus arrangements, other than the compensation for which he is eligible pursuant to Section 3.2 of the Employment Agreement, which is referenced in paragraph 3(b) of this
Agreement below. 
 (b)    Subject to Executive complying with the terms of Section 2 of this Agreement (and not
exercising his revocation right pursuant to Section 7 below), Executive is entitled to receive the severance amounts and benefits described in Section 2 of this Agreement, which amounts and benefits are: (i) a total payment equal to
$1,800,000, less applicable taxes and withholdings, which amount represents 2.0 times Executive’s Base Salary (as defined in the Employment Agreement) plus the Target Bonus (as defined in the Employment Agreement) for the year in which the
Separation Date occurred, plus (ii) reimbursement of COBRA health insurance premiums for up to 36 months, as described in Section 3.2(b)(v) of the Employment Agreement (so long as Executive timely elects and maintains COBRA coverage),
(iii) pro-rata acceleration for all time-based vesting stock, stock option and other equity awards held by Executive as of the Separation Date, with pro-rata
acceleration calculated by multiplying the number of outstanding shares by a fraction, the numerator of which will be the number of full calendar months during the applicable vesting period that Executive was actively employed by the Company, plus
one, and the denominator of which is the number of full calendar months within the applicable vesting period, and (iv) pro-rata adjustment of all performance-based equity awards held by Executive as of
the Separation Date (whether or not such awards are subject to Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”)), with pro-rata adjustment applicable only to
the target number of shares subject to the applicable award in accordance with the same formula set forth in the foregoing clause (iii), with the resulting reduced number of performance-based awards remaining subject to all applicable performance
metrics during the full performance period applicable to such award. In addition, the Parties acknowledge that Executive remains eligible to receive a prorated Cash Incentive Bonus equal to Executive’s Cash Incentive Bonus (as defined in the
Employment Agreement) for 2018, if any, based on attainment of any applicable performance goals, multiplied by a fraction, the numerator of which is 256, and the denominator of which is 365, which prorated bonus, if any will be provided in a lump
sum at the same time that other employees of the Company are paid their Cash Incentive Bonuses for 2018; provided, however, Executive acknowledges and agrees that the Company’s 2018 Cash Incentive Bonus Plan is
one-half discretionary and one-half based on certain performance and operational metrics, such that he is not guaranteed to receive any of the one-half of the plan that is discretionary (or any of the one-half based on performance and operational metrics if those metrics are not satisfied), and the amount and award
of any ultimate pro-rated Cash Incentive Bonus for 2018 is subject to the approval of the Company’s Board of Directors, or the applicable committee thereof. 

(c)    For the avoidance of doubt, Executive acknowledges and agrees that Executive had no right to the payments or
benefits described in Section 2 above (or any portion thereof) but for Executive’s entry into this Agreement and satisfaction of the terms herein. 

4.    Executive’s General Release of Claims. 

(a)    Executive hereby releases, discharges and forever acquits the Company, each of its affiliates, parents and
subsidiaries, and each of the foregoing entities’ respective past, present and future subsidiaries, affiliates, stockholders, members, partners, directors, officers, managers, 

  
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Executives, agents, attorneys, heirs, successors and representatives, in their personal and representative capacities, as well as all Executive benefit plans maintained by the Company or any of
its affiliates or subsidiaries and all fiduciaries and administrators of any such plans, in their personal and representative capacities (collectively, the “Company Parties”), from liability for, and Executive hereby waives, any and
all claims, damages, demands, or causes of action of any kind that Executive has or could have, whether known or unknown, against any Company Party, including any and all claims, damages, demands, or causes of action relating to his employment and
service relationship with any Company Party, the termination of such employment or service relationship, or any other acts or omissions related to any matter occurring or existing on or prior to the date that Executive executes this Agreement,
including, (i) any alleged violation through such date of: (A) the Age Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection Act); (B) Title VII of the Civil Rights Act of 1964; (C) the
Civil Rights Act of 1991; (D) Sections 1981 through 1988 of Title 42 of the United States Code; (E) the Americans with Disabilities Act of 1990; (F) the Employee Retirement Income Security Act of 1974 (“ERISA”); (G) the
Family and Medical Leave Act of 1993, (H) the Immigration Reform Control Act; (I) the Americans with Disabilities Act of 1990; (J) the Occupational Safety and Health Act; (K) any federal, state or local anti-discrimination or
anti-retaliation law, including the Texas Labor Code (including the Texas Payday Law, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code, and the Texas Whistleblower Act); (L) any federal, state or local wage and hour law;
(M) any other local, state or federal law, regulation or ordinance; and (N) any public policy, contract, tort, or common law claim; (ii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in, or
with respect to, a Released Claim; (iii) any and all rights, benefits or claims Executive may have under any employment contract (including the Employment Agreement), incentive compensation plan or equity-based plan with any Company Party;
(iv) any claim arising from, or relating to, Executive’s status as a holder of any shares or other interests in the Company or any of its affiliates; and (v) any claim for compensation or benefits of any kind not expressly set forth
in this Agreement (collectively, the “Released Claims”). THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY
PARTIES. 
 (b)    The Released Claims do not include any claims to payments or benefits owed pursuant to this Agreement
or any rights that may first arise (including any rights with respect to indemnification) after the time that Executive executes this Agreement. This release is subject to and conditioned upon the Company’s full compliance with its obligations
as stated herein, including satisfying the payment obligations stated herein. In the event that the Company fails to comply with its obligations as stated herein, nothing herein prevents Executive from pursuing any claim with respect to any such
unsatisfied Company obligations. Executive acknowledges and agrees that he has received all rights to indemnification to which he has been entitled as of the time he signs this Agreement. For the avoidance of doubt, in entering into this Agreement,
Executive does not waive any future rights to indemnification against third party claims (including to the extent set forth in the Employment Agreement) that may be made following the date Executive executes this Agreement (regardless of whether
such claims relate to actions or omissions occurring before or after the date Executive signs this Agreement). 

  
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 (c)    In no event shall the Released Claims include any claim to vested
benefits under an employee benefit plan that is subject to ERISA (including any rights to vested benefits under health and retirement plans). Further notwithstanding this release of liability, nothing in this Agreement prevents Executive from filing
any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or other governmental agency or
participating in any investigation or proceeding conducted by the EEOC or other governmental agency or cooperating with such agency; however, Executive understands and agrees that, to the extent permitted by law, Executive is waiving any and all
rights to recover any monetary or personal relief from a Company Party as a result of such EEOC or other governmental agency proceeding or subsequent legal actions. Nothing herein waives or limits Executive’s right to receive an award for
information provided to a governmental agency. 
 (d)    Executive hereby represents and warrants that, as of the time
Executive executes this Agreement, Executive has not brought or joined any lawsuit or filed any charge or claim against any of the Company Parties in any court or before any government agency or arbitrator for or with respect to a matter, claim or
incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Executive signs this Agreement. Executive hereby further represents and warrants that Executive has not assigned, sold, delivered,
transferred or conveyed any rights Executive has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released Claims. 

5.    The Company’s Release of Claims. 

(a)    Executive represents that he has not engaged in any activity that constituted Cause (as defined in the Employment
Agreement), including as the result of any breach of any fiduciary obligations or commission of any fraudulent activity with respect to the Company or any of its affiliates. The Company represents that, as of the date it executes this Agreement, it
is not aware of Executive engaging in any activity that constituted Cause (as defined in the Employment Agreement), including as the result of any breach of any fiduciary obligations or commission of any fraudulent activity with respect to the
Company or any of its affiliates. 
 (b)    In express reliance on Executive’s representations set forth herein,
including the representations in Section 5(a) above, the Company hereby releases, discharges and forever acquits Executive from liability for, and the Company hereby waives, any and all claims, damages, demands, or causes of action of any kind
that the Company has or could have, whether known or unknown, against Executive including any and all claims, damages, demands, or causes of action relating to his employment and service relationship with the Company, or any other acts or omissions
related to any matter occurring or existing on or prior to the date that the Company executes this Agreement. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT
LIABILITY, OF EXECUTIVE. 
 (c)    The claims released by the Company in Section 5(b) above do not include any
claims that may first arise after the time that the Company executes this Agreement. 

  
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 6.    Executive’s Acknowledgements. By
executing and delivering this Agreement, Executive expressly acknowledges that: 
 (a)    Executive has carefully read
this Agreement; 
 (b)    Executive has had sufficient time to consider this Agreement before the execution and delivery
to Company; 
 (c)    Executive has had at least twenty-one (21) days from
the date he received this Agreement to consider its terms. The Parties agree that any changes to this Agreement during that period, whether material or not, will not extend the twenty-one (21) day period;

 (d)    Executive has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of
Executive’s choice and Executive has had adequate opportunity to do so prior to executing this Agreement; 

(e)    Executive fully understands the final and binding effect of this Agreement; the only promises made to Executive to
sign this Agreement are those stated within the four corners of this document (which memorializes the severance pay and benefits for which Executive is eligible pursuant to the Employment Agreement), and Executive is signing this Agreement
knowingly, voluntarily and of Executive’s own free will, and that Executive understands and agrees to each of the terms of this Agreement; and 

(f)    No Company Party has provided any tax or legal advice regarding this Agreement and Executive has had an adequate
opportunity to receive sufficient tax and legal advice from advisors of Executive’s own choosing such that Executive enters into this Agreement with full understanding of the tax and legal implications thereof. 

7.    Revocation Right. Executive understands he has the right to revoke and cancel this Agreement
for seven days after he signs it (such period, the “Release Revocation Period”). Any such revocation must be in writing and received by Wilkie S. Colyer, 717 Texas Ave., Ste. 2900, Houston, Texas, 77002 (e-mail: WColyer@contango.com), within seven days of Executive’s signing this Agreement to be effective. If Executive does so revoke, this Agreement shall be null and void, and the Company shall have no
obligation to provide or pay any of the consideration described in Section 2. This Agreement shall not be effective and enforceable until after passage of the Release Revocation Period without Executive having exercised the revocation right
described in this Section 7. 
 8.    Affirmation of Restrictive Covenants; Permitted Disclosures.

 (a)    Executive acknowledges and agrees that the terms of Article 2 of the Employment Agreement, which terms
create certain obligations with respect to Executive’s return of property, non-disclosure of information, non-competition, and
non-solicitation, remain in full force and effect, and Executive: (i) expressly warrants and represents that, to his knowledge, he has abided by all provisions within Article 2 of the Employment Agreement
in all respects; and (ii) following the Separation Date, he will continue to abide by all provisions of Article 2 of the Employment Agreement. For the avoidance of doubt, Executive represents that he has returned to the Company or deleted all
of the Company’s property, documents, files (including 

  
 5 

 
electronically stored information), data, and other materials. In the event that the Company believes at any time that Executive has failed to comply with this provision, the Company shall
promptly notify Executive of the facts in writing, and Executive shall have ten (10) days to cure if capable of cure. 

(b)    Executive further acknowledges his continuing obligations pursuant to Sections 3.4 and 4.5 of the Employment
Agreement, and promises to provide the assistance described therein and to satisfy the terms of Sections 3.4 and 4.5 of the Employment Agreement following the Separation Date. 

(c)    Notwithstanding the foregoing, nothing in this Agreement or the Employment Agreement shall prevent Executive from:
(i) making communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental agency (including the Securities and Exchange
Commission) regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Executive from any governmental agency; (iii) testifying, participating or otherwise assisting in an action or proceeding by
any governmental agency relating to a possible violation of law or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law (including making any reports pursuant to “whistleblower
rules” promulgated by the Securities and Exchange Commission (Securities Exchange Act Rules 21F-1, et seq.) or any other governmental agency). Additionally, pursuant to the federal Defend Trade Secrets
Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (x) is made (A) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (y) is made to Executive’s attorney in relation to a lawsuit for retaliation against you
for reporting a suspected violation of law; or (iii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement or the Employment Agreement requires Executive to
obtain prior authorization from the Company before engaging in any conduct described in this paragraph, or to notify the Company that he has engaged in any such conduct. 

9.    Entire Agreement. This Agreement (and the Employment Agreement to the extent referenced in
Sections 8 above and Sections 10 and 11 below) constitutes the entire agreement between the Parties with respect to the matters herein provided. No modifications or waiver of any provision hereof shall be effective unless in writing and signed by
each party. 
 10.    Governing Law; Arbitration. 

(a)    The validity, interpretation, construction, performance and enforcement of this Agreement shall be governed by the
laws of the State of Texas, without giving effect to the principles of conflicts of law. 
 (b)    With the exception of
any proceeding to obtain emergency, temporary restraining or preliminary injunctive relief as permitted by Article 2 of the Employment Agreement, the Parties agree that any controversy or claim arising out of or relating to this Agreement shall be
resolved by arbitration administered by the American Arbitration Association pursuant to the 

  
 6 

 
procedures set forth in Section 4.11 of the Employment Agreement. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY OR A COURT TRIAL IN ANY ACTION, PROCEEDING,
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. The Parties’ rights set forth in the Employment Agreement with respect to payment of reasonable attorney’s fees, costs and expenses arising from disputes between them (including
such rights set forth in Sections 2.7 and 4.20 of the Employment Agreement) shall continue in full force and effect. 

11.    Transition Assistance. As set forth in Section 3.4 of the Employment Agreement,
during the 90 days following the Separation Date, Executive agrees to make himself available to assist the Company with transition projects as may be assigned to him by the Board (as defined in the Employment Agreement), subject to the Parties’
agreement upon a reasonable, hourly rate for any such work performed for the Company during such period. 

12.    Assignment. This Agreement is personal to Executive, and Executive may not assign this
Agreement. The Company may assign this Agreement to any successor, and this Agreement shall inure to the benefit of the successors of the Company, who are intended third party beneficiaries of this Agreement. 

13.    Headings; Interpretation. Titles and headings to Sections hereof are for the purpose of
reference only and shall in no way limit, define or otherwise affect the provisions hereof. Unless the context requires otherwise, all references herein to laws, regulations, contracts, agreements, instruments and other documents shall be deemed to
refer to such laws, regulations, agreements, instruments and other documents as they may be amended, supplemented, modified and restated from time to time, and references to particular provisions of laws or regulations include a reference to the
corresponding provisions of any succeeding law or regulation. The word “or” as used herein is not exclusive and is deemed to have the meaning “and/or.” The words “herein”, “hereof”, “hereunder” and
other compounds of the word “here” shall refer to the entire Agreement, including exhibits, and not to any particular provision hereof. The use herein of the word “including” following any general statement, term or matter shall
not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as
“without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible
scope of such general statement, term or matter. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise. On the contrary, this
Agreement has been reviewed by each of the Parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the Parties. 

14.    Third Party Beneficiaries. Each Company Party that is not a signatory hereto shall be a
third-party beneficiary of Executive’s covenants, warranties, representations, and release of claims set forth in this Agreement and entitled to enforce such provisions as if it was a party hereto. 

  
 7 

 15.    No Waiver. No failure by any Party at
any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. 
 16.    Severability and Modification. To the extent permitted by
applicable law, the parties agree that any term or provision of this Agreement (or part thereof) that renders such term or provision (or part thereof) or any other term or provision (or part thereof) of this Agreement invalid or unenforceable in any
respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such severance or modification shall be accomplished in the manner that
most nearly preserves the benefit of the Parties’ bargain hereunder. 
 17.    Withholding of Taxes
and Other Deductions. The Company may withhold from any payments made pursuant to this Agreement all federal, state, local, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling.

 18.    Counterparts. This Agreement may be executed in one or more counterparts
(including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together will constitute one and the same agreement. 

19.    Section 409A. Neither this Agreement nor the payments provided hereunder are intended
to constitute “deferred compensation” subject to the requirements of Section 409A of the Internal Revenue Code of 1986 and the Treasury regulations and interpretive guidance issued thereunder (collectively,
“Section 409A”), and this Agreement shall be construed and administered in accordance with such intent. Notwithstanding the foregoing, the Company makes no representations that this Agreement or the payments
provided under this Agreement complies with or is exempt from the requirements of Section 409A and in no event shall the Company or any other Company Party be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by Executive on account of non-compliance with Section 409A. 

[Signatures begin on the following page] 

  
 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement with the intent to be legally
bound. 
  

			
	ALLAN D. KEEL
		
	By:	 	 /s/ Allan D. Keel

	Date:	 	October 9, 2018
	
	CONTANGO OIL & GAS COMPANY
		
	By:	 	 /s/ Wilkie S. Colyer

	Name:	 	Wilkie S. Colyer
	Title:	 	Interim President and CEO
	Date:	 	October 9, 2018

 Signature Page to Separation Agreement and Release of Claims

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