Document:

exv4w5

EXHIBIT 4.5

SEVENTH AMENDMENT TO CREDIT AGREEMENT

     This SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of October
30, 2009, among GASCO ENERGY, INC. (“Borrower”), CERTAIN SUBSIDIARIES OF BORROWER, as
Guarantors (the “Guarantors”), the LENDERS party hereto (the “Lenders”), and
JPMORGAN CHASE BANK, N.A., as Administrative Agent (“Administrative Agent”). Unless the
context otherwise requires or unless otherwise expressly defined herein, capitalized terms used but
not defined in this Amendment have the meanings assigned to such terms in the Credit Agreement (as
defined below).

WITNESSETH:

     WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Lenders have entered
into that certain Credit Agreement dated as of March 29, 2006 (as the same has been and may
hereafter be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”); and

     WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Lenders desire to
amend the Credit Agreement as provided herein upon the terms and conditions set forth herein.

     NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged and confessed, the Borrower, the Guarantors, the Lenders and the Administrative
Agent hereby agree as follows:

SECTION 1. Amendments to Credit Agreement. Subject to the satisfaction or waiver in writing of
each condition precedent set forth in Section 2 of this Amendment, and in reliance on the
representations, warranties, covenants and agreements contained in this Amendment, the Credit
Agreement shall be amended in the manner provided in this Section 1 effective as of the
date Borrower satisfies the conditions set forth in Section 2 of this Amendment.

     1.1 Amended Definitions. The following definition in Section 1.01 of the Credit
Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

     “Redetermination Date” means each date on which the Borrowing Base is
redetermined pursuant to the terms hereof, which shall be (a) with respect to any
Scheduled Redetermination, (i) for the year ending December 31, 2009, on or about
May 1 and November 30 of such year, and (ii) for any year thereafter, on or about
May 1 and November 1 of such year, (b) with respect to any Special Redetermination
requested by the Borrower pursuant to Section 3.03, the first day of the first month
which is not less than twenty (20) Business Days following the date of a request for
a Special Redetermination, and (c) with respect to any Special Redetermination
requested by the Required Lenders, the date notice of such Redetermination is
delivered to the Borrower pursuant to Section 3.04.

     1.2 Mandatory Prepayment of Loans. Clause (a) of Section 2.10 of the Credit Agreement
shall be and it hereby is amended and restated in its entirety to read as follows:

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     (a) Except as otherwise provided in Section 2.10(b), in the event a Borrowing
Base Deficiency exists, the Borrower shall, within thirty (30) days (or in the case
of a Borrowing Base Deficiency arising from or related to the Scheduled
Redetermination of the Borrowing Base on or about November 30, 2009, within fifteen
(15) days) after written notice from the Administrative Agent to the Borrower of
such Borrowing Base Deficiency, notify the Administrative Agent which of the
following actions it will take to eliminate such Borrowing Base Deficiency and
within sixty (60) days (or in the case of a Borrowing Base Deficiency arising from
or related to the Scheduled Redetermination of the Borrowing Base on or about
November 30, 2009, within thirty (30) days) after such notice from the
Administrative Agent (a) by instruments satisfactory in form and substance to the
Required Lenders, provide the Lenders with additional security consisting of Oil and
Gas Interests with value and quality satisfactory to the Lenders in their sole
discretion to eliminate such Borrowing Base Deficiency, (b) prepay, without premium
or penalty, the principal amount of the Loans in an amount sufficient to eliminate
such Borrowing Base Deficiency or (c) by a combination of such additional security
and such prepayment eliminate such Borrowing Base Deficiency.

SECTION 2. Conditions. The amendments to the Credit Agreement contained in Section 1 of
this Amendment shall be effective upon the satisfaction of each of the conditions set forth in this
Section 2.

     2.1 Execution and Delivery. Each Credit Party, the Required Lenders and the Administrative
Agent shall have executed and delivered this Amendment and any other required document, all in form
and substance satisfactory to Administrative Agent.

     2.2 No Default. No Default shall have occurred and be continuing or shall result from the
effectiveness of this Amendment.

     2.3 Fees. The Borrower shall have paid to the Administrative Agent, for the ratable benefit
of the Lenders, a fully earned and non-refundable amendment fee in an amount equal to $35,000.

     2.4 Other Documents. The Administrative Agent shall have received such other instruments and
documents incidental and appropriate to the transaction provided for herein as the Administrative
Agent or its special counsel may reasonably request prior to the date hereof, and all such
documents shall be in form and substance reasonably satisfactory to the Administrative Agent.

SECTION 3. Representations and Warranties of the Credit Parties. To induce the Lenders to enter
into this Amendment, each Credit Party hereby represents and warrants to the Administrative Agent
and the Lenders as follows:

     3.1 Reaffirmation of Representations and Warranties/Further Assurances. After giving effect
to the amendments herein, each representation and warranty of such Credit Party contained in the
Credit Agreement or in any other Loan Document is true and correct in all

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material respects on the date hereof (except to the extent such representations and warranties relate solely to an earlier
date, in which case, such representations and warranties are true and correct as of such earlier
date).

     3.2 Corporate Authority; No Conflicts. The execution, delivery and performance by such Credit
Party of this Amendment and all documents, instruments and agreements contemplated herein are
within such Credit Party’s corporate or other organizational powers, have been duly authorized by
all necessary action, require no action by or in respect of, or filing with, any court or agency of
government and do not violate or constitute a default under any provision of any applicable law or
other agreements binding upon such Credit Party or result in the creation or imposition of any Lien
upon any of the assets of such Credit Party except for Liens permitted under Section 7.02 of the
Credit Agreement.

     3.3 Enforceability. This Amendment constitutes the valid and binding obligation of such
Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may
be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and
(ii) the availability of equitable remedies may be limited by equitable principles of general
application.

     3.4 No Default. As of the date hereof, both before and immediately after giving effect to
this Amendment, no Default has occurred and is continuing.

SECTION 4. Miscellaneous.

     4.1 Reaffirmation of Loan Documents and Liens. Any and all of the terms and provisions of the
Credit Agreement and the Loan Documents shall, except as amended and modified hereby, remain in
full force and effect and are hereby in all respects ratified and confirmed by each Credit Party.
Each Credit Party hereby agrees that the amendments and modifications herein contained shall in no
manner affect or impair the liabilities, duties and obligations of any Credit Party under the
Credit Agreement and the other Loan Documents or the Liens securing the payment and performance
thereof.

     4.2 Parties in Interest. All of the terms and provisions of this Amendment shall bind and
inure to the benefit of the parties hereto and their respective successors and assigns.

     4.3 Legal Expenses. Each Credit Party hereby agrees to pay all reasonable fees and expenses
of special counsel to the Administrative Agent incurred by the Administrative Agent in connection
with the preparation, negotiation and execution of this Amendment and all related documents.

     4.4 Counterparts. This Amendment may be executed in one or more counterparts and by different
parties hereto in separate counterparts each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one and the same
instrument; signature pages may be detached from multiple separate counterparts and attached to a
single counterpart so that all signature pages are physically attached to the same document.
Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail
shall be effective as delivery of manually executed counterparts of this Amendment.

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     4.5 Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

     4.6 Headings. The headings, captions and arrangements used in this Amendment are, unless
specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the
terms of this Amendment, nor affect the meaning thereof.

     4.7 Governing Law. This Amendment shall be construed in accordance with and governed by the
law of the State of Texas.

[Signature Pages Follow]

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     IN WITNESS WHEREOF, the parties have caused this Seventh Amendment to Credit Agreement
to be duly executed as of the date first above written.

	 	 	 	 	 
	 	BORROWER:

GASCO ENERGY, INC.

 	 
	 	By:  	/s/ W. King Grant
 	 
	 	 	Name:  	W. King Grant 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 
	 	GUARANTORS:

GASCO PRODUCTION COMPANY

 	 
	 	By:  	/s/ W. King Grant
 	 
	 	 	Name:  	W. King Grant 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 

	 	 	 	 	 
	 	 	RIVERBEND GAS GATHERING, LLC
	 
	 

	 	By:
	 	Gasco Energy, Inc.
	 

	 	 	 	Its Managing Member

	 	 	 	 	 
	 	 	 
	 	By:  	                     /s/ W. King Grant
 	 
	 	 	Name:  	W. King Grant 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 

	 	 	 	 	 
	 	 	MYTON OILFIELD RENTALS, LLC
	 
	 

	 	By:
	 	Gasco Energy, Inc.
	 

	 	 	 	Its Managing Member

	 	 	 	 	 
	 	 	 
	 	By:  	                     /s/ W. King Grant
 	 
	 	 	Name:  	W. King Grant 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Lender and as Administrative Agent,

 	 
	 	By:  	/s/ John Runger
 	 
	 	 	Name:  	John Runger 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GUARANTY BANK AND TRUST COMPANY

as a Lender

 	 
	 	By:  	/s/ Gail J. Nofsinger
 	 
	 	 	Name:  	Gail J. Nofsinger 	 
	 	 	Title:  	Senior Vice PresidentExhibit 10.4

Exhibit 10.4

SCHWEITZER-MAUDUIT INTERNATIONAL, INC.

OUTSIDE DIRECTORS STOCK PLAN

(Amended and Restated as of February 22, 2007

Effective January 1, 2007)

1. Stock Grant. Subject to the approval of the adoption on by the Board of Directors
(“Board”) of Schweitzer-Mauduit International, Inc. (“Company”) of the Schweitzer-Mauduit
International, Inc. Outside Directors Stock Plan (“Plan”) by the sole shareholder of the Company,
any member of the Board who is not otherwise actively employed by the Company or any of its
subsidiaries or affiliates (“Outside Director”) shall receive his or her annual retainer fees in
shares of unrestricted common stock of the Company, with any fractional share to be paid in cash.

2. Administration. This Plan shall be administered by the Board or a Committee thereof, as
appointed from time to time (“Administrator”). The Administrator shall have discretion to
interpret the Plan, including any ambiguities contained herein, and, subject to its provisions, to
make all determinations necessary or desirable for the Plan’s administration. Any action taken by
the Administrator in the interpretation and administration of the Plan shall be final and binding
in all matters relating to the Plan. The Administrator may authorize any director, officer, or
employee of the Company to assist the Administrator in the administration of the Plan and to
execute documents on behalf of the Administrator. The Administrator may also delegate to such
director, officer, or employee such other ministerial or administrative duties as deemed
appropriate by the Administrator. No member of the Board or of the Committee serving as
Administrator shall be liable for any act done or omitted to be done by such member or by any other
member in connection with the Plan, except for such member’s own willful misconduct or as expressly
provided by statute.

3. Source of Shares. Shares delivered by the Company to an Outside Director in accordance
with this Plan will be unrestricted shares of common stock of the Company, which may be either
authorized and unissued shares or shares that were once issued and subsequently reacquired by the
Company; provided, however, that such shares have been registered with the Securities and Exchange
Commission; and provided further, that the total number of shares issued under this Plan shall not
exceed 130,000 absent Board approval.

The Company is under no obligation to establish a fund or reserve in order to distribute
shares under the Plan. The Company has not segregated or earmarked any shares or any of the
Company’s assets for the benefit of an Outside Director, and the Plan does not, and shall not be
construed to, require the Company to do so. The Outside Director shall have only an unsecured,
contractual right against the Company for the grant hereunder, and such right shall not be deemed
superior to the right of any other creditor.

4. Amount of Compensation to be Paid in Stock. The Outside Director shall receive payment
of his or her annual retainer fees solely in shares of unrestricted common stock with any
fractional share to be paid in cash.

5. Number of Shares and Date of Payment. (a) Any shares due to an Outside Director under
this Plan for a calendar year shall be payable on a quarterly basis on January 1, April 1, July 1,
and October 1. The number of shares to be distributed to an Outside Director shall be
determined by first dividing the director’s annual retainer fees by four (4) and then dividing such
quarterly quotient by the market value of the common stock of the Company as determined under
subparagraph (b) below, with subsequent distributions base on such quarterly quotient divided by
the market value of the common stock of the Company as determined under subparagraph (b) below. In
no event shall the payment to an Outside Director under this Plan exceed the annual retainer fee or
portion thereof actually payable to such Outside Director, and the Administrator, as necessary,
shall make such pro rata adjustments to the number of shares payable to an Outside Director
hereunder to reflect any reduction in his or her annual retainer fee or portion thereof actually
payable to the Outside Director.

 

 

 

	 	(b)	 	For purposes of this Plan, the term “market value” shall have the following
meaning:

	 	(1) with respect to common stock of the Company that is issued by the Company, the
closing price of the common stock of the Company, as reported in the New York Stock
Exchange composite transactions, on the date one day prior to the date of
distribution as set forth in (a) above (or the closing price on the trading day
immediately preceding such determination date if the common stock of the Company is
not traded on the date one day prior to the date of distribution).

	 
	 	(2)  with respect to common stock of the Company that is purchased on the open market
for distribution hereunder, the actual purchase price paid for such common stock on
the date of purchase.

6. Nontransferability of Rights. During an Outside Director’s lifetime, any payment under

the Plan shall be made only to the Outside Director or his or her estate. No amount under the Plan
shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, or charge, and any attempt under the Plan to do so shall be void. No amount under the
Plan shall be subject to the debts, contracts, liabilities, engagements, or torts of an Outside
Director or his or her estate entitled thereto.

7. Rights of Outside Director. Nothing contained in the Plan or with respect to any grant
under the Plan shall interfere with or limit in any way the right of shareholders of the Company to
remove any Outside Director from the Board, nor confer upon any Outside Director any right to
continue on the Board as an Outside Director.

An Outside Director receiving a grant under the Plan shall become the holder of record of the
shares awarded under the Plan and shall have all of the incidents of ownership of such shares,
including but not limited to the right to vote such shares and receive cash or other dividends
payable with respect to such shares, upon distribution of such shares to the Outside Director.

8. Taxes. The Outside Director or his or her estate shall be liable for all taxes on
shares issued under the Plan. The Company may make appropriate arrangements to collect from
Outside Directors or withhold shares from distribution hereunder in amounts necessary to satisfy
any withholding obligation with respect to the issuance of shares under the Plan.

 

 

 

9. Amendment or Termination. The Plan may be wholly or partially amended or otherwise
modified, suspended or terminated by the Board of Directors or by a committee thereof with the
approval of the Board of Directors; provided, however, that, without the approval of the
shareholders of the Company entitled to vote thereon, no amendment may be made which would, absent
such shareholder approval, disqualify the Plan for coverage under Rule 16b-3, as promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, as that
rule may be amended from time to time; and provided further that the Plan may not be amended more
than once every six (6) months unless such amendment is made in order to comply with changes to
either the Internal Revenue Code of 1986, as amended, or the Employee Retirement Income Security
Act of 1974, as amended, and the rules thereunder. Notwithstanding the foregoing, no such amendment
or termination shall impair any rights to payments to which a director may be entitled prior to the
effective date of such amendment or termination.

10. Governing Law. The terms of the Plan shall be governed, construed, administered, and
regulated by the laws of the state of Georgia and applicable law. In the event that any provision
of the Plan shall be determined to be illegal or invalid for any reason, the other provisions shall
continue in full force and effect as if such illegal provision had never been included herein.

11. Effective Date. Subject to the approval of the adoption by the Board of this Plan by
the sole shareholder of the Company, the Plan shall be effective January 1, 1996.

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