Document:

EX-10.1

 Exhibit 10.1 
 Execution Version 
  

 
  

FIFTH AMENDMENT TO 
 CREDIT AGREEMENT 
 dated as of 

March 29, 2013 
 among 
 PETROQUEST ENERGY, INC., 

as Parent, 

PETROQUEST ENERGY, L.L.C., 
 as Borrower, 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, 
 and 
 The Lenders Party Hereto 

 
  

WELLS FARGO BANK, N.A., 
 as Syndication Agent, 
 and 

CAPITAL ONE, N.A., 
 as Documentation Agent 
  

 
 J.P. MORGAN
SECURITIES LLC, 
 as Lead Arranger 
  

 
  

 FIFTH AMENDMENT TO CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”) dated as of March 29, 2013, is among
PETROQUEST ENERGY, INC., a Delaware corporation, as Parent, PETROQUEST ENERGY, L.L.C., a Louisiana limited liability company, as Borrower, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and the Lenders party hereto.

 R E C I T A L S 
 WHEREAS, Parent, Borrower, Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of October 2, 2008, as amended by that certain First Amendment to Credit
Agreement dated as of March 24, 2009, that certain Second Amendment to Credit Agreement dated as of September 30, 2009, that certain Third Amendment to Credit Agreement dated as of August 5, 2010 and that certain Fourth Amendment to
Credit Agreement dated as of October 3, 2011 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain loans to and extensions
of credit for the account of Borrower; 
 WHEREAS, Borrower has advised Administrative Agent and the Lenders that Borrower
intends to sell or otherwise transfer those certain Oil and Gas Properties listed on Exhibit A hereto (such Oil and Gas Properties, collectively, the “Eagle Ford Assets”, and such sale, the “Eagle Ford
Sale”); and 
 WHEREAS, Borrower has requested, among other things, that (a) the Borrowing Base be increased to
$150,000,000, (b) subject to certain conditions set forth herein, the Lenders consent to the Eagle Ford Sale and agree that the Eagle Ford Sale and the Eagle Ford Assets be disregarded for purposes of determining whether an automatic reduction
in the Borrowing Base is required pursuant to clause (d)(2) of Section 9.12 of the Credit Agreement, and (c) the Credit Agreement be further amended as more particularly set forth herein. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each
capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended hereby. Unless otherwise indicated, all article and section references in this Fifth Amendment refer to articles and
sections of the Credit Agreement. 
 Section 2. Amendments to Credit Agreement. In reliance on the representations, warranties,
covenants and agreements contained in this Fifth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 5 hereof, the Credit Agreement is hereby amended effective as of the Fifth Amendment Effective
Date in the manner provided in this Section 2. 

 2.1 Amendments to Section 1.02. 

(a) The definition of “Agreement” is hereby amended and restated as follows: 

“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the
Third Amendment, the Fourth Amendment and the Fifth Amendment as the same may from time to time be further amended, modified, supplemented or restated. 
 (b) The definition of “Indebtedness” is hereby amended and restated as follows: 
 “Indebtedness” means any and all amounts owing or to be owing by the Borrower, any Subsidiary or any Guarantor (whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising): (a) to the Administrative Agent, the Issuing Bank or any Lender under any Loan Document, including, without limitation, all interest on any of the Loans
(including any interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or reorganization of the Borrower, the Parent or any Subsidiary (or could accrue but for the operation of
applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in any such case, proceeding or other action); (b) to any Secured Swap Provider arising under or in connection with any Swap Agreement
between the Parent, the Borrower or any Subsidiary and such Secured Swap Provider, excluding (i) any additional transactions or confirmations (including, without limitation, any extensions, increases or modifications thereof) entered into after
such Secured Swap Provider ceases to be a Lender or an Affiliate of a Lender and (ii) any Swap Agreement that is assigned by such Secured Swap Provider to a counterparty that is not a Lender or an Affiliate of a Lender; (c) to any Bank
Products Provider arising pursuant to or in connection with any Bank Products; and (d) all renewals, extensions and/or rearrangements of any of the above; provided that solely with respect to any Guarantor that is not an “eligible
contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder, Excluded Swap Obligations of such Guarantor shall in any event be excluded from “Indebtedness” owing by such Guarantor. 

(c) The definition of “Swap Agreement” is hereby amended to insert the following parenthetical immediately before
the “;”: 
 (including any agreement, contract or transaction that constitutes a “swap”
within the meaning of section 1a(47) of the Commodity Exchange Act) 
 (d) The definition of “Bank Products” is
hereby added where alphabetically appropriate to read as follows: 
 “Bank Products” means any
of the following bank services: (a) commercial credit cards, (b) stored value cards, and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items,
overdrafts and interstate depository network services). 

  
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 (e) The definition of “Bank Products Provider” is hereby added where
alphabetically appropriate to read as follows: 
 “Bank Products Provider” means any Lender or
Affiliate of a Lender that provides Bank Products to the Parent, the Borrower, or any Subsidiary. 
 (f) The definition of
“Commodity Exchange Act” is hereby added where alphabetically appropriate to read as follows: 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from
time to time, and any successor statute. 
 (g) The definition of “Excluded Swap Obligations” is hereby added
where alphabetically appropriate to read as follows: 
 “Excluded Swap Obligations” means, with
respect to the Borrower, the Parent or any Subsidiary, individually determined on a Person by Person basis, any Indebtedness in respect of any Swap Agreement if, and solely to the extent that, all or a portion of the guarantee of the Borrower, the
Parent or any Subsidiary of, or the grant by the Borrower, the Parent or any Subsidiary of a security interest to secure, such Indebtedness in respect of any Swap Agreement (or any guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of the Borrower’s, the Parent’s or any Subsidiary’s failure for any
reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time such guarantee or grant of a security interest becomes effective with respect to such related Indebtedness in respect of any Swap
Agreement. 
 (h) The definition of “Fifth Amendment” is hereby added where alphabetically appropriate to read
as follows: 
 “Fifth Amendment” means the Fifth Amendment to Credit Agreement dated as of
March 29, 2013 among the Parent, the Borrower, the Administrative Agent and the Lenders party thereto. 
 (i) The
definition of “Qualified ECP Guarantor” is hereby added where alphabetically appropriate to read as follows: 
 “Qualified ECP Guarantor” means, in respect of any Swap Agreement, the Borrower, the Parent or any Subsidiary, so long as such Person (a) has total assets exceeding $10,000,000 at
the time any guaranty of obligations under such Swap Agreement becomes effective or (b) otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause
another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
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 (j) The definition of “Secured Parties” is hereby added where
alphabetically appropriate to read as follows: 
 “Secured Parties” means, collectively, the
Administrative Agent, the Lenders, the Bank Products Providers and Secured Swap Providers, and “Secured Party” means any of them individually. 
 (k) The definition of “Secured Swap Provider” is hereby added where alphabetically appropriate to read as follows: 

“Secured Swap Provider” means any (a) Person that is a party to a Swap Agreement with the Borrower,
the Parent or any Subsidiary that entered into such Swap Agreement before or while such Person was a Lender or an Affiliate of a Lender, whether or not such Person at any time ceases to be a Lender or an Affiliate of a Lender, as the case may be, or
(b) assignee of any Swap Agreement described in clause (a) above so long as such assignee is a Lender or an Affiliate of a Lender. 
 2.2 Amendment to Section 4.04. Section 4.04 is hereby amended to delete the reference to “Lenders” contained in the first sentence of such Section and replace it with the
reference to “Secured Parties”. 
 2.3 Amendment to Section 7.13. Section 7.13 is hereby amended to
delete the phrase “and the Lenders” contained therein and replace it with the phrase “for the benefit of the Secured Parties”. 
 2.4 Amendment to Section 7.20. Section 7.20 is hereby amended to add the following sentence immediately after the first sentence: 

The Borrower and the Parent are each, individually, Qualified ECP Guarantors. 

  
 4 

 2.5 New Section Regarding Keepwell. A new Section 8.18 is hereby added to the
Credit Agreement immediately following Section 8.17 and shall read in full as follows: 
 Section 8.18
Commodity Exchange Act Keepwell Provision. The Borrower and the Parent each hereby absolutely, unconditionally and irrevocably undertake to provide to each other, as applicable, and any Subsidiary such funds or other support as may be needed
from time to time by the Borrower, the Parent or any Subsidiary, as applicable, in order for the Borrower, the Parent or any Subsidiary, as applicable, to honor its Indebtedness with respect to any Swap Agreement, whether any such Swap Agreement is
entered into directly by the Borrower, the Parent or any Subsidiary, as applicable, or is guaranteed under any Guaranty Agreement (provided, however, that the Borrower and the Parent shall only be liable under this Section 8.18 for the maximum
amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.18, or otherwise under this Agreement or any Loan Document, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer, and not for any greater amount). The obligations of both the Borrower and the Parent under this Section 8.18 shall remain in full force and effect until all Indebtedness is paid in full to the Lenders, the Administrative
Agent and all other Secured Parties, and all of the Lenders’ Commitments are terminated. The Borrower and the Parent each intend that this Section 8.18 constitute, and this Section 8.18 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each the Borrower, the Parent and any Subsidiary, as applicable, for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

2.6 Amendments to Section 9.12. 
 (a) Section 9.12(b) is hereby amended and restated as follows: 

(b) transfers of interests in undeveloped acreage or undrilled depths in the ordinary course of the joint development of
Oil and Gas Properties with others, including, without limitation, transfers to other parties pursuant to joint development agreements, participation agreements, farmout agreements, farmin agreements, exploration agreements, operating agreements and
unit agreements; 
 (b) Section 9.12(d) is hereby amended to delete the following parenthetical in clause (d):
“(together with any transfers or dispositions under clause (b))”. 
 2.7 Amendment to Section 9.16.
Section 9.16 is hereby amended to delete the reference to “Lenders” contained therein and replace it with the term “Secured Parties”. 
 2.8 New Section 9.20. A new Section 9.20 is hereby added to the Credit Agreement immediately following Section 9.19 and shall read in full as follows: 

Section 9.20 Non-Qualified ECP Guarantors. It will not permit the Borrower, the Parent or any Subsidiary, in
each case, that is not a Qualified ECP Guarantor to own, at any time, any Oil and Gas Properties or any Equity Interests in any Subsidiaries. 
 2.9 Amendments to Section 10.02. 
 (a) Section 10.02(c)(iv) is
hereby amended and restated as follows: 
 (iv) fourth, pro rata to payment of principal outstanding on
the Loans and Indebtedness referred to in Clause (b) of the definition of Indebtedness owing to a Secured Swap Provider and to serve as cash collateral to be held by the Administrative Agent to secure the LC Exposure; 

  
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 (b) Section 10.02(c) is hereby amended to add the following immediately after clause
(vii): 
 Notwithstanding the foregoing, amounts received from the Borrower, the Parent or any Guarantor that is
not an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder shall not be applied to any Excluded Swap Obligations (it being understood, that in the event that any amount is applied to
Indebtedness other than Excluded Swap Obligations as a result of this clause, the Administrative Agent shall make such adjustments as it determines are appropriate to distributions pursuant to clause fourth above from amounts received from
“eligible contract participants” under the Commodity Exchange Act or any regulations promulgated thereunder to ensure, as nearly as possible, that the proportional aggregate recoveries with respect to Indebtedness described in clause
fourth above by the holders of any Excluded Swap Obligations are the same as the proportional aggregate recoveries with respect to other Indebtedness pursuant to clause fourth above). 

2.10 Amendment to Section 12.14. Section 12.14 is hereby amended and restated to read as follows: 

Section 12.14 Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the
provisions of this Agreement relating to any collateral securing the Indebtedness shall also extend to and be available to the Secured Swap Providers with respect to any Swap Agreement including any Swap Agreement in existence prior to the date
hereof, but excluding (a) any additional transactions or confirmations (including, without limitation, any extensions, increases or modifications thereof) entered into after such Secured Swap Provider ceases to be a Lender or an Affiliate of a
Lender and (b) any Swap Agreement that is assigned by a Secured Swap Provider to another Secured Swap Provider that is not a Lender or an Affiliate of a Lender. No Lender nor any Affiliate of a Lender shall have any voting or consent rights
under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements. 
 Section 3.
Redetermination of the Borrowing Base. Subject to the conditions precedent set forth in Section 5 hereof, for the period from and including the Fifth Amendment Effective Date to, but until the next Redetermination Date, the amount
of the Borrowing Base shall be increased to $150,000,000. Notwithstanding the foregoing, (a) the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c), Section 8.16 and
Section 9.12(d), the Lenders and Borrower agree that the redetermination provided for in this Section 3 shall constitute the Scheduled Redetermination of the Borrowing Base scheduled for on or about March 31, 2013 for the
purposes of Section 2.07 of the Credit Agreement. 

  
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 Section 4. Limited Consent. In reliance on the representations, warranties, covenants and
agreements contained in this Fifth Amendment, and subject to the terms and conditions set forth in this Section 4 and subject to the conditions precedent set forth in Section 5, the Lenders hereby (a) consent to the
Eagle Ford Sale, (b) agree that the Borrowing Base not be automatically reduced, effective upon the consummation of the Eagle Ford Sale notwithstanding any provision of Section 9.12 of the Credit Agreement that would have otherwise
required any such reduction in the Borrowing Base and (c) agree that the Eagle Ford Sale and the Eagle Ford Assets shall be disregarded for purposes of clause (d)(2) of Section 9.12 of the Credit Agreement and shall not be considered in
any determination or calculation as to whether any automatic reduction in the Borrowing Base shall be required under clause (d)(2) of Section 9.12 of the Credit Agreement upon any sale of Oil and Gas Properties or any Subsidiary owning Oil and
Gas Properties in between the Scheduled Redetermination scheduled for on or about March 31, 2013 and the Scheduled Redetermination scheduled for on or about September 30, 2013; provided, that each of the following conditions is
satisfied: 
 (i) The Eagle Ford Sale shall be consummated on or prior to September 30, 2013; 

(ii) The Eagle Ford Sale shall satisfy the requirements in clause (d)(1) of Section 9.12 of the Credit Agreement;

 (iii) The Eagle Ford Sale shall be consummated pursuant to a sale agreement and/or other assignment
documentation reasonably acceptable to Administrative Agent (the “Eagle Ford Sale Documentation”), and no Property other than the Eagle Ford Assets shall be sold or otherwise assigned pursuant to the Eagle Ford Sale Documentation;
and 
 (iv) No Default or Event of Default exists immediately prior or after giving effect to the consummation of
the Eagle Ford Sale and no Borrowing Base Deficiency exists immediately prior to or after giving effect to the consummation of the Eagle Ford Sale. 
 Notwithstanding anything to the contrary contained in this Fifth Amendment, the consent granted and the agreements set forth herein are limited solely to the Eagle Ford Sale, and nothing contained in this
Fifth Amendment shall be deemed a consent to, or waiver of, any other action or inaction of Borrower, Parent or any Subsidiary which constitutes (or would constitute) a violation of any provision of the Credit Agreement or any other Loan Document.
Neither the Lenders nor Administrative Agent shall be obligated to grant any future waivers, consents or amendments with respect to any other provision of the Credit Agreement or any other Loan Document. 

Section 5. Conditions Precedent. The amendments contained in Section 2, the effectiveness of the Borrowing Base redetermination
contained in Section 3 hereof and the limited consent contained in Section 4 hereof, shall be effective on the date (the “Fifth Amendment Effective Date”) that each of the following conditions precedent is satisfied (or
waived in accordance with Section 12.02 of the Credit Agreement): 
 5.1 Counterparts. Administrative Agent shall
have received from each of the Lenders, Borrower, Parent and each other Guarantor, counterparts (in such number as may be requested by Administrative Agent) of this Fifth Amendment signed on behalf of such Persons. 

  
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 5.2 Fees and Expenses. In consideration for the agreements set forth herein, Borrower
shall have paid to Administrative Agent any and all fees and expenses payable to Administrative Agent or Lenders pursuant to or in connection with the this Fifth Amendment. 
 5.3 Security Instrument Amendments. Administrative Agent shall have received: 
 (a) a duly executed amendment to or amendment and restatement of the Guaranty and Pledge Agreement dated October 2, 2008 by and among Parent, Borrower, TDC Energy LLC and Administrative Agent; and

 (b) such duly executed mortgages (including any amendments to mortgages) duly executed and delivered by Borrower and its
Subsidiaries (as applicable), together with such other assignments, conveyances, amendments, agreements, and other writings including, without limitation, UCC-1 financing statements, and tax affidavits, if any, required so that Administrative Agent
is reasonably satisfied that the mortgages (including any amendments to mortgages and mortgages previously delivered) create first priority, perfected Liens (subject only to Excepted Liens, but subject to the provisos at the end of such definition)
on Oil and Gas Properties comprising at least 80% of the total value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report for the purposes of establishing the Borrowing Base pursuant to Section 3 hereof, or
otherwise as requested by Administrative Agent to reflect the amendments contained in this Fifth Amendment. 
 5.4 Other
Documents. Administrative Agent shall have received such other documents as Administrative Agent or special counsel to Administrative Agent may reasonably request. 
 5.5 No Default/No Event of Default/No Borrowing Base Deficiency. No Default, Event of Default or Borrowing Base Deficiency shall have existed or be continuing, immediately prior to and after giving
effect to the terms and amendments of this Fifth Amendment. 
 Administrative Agent is hereby authorized and directed to declare
this Fifth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of Administrative Agent, compliance with the conditions set forth in this Section 5. Such declaration shall be final,
conclusive and binding upon all parties to the Credit Agreement for all purposes. 
 Section 6. Miscellaneous. 

6.1 Confirmation. The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and
effect following the effectiveness of this Fifth Amendment. 
 6.2 Ratification and Affirmation; Representations and
Warranties. Each of Borrower, Parent and each Guarantor hereby (a) ratifies and affirms its respective obligations under, and acknowledges, renews and extends its respective continued liability under, each Loan Document to which it is a
party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby or pursuant hereto, and (b) represents and warrants to the Lenders that, as of the date hereof, after giving
effect to the terms of this Fifth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, except to the extent any such representations and warranties are expressly
limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, (ii) no Default has occurred and is continuing and (iii) no Material Adverse Effect
shall have occurred. 

  
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 6.3 Loan Document. This Fifth Amendment is a “Loan Document” as defined and
described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto. 
 6.4 Counterparts. This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of this Fifth Amendment by facsimile transmission (including electronic transmission via scanned .pdf) shall be effective as delivery of a manually executed counterpart hereof. 

6.5 NO ORAL AGREEMENT. THIS FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY SEPARATE LETTER AGREEMENTS
WITH RESPECT TO FEES PAYABLE TO ADMINISTRATIVE AGENT CONSTITUTE THE ENTIRE CONTRACT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO
THE SUBJECT MATTER HEREOF AND THEREOF. THIS FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 6.6 GOVERNING
LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 
 6.7
Payment of Expenses. Borrower agrees to pay or reimburse Administrative Agent for all of its out-of-pocket costs and expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to Administrative Agent. 
 6.8 Severability. Any provision of this Fifth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

6.9 Successors and Assigns. This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 

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

			
	BORROWER:	 	PETROQUEST ENERGY, L.L.C.
		
		 	 /s/ J. Bond Clement

		 	J. Bond Clement
		 	Executive Vice President, Chief Financial Officer
		 	and Treasurer
		
	PARENT:	 	PETROQUEST ENERGY, INC.
		
		 	 /s/ J. Bond Clement

		 	J. Bond Clement
		 	Executive Vice President, Chief Financial Officer
		 	and Treasurer
		
	GUARANTOR:	 	TDC ENERGY LLC
		
		 	 /s/ J. Bond Clement

		 	J. Bond Clement
		 	Executive Vice President, Chief Financial Officer
		 	and Treasurer

  
 Signature
Page to Fifth Amendment to Credit Agreement - PetroQuest Energy, Inc. 

					
	ADMINISTRATIVE AGENT:	 	JPMORGAN CHASE BANK, N.A.
	AND LENDER	 	 individually, as a Lender, as Administrative Agent
 and as Issuing Bank

			
		 	By	 	 /s/ Ryan L. Aman

		 		 	Ryan L. Aman
		 		 	Authorized Officer

  
 Signature
Page to Fifth Amendment to Credit Agreement - PetroQuest Energy, Inc. 

					
	LENDER:	 	WELLS FARGO BANK, N.A.
			
		 	By:	 	 /s/ Brett A. Steele

		 	Name:	 	Brett Steele
		 	Title:	 	Vice President

  
 Signature
Page to Fifth Amendment to Credit Agreement - PetroQuest Energy, Inc. 

					
	LENDER:	 	CAPITAL ONE, N.A.
			
		 	By:	 	 /s/ Matthew Molero

		 	Name:	 	Matthew Molero
		 	Title:	 	Vice President

  
 Signature
Page to Fifth Amendment to Credit Agreement - PetroQuest Energy, Inc. 

					
	LENDER:	 	IBERIABANK
			
		 	By:	 	 /s/ W. Bryan Chapman

		 	Name:	 	W. Bryan Chapman
		 	Title:	 	Executive Vice President

  
 Signature
Page to Fifth Amendment to Credit Agreement - PetroQuest Energy, Inc. 

					
	LENDER:	 	WHITNEY BANK
			
		 	By:	 	 /s/ William Jochetz

		 	Name:	 	William Jochetz
		 	Title:	 	Vice President

  
 Signature
Page to Fifth Amendment to Credit Agreement - PetroQuest Energy, Inc.EX-10.4

 EXHIBIT 10.4 
 TGR FINANCIAL, INC. 
 AMENDED AND RESTATED 

OFFICERS’ AND EMPLOYEES’ STOCK OPTION PLAN 

THIS AMENDED AND RESTATED OFFICERS’ AND EMPLOYEES’ STOCK OPTION PLAN (the “Plan”) is made
effective as of the 25th day of September, 2012.

 WHEREAS, Panther Community Bank, N.A. n/k/a First National Bank of the Gulf Coast, a national association (the
“Bank”), adopted a Officers’ and Employees Stock Option Plan as approved by Panther Community Bank’s Shareholders and dated June 11, 2007 (the “Original Plan”), to govern the grant of options to Officers and
Employees of the Bank; which Original Plan was amended by Amended and Restated Officers’ and Employees’ Stock Option Plan dated April 29, 2011 (collectively the “Plan”), to govern the grant of options to officers and
employees; and 
 WHEREAS, the Board of Directors have resolved to amend and restate the Original Plan, as amended and restated
in accordance with the terms and conditions of the Plan; and 
 WHEREAS, the amendments to the Plan approved by the Board of
Directors are authorized under Article IX of the Original Plan: 
 WHEREAS, on September 25, 2012, TGR Financial, Inc. (the
“Company”) adopted the Plan following completion of a reorganization whereby the Bank became a wholly owned subsidiary of the Company; and 
 WHEREAS, in light of adoption by the Company of the Plan, in each appropriate place, taking context into consideration, where the term “Bank” appears in the Plan, the word “Company”
shall be substituted therefor.” 
 NOW THEREFORE, The Plan is hereby Amended and Restated in its entirety as follows:

 ARTICLE I 
 Definitions 
 As used herein, the following terms have the meanings hereinafter
set forth unless the context clearly indicates to the contrary: 
 (a) “Bank” shall mean First National Bank of the
Gulf Coast, a national association f/k/a Panther Community Bank, N.A., a national banking association. 
 (b) “Board”
or “Board of Directors” shall mean the board of directors of the Company. 

 (c) “Change of Control” shall be deemed to have occurred if an entity or person
(including a “Group”) as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, which is not a beneficial owner (as defined in Rule 13d-3 promulgated thereunder) of more than 10% of the outstanding Stock as of the date
the Company commences a banking business, becomes the beneficial owner after such date of shares of Company Stock having 50% or more of the total number of votes that may be cast for the election of directors of the Company (excluding any
transaction which results in the formation by the Bank of a bank holding company owned substantially by all of the former shareholders of the Bank). 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended, unless otherwise specifically provided herein. 
 (e) “Company” shall mean TGR Financial, Inc., a Florida corporation. 

(f) “Employee” shall mean any individual who is employed with the Company or the Bank as an officer or employee. 

(g) “Incentive Stock Option” shall have the meaning given to it by Section 422 of the Code. 

(h) “Nonemployee Director” shall mean a member of the Board who is not an Employee. 

(i) “Nonstatutory Stock Option” shall mean any Option granted by the Bank pursuant to this Plan which is not an Incentive Stock
Option. 
 (j) “Option” shall mean an option to purchase Stock granted by the Company pursuant to the provisions of
this Plan. 
 (k) “Option Price” shall mean the purchase price of each share of Stock subject to Option, as defined in
Section 5.2 hereof. 
 (l) “Optionee” shall mean an Employee who has received an Option granted by the Company
hereunder. 
 (m) “Plan” shall mean this TGR Financial, Inc. Amended and Restated Officers’ and Employees’
Stock Option Plan. 
 (n) “Service” shall mean the tenure of an individual as an Employee of the Company or the Bank.

 (o) “Stock” shall mean the common stock of the Company, par value $1.00 per share, or, in the event that the
outstanding shares of Stock are hereafter changed into or exchanged for shares of a different class of stock or securities of the Company or some other corporation, such other stock or securities. 

 (p) “Stock Option Agreement” shall mean the agreement between the Company and the
Optionee under which the Optionee may purchase Stock pursuant to the Plan. 
 (q) “Compensation Committee” shall mean
such Board committee as may be designated by the Board to administer the Plan. 
 ARTICLE II 

The Plan 
 2.1
Name. This plan shall be known as the “TGR Financial, Inc. Amended and Restated Officers’ and Employees’ Stock Option Plan.” 
 2.2 Purpose. The purpose of the Plan is to advance the interests of the Company and its shareholders by affording to the Employees of the Company an opportunity to acquire or increase their
proprietary interest in the Company by the grant of Options to such Employees under the terms set forth herein. By thus encouraging such Employees to become owners of Stock of the Company, the Company seeks to motivate, retain, and attract those
highly competent individuals upon whose judgment, initiative, leadership, and continued efforts the success of the Company in large measure depends. 
 2.3 Effective Date. The Plan shall become effective on the later of the (i) approval of the amendments to the Original Plan by the Company’s Board of Directors, or (ii) execution of
the Plan by the Chief Executive Officer of the Company. 
 2.4 Participants. Only Employees shall be eligible to receive
Options under the Plan. 
 ARTICLE III 
 Plan Administration 
 3.1 Compensation Committee. This Plan shall be
administered by the Compensation Committee. 
 3.2 Power of the Compensation Committee. The Compensation Committee shall
have full authority and discretion: (a) to determine, consistent with the provisions of this Plan, which of the Employees will be granted Options to purchase any shares of Stock which may be issued and sold hereunder as provided in
Section 4.1 hereof, the times at which Options shall be granted, and the number of shares of Stock covered by each Option; (b) to determine whether the Options granted pursuant to this Plan shall be Incentive Stock Options or Nonstatutory
Stock Options; (c) to construe and interpret the Plan; (d) to determine the terms and provisions of each respective Stock Option Agreement, which need not be identical; and (e) to make all other determinations and take all other
actions deemed necessary or advisable for the proper administration of the Plan. All such actions and determinations shall be conclusively binding upon all persons for all purposes. Unless otherwise indicated by the Compensation Committee, Options
granted pursuant to this Plan shall be Incentive Stock Options. 

 ARTICLE IV 
 Shares of Stock Subject to Plan 
 4.1 Limitations. Subject to adjustment
pursuant to the provisions of Section 4.3 hereof, the number of shares of Stock which may be issued and sold hereunder pursuant to Stock Option Agreements shall not exceed one hundred sixty thousand (160,000) shares. Shares issued pursuant
to the exercise of Options shall be issuable only from authorized and unissued shares. 
 4.2 Options Granted Under Plan.
Shares of Stock with respect to which an Option granted hereunder shall have been exercised shall not again be available for Option hereunder. If Options granted hereunder shall terminate for any reason without being wholly exercised, then the
Compensation Committee shall have the discretion to grant new Options to Optionees hereunder covering the number of shares to which such terminated Options related. 
 4.3 Stock Adjustments; Mergers and Combinations. Notwithstanding any other provision in this Plan, if the outstanding shares of Stock are increased or decreased or changed into or exchanged for a
different number or kind of shares or other securities of the Company or of any other corporation by reason of any merger, consolidation, liquidation, recapitalization, reclassification, stock split up, combination of shares, or stock dividend, the
total number of shares set forth in Section 4.1 of the Plan and Section 4.1 of the Company’s Directors’ Amended and Restated Stock Option Plan shall be proportionately and appropriately adjusted by the Compensation Committee;
provided, however, the maximum number of shares that may be issued under both the Plan and the Directors’ Amended and Restated Stock Option Plan shall not exceed 10% of the total number of the Company’s issued and outstanding shares of
common stock and preferred stock (if any), in the aggregate, calculated on a net-settlement basis. 
 4.4 Acceleration of
Option Exercise. Subject to Section 4.3, upon dissolution or liquidation of the Company, any merger or combination in which the Company is not a surviving corporation, or sale of substantially all of the assets of the Company is involved,
or upon any Change of Control, the Optionee shall have the right to exercise his Option thereafter in whole or in part notwithstanding the provisions of Section 5.3 hereof, to the extent that it shall not have been exercised. 

ARTICLE V 

Options 
 5.1
Option Grant and Agreement. Each Option granted hereunder shall be evidenced by minutes of a meeting of the Compensation Committee authorizing the same and by a written Stock Option Agreement dated as of the date of grant and executed by the
Company and the Optionee, which Stock Option Agreement shall set forth such terms and conditions as may be determined by the Compensation Committee to be consistent with the Plan and shall indicate whether the Option that it evidences is intended to
be an Incentive Stock Option or a Nonstatutory Stock Option. 

 5.2 Option Price. Subject to adjustment pursuant to the provisions of
Section 4.3 hereof, the Option Price of each share of Stock subject to Option shall be the greater of Ten and 00/100 Dollars ($10.00) or the fair market value of the Stock on the date of grant. If the Stock is publicly held and actively traded
in an established market on the date of grant, then the fair market value of the Stock on the date of grant shall be determined by the Board of Directors by any reasonable method using market quotations. If the Stock is not publicly held and
actively traded in an established market on the date of grant, then the fair market value of the Stock on the date of grant shall be determined in good faith by the Board of Directors using any reasonable method (and the book value of such shares
may be substituted for the fair market value). Notwithstanding the foregoing, at no time shall the exercise price be less than the fair market value of the shares on the date the Option is granted or the par value thereof as determined by the Board
of Directors. 
 5.3 Option Exercise. Options may be exercised in whole or in part from time to time with respect to
whole shares only, within the period permitted for the exercise thereof. Each Option shall become exercisable in the following manner: 
  

	 	(i)	During the first year after the date of grant of the Options, no portion of the Options shall be exercisable; 

 

	 	(ii)	During the second year after the date of grant of the Options, thirty-three percent (33%) of the Options shall be exercisable; 

 

	 	(iii)	During the third year after the date of grant of such Options, sixty-six percent (66%) of the Options shall be exercisable; and 

 

	 	(iv)	During the fourth and each succeeding year after the date of grant of such Options, such Options shall be exercisable as to all shares covered by such Options.

 Other than as set forth in Section 5.5 (d) and notwithstanding any other provision in this Plan, no option granted
under the Plan may be exercised more than ten (10) years after the date on which it is granted. All Options granted under the Plan will be Net-Settled Options. Upon exercise, the Company shall withhold such numbers of shares of stock then
issuable upon exercise of the Option as shall have an aggregate Fair Market Value equal to the Option Price for the shares being acquired upon exercise of the Option. In addition to the Exercise Price, the Company shall withhold from the number of
shares issued the number of shares equal to the minimum statutory withholding in effect at the time of the Exercise. The Optionee shall be responsible for any additional federal, state and local withholding or employment taxes, if any, applicable to
the taxable income of the Optionee resulting from such exercise, and any sales, transfer or similar taxes imposed with respect to the issuance or transfer of shares of stock in connection with such net-settled exercise. Options shall be exercised by
Optionee providing written notice of intent to exercise the Option with respect to a specific number of shares which shall be delivered by hand delivery, by overnight delivery, signature required or by certified U.S. Mail, return receipt requested,
to the Company’s principal office. 

 5.4 Nontransferability of Option. No Option shall be transferred by an Optionee
otherwise than by will or the laws of descent and distribution. During the lifetime of an Optionee, the Option shall be exercisable only by him or by his legal guardian or personal representative, or by an individual holding on behalf of the
Optionee a valid Durable Power of Attorney. 
 5.5 Effect of Death, Disability, Retirement, or Other Termination of
Service. 
 (a) If an Optionee’s Service shall be terminated for “cause,” as defined in Section 5.5
(b) hereof, then any Options held by the Optionee, which are vested and unexercised may be exercised within ninety (90) days from the date on which the Optionee is first notified in writing by the Bank of such termination for cause

 (b) For purposes of this Section 5.5, termination for “cause” shall mean termination for the Optionee’s
personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, violation of any law, rule, or regulation (other than traffic violations or similar offenses), violation of any agreement or order with any
bank regulatory agency, or failure by the Optionee to perform his stated duties. 
 (c) If an Optionee’s Service shall be
terminated for any reason other than for cause (as defined in Section 5.5 (b) hereof) and other than the retirement after age fifty-nine and one-half (59.5) or the disability (as defined in Section 5.5(e) hereof) or death of the
Optionee, then any Options held by such Optionee, which are vested but unexercised may be exercised within ninety (90) days of the date of such termination of Service. 
 (d) If an Optionee’s Service shall be terminated by reason of retirement from active employment with the Bank (or a Related Company) under the Bank’s retirement plan or policy, or death or
disability (as defined in Section 5.5(c) hereof) of the Optionee, then the Optionee or personal representative or administrator of the estate of the Optionee or the successor Trustee of the Optionee’s Trust containing dispositive
provisions, or the person or persons to whom the Option granted hereunder shall have been validly transferred by the personal representative or administrator pursuant to the Optionee’s will or the laws of descent and distribution, as the case
may be, shall have the right to exercise the Optionee’s vested portion of any Options at any time during the option term as defined in the Optionee’s award agreement, subject to compliance with Code Section 409A. Notwithstanding
anything to the contrary contained in the Plan, for all Nonstatutory Stock Options (as defined in the Plan) granted after June 28, 2010 (the date on which this amended Section 5.5(d) was approved by the Board of Directors of the Bank), in
the event of the death of the Optionee, the Options must be exercised prior to the expiration of the Option or within ninety (90) days from the date of Optionee’s death, whichever is later. 

(e) For purposes of this Section 5.5, the terms “disability” and “disabled” shall have the meaning set forth in
the principal disability insurance policy or similar program then maintained by the Bank on behalf of its employees or, if no such policy or program is then in existence, the meaning then used by the United States Government in determining persons
eligible to receive disability payments under the social security system of the United States. 

 (f) No transfer of an Option by the Optionee by will or by the laws of descent and
distribution shall be effective to bind the Bank unless the Company shall have been furnished with written notice thereof and an authenticated copy of the will and/or such other evidence as the Company may deem necessary to establish the validity of
the transfer and the acceptance by the transferee or transferees of the terms and conditions of such Option. 
 5.6 Rights as
Shareholder. An Optionee or a transferee of an Option shall have no rights as a shareholder with respect to any shares of Stock subject to such Option prior to the purchase of such shares by exercise of such Option as provided herein.

 5.7 Investment Intent. Upon or prior to the exercise of all or any portion of an Option, the Optionee shall furnish to
the Company in writing such information or assurances as, in the Company’s opinion, may be necessary to enable it to comply fully with the Securities Act of 1933, as amended, and the rules and regulations thereunder and any other applicable
statutes, rules, and regulations. Without limiting the foregoing, if a registration statement is not in effect under the Securities Act of 1933, as amended, with respect to the shares of Stock to be issued upon exercise of an Option, the Company
shall have the right to require, as a condition to the exercise of such Option, that the Optionee represent to the Company in writing that the shares to be received upon exercise of such Option will be acquired by the Optionee for investment and not
with a view to distribution and that the Optionee agree, in writing, that such shares will not be disposed of except pursuant to an effective registration statement, unless the Company shall have received an opinion of counsel reasonably acceptable
to it to the effect that such disposition is exempt from the registration requirements of the Securities Act of 1933, as amended. The Company shall have the right to endorse on certificates representing shares of Stock issued upon exercise of an
Option such legends referring to the foregoing representations and restrictions or any other applicable restrictions on resale or disposition as the Company, in its discretion, shall deem appropriate. 

ARTICLE VI 

Incentive Stock Options 
 6.1 Requirements. All Incentive Stock Options granted pursuant to the terms of this Plan shall be subject to the additional limitations and restrictions as set forth in the Code and in this Article
VI. Any Option granted pursuant to this Plan which does not fulfill all of the provisions of this Article VI shall not be an Incentive Stock Option and thus shall be a Nonstatutory Stock Option. 

6.2 Grant Period. All Incentive Stock Options granted hereunder must be granted within ten (10) years from the earlier of:
(a) the date the Plan is adopted by the Board; or (b) the date the Plan is approved by the shareholders of the Company. 

 6.3 Eligibility. The Compensation Committee shall determine which Employees shall
receive Incentive Stock Options. No member of the Compensation Committee is eligible to receive Incentive Stock Options. Incentive Stock Options may not be granted to any Employee who, at the time the Incentive Stock Option is granted, owns stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company unless: (a) such Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years from the
date of its grant; and (b) the Option Price of the shares covered by such Incentive Stock Option is not less than one hundred and ten percent (110%) of the fair market value of such shares on the date that such Incentive Stock Option is
granted. 
 6.4 Special Rule Regarding Exercisability. If, for any reason, any Option granted hereunder which is intended
to be an Incentive Stock Option shall exceed the limitation on exercisability contained in the Code at any time, such Options shall nevertheless be exercisable, but: (a) any exercise of such Option shall be deemed to be an exercise of an
Incentive Stock Option first until the portion of such Option qualifying as an Incentive Stock Option shall have been exercised in full; and (b) the portion of such Option in excess of the foregoing limitation on exercisability shall be deemed
to be a Nonstatutory Stock Option. 
 ARTICLE VII 
 Nonstatutory Stock Options 
 The Compensation Committee may grant Nonstatutory
Stock Options under this Plan. Such Nonstatutory Stock Options must fulfill all of the requirements of all provisions of this Plan except for those contained in Article VI hereof. Subject to the approval and acceptance of the Compensation Committee,
any Employee who is granted a Nonstatutory Stock Option pursuant to this Plan shall be entitled to elect to surrender all or any part of such Nonstatutory Stock Option to the Company and receive, in exchange, an Incentive Stock Option covering the
same number of shares as those with respect to which the Nonstatutory Stock Option was surrendered. Any such election shall be valid and effective only upon its approval and acceptance by the Compensation Committee. 

ARTICLE VIII 

Stock Certificates 
 The Company shall not be required to issue or deliver any certificate for shares of Stock purchased upon the exercise of any Option granted hereunder or of any portion thereof, prior to fulfillment of all
of the following conditions: 
 (a) The admission of such shares to listing on all stock exchanges on which the Stock is then
listed, if any; 
 (b) The completion of any registration or other qualification of such shares under any federal or state law
or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory agency, which the Company shall in its sole discretion determine to be necessary or advisable; 

 (c) The obtaining of any approval or other clearance from any federal or state governmental
agency which the Company shall in its sole discretion determine to be necessary or advisable; and 
 (d) The lapse of such
reasonable period of time following the exercise of the Option as the Company from time to time may establish for reasons of administrative convenience. 
 ARTICLE IX 
 Termination, Amendment, and Modification of Plan 

The Board may at any time terminate, and may at any time and from time to time and in any respect amend or modify, the Plan; provided,
however, that no such action of the Board without approval of the shareholders of the Company may increase the total number of shares of Stock subject to the Plan except as contemplated in Section 4.3 hereof or alter the class of persons
eligible to receive Options under the Plan, and provided further that no termination, amendment, or modification of the Plan shall without the written consent of the Optionee of such Option adversely affect the rights of the Optionee with respect to
an Option or the unexercised portion thereof. 
 Notwithstanding any other provision of this Plan, the Company’s primary
federal bank regulator shall at any time have the right to direct the Company to require Optionees to exercise their Options or forfeit their Options if the Bank’s capital falls below the minimum requirements, as determined by such federal bank
regulator. 
 ARTICLE X 
 Miscellaneous 
 10.1 Service. Nothing in the Plan or in any Option granted
hereunder or in any Stock Option Agreement relating thereto shall confer upon any Employee the right to continue in the Service of the Company or the Bank. 
 10.2 Other Compensation Plans. The adoption of the Plan shall not affect any other stock option or incentive or other compensation plans in effect for the Company, nor shall the Plan preclude the
Company from establishing any other forms of incentive or other compensation for directors, officers, or employees of the Company. 
 10.3 Plan Binding on Successors. The Plan shall be binding upon the successors and assigns of the Company. 
 10.4 Singular, Plural; Gender. Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine gender. 

 10.5 Applicable Law. This Plan shall be governed by and construed in accordance with
the laws of the State of Florida. 
 10.6 Headings, etc., No Part of Plan. Headings of Articles and Sections hereof are
inserted for convenience and reference; they constitute no part of the Plan. 
 10.7 Severability. If any provision or
provisions of this Plan shall be held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

IN WITNESS WHEREOF, the undersigned Chief Executive Officer of the Company has signed this Plan for and on behalf of the Company.

  

			
		
		 	/s/ Gary L. Tice
		 	Gary L. Tice, Chief Executive Officer
		
		 	Dated: September 25, 2012

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