Document:

exv10w1

EXHIBIT 10.1

FORM OF INDEMNIFICATION AGREEMENT

          THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of ____________,
20__ between IPAYMENT, INC., a Delaware corporation (the “Company”), and ____________
(“Indemnitee”). Capitalized terms not defined elsewhere in this Agreement are used as defined in
Section 12.

WITNESSETH:

     WHEREAS, Indemnitee performs a valuable service for the Company;

     WHEREAS, the by-laws of the Company (as they may be amended from time to time, the “By-Laws”)
require indemnification of the officers and directors of the Company;

     WHEREAS, this Agreement is a supplement to and in furtherance of the By-Laws and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to
diminish or abrogate any rights of Indemnitee thereunder;

     WHEREAS, the By-Laws and the General Corporation Law of the State of Delaware (as it may be
amended from time to time, the “DGCL”), by their nonexclusive nature, permit contracts between the
Company and the officers or directors of the Company with respect to indemnification of such
officers or directors; and

     WHEREAS, in order to induce Indemnitee to serve as an officer and/or director of the Company,
the Company has determined and agreed to enter into this contract with and for the benefit of
Indemnitee.

     NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer and/or
director from and after the date hereof, the parties hereto agree as follows:

          1. Indemnity of Indemnitee. The Company hereby agrees as set forth herein to hold
harmless and indemnify Indemnitee to the fullest extent permitted by applicable laws, as such may
be amended from time to time. In furtherance of the foregoing indemnification, and without
limiting the generality thereof:

               (a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee
shall be entitled to the rights of indemnification provided in this Section l(a) if, by
reason of his Corporate Status, Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding other than a Proceeding by or in the right of the Company. Pursuant
to this Section 1(a), Indemnitee shall be indemnified against all Expenses, judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his
behalf, in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause
to believe Indemnitee’s conduct was unlawful.

 

 

               (b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to
the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate
Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding
brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall
be indemnified against all Expenses actually and reasonably incurred by Indemnitee, or on
Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;
provided, however, if applicable laws so provide, no indemnification against such Expenses shall be
made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have
been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of
the State of Delaware (the “Delaware Court”) shall determine that such indemnification may be made.

               (c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, he shall be indemnified to the maximum extent permitted by applicable laws, as such may
be amended from time to time, against all Expenses actually and reasonably incurred by him or on
his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues or
matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or on his behalf in connection with each successfully resolved
claim, issue or matter. For purposes of this Section 1(c) and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

          2. Additional Indemnity. In addition to, and without regard to any limitations on,
the indemnification provided for in Section 1 of this Agreement, the Company shall and
hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if,
by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in
any Proceeding (including, without limitation, a Proceeding by or in the right of the Company),
including, without limitation, all liability arising out of the negligence or active or passive
wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations
pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to
Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set
forth in Sections 6 and 7 hereof) to be unlawful.

          3. Contribution.

               (a) Whether or not the indemnification provided in Sections 1 and 2 hereof is
available, in respect of any threatened, pending or completed action, suit or proceeding in which
the Company is jointly liable with Indemnitee (or would be so liable if joined in such action, suit
or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or
settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such
payment and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not, without Indemnitee’s prior

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written consent, enter into any settlement (in whole or in part) of any action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be so liable if joined
in such action, suit or proceeding) unless such settlement (i) provides for a full and final
release of all claims asserted against Indemnitee and (ii) does not impose any Expense, judgment,
fine or penalty (not otherwise borne by the Company pursuant to the terms hereof) or any limitation
on Indemnitee.

               (b) Without diminishing or impairing the obligations of the Company set forth in the preceding
paragraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of
any judgment or settlement in any threatened, pending or completed action, suit or proceeding in
which the Company is jointly liable with Indemnitee (or would be so liable if joined in such
action, suit or proceeding), the Company shall contribute to the amount of Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred and paid or payable by
Indemnitee in proportion to the relative benefits received by the Company and all officers,
directors or employees of the Company, other than Indemnitee, who are jointly liable with
Indemnitee (or would be so liable if joined in such action, suit or proceeding), on the one hand,
and Indemnitee, on the other hand, from the transaction or events from which such action, suit or
proceeding arose; provided, however, that the proportion determined on the basis of relative
benefit may, to the extent necessary to conform to applicable laws, be further adjusted by
reference to the relative fault of the Company and all officers, directors or employees of the
Company other than Indemnitee who are jointly liable with Indemnitee (or would be so liable if
joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in
connection with the transaction or events that resulted in such expenses, judgments, fines or
settlement amounts, as well as any other equitable considerations which applicable laws may require
to be considered. The relative fault of the Company and all officers, directors or employees of
the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be so liable
if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand,
shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is
primary or secondary and the degree to which their conduct is active or passive.

               (c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims
of contribution which may be brought by officers, directors or employees of the Company, other than
Indemnitee, who may be jointly liable with Indemnitee.

               (d) To the fullest extent permissible under applicable laws, if the indemnification provided
for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for
Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in
such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as
a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the
relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s).

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          4. Indemnification for Expenses of a Witness. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness, or
is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a
party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on
his behalf in connection therewith.

          5. Advancement of Expenses. Notwithstanding any other provision of this Agreement,
the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt
by the Company of a statement or statements from Indemnitee requesting such advance or advances
from time to time, whether prior to or after final disposition of such Proceeding. Such statement
or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be
preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any
Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be
indemnified against such Expenses. Any advances and undertakings to repay pursuant to this
Section 5 shall be unsecured and interest free.

          6. Procedures and Presumptions for Determination of Entitlement to Indemnification.
It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as
favorable as may be permitted under the DGCL and public policy of the State of Delaware.
Accordingly, the parties agree that the following procedures and presumptions shall apply in the
event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

               (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a
written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors of the Company (the
“Board”) in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing,
any failure of Indemnitee to provide such a request to the Company, or to provide such a request in
a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee
unless, and to the extent that, such failure actually and materially prejudices the interests of
the Company.

               (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of
Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall
be made in the specific case by one of the following four methods, which shall be at the election
of the Board: (1) by a majority vote of the Disinterested Directors, even though less than a
quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the
Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested
Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee or (4) by the stockholders of the
Company.

               (c) If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as
provided in this Section 6(c). The Independent Counsel shall be selected by the

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Board, and the Company shall give written notice to the Indemnitee advising him of the
identity of the Independent Counsel so selected. Indemnitee may, within ten (10) days after such
written notice of selection shall have been given, deliver to the Company a written objection to
such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined
in Section 12 of this Agreement, and the objection shall set forth with particularity the
factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If a written objection is made and substantiated, the
Independent Counsel selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has finally determined that such objection is without merit. If, within
twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant
to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition the Delaware Court or other court of competent
jurisdiction for resolution of any objection which shall have been made by Indemnitee to the
Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a
person selected by the court or by such other person as the court shall designate, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 6(b) hereof. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in
connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all
reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of
the manner in which such Independent Counsel was selected or appointed.

               (d) In making a determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure
of the Company (including, without limitation, by its directors or legal counsel) to have made a
determination prior to the commencement of any action pursuant to this Agreement that
indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including, without limitation, by its
directors or legal counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

               (e) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on
the records or books of account of the Enterprise, including, without limitation, financial
statements, or on information supplied to Indemnitee by the officers of the Enterprise in the
course of their duties, or on the advice of legal counsel for the Enterprise or on information or
records given or reports made to the Enterprise by an independent certified public accountant or by
an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the
Enterprise (other than Indemnitee) shall not be imputed to Indemnitee for purposes of determining
the right to indemnification under this Agreement. Whether or not the foregoing provisions of this
Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all
times acted in good faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the Company. Anyone seeking to overcome this presumption shall have the burden
of proof and the burden of persuasion by clear and convincing evidence.

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               (f) If the person, persons or entity empowered or selected under this Section 6 to
determine whether Indemnitee is entitled to indemnification shall not have made a determination
within sixty (60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable laws.

               (g) Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including, without limitation,
providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel,
member of the Board or stockholder of the Company shall act reasonably and in good faith in making
a determination regarding Indemnitee’s entitlement to indemnification under this Agreement. Any
costs or expenses (including, without limitation, attorneys’ fees and disbursements) reasonably
incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee
harmless therefrom.

               (h) The Company acknowledges that a settlement or other disposition short of final judgment
may be successful if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is
resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or
other consideration) it shall be presumed that Indemnitee has been successful on the merits or
otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall
have the burden of proof and the burden of persuasion by clear and convincing evidence.

               (i) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the
Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that his conduct was unlawful.

          7. Remedies of Indemnitee.

               (a) In the event that (i) a determination is made pursuant to Section 6 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 6(b) of this
Agreement within sixty (60) days after receipt by the Company of the request for

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indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within
thirty (30) days after receipt by the Company of a written request therefor or (v) payment of
indemnification is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification or such determination is deemed to have been made
pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in
an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of
Indemnitee’s entitlement to such indemnification, contribution or advancement of Expenses.
Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Except as set forth herein, the provisions of Delaware law (without regard to its
conflict of law rules) shall apply to any such arbitration. Indemnitee shall commence such
proceeding seeking an adjudication or an award in arbitration within one hundred eighty (180) days
following the date on which Indemnitee first has the right to commence such proceeding pursuant to
this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration.

               (b) In the event that a determination shall have been made pursuant to Section 6(b) of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or
arbitration commenced pursuant to this Section 7 shall be conducted in all respects as a de
novo proceeding or arbitration on the merits, and Indemnitee shall not be prejudiced by reason of
the adverse determination under Section 6(b). In any judicial proceeding or arbitration
commenced pursuant to this Section 7, Indemnitee shall be presumed to be entitled to
indemnification under this Agreement and the Company shall have the burden of proving Indemnitee is
not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may
not refer to or introduce into evidence any determination pursuant to Section 6(b) of this
Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or
arbitration pursuant to this Section 7, Indemnitee shall not be required to reimburse the
Company for any advances pursuant to Section 5 until a final determination is made with
respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been
exhausted or lapsed).

               (c) If a determination shall have been made pursuant to Section 6(b) of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in
any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading in connection with the application for indemnification, or
(ii) a prohibition of such indemnification under applicable laws.

               (d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial
adjudication of his rights under, or to recover damages for breach of, this Agreement, or to
recover under any directors’ and officers’ liability insurance policies maintained by the Company,
the Company shall pay on his behalf, in advance, any and all Expenses actually and reasonably
incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is
determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

               (e) The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 7 that the procedures and presumptions of this

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Agreement are not valid, binding and enforceable and shall stipulate in any such court that
the Company is bound by all the provisions of this Agreement. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within thirty (30)
days after receipt by the Company of a written request therefor) advance, to the extent not
prohibited by applicable laws, such expenses to Indemnitee, which are incurred by Indemnitee in
connection with any action brought by Indemnitee for indemnification or advance of Expenses from
the Company under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled
to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

               (f) Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement to indemnification under this Agreement shall be required to be made prior to the final
disposition of the Proceeding.

          8. Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification;
Subrogation.

               (a) The rights of indemnification and to receive advancement of expenses as provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be
entitled under applicable laws, the By-Laws, any agreement, a vote of stockholders, a resolution of
the Board, or otherwise. No supplement, modification, termination or amendment of this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such
supplement, modification, termination or amendment. To the extent that a change in the DGCL,
whether by statute or judicial decision, permits greater indemnification than would be afforded
currently under the By-Laws and this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right
or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

               (b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or
of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any director, officer,
employee, agent or fiduciary of the Company or of any other Enterprise under such policy or
policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the
Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt
notice of the commencement of such proceeding to the insurers in accordance with the procedures set
forth in the respective policies. The Company shall thereafter take all necessary action to cause
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding
in accordance with the terms of such policies.

               (c) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee,

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who shall execute all papers required and take all necessary action to secure such rights,
including, without limitation, execution of such documents as are necessary to enable the Company
to bring suit to enforce such rights.

               (d) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise.

               (e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is
or was serving at the request of the Company as a director, officer, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or
advancement of expenses from such other Enterprise.

          9. Exception to Right of Indemnification. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any indemnity in
connection with any claim made against Indemnitee:

               (a) for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy or other indemnity provision, except with respect to any excess beyond the amount paid under
any insurance policy or other indemnity provision;

               (b) for an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange
Act or similar provisions of state statutory law or common law;

               (c) for reimbursement to the Company of any bonus or other incentive-based or
equity-based compensation or of any profits realized by Indemnitee from the sale of securities of
the Company in each case as required under the Exchange Act; or

               (d) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including, without limitation, any Proceeding (or any part of any Proceeding) initiated by
Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Company has joined in, or the Board has authorized, the Proceeding (or any part of any
Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable laws or (iii) the
Proceeding is one to enforce Indemnitee’s rights under this Agreement.

          10. Duration of Agreement. All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee is an officer and/or director of the Company (or
is or was serving at the request of the Company as a director, officer, employee or agent of
another Enterprise) and for ten (10) years thereafter, and shall continue thereafter so long as
Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7
hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such
capacity at the time any liability or expense is incurred for which indemnification can be provided
under this Agreement.

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          11. Security. To the extent requested by Indemnitee and approved by the Board in its
sole discretion, the Company may at any time and from time to time provide security to Indemnitee
for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or
other collateral. Any such security, once provided to Indemnitee, may not be revoked or released
without the prior written consent of Indemnitee.

          12. Definitions. For purposes of this Agreement:

               (a) “Corporate Status” means the status of a person who is or was a director, officer,
employee, agent or fiduciary of the Company or of any other Enterprise.

               (b) “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee.

               (c) “Enterprise” means the Company and any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the request
of the Company as a director, officer, employee, agent or fiduciary.

               (d) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

               (e) “Expenses” means all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or
responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any
federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, including, without limitation, the premium, security
for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its
equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

               (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither presently is, nor in the past five years has been, retained
to represent: (i) the Company or Indemnitee in any matter material to either such party (other
than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to
a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the
reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all

10

 

Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

               (g) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is
or will be involved as a party or otherwise, by reason of his Corporate Status, by reason of any
action taken by him or of any inaction on his part while acting in his Corporate Status, in each
case whether or not he is acting or serving in any such capacity at the time any liability or
expense is incurred for which indemnification can be provided under this Agreement, including,
without limitation, one pending on or before the date of this Agreement, but excluding one
initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights
under this Agreement.

          13. Severability. If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality, and
enforceability of the remaining provisions of this Agreement (including, without limitation, each
portion of any section, paragraph or sentence of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by applicable laws; (b) such provision or provisions shall be deemed reformed to
the fullest extent necessary to conform to applicable laws and to give the maximum effect to the
intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section, paragraph or sentence of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is
not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to
confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws.

          14. Enforcement and Binding Effect.

               (a) The Company expressly confirms and agrees that it has entered into this Agreement and
assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer
and/or director of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an officer and/or director of the Company.

               (b) Without limiting any of the rights of Indemnitee under the By-Laws and, if applicable, the
Certificate of Incorporation of the Company (as it may be amended from time to time), this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements (including, without limitation, any
indemnification agreement) and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof.

11

 

               (c) The Company shall not seek from a court, or agree to, a “bar order” which would
have the effect of prohibiting or limiting Indemnitee’s rights to receive advancement of expenses
under this Agreement.

               (d) This Agreement shall be binding upon and be enforceable by the parties hereto and their
respective successors and assigns (including, without limitation, any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), shall continue as to an Indemnitee who has ceased to be a director,
officer, employee or agent of the Company or of any other Enterprise at the Company’s request, and
shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

               (e) The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company to expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place.

               (f) The Company and Indemnitee agree herein that a monetary remedy for breach of this
Agreement, at some later date, may be inadequate, impracticable and difficult to prove, and further
agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm and that by seeking
injunctive relief and/or specific performance, Indemnitee shall not he precluded from seeking or
obtaining any other relief to which he may be entitled. The Company and Indemnitee further agree
that Indemnitee shall be entitled to such specific performance and injunctive relief, including,
without limitation, temporary restraining orders, preliminary injunctions and permanent
injunctions, without the necessity of posting bonds or other undertakings in connection therewith.
The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of
Indemnitee by the Court, and the Company hereby waives any such requirement of such a bond or
undertaking.

          15. Modification and Waiver. No supplement, modification, termination or amendment of
this Agreement shall be binding unless executed in writing by both of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

          16. Notice By Indemnitee. Indemnitee agrees to promptly notify the Company in writing
upon being served with or otherwise receiving any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification covered hereunder. The failure to so notify the Company shall not relieve the
Company of any obligation which it may have to Indemnitee under this Agreement or otherwise, unless
and only to the extent that such failure or delay materially prejudices the Company.

          17. Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given: (a) upon personal

12

 

delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile
if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All
communications shall be sent:

               (a) To Indemnitee at the address set forth below Indemnitee signature hereto.

               (b) To the Company at:

iPayment, Inc.

30721 Russell Ranch Road, Suite 200

Westlake Village, California 91362

Attention: Bronson Quon

Facsimile No.: 818) 540-6813

With a copy to:

White & Case LLP

1155 Avenue of the Americas

New York, New York 10036

Attention: Nazim Zilkha

Facsimile No.: 212-354-8113

or to such other address as may have been furnished to Indemnitee by the Company or to the Company
by Indemnitee, as the case may be.

          18. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
Agreement. This Agreement may also be executed and delivered by PDF or facsimile signature and in
two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

          19. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

          20. Usage of Pronouns. Use of the masculine pronoun shall be deemed to include usage
of the feminine pronoun where appropriate.

          21. Governing Law and Consent to Jurisdiction. This Agreement and the legal relations
among the parties shall be governed by, and construed and enforced in accordance with, the laws of
the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Delaware Court, and not in any other
state or federal court in the United States of America or any court in any

13

 

other country, (ii) generally and unconditionally consent to submit to the exclusive
jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in
connection with this Agreement, (iii) waive any objection to the laying of venue of any such action
or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum. The foregoing consent to jurisdiction shall not constitute general consent to
service of process in the state for any purpose except as provided above, and shall not be deemed
to confer rights on any person other than the parties to this Agreement.

(Signature page follows)

14

 

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

	 	 	 	 	 
	 	IPAYMENT, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 

	 

	 	INDEMNITEE
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	Address:exv10w1

Exhibit 10.1

Execution Version

FIFTH AMENDMENT

TO

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of October 6, 2011

among

OASIS PETROLEUM NORTH AMERICA LLC,

as Borrower,

THE GUARANTORS PARTY HERETO,

BNP PARIBAS,

as Administrative Agent,

and

THE LENDERS PARTY HERETO

 

 

FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

     THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth Amendment”)
dated as of October 6, 2011, is among OASIS PETROLEUM NORTH AMERICA LLC, a Delaware limited
liability company (the “Borrower”); the Guarantors party hereto (the “Guarantors”
and collectively with the Borrower, the “Obligors”); each of the lenders party to the
Credit Agreement referred to below (collectively, the “Lenders”); and BNP PARIBAS, as
administrative agent for the Lenders (in such capacity, together with its successors in such
capacity, the “Administrative Agent”).

R E C I T A L S

     A. The Parents, the Borrower, the Administrative Agent and the Lenders are parties to that
certain Amended and Restated Credit Agreement dated as of February 26, 2010, as amended by that
certain First Amendment to Amended and Restated Credit Agreement and Consent dated as of June 3,
2010, that certain Second Amendment to Amended and Restated Credit Agreement dated as of August 11,
2010, that certain Third Amendment to Amended and Restated Credit Agreement and Limited Waiver
dated as of January 21, 2011, that certain Fourth Amendment to Amended and Restated Credit
Agreement dated as of June 16, 2011 (the “Credit Agreement”), pursuant to which the Lenders
have made certain credit available to and on behalf of the Borrower.

     B. The Borrower, the Guarantors, the Administrative Agent and the Lenders have agreed to amend
certain provisions of the Credit Agreement.

     C. 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 by this Fifth Amendment.
Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of
the Credit Agreement.

Section 2. Amendments to Credit Agreement.

     2.1 Amendments to Section 1.02.

     (a) The definition of “Agreement” is hereby amended in its entirety to read as
follows:

     “Agreement” means this Amended and Restated 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 be further amended or supplemented
from time to time.

     (b) The definition of “Applicable Margin” is hereby amended in its entirety to read as
follows:

     “Applicable Margin” means, for any day, with respect to any ABR Loan or
Eurodollar Loan, or with respect to the Commitment Fee Rate, as the case may be, the
rate

1

 

per annum set forth in the Borrowing Base Utilization Grid below based upon the
Borrowing Base Utilization Percentage then in effect:

Borrowing Base Utilization Grid

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Borrowing Base
	 	 	< 25	%	 	 	>25	%	 	 	>50	%	 	 	>75	%	 	 	>90	%
	Utilization
	 	 	 	 	 	 	< 50	%	 	 	< 75	%	 	 	<90	%	 	 	 	 
	Percentage
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ABR Loans
	 	 	0.000	%	 	 	0.250	%	 	 	0.500	%	 	 	0.750	%	 	 	1.000	%
	Eurodollar Loans
	 	 	1.500	%	 	 	1.750	%	 	 	2.000	%	 	 	2.250	%	 	 	2.500	%
	Commitment Fee Rate
	 	 	0.375	%	 	 	0.375	%	 	 	0.500	%	 	 	0.500	%	 	 	0.500	%

     Each change in the Applicable Margin shall apply during the period commencing on
the effective date of such change and ending on the date immediately preceding the
effective date of the next such change, provided, however, that if at any time the
Borrower fails to deliver a Reserve Report pursuant to Section 8.12(a), then from the
time of such failure until the time that the Borrower delivers such Reserve Report to
the Administrative Agent, the “Applicable Margin” means the rate per annum set
forth on the grid when the Borrowing Base Utilization Percentage is at its highest
level.

     (c) The following definition of “Assigned Maximum Credit Amount” is hereby added where
alphabetically appropriate to read as follows:

     “Assigned Maximum Credit Amount” means, with respect to any Dissenting Lender, on the
date in which a Proposed Borrowing Base becomes effective as specified in Section 2.07(d), the
amount that is arrived at by applying the following formula:

     where:

     (1) Dissenting Lender’s Existing Borrowing Base is an amount equal to the portion of the
Borrowing Base attributable to the Dissenting Lender prior to the effectiveness of the
Proposed Borrowing Base in question;

     (2) Total Existing Borrowing Base is the Borrowing Base in effect prior to the
effectiveness of the Proposed Borrowing Base in question;

     (3) Dissenting Lender’s New Borrowing Base is the portion of the Borrowing Base
attributable to the Dissenting Lender immediately after giving effect to the Proposed
Borrowing Base in question; provided that, for the avoidance of doubt, such Dissenting
Lender’s portion of the Borrowing Base shall not be increased without such Dissenting
Lender’s consent; and

2

 

     (4) Total New Borrowing Base is the Borrowing Base in effect immediately after giving
effect to the Proposed Borrowing Base in question.

     (d) The following definition of “Commitment Fee Rate” is hereby added where
alphabetically appropriate to read as follows:

     “Commitment Fee Rate” has the meaning set forth in the definition of
“Applicable Margin”.

     (e) The following definition of “Fifth Amendment” is hereby added where alphabetically
appropriate to read as follows:

     “Fifth Amendment” means that certain Fifth Amendment to Amended and
Restated Credit Agreement, dated as of October 6, 2011, among the Borrower, the
Guarantors, the Administrative Agent and the Lenders party thereto.

     (f) The following definition of “Fourth Amendment” is hereby added where
alphabetically appropriate to read as follows:

     “Fourth Amendment” means that certain Fourth Amendment to Amended and
Restated Credit Agreement, dated as of June 16, 2011, among the Borrower, the
Guarantors, the Administrative Agent and the Lenders party thereto.

     (g) The definition of “Maturity Date” is hereby amended in its entirety to read as
follows:

     “Maturity Date” means October 6, 2016.

     (h) Clause (b) of the definition of “Indebtedness” is hereby amended in its entirety
to read as follows:

     (b) to any Secured Swap Party under any Secured Swap Agreement; and

     (i) The following definition of “Requisite Increase Lenders” is hereby added where
alphabetically appropriate to read as follows:

     “Requisite Increase Lenders” means, at any time while no Loans or LC
Exposure is outstanding, Lenders having at least ninety percent (90%) of the Aggregate
Maximum Credit Amounts; and at any time while any Loans or LC Exposure is outstanding,
Lenders holding at least ninety percent (90%) of the outstanding aggregate principal
amount of the Loans and participation interests in Letters of Credit (without regard
to any sale by a Lender of a participation in any Loan under Section 12.04(c)).

     (j) The following definition of “Secured Swap Agreements” is hereby added where
alphabetically appropriate to read as follows:

     “Secured Swap Agreement” means any Swap Agreement between a Parent, the
Borrower or any Subsidiary and any Person entered into prior to the time, or during
the time, that such Person or its Affiliate is a Lender (including any Swap Agreement
between such Person in existence prior to the date hereof), even if such Person
subsequently ceases

3

 

to be a Lender (or an Affiliate thereof) for any reason (any such Person, a
“Secured Swap Party”).

     (k) The following definition of “Secured Swap Indebtedness” is hereby added
where alphabetically appropriate to read as follows:

     “Secured Swap Indebtedness” means Indebtedness of the type referred to in
clause (b) of the definition of Indebtedness.

     (l) The following definition of “Secured Swap Party” is hereby added where
alphabetically appropriate to read as follows:

     “Secured Swap Party” has the meaning assigned to such term in the
definition of Secured Swap Agreement.

     (m) The parenthetical in the definition of “Security Instruments” is hereby amended in
its entirety to read as follows:

     (other than Secured Swap Agreements or participation or similar agreements
between any Lender and any other lender or creditor with respect to any Indebtedness
pursuant to this Agreement)

     2.2 Amendments to Section 2.07(c). Section 2.07(c) is hereby amended by (a) amending
and restating in its entirety Section 2.07(c)(iii) and (b) adding a new subsection 2.07(c)(iv)
thereto such that Sections 2.07(c)(iii) and (iv) read as follows:

     (iii) Any Proposed Borrowing Base that would increase the Borrowing Base or
Conforming Borrowing Base then in effect must be approved or deemed to have been
approved by the Requisite Increase Lenders as provided in this Section 2.07(c)(iii);
and any Proposed Borrowing Base that would decrease or maintain the Borrowing Base or
Conforming Borrowing Base then in effect must be approved or be deemed to have been
approved by the Majority Lenders as provided in this Section 2.07(c)(iii). Upon
receipt of the Proposed Borrowing Base Notice, each Lender shall have fifteen (15)
days to agree with the Proposed Borrowing Base or disagree with the Proposed Borrowing
Base by proposing an alternate Borrowing Base and/or Conforming Borrowing Base. If at
the end of such fifteen (15) days, any Lender has not communicated its approval or
disapproval in writing to the Administrative Agent, such silence shall be deemed to be
an approval of the Proposed Borrowing Base. If, at the end of such 15-day period, the
Requisite Increase Lenders or the Majority Lenders, as applicable, have approved or
deemed to have approved, as aforesaid, then the Proposed Borrowing Base shall become
the new Borrowing Base and/or Conforming Borrowing Base, effective on the date
specified in Section 2.07(d); provided that, notwithstanding the foregoing, a Proposed
Borrowing Base that would increase the Borrowing Base and/or the Conforming Borrowing
Base then in effect without the approval or deemed approval of all Lenders shall only
become effective and be permitted by this Section if the reallocation contemplated by
Section 2.07(c)(iv) occurs in accordance with its terms. If, however, at the end of
such 15-day period, the Requisite Increase Lenders or the Majority Lenders, as
applicable, have not approved or deemed to have approved, as aforesaid, then the
Administrative Agent shall poll the Lenders to ascertain the highest

4

 

Borrowing Base and/or Conforming Borrowing Base then acceptable to a number of
Lenders sufficient to constitute the Majority Lenders and, so long as such amount does
not increase either the Borrowing Base or Conforming Borrowing Base then in effect,
such amount shall become the new Borrowing Base and/or Conforming Borrowing Base,
effective on the date specified in Section 2.07(d).

     (iv) Notwithstanding the foregoing or anything to the contrary contained herein,
the following provisions shall apply with respect to any Proposed Borrowing Base that
would increase the Borrowing Base and/or the Conforming Borrowing then in effect as a
result of the approval or deemed approval of the Requisite Increase Lenders, but
without the approval or deemed approval of all of the Lenders: (A) on the date the
Proposed Borrowing Base becomes effective as specified in Section 2.07(d), each Lender
that has not approved (or is not deemed to have approved) the Proposed Borrowing Base
(each a “Dissenting Lender”) shall automatically (without any further action)
be deemed to have assigned its respective Maximum Credit Amounts and Commitments in an
amount equal to such Dissenting Lender’s Assigned Maximum Credit Amount to (i) one or
more existing Lenders (each, an “Existing Lender”) that have agreed in their
sole discretion (with the consent of the Administrative Agent and the Borrower, each
in its sole discretion), in such amounts as each such Existing Lender shall agree in
its sole discretion, (ii) one or more Persons (each, a “New Lender” and,
together with each Existing Lender, collectively, the “Assuming Lenders”) that
at such time is not a Lender that agrees to become a Lender and that is acceptable to
the Administrative Agent in its sole discretion (with the consent of the Borrower), in
such amounts as each such New Lender agrees in its sole discretion, or (iii) any
combination of Assuming Lenders as specified in clauses (i) and (ii) above. With
respect to such assignment, each Assuming Lender shall be deemed to have acquired the
portion of the Maximum Credit Amount and Commitment allocated to it from each of the
Dissenting Lenders pursuant to the terms of the Assignment and Assumption attached
hereto as Exhibit F as if the Dissenting Lenders and the Assuming Lenders had executed
an Assignment and Assumption with respect to such allocation. For the avoidance of
doubt, no Lender (whether or not such Lender has approved or is deemed to have
approved the Proposed Borrowing Base) shall have any obligation whatsoever to agree to
become an Assuming Lender, it being understood that any such decision shall be made in
its sole and absolute discretion. If the foregoing reallocation can be effected, then
on the date the Proposed Borrowing Base becomes effective as specified in Section
2.07(d): (i) the Administrative Agent will furnish to the Borrower and the Lenders a
revised Annex I reflecting the Maximum Credit Amounts and Commitments of each Lender
after giving effect to such reallocation, which revised Annex I shall amend and
restate the then existing Annex I in its entirety and (ii) each New Lender shall
become a party to the Credit Agreement as a “Lender” with the Maximum Credit Amount
and Commitment specified for it in the revised Annex I specified in the immediately
preceding clause (i) and such New Lender shall have all of the rights and obligations
of a Lender under the Credit Agreement and the other Loan Documents (and each New
Lender shall execute a joinder agreement provided by the Administrative Agent to
evidence its joinder to this Agreement as a Lender hereunder). If the reallocation
contemplated by this Section 2.07(c)(iv) is not effectuated for any reason, then the
Proposed Borrowing Base shall be deemed not to be approved by the Requisite Increase
Lenders.

5

 

     2.3 Amendment to Section 2.07(d). The introductory paragraph of Section 2.07(d) is
hereby amended in its entirety to read as follows:

     (d) Effectiveness of a Redetermined Borrowing Base. After a redetermined
Borrowing Base and Conforming Borrowing Base is approved or is deemed to have been
approved by the Requisite Increase Lenders or the Majority Lenders, as applicable,
pursuant to Section 2.07(c)(iii) (and subject to Section 2.07(c)(iv)), the
Administrative Agent shall notify the Borrower and the Lenders of the amount of the
redetermined Borrowing Base and Conforming Borrowing Base (the “New Borrowing Base
Notice”), and such amount shall become the new Borrowing Base and Conforming
Borrowing Base, effective and applicable to the Borrower, the Agents, the Issuing Bank
and the Lenders (subject to the provisions of Section 2.07(c)(iv)):

     2.4 Amendment to Section 3.05(a). Section 3.05(a) is hereby amended in its entirety
to read as follows:

     (a) Commitment Fees. The Borrower agrees to pay to the Administrative
Agent for the account of each Lender a commitment fee, which shall accrue at the
applicable Commitment Fee Rate on the average daily amount of the unused amount of the
Commitment of such Lender during the period from and including the date of this
Agreement to but excluding the Termination Date. Accrued commitment fees shall be
payable in arrears on the last day of March, June, September and December of each year
and on the Termination Date, commencing on the first such date to occur after the date
hereof. All commitment fees shall be computed on the basis of a year of 360 days,
unless such computation would exceed the Highest Lawful Rate, in which case interest
shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and
shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

     2.5 Amendment to Section 4.03(b). Section 4.03(b) is hereby amended in its entirety
to read as follows:

     (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall
not be included in determining whether all Lenders, the Requisite Increase Lenders or
the Majority Lenders have taken or may take any action hereunder (including any
consent to any amendment or waiver pursuant to Section 12.02(b)); provided that (i)
any waiver, amendment or modification requiring the consent of all Lenders pursuant to
Section 12.02(b) (other than Section 12.02(b)(ii)) or requiring the consent of each
affected Lender pursuant to Section 12.02(b)(iii) or (iv), shall require the consent
of such Defaulting Lender (which for the avoidance of doubt would include any change
to the Maturity Date applicable to such Defaulting Lender, decreasing or forgiving any
principal or interest due to such Defaulting Lender, any decrease of any interest rate
applicable to Loans made by such Defaulting Lender (other than the waiving of
post-default interest rates) and any increase in such Defaulting Lender’s Commitment)
and (ii) any redetermination, whether an increase, decrease or affirmation, of the
Borrowing Base shall occur without the participation of a Defaulting Lender, but the
Commitment (i.e. the Applicable Percentage of the Borrowing

6

 

Base) of a Defaulting Lender may not be increased without the consent of such
Defaulting Lender;

     2.6 Amendment to Section 9.02(f). Section 9.02(f) is hereby amended in its entirety
to read as follows:

     (f) intercompany Debt between the Parent, the Borrower and any Subsidiary or
between Subsidiaries to the extent permitted by Section 9.05(g); provided that (1)
such Debt is not held, assigned, transferred, negotiated or pledged to any Person
other than the Parent, the Borrower or one of its Wholly-Owned Subsidiaries, (2) any
such Debt owed by the Parent, the Borrower or a Guarantor shall be subordinated to the
Indebtedness on terms set forth in the Guaranty Agreement and (3) any such Debt shall
not have any scheduled amortization prior to January 6, 2017.

     2.7 Amendment to Section 10.02(c)(iv). Section 10.02(c)(iv) is hereby amended in is
entirety to read as follows:

     (iv) fourth, pro rata to payment of (A) principal outstanding on the Loans and
(B) Secured Swap Indebtedness owing to Secured Swap Parties;

     2.8 Amendment to Section 12.01(a)(ii). Section 12.01(a)(ii) is hereby amended in is
entirety to read as follows:

     (iii) if to the Administrative Agent, to it at 333 Clay Street, Houston, Texas,
77002; Attention of Ed Pak (Telecopy No. (713) 659-6915), with a copy to BNP Paribas
RCC, Inc. 525 Washington Boulevard, Suite #188, Jersey City, New Jersey 07310,
Attention of Agency and Loan Services Dept. (Telecopy No. (201) 850-4020);

     2.9 Amendments to Section 12.02(b). Section 12.02(b) is hereby amended as follows:

     (a) Amendment to Section 12.02(b)(ii). Clause (ii) of Section 12.02(b) is hereby
amended in its entirety to read as follows:

     (ii) increase the Borrowing Base and/or Conforming Borrowing Base without the
written consent of the Requisite Increase Lenders, decrease or maintain the Borrowing
Base and/or Conforming Borrowing Base without the consent of the Majority Lenders, or
modify Section 2.07 in any manner without the consent of each Lender,

     (b) Amendment to Section 12.02(b)(viii). The phrase “Requisite Increase Lenders” is
hereby added after “Majority Lenders,” in clause (viii) of Section 12.02(b).

     2.10 Amendments to Section 12.14. Section 12.14 is hereby amended 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 Secured
Swap Parties on a pro rata basis (but subject to the terms of the Loan Documents,
including, without limitation, provisions thereof relating to the application and
priority of payments to the Persons entitled

7

 

thereto) in respect of any obligations of the a Parent, the Borrower or any of
its Subsidiaries which arise under Secured Swap Agreements. No Secured Swap Party
shall have any voting rights under any Loan Document as a result of the existence of
obligations owed to it under any such Swap Agreements.

Section 3. Borrowing Base Redetermination. For the period from and including the Fifth
Amendment Effective Date (as defined below) to but excluding the next Redetermination Date, the
amount of the Borrowing Base shall be $350,000,000. Notwithstanding the foregoing, the Borrowing
Base may be subject to further adjustments from time to time pursuant to Section 8.13(c) or Section
9.12(d). For the avoidance of doubt, the redetermination herein shall constitute the October 1,
2011 Scheduled Redetermination and the next Scheduled Redetermination shall be the April 1, 2012
Scheduled Redetermination.

Section 4. Increase in Aggregate Maximum Credit Amounts, Assignments, New Lenders and
Reallocation of Commitments and Loans. The Lenders have agreed among themselves, in
consultation with the Borrower, to (a) increase the Aggregate Maximum Credit Amounts and
Commitments by allowing each of the Lenders to increase its Maximum Credit Amount and (b)
reallocate their respective Maximum Credit Amounts and Commitments and to, among other things,
allow Amegy Bank, National Association, Compass Bank and U.S. Bank National Association to become
parties to the Credit Agreement as Lenders, (the “New Lenders”) by acquiring an interest in
the total Maximum Credit Amounts and Commitments. The Administrative Agent and the Borrower hereby
consent to such increase, reallocation and the New Lenders’ acquisition of an interest in the
Maximum Credit Amounts and Commitments. On the Fifth Amendment Effective Date and after giving
effect to such increase and reallocations, (a) the Maximum Credit Amounts and Commitment of each
Lender shall be as set forth on Annex I of this Fifth Amendment, which Annex I supersedes and
replaces Annex I to the Credit Agreement (and Annex I to the Credit Agreement is hereby amended and
restated in its entirety to read as set forth on Annex I attached hereto) and (b) each New Lender
is hereby added as a Lender with the Maximum Credit Amount specified for it in the attached Annex
I, and the New Lenders shall become parties to the Credit Agreement as “Lenders” and have all of
the rights and obligations of a Lender under the Credit Agreement, as amended by this Fifth
Amendment, and the other Loan Documents. With respect to such reallocation, the New Lenders shall
be deemed to have acquired the Maximum Credit Amount and Commitment allocated to them from each of
the other Lenders pursuant to the terms of the Assignment and Assumption Agreement attached as
Exhibit E to the Credit Agreement as if the New Lenders and the other Lenders had executed an
Assignment and Assumption Agreement with respect to such allocation. If, on the Fifth Amendment
Effective Date, any Eurodollar Loans have been funded, then the Borrower shall be obligated to pay
any breakage fees or costs that are payable pursuant to Section 5.02, in connection with the
reallocation of such outstanding Eurodollar Loans to effectuate the provisions of this paragraph.

Section 5. Conditions Precedent. This Fifth Amendment shall become effective as of the
date when each of the following conditions is satisfied (or waived in accordance with Section 12.02
of the Credit Agreement) (the “Fifth Amendment Effective Date”):

     5.1 The Administrative Agent shall have received from each Lender, each Guarantor and the
Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this
Fifth Amendment signed on behalf of such Person.

8

 

     5.2 The Administrative Agent shall have received all fees and other amounts due and payable on
or prior to the date hereof.

     5.3 No Default shall have occurred and be continuing as of the date hereof, after giving
effect to the terms of this Fifth Amendment.

     5.4 The Administrative Agent shall have received a certificate of the Secretary or Assistant
Secretary of the Parents, the Borrower and each Guarantor setting forth (1) a certification as to
the resolutions of the board of directors or other appropriate governing body with respect to the
authorization of such Parent, the Borrower or such Guarantor to execute and deliver the Loan
Documents to which it is a party and to enter into the transactions contemplated in those
documents, (2) the officers of such Parent, the Borrower and each Guarantor (y) who are authorized
to sign the Loan Documents to which such Parent, the Borrower or such Guarantor is a party and (z)
who will, until replaced by another officer or officers duly authorized for that purpose, act as
its representative for the purposes of signing documents and giving notices and other
communications in connection with the Credit Agreement and the transactions contemplated thereby,
(3) specimen signatures of such authorized officers and (4) a certification that the articles or
certificate of incorporation or formation, by-laws, limited liability company agreement or other
applicable organizational documents of the Parents, the Borrower and each Guarantor, delivered to
the Administrative Agent on February 26, 2010 (with respect to the Borrower and Oasis Petroleum
LLC), June 3, 2010 (with respect to Oasis Petroleum Inc.) and September 16, 2011 (with respect to
Oasis Petroleum Marketing LLC and Oasis Well Services LLC) have not been amended, restated or
otherwise modified from since being delivered, except for those amendments attached thereto, and
remain in full force and effect.

     5.5 The Administrative Agent shall have received from the Borrower a duly executed and
notarized amendment and/or supplement to each mortgage which shall be reasonably satisfactory to
the Administrative Agent in form and substance.

     5.6 The Administrative Agent shall have received from the Obligors a dully executed amendment
to the Guaranty which shall be reasonably satisfactory to the Administrative Agent.

     5.7 The Administrative Agent shall have received certificates of the appropriate State
agencies with respect to the existence, qualification and good standing of the Parents, the
Borrower and each Guarantor.

     5.8 The Administrative Agent shall have received an opinion of (a) DLA Piper LLP (US), special
counsel to the Borrower, substantially in a form and of substance reasonably acceptable to the
Administrative Agent and (b) local counsel in each of Montana and North Dakota and any other
jurisdictions requested by the Administrative Agent, substantially in form and of substance
reasonably acceptable to the Administrative Agent.

     5.9 The Administrative Agent shall have received a certificate of insurance coverage of the
Borrower and each Parent evidencing that the Borrower, each Parent and their respective
Subsidiaries are carrying insurance in accordance with Section 7.12 of the Credit Agreement.

     5.10 The Administrative Agent shall have received duly executed Notes payable to the order of
each Lender in a principal amount equal to its Maximum Credit Amount (after giving effect to this
Fifth Amendment) dated as of the effectiveness of this Fifth Amendment.

9

 

     5.11 The Administrative Agent shall have received such other documents as the Administrative
Agent or its special counsel may reasonably require.

     The 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 the
Administrative Agent, compliance with the conditions set forth in this Section 5 or the waiver of
such conditions as permitted hereby. 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 No Waiver. Neither the execution by the Administrative Agent or the Lenders of
this Fifth Amendment, nor any other act or omission by the Administrative Agent or the Lenders or
their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the
Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the
date of the effectiveness of this Fifth Amendment or which may occur in the future under the Credit
Agreement and/or the other Loan Documents. Similarly, nothing contained in this Fifth Amendment
shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise
adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any
right, privilege or remedy in connection with the Loan Documents with respect to any Default or
Event of Default, (b) except as expressly provided herein, amend or alter any provision of the
Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute
any course of dealing or other basis for altering any obligation of the Borrower or any right,
privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the
other Loan Documents, or any other contract or instrument. Each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import
shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any
other Loan Document to the Credit Agreement or any word or words of similar import shall be and
mean a reference to the Credit Agreement as amended hereby.

     6.3 Ratification and Affirmation; Representations and Warranties. Each Obligor hereby
(a) acknowledges the terms of this Fifth Amendment; (b) ratifies and affirms its obligations under,
and acknowledges its 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 as expressly
amended hereby and (c) 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 or Event of Default has occurred and is continuing and (iii) no event
or events have occurred which individually or in the aggregate could reasonably be expected to have
a Material Adverse Effect.

     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

10

 

constitute one and the same instrument. Delivery of this Fifth Amendment by facsimile
transmission 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 executed in connection herewith and therewith represent the final agreement between the
parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral
agreements of the parties. There are no subsequent 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 NEW YORK.

     6.7 Payment of Expenses. In accordance with Section 12.03 of the Credit Agreement,
the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable
out-of-pocket costs and reasonable 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 the
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.

[SIGNATURES BEGIN NEXT PAGE]

11

 

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

	 	 	 	 	 
	BORROWER:                      	OASIS PETROLEUM NORTH AMERICA LLC

 	 
	 	By:  	/s/ Michael Lou
 	 
	 	 	Michael Lou 	 
	 	 	Executive Vice President and
Chief
Financial Officer 	 
	 
	GUARANTORS:                    	OASIS PETROLEUM LLC

OASIS PETROLEUM INC.

OASIS PETROLEUM MARKETING LLC

OASIS WELL SERVICES LLC

 	 
	 	By:  	/s/ Michael Lou
 	 
	 	 	Michael Lou 	 
	 	 	Executive Vice President and
Chief
Financial Officer 	 
	 

Signature Page to Fifth Amendment to Amended and Restated Credit Agreement

(Oasis Petroleum North America LLC)

 

 

	 	 	 	 	 
	ADMINISTRATIVE AGENT AND LENDER:            	BNP PARIBAS

 	 
	 	By:  	

/s/ Greg Smothers
 	 
	 	 	Greg Smothers 	 
	 	 	Director 	 
	 
	 	 	 
	 	By:  	                                         /s/ Courtney Kubesch
 	 
	 	 	Courtney Kubesch 	 
	 	 	Vice President 	 
	 
	LENDERS:                            	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Michael A. Kamauf
 	 
	 	Name:  	 	Michael A. Kamauf 	 
	 	Title:  	 	Authorized Officer 	 
	 
	 	UBS LOAN FINANCE, LLC

 	 
	 	By:  	/s/ Mary E. Evans
 	 
	 	Name:  	 	Mary E. Evans 	 
	 	Title:  	 	Associate Director 	 
	 
	 	 	 
	 	By:  	                                         /s/ Irja R. Otsa
 	 
	 	Name:  	 	Irja R. Otsa 	 
	 	Title:  	 	Associate Director 	 
	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	/s/ Scott Hodges
 	 
	 	Name:  	 	Scott Hodges 	 
	 	Title:  	 	Director, Senior Relationship Manager 	 
	 
	 	THE ROYAL BANK OF SCOTLAND PLC

 	 
	 	By:  	/s/ Sanjay Remond
 	 
	 	Name:  	 	Sanjay Remond 	 
	 	Title:  	 	Authorised Signatory 	 
	 

Signature Page to Fifth Amendment to Amended and Restated Credit Agreement

(Oasis Petroleum North America LLC)

 

 

	 	 	 	 	 
	 	AMEGY BANK, NATIONAL ASSOCATION

 	 
	 	By:  	/s/ C. Wakeford Thompson
 	 
	 	Name:  	 	C. Wakeford Thompson 	 
	 	Title:  	 	Vice President 	 
	 
	 	COMPASS BANK

 	 
	 	By:  	/s/ Ian Payne
 	 
	 	Name:  	 	Ian Payne 	 
	 	Title:  	 	Vice President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Justin M. Alexander
 	 
	 	Name:  	 	Justin M. Alexander 	 
	 	Title:  	 	Vice President 	 
	 

Signature Page to Fifth Amendment to Amended and Restated Credit Agreement

(Oasis Petroleum North America LLC)

 

 

Annex I

ANNEX I

LIST OF MAXIMUM CREDIT AMOUNTS

Aggregate Maximum Credit Amounts

	 	 	 	 	 	 	 	 	 
	Name of Lender	 	Applicable Percentage	 	Maximum Credit Amount
	BNP Paribas
	 	 	15.428571	%	 	$	154,285,714.30	 
	JPMorgan Chase Bank, N.A.
	 	 	14.285714	%	 	$	142,857,142.86	 
	UBS Loan Finance LLC
	 	 	14.285714	%	 	$	142,857,142.86	 
	Wells Fargo Bank, N.A.
	 	 	14.285714	%	 	$	142,857,142.86	 
	The Royal Bank of Scotland plc
	 	 	14.285714	%	 	$	142,857,142.86	 
	Amegy Bank, National
Association
	 	 	9.142857	%	 	$	91,428,571.42	 
	Compass Bank
	 	 	9.142857	%	 	$	91,428,571.42	 
	U.S. Bank National Association
	 	 	9.142857	%	 	$	91,428,571.42	 
	TOTAL
	 	 	100.00	%	 	$	1,000,000,000.00

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