Document:

tat-ex1018_72.htm

 

Exhibit 10.18

 

	
EK B: VADELİ KREDİ SÖZLEŞMESİ

İşbu Vadeli Kredi Sözleşmesi (“Ek Sözleşme”), 31/08/2016 tarihli ve Kİ2-00000411 numaralı Genel Kredi Sözleşmesi (“GKS”) ve diğer Finansman Belgelerine ek olarak, Banka ile TRANSATLANTİC EXPLORATİON MEDİTERRANEAN INTERNATIONAL PTY LTD.MERKEZİ AVUSTRALYA TÜRKİYE ANKARA ŞUBESİ (“Kredi Alan”) arasında aşağıdaki şartlar dahilinde 28/11/2017 tarihinde imzalanmıştır.

Taraflar, aşağıda belirtilen hususların Finansman Belgelerinde belirlenen hususlar ile birlikte aynen ve eksiksiz olarak uygulanacağı, işbu Ek Sözleşmenin GKS’nin ayrılmaz bir parçası olduğu hususunda mutabıktırlar. İşbu Ek Sözleşmede yer almayan hususlarda GKS hükümleri geçerli olacaktır.

1.   KREDİ’YE İLİŞKİN ESASLAR

1.1  Kredi’nin Limiti/Para Cinsi: 20.375.000,00 USD (Yalnız/YirmimilyonÜçyüzyetmişbeşbin USDollars)

1.2  Vadesi: Kredi vadesi toplam 25 (Yirmibeş) aydır. Kredinin geri ödenmesine ilişkin ödeme planı işbu Ek Sözleşme’nin ekinde (“Ödeme Planı”) yer aldığı gibidir.

1.3  Faiz Oranı: GKS’nin 2.05. maddesinde yer alan kredi faizi, yıllık % 6 (yüzde Altı) olarak belirlenmiştir.

1.4  Tarafların mutabakatıyla ve Kredi Limiti içinde kalmak kaydıyia Kredinin, kredili cari hesap veya ödeme planı oluşturulmak suretiyle vadeli kredi şeklinde kullanılması kararlaştırılabilir. Bu kapsamda kullanılacak Kredi, cari hesap usuiüyle değil, ödeme planına göre işleyecek, Krediye ödeme planında belirlenen faiz, (varsa) komisyon oranları uygulanacak ve ödeme planı, anılan faiz ve (varsa) komisyon tutarlarını içerecektir. Kredi geri ödeme detayları ve faiz, komisyon oranlari işbu sözleşmenin ayrılmaz bir parçası olan EK-Ödeme olanında belirtildiği şekilde olacaktır.

1.5  Erken Geri Ödeme: İşbu Ek Sözleşme kapsamında kullanılan Kredi’nin GKS’nin 2.08. maddesi kapsamında tamamının veya bir kısmının Kredi Alanın özkaynakları ile erken geri ödenmesi durumunda Kredi Alan, kalan Kredi anapara tutarı üzerinden % 0,5 (yüzde sıfır virgül beş) oranında, Kredinin diğer finansal kuruluşlar aracılığı ile erken geri ödenmesi durumunda, Kredi Alan Kalan kredi tutar üzerinden yıllık %2 (Yüzde iki) erken geri ödeme komisyonunu Bankaya ödeyecektir.
	
 
	
ANNEX B: TERM LOAN CONTRACT

This Term Loan Contract (“Supplementary Contract”), were signed in addition to the General Credit Agreement (“GCA”) dated ...../11/2017 and numbered Kİ2-00000133 and other Financing Documents, Between the Bank and TRANSATLANTİC EXPLORATİON MEDİTERRANEAN INTERNATIONAL PTY LTD.MERKEZİ AVUSTRALYA TÜRKİYE ANKARA ŞUBESİ (“Borrower”) within the conditions below at ..../11/2017.

The parties agree that the following particulars are an integral part of the GCA of this Supplementary Contract, which shall apply exactly and in full with the particulars specified in the Financing Documents. The provisions of GCA shall apply in respect of particulars not included in the Supplementary Contract.

1.   PRINCIPLES RELATED TO THE LOAN

1.1  Loan Limit/Currency: USD 20,375,000.00 USD (Twenty Million Three Hundred Seventy Five Thousand US Dollars)

1.2  Maturity: The maturity of the loan is 25 (twenty five) months. The payment plan for the repayment of the loan is as shown in Supplementary Contract’s annex (“Payment Plan”).

1.3  Interest rate: The interest rate on the loan is 6% (six percent) per year as mentioned in GCA article 2.05.

1.4  Subject to the mutual agreement of Parties and subject to remain within the Credit Limit, Parties may agree that the Credit isutilised as a term loan by granting a credited current account or payment plan. The utilised Credit to be utilized in this scope should be granted in accordance with the payment plan procedure instead of current account procedure. Interest rate and commission rates (if any) determined in the payment plan shall include the interest rate and commission rates (if any). The repayment details and interest, commission rates shall be as stated in the ANNEX -Payment Plan which is an integral part of this Agreement.

1.5  Early Payment: In the event that all or a part of the Loan used within the scope of the Supplementary Contract is paid early within the context of the article 2.08 of the GCA,   with the Borrower’s own funds, the Borrower will pay 0,5% (point five percent) per year of the remaining Loan capital; in case the loan is paid early by other financial institutions, the Borrower will pay 2% (two percent) per year of the remaining Loan amount as an early payment penalty.

 

 

 

	
1.6  Kredi Kullanım Amacı: İşletme Sermayesi Finansmanı ve Yatırım Harcamaları.

2.   NAKİT AKIŞI VE ÖDEMELER

Grup (Transatlantic Exploration Mediterranean İnternational Pty Ltd. Merkezi Avustralya Türkiye Ankara Şubesi, Amity Oil İnternational Pty Limited Merkezi Avustralya Türkiye Ankara Şubesi, Talon Exploration Ltd.- (Merkezi Bahama Adalari) Türkiye Ankara Şubesi, DMLP Ltd Merkezi Bahama Adaları Türkiye Ankara Şubesi, Transatlantic Turkey Limited Şirketi-Türkiye Ankara Şubesi), kredi ilişkisinin devamı boyunca, tüm faaliyetlerinden kaynaklanan nakit akışlarının, işlem hacminin ve Kredi geri ödemelerinin aşağıda belirtilen şekilde Bankadaki hesaplari aracılığı ile gerçekleştirileceğini, bu hususun Banka tarafından Krediye ilişkin detayların belirlenmesinde ve Kredinin devamlılığının sağlanmasında esaslı bir unsur teşkil ettiğini bildiğini kabul ve taahhüt eder. Bu doğrultuda Kredi Alan,

i.    EFT, POS, havale, çek, doğrudan borçlandırma sistemi, nakit, fatura, ihracat, kredi kartı, SGK, vergi ve diğer yollar ile gerçekleştirdiği tüm Türk lirası ve döviz cinsi ile yapılacak tahsilatların ve/veya ödemelerin tamamının Bankadaki hesaplara yapılacağını ve tahsilatlarda ve/veya ödemelerde Bankanın nakit yönetimi tahsilat ve ödeme sistemlerinin kullanılacağını,

ii.   Herhangi bir ek talepte bulunmadan veya şart ileri sürmeden, istihdam ettiği/edeceği tüm personelin maaş ödemesi işlemlerini Banka aracılığıyla ve promosyonsuz gerçekleştirmek üzere en geç 15.03.2018 tarihi itibari ile sözleşme imzalayacağını,

iii.  Sigorta işlemlerinin (Hayat Dışı, Hayat ve Ferdi Kaza) ve Bireysel Emeklilik işlemlerinin tamamını, en iyi gayret bazında Bankanın acenteliğini yapmakta olduğu sigorta ve emeklilik şirket(ler)i aracılığı ile gerçekleştireceğini,

iv.  Türev ve hazine işlemlerini en iyi gayret bazında öncelikle Banka aracılığı ile gerçekleştireceğini,

v.   Leasing işlemlerini öncelikle ve en iyi gayret bazında Deniz Finansal Kiralama A.Ş. aracılığı ile gerçekleştireceğini,

 
	
 
	
1.6  Loan Usage Purpose: Operating Capital Financing and Investment Expenditures.

2   CASH FLOW AND PAYMENTS

THE GROUP, (TRANSATLANTIC EXPLORATION MEDITERRANEAN İNTERNATIONAL PTY LTD. INCORPORATED IN AUSTRALIA TURKEY ANKARA BRANCH, AMITY OIL İNTERNATIONAL PTY LIMITED INCORPORATED IN AUSTRALIA TURKEY ANKARA BRANCH, TALON EXPLORATION LTD.-(INCORPORATED IN BAHAMAS TURKEY ANKARA BRANCH, DMLP LTD INCORPORATED IN BAHAMAS TURKEY ANKARA BRANCH, TRANSATLANTIC TURKEY LTD. ŞTI. -TURKEY ANKARA BRANCH) DURING THE COURSE OF THE LOAN RELATIONSHIP, ACKNOWLEDGES AND UNDERTAKES THAT THE CASH FLOWS ARISING FROM ALL OF ITS ACTIVITIES, TRANSACTION VOLUME AND LOAN REPAYMENTS ARE REALIZED THROUGH THE ACCOUNTS OF THE BANK AS DESCRIBED BELOW AND THESE CONSTITUTE A SUBSTANTIAL ELEMENT IN DETERMINING THE DETAILS OF THE LOAN BY THE BANK AND IN ENSURING THE CONTINUITY OF THE LOAN. WITH THIS DIRECTION, THE BORROWER, ACKNOWLEDGES AND UNDERTAKES THAT,

i.    All collections and/or payments to be made in Turkish Liras and other currencies via EFT, POS, wire transfer, check, direct debiting system, cash, invoice, export, credit card, SGK, tax and other ways to be made via the accounts within the Bank and Bank’s cash management collection and payment systems will be used in collections and / or payments,

ii.   Without any additional requirement or without a condition, a contract will be signed according all the salary payments of the personnel employed/will be employed will be made by the Bank without promotion at 15.03.2018 the latest.

iii.  All insurance transactions (Non-Life, Life and Personal Accident) and Individual Pension transactions will be carried out through insurance and pension company/companies, which are the Bank’s agent on the best effort basis,

 

 

 

	
vi.  Faktoring işlemlerini öncelikle ve en iyi gayret bazında Deniz Faktoring A.Ş. aracılığı ile gerçekleştireceğini,

kabul, beyan ve taahhüt eder.

2.1  Yukarıda sayılan bankacılık hizmetleri kapsamında Banka tarafından gerçekleştirilecek olan havale, EFT, para transferi, repo, mevduat, döviz tevdiat, TL/YP teminat mektubu, akreditif, SWIFT mesajı, vesaik/mal mukabili ithalat, peşin ithalat, vesaik/mal mukabili ihracat, peşin ihracat, kabul kredisi, çek ve senet tahsili, döviz alım satım, çek/senet tahsil işlemleri ve bunlarla sınırlı olmaksızın ilgili her türlü işlem masraf, ücret ve komisyon tarifesi Banka tarafından Kredi Alana işbu Sözleşmenin imzasından itibaren 1 (ay) içinde ve her halükarda ilk işlem tarihine kadar bildirilecek olup, Banka tarafından herhangi bir bildirimde bulunulmaması durumunda Bankanın cari masraf, ücret ve komisyon tarifesi geçerli olacaktır.

2.2  Kredi Alan, mevcut limitleri kapsamında bulunan her türlü kredili bankacılık işlemi ile ilgili taleplerini öncelikli olarak Bankaya ileteceğini, Bankanın bu işlemi yapmayı kabul etmemesi halinde diğer kuruluşlara başvuracağını kabul, beyan ve taahhüt eder.

Banka, Kredi ilişkisinin devamı boyunca, her cari yılsonunda işbu 2. madde hükümlerinin yerine getirilip getirilmediğini kontrol edecektir.

Kredi Alan’ın, işbu madde hükümlerini ihlal etmesi halinde ve Banka tarafından yazılı bildirim yapılarak en iyi gayret çerçevesinde madde konusu hükümlerin yerine getirilmesi talep edilecektir. Kredi Alan da bu hususta en iyi gayret çerçevesinde madde hükümlerinin yerine getirilmesi hususunda azami gayret gösterecektir.

3.   TAAHHÜTLER

3.1  Kredi alan, Bankanın yazılı ön izni olmadan aktifleri, gelirleri ya da mal varlığının tamamı ya da herhangi bir bölümü ile ilgili veya bunlar üzerinde herhangi bir takyidat veya sınırlama yaratmayacağını taahhüt eder. Kredi alan, Bankanın yazılı ön izni olmadan hiç kimse lehine açık veya zımni kefil olamayacak ( işbu kredinin teminatı olarak verilen kefaletnameler hariç olmak üzere) veya garanti vermeyecektir.

 
	
 
	
iv.  Derivative and treasury transactions will be carried out primarily through the Bank on the best effort basis,

v.   Leasing transactions will be carried out by Deniz Finansal Kiralama A.Ş. primarily and on the best effort basis,

vi.  Factoring transactions will be carried out by Deniz Faktoring A.Ş. primarily and on the best effort basis,

2.1  All wire transfer, EFT, money transfer, repo, deposit, currency account, guarantee letters in TL/foreign currency, letter of credit, SWIFT message, imports CAG/CAD, cash import, acceptance credit, check and bill collections, currency buying/selling, check/bill collection transactions within the context of the aforementioned banking services that will be performed by the Bank and not limited with the above, a tariff for all kinds of transaction charges, fees and commission shall be notified by the Bank within 1 (month) from the date of signature of this Contract and by the first transaction date in any case and where there is no further notification by the Bank, the charges, fees and commission tariff will be applicable.

2.2  The Borrower accepts, declares and undertakes that it will forward the requests related to all kinds of loan related banking transactions within the current limits to the Bank, and where the Bank does not accept this transaction, it will apply to other institutions.

During the course of the Loan relationship, the Bank will check whether the provisions of Article 2 have been fulfilled at the end of each current year.

In the event of a violation of the provisions of this Article, the Bank will notified in writing and shall request compatibility with the provisions of the article on the best effort basis. The Borrower will also make the utmost effort to fulfil the provisions of the article on the best effort basis in this respect.

3.   COMMITMENTS

3.1  The borrower undertakes that the it will not create any restrictions or limitations on all or a part of its own assets, revenues or properties without the prior written consent of the Bank. The borrower shall not give guarantees or sureties (except for sureties issued as the collateral for this loan) without the prior written consent of the Bank.

 

 

	
3.2  Kredi alan, Bankanın yazılı ön izni olmadan, malvarlığında azalmaya yol açacak faaliyetlerini engelleyecek, imkansız kılacak veya Esaslı Olumsuz Etki yaratacak şekilde varlıklarının veya gelirlerinin herhangi bir bölümünü veya tamamını satmayacak ve satılmasına müsaade etmeyecek, devretmeyecek veya bunlar üzerinde başka şekilde tasarrufta bulunmayacaktır.

3.3  Kredi alan, Bankanın yazılı ön izni olmadan, gerek yurt içi gerekse de yurtdışındaki finansal kurum ve/veya kuruluşlara borçlanamayacağım veya lehlerine teminat vermeyeceğini ve Grup firmalarının da (Transatlantic Exploration Mediterranean İnternational Pty Ltd. Merkezi Avustralya Türkiye Ankara Şubesi, Amity Oil İnternational Pty Limited Merkezi Avustralya Türkiye Ankara Şubesi, Talon Exploration Ltd.-(Merkezi Bahama Adalari) Türkiye Ankara Şubesi, DMLP Ltd Merkezi Bahama Adalari Türkiye Ankara Şubesi, Transatlantic Turkey Limited Şirketi-Türkiye Ankara Şubesi) gerek yurtiçindeki gerekse de yurtdışındaki finansal kurum ve/veya kuruluşlara borçlanmayacağını kabul ve taahhüt eder.

3.4  Kredi alan, Bankanın yazılı ön izni olmadan, ortaklık yapısında doğrudan veya dolaylı herhangi bir kontrol değişiklik meydana gelmeyeceğini kabul ve taahhüt eder. İş bu madde kapsamında ‘‘Kontrol” herhangi bir Kişinin,

(i)   Sermayesinin %50 sinden (yüzdeelli) fazlasına doğrudan veya dolaylı olarak sahip olmasını; veya

(ii)  Yukarıda (i) bendinde sayılan koşul aranmaksızın imtiyazlı hisseler, oy anlaşmaları veya sair surette oy hakkının çoğunluğunu elinde bulundurmasını: veya

(iii) Yukarı (i) bendinde sayılan koşul aranmaksızın herhangi bir suretle yönetim kurulu üyelerinin karara esas çoğunluğunu atayabilme ya da görev alma gücünü elinde bulundurmasını ifade eder.

3.5  Kredi alan, bankamıza ipotekli olan ve gruba ait Türkiye Cumhuriyeti sınırları içindeki diğer gayrimenkullerini yangın, deprem gibi doğabilecek rizikolara ve işbu Ek Sözleşmenin imzası tarihinden
	
 
	
3.2  The borrower will not engage in activities or will not sell or will not permit the sale of any or all of its assets or revenues in such that would lead to a reduction, preclusion or in a way as to create an Essential Negative Impact and will not transfer or otherwise dispose on these without the Bank’s written prior consent.

3.3  The borrower acknowledges and undertakes that it shall not owe or warrant to the financial institutions and/or institutions within the country or abroad without the prior written consent of the Bank and that its Group firms (Transatlantic Exploration Mediterranean İnternational Pty Ltd. Incorporated in Australia Turkey Ankara Branch, Amity Oil İnternational Pty Limited Incorporated in Australia Turkey Ankara Branch, Talon Exploration Ltd.-(İncorporated in Bahamas) Turkey Ankara Branch, DMLP Ltd Incorporated in Bahamas Turkey Ankara Branch, Transatlantic Turkey Ltd. Şti. - Turkey Ankara Branch) shall not owe to the financial institutions and/or institutions within the country or abroad.

3.4  The borrower acknowledges and undertakes that no direct or indirect control change will occur within the partnership structure of the borrower without the prior written consent of the Bank. Within the context of this article, “Control” refers to any person,

(I)  Having direct or indirect ownership of more than 50% (fifty percent) of the capital; or

(II) (I) possessing the majority of privileged shares, voting rights, voting agreements or otherwise, irrespective of the circumstances set out the (i) item above; or

(III) Possessing the authority to appoint or dismiss the decisive majority of the board members in any way irrespective of the circumstances set out the (i) item above.

3.5  The Borrower will insure all other real estate within the boundaries of the Republic of Turkey that are under mortgage by our bank and are owned by the group and other real estates against risks that may arise such as fire and earthquake and against any and all risks which the Bank may deem necessary in connection with the assurance of new risks arising after the date of signature of this Supplementary

 

 

	
sonra ortaya çıkacak olan yeni risklerin teminat altına alınmasına ilişkin olarak Bankanın gerekli göreceği her türlü rizikolara karşı, Banka lehine sigortalayacak ve bu sigorta poliçelerine ve (varsa) daha önceden düzenlenen ve banka tarafindan uygun görülüp kabul edilen sigorta poliçeleri için düzenlenecek zeyilnamelere Bankayı dain-i mürtehin sıfatı olarak kaydettirecektir.

Kredi alan yeni sigorta poliçelerini Bankanın uygun gördüğü şekil ve içerikte yaptıracak olup , (varsa) mevcut sigorta poliçelerini, Bankanın ilk yazılı talebi üzerine, Bankanın talep edeceği şekil ve içeriğe uygun hale getirecektir. Kredi alan, daha önceden düzenlenen ve Banka tarafından uygun görülüp kabul edilen sigorta poliçelerinin vadesinin bitiminde, Bankanın acenteliğini yapmakta olduğu sigorta şirket(ler)i aracılığı ile gerçekleştirmeyi en iyi gayret bazında kabul ve taahhüt eder.

3.6  Transatlantic Exploration Mediterranean İnternational Pty Ltd. Merkezi Avustralya Türkiye Ankara Şubesi, Petrogas Petrol Gaz ve Petrokimya Ürünleri İnşaat Sanayi ve Ticaret Anonim Şirketi, Amity Oil İnternational Pty Limited Merkezi Avustralya Türkiye Ankara Şubesi, Talon Exploration Ltd.-(Merkezi Bahama Adalari) Türkiye Ankara Şubesi, DMLP Ltd Merkezi Bahama Adalari Türkiye Ankara Şubesi, Transatlantic Turkey Limited Şirketi- Türkiye Ankara Şubesi (‘‘Kredi Alan ile beraber müteselsil kefiller”) , Finansman Belgeleri ve işbu Ek Sözleşmeye konu kredinin Anapara, faiz ve tüm fer’ileri ile birlikte geri ödenmesini, Kredi Alan ile beraber müteselsil kefil olarak tekefful edecekler ve bu maksatla eksik kefaletnamenin en geç işbu Ek Sözleşmenin imza tarihi itibariyle Kredi Alan ile beraber müteselsil kefiller tarafından imzalanmasını sağlamayı kabul ve taahhüt eder.

3.7  Kredi Alan, kendisi ve Grubun işbu Ek Sözleşmenin imzalanmasını takip eden 12 (oniki) aylık dönemde yapacağı Yeni Kuyu Sondajı yatırımlarının sonuçları ile ilgili Bankaya bildirimde bulunacağını Kabul ve taahhüd eder. Bildirimler, kuyu özellikleri, gerçekleşen yatırım miktarı,sondaj sonucunda herhangi bir üretim elde edilip edilmediği, üretim olması durumunda üretim projeksiyonu ve rezervler üzerindeki etkisi gibi Bankanın talep edeceği bilgileri içerecektir. 3 (üç) maddeden oluşan işbu Sözleşme Taraflar arasında 2 (iki) nüsha olarak tanzim ve imza olunmuştur.
	
 
	
Contract in the favour of the bank and will add to these insurance policies and (if any) the pre-arranged insurance policies for the insurance policies deemed acceptable by the bank, the Bank shall be registered as the pledgee.

The borrower will receive the new insurance policies in the form and content appropriate to the Bank and will change the current insurance policies (if any) on the first written request of the Bank to the form and content requested by the Bank. Upon the expiry of the insurance policies which were deemed acceptable by the Bank, the Borrower accepts and undertakes to realize these transactions on the best effort basis through the insurance company/companies that the Bank is acting as agent.

3.6  Transatlantic Exploration Mediterranean İnternational Pty Ltd Incorporated in Australia Turkey Ankara Branch, Petrogas Petrol Gaz ve Petrokimya Ürünleri İnşaat Sanayi ve Ticaret Anonim Şirketi, Amity Oil İnternational Pty Limited incorporated in Australia Turkey Ankara Branch, Talon Exploration Ltd.-(Incorporated in Bahamas) Turkey Ankara Branch, DMLP Ltd Incorporated in Bahamas Turkey Ankara Branch, Transatlantic Turkey Ltd. Şti. - Turkey Ankara Branch, (“Joint sureties together with the Borrower”), shall guarantee the repayment of the capital, interest and all accessories of the loan subject to the Supplementary Contract together with the Borrower, as joint guarantor and acknowledge and undertake that the deficient surety bond will be signed by the joint sureties among with the Borrower at the date this Supplementary Contract’s signature at latest for this purpose.

3.7  The Borrower acknowledges and undertakes that itself and the Group will notify the Bank of the results of the New Well Bore investments to be made during the 12 (twelve) month period following the signing of this Supplementary Contract.  Notifications will include details of well properties, actual amount of investment, whether or not any production is obtained as a result of boring, production projections in case of production, and the effect on the reserves. This Contract, consisting of three (3) pieces, has been issued and signed between the Parties in two (2) copies.

 

 

 

 

	
EK: Ödeme Planı
	
 
	
ANNEX: Payment Plan

	
 
	
 
	
 
	
 
	
 

	
KREDİ ALAN
	
 
	
BORROWER

	
TRANSATLANTİC EXPLORATİON MEDİTERRANEAN INTERNATIONAL PTY LTD.MERKEZİ AVUSTRALYA TÜRKİYE ANKARA ŞUBESİ
	
 
	
TRANSATLANTİC EXPLORATİON MEDİTERRANEAN INTERNATIONAL PTY LTD. INCORPORATED IN AUSTRALIA, TURKEY ANKARA BRANCH

	
 
	
 
	
 
	
 
	
 

	
Sicil (veya Oda) Numarasi:
	
ANKARA – 383993
	
 
	
Register (or Chamber) Number:
	
 ANKARA - 383993

	
Internet Sitesi:
	
 
	
 
	
Website:
	
 

	
Telefon 
	
0312-9391950
	
 
	
Phone
	
0312-9391950

	
Numarasi:
	
 
	
 
	
number:
	
 

	
Adres:
	
İran Caddesi Karum İş
	
 
	
Address:
	
İran Caddesi Karum İş

	
 
	
Merkezi No:21 F Blok
	
 
	
 
	
Merkezi No:21 F Blok

	
 
	
Kat:5 No: 427 Kavaklıdere
	
 
	
 
	
Kat:5 No: 427 Kavaklıdere

	
 
	
Çankaya/Ankara Posta
	
 
	
 
	
Çankaya/Ankara

	
 
	
Kodu : 06680
	
 
	
 
	
Postcode : 06680

	
İmza:
	

	
 
	
Signature:
	

	
Ad:
	
 
	
Name:

	
Unvan:
	
 
	
 
	
Title:
	
 

	
 
	
 
	
 
	
 
	
 

	
BANKA
	
 
	
 
	
BANK
	
 

	
DENİZBANK A.Ş.
	
 
	
DENİZBANK A.Ş.

	
Sicil 
	
368587/316169
	
 
	
Registry
	
368587/316169

	
Numarası:
	
 
	
 
	
Number:
	
 

	
Internet

Sitesi:
	
www.denizbank.com
	
 
	
Website:
	
www.denizbank.com

	
 
	
 
	
 
	
 
	
 

	
Telefon Numarası:

 
	
444 0 800
	
 
	
Phone

Number:
	
444 0 800

	
Adres:
	
Büyükdere Cad. No:141

34394 Esentepe /İstanbul
	
 
	
Address:
	
Büyükdere Cad. No:141 34394 Esentepe/İstanbul

	
İmza huzurumda atıldı ve müşteri bilgileri teyit edildi.
	
 
	
The signatures were put within my presence and customer information has been verified.

	
Ad Soyad:
	
 
	
 
	
Name
	
 

	
 
	
 
	
 
	
Surname:
	
 

	
İmza:
	
 
	
 
	
Signature:
	
 

	
Unvan:
	
 
	
 
	
Title:
	
 

	
Şube Adı:
	
OSTİM TİCARİ MERKEZ

ŞUBE
	
 
	
Branch

Name:
	
OSTİM TİCARİ MERKEZ

BRANCH

	
İmza Yetkili Ad Soyad
	
 
	
 
	
Authorised

Signatory

Name

Surname
	
 

 

 

	
Yetkili İmzalar
	
 
	
 
	
Authorised

Signatures
	
 

 

 

	
İşbu Ek Sözleşmenin bir nüshası tarafıma teslim edilmiş olup, erken geri ödeme ve kredi kullandırım komisyonu dahil yukarıda belirtilen tüm hususlar talep ettiğim ve Banka ile mutabık kaldığım kredi esaslarına uygundur.

 

KREDİ ALAN

TRANSATLANTİC EXPLORATİON MEDİTERRANEAN INTERNATIONAL PTY LTD.MERKEZİ AVUSTRALYA TÜRKİYE ANKARA ŞUBESİ
	
 
	
I received a copy of this Additional Contract and all elements including the early payment and loan usage commission is consistent with the credit provisions I have requested and agreed with the Bank. 

BORROWER 

TRANSATLANTİC EXPLORATİON MEDİTERRANEAN INTERNATIONAL PTY LTD INCORPORATED IN AUSTRALIA, TURKEY ANKARA BRANCH

	
 
	
 
	
 
	
 
	
 

	
İmza:
	

	
 
	
Signature:Exhibit

DIRECTOR DEFERRED RESTRICTED STOCK UNIT AWARD AGREEMENT
VANGUARD NATURAL RESOURCES, INC. 
2017 Management Incentive Plan
This Director Deferred Restricted Stock Unit Award Agreement (this “Agreement”) is made as of the [●] day of [●], 20[●] (the “Grant Date”) between Vanguard Natural Resources, Inc. (the “Company”), and [●] (“Participant”), and is made pursuant to the terms of the Vanguard Natural Resources, Inc. 2017 Management Incentive Plan (the “Plan”).  Any capitalized term used herein but not defined shall have the meaning set forth in the Plan. 
Section 1.Grant of Restricted Stock Units.  The Company hereby grants to Participant, on the terms and conditions hereinafter set forth, a Restricted Stock Unit Award consisting of [●] restricted stock units (“Restricted Stock Units”), subject to the terms and conditions set forth in this Agreement and the Plan.  Subject to the terms and conditions set forth in this Agreement and the Plan, each Restricted Stock Unit represents the right to receive one share of Common Stock.  
Section 2.    Vesting of the Restricted Stock Units. 
(a) Generally.  Except as otherwise provided herein, [25% of the Restricted Stock Units shall be fully vested as of the Grant Date and the remaining Restricted Stock Units shall vest ratably on the first three anniversaries of [____], 2017]/[the Restricted Stock Units shall vest ratably on the first four anniversaries of the Grant Date]], in each case subject to Participant’s continuous Service on each applicable vesting date.
(b) Death or Disability.  Upon Participant’s termination by reason of Participant’s death or Disability all Restricted Stock Units that remain unvested as of such date will immediately vest.
(c) Qualified Liquidity Event.  Upon the occurrence of a Qualified Liquidity Event, all Restricted Stock Units that remain unvested as of such date will immediately vest, subject to Participant’s continuous Service through the date of such Qualified Liquidity Event.
(d) Certain Failures to Nominate.  In the event that the Nominating Committee of the Board fails to nominate Participant, other than as result of an action or omission by Participant that would otherwise constitute “cause” (as that term is used in Section 141(k) of the Delaware General Corporation Law), all Restricted Stock Units that remain unvested as of such date will immediately vest.
Section 3.    Settlement.  As soon as reasonably practicable following the earliest to occur of: (i) the date of Participant’s termination of Service that also constitutes a “separation from service” (within the meaning of Section 409A of the Code (“Section 409A”)); or (ii) the occurrence of a Qualified Liquidity Event that also constitutes a “change in control event” for the purposes of Section 409A, as applicable (and in any event within 30 days following the earliest such applicable date), all vested Restricted Stock Units shall be settled by the Company delivering 

    

to Participant a number of shares of Common Stock equal to the number of vested Restricted Stock Units or a cash amount equal to the Fair Market Value thereof, measured as of the date of settlement.  
No fractional shares of Common Stock shall be issued, and the value of any such fractional share shall be paid to Participant in cash at Fair Market Value, measured as of the date of settlement.
Section 4.    Repurchase.  The Company shall have the right, within six months following the termination of Participant’s Service, to purchase from Participant, and Participant shall sell to the Company, all or any portion of the shares of Common Stock delivered in settlement of the Restricted Stock Units, if any (and any Common Stock or other securities issued in respect, or pursuant to the terms, thereof), at a price equal to the Fair Market Value thereof, measured as of the date of Participant’s termination of Service, (the “Repurchase Price”).  The Repurchase Price shall be paid to Participant at the closing of the repurchase in a lump sum.  The Company shall pay the Repurchase Price by the Company’s delivery of a check or wire transfer of immediately available funds against delivery of the certificates or other instruments, if any, representing the shares of Common Stock or other securities so purchased, duly endorsed.  Notwithstanding the foregoing, in the event that the Board determines in good faith that the Company’s payment of all or any portion of the Repurchase Price would violate applicable law or any instrument relating to the Company’s indebtedness, then (i) the closing of the repurchase shall be delayed until the date that no such prohibitions or restrictions apply or (ii) the Company may pay all or any portion of the Repurchase Price by delivery to the Participant of a promissory note, bearing interest at (a) a rate equal to the average annual rate payable by the Company or its subsidiaries on indebtedness obligations outstanding at the time such amount would otherwise have been paid in immediately available funds or (b) if there are no such obligations outstanding, the average prime rate charged during such period by any nationally recognized bank designated by the Company.  
Upon and following the occurrence of an IPO, the Company’s right of repurchase pursuant to this Section 4 shall be of no force or effect.
Section 5.    Restrictions on Transfer.  No Restricted Stock Units (nor any interest therein) may be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by Participant, except by will or by the laws of descent and distribution. In the event that Participant becomes legally incapacitated, Participant’s rights with respect to the Restricted Stock Units shall be exercisable by Participant’s legal guardian or legal representative.  The Restricted Stock Units shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon any Restricted Stock Units, shall be null and void and without effect. Notwithstanding the foregoing, Participant may, with the prior written consent of the Committee, make transfers of Restricted Stock Units to immediate family members or to a trust, the sole beneficiaries of which are Participant or immediate family members, in each case solely for estate planning purposes, in all instances subject to compliance with any applicable spousal consent requirements and all other applicable laws.  
Section 6.     Investment Representation.  Upon any acquisition of the shares of Common Stock underlying the Restricted Stock Units at a time when there is not in effect a 

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registration statement under the Securities Act relating to the shares of Common Stock, Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that such shares of Common Stock shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same, and Participant shall provide the Company with such further representations and warranties as the Company may reasonably require in order to ensure compliance with applicable federal and state securities, blue sky and other laws.
Section 7.    Adjustments.  The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 4.2 of the Plan.
Section 8.    No Right of Continued Service.  Nothing in the Plan or this Agreement shall confer upon Participant any right to continued Service with the Company or any Affiliate.
Section 9.    Limitation of Rights; Dividend Equivalents.  Participant shall not have any privileges of a stockholder of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in respect thereof or exercise any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the underlying shares of Common Stock.  Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award granted hereunder (each, a “Dividend Equivalent”), which Dividend Equivalent shall remain outstanding from the Grant Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds.  Participant shall be entitled to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the Common Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant to Section 3; provided, however, if any dividends or distributions are paid in shares of Common Stock, the shares of Common Stock shall be deposited with the Company, shall be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability and forfeitability as the Restricted Stock Units to which they correspond.  Dividend Equivalents shall not entitle Participant to any payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying such Dividend Equivalents.
Section 10.    Construction.  The Restricted Stock Unit Award granted hereunder is granted pursuant to the Plan and is in all respects subject to the terms and conditions of the Plan.  Participant hereby acknowledges that a copy of the Plan has been delivered to Participant and accepts the Restricted Stock Unit Award hereunder subject to all terms and provisions of the Plan, which are incorporated herein by reference.  In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail.  The construction of and decisions under the Plan and this Agreement are vested in the Board, whose determinations shall be final, conclusive and binding upon Participant.

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Section 11.    Notices.  Any notice hereunder by Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Secretary of the Company at the Company’s principal executive offices.  Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have on file with the Company.
Section 12.    Governing Law.  This Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to the choice of law principles thereof.
Section 13.    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
Section 14.    Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.
Section 15.    Section 409A.  This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A.  Notwithstanding any other provision of the Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.  Any payments under this Agreement that may be excluded from Section 409A shall be excluded from Section 409A to the maximum extent possible.  The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 13.3 of the Plan.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company or any of its Subsidiaries or Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account of non-compliance with Section 409A or otherwise. 
Section 16.    Entire Agreement.  Participant acknowledges and agrees that this Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements whether verbal or otherwise, between the parties with respect to such subject matter.  
Section 17.    Clawback.  The Restricted Stock Unit Award will be subject to recoupment in accordance with any clawback or recoupment policy of the Company, including without limitation, any clawback or recoupment policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.  
Section 18.     Taxes.  Participant acknowledges and agrees that Participant is not an employee of the Company and that, as an independent contractor, Participant will be required to pay (and the Company will not withhold or remit) any applicable taxes in connection with this 

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Restricted Stock Unit Award.  However, Participant may satisfy certain tax-related obligations relating to this Restricted Stock Unit Award by directing the Company to withhold from the Common Stock otherwise issuable pursuant to the settlement of the Restricted Stock Units a number of shares of Common Stock with a Fair Market Value equal to the estimated amount of taxes payable by Participant as of Participant’s next estimated tax payment due date in connection with the settlement of this Restricted Stock Unit Award.
Section 19.    Lock-Up Period.  If so requested by the Company or the underwriters in connection with an IPO, Participant shall not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired without the prior written consent of the Company or such underwriters, as the case may be, for up to 180 days from the effective date of the registration statement, plus such additional period as may be required by applicable law, exchange rules or regulations, and Participant shall execute an agreement reflecting the foregoing as may be requested by the underwriters or the Company at the time of such offering.
 (SIGNATURES ON FOLLOWING PAGE)

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date first above written.
VANGUARD NATURAL RESOURCES, INC.
                    

By:     ______________________________
Name:______________________________
Title:_______________________________
          

PARTICIPANT

                                               ___________________________________
 Name: 
 Date:

 

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