Document:

Ex4-8

		
			Exhibit 4.8
		

		
			 
		

		
			SECOND SUPPLEMENTAL INDENTURE
		

		
			 
		

		
			SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of January 27, 2015, among Rocky Mountain Infrastructure, LLC, a Delaware limited liability company (the “Guaranteeing Subsidiary”), a subsidiary of Bonanza Creek Energy, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).
		

		
			 
		

		
			W I T N E S S E T H
		

		
			 
		

		
			WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of July 18, 2014 between the Company and the Trustee (the “Base Indenture”), as amended and supplemented by the First Supplemental Indenture of even date therewith among the Company, the Guarantors party thereto and the Trustee (the Base Indenture, as so amended and supplemented, being called the “Indenture”) providing for the issuance of  53⁄4% Senior Notes due 2023 (the “Notes”);
		

		
			 
		

		
			WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
		

		
			 
		

		
			WHEREAS, pursuant to Section 10.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Trustee and the other parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
		

		
			 
		

			
	
			
				 1.
			CAPITALIZED TERMS.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

		
			 
		

			
	
			
				 2.
			AGREEMENT TO GUARANTEE.  Subject to Article 11 of the Indenture, the Guaranteeing Subsidiary, jointly and severally with the other Guarantors, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: (a) the principal of, premium on, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes will be promptly paid in full or performed, all in accordance with the terms of the Indenture and the Notes; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

		
			 
		

		

		

		 

 

		 
		

			
	
			
				 3.
			NO RECOURSE AGAINST OTHERS.  No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.

		
			 
		

			
	
			
				 4.
			NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

		
			 
		

			
	
			
				 5.
			COUNTERPARTS.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

		
			 
		

			
	
			
				 6.
			EFFECT OF HEADINGS.  The Section headings herein are for convenience only and shall not affect the construction hereof.

		
			 
		

			
	
			
				 7.
			THE TRUSTEE.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

		
			 
		

		
			 
		

		
			[Signatures on following pages]
		

		
			 
		

		

		

		 

		

			2

		

 

		IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						GUARANTEEING SUBSIDIARY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Rocky Mountain Infrastructure, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Christopher I. Humber

				
	
					
						 

					
					
						Name:

					
					
						Christopher I. Humber

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President, General Counsel and Secretary

				

		
			 
		

		
			 
		

			
					
						 

					
					
						COMPANY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Bonanza Creek Energy, Inc.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Christopher I. Humber

				
	
					
						 

					
					
						Name:

					
					
						Christopher I. Humber

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President, General Counsel and Secretary

				

		
			 
		

		
			 
		

			
					
						 

					
					
						EXISTING GUARANTORS

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Bonanza Creek Energy Operating Company, LLC

				
	
					
						 

					
					
						Bonanza Creek Energy Resources, LLC

				
	
					
						 

					
					
						Bonanza Creek Energy Midstream, LLC

				
	
					
						 

					
					
						Bonanza Creek Energy Upstream LLC

				
	
					
						 

					
					
						Holmes Eastern Company, LLC

				

		
			 
		

		
			 
		

			
					
						 

					
					
						By:

					
					
						/s/ Christopher I. Humber

				
	
					
						 

					
					
						Name:

					
					
						Christopher I. Humber

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President, General Counsel and Secretary

				

		
			 
		

		

		

		 

		

			[Signature page to Second Supplemental Indenture]

		

 

		
		

		
			 
		

			
					
						 

					
					
						TRUSTEE

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Wells Fargo Bank, National Association

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ John C. Stohlmann

				
	
					
						 

					
					
						 

					
					
						John C. Stohlmann, Vice President

				

		
			 
		

		 

		

			[Signature page to Second Supplemental Indenture]RYAM EX10.11 FY 2014

EXHIBIT 10.11

Rayonier Advanced Materials Inc. Incentive Stock Plan 
Restricted Stock Award Agreement

This Award Agreement is entered into by and between Rayonier Advanced Materials Inc., a corporation organized under the laws of the State of Delaware, with its principal office at 1301 Riverplace Boulevard, Suite 2300, Jacksonville, FL  32207 (the "Company"), and the undersigned qualified individual ("Key Employee"), pursuant to the Rayonier Advanced Materials Inc. Incentive Stock Plan (the "Plan") as of this «Day» day of «Month», «Year» (the “Effective Date”).
W I T N E S S E T H :

WHEREAS, the Compensation and Management Development Committee of the Company's Board of Directors, in its capacity as the Committee under the Plan (the "Committee"), desires to advance the best interests of the Company by recognizing the achievements of Key Employee and Key Employee’s continued responsibilities and providing Key Employee with an additional incentive to remain in the employ of the Company;
WHEREAS, the Committee has expressed an intention to grant to Key Employee Common Stock of the Company ("Stock"), with such Stock to vest on as provided in this Award Agreement, provided Key Employee remains continuously employed by the Company from the date hereof through the Vesting Date, subject to the provisions of this Award Agreement and of the Plan; and 
WHEREAS, this Award Agreement is being entered into to convey the Award of Stock to Key Employee. 
NOW THEREFORE, in consideration of the mutual promises made herein, the parties agree as follows:
1.  Definitions
All capitalized terms not expressly defined in this Award Agreement and used herein shall have the same meaning set forth in the Plan, a copy of which has been provided to Key Employee.
2.  Award of Stock; Vesting
(a)   Stock Awarded.   Key Employee is hereby awarded «Restricted» shares of Stock, subject to the terms of this Award Agreement and of the Plan, as of the Effective Date.
(b)  Vesting.  Key Employee shall become vested with respect to, and thereupon have a non-forfeitable right to, the Stock granted pursuant to Section 2(a) «Vesting_Date» (as such vesting date may be changed by Accelerated Vesting under Section 2(d), provided that, Key Employee shall have remained continuously in the employ of the Company (or any Participating Company) from the Effective Date through such vesting date (herein referred to as the "Vesting Date").
(c)  Termination of Employment.  Except as provided in Section 2(d), if Key Employee's employment is terminated for any reason before the Vesting Date, then all of the Stock subject to this Award Agreement, and all dividends and accrued earnings thereon, shall immediately be forfeited to the Company, and Key Employee shall have no further rights to such Stock from and after the date of such termination.

	
			
	 
	 
	 

(d)  Accelerated Vesting.  Vesting shall be accelerated and the new Vesting Date shall be (a) determined by the Committee where the Committee deems such action appropriate, in its sole discretion, to the extent permitted by the Plan and consistent with the Deferred Compensation Rules (defined below) as they may be applicable, or (b) the date of death of Key Employee if Key Employee shall die on or before the original Vesting Date while Key Employee is employed by the Company (or any Participating Company).  Any event described in this Section 2(d) is referred to herein as “Accelerated Vesting.”
(e)  Tax Matters.  
(i)  Section 83(b) Election.  The Key Employee may make an election to be taxed currently on the value of the Stock as of the Effective Date by timely filing an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) and providing the Company with a copy thereof (the “Section 83(b) Election”).  If Key Employee makes the Section 83(b) Election, Key Employee will be taxed currently on all dividends paid in respect of the Stock, without regard to the dividends being held in escrow as provided in Section 3(c) below.  
(ii)  Withholding Taxes.  At the time of a Section 83(b) Election, or if no Section 83(b) Election has been made and the Stock have not been forfeited, on the Vesting Date, or at any other time when withholding is required under the Code, the Company shall have the right to require Key Employee to pay to the Company the amount of taxes that the Company is required to withhold or, in the Company’s discretion in lieu thereof, to retain, or sell without notice, a sufficient number of shares of Stock held by it for Key Employee to cover the amount required to be withheld or to withhold from any other amounts due to Key Employee by the Company.  The Company may deduct from all dividends paid with respect to Stock granted hereunder, and from any earnings deemed accrued thereon as hereinafter provided, the amount of taxes, if any, that the Company is required to withhold with respect to such amounts. 
3.  Restricted Stock
(a)  Sale; Exchange, etc.  Key Employee acknowledges and agrees that prior to the Vesting Date the Stock is subject to a restriction against sale, exchange, hypothecation, assignment, transfer (including by gift), pledge or other encumbrance (each, a “Transfer”), without the prior written consent of the Committee, which consent shall require of the proposed transferee an undertaking to be bound by the terms of this Award Agreement, including forfeiture upon the termination of the employment of Key Employee before the Vesting Date.  Any Transfer of vested Stock shall only be undertaken in compliance with applicable securities laws and Company policies.  Key Employee acknowledges that Key Employee will continue to be subject to any applicable provisions of the Plan, including Section 14 in respect of certain terminations of employment, notwithstanding the vesting or Transfer of any such Stock. 
(b)  Stockholder Rights.  Subject to the vesting requirements provided for herein, Key Employee, as the owner of Stock granted hereunder, shall have all the rights of a stockholder, including but not limited to, the right to vote such Stock and, subject to Section 3(c) below, the right to receive all dividends declared or paid on such Stock.
(c)  Dividends.  
(i)  Dividends Accumulated.  All dividends paid on the Stock granted to Key Employee under this Award Agreement, or on Stock issued as a dividend with respect to the Stock so granted, shall be withheld and accumulated by the Company until the Payout Date (as provided in Section 3(c)(iii) below) or forfeited.  (Any dividends paid in shares of Common Stock shall be deemed to be additional Stock and held pursuant to Section 3(d) below.)

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(ii)  Interest on Withheld Cash Dividends.  The Key Employee shall be credited and paid an amount equal to the amount that would have accrued on all dividends paid solely or partly in cash and accumulated under Section 3(c)(i) in respect of Stock vested on the Vesting Date, had such amounts earned interest at a rate equal to prime rate as reported in the Wall Street Journal, adjusted and compounded annually, from the date such cash dividends were paid by the Company on such Stock.  
(iii)  Payout Date.  The Payout Date shall be not later than fifteen (15) days following the Vesting Date. 
(iv) Unfunded Obligation. Insofar as this Section 3(c) provides for payments to Key Employee in cash, this obligation shall be unfunded and, in particular, the Company shall not be obligated to segregate amounts in respect of the dividends earned on the Stock or any amount in respect of interest deemed to accrue hereunder.  Although bookkeeping accounts may be established with respect to Key Employee by virtue of the operations of this Section 3(c), any such accounts are merely a bookkeeping convenience.  Any liability of the Company to Key Employee shall be based solely upon the contractual obligation arising under this Award Agreement.
(d)  Escrowed Stock Certificates; Legend; Delivery.  Each certificate in respect of Stock granted pursuant to this Award Agreement or paid as dividends on Stock so granted shall be registered in the name of Key Employee, but shall be retained by the Company on behalf of Key Employee, together with a stock power endorsed in blank, until the Stock represented thereby have vested or been forfeited as provided herein.  Key Employee (and any consented-to transferee) shall execute such additional stock powers as may be required from time to time hereunder.  All certificates representing the Stock shall bear the following legend:
"The transferability of this certificate and the Stock represented hereby are subject to terms and conditions, including forfeiture, contained in a Rayonier Advanced Materials Inc. Incentive Stock Plan Restricted Stock Award Agreement between the owner hereof and Rayonier Advanced Materials Inc.  Copies of such Award Agreement are on file in the office of the Secretary of Rayonier Advanced Materials Inc."
The certificates shall be maintained in the United States by the Secretary of the Company for safekeeping prior to the Vesting Date.  Certificates for Stock shall be delivered to Key Employee, free of the legend described above, not later than the Payout Date.  
4.  Conformity with Securities Laws
The grant of Stock hereunder (and any transfers thereof) are subject to compliance with all applicable securities laws.  Key Employee hereby represents to the Company that Key Employee is acquiring the Stock for investment and not with a view to the distribution thereof and that Key Employee has had full and complete access to the financial statements of the Company and to the Company's senior management.  The certificates representing Stock issued by the Company pursuant to this Award Agreement may bear a legend describing the restrictions on resale thereof under applicable securities laws, and stop transfer orders with respect to such certificates may be entered in the stock transfer records of the Company.

5.  Miscellaneous
(a) Assignments and Transfers.  The rights and interests of Key Employee under this Award Agreement may not be assigned, encumbered or transferred.
(b)  No Right to Employment.  Neither this Award Agreement nor any action taken hereunder shall be construed as giving Key Employee any right to be retained in the employ of any Participating Company.

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(c)  Headings.  The headings contained in this Award Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.
(d)  Consistency with the Plan.  This Award Agreement is subject to all the provisions of the Plan.  It is expressly agreed and understood that in the case of any inconsistency between the provisions of this Award Agreement and the Plan, the provisions of the Plan shall control, as determined in the sole judgment of the Committee.
(e)  No Deferred Compensation.  This Plan is not intended to provide for a deferral of compensation under Code §409A and the regulations issued thereunder (collectively, the “Deferred Compensation Rules”) by meeting the exception for short-term deferrals as described in income tax regulation §1.409A-1(b)(4), and any ambiguities hereunder shall be resolved consistent with this intent.        

(f)  Applicable Law.  The interpretation of the provisions hereof shall be governed by the laws of the State of Florida.
IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed and delivered on the Effective Date first above written.
	
		
	KEY EMPLOYEE

___________________________________
Name:     «Name»
Address:  «Address»
               «City», «State»  «Zip»
                
	RAYONIER ADVANCED MATERIALS INC.   

By
     Jay Posze
     SVP, Human Resources 
       

 

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