Document:

mcf_Exhibit_105

		

			Execution Version

		

		
			Exhibit 10.5
		

		
			SIXTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT
		

		
			This SIXTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “Amendment”), dated as of November 2, 2018, is by and among Contango Oil & Gas Company, a Delaware corporation (the “Borrower”), the lenders party to the Credit Agreement described below (the “Lenders”), Royal Bank of Canada, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other parties in the capacities therein identified.
		

		
			RECITALS
		

		
			WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other Persons are parties to the Credit Agreement, dated as of October 1, 2013, as amended by the First Amendment to Credit Agreement dated as of April 11, 2014, the Second Amendment to Credit Agreement dated as of October 28, 2014, the Third Amendment to Credit Agreement dated as of May 6, 2016, the Fourth Amendment and waiver to Credit Agreement dated as of March 7, 2018 and the Fifth Amendment to Credit Agreement dated as of May 18, 2018 (as amended, supplemented, amended and restated, waived or otherwise modified from time to time, the “Credit Agreement”); and
		

		
			WHEREAS, the Borrower, the Administrative Agent and the Lenders intend to waive certain provisions of the Credit Agreement in certain respects as set forth herein.
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

		
			AGREEMENT
		

		
			Section 1.Definitions.  Capitalized terms used herein but not defined herein shall have the meanings as given them in the Credit Agreement, unless the context otherwise requires.
		

		
			Section 2.Amendments to Credit Agreement.
		

		
			(a)The definition of “LC Commitment” contained in Section 1.02 of the Credit Agreement is hereby amended by replacing the reference to “$20,000,000.00” contained therein with a reference to “$5,000,000.00”.
		

		
			(b)Section 8.01 of the Credit Agreement is hereby amended by adding the new following clause (m) thereto:
		

		
			“(m) The Borrower shall deliver, or shall cause to be delivered, to the Administrative Agent with sufficient copies of each of the Lenders, as soon as available and in any event within 25 days after the end of each month, commencing October 31, 2018, internally-prepared consolidated statements of income, stockholders’ equity, changes in financial position and cash flows and statements regarding aged accounts payable and aged accounts receivables, in each case, of the Borrower and its Consolidated Subsidiaries for such period.”
		

		
			 
		

		
			

		 

 

		

			

		

		

		
			(c)Section 8.07(a) and 8.07(c) of the Credit Agreement are hereby amended by replacing the reference to “eighty percent (80%)” contained therein with, in each case, a reference to “ninety percent (90%)”.
		

		
			(d)Section 9.04 of the Credit Agreement is hereby amended by replacing clause (iv) thereof with “[reserved]”.
		

		
			(e)Section 10.01(d) of the Credit Agreement is hereby amended by adding the following new clause (iii) thereto:
		

		
			“(iii) the Borrower shall default in the performance of any of its obligations under Section 8.01(m) of this Agreement and any such default shall continue unremedied for a period of five (5) days after the earlier to occur of (A) notice thereof to the Borrower by the Administrative Agent or any Lender (through the Administrative Agent), or (B) the Borrower otherwise becoming aware of such default;”.
		

		
			Section 3.Waiver.  
		

		
			(a)The Required Lenders hereby waive the requirement in Section 9.12 of the Credit Agreement that the Borrower not permit its ratio of Current Assets to Current Liabilities to be less than 1.00 to 1.00 for the fiscal quarters ended September 30, 2018 and December 31, 2018.  The foregoing waiver is not a waiver of any other provision of the Credit Agreement and is not a waiver of Section 9.12 of the Credit Agreement in respect of any fiscal quarter other than for the fiscal quarters ended September 30, 2018 and December 31, 2018.
		

		
			(b)The Required Lenders hereby waive any Default or Event of Default resulting from the failure of the Borrower to deliver a timely Notice of Transfer and updated Reserve Report, in each case, pursuant to Section 9.14 of the Credit Agreement in connection with the transfer of certain interests held by the Borrower and its Consolidated Subsidiaries to Western Titus Liberty Partners Limited Company and Token Oil Corporation pursuant to the terms of that certain Purchase and Sale Agreement dated as of September 11, 2018 between Crimson Exploration Operating, Inc. and the Transferees, as amended from time to time prior to the date hereof (the “Liberty Transfer”).
		

		
			Section 4.Borrowing Base Redetermination; Repayment of Deficiency.  
		

		
			(a)The Required Lenders and the Borrower agree that (i) on and after the Effective Date, the amount of the Borrowing Base shall be immediately and automatically reduced to $105,000,000 and (ii) on and after January 31, 2019, the Borrowing Base shall be further reduced to $90,000,000 unless such reduction is waived by all Lenders. On the Effective Date, this Section 4 shall constitute the scheduled redetermination of the Borrowing Base for the November 1, 2018 period as set forth in Section 2.08(c) of the Credit Agreement and shall not, for the avoidance of doubt, constitute an unscheduled redetermination.
		

		
			(b)The Borrower hereby agrees that, notwithstanding anything to the contrary in the Credit Agreement or the other Loan Documents (including, without limitation, Section 2.07(b)(ii) of the Credit Agreement), in the event a Deficiency occurs after giving effect to the reduction in the Borrowing Base referred to in the foregoing clause (a)(ii), the Borrower shall, on or prior to March 1, 2019, be required to prepay the Loans in an aggregate principal amount equal to the amount of such Deficiency, together with interest on the principal amount paid accrued to the date of such prepayment.  It is understood and agreed that the failure of the Borrower to make any 

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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						-Contango Sixth Amendment-

				

		

			 

		

 

		

			

		

payment required pursuant to this Section 4(b) shall constitute an Event of Default pursuant to Section 10.01(a)(i) of the Credit Agreement.
		

		
			Section 5.Conditions to Effectiveness.  The Effective Date of this Amendment shall be deemed to occur on the date (the “Effective Date”) when the Administrative Agent has received counterparts of this Amendment duly executed by the Borrower and the Required Lenders and upon the prior or concurrent satisfaction of each of the following conditions:
		

		
			(a)the Administrative Agent shall have received, to the extent invoiced at least two Business Days prior to the Effective Date, reimbursement or payment of all out‐of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement in connection with this Amendment; and
		

		
			(b)the representations and warranties set forth in Section 6 hereof shall be true and correct and the Administrative Agent shall have received a certificate dated as of the date hereof, duly executed by an officer of the Borrower, certifying with respect thereto;
		

		
			(c)the Borrower shall have paid (or caused to have been paid) to Administrative Agent (or one or more of its designated affiliates), for the account of each Lender that provides a signature page consenting to this Amendment on or prior to 2:00 p.m. (central time) on November 2, 2018 (each such Lender, a “Consenting Lender”), a non-refundable fee in an amount equal to 0.25% of each such Consenting Lender’s Commitment on the Effective Date (determined immediately after giving effect to this Amendment);  and
		

		
			(d)the Borrower shall, substantially concurrently with the receipt thereof, apply 100% of the net cash proceeds received by or on behalf of the Borrower and its Subsidiaries from the Liberty Transfer to the repayment of Revolving Credit Loans.
		

		
			Section 6.Representations and Warranties.  The Borrower hereby represents and warrants that after giving effect hereto:
		

		
			(a)the representations and warranties of the Borrower and its Subsidiaries contained in the Loan Documents are true and correct in all material respects (except to the extent such representations and warranties are qualified by a materiality qualifier, which shall be true and correct in all respects), other than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain correct in all material respects (except to the extent such representations and warranties are qualified by a materiality qualifier, which shall be true and correct in all respects) as of such earlier date; and
		

		
			(b)after giving effect to the waiver contained in this Amendment no Default, Event of Default or Deficiency has occurred and is continuing.
		

		
			Section 7.Loan Document; Ratification.  
		

		
			(a)This Amendment is a Loan Document.  Each reference to the Credit Agreement in any Loan Document will deemed to be a reference to the Credit Agreement as amended by this Amendment.    
		

		
			(b)Except as waived hereby, the Credit Agreement remains in full force and effect and the Borrower hereby ratifies, approves and confirms in every respect all the terms, provisions, conditions and obligations of the Credit Agreement.
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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						-Contango Sixth Amendment-

				

		

			 

		

 

		

			

		

		

		
			Section 8.Release.  The Borrower, on behalf of itself and each of its Subsidiaries (collectively, the “Loan Parties”), hereby waives, releases, remises and forever discharges the Administrative Agent, the Lenders party hereto and each of their respective Affiliates, and each of their officers, directors, employees, agents, and professionals (collectively, the “Releasees”), from any and all claims, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind or character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party ever had from the beginning of the world, now has or might hereafter have against any such Releasee which concerns, directly or indirectly, the Credit Agreement or any other Loan Document, or any acts or omissions of any such Releasee relating to the Credit Agreement or any other Loan Document, in each case, to the extent pertaining to facts, events or circumstances existing on or prior to the Effective Date.  As to each and every claim released hereunder, each Loan Party hereby represents that it has received the advice of legal counsel with regard to the releases contained herein.
		

		
			Section 9.Release of Liens in Connection with Liberty Transfer.  The Lenders hereby authorize the Administrative Agent to enter into any mortgage release or other similar collateral release necessary to release the liens granted to the Beneficiaries on the interests and assets disposed of pursuant to the Liberty Transfer.
		

		
			Section 10.No Reliance, Etc.  For the avoidance of doubt, and without limitation of any other provisions of the Credit Agreement or the other Loan Documents, Royal Bank of Canada, in its capacity as Administrative Agent, shall be entitled to the benefits of Section 11.06 of the Credit Agreement as if such provision were set forth in full herein mutatis mutandis. 
		

		
			Section 11.GOVERNING LAW.  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
		

		
			Section 12.Severability.  In the event that any one or more of the provisions contained in this Amendment shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Amendment.  
		

		
			Section 13.Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any party hereto may execute this Amendment by signing one or more counterparts.  Any signature hereto delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.
		

		
			Section 14.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
		

		
			Section 15.Entire Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
		

		
			Section 16.Fees.  All fees payable hereunder shall be paid in immediately available funds, in U.S. dollars, and shall be in addition to reimbursement of any reasonable and documented out-of-pocket expenses of the Administrative Agent as (and to the extent) provided for in the Credit 

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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Agreement.  The Borrower agrees that the Lenders may, in their sole discretion, share all or a portion of any of the fees payable pursuant to this Amendment with any of their respective affiliates.
		

		
			THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
		

		
			(Signature Pages Follow)
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

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						-Contango Sixth Amendment-

				

		

			 

		

 

		

			

		

		

		
			In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the date first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CONTANGO OIL & GAS COMPANY

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ E. JOSEPH GRADY

				
	
					
						 

					
					
						Name:

					
					
						 E. Joseph Grady

				
	
					
						 

					
					
						Title:

					
					
						 Senior Vice President & CFO

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ADMINISTRATIVE AGENT:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ROYAL BANK OF CANADA

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ RODICA DUTKA

				
	
					
						 

					
					
						Name:

					
					
						 Rodica Dutka

				
	
					
						 

					
					
						Title:

					
					
						 Manager, Agency

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ROYAL BANK OF CANADA

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ SEAN YOUNG

				
	
					
						 

					
					
						Name:

					
					
						 Sean Young

				
	
					
						 

					
					
						Title:

					
					
						 Authorized Signatory

				

		
			 
		

		
			 
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ZIONS BANCORPORATION, N.A. DBA

				
	
					
						 

					
					
						AMEGY BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ A. STEPHEN KENNEDY

				
	
					
						 

					
					
						Name: 

					
					
						 A. Stephen Kennedy

				
	
					
						 

					
					
						Title:

					
					
						 Executive Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						REGIONS BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ DANIEL G. STEELE

				
	
					
						 

					
					
						Name:

					
					
						 Daniel G. Steele

				
	
					
						 

					
					
						Title:

					
					
						 Managing Director

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						COMPASS BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ RACHEL FESTERVAND

				
	
					
						 

					
					
						Name:

					
					
						 Rachel Festervand

				
	
					
						 

					
					
						Title:

					
					
						 Sr. Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BARCLAYS BANK PLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ SYDNEY G. DENNIS

				
	
					
						 

					
					
						Name:

					
					
						 Sydney G. Dennis

				
	
					
						 

					
					
						Title:

					
					
						 Director

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BOKF, NA DBA BANK OF TEXAS

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ MARI SALAZAR

				
	
					
						 

					
					
						Name:

					
					
						 Mari Salazar

				
	
					
						 

					
					
						Title:

					
					
						 Senior VP

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CADENCE BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ ERIC BROUSSARD

				
	
					
						 

					
					
						Name:

					
					
						 Eric Broussard

				
	
					
						 

					
					
						Title:

					
					
						 EVP

				

		
			 
		

		
			
		

		
			

		 

		

			-Signature Page to Contango Sixth Amendment-

		

 

		

			

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LENDER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ JEFF ARD

				
	
					
						 

					
					
						Name:

					
					
						 Jeff Ard

				
	
					
						 

					
					
						Title:

					
					
						 Vice President

				

		
			 
		

		 

		

			-Signature Page to Contango Sixth Amendment-Exhibit

Exhibit 4.12

SUNRUN INC.

AMENDMENT NO. 1 TO WARRANT TO PURCHASE SHARES OF COMMON STOCK

This Amendment No. 1 to Warrant to Purchase Shares of Common Stock (this “Amendment”) is entered into as of November 7, 2018, by and between Sunrun Inc., a Delaware corporation (the “Company”), and Comcast Corporation, a Pennsylvania corporation (“Comcast”), and amends that certain Warrant to Purchase Shares of Common Stock, dated as of August 23, 2017, issued by the Company to Comcast (the “Warrant”).  Capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings assigned to such terms in the Warrant.
RECITALS
WHEREAS, the Company and Comcast wish to amend the Warrant to update the vesting schedule contained therein as set forth herein;
WHEREAS, pursuant to Section 13(b) of the Warrant, any term of the Warrant may be amended by a written instrument referencing the Warrant and signed by the Company and the Majority Holders; and
WHEREAS, Comcast constitutes the Majority Holders.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual agreements, covenants, promises and representations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, the Company and Comcast agree as follows:
1.Amendment to Sections 4(a) and (b) of the Warrant.  Section 4(a) and Section 4(b) of the Warrant are hereby amended and restated to read in their entirety as follows:
“(a)    If both of the conditions set forth in Sections 4(a)(i) and 4(a)(ii) have been satisfied (each, an “Initial Vesting Condition” and, collectively, the “Initial Vesting Conditions”), then the Warrant shall vest and become exercisable with respect to (x) if the condition set forth in sub-clause (ii)(A) below is met, 1,179,336 Shares (minus any Shares with respect to which the Warrant shall previously have vested and become exercisable pursuant to Section 4(c), if any) and (y) if the condition set forth in sub-clause (ii)(A) below is not met but the condition set forth in sub-clause (ii)(B) is met, 1,572,447 Shares (minus any Shares with respect to which the Warrant shall previously have vested and become exercisable pursuant to Section 4(c), if any):
(i)Contractor and/or its Affiliates make at least twenty-five million dollars ($25,000,000) of aggregate Marketing and Sales Spending, with (A) at least fifteen million dollars ($15,000,000) of such Marketing and Sales Spending being made during the period commencing on (and including) January 1, 2019 and ending on (and including) September 30, 2019 (such period, the “Applicable Period”) and (B) at least nine million dollars ($9,000,000) of such Marketing and Sales Spending during the Applicable 

Period being made in “Tier 1” and/or “Tier 2” geographies (as described in Section 5.1 of the Origination Agreement); and
(ii)    (A) at least 6,000 Installed Systems are achieved under the Origination Agreement on or before September 30, 2019 or (B) at least 8,000 Installed Systems are achieved under the Origination Agreement on or before December 31, 2019.

For the avoidance of doubt, the number of Shares that may vest and become exercisable pursuant to this Section 4(a) may not be negative.
(b)    After the Initial Vesting Conditions have been satisfied, subject to Section 4(d) (if applicable), the Warrant shall vest and become exercisable with respect to 982,780 additional Shares for each additional 5,000 Installed Systems (above the applicable number in Section 4(a)(ii)) achieved under the Origination Agreement, until all Shares are vested and exercisable (each such additional milestone within the meaning of this Section 4(b), an “Additional Milestone”); provided, however, that (i) if the condition in Section 4(a)(ii)(A) was met, then the final Additional Milestone shall be for an additional 4,000 Installed Systems, which shall result in 786,219 additional Shares vesting and becoming exercisable upon achievement of such final Additional Milestone, upon which all Shares under this Warrant shall have become vested and exercisable, and (ii) if the condition in Section 4(a)(ii)(B) was met, then the final Additional Milestone shall be for an additional 2,000 Installed Systems, which shall result in 393,108 additional Shares vesting and becoming exercisable upon achievement of such final Additional Milestone, upon which all Shares under this Warrant shall have become vested and exercisable.”

2.    Amendment to Section 4(c) of the Warrant.  The first sentence of Section 4(c) of the Warrant is hereby amended by (a) deleting the words “(x) the Contractor and/or its Affiliates have made at least five million ($5,000,000) of aggregate Marketing and Sales Spending and (y)” and (b) replacing the reference to “this sub-clause (y)” in the first parenthetical in the first sentence of Section 4(c) of the Warrant with a reference to “this sub-clause (ii)”.

3.    Amendment to Section 4(d) of the Warrant.  Section 4(d) of the Warrant is hereby amended and restated to read in its entirety as follows:
“(d)    After the consummation of a Fundamental Change (but not after a Company Termination Event), the Warrant (as adjusted pursuant to Section 8, if applicable) shall continue to vest and become exercisable in accordance with Sections 4(a) and 4(b), as applicable; provided, however, that if, prior to the time the Warrant would otherwise vest and become exercisable with respect to any Shares pursuant to any specific Additional Milestone, a portion of the Warrant has vested and become exercisable pursuant to Section 4(c) and, at the time of such vesting, the Initial Vesting Condition pursuant to Section 4(a)(ii) was satisfied, then the next vesting pursuant to Section 4(b) shall occur if and when each 

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of the Initial Vesting Conditions is satisfied and the next Additional Milestone above the number of Installed Systems at the time of the consummation of the Fundamental Change is met; provided, further, that, in such case, the Warrant will vest and become exercisable with respect to a pro rata portion of the Shares with respect to which the Warrant would otherwise have vested and become exercisable pursuant to the relevant Additional Milestone at such time based on the number of Shares in the relevant vesting tranche with respect to which the Warrant did not vest and become exercisable at the time of the consummation of the Fundamental Change.  For the avoidance of doubt, in no event shall the Shares with respect to which the Warrant shall vest and become exercisable pursuant to this Section 4(d) include any Shares with respect to which the Warrant has previously vested and become exercisable pursuant to Sections 4(a) and/or (b), if any (i.e., there will be no double counting).  For example, if a Fundamental Change is consummated on October 31, 2019 and, at such time, 9,000 Installed Systems were achieved under the Origination Agreement and, thereafter, 11,000 Installed Systems are achieved under the Origination Agreement (and the Contractor and/or its Affiliates have satisfied the Initial Vesting Condition pursuant to Section 4(a)(i) at such time), then the Warrant will vest and become exercisable with respect to an additional 393,112 Shares at such time.”

4.    Amendment to Section 9 of the Warrant.  Section 9 of the Warrant is hereby amended and restated to read in its entirety as follows:
“9.    Expiration of the Warrant. This Warrant shall expire and shall no longer be exercisable as of 5:00 p.m., Pacific time, on the date that is one year after the earlier to occur of: (a) the end of the Milestone Period, and (b) the termination of the Origination Agreement (such date, the “Expiration Date”).  Notwithstanding the foregoing, this Warrant shall expire and no longer be exercisable as of 5:00 p.m., Pacific time, on December 31, 2019 if the Initial Vesting Conditions set forth in Section 4(a) have not been met by such time.”

5.    Entire Agreement. This Amendment constitutes the full and entire agreement between the parties with regard to the subject matter hereof and may not be further amended or modified except in accordance with the provisions of Section 13(b) of the Warrant.

6.    Amendment Limited.  Except as set forth in this Amendment, all of the terms and conditions of the Warrant shall continue in full force and effect.

7.    Governing Law; Jurisdiction; Venue. This Amendment and all actions arising out of or in connection with this Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware, or of any other state, that would apply the laws of any other jurisdiction.  Each of the Holder and the Company irrevocably consents to the exclusive jurisdiction and venue of any court within the County of San Francisco, State of California, in connection with any matter based upon or arising out of this Amendment or the matters 

3

contemplated herein, and agrees that process may be served upon them in any manner authorized by the laws of the State of California for such persons.

8.    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

9.    Further Assurances. Upon the terms and subject to the conditions set forth in this Amendment, the Company and Comcast agree to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective the transactions contemplated by this Amendment, including the execution or delivery of any additional instruments necessary to consummate the transactions contemplated by, and to fully carry out the purposes of, this Amendment.

(signature pages follow)

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The parties are signing this Amendment No. 1 to Warrant to Purchase Shares of Common Stock as of the date stated in the introductory clause. 

	
				
	 
	SUNRUN INC.

	 
	a Delaware corporation

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Lynn Jurich
	 

	 
	Name:
	Lynn Jurich
	 

	 
	Title:
	Chief Executive Officer
	 

(Signature Page to Sunrun Inc. Amendment No. 1 to Warrant to Purchase Shares of Common Stock)

The parties are signing this Amendment No. 1 to Warrant to Purchase Shares of Common Stock as of the date stated in the introductory clause.

	
				
	 
	COMCAST CORPORATION

	 
	a Pennsylvania corporation

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Robert Eatroff
	 

	 
	Name:
	Robert Eatroff
	 

	 
	Title:
	Executive Vice President
	 

	 
	 
	Global Corporate Development and Strategy

(Signature Page to Sunrun Inc. Amendment No. 1 to Warrant to Purchase Shares of Common Stock)

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