Document:

Exhibit 10.51 Amendment No. 4

EXHIBIT 10.51

Execution Version

February 7, 2013

Miller Energy Resources, Inc.
9721 Cogdill Road, Suite 302
Knoxville, TN 37932
Attention:    Scott M. Boruff
Chief Executive Officer

		
	Re: 
	Waiver and Amendment No. 4 (this “Amendment”)

Ladies and Gentlemen:

We refer to that certain Loan Agreement dated as of June 29, 2012 (as heretofore amended or otherwise modified, the “Loan Agreement”), by and among Miller Energy Resources, Inc., a Tennessee corporation (the “Borrower”), the financial institutions party thereto from time to time as Lenders and Apollo Investment Corporation, as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”).  Capitalized terms used but not otherwise defined herein shall have the meanings given such terms in the Loan Agreement, as amended hereby.  References herein to any Section shall be to a Section of the Loan Agreement, as amended hereby, unless otherwise specifically provided.

Borrower has informed the Administrative Agent that, as of the end of the Borrower's third Fiscal Quarter (ended January 31, 2013): (i) Borrower was not in compliance with the Maintenance Covenant contained in Section 7.17(c) (Minimum Gross Production) of the Loan Agreement; and (ii) while final financial data for the Borrower's third Fiscal Quarter are not yet available, Borrower believes it is not in compliance with (A) Section 7.17(a) (Interest Coverage Ratio) and (B) Section 7.26 (Consolidated G&A Expenses) for its third Fiscal Quarter (the Defaults or Events of Default specified in this paragraph being the “Specified Defaults”). 

The Borrower has informed the Administrative Agent of its desire to borrow an additional $5,000,000 pursuant to terms and conditions of Sections 2.2 and 3.2 of the Loan Agreement (the “Second Loan”).  Borrower has further indicated that it wishes to obtain a waiver of the Specified Defaults and to make certain amendments to the Loan Agreement and the Approved Plan of Development.  

Accordingly, the Borrower, the Administrative Agent and the Lenders (or at least the required percentage thereof) hereby agree as follows:

		
	1.
	Fees.  

(a) Unused Fee.  The parties understand that, after the borrowing of the Second Loan, as contemplated herein, an additional $10 million will remain outstanding of the initial $55 million Availability contemplated by the Loan Agreement (the “Remaining Availability”).  On June 29, 2013, the Borrower shall pay to the Administrative Agent an unused fee (the “Unused Fee”) in an amount equal to $2,000,000.00 which, once paid, shall not be refundable under any circumstance; provided that the Borrower shall not be required to pay the Unused Fee in the event that the Borrower submits a request to borrow an amount equal to the Remaining Availability at any time on or prior to June 29, 2013, in accordance with the terms and conditions of Sections 2.2 and 3.2 of the Loan Agreement, it being understood that if, following such a request from the Borrower, due to the failure of a condition 

to such borrowing that the Administrative Agent or the Lenders elect not to waive, such Loan shall not be made to the Borrower, then the Unused Fee shall not be payable by the Borrower hereunder.  

(b) Amendment Fee.  On the date hereof, Borrower shall pay to the Administrative Agent for the account of the Lenders an amendment fee (the “Amendment Fee”) in an amount equal to $200,000.00 which, once paid, shall not be refundable under any circumstance.  

		
	2.
	Waivers.  Subject to the terms and conditions hereof, the Administrative Agent and the Lenders (or at least the required percentage thereof) hereby agree to waive (i) the Specified Defaults to the extent now existing and (ii) with respect to the Second Loan, (A) the fifteen (15) Business Day prior notice of any Loan requested and (B) the delivery of the Borrowing Request in the form of Exhibit C to the Loan Agreement, each as otherwise required by Section 2.2(a) of the Loan Agreement; provided that, in connection with the Second Loan, the Borrower shall be required to deliver an irrevocable request in writing (the “Second Loan Borrowing Request”) to the Administrative Agent in the form of Exhibit A attached hereto.  The foregoing waivers are contingent upon the satisfaction of the conditions precedent set forth in Section 6 below and shall not be construed as an amendment, waiver or modification of the Loan Agreement or the other Loan Documents except as expressly provided herein.  The Administrative Agent and the Lenders reserve the right to exercise any rights and remedies available to them in connection with any other present or future Defaults or Events of Default under any provision of the Loan Agreement or any provision of any other Loan Document.  The description herein of the Specified Defaults is based upon the information provided to the Administrative Agent and the Lenders on or prior to the date hereof and shall not be deemed to exclude the existence of any other Defaults or Events of Default.  The failure of the Administrative Agent or the Lenders to give notice to the Borrower of any other Defaults or Events of Default is not intended to be nor shall be a waiver thereof.  Borrower hereby agrees and acknowledges that the Administrative Agent and the Lenders require and will require strict performance by the Borrower of all of its obligations, agreements and covenants contained in the Loan Agreement and the other Loan Documents, and no inaction or action regarding any Default or Event of Default is intended to be or shall be a waiver thereof.

		
	3.
	Understanding Concerning the Series B and Series C Offerings.  The Borrower hereby represents and warrants that it has reviewed the documents governing the Series B Preferred Stock and the Series C Preferred Stock and that no such document contains any terms that would cause the Series B Preferred Stock or the Series C Preferred Stock to constitute “Indebtedness” as such term is defined in the Loan Agreement.  In reliance upon the representation and warranty contained in this Section 3, the parties hereto understand and agree that the Series B Preferred Stock and Series C Preferred Stock are not considered to be Indebtedness for purposes of the definition of “Capital Covenant Compliance Period” and Section 7.17 of the Loan Agreement, notwithstanding that they may be classified as debt or temporary equity for accounting purposes. 

		
	4.
	Amendments to the Loan Agreement and APOD.  The following amendments to the Loan Agreement and the Approved Plan of Development are hereby adopted

		
	(a)
	New Defined Terms.  The following new defined terms are added to Section 1.1, in the appropriate alphabetical order:

“Excess Preferred Equity Proceeds” means cash proceeds (less any and all costs and expenses incurred by the Borrower in connection with the issuance of such preferred Stock) received by the Borrower from the issuance of preferred Stock in excess of $15,000,000 on or after the Fourth Amendment Effective Date; provided that “Excess 

Preferred Equity Proceeds” shall not include (i) any amounts deposited into the Special Dividend Account as required by Section 6.17 hereof nor (ii) any Excluded Equity Proceeds used pursuant to Section 7.24(a), (b), or (c) hereof.”

“Excess Consolidated G&A Expenses” shall mean Consolidated G&A Expenses in excess of $3,000,000 in any Fiscal Quarter. 

“Fourth Amendment Effective Date” means February 7, 2013.

“'Tennessee Oil Properties' means the Oil and Gas Properties owned by the Loan Parties and located in the state of Tennessee.”

		
	(b)
	Amendment to the Existing Definitions 

		
	a.
	Capital Covenant Compliance Period. Clauses (i), (ii), (iii) and (iv) of the definition of “Capital Covenant Compliance Date” are hereby deleted and replaced, in their entirety, with the following:

		
	“(i)
	Interest Asset Coverage. As of the end of any Fiscal Quarter of Borrower, the ratio of Consolidated EBITDA for the Interest Coverage Period ending on such date to Interest Expense paid or payable in cash for the Interest Coverage Period ending on such date is at least:

	
			
	Fiscal Quarter Ending:
	 
	Minimum Level

	April 30, 2013
	 
	3.00:1.00

	July 31, 2013
	 
	3.50:1.00

	October 31, 2013
	 
	4.00:1.00

	January 31, 2014
	 
	4.50:1.00

	April 30, 2014
	 
	5.00:1.00

	July 31, 2014
	 
	5.50:1.00

	October 31, 2014
	 
	6.00:1.00

	January 31, 2051, and thereafter
	 
	6.50:1.00

		
	(ii)
	Asset Coverage Ratio. As of the end of any Fiscal Quarter of Borrower, the ratio of (A) the NYMEX Value of the total Proved Developed Producing Reserves of the Loan Parties as shown on the most recently delivered Reserve Report, to (B) Total Debt, is at least:

	
			
	Fiscal Quarter Ending:
	 
	Minimum Level

	April 30, 2013
	 
	1.40:1.00

	July 31, 2013
	 
	1.40:1.00

	October 31, 2013
	 
	1.75:1.00

	January 31, 2014
	 
	1.75:1.00

	April 30, 2014
	 
	2.00:1.00

	July 31, 2014
	 
	2.25:1.00

	October 31, 2014
	 
	2.50:1.00

	January 31, 2015, and thereafter
	 
	2.75:1.00

For purposes of this clause (ii) only, total “Proved Developed Producing Reserves” shall be determined in accordance with SEC guidelines, with the following exceptions: (1) commodity prices shall be forecast according to a “Strip Price,” adjusted for any basis differential and any existing commodity hedges for forecasting oil and gas prices; (2) current operating expenses will be held constant; and (3) such expenses must include an accurate estimate of net abandonment costs.  As used herein, “Strip Price” shall mean the equivalent futures price as quoted by the NYMEX for three years and held constant thereafter. 

		
	(iii)
	Minimum Gross Production. As of the end of any Fiscal Quarter of Borrower, the daily average of gross production of Hydrocarbons (calculated at the wellhead on a barrel of oil equivalent basis, where 15 Mcf of natural gas is equal to one barrel of oil) from the Cook Inlet Oil and Gas Properties combined with the Tennessee Oil and Gas Properties during each such Fiscal Quarter is at least:

	
			
	Fiscal Quarter Ending:
	 
	Minimum Level of Barrels

	April 30, 2013
	 
	2,200

	July 31, 2013
	 
	2,400

	October 31, 2013
	 
	2,600

	January 31, 2014
	 
	2,800

	April 30, 2014, and thereafter
	 
	3,000."

		
	(iv)
	Leverage Ratio. As of the end of any Fiscal Quarter of Borrower, the ratio of Total Debt to Consolidated EBITDA for the four Fiscal Quarter period ending on such date is less than:

	
			
	Fiscal Quarter Ending:
	 
	Maximum Level:

	April 30, 2013, and thereafter
	 
	1.75:1.00"

		
	a.
	Maintenance Covenant Compliance Date. The definition of “Maintenance Covenant Compliance Date” is hereby amended by deleting the date “January 31, 2013” and replacing it with the date “April 30, 2013”.  

		
	b.
	Permitted Liens.  The definition of “Permitted Liens” is hereby amended by deleting the “and” at the end of (p), by replacing the period at the end of clause (q) with a “, and”, and by adding the following new clause (r) to the end thereof:

“(r) those certain Liens claimed by Voorhees Equipment and Consulting, Inc. filed of record on (i) November 20, 2012 with the Anchorage Recording District under file number 2012 68296-0 and (ii) November 15, 2012, in the Anchorage Recording District, Alaska, File No. 2012 066917-0; provided that, the Liens permitted under this clause (r) shall cease to be “Permitted Liens” on July 31, 2013.

		
	(a)
	Amendments to Section 2.8.  Article VI of the Loan Agreement is hereby amended by adding the following new Section 6.22 to the end thereof:

“6.22    Interest Account.  On or before the third Business Day of each calendar month, the Borrower shall deposit into account number 7238394329 at Fifth Third Bank (for purposes of this Section 6.22, the “Interest Account”) an amount equal to the interest that the Borrower shall accrue with respect to the Loans during such calendar month, and such amount shall remain in such account until the accrued interest is paid to the Lenders in accordance with Section 2.5 hereof.  At the time that any such accrued interest is due and payable pursuant to Section 2.5 hereof, the Borrower hereby directs the Administrative Agent to apply funds from the Interest Account to the payment of such accrued interest.  

		
	(b)
	Amendments to Section 3.2(b).  Section 3.2(b) shall be amended by deleting the “and” at the end of clause (iii), by replacing the period at the end of clause (iv) with “; and” and by adding the following new clause (v):

“(v)    Borrower shall have received cash proceeds (less any and all costs and expenses incurred by the Borrower in connection with the issuance of such preferred Stock) from the issuance of preferred Stock in an amount not less than $15,000,000 on or after the Fourth Amendment Effective Date.

		
	(c)
	Amendments to Section 7.17.  Section 7.17 Maintenance Financial Covenants shall be amended to read, as follows:

“7.17    Maintenance Financial Covenants.  Fail to maintain

i.Interest Coverage Ratio.  As of the end of any Fiscal Quarter of Borrower, commencing with the Fiscal Quarter ending April 30, 2013, a ratio of Consolidated EBITDA for the Interest Coverage Period ending on such date to Interest Expense paid or payable in cash for the Interest Coverage Period ending on such date of at least:
	
			
	Fiscal Quarter Ending:
	 
	Minimum Level:

	April 30, 2013
	 
	2.50:1.00

	July 31, 2013
	 
	2.75:1.00

	October 31, 2013
	 
	3.00:1.00

	January 31, 2014
	 
	3.25:1.00

	April 30, 2014
	 
	3.50:1.00

	July 31, 2014
	 
	3.75:1.00

	October 31, 2014
	 
	4.00:1.00

	January 31, 2015, and thereafter
	 
	4.25:1.00

ii.Asset Coverage Ratio.  As of the end of any Fiscal Quarter of Borrower, commencing with the Fiscal Quarter ending April 30, 2013 and at any time between such dates that the Loan Parties acquire or dispose of (to the extent permitted hereby or otherwise consented to in accordance with the terms hereof) Oil and Gas Properties or any other Properties pursuant to Section 7.4(d) or Section 7.12(i) or otherwise with an aggregate NYMEX Value of total Proved Developed Producing Reserves or fair market value, respectively, equal to $500,000 or more, a ratio of (a) the NYMEX Value of the total Proved Developed Producing Reserves 

of the Loan Parties as shown on the most recently delivered Reserve Report, to (b) Total Debt, of at least:

	
			
	Test Dates:
	 
	Minimum Level:

	February 1, 2013 - April 30, 2013
	 
	1.25:1.00

	May 1, 2013 - July 31, 2013
	 
	1.50:1.00

	August 1, 2013 - October 31, 2013
	 
	1.75:1.00

	November 1, 2013 - January 31, 2014
	 
	1.75:1.00

	February 1, 2014 - April 30, 2014,
	 
	

	and thereafter
	 
	2.00:1.00

For purposes of this Section 7.17(b) only, total “Proved Developed Producing Reserves” shall be determined in accordance with SEC guidelines, with the following exceptions: (i) commodity prices shall be forecast according to a “Strip Price,” adjusted for any basis differential and any existing commodity hedges for forecasting oil and gas prices; (ii) current operating expenses will be held constant; and (iii) such expenses must include an accurate estimate of net abandonment costs.  As used herein, “Strip Price” shall mean the equivalent futures price as quoted by the NYMEX for three years and held constant thereafter. 

iii.Minimum Gross Production.  As of the end of any Fiscal Quarter of Borrower, commencing with the Fiscal Quarter ending April 30, 2013, a daily average of gross production of Hydrocarbons (calculated at the wellhead on a barrel of oil equivalent basis, where 15 Mcf of natural gas is equal to one barrel of oil) from the Cook Inlet Oil and Gas Properties combined with the Tennessee Oil and Gas Properties during each such Fiscal Quarter of at least:
	
			
	Fiscal Quarter Ending:
	 
	Minimum Level

	April 30, 2013
	 
	1,500

	July 31, 2013
	 
	1,900

	October 31, 2013
	 
	2,100

	January 31, 2014
	 
	2,200

	April 30, 2014
	 
	2,300

	July 31, 2014
	 
	2,400

	October 31, 2014
	 
	2,500

	January 31, 2015, and thereafter
	 
	2,600"

		
	(a)
	Amendment to Section 7.24.  In Section 7.24of the Loan Agreement, the “and” at the end of clause (b) is hereby deleted, the period at the end of clause (c) is hereby replaced with a “; and”, and a new clause (d) is hereby added as follows:

“(d) with respect to any Excluded Equity Proceeds which constitute Excess Preferred Equity Proceeds, such Excluded Equity Proceeds may be used as provided for in Section 7.26 below; provided that such Excluded Equity Proceeds used as provided for in Section 7.26 below may not also be used pursuant to clauses (a), (b) or (c) of this Section 7.24.”

		
	(b)
	Amendment to Section 7.26.  Section 7.26 of the Loan Agreement (Consolidated G&A Expenses) is hereby deleted and replaced, in its entirety, with the following:

“7.26    Consolidated G&A Expenses.  Permit Consolidated G&A Expenses to exceed $3,000,000 in any Fiscal Quarter unless (a) Excess Preferred Equity Proceeds are available for the Borrower, (b) the Borrower funds the Excess Consolidated G&A Expenses with Excess Preferred Equity Proceeds, and (c) contemporaneous with the payment of such Excess Consolidated G&A Expenses, the Borrower shall deliver to the Administrative Agent a certificate setting forth reasonably detailed calculations demonstrating compliance with this Section 7.26.  For purposes of this Section 7.26, Consolidated G&A Expenses shall not include any costs arising in connection with the financing activities of the Borrower or the other Loan Parties or costs arising from market-building activities.

		
	(c)
	Amendment to the Approved Plan of Development.  The Approved Plan of Development is hereby amended as follows:

		
	a.
	RU-3 (Gas) and RU-4 are hereby added to APOD A and removed from APOD B;

		
	b.
	Additional projects in Tennessee may be approved for addition to APOD A, APOD B or APOD C by the Administrative Agent, with the approval of the Majority Lenders, from time to time, with such approval to be evidenced in writing delivered to the Borrower (including, without limitation, in an e-mail approving the addition of such a project to APOD A, APOD B or APOD C, as applicable).

		
	5.
	By its signature below, each Loan Party hereby (a) acknowledges and agrees that, except as expressly provided herein, the Loan Agreement, as amended hereby, and each of the other Loan Documents are hereby ratified and confirmed in all respects and shall remain in full force and effect; (b) ratifies and reaffirms its obligations under, and acknowledges, renews and extends its continued liability under, the Loan Agreement, as amended hereby, and each other Loan Document to which it is a party; (c) ratifies and reaffirms all of the Liens securing the payment and performance of the Obligations; and (d) represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof, (i) after giving effect to this Amendment, all of the representations and warranties contained in the Loan Agreement, as amended hereby, and each other Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such specified earlier date, (ii) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing, and (iii) the execution, delivery, and performance of this Amendment by such Loan Party have been duly authorized by all necessary action on the part of such Loan Party.  This Amendment shall be deemed to constitute a Loan Document for all purposes and in all respects.  From and after the date hereof, all references to the Loan Agreement and the Loan Documents shall mean such Loan Agreement and such Loan Documents as amended by this Amendment.  

		
	6.
	This Amendment shall become effective as of the date first written above when and only when (a) the Administrative Agent shall have received duly executed counterparts of this Amendment signed by each Loan Party and the Lenders (or at least the required percentage thereof), and (b) the Borrower shall have paid to the Administrative Agent all costs, fees and expenses payable pursuant to Section 17.7 of the Loan Agreement and Section 1(b) hereof.

		
	7.
	Borrower represents and warrants to the Administrative Agent and the Lenders that the resolutions and Governing Documents certified to the Administrative Agent and the Lenders by Borrower on June 29, 2012, remain in full force and effect and have not been amended or otherwise modified, except for the changes to its Charter designating the Series B Preferred Stock and Series C Preferred Stock.  By its respective signature below, each of the Loan Parties (other than the Borrower) represents and warrants to the Administrative Agent and the Lenders that its respective resolutions and Governing Documents certified to the Administrative Agent and the Lenders by such Loan Party on June 29, 2012 remain in full force and effect and have not been amended or otherwise modified.   

This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.  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.  This Amendment shall be binding upon and inure to the benefit of the Administrative Agent, the Lenders and the Borrower and their respective successors and assigns permitted pursuant to the Loan Agreement.  This Amendment may be executed in counterparts with each counterpart constituting an original and all of the counterparts, once executed, constituting but one original.  Delivery of an executed counterpart by facsimile or other electronic means shall be effective as delivery of an original executed counterpart.
[Signature Pages Follow]

If the foregoing is acceptable to you, please execute a copy of this Amendment in the spaces provided below to evidence your acceptance and approval of the foregoing and return a fully-executed counterpart of this letter to the attention of the undersigned.
	
		
	 
	Very truly yours,

	 
	 

	 
	APOLLO INVESTMENT CORPORATION, as

	 
	Administrative Agent for the Lenders and as a Lender

	 
	 

	 
	By: /s/ Justin Sendak                        

	 
	Name: Justin Sendak

	 
	Title: Authorized Signatory

	
		
	 
	Acknowledged, agreed and accepted as of the 7

	 
	day of February, 2013

	 
	 

	 
	BORROWER:

	 
	 

	 
	MILLER ENERGY RESOURCES, INC.,

	 
	a Tennessee Corporation

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Name: Scott M. Boruff

	 
	Title: Chief Executive Officer

	 
	 

	 
	GUARANTORS:

	 
	 

	 
	MILLER DRILLING, TN LLC

	 
	 

	 
	By: MILLER ENERGY RESOURCES, INC.,

	 
	its Sole Member

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Name: Scott M. Boruff

	 
	Title: Chief Executive Officer

	 
	 

	 
	MILLER ENERGY SERVICES, LLC

	 
	 

	 
	By: MILLER ENERGY RESOURCES, INC.,

	 
	its Sole Manager

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Name: Scott M. Boruff

	 
	Title: Chief Executive Officer

	 
	 

	 
	MILLER ENERGY GP, LLC

	 
	 

	 
	By: MILLER ENERGY RESOURCES, INC.,

	 
	its Sole Manager

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Name: Scott M. Boruff

	 
	Title: Chief Executive Officer

	
		
	 
	MILLER RIG & EQUIPMENT, LLC

	 
	 

	 
	By: MILLER ENERGY RESOURCES, INC.,

	 
	its Sole Manager

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Name: Scott M. Boruff

	 
	Title: Chief Executive Officer

	 
	 

	 
	COOK INLET ENERGY, LLC

	 
	 

	 
	By: /s/ David M. Hall

	 
	Name: David M. Hall

	 
	Title: Manager and Chief Executive Officer

	 
	 

	 
	EAST TENNESSEE CONSULTANTS, INC.

	 
	 

	 
	By: /s/ Douglas G. Melton

	 
	Name: Douglas G. Melton

	 
	Title: Vice President and Secretary

	 
	 

	 
	EAST TENNESSEE CONSULTANTS II, L.L.C.

	 
	 

	 
	By: /s/ Douglas G. Melton

	 
	Name: Douglas G. Melton

	 
	Title: Manager and Secretary

EXHIBIT A
FORM OF SECOND BORROWING REQUEST
February 7, 2013

Apollo Investment Corporation, as Administrative Agent
9 West 57th Street, 37th Floor
New York, New York 10019
Attention: Dan Vogel
Phone: (212) 822-0740
Email: dvogel@apolloic.com
Fax: (646) 417-6678

Ladies and Gentlemen:

The undersigned, Miller Energy Resources, Inc., a Tennessee corporation ("Borrower"), refers to the Loan Agreement dated as of June 29, 2012 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the "Loan Agreement"), among Borrower, the lenders from time to time party thereto (the "Lenders"), and Apollo Investment Corporation, as Administrative Agent for the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement.

The Loan Agreement was amended after the Closing Date by that certain Waiver and Amendment No. 4, dated of even date herewith (the “Amendment”). 

Borrower hereby gives you irrevocable notice pursuant to Section 2 of the Amendment and Section 2.2 of the Loan Agreement that it hereby requests a Borrowing under the Loan Agreement (the "Requested Borrowing"), and in that connection sets forth below the information relating to such Requested Borrowing as required by Section 2.2 of the Loan Agreement:

		
	(a)
	The aggregate principal amount of the Requested Borrowing is $5,000,000.00.

		
	(b)
	The Funding Date of the Requested Borrowing is February 7, 2013.

The undersigned hereby certifies that, assuming the Amendment has been validly delivered by the Administrative Agent and the Lenders and is in full force and effect, the following statements are true and correct on the date hereof, and will be true and correct on the Funding Date of the Requested Borrowing:

		
	(a)
	The representations and warranties of each of the Loan Parties contained in each Loan Document are true and correct in all material respects, except (i) that where any such representation or warranty is qualified by materiality or material adverse effect or words of similar effect, then such representation and warranty is true and correct in all respects, and (ii) to the extent such representations and warranties relate solely to an earlier date, in which case, such representations and warranties were true and correct in all respects on and as of such earlier date.

		
	(b)
	No Default or Event of Default has occurred and is continuing or will result from the making of the Requested Borrowing.

		
	(c)
	No Material Adverse Change has occurred or will result from the making of the Requested Borrowing.

		
	(d)
	The amount of the Requested Borrowing does not exceed Availability as of the applicable Funding Date.

		
	(e)
	The proceeds of the Requested Borrowing will be used by Borrower for general corporate purposes.

		
	(f)
	The conditions of Section 3.2 of the Loan Agreement are satisfied as of the Funding Date of the Requested Borrowing.

The undersigned hereby directs the Administrative Agent to wire the proceeds of the Requested Funding pursuant to Annex A attached hereto. 

Delivery of an executed counterpart of this Borrowing Request by facsimile or other electronic means will be effective as delivery of an original executed counterpart of this Borrowing Request.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has executed this Second Borrowing Request as of the day and year set forth above.

	
		
	 
	MILLER ENERGY RESOURCES, INC.

	 
	 

	 
	By:                                                                   

	 
	Name:

	 
	Title:ex 10.50  Emloyment agreement

	
	
	 

Exhibit 10.50

LINEAR TECHNOLOGY CORPORATION
ROBERT H. SWANSON, JR.
THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Robert H. Swanson, Jr. Third Amended and Restated Employment Agreement (the “Agreement”) is entered into as of December 18, 2012 (the “Effective Date”) by and between Linear Technology Corporation (the “Company”) and Robert H. Swanson, Jr. (“Executive”).
WHEREAS, Executive and the Company executed the Robert H. Swanson, Jr. Employment Agreement in January 2002 (the “Initial Employment Agreement”);
WHEREAS, Executive has since resigned from his employment as Chief Executive Officer of the Company, but at the request of the Board of Directors of the Company (the “Board”) pursuant to Section 3(f) of the Initial Employment Agreement, has agreed to remain Executive Chairman of the Board; 
WHEREAS, Executive and the Company executed the Robert H. Swanson, Jr. Amended and Restated Employment Agreement on October 18, 2005 (the “Amended Employment Agreement”); 
WHEREAS, Executive and the Company executed the Robert H. Swanson, Jr. Second Amended and Restated Employment Agreement on November 5, 2008 (the “Second Amended Employment Agreement”); and
WHEREAS, Executive and the Company desire to revise the Second Amended Employment Agreement to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (as it has been and may be amended from time to time) and the final regulations and any guidance promulgated thereunder (together, “Section 409A”).
NOW, THEREFORE, in consideration of their mutual promises and intending to be legally bound, the parties agree as follows:
1.Duties and Scope of Employment.
(a)Positions; Agreement Commencement Date; Duties.  Following the Effective Date, Executive shall continue to serve as Executive Chairman of the Board, reporting to the Board.  The period of Executive's employment hereunder is referred to herein as the “Employment Term.”  During the Employment Term, Executive shall render such business and professional services in the performance of his duties, consistent with Executive's position within the Company, as shall reasonably be assigned to him by the Board.
(b)Obligations.  During the Employment Term, Executive shall devote his business efforts and time to the Company two to three days per week.  Executive agrees, during the Employment Term, not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the approval of the Board that would result in a conflict of interest with the Company's business.
2.At-Will Employment.  Executive and the Company understand and acknowledge that Executive's employment with the Company constitutes “at-will” employment.  Subject to the Company's obligation to provide severance benefits as specified herein, Executive and the Company acknowledge that 

this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of the Company or Executive.
3.Compensation.
(a)Base Salary.  While employed by the Company, the Company shall pay the Executive as compensation for his services $468,000 (the “Base Salary”), prorated for the number of full days of service he performs as Executive Chairman of the Board.  Such salary shall be paid periodically in accordance with normal Company payroll practices and subject to the usual, required withholding.  Executive's Base Salary shall be reviewed annually by the Compensation Committee of the Board (the “Committee”) for possible adjustments in light of Executive's performance and competitive data.
(b)Bonuses.  Executive shall be eligible to earn a bonus under the Company's 1996 Senior Executive Bonus Plan as specified by the Committee and will also be eligible to participate in the Key Employee Incentive Bonus Plan or any successor bonus plans to such plans (collectively, the “Bonus Plans”).  
(i)Executive's target bonus (the “Target Bonus”) for any six-month period will be his target bonus for the previous six-month period increased or decreased by the same percentage the total bonus pool for the Bonus Plans for the six-month period in question increased or decreased compared to the previous six-month period.  By way of example only, if Executive's Target Bonus for the first six-month period of a particular year is $1,000,000 and the total bonus pool for the Bonus Plans for the second six-month period of such year increases by 10% over the total bonus pool for the Bonus Plans for the first six-month period of such year, then Executive's Target Bonus for second six-month period would be $1,100,000.  
(ii)Executive's actual bonus for any particular period will equal the actual bonus to which he would have otherwise been entitled for such period based upon the Target Bonus prorated for the number of full days of service he performs for the Company as Executive Chairman of the Board during such period, or alternatively in such lesser amount as the Committee deems appropriate, but in no event more than 50% of the Target Bonus for any relevant period.  By way of example only, if the actual bonus Executive would have been entitled to for a period if he had worked full time was the Target Bonus of $1,000,000, then (A) if the number of full days of service Executive performed during the period was 30% of full time, his actual bonus would be $300,000, and (B) if the number of full days of service Executive performed during the period was 60% of full time, then his actual bonus would be $500,000. 
(iii)Any such bonus will be paid promptly following the determination of whether and to what extent that it has been earned, but in no event after the later of (i) March 15 of the calendar year following the calendar year in which such determination is made and no longer subject to a substantial risk of forfeiture, or (ii) two and one-half months following the end of the fiscal year of the Company in which such determination is made and no longer subject to a substantial risk of forfeiture.
(c)Benefits.  During the Employment Term, Executive shall be eligible to participate in the employee benefit plans maintained by the Company that are applicable to other senior management to the full extent provided for under those plans, including health and other welfare plan participation, use of the Company airplane and pilot(s) as set forth in Section 3(d) hereof, office space and secretary, but excluding participation in any Company employee stock purchase plan intended to qualify under Section 423 of the Code, and any Company 401(k) plan and any benefits and perquisites where continuing Executive's participation would be either (i) contrary to statute or regulation, or (ii) highly impractical.
(d)Use of Company Airplane.  During the Employment Term, Executive shall be permitted to use, for personal purposes, the Company airplane and pilot(s), for up to 35% of the available flight time in any year; provided, however, that such use shall be subject to the Company's reasonable policies and airplane usage requirements.  Executive shall be fully grossed-up for any imputed taxable income recognized by virtue of such use so that the net effect to Executive is the same as if there was no imputed income.  Executive will receive such payments no later than the end of the calendar year following the calendar year in which Executive remits the applicable taxes to the relevant tax authorities.
(e)Severance Prior to a Change of Control.

(i)Voluntary Termination for Good Reason; Involuntary Termination Other Than for Cause.  If, prior to a Change of Control (as defined herein), Executive's tenure as Executive Chairman of the Board, terminates due to (i) a voluntary termination for “Good Reason” (as defined herein) where the grounds for the Good Reason are not cured by the Company within 30 days following receipt of written notice specifying the grounds from Executive, or (ii) an involuntary termination by the Company other than for “Cause” (as defined herein), then, subject to Section 5, and subject to Executive executing and not revoking a standard form of mutual release of claims with the Company, which the Company shall provide to Executive no later than five (5) business days after the termination date  (the “Release”), and provided that the Release becomes effective and irrevocable no later than sixty (60) days following the termination date (such deadline, the “Release Deadline”), and subject to Executive not breaching the terms of Section 12 hereof:
(1)all of Executive's Company stock options (together with other rights to purchase or receive Company common stock) and restricted stock (including restricted stock units and similar awards) shall immediately accelerate vesting as to 100% of the then unvested amount of such award; 
(2)Executive shall receive continued payments of severance pay for 12 months following the date of such termination at a rate equal to:
a)Executive's annual Base Salary at the rate in effect on the date of such termination, plus 
b)two times the average of his Target Bonus (without respect to any proration for actual days of service performed or the 50% limitation, each as referred in Section 3(b)(ii) above) for the four six-month bonus periods prior to the date of such termination, which amount will be payable in equal installments over such 12-month period (for purposes of clarity, it is the intention of this paragraph that Executive receive under this paragraph an amount equal to a full year of (i.e., twice) the full amount of his average six-month Target Bonuses as if he were performing his duties as Executive Chairman  full time at the time of termination; by way of example only, if Executive's Target Bonuses (without regard to his actual bonuses paid) were $1,000,000, $1,200,000, $800,000 and $1,000,000, respectively, in the four six-month periods prior to the date of termination, then the average six-month Target Bonus would be $1,000,000, and the annual bonus payable under this paragraph would be $2,000,000); 
in each case, as if Executive had been performing services as Executive Chairman of the Board on a full-time basis up to the date of termination, with no proration or limitation on the amount of his actual compensation (e.g., Executive's bonus would not be prorated or limited to 50% of his Target Bonus for any particular period based upon time actually worked), less applicable withholding and payable in accordance with the Company's standard payroll practices (the “Severance Payment”); 
(3)the Company shall reimburse Executive for premiums paid for continued health and dental benefits for Executive and his covered dependents for the lesser of:
a)18 months from the date of Executive's termination of employment, payable when such premiums are due (provided Executive validly elects to continue coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), or 
b)the date upon which Executive and his covered dependents are covered by similar plans of Executive's new employer (the “COBRA Coverage”).
For purposes of this Agreement, “Cause” shall mean (i) an act of personal dishonesty taken by Executive in connection with his responsibilities hereunder and intended to result in substantial personal enrichment of Executive; (ii) Executive being convicted of, or plea of nolo contendere to, a felony; (iii) a willful act by Executive which constitutes gross misconduct and which is injurious to the Company; and (iv) following delivery to Executive of a written demand for performance from the Company which describes the basis for the Company's reasonable belief that Executive has not substantially performed his duties, 

continued violations by Executive of Executive's obligations to the Company which are demonstrably willful and deliberate on Executive's part.
For purposes of this Agreement, “Good Reason” means, without Executive's express consent, (i) a material reduction of Executive's duties, title, authority or responsibilities, relative to Executive's duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Executive of such reduced duties, title, authority or responsibilities; (ii) a material reduction, of the facilities and perquisites (including office space and location) available to Executive immediately prior to such reduction, other than a reduction generally applicable to all senior management of the Company; (iii) a reduction by the Company in the Base Salary of Executive as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits, including Target Bonuses, to which Executive was entitled immediately prior to such reduction with the result that Executive's aggregate benefits package is materially reduced (other than a reduction that generally applies to Company employees); (v) the relocation of Executive to a facility or a location more than 35 miles from Executive's then present location); or (vi) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of Executive; provided, however, that Executive agrees that Executive's transition from Chief Executive Officer and Chairman of the Board to Chairman pursuant to Section 3(f) of the Initial Employment Agreement and the related reductions in pay, responsibilities and the like did not constitute Good Reason.
Executive shall not be required to mitigate the value of any severance benefits contemplated by this Agreement, nor shall any such benefits be reduced by any earnings or benefits that the Executive may receive from any other source; provided, however, that if Executive receives severance benefits hereunder, he expressly waives the right to receive severance benefits under any other severance plan or policy of the Company.
(ii)Voluntary Termination Other than for Good Reason; Involuntary Termination for Cause.  Except as provided otherwise in Sections 3(g) hereof, in the event Executive terminates his employment voluntarily other than for Good Reason or is involuntarily terminated by the Company for Cause, then all vesting of Executive's stock options (together with other rights to purchase or receive Company common stock) and restricted stock (including restricted stock units and similar awards) shall terminate immediately and all payments of compensation by the Company to Executive hereunder shall immediately terminate (except as to amounts already earned).
(iii)Timing of Payments.  Any severance payments under this Agreement subject to the signing of a Release shall be paid on (or, in the case of any such payments made in installments, shall not commence until) the Release Deadline, or, if later, such time as is required by Section 5 below, except that the acceleration of vesting of options or restricted stock shall become effective on the date the Release becomes effective and irrevocable.  Except as required by Section 5 below, any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive's separation from service but for the preceding sentence shall be paid to Executive on the Release Deadline and the remaining payments shall be made as provided in the Agreement.
(f)Change of Control Benefits.  In the event of a “Change of Control” (as defined herein), Executive shall receive the benefits specified in Section 3(e)(i) above (including 100% vesting acceleration); provided that the Severance Payment shall be payable in a lump-sum within five days following the Change of Control and the COBRA Coverage shall be extended to Executive upon any subsequent termination of his employment, whether or not for Cause or Good Reason, subject to Section 5.  In the event Executive's tenure as Executive Chairman of the Board terminates following a Change of Control, for any or no reason, including pursuant to Section 3(g) hereof, Executive shall not be entitled to any additional compensation (excepts as to amounts already earned and payments and benefits due pursuant to Section 3(e)).

For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of the following events:
(i)Change in Ownership of the Company.  A change in the ownership of the Company, which is deemed to occur on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; or 
(ii)Change in Effective Control of the Company.  A change in the effective control of the Company, which is deemed to occur on the date that a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election was not endorsed by a majority of the members of the Board prior to the date of the appointment or election.  For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of Control; or
(iii)Change in Ownership of a Substantial Portion of the Company's Assets.  A change in the ownership of a substantial portion of the Company's assets, which is deemed to occur on the date that any Person acquires (either is one transaction or in multiple transactions over the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.  For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of the above sections, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
Notwithstanding the foregoing provisions of this definition, a transaction will not be deemed a Change of Control unless the transaction qualifies as a “change in control event” within the meaning of Section 409A.
(g)Voluntary Termination when Executive is 65 or Older.  In the event that on or after his 65th birthday, Executive (i) voluntarily terminates as Executive Chairman of the Board, and, (ii) if he is then employed by the Company, voluntarily terminates such employment, then Executive shall receive the same benefits as if such voluntary termination was a voluntary termination for Good Reason, which will entitle him to severance benefits under Section 3(e)(i), and, if applicable, paid and provided as set forth in Section 3(f).
4.Death or Total Disability of Executive.
(a)Death.  Upon Executive's death while Executive is an employee or consultant of the Company, then (i) employment hereunder shall automatically terminate; (ii) all of Executive's Company stock options (together with other rights to purchase or receive Company common stock) and restricted stock (including restricted stock units and similar awards) shall immediately accelerate vesting as to 50% of the then unvested amount of such award, and all subsequent vesting of Executive's stock options (together with other rights to purchase or receive Company common stock) and restricted stock (including restricted stock units and similar awards) shall terminate immediately; and (iii) all payments of compensation by the Company to Executive hereunder shall immediately terminate (except as to amounts already earned).
(b)Disability.  Upon Executive's becoming permanently and totally disabled (as defined in accordance with Code Section 22(e)(3) or its successor provision) while Executive is an employee of the Company, then employment hereunder shall automatically terminate and all payments of compensation by the Company to Executive hereunder shall immediately terminate (except as to amounts already earned), and all vesting of Executive's stock options (together with other rights to purchase or receive Company 

common stock) and restricted stock (including restricted stock units and similar awards) shall terminate immediately.
5.Section 409A.  Notwithstanding anything to the contrary in this Agreement, no Deferred Compensation Separation Benefits (as defined below) shall become payable under this Agreement until Executive has a “separation from service” within the meaning of Section 409A.  Further and notwithstanding anything to the contrary in this Agreement and solely with respect to the timing of the payment of any severance payments or benefits, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive's termination, other than a termination due to Executive's death, then any severance payments payable to Executive pursuant to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive on or within the six-month period following Executive's termination shall accrue during such six-month period and shall become payable in a lump sum payment on the date six months and one-day following the date of Executive's termination of employment, unless Executive dies following the termination of his employment, in which case, the Deferred Compensation Separation Benefits shall be paid to Executive's estate as soon as practicable following his death.  All subsequent Deferred Compensation Separation Benefits, if any, shall be payable in accordance with the payment schedule applicable to each payment or benefit.  It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder shall be subject to the additional tax imposed under Section 409A, and any ambiguities herein shall be interpreted to so comply.  The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.
6.Golden Parachute Excise Tax Full Gross-Up.  
(a)In the event that the benefits provided for in this Agreement or otherwise payable to Executive constitute “parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed by Section 4999 of the Code, then Executive shall receive (i) a payment from the Company sufficient to pay such excise tax, plus (ii) an additional payment from the Company sufficient to pay the excise tax and federal and state income and employment taxes arising from the payments made by the Company to Executive pursuant to this sentence.  Executive shall receive such payments no later than the end of calendar year following the calendar year in which Executive remits the applicable taxes to the relevant tax authorities.   
(b)Unless the Company and the Executive otherwise agree in writing, the determination of Executive's excise tax liability and the amount required to be paid under this Section 6 shall be made in writing by the Company's independent auditors who are primarily used by the Company immediately prior to the Change of Control (the “Accountants”).  For purposes of making the calculations required by this Section 6, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 6.
7.Assignment.  This Agreement shall be binding upon and inure to the benefit of (a) the heirs, beneficiaries, executors and legal representatives of Executive upon Executive's death and (b) any successor of the Company.  Any such successor of the Company shall be deemed substituted for the Company under the terms of this Agreement for all purposes.  As used herein, “successor” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or 

transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Executive.  Any attempted assignment, transfer, conveyance or other disposition (other than as aforesaid) of any interest in the rights of Executive to receive any form of compensation hereunder shall be null and void.
8.Notices.  All notices, requests, demands and other communications called for hereunder shall be in writing and shall be deemed given if (i) delivered personally or by facsimile, (ii) one-day after being sent by Federal Express or a similar commercial overnight service, or (iii) three days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors in interest at the following addresses, or at such other addresses as the parties may designate by written notice in the manner aforesaid:
If to the Company:        Linear Technology Corporation
720 Sycamore Drive
Milpitas, CA 95035
Attn: General Counsel
If to Executive:        Robert H. Swanson, Jr.
at the last residential address
known by the Company.
9.Severability.  In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision.
10.Entire Agreement.  This Agreement, the Confidential Information and Invention Assignment Agreement previously entered into by and between the Company and Executive and the indemnification agreement previously entered into by and between the Company and Executive represent the entire agreement and understanding between the Company and Executive concerning Executive's employment relationship with the Company, and supersede and replace any and all prior agreements and understandings concerning Executive's employment relationship with the Company.
11.Dispute Resolution.
(a)The parties shall first meet to settle any dispute through good faith negotiation or non-binding mediation.  If not settled by good faith negotiation or non-binding mediation between the parties within 30 days from the date one party requests in writing to meet the other party, then to the extent permitted by law, any dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof shall be finally settled by binding arbitration to be held in Santa Clara County, California, in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (the “Rules”).  The arbitrator may grant injunctions or other relief in such dispute or controversy.  The decision of the arbitrator shall be confidential, final, conclusive and binding on the parties to the arbitration.  Judgment may be entered under a protective order on the arbitrator's decision in any court having jurisdiction.  The Company shall pay all costs of any mediation or arbitration; provided, however, that each party shall pay its own attorney and advisor fees.
(b)The arbitrator shall apply California law to the merits of any dispute or claim, without reference to rules of conflict of law.  The arbitration proceedings shall be governed by federal arbitration law and by the Rules, without reference to state arbitration law.  Executive hereby expressly consents to the personal jurisdiction of the state and federal courts located in California for any action or proceeding arising from or relating to this Agreement and/or relating to any arbitration in which the parties are participants.
(c)Executive understands that nothing in Section 11 modifies Executive's at-will status.  Either the Company or Executive can terminate the employment relationship at any time, with or without cause.

(d)EXECUTIVE HAS READ AND UNDERSTANDS SECTION 11, WHICH DISCUSSES ARBITRATION.  EXECUTIVE UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE AGREES, TO THE EXTENT PERMITTED BY LAW, TO SUBMIT ANY FUTURE CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH, OR TERMINATION THEREOF TO BINDING ARBITRATION, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EXECUTIVE'S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP.
12.Covenants Not to Compete and Not to Solicit.
(a)Covenant Not to Compete.  In consideration for the benefits Executive is to receive herein Executive agrees that, until the end of the 12-month period following the date of his termination of employment with the Company for any reason or no reason, Executive will not directly engage in (whether as an employee, consultant, proprietor, partner, director or otherwise), or have any ownership interest in, or participate in the financing, operation, management or control of, any person, firm, corporation or business that engages or participates anywhere in the world in providing goods and services similar to those provided by the Company upon the date of Executive's termination of employment.  Ownership of less than 3% of the outstanding voting stock of a corporation or other entity will not constitute a violation of this provision.  The Company agrees not to unreasonably withhold consent from Executive to engage in any activity that is not competitive with the Company.
(b)Covenant Not to Solicit.  In consideration for the benefits Executive is to receive herein Executive agrees that he will not, at any time during the 12-month period following his termination date, directly or indirectly solicit any individuals to leave the Company's employ for any reason or interfere in any other manner with the employment relationships at the time existing between the Company and its current or prospective employees.
(c)Representations.  The parties intend that the covenants contained in Section 12(a) and (b) shall be construed as a series of separate covenants, one for each county, city and state (or analogous entity) and country of the world.  If, in any judicial proceeding, a court shall refuse to enforce any of the separate covenants, or any part thereof, then such unenforceable covenant, or such part thereof, shall be deemed eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants, or portions thereof, to be enforced.
(d)Reformation.  In the event that the provisions of this Section 12 should ever be deemed to exceed the time or geographic limitations, or scope of this covenant, permitted by applicable law, then such provisions shall be reformed to the maximum time or geographic limitations, as the case may be, permitted by applicable laws.
(e)Reasonableness of Covenants.  Executive represents that he (i) is familiar with the covenants not to compete and solicit, and (ii) is fully aware of his obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic coverage of these covenants.
13.No Oral Modification, Cancellation or Discharge.  This Agreement may only be amended, canceled or discharged in writing signed by Executive and the Company's then existing Chief Executive Officer, subject to prior approval of the Board.
14.Withholding.  The Company shall be entitled to withhold, or cause to be withheld, from payment any amount of withholding taxes required by law with respect to payments made to Executive in connection with his employment hereunder.
15.Governing Law.  This Agreement shall be governed by the laws of the State of California (with the exception of its conflict of laws provisions).
16.Acknowledgment.  Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read 

and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Agreement:
LINEAR TECHNOLOGY CORPORATION
/s/ Richard M. Moley                    Date: December 18, 2012
Richard M. Moley
Chairman of the Compensation Committee
EXECUTIVE
/s/ Robert H. Swanson, Jr.                Date: December 18, 2012
Robert H. Swanson, Jr.

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