Document:

Exhibit

Exhibit 10.30
RETIREMENT AGREEMENT
THIS RETIREMENT AGREEMENT (the “Agreement”) is entered into as of February 28, 2018 (the “Effective Date”), by and between El Pollo Loco, Inc. (the “Company”) and Stephen J. Sather (“Executive”) (together, the “Parties”).
R E C I T A L S
WHEREAS, Executive is employed by the Company as its Chief Executive Officer and President pursuant to his Amended and Restated Employment Agreement entered into with the Company dated as of January 13, 2011 (the “Employment Agreement”); and
WHEREAS, the Parties now wish to make arrangements regarding Executive’s resignation and subsequent retirement and to resolve, fully and finally, all outstanding matters between them. 
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth hereinafter, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:
AGREEMENT
1.    EXECUTIVE’S RESIGNATION AND RETIREMENT.  
a.    Effective as of March 12, 2018 (the “Resignation Date”), Executive shall resign from his positions as Chief Executive Officer and President of the Company and as a member of the board of directors of the Company and Executive hereby agrees that he will execute any and all documents necessary to effect such resignations. Each of Executive and the Company acknowledges that the Employment Agreement will not be extended or renewed. From the Resignation Date through the Retirement Date (as defined below), Executive shall remain employed by the Company as a Special Advisor and in such capacity shall provide services as are reasonably required to assist the new Chief Executive Officer with his transition (the “Services”). The Parties reasonably expect that the performance of the Services will not require Executive to work more than twenty percent (20%) of the average level of services performed by Executive during the thirty-six (36) months immediately preceding the Resignation Date.  All Services shall be performed by Executive with a level of skill and care generally exercised by others performing the same or similar services.  In performing the Services, Executive shall comply fully with all applicable laws, and all 

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applicable policies of the Company and its affiliates. In exchange for the Services performed hereunder:
(i)    the Company agrees to pay Executive the base salary to which he was entitled immediately prior to the Resignation Date, payable in regular installments in accordance with the Company’s usual payment practices;
(ii)    the Company agrees to provide Executive with the health insurance, retirement benefits and fringe benefits to which he was entitled immediately prior to the Resignation date, in accordance with the terms of the Company’s employee benefit plans;
(iii)    Executive shall continue to receive the automobile allowance and related benefits on the same terms and conditions as Executive was entitled to receive from the Company immediately prior to the Resignation Date; and
(iv)    Reimbursement, in accordance with Company policies, for reasonable, documented business expenses incurred by Executive in the performance of the Services.
b.    Executive shall retire from the Company effective as of March 31, 2018 (the “Retirement Date”).  Executive hereby agrees that his employment with the Company and his retention of any other position he may hold with the Company shall terminate as of the Retirement Date, and he will execute any and all documents necessary to effect such termination.  No later than the Retirement Date, Executive shall return to the Company all files, records, credit cards, keys, computers, mobile phones, tables, PDAs, equipment and all other Company property or documents maintained by Executive for the Company’s use or benefit.  No later than the Retirement Date, the Company shall pay Executive the aggregate of the accrued but unpaid compensation and benefits owed to him through the Retirement Date (the “Accrued Compensation”), which shall include payment for 240 accrued but unused vacation days.  Executive’s entitlement to the Accrued Compensation is in no way conditioned on Executive executing a release of claims.
2.    EQUITY.  
a.        The Parties acknowledge and agree that Executive is party to award agreements (the “Award Agreements”), dated April 16, 2012 and May 11, 2016, entered into pursuant to the terms of the El Pollo Loco Holdings, Inc. 2014 Omnibus Equity Incentive Plan (the “Plan”) under which Executive has been granted stock options to purchase shares of common stock of the Company (the “Options”). The Parties acknowledge and agree that other than the Options set forth on Exhibit A, Executive holds no stock options or equity interests in the Company, vested or unvested, as of the Retirement Date.  

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b.        Notwithstanding anything to the contrary in the Plan or the Award Agreements and provided that Executive is in compliance with the terms set forth herein and provided further that Executive has timely executed the Release following the Retirement Date and has not revoked the Release and the Release has become effective within thirty (30) days following the Retirement Date, in consideration of the terms, representations and releases in this Agreement and the Release, within five (5) days of the expiration of the revocation period set forth in the Release, the portion of the Options that are scheduled to vest in May 2018 shall fully vest and be exercisable as of the Retirement Date. All Options that are unvested as of the Retirement Date shall be forfeited. All Options that are vested as of the Retirement Date shall remain exercisable until the tenth (10th) anniversary of each applicable Date of Grant (as defined in each applicable Award Agreement) (the “Consideration”). The “Release” means the release attached hereto as Exhibit B.
c.        Executive acknowledges and agrees that:
(i)    the effectiveness of the Release shall have no effect on the effectiveness of this Agreement, which shall be in full force and effect and binding upon the Parties upon and from its date of execution, provided that if Executive does not sign the Release or the Release does not become effective, then Executive shall have no right to the Consideration described in Section 2(b);  
(ii)    Executive would not otherwise be entitled to receive the Consideration in the absence of Executive’s execution (and non-revocation) of the Release; and
(iii)    this Agreement and Executive’s resignation as the Chief Executive Officer and President of the Company and as a member of the board of directors of the Company and his retirement from the Company do not constitute grounds for Executive to terminate his employment with Good Reason (as defined in the Employment Agreement) or in any other applicable agreement between Executive and the Company. Upon Executive’s resignation from such positions and his retirement from the Company, he shall not be entitled to any cash severance or termination benefits that would otherwise be payable under the Employment Agreement.     
3.    RESTRICTIVE COVENANTS AND REMEDIES. 
a.        Executive hereby acknowledges and agrees that following the Retirement Date any applicable restrictive covenants, including Section 8, Section 9 and Section 10 of the Employment Agreement (the “Restrictive Covenants”), shall remain in full force and effect.

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b.        Upon any breach by Executive of the Restrictive Covenants, this Agreement or the Release, Executive shall forfeit all of his unexercised Options and any and all rights with respect to such Options, which forfeiture shall not limit, restrict or otherwise affect his continuing obligations under the Restrictive Covenants. In addition, if Executive materially fails to comply with or otherwise materially breaches any of the promises, representations or releases in or made a part of this Agreement, the Company may seek additional relief or remedy as provided under applicable law. 
4.    CODE SECTION 409A COMPLIANCE.  This Agreement as well as payments and benefits under this Agreement are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and, accordingly, to the maximum extent permitted, the Agreement shall be interpreted in accordance therewith.  Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of any payments under this Agreement which are subject to Section 409A until Executive has incurred a “separation from service” from the Company within the meaning of Section 409A.  Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of Section 409A.  Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid an accelerated or additional tax under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six (6)-month period immediately following Executive’s separation from service shall instead be paid on the first business day after the date that is six (6) months following Executive’s separation from service (or, if earlier, Executive’s date of death).  To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to Executive shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Executive) during one year may not affect amounts reimbursable or provided in any subsequent year.  The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.  Executive shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.
5.    DEFEND TRADE SECRETS ACT.  
a.        Notwithstanding anything set forth in this Agreement or the Release to the contrary, Executive shall not be prohibited from reporting possible violations of federal or state law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation, nor is Executive 

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required to notify the Company regarding any such reporting, disclosure or cooperation with the government.
b.        Pursuant to Section 1833(b) of the Defend Trade Secrets Act of 2016, Executive acknowledges that he shall not have criminal or civil liability under any federal or State trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nothing in this Agreement is intended to conflict with Section 1833(b) of the Defend Trade Secrets Act of 2016 or create liability for disclosures of trade secrets that are expressly allowed by such section.
6.    REPRESENTATIONS. Executive and the Company make the following representations, each of which is an important consideration to the other party’s willingness to enter into this Agreement:
a.    Executive acknowledges that the Company is not entering into this Agreement because it believes that Executive has any cognizable legal claim against the Company Released Parties and that by entering into this Agreement neither of the Parties admits any liability or wrongdoing of any kind.  If Executive elects not to sign this Agreement, the fact that this Agreement was offered will not be understood as an indication that the Company Released Parties believed Executive was treated unlawfully in any respect.
b.    Executive acknowledges that neither this Agreement nor his resignation or retirement hereunder constitutes grounds for Executive to terminate his employment for Good Reason as defined in the Employment Agreement or any other applicable agreement between the Company and Executive.  
c.    Executive understands and agrees that he has been advised to consult with an attorney of his choice concerning the legal consequences of this Agreement.  Executive acknowledges that prior to signing this Agreement, he had the opportunity to consult with an attorney of his choosing regarding the effect of each and every provision of this Agreement. 
d.    Executive and the Company, on behalf of himself and itself respectively, acknowledge and agree that he and it knowingly and voluntarily entered into this Agreement with complete understanding of all relevant facts, and that neither party was fraudulently induced or coerced to enter into this Agreement.

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e.    Executive and the Company each represent and warrant to the other that he and it have the capacity and authority to enter into this Agreement and to be bound by its terms.
7.    MUTUAL NON-DISPARAGEMENT.  Executive agrees that he will not, at any time, make, directly or indirectly, any oral or written public statements that are disparaging of the Company, its products or services, and any of its present or former officers, directors or employees.  The Company (limited to its officers and directors) agrees that it will not, at any time, make, directly or indirectly, any oral or written public statements that are disparaging of Executive.  Nothing in this Section 7 shall prohibit either of the Parties from providing truthful information in response to a valid subpoena or other legal process or otherwise required by law.
8.    COOPERATION.  Executive agrees that he will cooperate with the Company, including executing documents and providing requested information, as may reasonably be required to give effect to the provisions of this Agreement or for the Company to comply with applicable securities laws.  Executive further agrees that he will cooperate with the Company concerning reasonable requests for information about the business of the Company or any of its affiliates or Executive’s involvement and participation therein; the transition of duties to others within the Company; the defense, prosecution or investigation of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company or its affiliates which relate to events or occurrences that transpired while Executive was employed by the Company or matters of which Executive has knowledge or information, and in connection with any audit, investigation or review by any federal, state, or local regulatory, quasi-regulatory or self-governing authority, or any internal investigation, relating to such events or occurrences.  Executive’s cooperation shall include, but not be limited to, being reasonably available to meet and speak with officers and employees of the Company, its affiliates and/or its counsel at reasonable times and locations, executing accurate and truthful documents including declarations, testifying in connection with any and all legal proceedings at the request of the Company and without the need for a subpoena, and taking such other actions as may reasonably be requested by the Company and/or its counsel to effectuate the foregoing.  The Company and Executive shall cooperate in good faith to schedule any meetings or discussions pursuant to this Section 8 so as not to conflict with Executive’s other obligations.  The Company shall reimburse Executive for any reasonable and documented out-of-pocket expenses, including travel, hotel, and meal or similar expenses, incurred in connection with providing his cooperation for which he has obtained prior, written approval from the Company.  
9.    GOVERNING LAW.  This Agreement and all rights, duties, and remedies hereunder shall be governed by and construed and enforced in accordance with the laws of the State of California, without reference to its choice of law rules, except as preempted by federal law.  

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10.    SUCCESSORS AND ASSIGNS.  Executive agrees that this Agreement will be binding upon, and pass to the benefit of, the successors and assigns of the Company.  Any payments and benefits due to the Executive hereunder shall be payable to his estate or representative in the event of his death or disability.
11.    AMENDMENTS.  This Agreement may not be amended or modified other than by a written instrument signed by an authorized representative of the Company and Executive. 
12.    DESCRIPTIVE HEADINGS.  The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.
13.    COUNTERPARTS.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  Facsimile and .pdf signatures will suffice as original signatures.
14.    NOTICES.  All notices hereunder shall be in writing and delivered personally or sent by United States registered or certified mail, postage prepaid and return receipt requested:
If to the Company:
El Pollo Loco, Inc. 
3535 Harbor Boulevard, Suite 100 
Costa Mesa, California 92626
Attention: Vice President, Legal
If to Executive:
Stephen J. Sather
at the most recent address in the payroll records of the Company
15.    ENTIRE AGREEMENT.  This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter hereof and, except as otherwise provided herein, supersedes all prior discussions, agreements and understandings of every kind and nature between the Parties hereto and neither of the Parties shall be bound by any term or condition other than as expressly set forth or provided for in this Agreement.  Effective as of the date hereof, the Employment Agreement is hereby terminated and this Agreement satisfies all entitlements set forth in the Employment Agreement; provided, however, that the Restrictive Covenants shall remain in full force and effect.  The Release does not supersede the July 24, 2014 Director and Officer 

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Indemnification Agreement between Executive and the Company ("Indemnification Agreement").  Notwithstanding anything contained herein to the contrary, the Company will 

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continue to indemnify Executive pursuant to the Indemnification Agreement for any Indemnifiable Event (as defined in the Indemnification Agreement), whether occurring before, on or after the date of the Release. 
 

(SIGNATURE PAGE FOLLOWS)

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the first date set forth below.

	
		
	EL POLLO LOCO, INC.
	STEPHEN J. SATHER

	 
	 

	/s/ Edith R. Austin
	/s/ Stephen J. Sather

	By: Edith R. Austin
	 

	Its: Corporate Secretary

Date: 02/28/2018
	

Date: 02/28/2018

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EXHIBIT A

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EXHIBIT B
EXECUTIVE’S WAIVER AND RELEASE OF CLAIMS 
(“RELEASE”)
a.    In exchange for the Consideration (as defined in Section 2(b) of the Retirement Agreement dated as of February 28, 2018 between the undersigned Executive and El Pollo Loco, Inc. (the “Company”), Executive hereby forever waives, releases and discharges the Company and its parents, affiliates, successors, and assigns, as well as each of its past and present officers, directors, employees, agents, attorneys, and shareholders (collectively, the “Company Released Parties”), from any and all claims, charges, complaints, liens, demands, causes of action, obligations, damages, and liabilities, known or unknown, suspected or unsuspected, that Executive had, now has, or may hereafter claim to have against the Company Released Parties, or any of them, arising out of or relating in any way to Executive’s employment with, or retirement from, the Company, or otherwise relating to any of the Company Released Parties from the beginning of time to the date of execution of this Release (the “Executive’s Release”).  The Executive’s Release specifically extends to, without limitation, any and all claims or causes of action for wrongful termination, breach of an express or implied contract, breach of the covenant of good faith and fair dealing, breach of fiduciary duty, fraud, misrepresentation, defamation, slander, infliction of emotional distress, disability, discrimination, retaliation, failure to accommodate, loss of future earnings, and any claims under any applicable state, federal, or local statutes and regulations, including, but not limited to, the Civil Rights Act of 1964, as amended, the Equal Pay Act of 1963, as amended, the Fair Labor Standards Act, as amended, the Americans with Disabilities Act of 1990, as amended (the “ADA”), the Rehabilitation Act of 1973, as amended, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Worker Adjustment and Retraining Notification Act, as amended (the “WARN Act”), Section 806 of the Sarbanes-Oxley Act, the Dodd-Frank Act, the Family and Medical Leave Act, as amended, and the California Family Rights Act, as amended, the California Fair Employment and Housing Act, as amended and California Labor Code Section 1400 et seq.; the Age Discrimination in Employment Act, as amended (“ADEA”); the Older Workers Benefit Protection Act, as amended (the “OWBPA”); and the age discrimination provisions of the California Fair Employment and Housing Act; provided, however, that Executive is not waiving, releasing or otherwise discharging any claims under the ADEA that may arise after the date he signs this Release; provided, further, that this Release does not waive, release or otherwise discharge any claim or cause of action arising (i) from a breach by the Company of the Agreement or (ii) with respect to any payments or benefits to which Executive is entitled under the Agreement, (iii) with respect to any right to indemnification under any director's and officer's liability insurance policy now or previously in force or under the July 24, 2014 Director and Officer Indemnification Agreement between Executive and the Company (the "Indemnification Agreement") (whether such claim or cause of action relates to an Indemnifiable Event (as defined in the Indemnification Agreement), occurring before, on or after the date of this Release) or (iv) that cannot legally be 

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waived, including, but not limited to, any claim for unpaid wages, workers’ compensation benefits, unemployment benefits and any claims for indemnification under applicable law.
b.    For the purpose of implementing a full and complete release, Executive understands and agrees that this Release is intended to include all claims, if any, which Executive may have and which Executive does not now know or suspect to exist in his favor against the Company Released Parties and this Release extinguishes those claims.  Accordingly, Executive expressly waives all rights afforded by Section 1542 of the Civil Code of the State of California (“Section 1542”) and any similar statute or regulation in any other applicable jurisdiction.  Section 1542 states as follows: 
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
c.    This Release shall not prevent Executive from filing a charge with the Equal Employment Opportunity Commission (or similar state or local agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar state or local agency); provided, however, that Executive acknowledges and agrees that any claims by Executive for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) are hereby barred.
d.    Executive has been informed and understands and agrees that he has twenty-one (21) calendar days after receipt of this Release to consider whether to sign it.  Executive has been informed and understands and agrees that he may revoke this Release at any time during the seven (7) calendar days after this Release is signed and returned to the Company, in which case none of the provisions of this Release will have any effect. Executive acknowledges and agrees that if he wishes to revoke this Release, he must do so in writing, and that such revocation must be signed by Executive and delivered by hand, overnight mail or fax to 714-599-5593 to the attention of the Vice President, Legal of the Company so that it is received by the Vice President, Legal of the Company no later than the seventh (7th) day after Executive has signed the Release.  Executive acknowledges and agrees that, in the event Executive either fails to sign or revokes this Release, he shall have no right to receive the Consideration.  
e.    Executive acknowledges and agrees that prior to signing this Release, he has read and understood each and every provision of this Release.  Executive further acknowledges and agrees that he has been advised in this writing to consult with an attorney of his choice concerning the legal consequences of this Release, has done so or, after careful review and consideration, has chosen of his own volition not to do so.

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f.    Executive acknowledges and agrees that he knowingly and voluntarily entered into this Release with complete understanding of all relevant facts, and that he was neither fraudulently induced nor coerced to enter into this Release.  
g.    This Release shall be effective upon the eighth (8th) calendar day following the date that Executive executes this Release, provided, however, that Executive does not revoke or attempt to revoke his acceptance of this Release prior to such date in accordance with the provisions of Section (d) above.
h.    Capitalized terms not defined herein shall have the meanings ascribed to such terms in the Retirement Agreement entered into by and between the Company and Executive in connection with the execution of the Release.

	
	
	STEPHEN J. SATHER (“Executive”)

	 

	/s/ Stephen J. Sather

	 

	Date: 02/28/2018

14EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO LIMITED WAIVER AGREEMENT 

dated as of 

March 1, 2018 

among 
 TITAN ENERGY
OPERATING, LLC, 
 as Borrower, 

TITAN ENERGY, LLC, 
 as
Parent, 
 THE OTHER GUARANTORS PARTY HERETO, 

THE LENDERS PARTY HERETO, 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Administrative Agent 

 SECOND AMENDMENT TO LIMITED
WAIVER AGREEMENT 
 This SECOND AMENDMENT TO
LIMITED WAIVER AGREEMENT (this “Second Waiver Amendment”), dated as of March 1, 2018, is among TITAN ENERGY OPERATING, LLC, a limited
liability company formed under the laws of the State of Delaware (the “Borrower”), TITAN ENERGY, LLC, a limited liability company formed under the laws of the State of Delaware (the
“Parent”), each of the other undersigned guarantors (such guarantors together with the Parent, the “Guarantors”, and the Guarantors together with the Borrower, the “Loan Parties”), each of the
Lenders that is a signatory hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors, the
“Administrative Agent”). 
 Recitals 

A. The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Third Amended and Restated Credit Agreement
dated as of September 1, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made
certain credit available to and on behalf of the Borrower. 
 B. The Borrower, the Parent, the Administrative Agent and certain Lenders have
entered into that certain Limited Waiver Agreement dated as of December 8, 2017 (as amended by that certain First Amendment to Limited Waiver Agreement, dated as of January 31, 2018, the “Limited Waiver”), pursuant to
which the Lenders have, subject to the terms and conditions set forth therein, waived certain Defaults and Events of Default that exist under the Credit Agreement and the other Loan Documents through February 14, 2018 (the “Amended
Waiver Revocation Date”). 
 C. The parties hereto desire to enter into this Second Waiver Amendment to extend the Amended Waiver
Revocation Date on the same terms as set forth in the Limited Waiver, to be effective as of the Second Waiver Amendment Effective Date. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each
capitalized term which is defined in the Credit Agreement, but which is not defined in this Second Waiver Amendment, shall have the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all section references in this Second
Waiver Amendment refer to the Credit Agreement. 

  
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 Section 2. Amendment to Limited Waiver. Effective as of the Second Waiver Amendment
Effective Date, the reference to “February 14, 2018” appearing in clause (ii) of Section 2 of the Limited Waiver is hereby amended by replacing such date with “March 16, 2018”. 

Section 3. Loans. Notwithstanding anything in the Credit Agreement or any other Loan Document to the contrary, prior to the Waiver
Revocation Date: 
 3.1 the Borrower may not borrow, and no Lender shall be obligated to make, any Loan; 

3.2 no Issuing Bank shall be obligated to issue any Letter of Credit unless the Borrower substantially contemporaneously repays a principal
amount of Loans at least equal to the amount of such Letter of Credit; and 
 3.3 no Borrowing may be converted to or continued as a
Eurodollar Borrowing (and any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective). 

Section 4. Conditions Precedent. This Second Waiver Amendment shall be effective on the date the following conditions are fulfilled
(such date being the “Second Waiver Amendment Effective Date”): 
 4.1 The Administrative Agent shall have received duly
executed counterparts of this Second Waiver Amendment from the Loan Parties and the Majority Lenders. 
 4.2 The Administrative Agent shall
have received evidence satisfactory to it that the Second Lien Collateral Agent (as defined in the Junior Lien Intercreditor Agreement) has extended the Specified Standstill Period (as defined in the Fourth Amendment) to no earlier than
April 6, 2018. 
 4.3 The Administrative Agent (and any Lender and Issuing Bank, as applicable) shall have received all fees, expenses
and other amounts due and payable on or prior to the Second Waiver Amendment Effective Date, including all the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank and any Lender incurred in connection with
the preparation, negotiation, execution and delivery of this Second Waiver Amendment (including amounts due and owing to Linklaters LLP, Opportune LLP and Vinson & Elkins LLP); provided that all such amounts shall have been invoiced
prior to the Second Waiver Amendment Effective Date. 
 4.4 The Administrative Agent shall have received such other documents as the
Administrative Agent or counsel to the Administrative Agent may reasonably request. 
 Section 5. Miscellaneous. 

5.1 Confirmation and Effect. The provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect
in accordance with its terms following the effectiveness of this Second Waiver Amendment, and this Second Waiver Amendment shall not constitute a waiver of any provision of the Credit Agreement or any other Loan Document, except as expressly
provided for herein. 

  
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 5.2 Ratification and Affirmation of Loan Parties. Each of the Loan Parties hereby
expressly (a) acknowledges the terms of this Second Waiver Amendment, (b) ratifies and affirms its obligations under the Guaranty Agreement and the other Loan Documents to which it is a party, (c) acknowledges, renews and extends its
continued liability under the Guaranty Agreement and the other Loan Documents to which it is a party, (d) agrees that its guarantee under the Guaranty Agreement and the other Loan Documents to which it is a party remains in full force and
effect with respect to the Indebtedness, (e) represents and warrants to the Lenders and the Administrative Agent that each representation and warranty of such Loan Party contained in the Credit Agreement and the other Loan Documents to which it
is a party is true and correct in all material respects on and as of the Second Waiver Amendment Effective Date (other than (x) representations and warranties that were made as of a specific date, in which case such representations and
warranties were true and correct in all material respects when made and (y) representations and warranties that are qualified by materiality or by reference to Material Adverse Effect, in which case such representations and warranties (as so
qualified) shall continue to be true and correct in all respects), (f) represents and warrants to the Lenders and the Administrative Agent that the execution, delivery and performance by such Loan Party of this Second Waiver Amendment are within
such Loan Party’s corporate, limited partnership or limited liability company powers (as applicable), have been duly authorized by all necessary action and that this Second Waiver Amendment constitutes the valid and binding obligation of such
Loan Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (g) represents and warrants to the Lenders and
the Administrative Agent that immediately on and as of the Second Waiver Amendment Effective Date, no Default, Event of Default (other than the Defaults and Events of Default described in Sections 3(a), (b), (c), (d),
(e), (f) and (g) of the Limited Waiver) or Borrowing Base Deficiency exists. 
 5.3 Counterparts; Integration;
Effectiveness; Electronic Execution. 
 (a) This Second Waiver Amendment may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Second Waiver Amendment and the other Loan Documents, and any separate letter agreements with
respect to fees payable to the Administrative Agent and/or the Issuing Bank, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of this Second Waiver Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a
manually executed counterpart of this Second Waiver Amendment. 
 (b) The words “execution,” “signed” and
“signature” shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
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 5.4 No Oral Agreement. THIS WRITTEN SECOND
WAIVER AMENDMENT, THE LIMITED WAIVER, THE CREDIT AGREEMENT AND THE OTHER
LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 

5.5 Governing Law. THIS SECOND WAIVER AMENDMENT AND
ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT
OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO
THIS SECOND WAIVER AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK. 
 5.6 Payment of Expenses. The Borrower shall pay all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including, without limitation, the reasonable fees, charges and disbursements
of counsel and other outside consultants for the Administrative Agent, the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, in connection with the preparation, negotiation, execution, delivery and administration
(both before and after the execution hereof and including advice of counsel to the Administrative Agent as to the rights and duties of the Administrative Agent and the Lenders with respect thereto) of this Second Waiver Amendment and any amendments,
modifications or waivers of or consents related to the provisions hereof or thereof. 
 5.7 Severability. Any provision of this Second
Waiver Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

5.8 Successors and Assigns. The provisions of this Second Waiver Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. 
 5.9 Release. EACH OF THE LOAN PARTIES, ON ITS OWN BEHALF AND ON BEHALF OF ITS
PREDECESSORS, SUCCESSORS, LEGAL REPRESENTATIVES AND ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASING PARTIES”), HEREBY ACKNOWLEDGES AND STIPULATES THAT AS OF THE DATE OF THIS SECOND WAIVER AMENDMENT, NONE OF THE
RELEASING PARTIES HAS ANY CLAIMS OR CAUSES OF ACTION OF ANY KIND WHATSOEVER AGAINST, OR ANY GROUNDS OR CAUSE FOR REDUCTION, MODIFICATION, SET ASIDE OR SUBORDINATION OF THE INDEBTEDNESS OR ANY LIENS OR SECURITY INTERESTS OF, THE ADMINISTRATIVE AGENT,
THE LENDERS OR ANY OF THEIR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, OR REPRESENTATIVES, OR AGAINST ANY OF THEIR RESPECTIVE PREDECESSORS, 

  
 4 

 
SUCCESSORS OR ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASED PARTIES”). IN PARTIAL CONSIDERATION FOR THE AGREEMENT OF THE ADMINISTRATIVE AGENT AND THE LENDERS PARTY
HERETO TO ENTER INTO THIS SECOND WAIVER AMENDMENT, EACH OF THE RELEASING PARTIES HEREBY UNCONDITIONALLY WAIVES AND FULLY AND FOREVER RELEASES, REMISES, DISCHARGES AND HOLDS HARMLESS THE RELEASED PARTIES FROM ANY AND ALL CLAIMS, CAUSES OF ACTION,
DEMANDS AND LIABILITIES OF ANY KIND WHATSOEVER, WHETHER DIRECT OR INDIRECT, FIXED OR CONTINGENT, LIQUIDATED OR UNLIQUIDATED, DISPUTED OR UNDISPUTED, KNOWN OR UNKNOWN, WHICH ANY OF THE RELEASING PARTIES HAS OR MAY ACQUIRE IN THE FUTURE RELATING IN
ANY WAY TO ANY EVENT, CIRCUMSTANCE, ACTION OR FAILURE TO ACT AT ANY TIME ON OR PRIOR TO THE SECOND WAIVER AMENDMENT EFFECTIVE DATE, SUCH WAIVER, RELEASE AND DISCHARGE BEING MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE CIRCUMSTANCES AND EFFECTS
OF SUCH WAIVER, RELEASE AND DISCHARGE, AND AFTER HAVING CONSULTED LEGAL COUNSEL OF ITS OWN CHOOSING WITH RESPECT THERETO. THIS PARAGRAPH IS IN ADDITION TO ANY OTHER RELEASE OF ANY OF THE RELEASED PARTIES BY THE RELEASING PARTIES AND SHALL NOT IN ANY
WAY LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE OR WAIVER BY THE RELEASING PARTIES IN FAVOR OF THE RELEASED PARTIES. 
 [Signature pages
follow] 
  

  
 5 

 The parties hereto have caused this Second Waiver Amendment to be duly executed as of the day and
year first above written. 
  

							
	BORROWER:	 		 	TITAN ENERGY OPERATING, LLC,
a Delaware limited liability company
				
		 		 	By:	 	 /s/ Jeffrey M. Slotterback

		 		 	Name: Jeffrey M. Slotterback
		 		 	Title: Chief Financial Officer
			
	PARENT:	 		 	TITAN ENERGY, LLC,
a Delaware limited liability company
				
		 		 	By:	 	 /s/ Jeffrey M. Slotterback

		 		 	Name: Jeffrey M. Slotterback
		 		 	Title: Chief Financial Officer

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	ATLAS RESOURCE PARTNERS HOLDINGS, LLC, a Delaware limited liability company
	
	ATLAS ENERGY COLORADO, LLC, a Colorado limited liability company
	
	ATLAS ENERGY INDIANA, LLC, an Indiana limited liability company
	
	ATLAS ENERGY OHIO, LLC, an Ohio limited liability company
	
	ATLAS NOBLE, LLC, a Delaware limited liability company
	
	ATLAS RESOURCES, LLC, a Pennsylvania limited liability company
	
	REI-NY, LLC, a Delaware limited liability company
	
	RESOURCE ENERGY, LLC, a Delaware limited liability company
	
	RESOURCE WELL SERVICES, LLC, a Delaware limited liability company
	
	VIKING RESOURCES, LLC, a Pennsylvania limited liability company
	
	ARP BARNETT, LLC, a Delaware limited liability company
	
	ARP OKLAHOMA, LLC, an Oklahoma limited liability company
	
	ARP BARNETT PIPELINE, LLC, a Delaware limited liability company

 

			
	By:	 	 /s/ Jeffrey M. Slotterback

		 	Jeffrey Slotterback
		 	Chief Financial Officer

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	ATLAS BARNETT, LLC, a Texas limited liability company
	
	ARP PRODUCTION COMPANY, LLC, a Delaware limited liability company
	
	ARP RANGELY PRODUCTION, LLC, a Delaware limited liability company
	
	ARP MOUNTAINEER PRODUCTION, LLC, a Delaware limited liability company
	
	ATLS PRODUCTION COMPANY, LLC, a Delaware limited liability company
	
	ARP EAGLE FORD, LLC, a Texas limited liability company
	
	ATLAS ENERGY SECURITIES, LLC, a Delaware limited liability company

 

			
	By:	 	 /s/ Jeffrey M. Slotterback

		 	Jeffrey Slotterback
		 	Chief Financial Officer

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender, as Administrative Agent and an Issuing Bank

 
			
		
	By:	 	 /a/ Bryan M. McDavid

		 	Bryan M. McDavid
		 	Director

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Salvatore Russo

	Name: Salvatore Russo
	Title: Authorized Signatory

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	 CAPITAL ONE, NATIONAL

ASSOCIATION, as a Lender 

		
	By:	 	 /s/ Raquel Durr

	Name: Raquel Durr
	Title: Assistant Vice President

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	Canadian Imperial Bank of Commerce, New York Branch, as a Lender
		
	By:	 	 /s/ Eric J. De Santis

	Name: Eric J. De Santis
	Title: Executive Director

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	CITIBANK, N.A., as a Lender 
		
	By:	 	 /s/ Tariq Massaud

	Name: Tariq Massaud
	Title: Vice President

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Jeffrey M. Parilla

	Name: Jeffrey M. Parilla
	Title: Vice President

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	COMPASS BANK, as a Lender
		
	By:	 	 /s/ Rachel Festervand

	Name: Rachel Festervand
	Title: Sr. Vice President

  

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	DUETSCHE BANK, AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Alicia Schug

	Name: Alicia Schug
	Title: Vice President
		
	By:	 	 /s/ Marguerite Sutton

	Name: Marguerite Sutton
	Title: Vice President

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	ING CAPITAL LLC, as a Lender
		
	By:	 	 /s/ Scott Lamoreaux

	Name: Scott Lamoreaux
	Title: Director
		
	By:	 	 /s/ Josh Strong

	Name: Josh Strong
	Title: Director

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	 JPMORGAN CHASE BANK, N.A., as a

Lender

		
	By:	 	 /s/ Jo Linda Papadakis

	Name: Jo Linda Papadakis
	Title: Authorized Officer

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	 NATIXIS, NEW YORK BRANCH, 

as a Lender 

		
	By:	 	 /s/ Jarrett Price

	Name: Jarrett Price
	Title: Director
		
	By:	 	 /s/ Carlos Quinteros

	Name: Carlos Quinteros
	Title: Managing Director

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	 ROYAL BANK OF CANADA, as a

Lender 

		
	By:	 	 /s/ Sean F. Young

	Name: Sean F. Young
	Title: Authorized Signatory

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	 THE BANK OF NOVA SCOTIA, as a

Lender

		
	By:	 	 /s/ Thane Rattew

	Name: Thane Rattew
	Title: Managing Director

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC 

 
			
	 THE HUNTINGTON NATIONAL BANK,

as a Lender

		
	By:	 	 /s/ Jason A. Zilewicz

	Name: Jason A. Zilewicz
	Title: Vice President

  
 SIGNATURE
PAGE TO 
 SECOND WAIVER AMENDMENT 

TITAN ENERGY OPERATING, LLC

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