SEC Contract Filing

Filing Date: 2022-11-02

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>d403393dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSCRIPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This SUBSCRIPTION AGREEMENT (this &#147;<U>Subscription Agreement</U>&#148;) is entered into this [&#149;] day of [&#149;], 2022, by and
between Sable Offshore Holdings LLC, a Delaware limited liability company (&#147;<U>Sable</U>&#148;), and the subscriber party set forth on the signature page hereto (&#147;<U>Subscriber</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, on the date hereof, Sable Offshore Corp., a Texas corporation and wholly owned subsidiary of Sable (&#147;<U>SOC</U>&#148;), has
entered into a purchase and sale agreement (the &#147;<U>Purchase Agreement</U>&#148;) with Exxon Mobil Corporation, a New Jersey corporation (&#147;<U>Exxon</U>&#148;), and Mobil Pacific Pipeline Company, a Delaware corporation
(&#147;<U>MPPC</U>&#148;, together with Exxon, the &#147;<U>Seller</U>&#148;), pursuant to which SOC shall acquire certain assets (including equity interests) from the Seller (the &#147;<U>Acquisition</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Acquisition, Subscriber desires to subscribe for and, upon the occurrence of and concurrently with the closing
of the Acquisition, to purchase from Sable that number of Sable&#146;s <FONT STYLE="white-space:nowrap">non-voting</FONT> Class&nbsp;B shares (the &#147;<U>Class</U><U></U><U>&nbsp;B Shares</U>&#148;), set forth on the signature page hereto (the
&#147;<U>Acquired Shares</U>&#148;) for a purchase price of $10.00 per share and an aggregate purchase price set forth on the signature page hereto (the &#147;<U>Purchase Price</U>&#148;), in consideration of the payment of the Purchase Price by or
on behalf of Subscriber to Sable substantially concurrently with the closing of the Acquisition; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the
Acquisition, Sable has entered, and expects to enter, into separate subscription agreements (the &#147;<U>Other Subscription Agreements</U>&#148;) with certain other &#147;qualified institutional buyers&#148; (as defined in Rule 144A under the
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;)) and &#147;accredited investors&#148; (as such term is defined in Rule 501 under the Securities Act), on substantially the same terms as those set forth in this Subscription
Agreement, pursuant to which such investors have subscribed for and agreed, or will subscribe for and agree, to purchase Class&nbsp;B Shares on the Closing Date (as defined herein); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Acquisition, the Issuer (as defined herein) may enter into separate subscription agreements (the
&#147;<U>Issuer Subscription Agreements</U>&#148;) with certain other &#147;qualified institutional buyers&#148; and &#147;accredited investors&#148; on substantially the same terms as those set forth in this Subscription Agreement (but, for the
avoidance of doubt, with revisions to reflect that the Issuer is entering into such subscription agreements and is issuing Issuer Class&nbsp;A Common Stock (as defined herein) directly), pursuant to which such investors will subscribe for and agree
to purchase shares of Issuer Class&nbsp;A Common Stock on the Closing Date; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the aggregate number of Class&nbsp;B Shares to
be sold by Sable pursuant to this Subscription Agreement and the Other Subscription Agreements and shares of Issuer Class&nbsp;A Common Stock to be sold by the Issuer pursuant to the Issuer Subscription Agreements will not exceed 40.0&nbsp;million.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the
conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<U>Subscription</U>. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and Sable hereby agrees to issue and sell to Subscriber, the Acquired Shares at the Closing in consideration for the payment of
the Purchase Price to Sable or its designee (such subscription and issuance, the &#147;<U>Subscription</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Closing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The closing of the Subscription contemplated hereby (the &#147;<U>Subscription</U> <U>Closing</U>&#148;) is contingent upon the
substantially concurrent consummation of the Acquisition and shall occur substantially concurrently therewith. Not less than three (3)&nbsp;business days prior to the scheduled closing date of the Acquisition (the &#147;<U>Closing Date</U>&#148;),
Sable shall provide written noti