SEC Contract Filing

Filing Date: 2016-02-29

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>10
<FILENAME>a16-5262_2ex10d6.htm
<DESCRIPTION>EX-10.6
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.6</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEMNITY AGREEMENT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS INDEMNITY AGREEMENT</font></b> (this &#147;<b><i style="font-weight:bold;">Agreement</i></b>&#148;) is made as of February&nbsp;29, 2016, by and between Silver Run Acquisition Corporation, a Delaware corporation (the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148;), and Mark G. Papa (&#147;<b><i style="font-weight:bold;">Indemnitee</i></b>&#148;).</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Board of Directors of the Company (the &#147;<b><i style="font-weight:bold;">Board</i></b>&#148;) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.&#160; The Amended and Restated Certificate of Incorporation (the &#147;<b><i style="font-weight:bold;">Charter</i></b>&#148;) and the Bylaws (the &#147;<b><i style="font-weight:bold;">Bylaws</i></b>&#148;) of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (&#147;<b><i style="font-weight:bold;">DGCL</i></b>&#148;). The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company&#146;s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by appl