SEC Contract Filing

Filing Date: 2017-01-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>8
<FILENAME>v456353_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>WARRANT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS WARRANT AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;), dated as of December 30, 2016, is by and among reorganized Energy XXI Gulf Coast, Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and Continental Stock Transfer &amp; Trust Company, a New York corporation
(together with its successors and assigns, the &ldquo;<U>Warrant Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS, </B>on
April 14, 2016, Energy XXI Ltd and its affiliated debtors (collectively, the &ldquo;<U>Debtors</U>&rdquo;) filed voluntary petitions
for relief under chapter 11 of title 11 of the United States Code (as amended, the &ldquo;<U>Bankruptcy Code</U>&rdquo;), in the
United States Bankruptcy Court for the Southern District of Texas (the &ldquo;<U>Bankruptcy Court</U>&rdquo;), Case No. 16-31928;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> on
November 21, 2016, the Debtors filed the <I>Debtors&rsquo; Second Amended Proposed Joint Chapter 11 Plan of Reorganization </I>(as
amended or supplemented from time to time, the &ldquo;<U>Plan of Reorganization</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> on
December 13, 2016, the Bankruptcy Court entered an order confirming the Plan of Reorganization, and the Debtors emerged from their
chapter 11 cases on the date first written above (the &ldquo;<U>Effective Date</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant
to the Plan of Reorganization, the Company will issue or cause to be issued, on or as soon as reasonably practicable after the
Effective Date, warrants (the &ldquo;<U>Warrants</U>&rdquo;) (a) to purchase 1,271,933 shares of the Company&rsquo;s common stock,
par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), representing an aggregate total of 3.6% of the total number of shares
of Common Stock issuable pursuant to the Plan of Reorganization (subject to dilution from the Management Incentive Plan, as defined
in the Plan of Reorganization) to holders of EGC Unsecured Notes Claims (as defined in the Plan of Reorganization) and (b) to purchase
847,956 shares of Common Stock, representing an aggregate total of 2.4% of the total number of shares of Common Stock issuable
pursuant to the Plan of Reorganization (subject to dilution from the Management Incentive Plan, as defined in the Plan of Reorganization)
to holders of EPL Unsecured Notes Claims (as defined in the Plan of Reorganization);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, call, exercise and cancellation of the Warrants; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, all
acts and things have been done and performed which are necessary to make the Warrants, when issued, the valid, binding and legal
obligations of the Company, and to authorize the execution and delivery of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><