Re: Letter AgreementLetter Agreement • December 21st, 2018 • Legacy Reserves Inc. • Crude petroleum & natural gas
Pursuant to your Phantom Units Agreements with Legacy Reserves LP (the “Partnership”) and Legacy Reserves Inc. (the “Corporation”), as amended (together the “Grant Agreement”), you are entitled to receive a cash amount from the Corporation equal to $[] in full settlement of your outstanding Phantom Units (the “Unit Settlement Amount”). Under the terms of the Third Amended and Restated Credit Agreement, dated as of April 1, 2014, among Legacy Reserves LP (the “Borrower”), Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, as amended, however, the Corporation is prohibited from paying the full Unit Settlement Amount that are currently owed to you and other executives at this time. Therefore, the Corporation has determined that it will pay you an amount equal to $[]. In consideration of the Company making this payment and for such other good and valuable consideration, the receipt of which is hereby acknowledged, you irrevocably agree to forfei
