EX-10.8



 Exhibit 10.8 

BERRY PETROLEUM CORPORATION 
  

 
 2017 OMNIBUS
INCENTIVE PLAN 
 (As Amended and Restated Effective March 7, 2018) 

 
  

ARTICLE 1 
 PURPOSE

 The purpose of this Berry Petroleum Corporation 2017 Omnibus Incentive Plan is to enhance the profitability and value of the
Company for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interests between such
individuals and the Company’s stockholders. The Plan is effective as of the date set forth in Article 14. 
 ARTICLE 2

 DEFINITIONS 
 For
purposes of the Plan, the following terms shall have the following meanings: 
 2.1 “Affiliate” means each of the following:
(a) any Subsidiary; (b) any Parent; (c) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of
stock, assets or an equivalent ownership interest or voting interest) by the Company or one of its Affiliates; (d) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly
controls 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which
is designated as an “Affiliate” by resolution of the Committee; provided that, unless otherwise determined by the Committee, the Common Stock subject to any Option constitutes “service recipient stock” for purposes of
Section 409A of the Code or otherwise does not subject the Option to Section 409A of the Code. 
 2.2 “Auditor” has the
meaning set forth in Section 5.4(c). 
 2.3 “Award” means any award under the Plan of any Stock Option,
Restricted Stock Award, Performance Award, Other Stock-Based Award or Other Cash-Based Award. All Awards shall be granted by, confirmed by, and subject to the terms of, a written Award Agreement executed by the Company and the Participant. 

2.4 “Award Agreement” means the written or electronic agreement setting forth the terms and conditions applicable to an Award. 

2.5 “Award Shares” has the meaning set forth in Section 5.4(a). 

2.6 “Board” means the Board of Directors of the Company. 

2.7 “Bona Fide Agreements” has the meaning set forth in Section 5.4(c). 

 







 2.8 “Cause” means, unless otherwise determined by the Committee in the applicable Award
Agreement, with respect to a Participant’s Termination of Employment or Termination of Consultancy, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar
agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to a
Participant’s: (i) conviction of, or plea of nolo contendere to, any felony or to any crime or offense causing substantial harm to any of the Company or its direct or indirect Subsidiaries (whether or not for personal gain) or involving
acts of theft, fraud, embezzlement, moral turpitude or similar conduct; (ii) intoxication by alcohol or drugs during the performance of his or her duties in violation of the Berry Petroleum Company, LLC Drug, Alcohol and Contraband Control
Policy; (iii) willful and intentional misuse of any of the funds of the Company or its direct or indirect Subsidiaries; (iv) embezzlement; (v) willful and material misrepresentations or concealments on any written reports submitted to any
of the Company or its direct or indirect Subsidiaries; or (vi) conduct constituting a material breach of the Company’s then current Code of Conduct, and any other written policy referenced therein; provided that, in each
case, the Participant knew or should have known such conduct to be a breach; provided further, that determination of whether one or more of the elements of “Cause” has been met under the Plan shall be in the reasonable
discretion of (x) the Board for Eligible Employees with the title of Senior Vice President and above and (y) the Committee for all other Participants; or (b) in the case where there is an employment agreement, consulting agreement,
change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under
such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a Change in Control, such definition of “cause” shall not apply until a Change
in Control actually takes place and then only with regard to a termination thereafter. 
 2.9 “Change in Control” has the meaning
set forth in Section 10.2. 
 2.10 “Change in Control Price” has the meaning set forth in
Section 10.1. 
 2.11 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to any
section of the Code shall also be a reference to any successor provision and any Treasury Regulation and other official guidance and regulations promulgated thereunder. 

2.12 “Committee” means any committee of the Board duly authorized by the Board to administer the Plan. If no committee is duly
authorized by the Board to administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the Plan. 

2.13 “Common Stock” means the Class A common stock, $0.001 par value per share, of the Company. 

2.14 “Company” means Berry Petroleum Corporation, a Delaware corporation, and its successors by operation of law. 

2.15 “Consultant” means any natural person who is an advisor or consultant to the Company or its Affiliates. 

2.16 “Disability” means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a
Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability shall only be deemed to occur at the time of the determination by the Committee of the Disability. Notwithstanding the
foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code. 

  
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 2.17 “Dispute Notice” has the meaning set forth in
Section 5.4(c). 
 2.18 “Effective Date” means the effective date of the Plan as defined in Article
15. 
 2.19 “Eligible Employees” means each employee of the Company or an Affiliate. 

2.20 “Eligible Individual” means an Eligible Employee or Consultant who is designated by the Committee in its discretion as eligible
to receive Awards subject to all of the terms and the conditions set forth herein. 
 2.21 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable
provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 
 2.22 “Fair
Market Value” means, for purposes of the Plan, as of any date: (a) with respect to any security (including the Common Stock) that is traded, listed or otherwise reported or quoted on a national securities exchange, the last sales price
reported for such security on the applicable date on the principal national securities exchange in the United States on which it is then traded, listed or otherwise reported or quoted; or (b) (i) with respect to any security (including the
Common Stock) that is not traded, listed or otherwise reported or quoted on a national securities exchange, or (ii) with respect to any property that is not a security, the Committee shall determine in good faith the price at which the
applicable security or other property would be sold by a willing buyer to a willing seller, neither acting under compulsion, taking into account the requirements of Section 409A of the Code and any other applicable laws, rules or regulations
and without applying any discounts for minority interest, illiquidity or other similar factors. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For
purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a day on which the applicable market is open, the next day that it is open. 

2.23 “Family Member” means “family member” as defined in Section A.1.(a)(5) of the general instructions of Form S-8 of the United States Securities and Exchange Commission. 
 2.24 “Good Reason” means, unless
otherwise determined by the Committee in the applicable Award Agreement, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company
or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “good reason” (or words of like import)), the occurrence, without the Participant’s written consent,
of any of the following events: (i) a reduction in the Participant’s base salary; (ii) any material reduction in the Participant’s title, authority or responsibilities; or (iii) relocation of the Participant’s primary
place of employment to a location more than fifty (50) miles from (x) the Company’s location, if the Participant is employed by the Company, or (y) the employing Affiliate’s location, if the Participant is employed by an
Affiliate (with the employing entity, the “Employer”). If Termination is by the Participant with Good Reason, the Participant will give the Participant’s Employer written notice, which will identify with reasonable specificity the
grounds for the Participant’s resignation and provide the Participant’s Employer with thirty (30) days from the day such notice is given to cure the alleged grounds for resignation contained in the notice. A Termination will not be
for Good Reason if the Participant’s Employer has cured the alleged grounds for resignation contained in the notice within thirty 

  
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(30) days after receipt of such notice or if such notice is given by the Participant to the Participant’s Employer more than thirty (30) days after the occurrence of the event that the
Participant alleges is Good Reason for the Participant’s Termination hereunder. In order for a Termination to be for Good Reason, the Employer must fail to remedy the alleged grounds for resignation within the cure period, and the Participant
must actually terminate employment with the Employer within ninety (90) days after the expiration of the cure period; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar
agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “good reason” (or words of like import), “good reason” as defined under such agreement;
provided, however, that with regard to any agreement under which the definition of “good reason” only applies on occurrence of a Change in Control, such definition of “good reason” shall not apply until a Change in
Control actually takes place and then only with regard to a termination thereafter. 
 2.25 “Incentive Stock Option” means any
Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries and its Parents (if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

2.26 “Non-Qualified Stock Option” means any Stock Option awarded under the Plan that is not
an Incentive Stock Option. 
 2.27 “Other Cash-Based Award” means an Award granted pursuant to
Section 9.3 of the Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion. 

2.28 “Other Stock-Based Award” means an Award under Article 9 of the Plan that is valued in whole or in part by reference to,
or is payable in or otherwise based on, Common Stock, including, without limitation, an Award valued by reference to an Affiliate. 
 2.29
“Outside Director” has the meaning set forth in Section 4.4. 
 2.30 “Parent” means any parent
corporation of the Company within the meaning of Section 424(e) of the Code. 
 2.31 “Participant” means an Eligible
Individual to whom an Award has been granted pursuant to the Plan. 
 2.32 “Performance Award” means an Award granted to a
Participant pursuant to Article 8 hereof contingent upon achieving certain Performance Goals. 
 2.33 “Performance Goals”
means the performance goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable. 

2.34 “Performance Period” means the designated period during which the Performance Goals must be satisfied with respect to the Award
to which the Performance Goals relate. 
 2.35 “Plan” means this Berry Petroleum Corporation 2017 Omnibus Incentive Plan, as
amended from time to time. 
 2.36 “Proceeding” has the meaning set forth in Section 13.8. 

  
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 2.37 “Registration Date” means the date on which (a) the Company sells shares of
its Common Stock in a bona fide, firm commitment underwriting pursuant to a registration statement under the Securities Act or (b) the Common Stock is listed for traded on a national securities exchange. 

2.38 “Reorganization” has the meaning set forth in Section 4.2(b)(ii). 

2.39 “Repurchase Closing” has the meaning set forth in Section 5.4(b). 

2.40 “Repurchase Closing Date” has the meaning set forth in Section 5.4(d). 

2.41 “Repurchase Notice” has the meaning set forth in Section 5.4(b). 

2.42 “Repurchase Price” has the meaning set forth in Section 5.4(a). 

2.43 “Restricted Stock” means an Award of shares of Common Stock under the Plan that is subject to restrictions under Article
7. 
 2.44 “Restriction Period” has the meaning set forth in Section 7.3(a) with respect to
Restricted Stock. 
 2.45 “Rule 16b-3” means Rule
16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision. 

2.46 “Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and any
applicable Treasury Regulations and other official guidance thereunder. 
 2.47 “Securities Act” means the Securities Act of 1933,
as amended and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such
section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.48 “Stock Option” or “Option” means any option to purchase shares of Common Stock granted to Eligible Individuals granted
pursuant to Article 6. 
 2.49 “Subsidiary” means any subsidiary corporation of the Company within the meaning of
Section 424(f) of the Code. 
 2.50 “Ten Percent Stockholder” means a person owning stock possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent. 
 2.51
“Termination” means a Termination of Consultancy or Termination of Employment, as applicable. 
 2.52 “Termination of
Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or any of its Affiliates; or (b) when an entity (other than the Company) which is retaining a Participant as a Consultant ceases to be an
Affiliate, unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that a Consultant becomes an Eligible Employee upon the termination
of such 

  
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Consultant’s consultancy, unless otherwise determined by the Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until such time as such Consultant is
no longer a Consultant or an Eligible Employee. Notwithstanding the foregoing, the Committee may otherwise define Termination of Consultancy in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of
Consultancy thereafter, provided that any such change to the definition of the term “Termination of Consultancy” does not subject the applicable Award to Section 409A of the Code. 

2.53 “Termination of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of
absence granted by the Company) of a Participant from the Company and all of its Affiliates; or (b) when an entity (other than the Company) which is employing a Participant ceases to be an Affiliate, unless the Participant otherwise is, or
thereupon becomes, employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes a Consultant upon the termination of such Eligible Employee’s employment, unless
otherwise determined by the Committee, in its sole discretion, no Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee or a Consultant. Notwithstanding the foregoing, the
Committee may otherwise define Termination of Employment in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Employment thereafter, provided that any such change to the definition of the
term “Termination of Employment” does not subject the applicable Award to Section 409A of the Code. 
 2.54
“Transfer” means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance of equity in any entity), whether for value or no value and
whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in
any entity) whether for value or for no value and whether voluntarily or involuntarily (including by operation of law). “Transferred” and “Transferable” shall have correlative meanings. 

ARTICLE 3 

ADMINISTRATION 
 3.1
The Committee. The Plan shall be administered and interpreted by the Committee. To the extent required by applicable law, rule or regulation, it is intended that each member of the Committee shall qualify as (a) a “non-employee director” under Rule 16b-3 and (b) an “independent director” under the rules of any national securities exchange or national securities
association, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such failure to qualify. 

3.2 Grants of Awards. The Committee shall have full authority to grant, pursuant to the terms of the Plan, to Eligible
Individuals: (i) Stock Options, (ii) Restricted Stock, (iii) Performance Awards; (iv) Other Stock-Based Awards; and (v) Other Cash-Based Awards. In particular, the Committee shall have the authority: 

(a) to select the Eligible Individuals to whom Awards may from time to time be granted hereunder, subject, for the avoidance of doubt, to the
limitations set forth in Section 4.1; 
 (b) to determine whether and to what extent Awards, or any combination
thereof, are to be granted hereunder to one or more Eligible Individuals, subject, for the avoidance of doubt, to the limitations set forth in Section 4.1; 

  
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 (c) to determine the number of shares of Common Stock to be covered by each Award granted
hereunder; 
 (d) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder
(including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the shares of Common
Stock relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion); 
 (e) to determine the
amount of cash to be covered by each Award granted hereunder; 
 (f) to determine whether, to what extent and under what circumstances grants
of Options and other Awards under the Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan; 

(g) to determine whether and under what circumstances an Award may be cancelled, forfeited, exchanged or surrendered; 

(h) to determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under
Section 6.4(d); 
 (i) to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; 
 (j) to impose a “blackout” period during which Options may not be
exercised; 
 (k) to determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise
dispose of shares of Common Stock acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award; 

(l) to modify, extend or renew an Award, subject to Article 11 and Section 6.4(l), provided,
however, that such action does not subject the Award to Section 409A of the Code without the consent of the Participant; and 

(m) solely to the extent permitted by applicable law, to determine whether, to what extent and under what circumstances to provide loans (which
may be on a recourse basis and shall bear interest at the rate the Committee shall provide) to Participants in order to exercise Options under the Plan. 

For the sake of clarity and to the extent permitted by applicable law, the Board or the Committee may delegate to an officer of the Company
the authority to make Awards hereunder. 
 3.3 Guidelines. Subject to Article 11 hereof, the Committee shall have the
authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable stock
exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreements relating thereto); and to otherwise supervise the
administration of the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose
and intent of the 

  
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Plan. The Committee may adopt special guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with
applicable tax and securities laws of such domestic or foreign jurisdictions. Notwithstanding the foregoing, no action of the Committee under this Section 3.3 shall impair the rights of any Participant without the
Participant’s consent. To the extent applicable, the Plan is intended to comply with the applicable requirements of Rule 16b-3, and the Plan shall be limited, construed and interpreted in a manner so as
to comply therewith. 
 3.4 Decisions Final. Any decision, interpretation or other action made or taken in good faith under the
Plan, by or at the direction of the Company, the Board or the Committee (or any of its members), shall be final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators,
successors and assigns. 
 3.5 Designation of Consultants/Liability. 

(a) The Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the Plan
and (to the extent permitted by applicable law and applicable exchange rules) may grant authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Committee. 

(b) The Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may
rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be
paid by the Company. The Committee, its members and any person designated or granted authority pursuant to sub-section (a) above shall not be liable for any action or determination made in good faith with
respect to the Plan. To the maximum extent permitted by applicable law, no officer or employee of the Company or its Affiliates or member or former member of the Committee or of the Board shall be liable for any action or determination made in good
faith with respect to the Plan or any Award granted under it. 
 ARTICLE 4 

SHARE LIMITATION 
 4.1
Shares. 
 (a) The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect
to which Awards may be granted under the Plan shall not exceed 6,876,500 shares (subject to any increase or decrease pursuant to Section 4.2) (the “Share Reserve”), which may be either authorized and
unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or both. 
 (b) The maximum number of shares of
Common Stock with respect to which Incentive Stock Options may be granted under the Plan shall be equal to the Share Reserve. If any Option or Other Stock-Based Award granted under the Plan expires, terminates or is canceled for any reason without
having been exercised in full, the number of shares of Common Stock underlying any unexercised Award shall again be available for the purpose of Awards under the Plan. If any shares of Restricted Stock, Performance Awards or Other Stock-Based Awards
denominated in shares of Common Stock awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in shares of Common Stock
shall again be available for purposes of Awards under the Plan. Any Award under the 

  
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Plan settled in cash shall not be counted against the foregoing maximum share limitations. To the extent an Award is denominated in shares of Common Stock, but paid or settled in cash, the number
of shares of Common Stock with respect to which such payment or settlement is made shall again be available for grants of Awards under the Plan. 

4.2 Changes. 
 (a)
The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change
in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock,
(iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate or (vi) any other corporate act or proceeding. 

(b) Subject to the provisions of Section 10.1: 

(i) If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Common Stock into a greater number of
shares of Common Stock, or combines (by reverse split, combination or otherwise) its outstanding Common Stock into a lesser number of shares of Common Stock, then the respective exercise prices for outstanding Awards that provide for a Participant
elected exercise and the number of shares of Common Stock covered by outstanding Awards may be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(ii) Excepting transactions covered by Section 4.2(b)(i), if the Company effects any merger, consolidation,
statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company’s assets or business, or other corporate transaction or event in such a manner that the
Company’s outstanding shares of Common Stock are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other
property of the Company or other entity (each, a “Reorganization”), then, subject to the provisions of Section 10.1, (A) the aggregate number or kind of securities that thereafter may be issued under the
Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as
applicable), or (C) the purchase price thereof, may be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(iii) If there shall occur any change in the capital structure of the Company other than those covered by
Section 4.2(b)(i) or 4.2(b)(ii), including by reason of any extraordinary dividend (whether cash or equity), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or
exercisable for, any class of equity securities of the Company, then the Committee may equitably adjust all outstanding Awards and make such other adjustments to the Plan to prevent dilution or enlargement of the rights granted to, or available for,
Participants under the Plan. 
 (iv) Any such adjustment determined by the Committee pursuant to this
Section 4.2(b) shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Any adjustment to, or assumption or
substitution of, an Award under this Section 4.2(b) shall be intended to comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any
amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.2 or in the applicable Award Agreement, a Participant shall have no additional rights under the Plan by reason of any transaction
or event described in this Section 4.2. 

  
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 (v) Fractional shares of Common Stock resulting from any adjustment in Awards pursuant to
Section 4.2(a) or this Section 4.2(b) shall be aggregated until, and eliminated at, the time of exercise or payment by rounding-down for fractions less than
one-half and rounding-up for fractions equal to or greater than one-half. No cash settlements shall be required with respect to
fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all
purposes of the Plan. 
 4.3 Minimum Purchase Price. Notwithstanding any provision of the Plan to the contrary, if authorized
but previously unissued shares of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under applicable law. 

4.4 Award Limitations. The aggregate grant date fair value for financial reporting purposes of Awards granted during a calendar
year to a non-employee member of the Board (an “Outside Director”) as compensation for his or her services as a director shall not exceed (i) $650,000 in total value in the case of an Outside
Director other than the Chairman of the Board, and (ii) $1,000,000 in total value in the case of the Chairman of the Board. For the avoidance of doubt, Awards granted to Outside Directors shall be subject to all of the other limitations set forth in
the Plan. Except as set forth in this Section 4.4, there is no limit on the amount of cash and securities (other than the overall Plan limit on shares of Common Stock as provided in Section 4.1)
that may be subject to Awards to any Eligible Individual under the Plan. 
 ARTICLE 5 

ELIGIBILITY 
 5.1
General Eligibility. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee in its sole
discretion, subject to the terms of the Plan, including, without limitation, Section 4.1. 
 5.2 Incentive
Stock Options. Notwithstanding the foregoing, only Eligible Employees of the Company, its Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock
Option and actual participation in the Plan shall be determined by the Committee in its sole discretion. 
 5.3 General
Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee or Consultant, respectively. 

5.4 Company Repurchase Right. 

(a) Repurchase Right. Upon a Termination of the Participant, the Company shall have the right (but not the obligation) to repurchase all
or any portion of the shares of Common Stock acquired and still held by the Participant pursuant to an Award (such shares of Common Stock, the “Award Shares”) at a price equal to the Fair Market Value of the shares of Common Stock
to be repurchased, measured as of the date of the Repurchase Notice (as defined in Section 5.4(b)) (the “Repurchase Price”). The duration and other material terms of the Company’s repurchase right
pursuant to this Section 5.4 shall be determined by the Board and may vary among Eligible Employees and Awards. 

  
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 (b) Repurchase Notice. In order to exercise its right pursuant to
Section 5.4, the Company must deliver a written notice to the Participant (the “Repurchase Notice”), which Repurchase Notice shall set forth the number of Award Shares to be acquired, the Repurchase Price,
and the time and place for the closing of the repurchase contemplated by this Section 5.4 (the “Repurchase Closing”). 

(c) Fair Market Value Dispute. If, within thirty (30) days of the Participant’s receipt of the Repurchase Notice, the
Participant delivers to the Company a statement setting forth the Participant’s disagreement with the Fair Market Value determination and including the Participant’s proposed Fair Market Value (the “Dispute Notice”), then
the Company and the Participant will, within thirty (30) days of the Participant’s delivery of the Dispute Notice, engage a nationally recognized accounting firm experienced in the valuation of private companies that is mutually agreeable
to the Participant and the Committee and independent of each of the parties (the “Auditor”), to resolve such dispute. For this purpose, an accounting firm shall be considered independent of each of the parties if, within the prior two-year period, the accounting firm has neither (i) provided any services to the Company or any of its Affiliates, nor (ii) performed any substantial services for the Participant. The Company, the
Committee and the Participant shall promptly provide the Auditor with any information requested by the Auditor as necessary or appropriate in resolving such dispute. The Auditor shall review such information and, within thirty (30) days of its
appointment, shall deliver its determination of Fair Market Value, which, absent a court’s finding of fraud or manifest error, shall be binding on the parties; provided, that the Auditor shall not be permitted or authorized to determine
a Fair Market Value that is outside of the range between the Fair Market Value proposed by the Committee and the Fair Market Value proposed by the Participant in the Dispute Notice. The fees and expenses of the Auditor shall be borne by (x) the
Company, if the final Fair Market Value determined by the Auditor is greater than 107.5% of the Fair Market Value initially determined by the Committee, and (y) the Participant, if the final Fair Market Value determined by the Auditor is less
than or equal to 107.5% of the Fair Market Value initially determined by the Committee. 
 (d) Repurchase Closing. The Repurchase
Closing shall take place on the date designated by the Company in the Repurchase Notice, which date shall be on or before the thirtieth day following the date of the Repurchase Notice (the “Repurchase Closing Date”). On the
Repurchase Closing Date, the Company must pay for the Award Shares to be purchased by it in cash, payable by, at the Company’s election, delivery of a cashier’s or bank check or a wire transfer of immediately available funds. 

(e) Liquidity Limitations. If payment of all or a portion of the Repurchase Price by the Company would violate applicable law or any
bona fide third party credit agreements to which the Company is a party (the “Bona Fide Agreements”), the Company may pay such portion of the Repurchase Price as soon as practicable following the lapse of such prohibitions or
restrictions, but in any event no later than the second anniversary of the original Repurchase Closing Date. If permitted by applicable law and the Bona Fide Agreements, the Company will issue an unsecured promissory note to the Participant in the
event of any tolling under this Section 5.4(e), which promissory note will bear interest at the prime rate as published in The Wall Street Journal for the day immediately preceding the date of the issuance of the
promissory note. 
 (f) Expiration of Repurchase Rights. The repurchase rights granted in this Section 5.4
shall terminate upon the Registration Date. 

  
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 ARTICLE 6 

STOCK OPTIONS 
 6.1
Options. Stock Options may be granted alone or in addition to other Awards granted under the Plan. Each Stock Option granted under the Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. 
 6.2 Grants. The Committee shall have the authority to grant to
any Eligible Employee one or more Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options, in each case, pursuant to an Award Agreement. The Committee shall have the authority to
grant any Consultant one or more Non-Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its
exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option. 

6.3 Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive
Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of the Participants
affected, to disqualify any Incentive Stock Option under such Section 422. 
 6.4 Terms of Options. Options granted under
the Plan shall be subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable, including those set forth
in an Award Agreement: 
 (a) Exercise Price. The exercise price per share of Common Stock subject to a Stock Option shall be
determined by the Committee at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair
Market Value of the Common Stock at the time of grant. 
 (b) Stock Option Term. The term of each Stock Option shall be fixed by the
Committee, provided that no Stock Option shall be exercisable more than 10 years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall
not exceed five years. 
 (c) Exercisability. Unless otherwise provided by the Committee in accordance with the provisions of this
Section 6.4, Stock Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. If the Committee provides,
in its discretion, that any Stock Option is exercisable subject to certain limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods), the Committee may waive such
limitations on the exercisability at any time at or after the time of grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be exercised),
based on such factors, if any, as the Committee shall determine, in its sole discretion. 
 (d) Method of Exercise. Subject to
whatever installment exercise and waiting period provisions apply under Section 6.4(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice
of exercise to the Company (or to its agent specifically designated for such purpose) specifying the number of shares of Common Stock to be purchased (which notice may be provided in an electronic form to the extent acceptable to the Committee


  
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and the Company). Such notice shall be accompanied by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of the
Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a
broker reasonably acceptable to the Committee to deliver promptly to the Company shares of Common Stock with an aggregate value equal to the purchase price; (iii) by having the Company withhold shares of Common Stock issuable upon exercise of
the Stock Option; or (iv) on such other terms and conditions as may be acceptable to the Committee (including, without limitation, with the consent of the Committee, by payment in full or in part in the form of Common Stock owned by the
Participant, based on the Fair Market Value of the Common Stock on the payment date as determined by the Committee). No shares of Common Stock shall be issued until payment therefor, as provided herein, has been made or provided for. 

(e) Non-Transferability of Options. No Stock Option shall be Transferable by the Participant
other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole
discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such
circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is Transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently
Transferred other than by will or by the laws of descent and distribution; (ii) remains subject to the terms of the Plan and the applicable Award Agreement; and (iii) may be exercised by such Family Member. Any shares of Common Stock
acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a Transfer
after the exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement. 

(f) Termination by Death or Disability. Unless otherwise determined by the Committee at the time of grant, or if no rights of the
Participant are reduced, thereafter, if a Participant’s Termination is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may
be exercised by the Participant (or in the case of the Participant’s death, by the legal representative of the Participant’s estate) at any time within a period of one (1) year from the date of such Termination, but in no event beyond
the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant’s Termination by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock
Options held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from the date of such death, but in no event beyond the expiration of the stated
term of such Stock Options. 
 (g) Involuntary Termination Without Cause. Unless otherwise determined by the Committee at the time of
grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is by involuntary termination by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at
the time of the Participant’s Termination may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock
Options. 
 (h) Voluntary Resignation. Unless otherwise determined by the Committee at the time of grant, or if no rights of the
Participant are reduced, thereafter, if a Participant’s Termination is voluntary (other than a voluntary termination described in Section 6.4(i)(y) hereof), all Stock Options that are held by such Participant that are
vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of thirty (30) days from the date of such Termination, but in no event beyond the expiration of the stated
term of such Stock Options. 

  
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 (i) Termination for Cause. Unless otherwise determined by the Committee at the time of
grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination (x) is for Cause or (y) is a voluntary Termination (as provided in Section 6.4(h)) after the occurrence of an
event that would be grounds for a Termination for Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon terminate and expire as of the date of such Termination. 

(j) Unvested Stock Options. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant are
reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 

(k) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the
Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds
$100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary or any Parent at all times from the time an
Incentive Stock Option is granted until three months prior to the date of exercise thereof (or such other period as required by applicable law), such Stock Option shall be treated as a Non-Qualified Stock
Option. Should any provision of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend the Plan accordingly, without the necessity of
obtaining the approval of the stockholders of the Company. 
 (l) Form, Modification, Extension and Renewal of Stock Options. Subject
to the terms and conditions and within the limitations of the Plan, including those set forth in the following sentence, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may
(i) modify, extend or renew outstanding Stock Options granted under the Plan (provided that the rights of a Participant are not reduced without such Participant’s consent and provided, further, that such action does
not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock
Options or other Awards in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, except in connection with a corporate transaction involving the Company in accordance with
Section 4.2 (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), an outstanding Stock Option may not be modified to reduce the exercise price thereof nor may a new Stock Option at a lower price be substituted for a surrendered Stock
Option, unless such action is approved by the stockholders of the Company. 
 (m) Early Exercise. The Committee may provide that a
Stock Option include a provision whereby the Participant may elect at any time before the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to the Stock Option prior to the full
vesting of the Stock Option, and such shares shall be subject to the provisions of Article 7 and be treated as Restricted Stock, which will remain subject to the original vesting schedule applicable to the predecessor Stock Option. Unvested
shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Committee determines to be appropriate. 

  
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 (n) Other Terms and Conditions. The Committee may include a provision in an Award
Agreement providing for the automatic exercise of a Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified Stock Option as of such date, with respect to which the Fair Market Value of the shares of Common Stock underlying the Non-Qualified Stock Option exceeds the
exercise price of such Non-Qualified Stock Option on the date of expiration of such Option, subject to Section 13.4. Stock Options may contain such other provisions, which shall not
be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. The recipient of a Stock Option under this Article 6 shall not be entitled to receive, currently or on a deferred basis, dividends or dividend
equivalents in respect of the number of shares of Common Stock covered by the Stock Option. The Company will evidence each Participant’s ownership of Common Stock issued upon exercise of a Stock Option pursuant to a designated system, such as
book entries by the transfer agent; if a stock certificate for such shares of Common Stock is issued, it will be substantially in the form set forth in Section 7.2(c). 

ARTICLE 7 
 RESTRICTED
STOCK 
 7.1 Awards of Restricted Stock. Shares of Restricted Stock may be issued either alone or in addition to other
Awards granted under the Plan. The Committee shall determine the Eligible Individuals, to whom, and the time or times at which, grants of Restricted Stock shall be made, the number of shares to be awarded, the price (if any) to be paid by the
Participant (subject to Section 7.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. 

The Committee may condition the grant or vesting of Restricted Stock upon the attainment of specified performance targets (including, the
Performance Goals) or such other factor as the Committee may determine in its sole discretion. 
 7.2 Awards and Certificates.
If required by the Award Agreement, Eligible Individuals selected to receive Restricted Stock shall not have any right with respect to such Award, unless and until such Participant has delivered a fully executed copy of the Award Agreement
evidencing the Award to the Company, to the extent required by the Committee, and has otherwise complied with the applicable terms and conditions of such Award. Further, such Award shall be subject to the following conditions: 

(a) Purchase Price. The purchase price of Restricted Stock shall be fixed by the Committee. Subject to
Section 4.3, the purchase price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than par value. 

(b) Acceptance. Awards of Restricted Stock must be accepted within a period of sixty (60) days (or such shorter period as the
Committee may specify at grant) after the grant date, by executing a Restricted Stock Award Agreement and by paying whatever price (if any) the Committee has designated thereunder. 

  
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 (c) Legend. The Company will evidence each Participant’s ownership of Restricted
Stock pursuant to a designated system, such as book entries by the transfer agent. If a stock certificate for such shares of Restricted Stock is issued, such certificate shall be registered in the name of such Participant, and shall, in addition to
such legends required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

“The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented
hereby are subject to the terms and conditions (including forfeiture) of the Berry Petroleum Corporation (the “Company”) 2017 Omnibus Incentive Plan (the “Plan”) and an Agreement entered into between the
registered owner and the Company dated. Copies of such Plan and Agreement are on file at the principal office of the Company.” 
 (d)
Custody. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have
lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of
signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part or otherwise
transferred to the Company. 
 7.3 Restrictions and Conditions. The shares of Restricted Stock awarded pursuant to the Plan
shall be subject to the following restrictions and conditions: 
 (a) Restriction Period. 

(i) The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under the Plan during the period or periods set by
the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the Restricted Stock Award Agreement and such agreement shall set forth a vesting schedule and any event that would accelerate vesting of
the shares of Restricted Stock. Within these limits, based on service, attainment of Performance Goals pursuant to Section 7.3(a)(ii) and/or such other factors or criteria as the Committee may determine in its sole
discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Stock Award and/or waive the deferral limitations
for all or any part of any Restricted Stock Award. 
 (ii) If the grant of shares of Restricted Stock or the lapse of restrictions is based
on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage of the Restricted Stock applicable to each Participant or class of Participants in writing prior to the
beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or
adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. 

  
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 (b) Rights as a Stockholder. Except as provided in
Section 7.3(a) and this Section 7.3(b) or as otherwise determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the
rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to receive dividends (the payment of which may be deferred until, and conditioned upon, the expiration of the applicable Restriction Period, as
determined in the Committee’s sole discretion), the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. 

(c) Termination. Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter,
subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason during the relevant Restriction Period, all Restricted Stock still subject to restriction will be forfeited in accordance
with the terms and conditions established by the Committee at grant or thereafter. 
 (d) Lapse of Restrictions. If and when the
Restriction Period expires without a prior forfeiture of the shares of Restricted Stock, such earned shares (and to the extent ownership of such shares is evidenced by stock certificates, the stock certificates for such shares) shall be delivered to
the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee. 

ARTICLE 8 
 PERFORMANCE
AWARDS 
 8.1 Performance Awards. The Committee may grant a Performance Award to a Participant payable upon the attainment
of specific Performance Goals. If the Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with Article 7. If the
Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market Value of such shares), as determined by the Committee,
in its sole and absolute discretion. Each Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may from time to time approve. 

8.2 Terms and Conditions. Performance Awards awarded pursuant to this Article 8 shall be subject to the following terms
and conditions: 
 (a) Earning of Performance Award. At the expiration of the applicable Performance Period, the Committee shall
determine the extent to which the Performance Goals are achieved and the percentage of each Performance Award that has been earned. 
 (b)
Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, Performance Awards may not be Transferred during the Performance Period. 

(c) Dividends. To the extent determined by the Committee in an Award Agreement evidencing a Performance Award, a Participant shall be
entitled to receive an amount equal to the dividends paid on the number of shares of Common Stock covered by the Performance Award; provided that the Committee may, in its sole discretion, provide for either of the following in the Award
Agreement at the time of grant: (i) dividends or dividend equivalents will be paid as accrued but will be subject to the same vesting terms and conditions as the underlying Performance Award; or (ii) payment of dividends or dividend
equivalents shall be deferred until, and conditioned upon, settlement of the underlying Performance Award. 

  
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 (d) Payment. Following the Committee’s determination in accordance with
Section 8.2(a), the Company shall settle Performance Awards, in such form (including, without limitation, in shares of Common Stock or in cash) as determined by the Committee, in an amount equal to such Participant’s
earned Performance Awards. Notwithstanding the foregoing, the Committee may, in its sole discretion, award an amount less than the earned Performance Awards and/or subject the payment of all or part of any Performance Award to additional vesting,
forfeiture and deferral conditions as it deems appropriate. 
 (e) Termination. Subject to the applicable provisions of the Award
Agreement and the Plan, upon a Participant’s Termination for any reason during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions
established by the Committee at grant. 
 (f) Accelerated Vesting. Based on service, performance and/or such other factors or
criteria, if any, as the Committee may determine, the Committee may, at or after grant, accelerate the vesting of all or any part of any Performance Award. 

ARTICLE 9 
 OTHER
STOCK-BASED AND CASH-BASED AWARDS 
 9.1 Other Stock-Based Awards. The Committee is authorized to grant to Eligible
Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to shares of Common Stock, including but not limited to, shares of Common Stock awarded purely as a bonus and not
subject to restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or an Affiliate, stock equivalent units, restricted stock units, and Awards
valued by reference to book value of shares of Common Stock. Other Stock- Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan. 

Subject to the provisions of the Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or
times at which, such Awards shall be made, the number of shares of Common Stock to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Common Stock under such Awards upon the
completion of a specified Performance Period. 
 The Committee may condition the grant or vesting of Other Stock-Based Awards upon the
attainment of specified Performance Goals as the Committee may determine, in its sole discretion. 
 9.2 Terms and Conditions.
Other Stock-Based Awards made pursuant to this Article 9 shall be subject to the following terms and conditions: 
 (a) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, shares of Common Stock subject to Awards made under this Article 9 may not be Transferred prior to the date
on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 
 (b)
Dividends. To the extent determined by the Committee in an Award Agreement evidencing an Other Stock-Based Award, a Participant shall be entitled to receive an amount equal to the dividends paid on the number of shares of Common Stock covered
by Awards made under this Article 9; provided that the Committee may, in its sole discretion, provide for either of the following in the Award Agreement at the time of grant: (i) dividends or dividend equivalents will be paid as
accrued but will be subject to the same vesting terms and conditions as the underlying Award; or (ii) payment of dividends or dividend equivalents shall be deferred until, and conditioned upon, settlement of the underlying Award. 

  
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 (c) Vesting. Any Award under this Article 9 and any Common Stock covered by any
such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion. 

(d) Price. Common Stock issued on a bonus basis under this Article 9 may be issued for no cash consideration. Common Stock
purchased pursuant to a purchase right awarded under this Article 9 shall be priced, as determined by the Committee in its sole discretion. 

9.3 Other Cash-Based Awards. The Committee may from time to time grant Other Cash-Based Awards to Eligible Individuals in such
amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Other Cash-Based Awards may be granted
subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its
sole discretion. The grant of an Other Cash-Based Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder. 

ARTICLE 10 
 CHANGE IN
CONTROL PROVISIONS 
 10.1 Benefits. In the event of a Change in Control of the Company (as defined below), and except as
otherwise provided by the Committee in an Award Agreement, a Participant’s unvested Awards shall not vest automatically and a Participant’s Awards shall be treated in accordance with one or more of the following methods as determined by
the Committee: 
 (a) Awards, whether or not then vested, shall be continued, assumed, or have new rights substituted therefor, as determined
by the Committee in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change
in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Common Stock on such terms as determined by the Committee; provided that the Committee
may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the
requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto). 
 (b) The
Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate for an amount of cash equal to the excess (if any) of the Change in Control Price (as defined below) of the shares of Common Stock covered
by such Awards, over the aggregate exercise price of such Awards. For purposes hereof, “Change in Control Price” shall mean the highest price per share of Common Stock paid in respect of the transaction that constitutes a Change in
Control of the Company. 
 (c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options or any
Other Stock-Based Award that provides for a Participant elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of
the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such
Participant’s Awards that are then outstanding (without regard to any limitations on exercisability 

  
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otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, provided that, if the Change in Control does not
take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void. 

(d) The Committee may, in its sole discretion, make any other determination as to the treatment of Awards in connection with such Change in
Control as the Committee may determine. Any escrow, holdback, earnout or similar provisions in the definitive agreement(s) relating to such transaction may apply to any payment to the holders of Awards to the same extent and in the same manner as
such provisions apply to the holders of shares of Common Stock. 
 Notwithstanding any other provision herein to the contrary, the Committee
may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time. 
 10.2 Change in
Control. Unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee, a “Change in Control” shall be deemed to occur if: 

(a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other
fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common Stock of the Company),
becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the
Company’s then outstanding securities; 
 (b) during any period of 24 consecutive calendar months, individuals who were directors of the
Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director subsequent to the first day of such
period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least two-thirds of the Incumbent Directors will be considered as though such individual were
an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a “person” (as used in Section 13(d) of the Exchange Act), in each case, other than the Board, which individual, for the avoidance of doubt, shall not be deemed to
be an Incumbent Director for purposes of this Section 10.2(b), regardless of whether such individual was approved by a vote of at least two-thirds of the Incumbent Directors; 

(c) consummation of a reorganization, merger, consolidation or other business combination (any of the foregoing, a “Business
Combination”) of the Company or any direct or indirect Subsidiary with any other corporation, in any case with respect to which the Company voting securities outstanding immediately prior to such Business Combination do not, immediately
following such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the Company or any ultimate parent thereof) more than 50% of the then outstanding voting securities entitled to
vote generally in the election of directors of the Company (or its successor) or any ultimate parent thereof after the Business Combination; or 

(d) (i) a complete liquidation or dissolution of the Company or (ii) the consummation of a sale or disposition of all or
substantially all of the assets of the Company and its Subsidiaries (on a consolidated basis) in one or a series of related transactions. 

  
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 Notwithstanding the foregoing, with respect to any Award that is characterized as
“nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a
“change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

ARTICLE 11 
 TERMINATION
OR AMENDMENT OF PLAN 
 Notwithstanding any other provision of the Plan, the Board may at any time, and from time to time, amend, in
whole or in part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement referred to in Article 13 or Section 409A of the Code), or suspend
or terminate it entirely, retroactively or otherwise; provided, however, that the rights of a Participant, with respect to all Awards granted prior to such amendment, suspension or termination, may not be impaired in any way without
the express written consent of such Participant. Notwithstanding anything in this Article 11 to the contrary, the Board may amend the Plan or any Award or Award Agreement at any time, and without Participant consent, to the extent necessary
to comply with applicable law, including Section 409A of the Code. The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article 4 or except as otherwise specifically provided
herein, no such amendment or other action by the Committee shall impair the rights of any Award holder in any way without the holder’s express written consent. 

ARTICLE 12 
 UNFUNDED
STATUS OF PLAN 
 The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect
to any payment as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured
creditor of the Company. 
 ARTICLE 13 

GENERAL PROVISIONS 
 13.1
Legend. The Committee may require each person receiving shares of Common Stock pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the shares
without a view to distribution thereof. In addition to any legend required by the Plan, the certificates for such shares (if any) may include any legend that the Committee deems appropriate to reflect any restrictions on Transfer. All certificates
for shares of Common Stock (to the extent such shares are certificated) delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange system or
over-the-counter market upon whose system the Common Stock is then quoted, any applicable federal or state securities law, and any applicable corporate law, and the
Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 13.2
Other Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally
applicable or applicable only in specific cases. 

  
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 13.3 No Right to Employment/Consultancy. Neither the Plan nor the grant of any
Option or other Award hereunder shall give any Participant or other employee or Consultant any right with respect to continuance of employment or consultancy by the Company or any Affiliate, nor shall the Plan nor the grant of any Option or other
Award hereunder limit in any way the right of the Company or any Affiliate by which an employee is employed or a Consultant is retained to terminate such employment or consultancy at any time. 

13.4 Withholding of Taxes. 

(a) General. Subject to Section 13.4(b), as a condition to the settlement of any Award hereunder, a
Participant shall be required to pay in cash, or to make other arrangements reasonably satisfactory to the Company (including, without limitation, authorizing withholding from payroll and any other amounts payable to the Participant), an amount
sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its good faith discretion, deems necessary to comply with the Code
and/or any other applicable law, rule or regulation with respect to the Award. Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such Shares.

 (b) Common Stock Not Publicly Traded. Notwithstanding anything to the contrary in Section 13.4(a), in the
event the shares of Common Stock are not listed for trading on an established securities exchange on the date an Award vests and/or is settled, then the Company shall, at the request of the Participant, deduct or withhold shares of Common Stock
having a Fair Market Value equal to the amount required to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) to the maximum extent permitted by the
accounting rules applicable to the Company as then in effect without adverse accounting treatment. 
 13.5 No Assignment of
Benefits. No Award or other benefit payable under the Plan shall, except as otherwise specifically provided by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and
any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against
such person. 
 13.6 Listing and Other Conditions. 

(a) Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange, system sponsored by
a national securities association or recognized over-the-counter market, the issuance of shares of Common Stock pursuant to an Award shall be conditioned upon such
shares being listed on such exchange, system or market. The Company shall have no obligation to issue such shares unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall be
suspended until such listing has been effected. 
 (b) If at any time counsel to the Company shall be of the opinion that any sale or
delivery of shares of Common Stock pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction,
the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and
the right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company. 

  
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 (c) Upon termination of any period of suspension under this
Section 13.6, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would otherwise have become
available during the period of such suspension, but no such suspension shall extend the term of any Award. 
 (d) A Participant shall be
required to supply the Company with certificates, representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company
deems necessary or appropriate. Without limiting the foregoing, as a condition to (i) receiving an Award under the Plan and (ii) receiving any Common Stock in settlement of an Award, the Participant agrees that, if any underwritten public
offering is undertaken by the Company for its own account or on account of a third party pursuant to customary registration rights (other than registration on Form S-8,
S-4 or any successor or similar form), the Participant will not effect any public sale or distribution of any shares of Common Stock, or securities convertible into or exchangeable or exercisable for shares of
Common Stock, during the 180-day period following such offering, unless otherwise agreed to in writing by the Company. 

13.7 Governing Law. The Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws
of the State of Texas (regardless of the law that might otherwise govern under applicable Texas principles of conflict of laws). 
 13.8
Jurisdiction; Waiver of Jury Trial. Any suit, action or proceeding with respect to the Plan or any Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the
courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, the
Company and each Participant shall irrevocably and unconditionally (a) submit in any proceeding relating to the Plan or any Award Agreement, or for the recognition and enforcement of any judgment in respect thereof (a
“Proceeding”), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the
foregoing, and agree that Tax claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consent that any such Proceeding may and shall be
brought in such courts and waives any objection that the Company and each Participant may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and
agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to the Plan or any Award Agreement, (d) agree that service of process in
any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant’s address shown
in the books and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel, and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other
manner permitted by the laws of the State of Texas. 

  
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 13.9 Construction. Wherever any words are used in the Plan or an Award Agreement in
the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used
in the plural form in all cases where they would so apply. 
 13.10 Other Benefits. No Award granted or paid out under the Plan
shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of
benefits is related to the level of compensation. 
 13.11 Costs. The Company shall bear all expenses associated with
administering the Plan, including expenses of issuing Common Stock pursuant to Awards hereunder. 
 13.12 No Right to Same
Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 

13.13 Death/Disability. The Committee may in its discretion require the transferee of a Participant to supply it with written
notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an
Award. The Committee may also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan and the applicable Award Agreement. 

13.14 Section 16(b) of the Exchange Act. All elections and transactions under the Plan by
persons subject to Section 16 of the Exchange Act involving shares of Common Stock are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt
written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder. 

13.15 Section 409A of the Code. The Plan is intended to comply with the applicable requirements
of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with
Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary,
any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision shall
be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the
Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and
not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be
made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A of the Code) shall be
delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay
period. 

  
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 13.16 Successors and Assigns. The Plan and any applicable Award Agreement(s) shall
be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate. 

13.17 Severability of Provisions. If any provision of the Plan or any Award Agreement shall be held invalid or unenforceable,
such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan and/or Award Agreement shall be construed and enforced as if such provisions had not been included. 

13.18 Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent person or other person
incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the
Company, its Affiliates and their officers, directors/managers, employees, agents and representatives with respect thereto. 
 13.19
Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 

13.20 Company Recoupment of Awards. A Participant’s rights with respect to any Award hereunder shall in all events be
subject to any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to
time by the U.S. Securities and Exchange Commission. 
 ARTICLE 14 

EFFECTIVE DATE OF PLAN 

The Plan shall become effective upon its adoption by the Board. 

ARTICLE 15 
 TERM OF PLAN

 No Award shall be granted pursuant to the Plan on or after June 15, 2027, but Awards granted prior to such date may extend
beyond that date. 
 ARTICLE 16 

NAME OF PLAN 
 The Plan
shall be known as the “Berry Petroleum Corporation 2017 Omnibus Incentive Plan.” 

  
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