EX-4.1


 Exhibit 4.1 

Execution Version 
 DEPOSIT
AGREEMENT 
 among 

PENN VIRGINIA CORPORATION 

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 

as Depositary 
 and

 THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of June 16, 2014 






 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	Article I	 	 DEFINED TERMS
	  	 	1	  
				
		 	Section 1.1	 	 Definitions
	  	 	1	  
			
	Article II	 	 FORM OF RECEIPTS, DEPOSIT OF SERIES B CONVERTIBLE PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	  	 	3	  
				
		 	Section 2.1	 	 Form and Transfer of Receipts
	  	 	3	  
		 	Section 2.2	 	 Deposit of Series B Convertible Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	  
		 	Section 2.3	 	 Registration of Transfer of Receipts
	  	 	4	  
		 	Section 2.4	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series B Convertible Preferred Stock
	  	 	5	  
		 	Section 2.5	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	5	  
		 	Section 2.6	 	 Lost Receipts, etc.
	  	 	6	  
		 	Section 2.7	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	6	  
		 	Section 2.8	 	 Conversion of Depositary Shares
	  	 	6	  
		 	Section 2.9	 	 Receipts Issuable in Global Registered Form
	  	 	7	  
		 	Section 2.10	 	 Transfer Restrictions
	  	 	8	  
			
	Article III	 	 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS, THE CORPORATION AND THE DEPOSITARY
	  	 	11	  
				
		 	Section 3.1	 	 Filing Proofs, Articles of Amendments and Other Information
	  	 	11	  
		 	Section 3.2	 	 Payment of Taxes or Other Governmental Charges
	  	 	11	  
		 	Section 3.3	 	 Warranty as to Series B Convertible Preferred Stock
	  	 	11	  
		 	Section 3.4	 	 Warranty as to Receipts
	  	 	11	  
		 	Section 3.5	 	 Corporate Existence and Authority of the Depositary
	  	 	11	  
		 	Section 3.6	 	 Rule 144A Information
	  	 	12	  
			
	Article IV	 	 THE DEPOSITED SECURITIES; NOTICES
	  	 	12	  
				
		 	Section 4.1	 	 Cash Distributions
	  	 	12	  
		 	Section 4.2	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	13	  
		 	Section 4.3	 	 Subscription Rights, Preferences or Privileges
	  	 	13	  
		 	Section 4.4	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	14	  
		 	Section 4.5	 	 Voting Rights
	  	 	14	  
		 	Section 4.6	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	14	  
		 	Section 4.7	 	 Delivery of Reports
	  	 	15	  
		 	Section 4.8	 	 Lists of Receipt Holders
	  	 	15	  
			
	Article V	 	 THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION
	  	 	15	  
				
		 	Section 5.1	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	15	  
		 	Section 5.2	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation
	  	 	16	  
		 	Section 5.3	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation
	  	 	16	  


  
 i 








									
		 	Section 5.4	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	17	  
		 	Section 5.5	 	 Corporate Notices and Reports
	  	 	18	  
		 	Section 5.6	 	 Indemnification
	  	 	18	  
		 	Section 5.7	 	 Charges and Expenses
	  	 	19	  
		 	Section 5.8	 	 Tax Compliance
	  	 	19	  
			
	Article VI	 	 AMENDMENT AND TERMINATION
	  	 	20	  
				
		 	Section 6.1	 	 Amendment
	  	 	20	  
		 	Section 6.2	 	 Termination
	  	 	20	  
			
	 Article VII
	 	 MISCELLANEOUS
	  	 	20	  
				
		 	Section 7.1	 	 Counterparts
	  	 	20	  
		 	Section 7.2	 	 Exclusive Benefit of Parties
	  	 	21	  
		 	Section 7.3	 	 Invalidity of Provisions
	  	 	21	  
		 	Section 7.4	 	 Notices
	  	 	21	  
		 	Section 7.5	 	 Depositary’s Agents
	  	 	22	  
		 	Section 7.6	 	 Appointment of Registrar and Dividend Disbursing Agent in Respect of the Series B Convertible Preferred Stock
	  	 	22	  
		 	Section 7.7	 	 Governing Law
	  	 	22	  
		 	Section 7.8	 	 Inspection of Deposit Agreement
	  	 	22	  
		 	Section 7.9	 	 Headings
	  	 	22	  
		 	Section 7.10	 	 Confidentiality
	  	 	22	  
		 	Section 7.11	 	 Further Assurances
	  	 	22	  
		 	Section 7.12	 	 Holders of Receipts Are Parties
	  	 	22	  

 EXHIBITS 
  

			
	A	    	Form of Receipt
	B	    	Officer’s Certificate


  
 ii 







 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of June 16, 2014, among (i) PENN VIRGINIA CORPORATION, a Virginia corporation, and (ii) AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, as Depositary (as hereinafter defined) and the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series B Convertible
Preferred Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series B Convertible Preferred
Stock so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration
of the promises contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I
 DEFINED TERMS

 Section 1.1 Definitions. The following definitions shall for all purposes, unless otherwise indicated, apply to
the respective terms used in this Deposit Agreement: 
 “Articles of Amendment” shall mean the relevant Articles of
Amendment filed with the Clerk of the State Corporation Commission of the Commonwealth of Virginia establishing the Series B Convertible Preferred Stock as a series of preferred stock of the Corporation. 

“Common Stock” means the common stock, par value $.01 per share, of the Corporation. 

“Conversion Date” shall have the meaning described in Section 2.8(a). 

“Corporation” shall mean Penn Virginia Corporation, a Virginia corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time. 

“Depositary” shall mean American Stock Transfer & Trust Company, LLC and any successor as Depositary hereunder. 

“Depositary Shares” shall mean the depositary shares, each representing 1/100th of a share of the Series B Convertible
Preferred Stock, evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary
pursuant to Section 7.5. 
 “Depositary’s Office” shall mean the principal office of the Depositary in 6201 15th
Avenue, Brooklyn, New York 11219, at which at any particular time its depositary receipt business shall be administered. 

“Dividend Payment Date” shall have the meaning described in Section 2.8(a). 

  
 1 







 “DTC” shall mean the Depository Trust Company. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the
Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and
(B) the Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or
issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as
Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as
amended. 
 “Global Registered Receipt” shall mean a global registered Receipt registered in the name of a nominee of DTC.

 “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a Global
Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any
successor agreement thereto. 
 “Indemnified Party” shall have the meaning described in Section 5.6. 

“Indemnifying Party” shall have the meaning described in Section 5.6. 

“Officer’s Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto,
which is signed by an officer of the Corporation and which attaches, as an annex thereto, the Articles of Amendment describing the terms and conditions of the Series B Convertible Preferred Stock to be issued by the Corporation and deposited with
the Depositary from time to time in accordance with the terms hereof. 
 “Purchase Agreement” shall mean the Purchase
Agreement dated as of June 11, 2014, among the Corporation and RBC Capital Markets, LLC, as representative of the several initial purchasers named in Schedule 1 thereto. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as
Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series B Convertible Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 

  
 2 







 “Registrar” shall mean the Depositary or such other successor bank or trust
company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided, and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository
shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 
 “Resale
Restriction Termination Date” shall have the meaning described in Section 2.10(a). 
 “Securities Act” shall mean
the Securities Act of 1933, as amended. 
 “Series B Convertible Preferred Stock” shall mean the shares of the
Corporation’s 6.00% Convertible Perpetual Preferred Stock, Series B, $100.00 par value per share, with a liquidation preference of $10,000.00 per share, designated in the Articles of Amendment. 

ARTICLE II
 FORM OF
RECEIPTS, DEPOSIT OF SERIES B CONVERTIBLE
 PREFERRED STOCK, EXECUTION AND DELIVERY,

TRANSFER AND SURRENDER OF RECEIPTS 

Section 2.1 Form and Transfer of Receipts. The definitive Receipts shall be substantially in the form set forth in
Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation or
any holder of Series B Convertible Preferred Stock, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of
the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section2.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute
and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any
charge to the Holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature of a duly authorized officer of the Depositary or, if a Registrar for the
Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided.

 Receipts shall be in denominations of any number of whole Depositary Shares. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any 

  
 3 







 
regulation thereunder or with the rules and regulations of any securities exchange upon which the Series B Convertible Preferred Stock, the Depositary Shares or the Receipts may be listed or to
conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in
Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 The Corporation shall cause to be
provided an opinion of counsel on the date hereof, which opinion shall state that when the Series B Convertible Preferred Stock is issued and delivered against payment therefor as provided in the Purchase Agreement, such Series B Convertible
Preferred Stock will be duly and validly issued, fully paid and non-assessable. 
 Section 2.2 Deposit of Series B Convertible
Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series B Convertible Preferred Stock under this
Deposit Agreement (a) by delivery to the Depositary of a certificate or certificates for such shares of Series A Convertible Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly
executed instrument of transfer or endorsement, in form satisfactory to the Depositary, or (b) through means of a book-entry at the Depositary without certificates therefor, each together with (i) all such certifications as may be required
by the Depositary in accordance with the provisions of this Deposit Agreement including an executed Officer’s Certificate, and (ii) a written order of the Corporation directing the Depositary to execute and deliver to, upon the written
request of, the person or persons stated in the Corporation’s order a Receipt or Receipts for the number of Depositary Shares representing such deposited Series B Convertible Preferred Stock. 

The Series B Convertible Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such other
place or places as the Depositary shall determine. The Depositary shall not lend any Series B Convertible Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of Series B Convertible Preferred Stock deposited in accordance with the provisions of this Section, together
with the other documents required as above specified, and upon recordation of the Series B Convertible Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, upon the written request of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of
this Section, a Receipt or Receipts for the number of Depositary Shares representing, in the aggregate, the Series B Convertible Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The
Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such
delivery. 
 Section 2.3 Registration of Transfer of Receipts. Subject to the terms and conditions of this Deposit
Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of
transfer. Thereupon, the Depositary shall execute a 

  
 4 







 
new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the
order of the person entitled thereto. 
 Section 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal
of Series B Convertible Preferred Stock. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts,
and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by
the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered; provided, however, that the Depositary shall not issue any Receipt
evidencing a fractional Depositary Share. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series B
Convertible Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals.
Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series B Convertible Preferred Stock and all money and
other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series B Convertible Preferred Stock will not thereafter be entitled to deposit such Series B Convertible Preferred
Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. Any Holder of a Receipt may only surrender such Holder’s Receipt for withdrawal of Series B Convertible Preferred Stock in lots of 100 Depositary Shares. 

In no event will fractional shares of Series B Convertible Preferred Stock (or any cash payment in lieu thereof) be delivered by the
Depositary. Delivery of the Series B Convertible Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates in global form at DTC, documents of title and other instruments as the Depositary
may deem appropriate in its reasonable judgment. 
 If the Series B Convertible Preferred Stock and the money and other property, if any,
being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series B Convertible Preferred Stock, such Holder shall execute and deliver to the
Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series B Convertible Preferred Stock be properly endorsed in blank or
accompanied by a properly executed instrument of transfer in blank. 
 Delivery of the Series B Convertible Preferred Stock and the money
and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for
the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder. 

Section 2.5 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. As a condition precedent
to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the
payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or 

  
 5 







 
expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature (which
evidence may include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association), and may also require compliance with such regulations, if any, as the
Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 
 The deposit
of the Series B Convertible Preferred Stock may be refused, the delivery of Receipts against Series B Convertible Preferred Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender
or exchange of outstanding Receipts may be suspended (a) during any period when the register of stockholders of the Corporation is closed, or (b) if any such action is deemed necessary or advisable by the Depositary, any of the
Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 

Section 2.6 Lost Receipts, etc. In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its
discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (a) the filing by the Holder thereof
with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (b) the Holder thereof furnishing the Depositary
with an affidavit and an indemnity or bond reasonably satisfactory to the Depositary, and (c) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary). Applicants for substitute receipts shall
also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York. 

Section 2.7 Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any
Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.8 Conversion of Depositary Shares. 

(a) The Depositary Shares held by any Holder of a Receipt or Receipts may, at the option of such Holder, be converted, in whole, or from time
to time in part, into shares of Common Stock upon the same terms and conditions as the Series B Convertible Preferred Stock, except that the number of shares of Common Stock received upon conversion of each Depositary Share will be equal to the
number of shares of Common Stock received upon conversion of one Series B Convertible Preferred Stock share divided by 100. Whenever a Holder of a Receipt or Receipts shall elect to convert the Depositary Shares represented by such Receipt or
Receipts into shares of Common Stock pursuant to the terms of the Series B Convertible Preferred Stock, such Holder shall deliver to the Depositary or the Depositary’s Agent the Receipt or Receipts evidencing the Depositary Shares to be
converted, together with a written notice of conversion and an assignment of the Receipt or Receipts to the Corporation or in blank, in form reasonably acceptable to the Depositary. In addition, if such Holder surrenders such Depositary Shares for
conversion during the period from the close of business on any record date fixed pursuant to Section 4.4 for the payment of dividends until the opening of business of the dividend payment date corresponding to such record date (the
“Dividend Payment Date”), such Receipt or Receipts shall be accompanied by a payment in cash, Common Stock or a combination thereof (depending on the method of payment that the Corporation has chosen to pay the dividend) in an
amount equal to the dividend payable on the Dividend Payment Date. Each conversion of Depositary Shares shall be deemed to have been effected immediately before the close of business on the date on which the requirements specified above shall have
been satisfied (the “Conversion Date”). 

  
 6 







 (b) If a Holder of a Receipt elects to convert less than all of the Depositary Shares evidenced
by a Receipt, the Depositary will deliver to the Holder of the Receipt upon its surrender to the Depositary a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not converted, together with, upon request by such Holder,
a certificate for the shares of Common Stock issued upon conversion. The foregoing shall further be subject to the terms and conditions of the Series B Convertible Preferred Stock, as set forth in the Articles of Incorporation and the Articles of
Amendment. 
 (c) Any Holder of a Receipt may only submit such Holder’s Depositary Shares for conversion into Common Stock in lots of
100 Depositary Shares. No fractional shares of Common Stock shall be issued upon conversion of Depositary Shares. If such conversion would otherwise result in a fractional share of Common Stock being issued, the number of shares of Common Stock to
be issued upon conversion shall be rounded up to the nearest whole share. 
 (d) From and after the Conversion Date, the Depositary Shares
being converted shall be deemed no longer to be outstanding, all dividends in respect of the Series B Convertible Preferred Stock converted shall cease to accrue, all rights of the Holders of Receipts evidencing such Depositary Shares shall, to the
extent of such Depositary Shares, cease and terminate, except the right to receive shares of Common Stock into which the Depositary Shares have been converted and the right to receive any money or other property to which the Holders of such Receipts
were entitled upon conversion (including all amounts, if any, paid by the Corporation in respect of dividends which, on the Conversion Date, have accrued on the Series B Convertible Preferred Stock to be converted and have not theretofore been
paid). 
 Section 2.9 Receipts Issuable in Global Registered Form. If the Corporation shall determine in a writing
delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and
deliver one or more Global Registered Receipts evidencing the Receipts of such series, which (a) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global
Registered Receipt or Receipts, (b) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 

Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a
Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to
such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or approved by the
Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the Receipts represented by
such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their
behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the holder of such Global Registered
Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (i) the applicable Global Receipt Depository will make book-entry transfers among
its participants and receive and transmit all payments and distributions in respect of the Global 

  
 7 







 
Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (ii) whenever any notice, payment or other communication to the
holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt
Depository. 
 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary
shall, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered
Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the
persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Deposit Agreement, should the
Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 

Section 2.10 Transfer Restrictions. 

(a) Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after
the last date of original issuance of the Series B Convertible Preferred Stock or such other period of time as permitted by Rule 144 or any successor provision thereto and (2) such later date, if any, as may be required by applicable law, any
Receipt shall bear a legend in substantially the following form (unless the Depositary Shares evidenced by such Receipt have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act
and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Corporation in
writing with written notice thereof to the Depositary): 
 THIS RECEIPT, THE SERIES B CONVERTIBLE PREFERRED STOCK REPRESENTED BY THE
DEPOSITARY SHARES EVIDENCED HEREBY, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SERIES B CONVERTIBLE PREFERRED STOCK AND THE SHARES OF COMMON STOCK ISSUABLE AS A DIVIDEND ON SUCH SERIES B CONVERTIBLE PREFERRED STOCK, IF ANY, HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NONE OF THIS RECEIPT, THE SERIES B CONVERTIBLE PREFERRED STOCK REPRESENTED BY THE DEPOSITARY SHARES EVIDENCED HEREBY, THE
SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SERIES B CONVERTIBLE PREFERRED STOCK AND THE SHARES OF COMMON STOCK ISSUABLE AS A DIVIDEND ON SUCH SERIES B CONVERTIBLE PREFERRED STOCK, IF ANY, AND ANY INTEREST OR PARTICIPATION HEREIN OR
THEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. 

  
 8 







 BY ITS ACQUISITION OF THE DEPOSITARY SHARES EVIDENCED HEREBY OR OF A BENEFICIAL INTEREST THEREIN,
THE ACQUIRER: 
 1. REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
 2.
AGREES FOR THE BENEFIT OF THE CORPORATION THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THE DEPOSITARY SHARES EVIDENCED HEREBY OR ANY BENEFICIAL INTEREST THEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST
DATE OF ORIGINAL ISSUANCE OF THE SERIES B CONVERTIBLE PREFERRED STOCK REPRESENTED HEREBY OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY
BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A) TO THE CORPORATION OR ANY OF ITS SUBSIDIARIES, OR 

(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE,
THE CORPORATION AND THE TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE CORPORATION OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144
UNDER THE SECURITIES ACT) OF THE CORPORATION DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE OR OTHERWISE ACQUIRE THE DEPOSITARY SHARES EVIDENCED HEREBY OR ANY BENEFICIAL INTEREST THEREIN. 

(b) Any Receipt as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such
Receipt for exchange to the Depositary, be exchanged for a new Receipt, for like aggregate number of Depositary Shares, which shall not bear the restrictive legend required by Section 2.10(a) and shall not be assigned a restricted CUSIP number.
The Corporation shall promptly notify the Depositary upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Depositary Shares or Common Stock issuable upon conversion
of the Depositary Shares has been declared effective under the Securities Act. 
 (c) Until the Resale Restriction Termination Date, any
stock certificate representing Common Stock issued upon conversion of the Depositary Shares shall bear a legend in substantially the 

  
 9 







 
following form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be
effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Stock has been issued upon conversion of Depositary Shares
that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration
provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Corporation with written notice thereof to the Depositary): 

THIS COMMON STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. NEITHER THIS COMMON STOCK NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. 

BY ITS ACQUISITION OF THIS COMMON STOCK OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

1. REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
 2. AGREES FOR THE
BENEFIT OF PENN VIRGINIA CORPORATION (THE “CORPORATION”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SHARE OF COMMON STOCK OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER
THE LAST DATE OF ORIGINAL ISSUANCE HEREOF OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

(A) TO THE CORPORATION OR ANY OF ITS SUBSIDIARIES, OR 

(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE,
THE CORPORATION AND THE TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 10 







 (d) Any shares of Common Stock as to which such restrictions on transfer shall have expired in
accordance with their terms may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the Depositary, be exchanged for a new certificate or certificates for a like aggregate
number of shares of Common Stock, which shall not bear the restrictive legend required by Section 2.10(c). 
 ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS,

THE CORPORATION AND THE DEPOSITARY 

Section 3.1 Filing Proofs, Articles of Amendments and Other Information. Any Holder of a Receipt may be required from time
to time to file such proof of residence, or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary
or the Corporation may withhold the delivery, or delay the registration of transfer, of any Receipt or the withdrawal of the Series B Convertible Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of
any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

Section 3.2 Payment of Taxes or Other Governmental Charges. Holders of Receipts shall be obligated to make payments to the
Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series B Convertible Preferred Stock and all money or other property, if any, represented by the Depositary
Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series B Convertible Preferred Stock or other property
represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest
payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

Section 3.3 Warranty as to Series B Convertible Preferred Stock. The Corporation hereby represents and warrants that the
Series B Convertible Preferred Stock, when issued and delivered against payment therefor in accordance with the Purchase Agreement and the Articles of Amendment, will be duly authorized, validly issued, fully paid and non-assessable. Such
representation and warranty shall survive the deposit of the Series B Convertible Preferred Stock and the issuance of the related Receipts. 

Section 3.4 Warranty as to Receipts. The Corporation hereby represents and warrants that the Receipts, when issued against
payment therefor in accordance with the Purchase Agreement and this Deposit Agreement, will be entitled to the rights hereunder, and the benefits of this Deposit Agreement and will represent legal and valid interests in the Series B Convertible
Preferred Stock. Such representation and warranty shall survive the deposit of the Series B Convertible Preferred Stock and the issuance of the Receipts. 

Section 3.5 Corporate Existence and Authority of the Depositary. The Depositary hereby represents and warrants that it
(a) has been duly incorporated and is validly existing as a limited liability trust company in good standing under the laws of the jurisdiction of its formation; (b) has full corporate 

  
 11 







 
power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties and
assets and to carry on its business as presently conducted; (c) has been duly qualified as a foreign entity for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties
or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and (d) is a bank or trust company having its principal
office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $150,000,000. The Depositary hereby agrees to promptly inform the Corporation in the event that any of the statements in the
foregoing sentence cease to be true and complete in all material respects. 
 This Deposit Agreement has been duly authorized, executed and
delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary, enforceable against the Depositary in accordance with its terms. The Depositary hereby agrees to perform its obligations under this Deposit
Agreement with the diligent care of a professional provider of such services, in a timely manner and in conformance with all applicable laws, rules and regulations. 

Section 3.6 Rule 144A Information. At any time the Corporation is not subject to Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Corporation will, so long as any shares of the Series B Convertible Preferred Stock, any shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock or any shares of Common Stock
issuable as a dividend on the Series B Convertible Preferred Stock will, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Depositary and, upon written
request, provide to any holder, beneficial owner or prospective purchaser of such shares of Series B Convertible Preferred Stock or Common Stock the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to
facilitate the resale of such shares of Series B Convertible Preferred Stock or Common Stock pursuant to Rule 144A under the Securities Act. The Corporation will take such further action as any holder or beneficial owner of such shares of Series B
Convertible Preferred Stock may reasonably request to the extent from time to time required to enable such holder or beneficial owner to sell such shares of Series B Convertible Preferred Stock or Common Stock in accordance with Rule 144A under the
Securities Act, as such rule may be amended from time to time. 
 ARTICLE IV  

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1 Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the
Series B Convertible Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as
nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and
shall withhold from any cash dividend or other cash distribution in respect of the Series B Convertible Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be
reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not
so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then outstanding. Each
Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the
preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 

  
 12 







 Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges.
Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series B Convertible Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of
Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held
by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the reasonable opinion of the Depositary, after consultation with the Corporation, such distribution cannot be made
proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary reasonably deems, after consultation with the Corporation,
such distribution not to be feasible, the Depositary may, with the prior written approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or
private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as
the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities to the Depositary and the Depositary
shall not make any distribution of such securities to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered
in connection with such distribution. 
 Section 4.3 Subscription Rights, Preferences or Privileges. If the
Corporation shall at any time offer or cause to be offered to the persons in whose names the Series B Convertible Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall
direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the
acknowledgement of the Depositary; provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that
it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (b) if and to the extent so instructed by
Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to
make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or
places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in
the case of a distribution received in cash. 
 The Corporation shall notify the Depositary whether registration under the
Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation
agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts


  
 13 







 
and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such
Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such
registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the
provisions of the Securities Act. 
 If any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, the Corporation will use its reasonable best efforts to take such action or obtain such authorization,
consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Series B Convertible Preferred Stock, or whenever the Depositary shall
receive notice of any meeting at which holders of the Series B Convertible Preferred Stock are entitled to vote or of which holders of the Series B Convertible Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation
shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series B
Convertible Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the
exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5 Voting Rights. Subject to the provisions of the Articles of Amendment, upon receipt of notice of any meeting at
which the holders of the Series B Convertible Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the
Record Holders of Receipts a notice prepared by the Corporation which shall contain (a) such information as is contained in such notice of meeting, (b) a statement that the Holders may, subject to any applicable restrictions, instruct the
Depositary as to the exercise of the voting rights pertaining to the amount of Series B Convertible Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary
to give a discretionary proxy to a person designated by the Corporation), and (c) a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the
Depositary shall use its best efforts to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series B Convertible Preferred Stock represented by the Depositary Shares
evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series
B Convertible Preferred Stock or cause such Series B Convertible Preferred Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depositary will vote the Series B Convertible Preferred Stock represented by the
Depositary Shares evidenced by the Receipts of such Holders proportionately with votes cast pursuant to instructions received from the other Holders. 

Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par or
stated value, split-up, combination or any other reclassification of the Series B Convertible Preferred Stock, subject to the provisions of the Articles of 

  
 14 







 
Amendment, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Corporation may, in its discretion and with the
acknowledgement of the Depositary, (a) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series B Convertible Preferred Stock as may be necessary fully
to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series B Convertible Preferred Stock, or of such recapitalization, reorganization, merger or consolidation, and (b) treat any
securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series B Convertible Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such
Series B Convertible Preferred Stock. In any such case, the Depositary may, in its discretion and with the written approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be
exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value,
split-up, combination or other reclassification of the Series B Convertible Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert,
exchange or surrender the Series B Convertible Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series B Convertible Preferred Stock
represented by such Receipts might have been converted or for which such Series B Convertible Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

Section 4.7 Delivery of Reports. The Depositary shall furnish to Holders of Receipts any reports and communications
received from the Corporation which is received by the Depositary and which the Corporation is required to furnish to the holders of the Series B Convertible Preferred Stock. In addition, the Depositary will make available for inspection by
Receipt Holders at the Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the Corporation which are received by the Depositary. 

Section 4.8 Lists of Receipt Holders. Reasonably promptly upon request from time to time by the Corporation, the Depositary
shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. The Corporation shall be entitled to receive such list four times annually without
charge. 
 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, 

THE REGISTRAR AND THE CORPORATION 

Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. Upon execution of this
Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s
Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 

The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books
during normal business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose
reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

  
 15 







 The Depositary may close such books, at any time or from time to time, when deemed expedient by
it, as determined in its reasonable judgment, in connection with the performance of its duties hereunder. 
 The Depositary may, with the
approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series B Convertible Preferred Stock represented by such
Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such
exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the
Receipts, Depositary Shares or Series B Convertible Preferred Stock are listed on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of
transfer, surrender and exchange of the Receipts, Depositary Shares or Series B Convertible Preferred Stock as may be required by law or applicable securities exchange regulation. 

Section 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation. Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall incur any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation
thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Articles of
Incorporation (including the Articles of Amendment) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be
prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any
Registrar or the Corporation incur liability to any Holder of a Receipt (a) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or
may be done or performed, or (b) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation. Neither the
Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, intentional
misconduct, bad faith or fraud. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series B Convertible Preferred Stock, the Depositary Shares or the Receipts which in its reasonable opinion may
involve it in expense or liability unless indemnity reasonably satisfactory to it against all reasonable out-of-pocket expense and liability be furnished as incurred. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to
act by it in good faith reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series B Convertible Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good
faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or
other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 

  
 16 







 The Depositary shall not be responsible for any failure to carry out any instruction to vote any
of the shares of Series B Convertible Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. 

The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in any
class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to or
otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of any of the securities of
the Corporation and its affiliates. 
 The Depositary shall not be under any liability for interest on any monies at any time received by it
pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series B Convertible Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by
law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary, in its reasonable judgment, believes any ambiguity or uncertainty exists hereunder or in any notice, instruction,
direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be
proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not
be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by an authorized representative of the
Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. 

Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time
resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided.

 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal
to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of
the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along with its
affiliates, of at least $150,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent
jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its 

  
 17 







 
appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series B Convertible Preferred Stock and any moneys or property held hereunder to such successor, and shall
deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method
approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of Receipts. 
 Any
entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such
successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 

Section 5.5 Corporate Notices and Reports. The Corporation agrees that it will deliver to the Depositary, and the
Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements)
required by law, by the rules of any national securities exchange upon which the Series B Convertible Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Articles of Incorporation (including the Articles of
Amendment), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably
request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. Notwithstanding the foregoing, the Corporation shall have no
obligation to transmit any such documents that are actually filed by the Corporation on the Electronic Data Gathering, Analysis, and Retrieval system of the Securities and Exchange Commission, unless specifically requested by a Holder in
writing. 
 Section 5.6 Indemnification. The Depositary will indemnify the Corporation and hold it harmless
from any loss, liability or expense actually incurred (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the
Depositary’s Agents in connection with this Deposit Agreement due to its or their gross negligence, intentional misconduct, bad faith or fraud. The indemnification obligations of the Depositary set forth in this Section 5.6 shall survive
any termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 7.2. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any
Registrar against, and hold each of them harmless from, any loss, liability or reasonable out-of-pocket expense (including the reasonable costs and expenses of defending itself) which may arise solely from third-party claims based directly on acts
performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except
for any liability arising out of gross negligence, intentional misconduct, bad faith or fraud on the respective parts of any such person or persons. For the avoidance of doubt, such indemnity shall not cover any consequential, indirect, partial,
special and incidental damages. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 7.2. 

  
 18 







 Promptly following becoming aware of circumstances that might give rise to a claim for
indemnification under this Deposit Agreement, a party seeking indemnification hereunder (the “Indemnified Party”) shall notify the other party (the “Indemnifying Party”) of the relevant claim;
provided that failure to so notify shall not affect the Indemnified Party’s right to indemnification hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at
its own expense, be entitled to control and direct the investigation and defense of any claim, and shall have the right to settle any such claim without the consent of the Indemnified Party; provided that such settlement
(a) fully releases the Indemnified Party from any liability and provides no admission of wrongdoing, and (b) does not subject the Indemnified Party to any additional obligation, whether financial or otherwise. In the event that any such
settlement does not meet the requirements of (a) and (b) above, then the Indemnified Party must consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified Party shall
provide reasonable assistance to the Indemnifying Party in connection with the Indemnifying Party’s defense of a claim and may participate in the defense of a claim with counsel of its own choosing at its own cost and expense, unless the
Indemnifying Party specifically authorizes the retaining of such counsel. 
 Section 5.7 Charges and Expenses. The
Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including
reasonable counsel fees and expenses) actually incurred by the Depositary without gross negligence, willful misconduct, bad faith or fraud on its part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it
(or such agent or Depositary Agent) hereunder. Unless otherwise provided herein, the Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series B Convertible Preferred Stock and the initial issuance of
the Depositary Shares, all withdrawals of shares of Series B Convertible Preferred Stock by owners of Depositary Shares, and any exchange of the Series B Convertible Preferred Stock at the option of the Corporation. The Corporation shall pay all
transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by
Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses;
provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur
at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

Section 5.8 Tax Compliance. The Depositary, on its own behalf and on behalf of the Corporation, will comply with all
applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (a) any payments made with respect to
the Depositary Shares or (b) the issuance, delivery, holding, transfer or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns
and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

The Depositary shall comply with any direction received from the Corporation with respect to the application of such requirements to
particular payments or holders or in other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

  
 19 







 The Depositary shall maintain all appropriate records documenting compliance with such
requirements, and shall make such records available on request to the Corporation or to its authorized representatives. 
 ARTICLE VI

 AMENDMENT AND TERMINATION 

Section 6.1 Amendment. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time
to time be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment
which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate more than a
two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to
be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt
evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series B Convertible Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. 

Section 6.2 Termination. This Deposit Agreement may be terminated by the Corporation or the Depositary only if (a) all
outstanding Depositary Shares issued hereunder have been converted pursuant to Section 2.8, (b) there shall have been made a final distribution in respect of the Series B Convertible Preferred Stock in connection with any voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, or
(c) upon the consent of the Holders of Receipts representing in the aggregate more than two-thirds of the Depositary Shares outstanding. 

Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7; provided further that Section 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties
hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement
transmitted electronically shall have the same authority, effect and enforceability as an original signature. 

  
 20 







 Section 7.2 Exclusive Benefit of Parties. This Deposit Agreement is for the
exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

Section 7.3 Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in
the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 Section 7.4 Notices. Any and all notices to be given to the Corporation hereunder or under the Receipts shall
be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at:

 Penn Virginia Corporation 

Four Radnor Corporate Center, Suite 200 

100 Matsonford Road 
 Radnor,
Pennsylvania 19087 
 Attention: Nancy M. Snyder, Executive VP, General Counsel & Chief Administrative Officer 

Fax: (610) 687-3688 
 Email:
nancy.snyder@pennvirginia.com 
 or at any other addresses of which the Corporation shall have notified the Depositary in writing, but in any event with a
copy, which shall not constitute notice, to the attention of the General Counsel, at the same address. 
 Any and all notices to be given to
the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail
confirmed by letter, addressed to the Depositary at: 
 American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, New
York 11219 
 Attention: Corporate Department 

Fax: (718) 765-8726 
 Email:
IPODepartment@amstock.com 
 With a copy (which shall not constitute notice) to: 

American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, New
York 11219 
 Attention: General Counsel 
 or
at any other addresses of which the Depositary shall have notified the Corporation in writing. 
 Except as otherwise provided herein, any
and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter,
addressed to such 

  
 21 







 
Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address designated in such request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when
a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Corporation may, however, act
upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5 Depositary’s Agents. The Depositary may from time to time appoint Depositary’s Agents to act in any
respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the
Corporation of any such action. 
 Section 7.6 Appointment of Registrar and Dividend Disbursing Agent in Respect of
the Series B Convertible Preferred Stock. The Corporation hereby also appoints the Depositary as registrar and dividend disbursing agent in respect of the Receipts and the Depositary hereby accepts such appointment. 

Section 7.7 Governing Law. This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder
and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.8 Inspection of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the
Depositary’s Agents and shall be made available for inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 

Section 7.9 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set
forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein
or in the Receipts. 
 Section 7.10 Confidentiality. The Depositary agrees that all books, records,
information and data pertaining to the business of the Corporation, including, inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of
this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person by the Depositary, except as may be required by law or legal process. 

Section 7.11 Further Assurances. From time-to-time and after the date hereof, the Corporation agrees that it will perform,
acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary
of the provisions of this Deposit Agreement. 
 Section 7.12 Holders of Receipts Are Parties.
The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. Each Holder of Receipts shall become a party
hereto upon acceptance by such Holder of Receipt of delivery of one or more Receipts issued in accordance with the terms hereof. 

  
 22 







 [Remainder of page intentionally left blank; signature page follows.] 

  
 23 







 The undersigned has executed this Deposit Agreement as of the date first set forth above. 

 

					
	PENN VIRGINIA CORPORATION
		
	By:	 	 /s/ Nancy M. Snyder

		 	Name:	 	Nancy M. Snyder
		 	Title:	 	Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary



  
 [Signature Page to
Deposit Agreement] 







 The undersigned has executed this Deposit Agreement as of the date first set forth above. 

 

					
	 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

		
	By:	 	 /s/ Michael A. Nespoli

		 	Name:	 	Michael A. Nespoli
		 	Title:	 	Senior Vice President



  
 [Signature Page to
Deposit Agreement] 







 EXHIBIT A 

FORM OF RECEIPT 
 [FORM OF
FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to Penn Virginia Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	DEPOSITARY SHARES	  	$        

 DEPOSITARY RECEIPT NO.          FOR
         DEPOSITARY SHARES, EACH REPRESENTING 
 1/100th OF ONE SHARE OF 

6.00% CONVERTIBLE PERPETUAL PREFERRED STOCK, SERIES B OF 

PENN VIRGINIA CORPORATION 

INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF VIRGINIA 

CUSIP 707882 403 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning October 15, 2014, each January 15, April 15, July 15 and
October 15. 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Depositary (the “Depositary”), hereby certifies that
Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/100th of one share of 6.00% Convertible Perpetual Preferred Stock, Series B, liquidation preference
$10,000.00 per share, $100.00 par value per share (the “Series B Convertible Preferred Stock”), of Penn Virginia Corporation, a Virginia corporation (the “Corporation”), on deposit with the Depositary, subject to
the terms and entitled to the benefits of the Deposit Agreement dated as of June 16, 2014 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Depositary Receipts. By
accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any
benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of
the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof. 
 Dated: 

 

			
	AMERICAN STOCK TRANSFER AND TRUST
	COMPANY, LLC Depositary
		
	By:	 	  

		 	Authorized Officer


  
 A-1 







 [FORM OF REVERSE OF RECEIPT] 

PENN VIRGINIA CORPORATION 
 PENN VIRGINIA
CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT OF 6.00% CONVERTIBLE PREFERRED STOCK, SERIES B OF PENN VIRGINIA CORPORATION. ANY SUCH
REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE 
 The Corporation will furnish without charge to each receiptholder who so requests the
powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such
request may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full
according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

				
	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
				
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

						
	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PL	  	Public Law
						
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	TR	  	(As) trustee(s), for, of
						
	ART	  	Article	  	FDN	  	Foundation	  	U	  	Under
						
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	UA	  	Under Agreement
						
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UW	  	Under will of, Of will of, Under last will & testament
						
	DEC	  	Declaration	  	MIN	  	Minor(s)	  		  	
						
	EST	  	Estate, of Estate of	  	PAR	  	Paragraph	  		  	

 For value received,
                    hereby sell(s), assign(s) and transfer(s) unto 

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint Attorney to transfer the said Depositary Shares on
the books of the within named Depositary with full power of substitution in the premises. 

  
 A-2 







 Dated:
                     
 NOTICE: The signature to the
assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever. 

SIGNATURE GUARANTEED 
 NOTICE: If applicable, the signature(s)
should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities
Exchange Act of 1934. 
 THIS RECEIPT, THE SERIES B CONVERTIBLE PREFERRED STOCK REPRESENTED BY THE DEPOSITARY SHARES EVIDENCED HEREBY, THE SHARES OF COMMON
STOCK ISSUABLE UPON CONVERSION OF SUCH SERIES B CONVERTIBLE PREFERRED STOCK AND THE SHARES OF COMMON STOCK ISSUABLE AS A DIVIDEND ON SUCH SERIES B CONVERTIBLE PREFERRED STOCK, IF ANY, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NONE OF THIS RECEIPT, THE SERIES B CONVERTIBLE PREFERRED STOCK REPRESENTED BY THE DEPOSITARY SHARES EVIDENCED HEREBY, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH
SERIES B CONVERTIBLE PREFERRED STOCK AND THE SHARES OF COMMON STOCK ISSUABLE AS A DIVIDEND ON SUCH SERIES B CONVERTIBLE PREFERRED STOCK, IF ANY, AND ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. 
 BY ITS ACQUISITION OF THE DEPOSITARY SHARES EVIDENCED HEREBY OR OF A BENEFICIAL INTEREST
THEREIN, THE ACQUIRER: 
 1. REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

2. AGREES FOR THE BENEFIT OF THE CORPORATION THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THE DEPOSITARY SHARES EVIDENCED HEREBY
OR ANY BENEFICIAL INTEREST THEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE SERIES B CONVERTIBLE PREFERRED STOCK REPRESENTED HEREBY OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144
UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

(A) TO THE CORPORATION OR ANY OF ITS SUBSIDIARIES, OR 

(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE CORPORATION
AND THE TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 A-3 







 NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE CORPORATION OR PERSON THAT HAS BEEN AN
AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE CORPORATION DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE OR OTHERWISE ACQUIRE THE DEPOSITARY SHARES EVIDENCED HEREBY OR ANY BENEFICIAL INTEREST THEREIN. 

  
 A-4 







 EXHIBIT B 

Officer’s Certificate 
 I,
                    , [title] of Penn Virginia Corporation (the “Corporation”), hereby certify that pursuant to the terms of the
Articles of Amendment effective June 16, 2014, filed with the Secretary of the Commonwealth of the Commonwealth of Virginia on June 13, 2014 (the “Articles of Amendment”), and pursuant to resolutions adopted by Board of
Directors of the Corporation on May 23, 2014 and June 11, 2014, the Corporation has established the Series B Convertible Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the
terms and conditions of the Deposit Agreement (the “Deposit Agreement”), dated June 16, 2014, by and among the Corporation, American Stock Transfer & Trust Company, LLC, and the Holders of Receipts issued thereunder
from time to time. In connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series B Convertible Preferred Stock as described in the
Articles of Amendment attached as Annex A hereto. Any terms of the Series B Convertible Preferred Stock that are not so described in the Articles of Amendment and any terms of the Receipts representing such Series B Convertible Preferred Stock that
are not described in the Deposit Agreement are described below: 
 Aggregate Number of shares of Series B Convertible Preferred Stock
issued on the day hereof: 32,500 
 CUSIP Number for Receipt: 707882 403 

Denomination of Depositary Share per share of Series B Convertible Preferred Stock (if different than 1/100th ownership interest in a share
of Series B Convertible Preferred Stock): N/A 
 Depositary: American Stock Transfer & Trust Company, LLC 

All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

This certificate is dated: June 16, 2014 
  

					
	By:	 	  

		 	Name:	 	
		 	Title:	 	



  
 B-1