Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION         

NEITHER THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), NOR ANY STATE SECURITIES LAWS. THIS WARRANT MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE COMPANY (WHICH, IN THE
DISCRETION OF THE COMPANY MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER, OR OTHER DISPOSITION WILL NOT VIOLATE APPLICABLE FEDERAL OR STATE SECURITIES LAWS. 

HARVEST NATURAL RESOURCES, INC. 

COMMON STOCK PURCHASE WARRANT 

Harvest Natural Resources, Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, CT Energy
Holding SRL, a Barbados Society with Restricted Liability (the “Investor”) is entitled, subject to the terms set forth in this warrant (this “Warrant”), to purchase from the Company at any time during the Exercise
Period (as defined in Section 1 hereof) up to 34,070,820 fully paid and non-assessable shares of Common Stock (as defined in Section 1 hereof), at a purchase price per share equal to the Exercise Price (as defined in
Section 1 hereof). 
 This Warrant is issued pursuant to the Securities Purchase Agreement (as amended and in effect from time
to time, the “Purchase Agreement”), dated as of June 19, 2015, between the Company, the Subsidiary Guarantors party thereto and the Investor, a copy of which is on file at the principal office of the Company. The Holder of this
Warrant shall be entitled to all of the benefits of and shall be subject to all of the obligations under the Purchase Agreement. If any provision of this Warrant is found to conflict with the Purchase Agreement, the provisions of the Purchase
Agreement shall prevail. To the extent that any provision of this Warrant conflicts with the express provisions of the Purchase Agreement, the provisions of the Purchase Agreement shall govern and be controlling. 

1. Definitions. Capitalized terms used herein but not otherwise defined herein shall have the meanings set forth therefor in the Purchase Agreement.
The following terms, when used herein, shall have the meaning set forth below: 
 “Closing Sale Price” means, for any
security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market operates on an extended hours basis and does not
designate the closing bid price or the closing trade price, as the case may be, then the last bid price or last trade price, respectively, of such security prior to 4:00 p.m., New York City time, as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price,
respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or “pink

  
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sheets” by OTC Markets Group Inc. (formerly the Pink OTC Markets Inc.). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the
Closing Sale Price, as the case may be, of such security on such date shall be the fair market value as mutually determined by the Company and Holder. If the Company and Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved by an appraiser selected as provided in Section 3.1(d). All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar
transaction during the applicable calculation period. 
 “Common Stock” means the Company’s common stock, par value
$.01 per share. 
 “Convertible Securities” means any evidence of indebtedness, units, interests or other securities which
are convertible into or exercisable or exchangeable for, with or without payment of additional consideration in cash or property, Common Stock, either immediately or upon a specified date or the happening of a specified event. 

“Ex-Dividend Date” means, with respect to any issuance, dividend or distribution, the first date on which the shares of
Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question. 

“Exercise Period” means the period (a) beginning on the Stock Appreciation Date and (b) ending at 5:00 pm New York
City time on the earlier to occur of (i) the Refinancing Date and (ii) June 19, 2018. 
 “Exercise Price”
means, as of any date, the Initial Exercise Price as adjusted from time to time pursuant to Section 3. 
 “Initial
Exercise Price” means $1.25. 
 “Holder” means the Investor (so long as the Investor holds any Warrants) and any
other Person to whom the Warrants have been transferred in accordance with Section 6.1 hereof. 
 “Merger
Event” means: 
 (a) any reclassification of the outstanding shares of Common Stock (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a dividend, split, subdivision or combination covered by Section 3.2; 

(b) a consolidation, merger, combination or binding share exchange involving the Company; or 

(c) any sale or conveyance of all or substantially all of the property and assets of the Company to any other Person, 

in each case as a result of which holders of Common Stock shall be entitled to receive cash, securities or other property or assets with
respect to or in exchange for such Common Stock. 

  
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 “Options” means, with respect to any Person, any rights, warrants or options to
subscribe for or purchase shares of Capital Stock or Convertible Securities of such Person (including, in the case of the Company, shares of Common Stock). 

“Principal Market” means the New York Stock Exchange, or, if the New York Stock Exchange is not the principal trading market
for the shares of Common Stock, then the principal securities exchange or securities market on which the shares of Common Stock are then traded. 

“Trading Day” means any day on which the shares of Common Stock are traded on the Principal Market, provided that
“Trading Day” shall not include any day on which the shares of Common Stock are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the shares of Common Stock are suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York City time). 

“Weighted Average Consideration” means the weighted average of the types and amounts of consideration received by the holders
of Common Stock entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock in any Merger Event who affirmatively make such an election; provided that, if the types and amounts of
consideration that holders of Common Stock would be entitled to receive with respect to or in exchange for such Common Stock is based in part upon any form of stockholders election, the “Weighted Average Consideration” will be deemed to be
(a) if holders of the majority of the shares of Common Stock affirmatively make such an election, the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election,
or (b) if the holders of a majority of the shares of Common Stock do not affirmatively make such an election, the types and amount of consideration actually received by such holders. 

2. Exercise of Warrant. 
 2.1.
Exercise. This Warrant may be exercised prior to its expiration pursuant to Section 2.4 hereof by the Holder at any time or from time to time during the Exercise Period, by surrender of this Warrant, with the notice of exercise in
the form attached hereto duly executed by such Holder, to the Company at its principal office or such other place as designated in writing by the Company, indicating such Holder’s election to exercise this Warrant as to a specified number of
shares pursuant to the provisions of Section 2.2 hereof. This Warrant shall be deemed exercised for all purposes as of 5:00 p.m., New York City time on the day on which the Holder has delivered this Warrant and the notice of exercise to
the Company, regardless of when the Company issues the certificates evidencing the shares issuable upon such exercise. In the event the Warrant is not exercised in full, the Company, at its expense, will forthwith issue and deliver to or upon the
order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock equal (without giving effect to any adjustment therein) to the
number of such shares called for on the face of this Warrant minus the number of such shares (without giving effect to any adjustment therein) for which this Warrant shall have been exercised. Upon the

  
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exercise of this Warrant in full, the Company shall be forever released from all its obligations and liabilities under this Warrant and this Warrant shall be deemed of no further force or effect,
whether or not the original of this Warrant has been delivered to the Company for cancellation. 
 2.2. Manner of Exercise. 

(a) Cash Exercise. The Holder may elect to exercise all or a portion of this Warrant by paying, by wire transfer of immediately
available funds to the account(s) specified in writing by the Company, in the amount obtained by multiplying the number of shares of Common Stock for which this Warrant is then being exercised by the Exercise Price then in effect. 

(b) Reduction in Principal Amount of Non-Convertible Note. If the Holder of this Warrant also holds all or any portion of the
Non-Convertible Note, such Holder may elect to exercise this Warrant by effecting a reduction in the principal amount of the Non-Convertible Note, such reduction equal to the amount obtained by multiplying the number of shares of Common Stock for
which this Warrant is then being exercised by (i) the Exercise Price then in effect divided by (ii) (A) the Make-Whole Price (as defined in the Non-Convertible Note) with respect to the outstanding principal amount of such
Non-Convertible Note divided by (B) the outstanding principal amount of such Non-Convertible Note. Any exercise pursuant to this Section 2.2(b) shall be subject to the terms and conditions of the Non-Convertible Note. 

2.3. Delivery of Stock Certificates on Exercise. As soon as practicable after any exercise of this Warrant and in any event within
three Business Days thereafter, the Company shall, at its expense (including the payment by it of any applicable issue or stamp taxes), cause to be issued in the name of and delivered to the Holder (or its designee) a certificate or certificates
evidencing the number of fully paid and nonassessable shares of Common Stock (or other securities, as applicable) (which number shall be rounded up to the nearest whole share in the event any fractional share may otherwise be issuable upon such
exercise) to which the Holder shall be entitled on such exercise, in such denominations as may be requested by the Holder, which certificate or certificates shall be free of restrictive and trading legends (except for any such legends as may be
required under the Securities Act). In lieu of delivering physical certificates for the shares of Common Stock (or other securities) issuable upon any exercise of this Warrant, provided the Company’s transfer agent is participating in the
Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program or a similar program, upon request of the Holder, the Company shall use commercially reasonable efforts to cause its transfer
agent to electronically transmit such shares of Common Stock (or other securities) issuable upon exercise of this Warrant to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s) broker with DTC
through its Deposit Withdrawal Agent Commission system (provided that the same time periods herein as for stock certificates shall apply) as instructed by the Holder (or its designee). 

2.4. Termination. This Warrant shall terminate, and the Company shall be forever released from all its obligations and liabilities
under this Warrant and this Warrant shall be deemed of no further force or effect, upon the earlier to occur of (i) exercise of this Warrant in full or (ii) the expiration of the Exercise Period. 

  
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 3. Adjustments. 

3.1 Adjustment Upon Issuance of Shares of Common Stock. If and whenever after the date of this Warrant the Company issues or sells, or
in accordance with this Section 3.1 is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company) for a consideration per share
less than the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (the foregoing a “Dilutive Issuance”), other than distributions covered by Section 3.3, then the Exercise Price
then in effect shall be reduced to a price determined in accordance with the following formula: 
  

											
	R1		=		R		X		    OS +        		
									    OS + B		

 R1 = the Exercise Price in effect immediately after such
Dilutive Issuance; 
 R = the Exercise Price in effect immediately prior to such Dilutive Issuance; 

OS = the number of shares of Common Stock outstanding immediately prior to such Dilutive Issuance (treating for this purpose as outstanding
all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion or exchange of Convertible Securities (excluding the Convertible Note) outstanding immediately prior to such issue (to the
extent such Options or Convertible Securities have an exercise or conversion price below R)); 
 A = the number of shares of Common Stock
that would have been issued (or be deemed to have been issued) if such Dilutive Issuance had been issued at a price per share equal to R (determined by dividing the aggregate consideration received by the Company in respect of such issue by R); and

 B = the number of shares of Common Stock issued (or deemed to have been issued) in such Dilutive Issuance. 

For purposes of determining the adjusted Exercise Price under this Section 3.1, the following shall be applicable: 

(a) If the Company in any manner grants or sells any Options and the price per share (calculated as the sum of the amounts of consideration
(if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of the Option, upon exercise of the Option and upon conversion, or exercise or exchange of any Convertible Security issuable upon
exercise of such Option) for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option is less than the Exercise
Price in effect immediately prior to the time of the granting or sale of such Options, then such 

  
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shares of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per share. Except as
contemplated by Section 3.1(c) below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such share of Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual
issuance of such share of Common Stock upon conversion, exercise or exchange of such Convertible Securities. The Exercise Price will be readjusted to the extent that such Options are not exercised prior to their expiration. 

(b) If the Company in any manner issues or sells any Convertible Securities and the price per share (calculated as the sum of the amounts of
consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security) for which one
share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less than the Exercise Price in effect immediately prior to the time of the issuance or sale of such Convertible Security, then such share of Common Stock shall
be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share. Except as contemplated below, no further adjustment of the Exercise Price shall
be made upon the actual issuance of such share of Common Stock upon conversion, exercise or exchange of such Convertible Securities, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which
adjustment of the Exercise Price has been or is to be made pursuant to other provisions of this Section 3.1, except as contemplated by Section 3.1(c) below, no further adjustment of the Exercise Price shall be made by reason
of such issuance or sale. The Exercise Price will be readjusted to the extent that such Convertible Securities are not converted prior to the last day on which they are convertible. 

(c) If the purchase or exercise price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion,
exercise or exchange of any Convertible Securities, the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock, or the maximum number of shares of Common Stock issuable in connection
with any Options referred to in Section 3.1(a) hereof or any Convertible Securities referred to in Section 3.1(b) increases or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall
be adjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration, increased or decreased conversion rate or
change in maximum number of shares (as the case may be) at the time initially granted, issued or sold. For purposes of this clause (c), if the terms of any Option or Convertible Security that was outstanding as of the Closing Date are increased or
decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of
the date of such increase or decrease. No adjustment pursuant to this clause (c) shall be made if such adjustment would result in an increase of the Exercise Price then in effect. 

(d) In case any Option is issued in connection with the issuance or sale of other securities of the Company, together comprising one
integrated transaction in which no 

  
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specific consideration is allocated to such Options by the parties thereto, the amount of the consideration therefor shall be deemed to be the fair value of such portion of the aggregate
consideration received by the Company in such transaction as is attributable to such Options. If any shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration
received therefor will be deemed to be the amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such
consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be
the arithmetic average of the volume-weighted average price of such security for the five Trading Day period immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the
non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as
is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Majority
Securityholders (with respect to the Warrants). If such parties are unable to reach agreement within 10 days after the occurrence of an event requiring valuation, the fair value of such consideration will be determined, at the expense of the
Company, within fifteen Trading Days thereafter by an independent, reputable appraiser jointly selected by the Company and the Majority Securityholders (with respect to the Warrants). 

3.2 Adjustment for Change in Capital Stock. If, after the date of this Warrant, the Company (a) pays a dividend or makes another
distribution to all or substantially all holders of Common Stock payable exclusively in shares of Common Stock; (b) subdivides the outstanding shares of Common Stock into a greater number of shares; or (c) combines the outstanding shares
of Common Stock into a smaller number of shares; then the Exercise Price will be adjusted based on the following formula: 
  

											
	R1		=		R		X		    OS    		
									    OS1		

 where: 

R1 = the Exercise Price in effect immediately after the open of business on the
Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the effective date of such subdivision or combination, as the case may be; 

R = the Exercise Price in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or
immediately prior to the open of business on the effective date of such subdivision or combination, as the case may be; 
 OS = the number
of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the open of business on the effective date of such subdivision or combination, as the
case may be; and 

  
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 OS1 = the number of shares of Common Stock
outstanding immediately after such dividend or distribution, or immediately after the effective date of such subdivision or combination, as the case may be. 

Such adjustment shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or
the effective date for such subdivision or combination. If any dividend or distribution of the type described in this Section 3.2 is declared but not so paid or made, the Exercise Price shall be immediately readjusted, effective as of
the date the Company’s board of directors determines not to pay such dividend or distribution, or split or combine the outstanding shares of Common Stock, as the case may be, to the Exercise Price that would then be in effect if such dividend,
distribution, share split or share combination had not been declared or announced. 
 3.3 Adjustment for Rights Issue. If, after the
date of this Warrant, the Company distributes any rights or Options to all or substantially all holders of Common Stock entitling such holders to purchase (for a period expiring within 60 days) shares of Common Stock at a price per share less than
the average of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such distribution, then the Exercise Price shall be
adjusted in accordance with the following formula; provided, however, that the Exercise Price will be readjusted to the extent that such rights or Options are not exercised prior to their expiration or are not distributed: 

 

											
	R1		=		R		X		    O + Y    		
									    O + X		

 where: 

R1 = the Exercise Price in effect immediately after the open of business on the
Ex-Dividend Date for such distribution; 
 R = the Exercise Price in effect immediately prior to the open of business on the Ex-Dividend
Date for such distribution; 
 O = the number of shares of Common Stock outstanding at the close of business on the Trading Day immediately
preceding the Ex-Dividend Date for such distribution; 
 X = the total number of shares of Common Stock issuable pursuant to such rights or
Options; and 
 Y = the number of shares of Common Stock equal to (1) the aggregate price payable to exercise such rights or
Options plus the aggregate consideration received by the Company for such rights or Options divided by (2) the average of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

  
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 Such adjustment shall be successively made whenever any such rights or Options are distributed
and shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent that shares of the Common Stock are not delivered after the expiration of such rights or Options, the Exercise Price shall
be readjusted to the Exercise Price that would then be in effect had the adjustments made upon the issuance of such rights or Options been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights
or Options are not so issued, the Exercise Price shall be adjusted promptly to be the Exercise Price that would then be in effect if such Ex-Dividend Date for such distribution had not been fixed. 

For purposes of this Section 3.3, in determining whether any rights or Options entitle the holders of Common Stock to subscribe
for or purchase Common Stock at less than the average of the Closing Sale Prices of Common Stock for each Trading Day in the applicable 10 consecutive Trading Day period, there shall be taken into account any consideration received by the Company
for such rights or Options and any amount payable on exercise thereof, with the value of such consideration, if other than cash, to be determined by the Company’s board of directors. 

No adjustment to the Exercise Price shall be made under this Section 3.3 if the application of the formula stated above in this
Section 3.3 would result in an increase in such Exercise Price. 
 3.4 Adjustment for Other Distributions. If, after the
date of this Warrant, the Company distributes to all or substantially all holders of its Common Stock any of its debt, securities or assets or any rights or Options to purchase securities of the Company (including securities or cash, but excluding
(a) sales, issuances, and deemed sales and issuances as to which an adjustment is required pursuant to Section 3.1 (b) distributions of Capital Stock as to which an adjustment is required pursuant to Section 3.2,
(c) distributions of rights or Options as to which an adjustment is required pursuant to Section 3.3, and (d) Spin-Offs (as defined below), as to which the provisions set forth below in this Section 3.4 shall
apply), the Exercise Price shall be decreased in accordance with the formula: 
  

											
	R1		=		R		X		    M - F    		
									        M		

 where: 

R1 = the Exercise Price in effect immediately after the open of business on the
Ex-Dividend Date for such distribution; 
 R = the Exercise Price in effect immediately prior to the open of business on the Ex-Dividend
Date for such distribution; 

  
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 M = the average of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading
Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and 
 F = the fair
market value, as determined by the Company’s board of directors, of the portion of those assets, securities, rights, or Options to be distributed in respect of each share of Common Stock immediately prior to the open of business on the
Ex-Dividend Date for such distribution. 
 Such decrease shall become effective as of the open of business on the Ex-Dividend Date with
respect to the distribution. If such distribution is not so paid or made, the Exercise Price shall be increased, effective as of the date the Company’s board of directors determines not to pay the distribution, to be the Exercise Price that
would then be in effect if such distribution had not been declared. 
 Notwithstanding the foregoing, if “F” (as defined above) is
equal to or greater than “M” (as defined above), in lieu of the foregoing increase, adequate provisions shall be made so that Holder shall have the right to receive on exercise in respect hereof, in addition to the number of shares of
Common Stock that Holder is entitled to receive, the amount and kind of securities and assets Holder would have received had Holder exercised this Warrant immediately prior to the record date for the distribution of such securities or assets. 

However, with respect to an adjustment pursuant to this Section 3.4 where there has been a payment of a dividend or other
distribution on the Common Stock in shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit, where such Capital Stock or similar equity interest is listed or quoted (or will
be listed or quoted upon consummation of the Spin-off) on a national securities exchange or reasonably comparable non-U.S. equivalent, which is referred to herein as a “Spin-off,” the Exercise Price will instead be decreased based
on the following formula: 
  

											
	R1		=		R		X		      MP        		
									    F + MP    		

 where: 

R1 = the Exercise Price in effect immediately after the open of business on the
Ex-Dividend Date for the Spin-off; 
 R = the Exercise Price in effect immediately prior to the open of business on the Ex-Dividend Date
for the Spin-off; 
 F = the average of the Closing Sale Prices of the Capital Stock or similar equity interest distributed to holders of
Common Stock applicable to one share of the Common Stock over the first 10 consecutive Trading Day period immediately following, and including, the Ex-Dividend Date for the Spin-off (such period, the “Valuation Period”); and 

  
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 MP = the average of the Closing Sale Prices of the Common Stock over the Valuation Period. 

The adjustments to the Exercise Price under the preceding paragraph of this Section 3.4 will be made immediately after the open of
business on the day after the last day of the Valuation Period, but will be given effect as of the open of business on the Ex-Dividend Date for the Spin-off. For purposes of determining the Exercise Price, in respect of any exercise during the 10
consecutive Trading Days commencing on the Ex-Dividend Date for any Spin-off, references within the portion of this Section 3.4 related to Spin-offs to 10 consecutive Trading Days shall be deemed replaced with such lesser number of
Trading Days as have elapsed form, and including, the Ex-Dividend Date for such Spin-off to, but excluding, the relevant Exercise date. 

3.5 Adjustment for Company Tender Offer. If, after the date of this Warrant, the Company or any of its Subsidiaries makes a payment to
holders of Common Stock in respect of a tender or exchange offer, other than an odd-lot offer, by the Company or any of its Subsidiaries for shares of Common Stock, to the extent that the cash and value of any other consideration included in the
payment per share of Common Stock exceeds the average of the Closing Sale Prices over the 10 consecutive Trading Day period commencing on, and including, the Trading Day following the last date on which tenders or exchanges may be made pursuant to
such tender or exchange offer (the “Tender Offer Expiration Date”), the Exercise Price shall be decreased based on the following formula: 
  

											
	R1		=		R		X		        OS X SP            		
									    F + (SP X OS'’)        		

 where: 

R1 = the Exercise Price in effect immediately after the open of business on the Trading
Day following the Tender Offer Expiration Date; 
 R = the Exercise Price in effect immediately prior to the open of business on the
Trading Date following the Tender Offer Expiration Date; 
 F = the fair market value, as determined by the Company’s board of
directors, of the aggregate consideration payable in such tender or exchange offer (up to any maximum amount specified in the terms of the tender or exchange offer) for all shares of Common Stock that the Company or any Subsidiary of the Company
purchases in such tender or exchange offer, such fair market value to be measured as of the expiration time of the tender or exchange offer (the “Tender Offer Expiration Time”); 

OS = the number of shares of Common Stock outstanding immediately prior to the Tender Offer Expiration Time (prior to giving effect to such
tender offer or exchange offer); 

  
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 OS’ = the number of shares of Common Stock outstanding immediately after the Tender Offer
Expiration Time (after giving effect to such tender offer or exchange offer); and 
 SP = the average of the Closing Sale Prices of Common
Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day following the Tender Offer Expiration Date. 

The adjustment to the Exercise Price under this Section 3.5 will be made immediately after the open of business on the 11th
Trading Day following the Tender Offer Expiration Date but will be given effect at the open of business on the Trading Day following the Tender Offer Expiration Date. For purposes of determining the Exercise Price in respect of any exercise during
the 10 consecutive Trading Days commencing on the Trading Day following the Tender Offer Expiration Date, references within this Section 3.5 to 10 consecutive Trading Days shall be deemed replaced with such lesser number of Trading Days
as have elapsed from, and including, the Trading Day following the Tender Offer Expiration Time to, but excluding, the relevant Exercise date. 

3.6 When No Adjustment Required. No adjustment need be made pursuant to the foregoing clauses of this Section 3 as a result
of (a) any equity based compensation to directors or employees of the Company or any of its Subsidiaries and the exercise of any options or similar rights thereunder; (b) any Common Stock issued pursuant to the Prior Warrants; (c) the
incurrence of any Indebtedness not prohibited by Section 5.3 of the Purchase Agreement; (d) any issuance pursuant to an employee benefit plan; (e) the issuance of any shares of Common Stock by the Company upon conversion of any
portion of the Convertible Note or exercise of any portion of the Warrant; (f) the conversion of any Convertible Securities; (g) a merger, or business or asset acquisition with respect to a Person that is not an Affiliate of the Company;
(h) in respect of any transaction in which Holder participates (as a result of holding this Warrant, at the same time as holders of the Common Stock participate) as if Holder held the number of shares of Common Stock into which this Warrant may
be exercised at the time of such transaction; or (i) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on Company’s securities and the
investment of additional optional amounts in shares of Common Stock under any such plan. Any adjustment to the Exercise Price with respect to a particular issuance, dividend, distribution, subdivision or combination shall be made pursuant to one of
the foregoing Sections 3.1 through 3.5 without duplication. 
 3.7 Notice of Adjustment. Whenever the Exercise Price is
adjusted, the Company shall promptly (and in any event within three Business Days) provide to Holder a written notice of adjustment stating the facts requiring the adjustment and the manner of computing it. 

3.8 Effect of Merger Event. In the event of a Merger Event, then the Company or the successor or purchasing Person, as the case may be,
shall provide that the Holder shall be entitled at and after the effective time of the Merger Event to exercise this Warrant into the type and amount of shares of stock, other securities or other property or assets (including cash or any combination
thereof) (“Reference Property”) the Holder would have been entitled to receive upon such Merger Event had Holder exercised this Warrant immediately prior to such Merger 

  
 - 12 - 

 
Event. If this Warrant is surrendered for exercise after the effective date of any such Merger Event, in lieu of shares of Common Stock otherwise provided for hereunder, the Company shall deliver
to Holder a number of units of Reference Property corresponding to the number of shares of Common Stock that would otherwise have been provided for hereunder upon such exercise immediately prior to the Merger Event. Each such unit of Reference
Property shall consist of the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event would have
owned or been entitled to receive based on the Weighted Average Consideration. 
 4. Limitation on Exercise. 

4.1 Notwithstanding anything herein to the contrary, prior to the date on which the Company obtains the Stockholder Approval, the
Warrant shall not be exercisable (i.e., the Holder of this Warrant shall not have the right to exercise this Warrant and receive shares of Common Stock upon such attempted exercise, and Company shall not be obligated to issue any shares of
Common Stock upon any attempted exercise of this Warrant) to the extent the issuance of any portion of such shares, when aggregated with the issuance of all other shares previously issued upon exercise of this Warrant or under any other agreement,
document or transaction, which upon the advice of counsel and the New York Stock Exchange is reasonably considered to be a related transaction which should be aggregated with the transactions contemplated by this Warrant (including, without
limitation, under the Convertible Note), would exceed the aggregate number of shares of Common Stock that the Company may issue without breaching the Company’s obligations under New York Stock Exchange Rule 312.03 (the “NYSE
Cap”), and any purported delivery of shares of Common Stock upon exercise of this Warrant shall be void and have no effect to the extent (but only to the extent) that such delivery would result in a violation of the NYSE Cap. 

4.2 If any delivery of shares of Common Stock owed to the Holder upon exercise of this Warrant is not made, in whole or in part, as a result
of the limitations set forth in Section 4.1, the Company’s obligation to make such delivery shall not be extinguished, and the Company shall deliver such shares of Common Stock as promptly as practicable after the Holder gives
notice to the Company that such delivery would not result in the limitation set forth therein being triggered. 
 5. Reservation of Stock Issuable on
Exercise of Warrant; Authorization; Listing; Rule 144 Information. 
 5.1 The Company will at all times reserve and keep available out
of its authorized but unissued Common Stock, solely for issuance and delivery on the exercise of this Warrant, a number of shares of Common Stock equal to the total number of shares of Common Stock from time to time issuable upon exercise of this
Warrant, and, from time to time, will take all steps necessary to amend its Certificate of Incorporation to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant. 

5.2 The Company hereby represents and warrants that any Common Stock issued upon the exercise of this Warrant in accordance with the
provisions of Section 2 and all other 

  
 - 13 - 

 
provisions of this Warrant will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges created by the
Holder or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Common Stock so issued will be deemed to have been issued to the Holder as of the close of business on the date on which this Warrant and
payment of the Exercise Price (or notice of reduction in the principal amount of the Non-Convertible Note) are delivered to the Company in accordance with the terms of this Warrant, notwithstanding that the stock transfer books of the Company may
then be closed or certificates representing such Common Stock may not be actually delivered on such date. 
 5.3 The Company will
(i) procure, at its sole expense, the listing of the Common Stock issuable upon exercise of this Warrant, subject to issuance or notice of issuance on all stock exchanges on which the Common Stock are then listed or traded and
(ii) maintain the listing of such Common Stock after issuance. The Company will use commercially reasonable efforts to ensure that the Common Stock may be issued upon exercise of the Warrant without violation of any applicable law or regulation
or of any requirement of any securities exchange on which the Common Stock is listed or traded. 
 6. Miscellaneous 

6.1 Transfer and Assignment. The Warrants shall not be transferable or assignable by a Holder except in accordance with
Section 6.11 of the Purchase Agreement, and such provisions are incorporated herein for all purposes. Any transfer may be made in whole or in part by the Holder, without charge to the Holder, upon surrender of this Warrant to the Company at its
then principal executive offices with the form of assignment attached hereto duly executed by such Holder and payment by such Holder of any applicable transfer taxes. In the event the Warrant is not transferred in full, the Company, at its expense,
will forthwith issue and deliver to or upon the order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or as such Holder may request, calling in the aggregate on the face or faces thereof for the number of shares of
Common Stock equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of shares (without giving effect to any adjustment therein) subject to the transfer. This
Warrant shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties. 
 6.2
Registration Rights. The Holder of this Warrant has registration rights concerning the Warrant and the shares of Common Stock issuable upon exercise of the Warrants pursuant to the terms specified in the Registration Rights Agreement, dated
as of June 19, 2015, between the Company and the Investor, a copy of which is on file at the principal office of the Company. 

6.3 Warrant Agent. The Company may, by written notice to the Holder of this Warrant, appoint an agent for the purpose of issuing Common
Stock on the exercise of this Warrant, and exchanging or replacing this Warrant pursuant to the Purchase Agreement, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office
by such agent. 

  
 - 14 - 

 6.4 Holder Not Deemed a Stockholder. Except as otherwise specifically provided herein,
prior to the issuance to the Holder of the shares of Common Stock to which the Holder is then entitled to receive upon due exercise of this Warrant, the Holder shall not be entitled to vote or be deemed the Holder of shares of capital stock of the
Company for any purpose. 
 6.5 Remedies. The Company stipulates that the remedies at law of the Holder of this Warrant in the event
of any default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms may be specifically enforced by a decree for the specific performance
of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise. 
 6.6 Waivers and
Amendments. This Warrant may be amended or waived (either generally or in a particular instance, either retroactively or prospectively and either for a specified period of time or indefinitely), but only by an instrument in writing authorized by
the Company and the Majority Securityholders (with respect to the Warrants), and signed by the Company and such Holder or Holders, as applicable. Upon the effectuation of each such amendment or waiver, the Company shall promptly give written notice
thereof to any Holder who has not previously received notice thereof or consented thereto in writing. No failure or delay on the part of any party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or
acquiescence in, any breach of any covenant or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. 

6.7 Notices. Notices shall be provided as set forth in Section 8.4 of the Purchase Agreement, and such provisions are incorporated
herein for all purposes. Promptly after becoming a Holder, any Holder other than the Investors shall provide the Company with notification information the type of which is set forth in Section 8.4 of the Purchase Agreement. 

6.8 Headings. The headings in this Warrant are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 6.9 Governing Law. THIS WARRANT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 6.10 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired or affected, it being intended that each party’s rights and privileges shall be enforceable to the fullest extent permitted by applicable law. 

6.11 Rules of Construction. Unless otherwise expressly provided to the contrary in this Warrant, this Warrant shall be interpreted in
accordance with the provisions set forth in Section 6.2 of the Purchase Agreement, and such provisions are incorporated herein for all purposes. 

  
 - 15 - 

 6.12 No Third Party Beneficiaries. Nothing expressed or implied in this Warrant shall be
construed to give any Person other than the parties hereto any legal or equitable rights hereunder. 
 6.13 Entire Agreement. This
Warrant, together with the Purchase Agreement, is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein. This Warrant, together with the Purchase Agreement, supersedes all prior agreements and understandings between the parties hereto with respect to such subject matter hereof. 

[NO FURTHER TEXT ON THIS PAGE.] 

  
 - 16 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized
officer. 
 Dated as of June 19, 2015 
  

			
	 HARVEST NATURAL RESOURCES, INC.

		
	 By:
		 /s/ Keith L. Head

			Keith L. Head
			Vice President and General Counsel

  
  

 
 [Signature Page to Warrant] 

 FORM OF NOTICE OF EXERCISE 

(To be signed only on exercise of Warrant) 
  

	TO:	HARVEST NATURAL RESOURCES, INC. 

 The undersigned Holder elects to purchase, pursuant to
the provisions of the Common Stock Purchase Warrant issued by Harvest Natural Resources, Inc. and held by the undersigned, the original of which is attached hereto, and (check the applicable box): 

 

									
	 ̈				Elects the cash exercise option pursuant to Section 2.2(a) of the Warrant, and tenders herewith payment of the Exercise Price by wire transfer of immediately available funds, in the amount of
$             for              shares of Common Stock.
			
	 ̈				Elects the option pursuant to Section 2.2(b) of the Warrant, and elects to effect a reduction in the principal amount of the Non-Convertible Note, such reduction equal to $
             for              shares of Common Stock.
			
					DTC Fast Automated Securities Transfer:
			
	 ̈				If this box is checked, as long as the Company’s transfer agent participates in the DTC Fast Automated Securities Transfer program (“FAST”), and except as otherwise provided in the next following
sentence, the Company shall effect delivery of the shares of Common Stock to the Holder by crediting to the account of the Holder or its nominee at DTC (as specified in this Notice of Exercise) with the number of shares of Common Stock required to
be delivered. In the event that the Company’s transfer agent is not a participant in FAST, or if the shares of Common Stock are not otherwise eligible for delivery through FAST, the Company shall effect delivery of the shares of Common Stock by
delivering to Holder or its nominee physical certificates representing such shares.
			
					Information for delivery of uncertificated shares:
					
					Account Number:		
                     
                        
		
					
					Account Name:		  
		
					
					DTC Number:		  
		

  

			
	HOLDER
	
	  

	Name:		
	Title:		
		
	Date:		  

 FORM OF ASSIGNMENT 

(To be signed only on transfer of Warrant) 

For value received, the undersigned hereby sells, assigns, and transfers unto
                     the right represented by the within Warrant to purchase
             shares of Common Stock of Harvest Natural Resources, Inc., to which the attached Warrant relates, and appoints
                     attorney to transfer such right on the books of Harvest Natural Resources, Inc., with full power of substitution in the
premises. 
  

									
							[insert name of Holder]
					
	Dated:		  
				By:		  

					
							Title:		  

				
							[insert address of Holder]
			
	Signed in the presence of:EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is entered into effective as of June 19, 2015, by and among
Harvest Natural Resources, Inc., a Delaware corporation (the “Company”) and CT Energy Holding SRL, a Barbados Society with Restricted Liability (the “Investor”). 

RECITALS 
 WHEREAS,
the Investor and the Company are parties to the Securities Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), concerning the Company’s issuance and sale to the Investor of (i) a 15.0%
non-convertible senior secured note due 2020 in the principal amount of $25,225,000 (the “Non-Convertible Note”), (ii) a 9.0% convertible senior secured note due 2020 in the principal amount of $6,975,000 (the
“Convertible Note”), (iii) a 15.0% non-convertible senior secured note due 2020 in the principal amount of up to $12,000,000 (the “Additional Draw Note,” and together with the Non-Convertible Note and the
Convertible Note, the “Notes”), (iv) a warrant (the “Warrant”) to purchase up to 34,070,820 shares of the Company’s common stock, par value $.01 per share (the “Common Stock”) and
(v) shares of the Company’s Series C preferred stock, par value $0.01 per share. 
 WHEREAS, in connection with the
consummation of the transactions contemplated by the Purchase Agreement, and pursuant to the terms of the Purchase Agreement, the parties hereto desire to enter into this Agreement in order to grant certain registration rights to the Investor as set
forth below. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 1.1
Certain Definitions. Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings ascribed to such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the
following respective meanings: 
 “Additional Draw Note” has the meaning specified therefor in the Recitals of this
Agreement. 
 “Affiliate” has the meaning ascribed to such term in the Purchase Agreement. 

“Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Claims” has the meaning ascribed to such term in Section 2.1(e)(i). 

“Closing Date” has the meaning ascribed to such term in the Purchase Agreement. 

 “Common Stock” has the meaning specified therefor in the Recitals of this
Agreement. 
 “Company” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Company Indemnified Person” has the meaning ascribed to such term in Section 2.1(e)(i). 

“Convertible Note” has the meaning specified therefor in the Recitals of this Agreement. 

“Demand Notice” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Demand Registrable Securities” means (A) the Notes and (B) any shares of Common Stock issuable upon conversion of
the Convertible Note or exercise of the Warrant. As to any particular Demand Registrable Securities, such securities shall only be treated as Demand Registrable Securities if and only for so long as they are held by a Holder and (1) have not
been disposed of pursuant to a Registration Statement declared effective by the SEC, (2) have not been disposed of pursuant to Rule 144 or (3) have not otherwise been sold in a transaction exempt from the registration requirements of the
Securities Act so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such sale. 

“Demand Registration” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Demand Right” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Equity Interest” has the meaning ascribed to such term in the Purchase Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Holder” means the Investor and any Person holding Registrable Securities to whom the rights under Section 2.1
have been transferred in accordance with Section 2.1(h). 
 “Holder Indemnified Person” has the meaning
ascribed to such term in Section 2.1(e)(ii). 
 “Included Registrable Securities” has the meaning ascribed to
such term in Section 2.1(b)(i). 
 “Indemnified Damages” has the meaning ascribed to such term in
Section 2.1(d)(i). 
 “Indemnified Party” has the meaning ascribed to such term in
Section 2.1(d)(iii). 
 “Indemnifying Party” has the meaning ascribed to such term in
Section 2.1(d)(iii). 
 “Investor” has the meaning specified therefor in the introductory paragraph of this
Agreement. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of
such Underwritten Offering. 

  
 2 

 “Non-Convertible Note” has the meaning specified therefor in the Recitals of
this Agreement. 
 “Notes” has the meaning specified therefor in the Recitals of this Agreement. 

“Other Holders” has the meaning ascribed to such term in Section 2.1(b)(ii). 

“Person” means an individual, partnership (limited or general), corporation, limited liability company, trust or
unincorporated organization or a government or agency or political subdivision thereof. 
 “Piggyback Registration” has the
meaning ascribed to such term in Section 2.1(b)(i). 
 “Purchase Agreement” has the meaning specified therefor
in the Recitals of this Agreement. 
 “register,” “registered” and “registration” refer
to the registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement by the SEC. 

“Registrable Securities” means (A) the Demand Registrable Securities and (B) the Warrants. As to any particular
Registrable Securities, such securities shall only be treated as Registrable Securities if and only for so long as they are held by a Holder and (1) have not been disposed of pursuant to a Registration Statement declared effective by the SEC,
(2) have not been disposed of pursuant to Rule 144 or (3) have not otherwise been sold in a transaction exempt from the registration requirements of the Securities Act so that all transfer restrictions and restrictive legends with respect
thereto are removed upon the consummation of such sale. 
 “Registration Expenses” means all reasonable expenses incurred
by the parties hereto in complying with Sections 2.1(a) and (b), including, without limitation, all registration, qualification, exchange listing and filing fees, printing expenses, fees and expenses of counsel and independent
accountants for the Company, blue sky fees and expenses, and expenses of the transfer agent for the Common Stock, incident to or required by any such registration (but excluding the Selling Expenses for any Holder). 

“Registration Period” has the meaning ascribed to such term in Section 2.1(c)(i). 

“Registration Statement” means a registration statement under the Securities Act filed by the Company with the SEC. 

“Registration Term” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Rule 144” means Rule 144 promulgated under the Securities Act or any successor or similar rule as may be enacted by the SEC
from time to time, all as the same shall be in effect at the time. 
 “SEC” means the Securities and Exchange Commission of
the United States or any other U.S. federal agency at the time administering the Securities Act. 

  
 3 

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC thereunder, all as the same shall be in effect at the time. 
 “Selling Expenses” means all
underwriting discounts and selling commissions and similar fees applicable to the sale of Registrable Securities, all fees and expenses of legal counsel for any Holder and all transfer taxes relating to any sale of Registrable Securities. 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to Section 2.1(b). 

“Shelf Registration” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Shelf Registration Statement” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Shelf Supplement” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Shelf Takedown” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Shelf Takedown Notice” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Shelf Takedown Right” has the meaning ascribed to such term in Section 2.1(a)(ii). 

“Underwritten Offering” means an offering in which shares of Common Stock are sold to an underwriter on a firm commitment or
best efforts basis for reoffering to the public pursuant to a Registration Statement. 
 “Violations” has the meaning
ascribed to such term in Section 2.1(e)(i). 
 “Warrant” has the meaning specified therefor in the Recitals of
this Agreement. 
 ARTICLE II 

REGISTRATION RIGHTS 
 2.1
Registration Rights. 
 (a) Demand Registration; Shelf Registration. 

(i) Demand Procedure. Subject to the provisions of Section 2.1(a)(iii), at any time beginning three months after the Closing
Date, a Holder shall have the right (the “Demand Right”), by written notice to the Company (a “Demand Notice”), to require the Company to register all or a portion of the Demand Registrable Securities held by such
Holder under and in accordance with the provisions of the Securities Act (in each case, a “Demand Registration”); provided, however, that the Company shall have no obligation to register any Demand Registrable Securities under this
Section 2.1(a): (A) except as otherwise provided in Section 2.1(a)(iv), if the Company is in the process of effecting a Demand Registration under this Section 2.1(a); or (B) if a Registration Statement
filed pursuant to a Demand Notice is already effective which would permit the distribution sought in a new Demand Notice. The Company shall, within five Business Days after the date a Demand Notice is given, provide written notice

  
 4 

 
of such request to all Holders of Demand Registrable Securities. As soon as practicable, but in any case subject to clauses (A) through (C) above, no later than 60 days following the
receipt by the Company of the original Demand Notice, (i) the Company will file a Registration Statement on Form S-3 with the SEC (or, alternatively, amend the Company’s existing Registration Statement on Form S-3 (File
No. 333-197345)) to register the resale of the issued and outstanding Demand Registrable Securities covered by the original Demand Notice and any additional Demand Registrable Securities requested to be included in such registration by any
other Holders (as specified by such other Holders in a Demand Notice which shall be provided to the Company on or before 10 days after the date the Company’s written notice is given to such Holders), or (ii), if the Company is not then eligible
to file a Registration Statement on Form S-3, the Company will instead file a Registration Statement on Form S-1 (or other applicable form) to effect the resale of such Demand Registrable Securities no later than 90 days following receipt of the
original Demand Notice. The Company will use its reasonable best efforts to cause such Registration Statement to be declared effective by the SEC as promptly as practicable after such filing. 

(ii) Shelf Procedure. The Company will use its reasonable best efforts to, as soon as practicable, but no later than three months after
the Closing Date, file a Registration Statement on Form S-3 with the SEC (or, alternatively, amend the Company’s existing Registration Statement on Form S-3 (File No. 333-197345)) to register an offering to be made on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of all issued and outstanding Registrable Securities (such registration statement, a “Shelf Registration Statement,” and such registration, a “Shelf
Registration”). The Company will use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the SEC as promptly as practicable after such filing. Subject to the provisions of
Section 2.1(a)(iii), at any time after such Shelf Registration Statement is declared effective and ending upon the expiration of the Registration Term, a Holder shall have the right (the “Shelf Takedown Right”), by
written notice to the Company (a “Takedown Notice”), to require the Company to effect an offering of all or part of its Registrable Securities included in such Shelf Registration Statement under and in accordance with the provisions
of the Securities Act (in each case, a “Shelf Takedown”). As soon as practicable following the receipt by the Company of the original Shelf Takedown Notice, the Company shall use its reasonable best efforts, including by amending or
supplementing (a “Shelf Supplement”) to such Shelf Registration Statement, to enable the Registrable Securities covered by the original Takedown Notice and any additional Registrable Securities requested to be included in such
registration by any other Holders (as specified by such other Holders in a Takedown Notice which shall be provided to the Company on or before 10 days after the date the Company’s written notice is given to such Holders), to be offered and sold
as contemplated by the original Shelf Takedown Notice. If a Shelf Supplement under this Section 2.1(a) is an amendment to such Shelf Registration Statement, the Company shall use its reasonable best efforts to cause such Shelf Supplement
to be declared effective by the SEC as soon as practicable thereafter. Notwithstanding the foregoing, if the Company is ineligible to use a Shelf Registration Statement under the Securities Act, the provisions of this Section 2.1(a)(ii) shall
not apply until the Company regains eligibility. 
 (iii) Postponement. Notwithstanding anything to the contrary in this Agreement,
the Company will, upon written notice to any Holder whose Registrable Securities are included in or proposed to be included in a Registration Statement pursuant to this Section  

  
 5 

 
2.1, be entitled to postpone the filing of, or declaration of effectiveness of, any Registration Statement or Shelf Supplement prepared pursuant to the exercise of a Demand Right or Shelf
Takedown Right for a reasonable period of time not in excess of 60 days, if a majority of the board of directors of the Company determines, in the good faith exercise of its business judgment, and has delivered to the Holders written certification
to the effect, that such registration and offering would (A) require disclosure of material non-public information concerning the Company which, at such time, is not in the best interest of the Company or (B) materially and adversely
affect the Company; provided, however, such postponement right shall not be exercised by the Company more than twice in any twelve-month period. In the event of any such postponement, the Company will promptly notify the Holders in writing when the
events or circumstances permitting such postponement have ended. In the event that the Company is subject to a binding lock-up agreement with one or more third-party underwriters at any time that a Holder requests a Demand Registration or Shelf
Takedown, the Company shall have the right to postpone the filing of a Registration Statement or Shelf Supplement pursuant to the Demand Notice or Shelf Takedown Notice until the expiration of the applicable lock-up period (not to exceed 90 days,
plus any customary extension period of the applicable underwriter). 
 (iv) Marketing Factors. If any Demand Registration or Shelf
Takedown is in the form of an Underwritten Offering, the Holders of a majority of the Registrable Securities to be so registered or offered, on an as-converted basis, will select and be entitled to the services of the investment banking firm or
firms and manager or managers that will administer the offering and the counsel to such investment banking firms and managers; provided that such investment banking firm, managers and counsel must be reasonably satisfactory to the Company. If the
Managing Underwriter or underwriters of any proposed Underwritten Offering of shares of Common Stock (including any shares of Common Stock issuable upon conversion of the Convertible Notes or exercise of the Warrants) pursuant to a Demand
Registration or Shelf Takedown advises the Company that the total issued and outstanding Registrable Securities held by all of the Holders exceeds the number of shares of such Common Stock which can be sold in such offering or would have an adverse
effect on the price, timing or distribution of the shares of Common Stock proposed to be offered in such Underwritten Offering, then the shares of Common Stock to be included in such Underwritten Offering on behalf of the Holders shall be limited to
the number of Registrable Securities that such Managing Underwriter or underwriters advises the Company can be sold without having such adverse effect, and the number of shares that may be included in such Underwritten Offering shall be allocated to
the Holders on a pro rata basis based on the number of Registrable Securities held by each Holder. 
 (v) Additional Limitations.
Notwithstanding anything to the contrary contained herein: (A) the Company shall not be required to effect a Demand Registration unless the Demand Registrable Securities to be registered exceed $5,000,000 in aggregate fair market value;
(B) the Company shall not be required to effect a Shelf Takedown unless the Registrable Securities to be registered exceed $2,500,000 in aggregate fair market value; (C) in no event shall the Company be required to effect a Demand
Registration more than two times in any twelve-month period for the Holders as a group; (D) in no event shall the Company be required to effect a Shelf Takedown more than two times in any twelve-month period for the Holders as a group; and
(E) in accordance with Section 6.11(a) of the Purchase Agreement, the Company shall not be required to effect a Demand Registration or Shelf Takedown to the extent Notes or 

  
 6 

 
Warrants offered thereunder would be transferred to a non-Affiliate of the Investor, unless such transfer has been approved by the requisite approval set out in Section 6.11(a) of the
Purchase Agreement. 
 (b) Piggyback Registration. 

(i) Participation. If at any time during the Registration Term the Company proposes to file a Registration Statement with respect to
shares of Common Stock for its own account, for sale to the public, or to register shares of Common Stock for stockholders of the Company other than the Holders, other than (x) a registration on Form S-8 relating solely to employee benefit
plans, (y) a registration relating solely to a transaction contemplated by Rule 145 under the Securities Act, or (z) a registration on any registration form which does not permit secondary sales, the Company shall give prompt notice of
such proposed registration to each Holder and such notice shall offer each Holder (or any Holder who is not participating in the proposed Registration Statement) the opportunity to include in such registration such number of Registrable Securities
consisting of Common Stock (the “Included Registrable Securities”) as such Holder may request in writing (a “Piggyback Registration”). The notice required to be provided in this Section 2.1(b)(i) to each
Holder shall be provided pursuant to Section 3.3 and receipt of such notice shall be confirmed by each Holder. Each Holder shall then have 10 days to request inclusion of the Included Registrable Securities in the registration. If no
request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Piggyback Registration. If, at any time after giving written notice of its intention to undertake a
registration and prior to the closing of such registration, the Company shall determine for any reason not to undertake or to delay such registration, the Company may, at its election, give written notice of such determination to the Selling Holders
and, (x) in the case of a determination not to undertake such registration, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated registration, and (y) in the case of a
determination to delay such registration, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the registration. Any Selling Holder shall have the right to withdraw such Selling Holder’s
request for inclusion of such Selling Holder’s Registrable Securities in such offering by giving written notice to the Company of such withdrawal up to and including the time of pricing of such offering. A Piggyback Registration shall not be
considered a Demand Registration or Shelf Takedown for purposes of Section 2.1(a) of this Agreement. 
 (ii) Priority of
Piggyback Registration. If the Managing Underwriter or underwriters of any proposed Underwritten Offering of shares of Common Stock included in a Piggyback Registration advises the Company that the total amount of shares of Common Stock which
the Selling Holders and any other Persons (other than the Company) intend to include in such offering exceeds the number which can be sold in such offering or would have an adverse effect on the price, timing or distribution of the shares of Common
Stock proposed to be offered in such Underwritten Offering, then the shares of Common Stock to be included in such Underwritten Offering on behalf of the Selling Holders shall include the number of Registrable Securities that such Managing
Underwriter or underwriters advises the Company can be sold without having such adverse effect. Such shares of Common Stock shall be allocated pro rata among the Selling Holders and any other Persons who possess registration rights who have
requested participation in the Piggyback Registration (“Other Holders”) (based, for each such 

  
 7 

 
Selling Holder or Other Holder, on the percentage derived by dividing (A) the number of shares of Common Stock or other capital stock of the Company proposed to be sold by such Selling
Holder or such Other Holder in such offering by (B) the aggregate number of shares of such class of securities proposed to be sold by all Selling Holders and all Other Holders in the Piggyback Registration). 

(c) Registration Procedures. In the case of the registration, qualification or compliance effected by the Company pursuant to this
Agreement, the Company will, upon reasonable request, inform each Holder as to the status of such registration, qualification and compliance. At its expense, in the case of a Registration Statement filed pursuant to Section 2.1(a) or
Section 2.1(b), the Company will, during such time as any Holder holds Registrable Securities: 
 (i) use reasonable best
efforts to cause such Registration Statement to become effective and to prepare and file such amendments and post-effective amendments to the Registration Statement and any documents required to be incorporated by reference therein as may be
necessary to keep the applicable Registration Statement filed and declared effective pursuant to this Agreement, and any related qualification or compliance under state securities laws which it is necessary to obtain, effective until the earliest of
(A) three years after the declaration of effectiveness of the Registration Statement by the SEC, (B) the date upon which all Registrable Securities cease to be Registrable Securities and (C) the date upon which the Holders have
completed the distribution described in such Registration Statement, whichever first occurs (the period of time during which the Company is required hereunder to keep the Registration Statement effective is referred to herein as the
“Registration Period”); provided, however, that in the case of clause (A), such Registration Period shall be extended by a period of time equal to the duration of any stop order, injunction or other order or requirement of the SEC
or other governmental agency or court issued to or by which the Company is bound and by any postponement initiated by the board of directors of the Company pursuant to Section 2.1(a)(ii); provided further, however, that in no event shall
any such extension period exceed six months. 
 (ii) at least five Business Days prior to filing a Registration Statement and at least three
Business Days prior to the filing of a prospectus or any amendments or supplements to a Registration Statement or a prospectus (but not any periodic report to be incorporated by reference in a Registration Statement or a prospectus), the Company
shall furnish to the Holders of the Registrable Securities covered by such Registration Statement and the underwriter or underwriters, if any, copies of or drafts of all such documents proposed to be filed; 

(iii) in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (iv) furnish such number of prospectuses and other documents incident thereto
as any Holder from time to time may reasonably request to enable such Holder to consummate the disposition of the Registrable Securities owned by such Holder; 

  
 8 

 (v) use reasonable best efforts to timely register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as any Holder reasonably requests and do any and all other acts and things which may be reasonably necessary to enable such Holder to consummate the disposition of the Registrable
Securities owned by such Holder in such jurisdictions; provided, that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 2.1(c), (B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any jurisdiction unless the Company is already subject to service in such jurisdiction; 

(vi) notify each Holder of such Registrable Securities as promptly as practicable (A) after becoming aware of the happening of any event
as a result of which the Registration Statement, the prospectus included in the Registration Statement, as then in effect, or any prospectus supplement contains an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (B) if a majority of the board of directors of the Company determines, in the good faith exercise of its business judgment, that the disposition of Registrable
Securities pursuant to the Registration Statement would (I) require disclosure of material non-public information concerning the Company which, at such time, is not in the best interest of the Company, or (II) otherwise materially and adversely
affect the Company, (C) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose or the receipt by the Company of written correspondence from
the SEC notifying the Company that the SEC may undertake either of the foregoing or (D) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the
applicable securities or blue sky laws of any jurisdiction, and notify each Holder of such Registrable Securities when such events or circumstances have ended and the applicable Registration Statement is again available for use in connection with
dispositions of Registrable Securities and, if appropriate, the Company will in connection therewith prepare a supplement or amendment to the prospectus included in the applicable Registration Statement so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading, and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, written notification from the SEC of the possibility thereof or proceedings related thereto; 

(vii) notify each Holder of such Registrable Securities as promptly as practicable of the filing of the Registration Statement or any
prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the
same has become effective; 
 (viii) in the case of an Underwritten Offering, use its reasonable best efforts to (i) make such
representations and warranties to the Holders that are selling stockholders and the underwriter(s) with respect to the business of the Company and its subsidiaries, and the Registration Statement, prospectus and documents, if any, incorporated or
deemed to be incorporated by reference therein, in each case, in customary form, substance and scope, and, if true, confirm the same if and when requested; (ii) cause to be furnished, upon request of the underwriters, an opinion of counsel for
the Company dated the date of the closing under the 

  
 9 

 
underwriting agreement; (iii) cause to be furnished, upon request of the underwriters, a “comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like
kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have audited any of the Company’s financial statements included or incorporated by reference into the
Registration Statement, and each of the opinion and the “comfort” letter shall be in customary form and cover such matters with respect to such Registration Statement (and the prospectus and any prospectus supplement included therein) as
such underwriters may reasonably request and which are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in similar Underwritten Offerings of securities; and (iv) deliver
such documents and certificates as may be reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith, their counsel and the underwriter(s) to evidence the continued validity of the
representations and warranties made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 

(ix) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

(x) make available to the appropriate representatives of the Managing Underwriter and Holders access to such information and Company personnel
as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act to the extent such defense is available to such person; provided, that the Company need not disclose any non-public information to
any such representative unless and until such representative has entered into a confidentiality agreement with the Company; 
 (xi) provide
a transfer agent and registrar for all Registrable Securities covered by such Registration Statement not later than the effective date of such Registration Statement; and 

(xii) if requested by a Holder and subject to review and approval by the Company, (i) incorporate in a prospectus supplement or
post-effective amendment such information as such Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being
offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) make all required filings of such prospectus supplement or post-effective amendment
after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment. 
 (d) Expenses of
Registration. All Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to Section 2.1(a) and Section 2.1(b) shall be borne by the Company; provided, however, that the
Company shall not be required to pay for any Registration Expenses for any registration proceeding begun pursuant to Section 2.1(a) if the registration request is subsequently withdrawn at the request of the Holders of a majority of the
Registrable Securities to be registered, on an as-converted basis (in which case all 

  
 10 

 
selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the
Registrable Securities, on an as-converted basis, agree that such withdrawn registration shall constitute a Demand Registration or Shelf Takedown, as applicable, to which they were entitled pursuant to Section 2.1(a). All Selling
Expenses relating to the sale of Registrable Securities registered by or on behalf of the Holders shall be borne by such Holders pro rata on the basis of the number of Registrable Securities so registered except to the extent such Selling Expense is
specifically attributable to one Holder, in which case it shall be borne by such Holder. 
 (e) Indemnification. In the event any
Registrable Securities are included in a Registration Statement under this Agreement: 
 (i) To the fullest extent permitted by law, the
Company will, and hereby does, indemnify, hold harmless and defend each Holder, the directors, officers, members, partners, employees, agents, underwriters, advisors, representatives of, and each Person, if any, who controls any Holder within the
meaning of the Securities Act or the Exchange Act (each, a “Company Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid
in settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any
court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened (“Indemnified Damages”), to which any of them may become subject to the extent such Claims (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon: (A) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any document
incorporated by reference therein or in any filing made in connection with the qualification of the offering under the securities or other blue sky laws of any jurisdiction in which Registrable Securities are offered, or the omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (B) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or
contained in any related free writing prospectuses of the Company or in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state
therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading or (C) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the
foregoing clauses (A) through (C) being, collectively, “Violations”). Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 2.1(e)(i): (i) shall
not apply to a Claim by a Company Indemnified Person to the extent arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such Company
Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior 

  
 11 

 
written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of the Company Indemnified Person and shall survive the transfer of the Registrable Securities by the Holders pursuant to Section 2.1(h). 

(ii) In connection with any Registration Statement in which a Holder is participating, each such Holder agrees to severally and not jointly
indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 2.1(e)(i), the Company, each of its directors, each of its officers who signs the Registration Statement, each of its employees,
agents, advisors and representatives and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each, a “Holder Indemnified Person”), against any Claim or Indemnified Damages to
which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, to the extent such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that
such Violation occurs in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder expressly for use in connection with such Registration Statement; provided, however, that the indemnity
agreement contained in this Section 2.1(e)(ii) and the agreement with respect to contribution contained in Section 2.1(e)(iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of such Holder, which consent shall not be unreasonably withheld or delayed; provided, further, however, that the Holder shall be liable under this Section 2.1(e)(ii) for only that amount of a Claim or
Indemnified Damages as does not exceed the net proceeds (net of any Selling Expenses) to such Holder as a result of the sale of Registrable Securities pursuant to such Registration Statement, except in the event of fraud by such Holder. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person and shall survive the transfer of the Registrable Securities by the Holders pursuant to
Section 2.1(h). Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 2.1(e)(ii) with respect to any preliminary prospectus shall not inure to the benefit of any
Holder Indemnified Person if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or supplemented. 

(iii) Each Company Indemnified Person or Holder Indemnified Person entitled to indemnification under this Section 2.1(d) (the
“Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any Claim as to which indemnity may be
sought, and unless in such Indemnified Party’s reasonable judgment a conflict of interest may exist between such Indemnified Party and the Indemnifying Party, shall permit the Indemnifying Party to assume the defense of any such Claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such Claim, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party
may participate in such defense at such party’s expense, and provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement, unless
such failure is prejudicial to the Indemnifying Party in defending such Claim. 

  
 12 

 (iv) If the indemnification provided for in this Section 2.1(d) is held by a court of
competent jurisdiction to be unavailable to an Indemnified Party with respect to any Claim or Indemnified Damages referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such Claim or Indemnified Damages in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other
in connection with the Violations which resulted in such Claim or Indemnified Damages as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference
to, among other things, whether the Violation relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
Violation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(f) Covenants of Holders. 

(i) Each Holder agrees that, upon receipt of any notice from the Company pursuant to Section 2.1(c)(vi), such Holder will forthwith
discontinue disposition of Registrable Securities pursuant to the applicable Registration Statement (and if so requested by the Company, each Holder shall deliver to the Company all copies, other than permanent file copies, then in such
Holder’s possession, of the prospectus covering such Registrable Securities at the time of receipt of such notice), until the receipt of written notification from the Company that the circumstances requiring the discontinuation of the use of
such Registration Statement has ended and, if applicable, receipt from the Company of copies of a supplemented or amended prospectus. 

(ii) Each Holder whose Registrable Securities are included in a Registration Statement pursuant to an Underwritten Offering severally agrees
to enter into such lock-up agreement as the Managing Underwriter may in its reasonable discretion require in connection with any such Underwritten Offering (which lock-up agreement may provide for a lock-up period of up to 90 days, plus any
customary extension period of the applicable underwriter); provided, however, that all executive officers and directors of the Company shall be subject to similar restrictions or enter into similar agreements (subject to such exceptions as the
Managing Underwriter may permit in its reasonable discretion). 
 (iii) Each Holder agrees to notify the Company, at any time when a
prospectus relating to a Registration Statement contemplated by Sections 2.1(a) or 2.1(b), as the case may be, is required to be delivered by it under the Securities Act, of the occurrence of any event relating to the Holder which
requires the preparation of a supplement or amendment to such prospectus included in the Registration Statement so that, as thereafter delivered to the purchasers of Registrable Securities, such prospectus will not contain an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading relating to such Holder, and each Holder shall promptly make available to the
Company the information to enable the Company to prepare any such supplement or amendment. Each Holder also agrees that, upon delivery of any notice by it to the Company of the happening of any event of the kind described

  
 13 

 
in the preceding sentence of this subsection, the Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until its receipt of the copies
of the supplemental or amended prospectus contemplated by this subsection, which the Company shall promptly make available to each Holder and, if so requested by the Company, each Holder shall deliver to the Company all copies, other than permanent
file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities at the time of delivery of such notice. 

(iv) Each Holder shall promptly furnish to the Company such information regarding such Holder and the distribution proposed by such Holder as
the Company may reasonably request in writing or as shall be required in connection with any registration, qualification or compliance referred to in this Section 2.1. Such Holder will assist the Company in updating such information in
the Registration Statement and any prospectus supplement relating thereto. 
 (v) Each Holder acknowledges and agrees that the Registrable
Securities sold pursuant to the Registration Statement described in this Section 2.1 are not transferable on the books of the Company unless the stock certificate evidencing such Registrable Securities (or other applicable documentation,
if the Registrable Securities are registered as restricted securities in book-entry form in a direct registration system maintained for the Company by its transfer agent) is submitted to the Company’s transfer agent. 

(vi) Each Holder hereby covenants with the Company not to make any disposition of Registrable Securities pursuant to the Registration
Statement other than in compliance with the Securities Act and other applicable laws (provided, that for purposes of this covenant, each Holder shall be entitled to rely on the accuracy and completeness of disclosures with respect to which the
Company is providing indemnification pursuant to Section 2.1(d) hereof). 
 (vii) Each Holder agrees not to take any action with
respect to any distribution deemed to be made pursuant to such Registration Statement that constitutes a violation of Regulation M under the Exchange Act or to take any action that violates any other applicable rule, regulation or securities law,
including, without limitation, laws relating to short-selling. If requested by the SEC in connection with the review of a Registration Statement or otherwise, each Holder agrees to certify its acknowledgement of the matters described in the
preceding sentence and compliance therewith. 
 (g) Rule 144 Reporting. The Company agrees to use reasonable best efforts after the
Closing Date and until such date that the Registrable Securities have been (i) disposed of pursuant to a Registration Statement declared effective by the SEC, (ii) disposed of pursuant to Rule 144 or (iii) otherwise been sold in a
transaction exempt from the registration requirements of the Securities Act so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such sale, to: 

(i) make and keep adequate current public information with respect to the Company available, as those terms are understood and defined in Rule
144, at all times; 

  
 14 

 (ii) file with the SEC in a timely manner all reports and other documents required of the Company
under the Exchange Act; and 
 (iii) so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a
written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act, and of the Exchange Act, and take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act. 
 (h) Transfer and
Assignment. The rights, interests or obligations under this Agreement shall not be transferable or assignable by a Holder except in accordance with Section 6.11(c) of the Purchase Agreement, and such provisions are incorporated herein for
all purposes. 
 ARTICLE III 

MISCELLANEOUS 
 3.1
Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding; provided, that the provisions of Sections 2.1(d) and 2.1(e) shall survive any
such termination 
 3.2 Waivers and Amendments. This Agreement may be amended or waived (either generally or in a particular
instance, either retroactively or prospectively and either for a specified period of time or indefinitely), but only by an instrument in writing authorized by the Company and the Holder or Holders of at least a majority of the Registrable
Securities, on an as-converted basis, and signed by the Company and such Holder or Holders, as applicable. Upon the effectuation of each such amendment or waiver, the Company shall promptly give written notice thereof to any Holder who has not
previously received notice thereof or consented thereto in writing. No failure or delay on the part of any party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any
covenant or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. 

3.3 Notices. Notices shall be provided as set forth in Section 8.4 of the Purchase Agreement, and such provisions are incorporated
herein for all purposes. Promptly after becoming a Holder, any Holder other than the Investors shall provide the Company with notification information the type of which is set forth in Section 8.4 of the Purchase Agreement. 

3.4 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of
each of the parties. 
 3.5 Counterparts. This Agreement may be executed in any number of counterparts and by the parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

3.6 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 

  
 15 

 3.7 Governing Law. This Agreement and all issues hereunder shall be governed by and
construed in accordance with the Laws of the State of New York, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction. 

3.8 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or
affected, it being intended that each party’s rights and privileges shall be enforceable to the fullest extent permitted by applicable law. 

3.9 Rules of Construction. Unless otherwise expressly provided to the contrary in this Agreement, this Agreement shall be interpreted
in accordance with the provisions set forth in Section 7.2 of the Purchase Agreement, and such provisions are incorporated herein for all purposes. 

3.10 No Third Party Beneficiaries. Nothing expressed or implied in this Agreement shall be construed to give any Person other than the
parties hereto any legal or equitable rights hereunder. 
 3.11 Entire Agreement. This Agreement, together with the Purchase
Agreement, is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and
therein. This Agreement, together with the Purchase Agreement, supersedes all prior agreements and understandings between the parties hereto with respect to such subject matter hereof. 

[Signature pages follow] 

  
 16 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties set forth below
as of the date first written above. 
  

			
	HARVEST NATURAL RESOURCES, INC.
		
	By:		 /s/ Keith L. Head

			Keith L. Head
			Vice President and General Counsel
	
	CT ENERGY HOLDING SRL
		
	By:		 /s/ Oswaldo Cisneros

			Oswaldo Cisneros
			Authorized Person

  
 Signature Page to
Registration Rights Agreement

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