Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

Northern Oil and Gas, Inc. 

$550,000,000 8.125% Senior Notes due 2028 

Purchase Agreement 

February 8, 2021 
 BofA Securities, Inc. 

As representative of the several Initial Purchasers listed in Schedule I hereto 

One Bryant Park 
 New York, New York 10036 

Ladies and Gentlemen: 
 Northern Oil and Gas,
Inc. a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed in Schedule I hereto (the “Initial Purchasers”), for whom you are acting as representative (the
“Representative”) an aggregate of $550 million principal amount of its 8.125% Senior Notes due 2028 (the “Securities”). The Securities will be issued pursuant to an indenture (the “Indenture”)
to be dated the Closing Date (as defined below) among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee (the “Trustee”). 

The Securities will be sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended (the
“Securities Act”), in reliance upon an exemption therefrom. The Company has prepared a preliminary offering memorandum dated February 3, 2021 (the “Preliminary Offering Memorandum”) and will prepare an offering
memorandum dated the date hereof (the “Final Offering Memorandum”) setting forth information concerning the Company and the Securities. Copies of the Preliminary Offering Memorandum have been, and copies of the Final Offering
Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this purchase agreement (the “Agreement”). The Company hereby confirms that it has authorized the use of the Preliminary Offering
Memorandum, the other Time of Sale Information (as defined below) and the Final Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement. Capitalized
terms used but not defined herein shall have the meanings given to such terms in the Preliminary Offering Memorandum. 
 At or prior to the
time when sales of the Securities were first made (the “Time of Sale”), the Company had prepared the following information (collectively, the “Time of Sale Information”): the Preliminary Offering Memorandum, as
supplemented and amended by the written communications listed on Annex A hereto. 

 The Company intends to use the proceeds of the offering of the Securities to (i) fund a
portion of the cash purchase price to acquire (the “Acquisition”) certain oil and gas properties, interests and related assets from Reliance Marcellus LLC (“Reliance”), (ii) repay a portion of its outstanding
borrowings under its revolving credit facility, repurchase or redeem all of its outstanding Second Lien Notes due 2023 and repay the full amount outstanding under the VEN Bakken Note (collectively, the “Refinancing”), (iv) pay any
premiums, fees and expenses related to the foregoing and (v) if any remainder, for general corporate purposes. The remaining portion of the cash purchase price for the Acquisition will be funded with the proceeds of the Company’s recently
announced equity offering. 
 As used herein, the term “Transactions” means (i) the offer and sale of the Securities,
(ii) the Refinancing, (iii) the Acquisition and (iv) the payment of all premiums, fees and expenses payable by the Company related to the foregoing. 

The Company hereby confirms its agreement with the several Initial Purchasers concerning the purchase and resale of the Securities, as
follows: 
 1.    Purchase and Resale of the Securities. 

(a)    The Company agrees to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement,
and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company 100.00% of the respective
principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 98.53% of the principal amount thereof plus accrued interest, if any, from February 18, 2021 to the Closing Date. The
Company will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein. 

(b)    The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set
forth in the Time of Sale Information and Final Offering Memorandum. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 

(i)    it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a
“QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”); 

(ii)    it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or
sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act;
and 

  
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 (iii)    it has not solicited offers for, or offered or
sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial offering except: 

(A)    within the United States to persons whom it reasonably believes to be QIBs in transactions pursuant
to Rule 144A under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance
on Rule 144A; or 
 (B)    in accordance with the restrictions set forth in Annex C hereto. 

(c)    Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the “no
registration” opinions to be delivered to the Initial Purchasers pursuant to Sections 6(h) and 6(i), counsel for the Company and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties
of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex C hereto), and each Initial Purchaser hereby consents to such reliance. 

(d)    The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any
affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser. 

(e)    The Company acknowledges and agrees that each Initial Purchaser is acting solely in the capacity of an arm’s-length contractual counterparty to the Company with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as a financial
advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, neither the Representative nor any other Initial Purchaser is advising the Company or any other person as to any legal, tax, investment, accounting or
regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and neither
the Representative nor any other Initial Purchaser shall have any responsibility or liability to the Company with respect thereto. Any review by the Representative or any of the Initial Purchasers of the Company and the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf of the Company or any other person. 

2.    Payment and Delivery. 

(a)    Payment for and delivery of the Securities will be made at the offices of Latham & Watkins LLP not later
than 10:00 A.M., New York City time, on February 18, 2021, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative and the Company may agree upon in writing. The
time and date of such payment and delivery is referred to herein as the “Closing Date.” 

  
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 (b)    Payment for the Securities shall be made by wire transfer in
immediately available funds to the account(s) specified by the Company to the Representative against delivery to the nominee of The Depository Trust Company (“DTC”), for the account of the Initial Purchasers, of one or more global
notes representing the Securities (collectively, the “Global Note”), with any transfer taxes payable in connection with the sale of the Securities duly paid by the Company. The Global Note will be made available through electronic
transmission (e.g., “pdf” or “tif” format) for inspection by the Representative not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date. 

3.    Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, the
Initial Purchasers that, as of the date hereof and as of the Closing Date: 
 (a)    Preliminary Offering Memorandum,
Time of Sale Information and Final Offering Memorandum. The Preliminary Offering Memorandum, as of its date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Final Offering
Memorandum, as of the date thereof and as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to the Initial Purchasers
furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Final Offering Memorandum as set forth in Section 7(b). 

(b)    Incorporated Documents. The documents, in each case as amended, incorporated by reference in each of the
Time of Sale Information and the Final Offering Memorandum, at the respective times they were filed or hereafter are filed with the Securities and Exchange Commission (the “Commission”) conformed or will conform, as the case may be,
in all material respects to the requirements of the Exchange Act, and did and will not contain any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 
 (c)    Additional Written Communications. The Company (including
its agents and representatives, other than the Initial Purchasers in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication
that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i) and (ii) below) an
“Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Final Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the
form of Annex B hereto, which constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in each case used in accordance 

  
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with Section 4(c). Each such Issuer Written Communication, when taken together with the Time of Sale Information at the Time of Sale, did not, and at the Closing Date will not, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no
representation or warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such
Initial Purchaser through the Representative expressly for use in any Issuer Written Communication. 

(d)    Financial Statements. The financial statements of the Company filed with the Commission and included or
incorporated by reference in each of the Time of Sale Information and the Final Offering Memorandum present fairly in all material respects the financial condition of the Company as of and at the dates indicated, and each of the statements of
operations, cash flows and stockholders’ equity of the Company for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America
(“GAAP”) applied on a consistent basis throughout the periods covered thereby, except to the extent disclosed in the notes thereto, and the requirements of Regulation S-X; the financial data
set forth under the caption “Summary Historical and Pro Forma Financial Data” in the Time of Sale Information and the Final Offering Memorandum has been prepared on a basis consistent with that of the financial statements referred to above
and present fairly in all material respects the financial position of the Company as of the dates indicated and the results of operations and the changes in its cash flows for the periods specified; and the other financial information included or
incorporated by reference in each of the Time of Sale Information and the Final Offering Memorandum has been derived from the accounting records of the Company and presents fairly in all material respects the information shown thereby; and the pro
forma financial information and the related notes thereto included or incorporated by reference in each of the Time of Sale Information and the Final Offering Memorandum has been prepared in accordance with Regulation
S-X, and the assumptions underlying such pro forma financial information are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to
therein, in each case as set forth in each of the Time of Sale Information and the Final Offering Memorandum. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in each of the Preliminary Offering
Memorandum, the Time of Sale Information and the Final Offering Memorandum fairly presents the information called for in all material respects and has been prepared in all material respects in accordance with the Commission’s rules and
guidelines applicable thereto. 
 (e)    No Material Adverse Effect. Except as disclosed in the Time of Sale
Information and the Final Offering Memorandum, since the date of the latest audited financial statements of the Company included or incorporated by reference in each of the Time of Sale Information and the Final Offering Memorandum there has been no
(i) material adverse change, or any development involving a prospective material adverse change, in or affecting the condition, financial or otherwise, or in the earnings, business, 

  
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properties, management, results of operations, or prospects of the Company, whether or not arising in the ordinary course of business or the ability of the Company to perform its obligations
under this Agreement (a “Material Adverse Effect”); (ii) transaction which is material to the Company; (iii) obligation, direct or contingent (including any off-balance sheet
obligations), incurred by the Company, which is material to the Company; (iv) change in the capital stock of the Company (other than the issuance or retention of shares of common stock upon the exercise of stock options or the vesting, exercise
or settlement of other awards described as outstanding in, and the grant of options and awards under other existing equity incentive plans described in, the Time of Sale Information and the Final Offering Memorandum); (v) material change in the
outstanding indebtedness of the Company; or (vi) dividend or distribution of any kind declared, paid or made on the common stock of the Company. 

(f)    Organization and Good Standing. The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Delaware with power and authority (corporate and other) to own, lease and operate its properties and conduct its business as described in the Time of Sale Information and the Final Offering
Memorandum and to enter into and perform its obligations under this Agreement, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification, except where the failure so to qualify or be in good standing would not have a Material Adverse Effect. 

(g)    Subsidiaries. The Company has no subsidiaries. 

(h)    Capitalization. The Company has an authorized capitalization as set forth in the Time of Sale Information
and the Final Offering Memorandum, and all of the issued and outstanding shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and conform
to the descriptions thereof contained in the Time of Sale Information and the Final Offering Memorandum; and none of the issued and outstanding shares of capital stock of the Company are subject to any preemptive or similar rights. 

(i)    Due Authorization. The Company has full right, power and authority to execute and deliver this Agreement,
the Securities and the Indenture (collectively, the “Transaction Documents”), including to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and
delivery of each of the Transaction Documents and the consummation of the transactions contemplated thereby has been duly and validly taken. 

(j)    The Indenture. The Indenture has been duly authorized, executed and delivered by the Company and constitutes
a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, transfer moratorium or other
similar laws affecting the enforcement of creditors’ rights generally or by equitable principles (whether considered in a proceeding 

  
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in equity or at law) relating to enforceability (collectively, the “Enforceability Exceptions”); the Indenture conforms in all material respects to the requirements of the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder. 

(k)    The Securities. The Securities have been duly authorized by the Company and, when duly executed,
authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company enforceable against the
Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 

(l)    This Agreement. This Agreement has been duly authorized, executed and delivered by the
Company. 
 (m)    The M&A Purchase and Sale Agreement. That certain Purchase and Sale Agreement, dated as of
February 3, 2021, by and between the Company and Reliance, has been duly authorized, executed and delivered to Reliance by the Company. 

(n)    No Violation or Default. The Company is not (i) in violation of its certificate of incorporation or
bylaws or (ii) in violation of any law, ordinance, administrative or governmental rule or regulation applicable to the Company, or (iii) in violation of any decree of any court or governmental agency or body having jurisdiction over the
Company, or (iv) in default in the performance of any obligation, agreement or condition contained in any bond, debenture, note or any other evidence of indebtedness or in any agreement, indenture, lease or other instrument to which the Company
is a party or by which it or any of its properties may be bound, except, in the case of clauses (ii), (iii) and (iv), where any such violation or default, individually or in the aggregate, would not have a Material Adverse Effect. 

(o)    No Conflicts. The issuance and sale of the Securities by the Company hereunder, the execution, delivery and
performance by the Company of each of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated by the Transaction Documents, including the Refinancing, will not (i) conflict with or result in a
breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right
or asset of the Company pursuant to, any indenture, mortgage, deed of trust, loan agreement, or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company
are subject; (ii) will not result in any violation of the provisions of the certificate incorporation or bylaws of the Company; and (iii) will not result in any violation of any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company or any of its properties, except, in the case of clauses (i) and (iii) above, where such breaches, violations or defaults would not, individually or in the aggregate, have a
Material Adverse Effect. 

  
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 (p)    No Consents Required. No consent, approval, authorization,
order, license, registration or qualification of or with any court, arbitrator, governmental or regulatory authority is required for the execution, delivery and performance by the Company of each of the Transaction Documents to which each is a
party, the issuance and sale of the Securities and the consummation of the transactions contemplated by the Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required
under applicable state securities laws in connection with the purchase and resale of the Securities by the Initial Purchasers. 

(q)    Legal Proceedings. Other than as set forth in each of the Time of Sale Information and the Final Offering
Memorandum, there are no legal, governmental proceedings pending to which the Company is a party or of which any property of the Company is the subject which if determined adversely to the Company, individually or in the aggregate, would have or may
reasonably be expected to have a Material Adverse Effect, or would prevent or impair the consummation of the offering of the Securities or any of the Transactions; and, to the best of the Company’s knowledge, no such proceedings are threatened
or contemplated by governmental authorities or others. 
 (r)    Independent Accountants for the Company. Each of
Grant Thornton LLP and Deloitte & Touche LLP, who have certified certain financial statements of the Company, is an independent public accountant with respect to the Company within the applicable rules and regulations adopted by the
Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act. 

(s)    Real and Personal Property. Except (a) as otherwise set forth in each of the Time of Sale Information
and the Final Offering Memorandum, (b) for liens, security interests and similar encumbrances under any liens, security interests or similar encumbrances made pursuant to credit facilities or indentures of the Company or (c) as would not
have a Material Adverse Effect, the Company has title to its properties as follows: (i) with respect to wells (including leasehold interests and appurtenant personal property) and non-producing oil and
natural gas properties (including undeveloped locations on leases held by production and those leases not held by production), such title is good and free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and
restrictions, (ii) with respect to non-producing properties in exploration prospects, such title was investigated in accordance with customary industry procedures prior to the acquisition thereof by the
Company, (iii) with respect to real property other than oil and gas interests, such title is good and marketable free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions, and (iv) with
respect to personal property other than that appurtenant to oil and gas interests, such title is free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions. No real property owned, leased, licensed,
or used by the Company lies in an area which is, or will be, subject to restrictions which would prohibit, and no statements of facts relating to the actions or inaction of another person or entity or his or its ownership, leasing, licensing, or use
of any real or personal property exists or will exist which would prevent, the continued effective ownership, leasing, licensing, exploration, development or production or use of such real property in the business of the Company as presently
conducted or as each of the Time of Sale Information and the Final 

  
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Offering Memorandum indicates the Company contemplates conducting, except as may be properly described in each of the Time of Sale Information and the Final Offering Memorandum or such as in the
aggregate do not now cause and will not in the future cause a Material Adverse Effect. 
 (t)    Intellectual
Property. The Company owns or possesses, or can acquire on reasonable terms, all licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks and trade names, patents and patent rights (collectively “Intellectual Property”) material to carrying on its businesses as described in each of the Time of
Sale Information and the Final Offering Memorandum, and the Company has not received any correspondence relating to any Intellectual Property or notice of infringement of or conflict with asserted Intellectual Property rights of others with respect
to any Intellectual Property which would render any Intellectual Property invalid or inadequate to protect the interest of the Company and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity
or inadequacy, individually or in the aggregate, would have or may reasonably be expected to have a Material Adverse Effect. 

(u)    Related Party Transactions. No relationship, direct or indirect, exists between or among the Company, on the
one hand, and the directors, officers, stockholders, customers or suppliers of the Company, on the other hand, that is required by the Exchange Act to be disclosed in an annual report on
Form 10-K which is not so disclosed in each of the Time of Sale Information and the Offering Memorandum. 

(v)    Investment Company Act. The Company is not and, after giving effect to the offering and sale of the
Securities as contemplated herein and the application of the net proceeds therefrom as described in each of the Time of Sale Information and the Final Offering Memorandum, will not be required to register as an “investment company”, as
such term is defined in the Investment Company Act of 1940, as amended. 
 (w)    Taxes. All United States
federal income tax returns of the Company required by law to be filed have been filed and all material taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except for such taxes, if any, as are being or will
be contested in good faith and as to which adequate reserves have been provided. The Company has filed all other tax returns that are required to have been filed by it pursuant to applicable foreign, state, local or other law, except insofar as the
failure to file such returns, individually or in the aggregate, would not result in a Material Adverse Effect; and the Company has paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company except for such
taxes, if any, as are being or will be contested in good faith and as to which adequate reserves have been provided or insofar as the non-payment of such taxes, individually or in the aggregate, would not
result in a Material Adverse Effect. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax known or anticipated by the Company for any years not finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Effect. 

  
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 (x)    Licenses and Permits. The Company possesses all permits,
licenses, approvals, consents, and other authorizations (collectively, “Permits”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the businesses now operated by it; the
Company is in compliance with the terms and conditions of all such Permits and all of the Permits are valid and in full force and effect, except, in each case, where the failure so to comply or where the invalidity of such Permits or the failure of
such Permits to be in full force and effect, individually or in the aggregate, would not have a Material Adverse Effect; and the Company has not received any notice of proceedings relating to the revocation or material modification of any such
Permits. 
 (y)    No Labor Disputes. No material labor dispute with the employees of the Company exists, or, to
the knowledge of the Company, is imminent. The Company is not aware of any existing or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers, customers or contractors, which, individually or in the aggregate,
may reasonably be expected to result in a Material Adverse Effect. 
 (z)    Compliance with and Liability under
Environmental Laws. Except as described in each of the Time of Sale Information and the Final Offering Memorandum, (i) the Company is and has been in compliance with all applicable federal, state, local and foreign laws, ordinances, rules,
regulations, requirements, orders, judgments, and decrees relating to the protection of human health or safety (to the extent related to exposure to hazardous substances or hazardous wastes), the environment, natural resources, hazardous substances
or hazardous wastes (collectively, “Environmental Laws”), (ii) the Company has obtained and is in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable
Environmental Laws to conduct its businesses (“Environmental Permits”), and (iii) there has been no storage, disposal, generation, manufacture, refinement, transportation, handling or treatment of hazardous substances or
hazardous wastes by the Company (or, to the knowledge of the Company, any of its predecessors in interest), at, upon or from any of the property now or previously owned, leased or operated by the Company in violation of any applicable law,
ordinance, rule, regulation, order, judgment, decree or permit that would require the Company to undertake any remedial action under any applicable law, ordinance, rule, regulation, order, judgment, decree or permit, except in the case of
(i) through (iii) above, for any failure to comply with or violation of applicable Environmental Laws, failure to obtain or comply with all Environmental Permits, or remedial action that would not, individually or in the aggregate cause a
Material Adverse Effect. Except for abandonment and similar costs incurred or to be incurred in the ordinary course of business of the Company, there has been no material spill, discharge, leak, emission, injection, escape, dumping or release of any
kind onto any property now or previously owned, leased or operated by the Company or into the environment surrounding such property of any hazardous substances or hazardous wastes due to or caused by the Company (or, to the knowledge of the Company,
any of its predecessors in interest), except for any such spill, discharge, leak, emission, injection, escape, dumping or release that would not, singularly or in the aggregate with all such spills, discharges, leaks,

  
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emissions, injections, escapes, dumpings and releases, result in a Material Adverse Effect; and the terms “hazardous substances,” and “hazardous wastes” shall be
construed to include such terms and similar terms, all of which shall have the meanings specified in any applicable Environmental Law. Except as set forth in each of the Time of Sale Information and the Final Offering Memorandum, (i) the
Company has not been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended and (ii) there are no proceedings that are pending or, to the
knowledge of the Company, threatened against the Company under any Environmental Laws in which a governmental entity is also a party, other than such proceedings or status as a “potentially responsible party” regarding which it is
reasonably believed no monetary sanctions or remedial costs payable by the Company of $300,000 or more will be imposed. 

(aa)    Compliance with ERISA. Each employee benefit plan, within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), (whether or not subject to ERISA) that is sponsored, maintained, administered, contributed or required to be contributed to by the Company or any entity that would be
treated as a single employer with any of the foregoing pursuant to Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”) (each such plan, a “Plan”) has been maintained, administered and
operated in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code), except to the extent that failure to so comply, individually or in the aggregate,
would not have a Material Adverse Effect. No prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions (1) effected pursuant to a
statutory or administrative exemption, or (2) that have not resulted in or would not reasonably be expected to have a Material Adverse Effect. The Company could not reasonably be expected to have any liability (whether actual, contingent or
otherwise) (i) with respect to any Plan subject to Section 412 of the Code or to Title IV of ERISA or (ii) with respect to any Plan or other contract, agreement, arrangement or policy that provides for retiree or post-employment
welfare benefits other than as required by Section 4980B of the Code or similar state laws, in each case, except as would not have a Material Adverse Effect. 

(bb)    Disclosure Controls. The Company has established and maintains disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) which (i) are designed to ensure that material information relating to the Company is made known to
the Company’s principal executive officer and its principal financial officer by others within the Company, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been
evaluated for effectiveness as of a date within 90 days prior to the earlier of the date that the Company filed its most recent annual or quarterly report with the Commission and in each of the Time of Sale Information and the Final Offering
Memorandum; and (iii) are designed to be effective in all material respects to perform the functions for which they were established. The Company also maintains a system of “internal control over financial reporting” (as defined in
Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by, 

  
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or under the supervision of, its principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Except as described in each of the Time of Sale Information and the Final Offering Memorandum, since the date of the latest audited
financial statements included or incorporated by reference into the Time of Sale Information and the Final Offering Memorandum, the Company has not been advised of any (i) significant deficiencies or material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information or (ii) fraud, whether or not material, that
involves executive officers or other employees who have a significant role in the Company’s internal controls over financial reporting. 

(cc)    Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP as applied in the United States and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language incorporated by reference in the Time of Sale
Information and the Final Offering Memorandum fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. Since the date of the latest audited
financial statements included in the Time of Sale Information and the Final Offering Memorandum, (a) the Company has not been advised of (1) any significant deficiencies in the design or operation of internal controls that could adversely
affect the ability of the Company to record, process, summarize and report financial data, or any material weaknesses in internal controls and (2) any fraud, whether or not material, that involves management or other employees who have a
significant role in the internal controls of the Company, and (b) since that date, there has been (1) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (2) no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 

(dd)    Insurance. The Company is insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as are prudent and customary in the businesses in which the Company is engaged; the Company has not been refused any insurance coverage sought or applied for; and the Company has no reason to believe that it will not be
able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. 

(ee)    No Unlawful Payments. Neither the Company nor any director, officer or employee of the Company nor, to the
knowledge of the Company, any agent, affiliate or 

  
 12 

 
other person associated with or acting on behalf of the Company has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any
government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office;
(iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful
bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company has instituted, maintained and enforced, and will continue to maintain and
enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. 

(ff)    Compliance with Anti-Money Laundering Laws. The operations of the Company, if any, are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all
jurisdictions where the Company, if any, conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the
“Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, if any, with respect to the Anti-Money Laundering Laws is
pending or, to the knowledge of the Company, threatened. 
 (gg)    No Conflicts with Sanctions Laws. Neither the
Company nor any of its, directors, officers or employees, nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company is currently the subject or the target of any sanctions
administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a
“specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor
is the Company located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Burma (Myanmar), Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned
Country”); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other person or entity
(i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned

  
 13 

 
Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, initial purchaser, advisor,
investor or otherwise) of Sanctions. For the past five years, the Company has not knowingly engaged in, is not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject
or the target of Sanctions or with any Sanctioned Country. 
 (hh)    Cybersecurity. (i) To the
Company’s knowledge, there has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Company’s information technology and computer systems, networks, hardware, software, data and
databases (including the data and information of its customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company and any such data processed or stored by third parties on behalf of the Company,
equipment or technology (collectively, “IT Systems and Data”); (ii) the Company has not been notified of, and has no knowledge of any event or condition that could result in, any security breach or incident, unauthorized access or
disclosure or other compromise to its IT Systems and Data and (iii) the Company has implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and
security of its IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards , except in the case of (i), (ii) or (iii) where the breach, incident attack or other compromise,
event or condition or failure to implement appropriate controls, policies, procedures and technological safeguards would not, individually or in the aggregate, have a Material Adverse Effect. The Company is presently in material compliance with all
applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and
Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification. 

(ii)    Solvency. On and immediately after the Closing Date, the Company (after giving effect to the issuance and
sale of the Securities and the other transactions related thereto as described in each of the Time of Sale Information and the Final Offering Memorandum) will be Solvent. As used in this paragraph, the term “Solvent” means, with
respect to a particular date and entity, that on such date (i) the fair value (and present fair saleable value) of the assets of such entity is not less than the total amount required to pay the probable liability of such entity on its total
existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) such entity is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they
mature and become due in the normal course of business; (iii) assuming consummation of the issuance and sale of the Securities as contemplated by this Agreement, the Time of Sale Information and the Final Offering Memorandum, such entity does
not have, intend to incur or believe that it will incur debts or liabilities beyond its ability to pay as such debts and liabilities mature; (iv) such entity is not engaged in any business or transaction, and does not propose to engage in any
business or transaction, for which its property would constitute unreasonably small capital; and (v) such entity is not a defendant in any civil action that would result in a judgment that such entity is or would become unable to satisfy. 

  
 14 

 (jj)    No Broker’s Fees. The Company is not a
party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against it or any Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with
the offering and sale of the Securities. 
 (kk)    Rule 144A Eligibility. On the Closing Date, the Securities
will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system. 

(ll)    No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D)
has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in
a manner that would require registration of the Securities under the Securities Act. 
 (mm)    No General
Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers
for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D other than in any manner involving a public offering within the meaning of
Section 4(a)(2) of the Securities Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering
restrictions requirement of Regulation S. 
 (nn)    Securities Law Exemptions. Assuming the accuracy of the
representations and warranties of the Initial Purchasers contained in Section 1(b) (including Annex C hereto) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of
the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Final Offering Memorandum, to register the
Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act. 
 (oo)    No
Stabilization or Manipulation. Neither the Company nor any of its affiliates has taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of
the Securities. 
 (pp)    No Applicable Registration or Other Similar Rights. Except as disclosed in the Time of
Sale Information and the Final Offering Memorandum, there are no persons with registration or other similar rights to have any equity or debt securities of the Company or any “affiliate” registered for sale under a registration statement,
except for rights as have been waived in writing in connection with the transactions contemplated by this Agreement or otherwise satisfied.  

  
 15 

 (qq)    Margin Rules. Neither the issuance, sale and delivery of
the Securities nor the application of the proceeds thereof by the Company as described in each of the Time of Sale Information and the Final Offering Memorandum will violate Regulation T, U or X of the Board of Governors of the Federal Reserve
System or any other regulation of such Board of Governors. 
 (rr)    Forward-Looking Statements. No
forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Time of Sale Information or the Final Offering Memorandum has been
made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 
 (ss)    Industry
Statistical and Market Data. Nothing has come to the attention of the Company that has caused the Company to believe that the industry statistical and market-related data included or incorporated by reference in each of the Time of Sale
Information and the Final Offering Memorandum is not based on or derived from sources that are reliable and accurate in all material respects. 

(tt)    Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or, to the knowledge of the
Company, any of the Company’s directors or officers, in their capacities as such, in all material respects, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection
therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications. 

(uu)    Reserve Reports (Company). The oil and natural gas reserve estimates of the Company included or
incorporated by reference in each of the Time of Sale Information and the Final Offering Memorandum have been prepared by Cawley, Gillespie & Associates, Inc. (“Cawley”) in accordance with Commission guidelines applied on a
consistent basis throughout the periods involved, and such estimates fairly reflect, in all material respects, the oil and natural gas reserves of the Company as of the dates indicated. Other than production of the reserves in the ordinary course of
business, intervening product price fluctuations, fluctuations in demand for such products, adverse weather conditions, unavailability or increased costs of rigs, services, supplies or personnel, the timing of third party operations and other facts,
in each case in the ordinary course of business, and as described in each of the Time of Sale Information and the Final Offering Memorandum, the Company is not aware of any facts or circumstances that would cause a Material Adverse Effect in the
reserves or the present value of future net cash flows therefrom as described in each of the Time of Sale Information and the Final Offering Memorandum. 

(vv)    Reserve Reports (Reliance). The information contained in the Time of Sale Information and the Final
Offering Memorandum or incorporated by reference therein regarding estimated proved reserves of the oil and natural gas assets to be acquired from Reliance in the Acquisition (the “Reliance Assets”), is based upon an audited reserve
report prepared by Cawley on estimated net proved oil and natural gas reserves of the Reliance Assets as of December 31, 2020. Cawley has represented to the 

  
 16 

 
Company that it is an independent petroleum engineer with respect to Reliance for the periods set forth in the Time of Sale Information and the Final Offering Memorandum. To the knowledge of the
Company, such estimates fairly reflect, in all material respects, the oil and natural gas reserves of the Reliance Assets as of December 31, 2020 and are in accordance, in all material respects, with Commission rules and guidelines that are
currently in effect for oil and gas producing companies applied on a consistent basis throughout the period covered. 

4.    Further Agreements of the Company. The Company covenants and agrees with each Initial Purchaser
that: 
 (a)    Delivery of Copies. The Company will deliver, without charge, to the Initial Purchasers as many
copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Final Offering Memorandum (including all amendments and supplements thereto) as the Representative may reasonably request.

 (b)    Final Offering Memorandum, Amendments or Supplements. Before finalizing the Final Offering Memorandum
or making or distributing any amendment or supplement to any of the Time of Sale Information or the Final Offering Memorandum, the Company will furnish to the Representative and counsel for the Initial Purchasers a copy of the proposed Final
Offering Memorandum or such amendment or supplement (or document to be incorporated by reference therein) for review, and will not distribute any such proposed Final Offering Memorandum, amendment or supplement or file any such document with the
Commission to which the Representative reasonably objects; provided that, if in the opinion of outside counsel of the Company such proposed amendment or supplement is required by law, the Company can make such amendment or supplement,
notwithstanding any such reasonable objection. 
 (c)    Additional Written Communications. Before using,
authorizing, approving, distributing or referring to any Issuer Written Communication, the Company will furnish to the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will not use, authorize,
approve, distribute or refer to any such written communication to which the Representative reasonably objects. 

(d)    Compliance with Securities Laws. The Company will advise the Representative promptly, and confirm such
advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Final Offering Memorandum or the
initiation or, to the knowledge of the Company, threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the
Time of Sale Information, any Issuer Written Communication or the Final Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances existing when such Time of Sale Information, such Issuer Written Communication or the Final Offering Memorandum is delivered to a 

  
 17 

 
purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction
or the initiation or, to the knowledge of the Company, threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time
of Sale Information, any Issuer Written Communication or the Final Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will use its reasonable best efforts to obtain as soon as possible the
withdrawal thereof. 
 (e)    Time of Sale Information. If at any time prior to the Closing Date (i) any
event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with law, the Company will promptly notify the Initial
Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Time of Sale Information (or any document to be filed with the Commission and incorporated by
reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented (including such documents to be incorporated by reference therein) will not, in the light of the circumstances under
which they were made, be misleading or so that any of the Time of Sale Information will comply with Law. 

(f)    Ongoing Compliance of the Final Offering Memorandum. If at any time prior to the completion of the initial
offering of the Securities (i) any event shall occur or condition shall exist as a result of which the Final Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances existing when the Final Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Final Offering
Memorandum to comply with Law, the Company will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements (or any document to be
filed with the Commission and incorporated by reference therein) to the Final Offering Memorandum as may be necessary so that the statements in the Final Offering Memorandum as so amended or supplemented (including such document to be incorporated
by reference therein) will not, in the light of the circumstances existing when the Final Offering Memorandum is delivered to a purchaser, be misleading or so that the Final Offering Memorandum will comply with Law. 

(g)    Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue
Sky laws of such jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long as required for the offering and resale of the Securities; provided that the Company shall not be required
to (i) qualify as a foreign corporation or other entity or as a dealer in securities in 

  
 18 

 
any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to
taxation in any such jurisdiction if it is not otherwise so subject. 
 (h)    Clear Market. During the period
from the date hereof through and including the date that is 90 days after the date hereof, the Company will not, without the prior written consent of the Representative, offer, sell, contract to sell or otherwise dispose of, except as provided
hereunder, any debt securities issued or guaranteed by the Company similar to the Securities. 
 (i)    Use of
Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in each of the Time of Sale Information and the Final Offering Memorandum under the heading “Use of Proceeds.” 

(j)    Supplying Information to Holders of Securities. While the Securities remain outstanding and are
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Company will, during any period in which the Company is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish
to holders of the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 
 (k)    DTC. The Company will assist the Initial Purchasers in arranging for the Securities to
be eligible for clearance and settlement through DTC. 
 (l)    No Resales by the Company. The Company will not,
and will not permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and
resold in a transaction registered under the Securities Act. 
 (m)    No Integration. Neither the Company nor
any of its affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any “security” (as defined in the Securities Act),
that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 

(n)    No General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any
other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) with respect to those Securities offered or sold in reliance upon Regulation
S, engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S. 

  
 19 

 (o)    No Stabilization. The Company will not take, directly or
indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities or any other reference security, whether to facilitate the sale or resale of the
Securities or otherwise. 
 (p)    Legended Securities. Each certificate for a Security will bear a legend
substantially the same as that contained in “Transfer Restrictions” in the Preliminary Offering Memorandum for the time period and upon the other terms stated in the Preliminary Offering Memorandum. 

The Representative, on behalf of the several Initial Purchasers, may, in its sole discretion, waive in writing the performance by the Company
of any one or more of the foregoing covenants or extend time for their performance. 
 5.    Certain
Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that
constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the Final Offering Memorandum, (ii) any written communication that contains either (a) no
“issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer information” that was not included (including through incorporation by reference) in the Time of Sale Information or the Final Offering
Memorandum, (iii) any written communication listed on Annex A or prepared in accordance with Section 4(c) (including any electronic road show) above, (iv) any written communication prepared by such Initial Purchaser and approved by
the Company and the Representative in advance in writing or (v) any written communication relating to or that contains the terms of the Securities and/or other information that was included (including through incorporation by reference) in the
Time of Sale Information or the Final Offering Memorandum. 
 6.    Conditions of Initial
Purchasers’ Obligations. The obligation of the Initial Purchasers to purchase Securities on the Closing Date as provided herein is subject to the performance by the Company of its covenants and other obligations hereunder and
to the following additional conditions: 
 (a)    Representations and Warranties. The representations and
warranties of the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true
and correct on and as of the Closing Date. 
 (b)    No Downgrade. Subsequent to the earlier of (A) the Time
of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the Company by any
“nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or

  
 20 

 
review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the Company (other than an announcement
with positive implications of a possible upgrading). 
 (c)    No Material Adverse Change. No event or condition
of a type described in Section 3(d) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Final Offering Memorandum
(excluding any amendment or supplement thereto) the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner
contemplated by this Agreement, the Time of Sale Information and the Final Offering Memorandum. 

(d)    Officer’s Certificate. The Representative shall have received on and as of the Closing
Date a certificate signed by an executive officer of the Company who has specific knowledge of the Company’s financial matters and is satisfactory to the Representative (i) confirming that such officer has carefully reviewed the Time of
Sale Information and the Final Offering Memorandum and, to the best knowledge of such officer, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of
the Company in this Agreement are true and correct and that the Company has complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect
set forth in paragraphs (b) and (c) above. 
 (e)    Comfort Letters. On the date of this Agreement and on
the Closing Date, each of Grant Thornton LLP and Deloitte & Touche LLP shall have furnished to the Representative, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial
Purchasers, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial
statements and certain financial information contained (or incorporated by reference) in each of the Time of Sale Information and the Final Offering Memorandum; provided that the letters delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date. 

(f)    CFO Certificate. The Company shall have furnished to the Representative a certificate, dated the Closing
Date and addressed to the Initial Purchasers, of its chief financial officer with respect to certain financial data contained in the Time of Sale Information and the Final Offering Memorandum, providing “management comfort” with respect to
such information, in form and substance reasonably satisfactory to the Representative. 
 (g)    Reserve Engineer
Letters. On the date of this Agreement and on the Closing Date, Cawley shall have furnished to the Representative, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers,
stating the conclusions and findings of such firm with respect to the oil and natural gas reserves of the Company and Reliance in form and substance reasonably satisfactory to the Representative. 

  
 21 

 (h)    Opinion and 10b-5
Statement of Counsel for the Company. Kirkland & Ellis LLP, counsel for the Company, shall have furnished to the Initial Purchasers, at the request of the Company, their written opinion and 10b-5
statement, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers. 

(i)    Opinion and 10b-5 Statement of Counsel for the Initial Purchasers.
The Initial Purchasers shall have received on and as of the Closing Date an opinion and 10b-5 statement, addressed to the Initial Purchasers, of Latham & Watkins LLP, counsel for the Initial
Purchasers, with respect to such matters as the Representative may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters. 

(j)    Good Standing. The Representative shall have received on and as of the Closing Date satisfactory evidence of
the good standing of the Company in Delaware and its good standing in such other jurisdictions as the Representative may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental
authorities of such jurisdictions. 
 (k)    DTC. The Securities shall be eligible for clearance and settlement
through DTC. 
 (l)    Securities. The Securities shall have been duly executed and delivered by a duly
authorized officer of the Company and duly authenticated by the Trustee. 
 (m)    Additional Documents. On or
prior to the Closing Date, the Company shall have furnished to the Initial Purchasers such further certificates and documents as the Initial Purchasers may reasonably request, including a secretary’s certificate dated the Closing Date executed
by the secretary of the Company certifying such matters as the Initial Purchasers may reasonably request. 
 All opinions, letters,
certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 

7.    Indemnification and Contribution. 

(a)    Indemnification of the Initial Purchasers. The Company agrees to indemnify and hold harmless each Initial
Purchaser, its affiliates, directors, employees, agents and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against
any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses reasonably incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred),
joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue 

  
 22 

 
statement of a material fact contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Final Offering Memorandum (or any
amendment or supplement thereto) or (ii) any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each
case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any
Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use therein. 

(b)    Indemnification of the Company. Each Initial Purchaser, severally and not jointly, agrees to indemnify and
hold harmless the Company, its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth
in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with any information relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any
Issuer Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed that the only such information consists of the following paragraphs in the Preliminary Offering Memorandum and the
Final Offering Memorandum: (i) the paragraph under the subcaption “Commissions and Discounts”, (ii) the third and fourth sentences under the subcaption “New Issue of Notes” and (iii) the three paragraphs under the
subcaption “Short Positions”, in each case under the caption “Plan of Distribution” in the Time of Sale Information and the Final Offering Memorandum. 

(c)    Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”) shall
promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have
under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it
shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person)
to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the reasonable fees and expenses of such

  
 23 

 
proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person
has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in
addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be
liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such reasonable fees and expenses shall be reimbursed as they are incurred. Any such separate
firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by the Representative and any such separate firm for the Company, its directors and officers and
any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld
or delayed), but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying
Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying
Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending
or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of
such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of
fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d)    Contribution. If the
indemnification provided for in paragraph (a) or (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages, expenses or liabilities (or actions in respect thereof) referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages, expenses or liabilities (i)

  
 24 

 
in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Initial Purchasers on the other from the offering of the Securities pursuant
to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative
fault of the Company on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Company on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the
Securities pursuant to this Agreement and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities. The relative fault of
the Company on the one hand and the Initial Purchasers on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e)    Limitation on Liability. The Company and the Initial Purchasers agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchaser was treated as one entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating, defending or preparing to defend any such action or claim. Notwithstanding the provisions of
this Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities
exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 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 was not guilty of such fraudulent misrepresentation. The Initial Purchaser’s obligation to contribute pursuant to this Section 7 are
several in proportion to their respective purchase obligations hereunder and not joint. 
 (f)    Non-Exclusive Remedies. The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in
equity. 
 8.    Termination. This Agreement may be terminated in the absolute discretion of the Representative,
by notice to the Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall 

  
 25 

 
have been suspended or materially limited on the New York Stock Exchange, NASDAQ Global Market or the
over-the-counter market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there
shall have occurred a material disruption in settlement or clearing services; or (v) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the
United States, that, in the judgment of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this
Agreement, the Time of Sale Information and the Final Offering Memorandum. The Initial Purchasers may also terminate this Agreement on the Closing Date if any condition described in Section 6 is not fulfilled or waived in writing by the Initial
Purchaser on or prior to the Closing Date. 
 9.    Defaulting Initial Purchaser. 

(a)    If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has
agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Company on the terms contained in
this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company shall be entitled
to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become obligated or agree
to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date for up to five full business days in order to effect any
changes that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Final Offering Memorandum or in any other document or arrangement, and the Company agrees to promptly
prepare any amendment or supplement to the Time of Sale Information or the Final Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless
the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase. 

(b)    If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or
Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company shall have the right to require each non-defaulting Initial Purchaser to purchase the
principal amount of Securities that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder)
of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made. 

  
 26 

 (c)    If, after giving effect to any arrangements for the purchase of
the Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such
Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Company shall not exercise the right described in paragraph (b) above, then this
Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the
Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section 10 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect. 

(d)    Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Company
or any non-defaulting Initial Purchaser for damages caused by its default. 

10.    Payment of Expenses. 

(a)    Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the
Company agrees to pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of
the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Final Offering
Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents and all other agreements, memoranda, correspondence and other documents
prepared and delivered in connection herewith; (iv) the fees and expenses of the Company’s counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination
of eligibility for investment of the Securities under the laws of such jurisdictions as the Representative may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for
the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee, and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all
expenses (including the expenses of Company’s counsel) and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; and (ix) all expenses in connection with any “road show” or
“investor” presentation to potential investors, including travel and lodging expenses, the cost of chartering airplanes, word processing charges, the costs of printing or producing any investor presentation materials, messenger and
duplicating service expenses, facsimile expenses and other customary expenditures. 
 (b)    If (i) this Agreement
is terminated pursuant to Section 8, (ii) the Company for any reason fails to tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers declines to purchase the Securities for any reason permitted under
this Agreement, the Company agrees to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel)
reasonably incurred by the Initial Purchasers in connection with this Agreement and the offering contemplated hereby. 

  
 27 

 11.    Persons Entitled to Benefit of Agreement. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of the Initial Purchasers referred to in
Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of
Securities from the Initial Purchasers shall be deemed to be a successor merely by reason of such purchase. 

12.    Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of
the Company and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for
the Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company or the Initial Purchasers. 

13.    Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided,
the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New York
City; (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; (d) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; and (e) the term
“written communication” has the meaning set forth in Rule 405 under the Securities Act. 

14.    Compliance with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company, which
information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

15.    Miscellaneous. 

(a)    Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by the
Representative on behalf of the Initial Purchasers, and any such action taken by the Representative shall be binding upon the Initial Purchasers. 

Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and
confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representative c/o BofA Securities, Inc., 1540 Broadway, New York, NY 10036; Attention: High Yield Legal Department, with a copy to
Latham & Watkins LLP, 811 

  
 28 

 
Main St., Suite 3700, Houston, TX 77002; Attention: Michael Chambers. Notices to the Company shall be given to them at 601 Carlson Pkwy, Suite 990, Minnetonka, Minnesota 55305, (fax: 952-476-9801); Attention: Erik Romslo with a copy to Kirkland & Ellis LLP, 609 Main Street, Houston, Texas 77002; Attention: Matthew Pacey and Bryan Flannery. 

(b)    Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this
Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

(c)    Submission to Jurisdiction. The Company hereby submits to the exclusive jurisdiction of the U.S. federal and
New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company waives any objection which it may now or hereafter
have to the laying of venue of any such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may be enforced in
any court to the jurisdiction of which Company is subject by a suit upon such judgment. 
 (d)    Waiver of Jury
Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement. 

(e)    Entire Agreement; Counterparts; Electronic Signatures. This Agreement constitutes the entire
agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be signed in counterparts
(which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. Electronic signatures complying with the New York
Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this Agreement. 

(f)    Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or
approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 

(g)    Headings. The headings herein are included for convenience of reference only and are not intended to be part
of, or to affect the meaning or interpretation of, this Agreement. 
 (h)    Recognition of the U.S. Special
Resolution Regimes. 
 In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, 

  
 29 

 
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws
of the United States or a state of the United States. 
 In the event that any Initial Purchaser that is a Covered Entity or a BHC Act
Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

For purposes of this Section 19, a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall
be interpreted in accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution Regime” means each of
(i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder 

  
 30 

 If the foregoing is in accordance with your understanding, please indicate your acceptance
of this Agreement by signing in the space provided below. 
  

					
	 Very truly yours,

	
	Northern Oil and Gas, Inc.
		
	By:	 	 /s/ Erik Romslo

		 	Name:	 	Erik Romslo
		 	Title:	 	Chief Legal Officer and Secretary

 Accepted: 

BOFA SECURITIES, INC. 
 For itself and on behalf of 

the several Initial Purchasers 
 listed in Schedule 1 hereto. 

 

					
	By:	 	BOFA SECURITIES, INC.
		
	By:	 	 /s/ Lex Maultsby

		 	Name:	 	Lex Maultsby
		 	Title:	 	Managing Director

 Schedule 1 

 

					
	 Initial Purchaser
	  	Principal Amount	 
	 BofA Securities, Inc.
	  	$	 138,436,000	 
	 Wells Fargo Securities, LLC
	  	$	 138,436,000	
	 RBC Capital Markets Inc.
	  	$	 59,864,000	 
	 Citigroup Global Markets Inc.
	  	$	 56,122,000	 
	 Truist Securities, Inc.
	  	$	 49,388,000	 
	 Fifth Third Securities, Inc.
	  	$	 23,197,000	 
	 Citizens Capital Markets, Inc.
	  	$	 23, 197,000	 
	 U.S. Bancorp Investments, Inc.
	  	$	 23,197,000	 
	 Capital One Securities, Inc.
	  	$	 15,715,000	 
	 CIT Capital Securities LLC
	  	$	 5,612,000	 
	 Goldman Sachs & Co. LLC
	  	$	 5,612,000	 
	 Morgan Stanley & Co. LLC
	  	$	 5,612,000	 
	 Seaport Global Securities LLC
	  	$	 5,612,000	
	 Total
	  	$	 550,000,000	 
		  	  
	  
	 

 ANNEX A 

Additional Time of Sale Information 

1.    None. 
 2.    Term
sheet containing the terms of the Securities, substantially in the form of Annex B. 

  
 34 

 ANNEX B 

Pricing Term Sheet, dated February 8, 2021 

to Preliminary Offering Memorandum dated February 3, 2021 

Strictly Confidential 

NORTHERN OIL AND GAS INC. 

This pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum, dated February 3, 2021 (the “Preliminary
Offering Memorandum”). The information in this pricing term sheet supplements the Preliminary Offering Memorandum and updates and supersedes the information in the Preliminary Offering Memorandum to the extent it is inconsistent with the
information in the Preliminary Offering Memorandum. Capitalized terms used and not defined herein have the meanings assigned in the Preliminary Offering Memorandum. 

The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other
jurisdiction. The notes may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, the
notes are being offered only to (1) persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to
non-U.S. persons in compliance with Regulation S under the Securities Act. For details about eligible offers, deemed representations and agreements by investors and transfer restrictions, see “Notice to
Investors” in the Preliminary Offering Memorandum. 
  

					
	Issuer:	  	Northern Oil and Gas Inc.
		
	Security description:	  	8.125% Senior Notes due 2028 (the “notes”)
		
	Distribution:	  	144A/Reg S for life
		
	Size:	  	$550,000,000
		
	Gross proceeds:	  	$550,000,000
		
	Maturity:	  	March 1, 2028
		
	Coupon:	  	8.125% per annum
		
	Issue price:	  	100.000%, plus accrued interest, if any, from February 18, 2021
		
	Yield to maturity:	  	8.125%
		
	Interest payment dates:	  	March 1 and September 1, commencing September 1, 2021
		
	Record dates:	  	February 15 and August 15
		
	Equity clawback:	  	Up to 35% in aggregate principal amount of the notes at 108.125%, plus accrued and unpaid interest, if any, to, but not including, the redemption date, prior to March 1, 2024, provided that at least 65% of the
aggregate principal amount of the notes remains outstanding, and redemption occurs within 180 days of the closing of any Equity Offering
		
	Optional redemption:	  	On or after March 1, 2024, the Issuer may redeem the notes on any one or more occasions, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and
unpaid interest to, but excluding, the redemption date, if redeemed during the 12-month period commencing on March 1 of the years set forth
below:

					
			
	 	  	 On or after:
	  	 Price:

		  	2024	  	104.063%
		  	2025	  	102.031%
		  	2026 and thereafter	  	100.000%

			
	Make-whole redemption:	  	Prior to March 1, 2024, at a make-whole premium discounted based on the Treasury Rate + 50 bps
		
	Change of control:	  	101% of principal plus accrued and unpaid interest to, but excluding, the purchase date
		
	Trade date:	  	 February 8, 2021
 February 18, 2021
(T+7)

		
	Settlement date:	  	We expect that delivery of the notes will be made against payment therefor on or about February 18, 2021, which will be the seventh business day following the date of pricing of the notes (such settlement being referred to as
“T+7”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise.
Purchasers of notes who wish to trade the notes on the date hereof or prior to the date of delivery should consult their own advisors.
		
	CUSIP:	  	 144A: 665531 AG4
 Reg S: U66499
AD3

		
	ISIN:	  	 144A: US665531AG42
 Reg S:
USU66499AD31

		
	Denominations/Multiple:	  	$2,000 x $1,000
		
	Use of Proceeds	  	We intend to use the net proceeds from this offering to (i) fund a portion of the cash purchase price for the Reliance Acquisition, (ii) repay approximately $132.7 million of the outstanding borrowings under our
Revolving Credit Facility, (iii) repurchase or redeem all of the outstanding Second Lien Notes, (iv) to repay the outstanding Unsecured VEN Bakken Note, and (v) pay all accrued and unpaid interest due in connection with such
repurchases, repayments and redemptions and all related premiums and transaction expenses. We intend to use any remaining net proceeds from this offering for general corporate purposes, which may include further repayment of a portion of the
outstanding borrowings under our Revolving Credit Facility.
		
	Initial Purchasers:	  	 BofA Securities, Inc.
 Wells Fargo Securities,
LLC
 Citigroup Global Markets Inc.
 RBC Capital Markets
Inc.
 Truist Securities, Inc.
 Fifth Third Securities, Inc.

Citizens Capital Markets, Inc.
 U.S. Bancorp Investments, Inc.

Capital One Securities, Inc.
 CIT Capital Securities LLC

Morgan Stanley & Co. LLC
 Goldman Sachs & Co.
LLC
 Seaport Global Securities LLC

  
  

  
 36 

 Changes from Preliminary Offering Memorandum 

The Preliminary Offering Memorandum is hereby updated to reflect the following changes: 

The total size of the offering has increased from $500,000,000 to $550,000,000. The net proceeds from the offering will be approximately $537.0 million,
after deducting the initial purchasers’ discount and estimated offering expenses. As a result of the change in offering size, all information (including financial information) presented in the Preliminary Offering Memorandum is deemed to have
changed to the extent affected by the changes described herein. 
 The section of the Preliminary Offering Memorandum entitled “Summary—Recent
Developments—Concurrent Equity Offering” is hereby amended and restated in its entirety as follows: 
 “Concurrently with this offering of
notes, we are conducting an underwritten public offering (the “Concurrent Equity Offering”) of 14,375,000 shares of our Common Stock (including 1,875,000 shares (the “Option Shares”) subject to the option to purchase additional
shares that we granted to the underwriters in the Concurrent Equity Offering). The Concurrent Equity Offering priced on February 4, 2021 and the underwriters exercised in full their option to purchase additional shares on February 5, 2021.
The Concurrent Equity Offering, including the issuance and sale of Option Shares, is expected to close on February 9, 2021, subject to customary closing conditions. We estimate that the Concurrent Equity Offering will result in net proceeds to
us of approximately $132.5 million, after deducting underwriting discounts and commissions and offering expenses. The Concurrent Equity Offering is being made pursuant to a separate prospectus supplement and nothing in this offering memorandum
should be construed as an offer to sell, or a solicitation of an offer to buy, any Common Stock. We intend to use the net proceeds from the Concurrent Equity Offering to fund a portion of the cash purchase price for the Reliance Acquisition. 

We cannot assure you that the Concurrent Equity Offering will be completed or, if completed, on what terms it will be completed. This offering is not
conditioned on the consummation of the Concurrent Equity Offering, and the Concurrent Equity Offering is not conditioned on the consummation of this offering. The foregoing description and other information in this offering memorandum regarding the
Concurrent Equity Offering is included solely for informational purposes.” 
 As a result of the update to the foregoing update to the section entitled
“Summary—Recent Developments—Concurrent Equity Offering”, all information (including financial information) presented in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes
described herein. 
  
  

This pricing term sheet is confidential and is for your information only and is not intended to be used by anyone other than you. This information does not
purport to be a complete description of these notes or the offering. Please refer to the Preliminary Offering Memorandum for a complete description. 

This communication is being distributed in the United States solely to (1) persons reasonably believed to be “qualified institutional
buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. 

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it
is unlawful to make such offer or solicitation in such jurisdiction. 
 Any disclaimer or other notice that may appear below is not applicable to this
communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system. 

  
 37 

 ANNEX C 

Restrictions on Offers and Sales Outside the United States 

In connection with offers and sales of Securities outside the United States: 

(a)    Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may
not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act. 

(b)    Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 

(i)    Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities,
(A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S under the Securities Act
(“Regulation S”) or Rule 144A or any other available exemption from registration under the Securities Act. 

(ii)    None of such Initial Purchaser or any of its affiliates or any other person acting on its or their
behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering restrictions requirement of Regulation S. 

(iii) At or prior to the confirmation of sale of any Securities sold in reliance on Regulation S, such Initial Purchaser will
have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period a confirmation or notice to substantially the following
effect: 
 The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement
of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act. Terms used above have the
meanings given to them by Regulation S. 
 (iv)    Such Initial Purchaser has not and will not enter into
any contractual arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the prior written consent of the Company. 

 Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement
have the meanings given to them by Regulation S. 
 (c)    Each Initial Purchaser acknowledges that no action has been
or will be taken by the Company that would permit a public offering of the Securities, or possession or distribution of any of the Time of Sale Information, the Final Offering Memorandum, any Issuer Written Communication or any other offering or
publicity material relating to the Securities, in any country or jurisdiction where action for that purpose is required. 

  
 39Document

Exhibit 10.1

TYSON FOODS, INC. 2000 STOCK INCENTIVE PLAN

STOCK INCENTIVE AWARD AGREEMENT

STOCK OPTIONS (Contracted)

															
	Team Member:	Participant Name			
	Personnel Number:	Employee ID			
	Award:	Option to Purchase Quantity Granted Shares			
	Grant Date:	November 20, 2020	
	Exercise Price:	Grant Price	
	Term:	Earlier of (i) 10 years; or (ii) dates set forth in Section 4
	Type of Option:	Non-Qualified			
	Vesting Schedule:				
		Vesting Date	Percent of Award Vested		
		November 20, 2021	33 1/3%		
		November 20, 2022	33 1/3%		
		November 20, 2023	33 1/3%		
					

    

This Award is granted on the Grant Date by Tyson Foods, Inc., a Delaware corporation, to the Team Member (hereinafter referred to as “you”) identified on the cover page of this Stock Incentive Award Agreement (the “Award” as embodied by this “Award Agreement”).

1.Terms and Conditions.  The Award of Stock Options (as set forth on the cover page of this Award Agreement) is subject to all the terms and conditions of the Tyson Foods, Inc. 2000 Stock Incentive Plan or any successors thereto, as such plan or its successors may be amended and restated from time to time (the “Plan”).  Unless otherwise defined herein, all capitalized terms in this Award Agreement shall have the meaning stated in the Plan.  Please see the Plan document for more information on these terms and conditions.  A copy of the Plan is available upon request.
2.Definitions.  For purposes of this Award Agreement, “Cause”, “Disability”, “Good Reason”, and “Release” shall have the meanings ascribed to such terms in your Employment Agreement, and the following terms shall have the meanings set forth below:
(i)     “Change in Control” shall have the meaning ascribed to it in the Plan but shall not include any event as a result of which one or more of the following persons or entities possess or continues to possess, immediately after such event, over fifty percent (50%) of the combined voting power of Tyson or, if applicable, a successor entity: (a) Tyson Limited Partnership, or any successor entity; (b) individuals related to the late Donald John Tyson by blood, marriage or adoption, or the estate of any such individual (including Donald John Tyson’s); or (c) any entity (including, but not limited to, a partnership, corporation, trust or limited liability company) in which one or more of the entities, individuals or estates described in clauses (a) and (b) hereof possess over fifty percent (50%) of the combined voting power or beneficial interests of such entity.
(ii)     “Employer” shall mean, to the extent you are not directly employed by Tyson, the Affiliate that employs you. 
(iii)    “Retirement” shall mean your voluntary Termination of Employment from Tyson on or after the later of the first anniversary of the Grant Date or the date you attain age sixty-two (62).
(iv)    “Termination of Employment” shall have the meaning ascribed to it in the Plan but, in the event of a Change in Control, any successor and its affiliates shall replace Tyson and its Affiliates in interpreting the meaning of a Termination of Employment. 
(v)     “Tyson” means Tyson Foods, Inc. or any successor thereto.
3.Vesting.
3.1.Vesting Schedule and Forfeiture. The Award shall vest pursuant to the foregoing Vesting Schedule and shall be considered as fully earned and exercisable by you on each applicable Vesting Date, subject to the further provisions of this Section 3. Notwithstanding any other provision of this Award Agreement to the contrary, the unvested portion of the Award will be forfeited back to Tyson in the event of your Termination of Employment before a Vesting Date, except as otherwise provided in Sections 3.2 through 3.4.  The events described in Sections 3.2 through 3.4 are referred to herein as “Vesting Events.”

3.2.Death, Disability or Retirement.  In the event your employment with Tyson is terminated due to death, Disability or Retirement before the Award is vested in full, you shall fully vest in the unvested portion of the Award.
3.3.Termination by Tyson without Cause or by you for Good Reason.  In the event of your Termination of Employment by your Employer for reasons other than for Cause or by you for Good Reason before the Award is vested in full, you shall fully vest in the unvested portion of the Award contingent upon your timely execution and non-revocation of a Release.
3.4.Change in Control.  Following a Change in Control that occurs before the Award becomes fully vested, you shall fully vest in the unvested portion of the Award  upon the occurrence of either of the following events, provided such event occurs no later than twenty-four (24) months following the Change in Control (to the extent the Award has not otherwise become fully vested prior to such event): (i) you experience a Termination of Employment by your Employer without Cause or (ii) you resign from your employment on account of Good Reason.  The Award will be settled in the same form of consideration received by shareholders of Tyson Foods, Inc.’s Class A common stock in connection with the Change in Control transaction, unless the express terms of the documentation establishing the terms of the Change in Control provide otherwise.
4.Time of Exercise of Award.  The Award will be exercisable upon the Vesting Dates and/or Vesting Events set forth in Section 3.  In the event of your Termination of Employment, the vested portion of your Award shall no longer remain exercisable, except as follows:
4.1.Termination of Employment.  Except as provided in Section 4.2 and Section 4.3, in the event of your Termination of Employment, your vested Award will remain exercisable for a period of three (3) months from the Termination of Employment, but not longer than ten (10) years from the Grant Date.
4.2.Death, Disability or Retirement. In the event your Termination of Employment is due to death, Disability or Retirement, or is effected by Tyson without Cause or by you for Good Reason, your vested Award will remain exercisable by you, or your Beneficiary in the case of your death, for a period of twelve (12) months from the Termination of Employment, but not longer than ten (10) years from the Grant Date.
4.3.Termination by Tyson without Cause or by you for Good Reason. In the event your Termination of Employment is effected by Tyson without Cause or by you for Good Reason, contingent upon your timely execution and non-revocation of a Release, your vested Award will remain exercisable by you for a period of twelve (12) months from the Termination of Employment, but not longer than ten (10) years from the Grant Date.
5.Manner of Exercise of Award.  The vested portion of the Award may be exercised through any of the following methods as provided under the Plan:
5.1.Cash of not less than the product of the Exercise Price multiplied by the number of shares to be purchased on exercise, plus the amount of any required tax withholding;
5.2.Delivery to Tyson of the number of shares owned at least six (6) months at the time of exercise having a fair market value of not less than the product of the Exercise Price multiplied by the number of shares to be purchased on exercise, plus the amount of any required tax withholding;

5.3.Cashless exercise through a broker designated by Tyson, which shall account for, and include, any required tax withholding but not to exceed the required minimum statutory withholding;
5.4.Withholding of the number of shares having a fair market value of not less than the product of the Exercise Price multiplied by the number of shares to be purchased on exercise, plus the amount of any required tax withholding but not to exceed the required minimum statutory withholding; or
5.5.Unless the Award is no longer exercisable under the terms of Section 4 above, by accepting the terms herein you consent to have the options automatically exercise, using any of the above methods at Tyson’s sole discretion, either at the end of the period defined in Section 4.1 through Section 4.3, as applicable, or, if earlier, on the tenth (10th) anniversary of the Grant Date (or, if the 10th anniversary of the Grant Date is not a business day, the business day immediately preceding the 10th anniversary of the Grant Date), if the price per share of Tyson stock at the time of exercise is greater than the Exercise Price.
6.Withholding Taxes. Regardless of any action Tyson or your Employer takes with respect to any or all income tax (including U.S. federal, state and local taxes or non-U.S. taxes), social insurance, payroll tax, payment on account or other tax-related withholding ("Tax-Related Items"), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that Tyson and your Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the Award, the exercise of the Award, the subsequent sale of any shares of Stock acquired pursuant to the Award and the receipt of any dividends, and (ii) do not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items.  Tyson or your Employer shall withhold taxes by any manner acceptable or administratively feasible under the terms of the Plan, but not to exceed the maximum tax due for the applicable income you receive from the Award, consistent with the laws of the applicable federal, state or local taxing authority.
7.Clawback.  Notwithstanding any other provision of this Award Agreement to the contrary, by executing this Award Agreement and accepting the Award, you agree and consent to the application and enforcement of any clawback policy that may be implemented by Tyson (whether in existence as of the Grant Date or later adopted, and as such policy may be amended from time to time) that may apply to you, any shares of Stock issued pursuant to this Award and/or any amount received with respect to any sale of any such shares of Stock, and you expressly agree that Tyson may take such actions as are necessary to effectuate the enforcement of such policy without your further consent or action.  For purposes of the foregoing, you expressly and explicitly authorize Tyson to issue instructions, on your behalf, to any brokerage firm and/or third party administrator engaged by Tyson to hold your shares of Stock and other amounts acquired pursuant to your Award to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to Tyson upon Tyson's enforcement of such policy.  To the extent that the terms of this Award and any such policy conflict, then the terms of such policy shall prevail.
8.Beneficiary Designation.  In accordance with the terms of the Plan, you may name a Beneficiary who may exercise the Award under this Award Agreement in case of your death before you receive any or all of the Award.  Each Beneficiary designation shall revoke all prior designations, shall be in a form prescribed by the Committee, and shall be effective only when filed in writing with the Committee during your lifetime.

9.Right of the Committee.  The Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Award Agreement, all of which shall be binding.
10.Severability. In the event that any one or more of the provisions or a portion thereof contained in this Award Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provision of this Award Agreement, and this Award Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein.
11.Entire Agreement. Subject to the terms and conditions of the Plan, this Award Agreement expresses the entire understanding and agreement of Tyson and you with respect to the subject matter. In the event of any conflict or inconsistency between the provisions of this Award Agreement and the terms applicable to stock incentive awards set forth in any employment agreement, offer letter, or other agreement or arrangement that you have entered into with Tyson and/or its Affiliates, the former will always control.  In the event of any conflict between the provisions of the Plan and the terms of this Award Agreement, the provisions of the Plan will control unless this Award Agreement explicitly states that an exception to the Plan is being made.  The Award has been made pursuant to the Plan and an administrative record is maintained by the Committee.
12.Restrictions on Transfer of Award.  Any disposition of the Award or any portion thereof shall be a violation of the terms of this Award Agreement and shall be void and without effect; provided, however, that this provision shall not preclude a transfer as otherwise permitted by the Plan.
13.Headings. Section headings used herein are for convenience of reference only and shall not be considered in construing this Award Agreement.
14.Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Award Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and an injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.
15.No Vested Right in Future Awards.  You acknowledge and agree by executing this Award Agreement that the granting of the Award under this Award Agreement is made on a fully discretionary basis by Tyson and that this Award Agreement does not lead to a vested right to further awards of any type in the future.  Further, the Award set forth in this Award Agreement constitutes a non-recurrent benefit and the terms of this Award Agreement are applicable only to the Award granted pursuant to this Award Agreement.
16.No Right to Continued Employment.  You acknowledge and agree (through electronic acknowledgment and acceptance of this Award Agreement) that neither the adoption of the Plan nor the granting of any award shall confer any right to continued employment with Tyson, nor shall it interfere in any way with Tyson’s right to terminate your employment at any time for any reason in accordance with the terms of your Employment Agreement.

17.Reduction to Maximize After-Tax Benefits.  Notwithstanding anything contained in this Award Agreement to the contrary, if the total payments to be paid to you under this Award, along with any other payments to you by Tyson, would result in you being subject to the excise tax imposed by Section 4999 of the Code (commonly referred to as the “Golden Parachute Tax”), Tyson shall reduce the aggregate payments to the largest amount which can be paid to you without triggering the excise tax, but only if and to the extent that such reduction would result in you retaining larger aggregate after-tax payments.  The determination of the excise tax and the aggregate after-tax payments to be received by you will be made by Tyson, in its sole discretion.  If payments are to be reduced, the payments made latest in time will be reduced first and if payments are to be made at the same time, non-cash payments will be reduced before cash payments.
18.Governing Law; Venue.  The Plan, this Award Agreement and all determinations made and actions taken pursuant to the Plan or Award Agreement shall be governed by the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof.  Any disputes regarding this Award, the Award Agreement or the Plan shall be brought only in the United States in the state or federal courts of the state of Delaware.
19.Electronic Delivery.  Tyson may, in its sole discretion, decide to deliver any documents related to the Award or other awards granted to you under the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by Tyson or a third party designated by Tyson.
20.Successors and Assigns.  This Award Agreement shall inure to the benefit of and be binding upon each successor and assign of Tyson.  All obligations imposed upon you, and all rights granted to Tyson hereunder, shall be binding upon your heirs, successors and administrators.
21.Addendum. Notwithstanding any provisions of this Award Agreement to the contrary, to the extent you transfer employment outside of the United States, the Award shall be subject to any special terms and conditions as Tyson may need to establish to comply with local laws, rules, and regulations or to facilitate the operation and administration of the Award and the Plan in the country to which you transfer employment (or Tyson may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer). Any such terms and conditions shall be set forth in an Addendum prepared by Tyson which shall constitute part of this Award Agreement.
22.Additional Requirements; Amendments.  Tyson reserves the right to impose other requirements on the Award, any shares of Stock acquired pursuant to the Award and your participation in the Plan to the extent Tyson determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations or to facilitate the operation and administration of the Award and the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.  In addition, Tyson reserves the right to amend the terms and conditions reflected in this Award Agreement, without your consent, either prospectively or retroactively, to the extent that such amendment does not materially affect your rights under the Award except as otherwise permitted under the Plan or this Award Agreement.

23.Acceptance.  By electronically accepting the grant of this Award, you affirmatively and expressly acknowledge that you have read this Award Agreement, the Addendum to the Award Agreement (as applicable) and the Plan, and specifically accept and agree to the provisions therein. You also affirmatively and expressly acknowledge that Tyson, in its sole discretion, may amend the terms and conditions reflected in this Award Agreement without your consent, either prospectively or retroactively, to the extent that such amendment does not materially impair your rights under the Award, and you agree to be bound by such amendment regardless of whether notice is given to you of such change.
*  *  *
TYSON FOODS, INC.
By:  /s/ Johanna Soderstrom
Title:  EVP, Chief Human Resources Officer

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