Document:

EX-10.1

 EXHIBIT 10.1 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (the “Agreement”) is made and entered into effective as of August 17, 2017 (the
“Effective Date”) by and between PDC TN/FL, LLC, a Delaware limited liability company (the “Purchaser”), and Nashville Speedway, USA, Inc., a Delaware corporation (the “Seller”). 

WITNESSETH: 
 WHEREAS,
Seller is the owner in fee simple of parcel of land containing approximately 150 acres located at 4847-F McCreary Road, Lebanon, Wilson County, Tennessee 37090 being identified by the Wilson County assessor’s office as tax parcel number
141-02600-00023141 as more particularly described on Exhibit A attached hereto and incorporated herein by reference (hereinafter referred to as the “Land”) and the exact description of the Land shall be shown on the Survey (as
defined herein) mutually approved by Seller and Purchaser; 
 WHEREAS, Purchaser desires to purchase from Seller the Land, any improvements
related thereto (the “Improvements”), and any rights, privileges, and easements, if any, appurtenant to the Land, including, without limitation, and other water, sewer, mineral and air rights and rights of way related thereto (collectively
the “Property”) and Seller desires to sell and transfer the same to Purchaser; 
 NOW, THEREFORE, in consideration of the premises
and the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1: PROPERTY TO BE SOLD 

1.1 Property to be Sold. Purchaser agrees to buy and Seller agrees to sell and convey all of Seller’s right, title and interest in
and to the Property, pursuant to the terms and conditions set forth herein. Except as otherwise expressly provided herein, the Property is being sold AS IS, WHERE IS. Title to the Land shall be conveyed as provided herein. 

ARTICLE 2: PURCHASE PRICE 

2.1 Purchase Price. The purchase price (the “Purchase Price”) for the Property shall be Thirty-Five Thousand Dollars
($35,000.00) per acre and shall be paid at Closing (as defined in Section 6.1 herein) by wire transfer received by Seller or the closing agent, as applicable, subject to a credit to Purchaser for the Earnest Money (as defined in
Section 2.2 below) and closing adjustments as set forth herein. Upon approval of the Survey, the Purchase Price shall be adjusted based upon $35,000 per acre multiplied by the actual number of acres shown on the Survey to the one-hundredths
place (example: 149.57 acres). 
 2.2 Earnest Money. Purchaser has deposited with Fidelity National Title Insurance Company (the
“Title Company”), the sum of Seven Hundred and Fifty Thousand Dollars ($750,000.00) (the “Earnest Money” shall include the referenced deposit, any additional deposit and any interest accrued thereon) to be held in escrow by the
Title Company. 
 2.3 Escrow. The Earnest Money delivered to the Title Company shall be held in trust for the mutual benefit of the
parties subject to the terms and conditions of this Agreement. The Earnest Money shall be deposited by the Title Company in an interest bearing insured account with a reputable lending institution, with the interest thereon to accumulate until such
time as the Earnest Money is released. If this Agreement terminates under circumstances which would permit forfeiture of the Earnest Money to Seller, Seller will 

  
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receive all interest accrued thereon; likewise, if this Agreement terminates under conditions allowing the Purchaser to receive a refund of the Earnest Money, Purchaser will receive all interest
accrued thereon. If the sale of the Property closes as contemplated, Purchaser will receive the benefit of the Earnest Money and interest accrued thereon as a credit against the Purchase Price. Any payments of income from the Earnest Money shall be
subject to withholding regulations then in force with respect to United States taxes. In the event the Earnest Money is invested in an interest bearing account, then Seller and Purchaser shall provide Title Company with appropriate Internal Revenue
Service Forms W-9 for tax identification number certification, or non-resident alien certification, and Title Company shall be permitted to hold the Earnest Money until it receives such forms. 

2.4 No Liability of Holder of Earnest Money. Seller and Purchaser each agree to indemnify Title Company and to hold Title Company
harmless from and against any and all liabilities incurred by Title Company in connection with holding the Earnest Money under this Agreement, except to the extent due to Title Company’s willful misconduct or gross negligence. In the event of
any dispute or question as to the duties of Title Company hereunder, Title Company shall be entitled, in Title Company’s sole discretion, without liability to any person having any claim to the Earnest Money, to refuse to perform any act other
than to retain the Earnest Money until Title Company’s obligations hereunder have been finally determined by a court of competent jurisdiction, or until Title Company has received appropriate instructions in writing signed by the Seller and
Purchaser. Title Company may act pursuant to the advice of counsel with respect to any matter relating to this Agreement and shall not be liable for any action taken by it in good faith in accordance with such advice, unless caused by the willful
misconduct or gross negligence of Title Company. Title Company does not have any interest in the Earnest Money deposited hereunder but is serving as escrow holder only and having only possession thereof. 

ARTICLE 3: REPRESENTATIONS, WARRANTIES AND COVENANTS 

Seller hereby represents, warrants and covenants to Purchaser as follows, which shall be true as of the Effective Date and as of the Closing
Date: 
 3.1 Authority of Seller. Seller has the right and authority to enter into this Agreement and to sell the Property in
accordance with the terms and conditions hereof. The individual executing this Agreement on behalf of Seller has the right and authority to bind Seller to the terms and conditions of this Agreement without joinder or approval of any other party.

 3.2 Deliveries. Seller has previously delivered to Purchaser due diligence materials related to the Property. Prior to Closing
Seller shall furnish Purchaser with copies of any other information which may be reasonably requested by Purchaser, within a reasonable amount of time. Purchaser will return all documents furnished to Purchaser from Seller in the event the sale
contemplated herein is not consummated. Seller’s obligation to deliver the above-described items to Purchaser may, without limitation, be satisfied by providing Purchaser with access to an internet site containing electronic copies of the items
to be delivered by Seller. Seller makes no representation or warranty as to the truth or accuracy of data or information provided in third party documents relative to title, survey, engineering, geotechnical or environmental matters and Purchaser
agrees that it is not relying on Seller or Seller’s agents or consultants relative to its due diligence in such areas. 
 3.3
Compliance with Existing Laws. All licenses, certificates and permits, if any, required to own, operate, use and maintain the Real Property according to its present use shall be transferred to Purchaser at Closing (the “Licenses”),
to the extent transferrable, and with the understanding that the Property is not in operation currently and is not being purchased with a view towards operating it as an auto track and as such no licenses, certificates or permits relating to such
use are contemplated by this provision. To Seller’s knowledge, the Real Property is not in violation of any laws, rules, statutes or regulations applicable to the Property, including, without limitation, any laws, rules, statutes or regulations
related to environmental protection, 

  
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wetlands, or public health and safety. From the Effective Date until the Closing, Seller shall comply in all material respects with any laws, rules, statutes or regulations applicable to the
Property. 
 3.4 No Management Agreements, Leases, and Service Contracts. There are no real estate management and/or leasing
agreement, maintenance agreement, security contract, service contract, or other agreements with respect to the Property. 
 3.5 No
Condemnation; No Litigation. There are no condemnation or eminent domain proceedings pending against the Real Property, and Seller has received no written notice and has no knowledge of any such proposed condemnation or eminent domain
proceeding. Seller knows of no cause of action or litigation pending against or involving the Real Property or Seller which would affect the Real Property, and Seller has received no written notice of any threat of such litigation. 

3.6 Condition of Property. The physical condition of the Property shall not materially adversely change between the Effective Date and
the date of Closing. 
 3.7 Environmental Condition of Property. Seller has not received written notice from any federal, state, or
other agency with jurisdiction over the Property (a) that the Property is in violation of any applicable federal, state or other law, ordinance or regulation regarding hazardous materials, or (b) that Seller is in violation of any
environmental laws. 
 3.8 Operation of the Property. Seller covenants that, to the extent it is within Seller’s control, Seller
will not voluntarily create or cause or permit a lien or encumbrance to attach to or on the Property between the Effective Date and Closing. Seller shall maintain the Real Property in the ordinary course of business prior to the Closing in
substantially the same fashion as it has prior to the Execution Date . Seller shall not enter into or amend any lease or service contract affecting the Property that will bind Purchaser post-Closing without Purchaser’s prior written consent.

 3.9 Easement Agreements from Seller. Seller covenants that, at or before Closing, Seller will execute in favor of Purchaser the
following easement agreements and any other easement agreements reasonably required to complete the transfer of the Land and to proceed with Purchaser’s proposed development of the Land for industrial warehouse uses (collectively, the
“Easements”), and all such Easements to be on terms reasonably satisfactory to Seller and not to unduly burden or unreasonably interfere with Seller’s other property and to provide reciprocal easement rights to Seller, as appropriate
(e.g. utility, construction and drainage rights): 
  

	 	(a)	Easement granting Purchaser the right to construct utility facilities (including water, sewer, gas, telecom, and electric) and the right to tap into existing water, sewer, telecom and electric utilities located on
Seller’s adjacent real property; 

  

	 	(b)	Easement granting Purchaser temporary construction easements across Seller’s adjacent real property in connection with the work to be performed by Purchaser in connection with its work related to the development
including the infrastructure (roads, utilities, drainage, etc.) which work will be done in a manner consistent with Resolution No. 17-2083, from the City Council of Lebanon and with the Ordinance of the City Council of the City of Lebanon,
Tennessee No. 00-2059; 

  

	 	(c)	Easement granting Purchaser the permanent right for drainage of storm water to Seller’s adjacent real property and the right to maintain, repair and replace the utilities facilities related to such drainage;

  

	 	(d)	 Easement granting Purchaser the right to grade, cut, fill and balance on the Property and Seller’s adjacent
real property containing approximately 150 acres (the “Option Property”) that is 

  
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subject to that certain Option to Purchase Agreement between Seller and Purchaser dated the date hereof (the “Option Agreement”); 

 

	 	(e)	Easement granting Purchaser permanent access and construction easements as reasonably necessary related to Seller’s adjacent real property (including, without limitation, Marty Robbins Drive and Darrell Waltrip
Drive) for the purpose of improving and accessing roadways, sidewalks, and related improvements. 

 3.10 Survival. The
representations, warranties and covenants by Seller in this Agreement shall survive the Closing for a period of six (6) months. 

ARTICLE 4: TITLE AND SURVEY 

4.1 Title Insurance. Purchaser shall, at Seller’s expense (up to $11,000), within 20 days from the Effective Date, obtain a
commitment for owner’s title insurance on the standard ALTA Owner’s Policy Form 2006 (the “Title Commitment”). The Title Commitment and the title policy shall be issued by the Title Company and shall be provided by
Purchaser’s attorney. The Title Commitment shall indicate that title is owned by Seller, free and clear of all liens and encumbrances except for the matters agreed to by Purchaser prior to Closing (the “Permitted Exceptions”). At the
Closing, the Title Company (i) shall insure that Purchaser is vested with good and marketable fee simple title to the Property, subject only to the Permitted Exceptions and (ii) shall delete the standard exceptions for mechanics and
materialmen’s liens, parties in possession, “gap” coverage, and matters which an accurate survey would disclose. 
 4.2
Survey. Purchaser shall obtain, at Purchaser’s expense, an updated as-built, ALTA survey of the Land (the “Survey”) certified by a licensed surveyor as of a date which follows the Effective Date. Purchaser shall provide Seller
with a copy of the Survey. The legal description on the Survey shall replace the legal description of the Land and shall be conveyed to Purchaser at Closing. 

4.3 Title and Survey Review. If the Title Commitment or Survey shows matters which are not satisfactory to Purchaser, Purchaser shall
give Seller written notice thereof within twenty (20) days following the last to be received by Purchaser of the Title Commitment or Survey (but in no event later than 60 days after the Effective Date), and shall state in writing its objection
to the same. Failure to give such notice within said 20-day period shall constitute approval of the Title Commitment and the Survey. Within ten (10) days after receipt of such objections, Seller shall have the right, but shall not be obligated,
to cure any objections. If Seller shall fail within such ten (10) day period to cure or commit to cure such objections, then Purchaser may elect, by written notice to Seller, either to: (i) terminate this Agreement and receive a refund of
the Earnest Money or (ii) waive all title defects which Seller is unwilling to cure and proceed with Closing hereunder as if said title defects did not exist. Closing may be extended for up to 30 days in order for Seller to cure any title or
survey defect which it has committed to cure. 
 ARTICLE 5: CONDITIONS TO CLOSING 

5.1 Closing Conditions. The obligations of Purchaser and Seller to consummate the Closing is expressly conditioned upon the
satisfaction of all of the following conditions or the waiver of such conditions by Purchaser and Seller: 
  

	 	(a)	Agreement by Purchaser and Seller of the forms of the Easement Agreements to be executed by Seller at or before Closing. 

  

	 	(b)	 Receipt by Purchaser and Seller of evidence in form reasonably satisfactory to Purchaser and Seller that the sale
of any real property owned by Seller outside of the speedway and the ring road surrounding it, including the purchase of the Land by Purchaser, will not trigger a default 

  
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under those certain Variable Rate Tax Exempt Infrastructure Revenue Bonds issued by the Sports Authority of the County of Wilson, Tennessee which has a remaining balance of $16,300,000 as of
December 31, 2016 (the “Bonds”) or trigger a draw under the letter of credit securing Seller’s performance under the Bonds. 

  

	 	(c)	Receipt by Purchaser of final approval by the applicable governmental authority of the subdivision of the Land to create a separate legal parcel that permits development of the Land for industrial warehouse use which
approval shall include, without limitation, approval of a plat of the Property to be recorded at Closing. 

  

	 	(d)	Receipt by Purchaser and Seller of an executed, recordable full release as to the Land and all other adjacent real property owned by Seller of the Protective Covenant of record at Book 736, Page 754, Register’s
Office for Wilson County, Tennessee. 

 Seller agrees to use its cooperate in good faith with Purchaser’s efforts to satisfy each of the
foregoing conditions to Closing. In the event that any of the foregoing conditions are not satisfied or waived by Purchaser and Seller, then Purchaser may extend the date of Closing as permitted by Section 7.2 herein. In the event that
Purchaser extends the date of Closing and any of the foregoing conditions are not satisfied or waived by Purchaser and Seller by the new date of Closing, then Purchaser or Seller may terminate this Agreement by providing the other party with written
notice and the Earnest Money shall be immediately returned to Purchaser and the parties shall have no further obligations under this Agreement. 

ARTICLE 6: CLOSING DELIVERIES 

6.1 Closing Documents. Seller shall deliver to Purchaser at or before the Closing a FIRPTA form, an IRS 1099 form, a Closing Statement,
the Easement Agreements, and a Special Warranty Deed acceptable to Purchaser’s attorney, conveying title to the Property to Purchaser, free and clear of all liens, encumbrances, easements and restrictions, except the Permitted Exceptions. At
Closing, Seller shall also provide a certification that all of Seller’s representations and warranties remain in full force and effect as of the date of Closing. 

6.2 Licenses and Permits. Seller shall transfer to Purchaser at or before the Closing such leases, service contracts, agreements,
licenses and permits held by Seller with respect to the operation of the Property which are transferable from Seller to Purchaser and which Purchaser elects to assume. 

6.3 Title Affidavit. Seller shall deliver at or before the Closing an affidavit and indemnity of Seller, in the form required by the
Title Company, stating, among other things, that there are no outstanding unpaid bills for which liens can be attached to the Property and in form sufficient for the Title Company to provide “gap” coverage. 

ARTICLE 7: CLOSING 

7.1 Closing. The purchase and sale contemplated herein shall be consummated at the Closing (referred to herein as the
“Closing”) which shall occur upon the earlier to occur of (i) within 30 days from the date of satisfaction of all closing conditions set forth herein in Article 5 or (ii) 120 days from the Effective Date, subject to the extension
rights set forth herein. 
 7.2 Extension Right. Purchaser and Seller acknowledged that it may be necessary to extend the targeted
date of Closing to accommodate required public hearing schedule(s) for any applicable governmental authority or public utility provider related to satisfying the closing conditions set forth herein in Article 5. Purchaser shall have the right to
extend the date of Closing to the earlier to occur of (i) the date that is within thirty (30) days after satisfaction of the closing conditions set forth herein in Article 5 or (ii) 180 from the Effective Date, in the event that
(a) the closing conditions set forth herein in Article 5 are not 

  
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satisfied by the targeted date of Closing and (b) Purchaser has completed all or substantially all of the actions described below as of the targeted date of Closing. 

 

	 	(a)	Section 5.1(b) has been fully satisfied; 

  

	 	(b)	Purchaser has submitted formal applications, including required survey, plat and engineering plans, to any applicable governmental authority or public utility provider pursuant to Section 5.1(d) and 5.1(e); and

  

	 	(c)	Preliminary and/or final public hearing dates, as applicable, pursuant to Section 5.1 (d) and/or Section 5.1(e) shall be on the agenda of an upcoming public hearing of any applicable governmental
authority or public utility provider. 

 Seller and Purchaser also agree to grant any other extension rights which would be
commercially reasonable based on the status of the progress toward satisfaction of the conditions to Closing. 
 7.3 Possession.
Possession of the Property shall be transferred to Purchaser on the date of the Closing, subject only to the Permitted Exceptions. 
 7.4
Closing Costs. At or before Closing Seller shall pay the following costs: 
 (i) the cost of the Title Commitment, any title search
fees, the title premium for the owner’s policy of title insurance, 
 (ii) any rollback taxes assessed against the Property, and 

(iii) any liens against the Property that are not Permitted Exceptions. 

At or before Closing Purchaser shall pay the following costs: 

(i) the cost of the recording fees and the transfer tax related to the recording of the deed, 

(ii) financing costs, 
 (iii)
Survey costs, 
 (iv) the costs of any environmental site assessment or other inspection reports related to this transaction, and 

(v) the costs (including, without limitation, engineering costs, attorneys’ fees, recording fees, and other such charges) required to
obtain satisfaction of the conditions set forth in Section 5.1 (c), (d) and (e) herein. 
 Each party shall pay its own
attorney’s fees in connection with this transaction. 
 7.5 Prorations. Real and personal property ad valorem taxes upon the
Property assessed for the year in which Closing occurs (regardless of when due and payable) shall be prorated. If the amount of such taxes for the year in which the Closing occurs cannot reasonably be determined, the apportionment shall be based at
Closing upon the amount of such taxes for the next preceding tax year on the unimproved portion of the real estate but shall be readjusted when the amount of such taxes is finally determined. Any back taxes assessed for any year prior to the year in
which Closing occurs shall be paid in full by Seller at Closing, including all delinquent and/or interest charges. 

  
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 ARTICLE 8: CONDEMNATION AND RISK OF LOSS 

8.1 Condemnation. In the event of condemnation or receipt of notice of condemnation or taking of any material part of the Property by
governmental authority prior to the date of Closing, Purchaser, at its option, shall have the right to terminate this Agreement, and the Earnest Money, shall be refunded to Purchaser, at which time all parties shall be relieved of all right and
responsibilities in this Agreement, at law and in equity. If Purchaser does not elect to terminate this Agreement, as aforesaid, then Closing hereunder shall be consummated as herein provided and without reduction of the Purchase Price, but all
condemnation awards or payments shall be assigned to Purchaser. In no event shall Seller be under any duty to restore the Property following condemnation. 

8.2 Risk of Loss. The risk of loss or damage to the Property prior to Closing by fire or other casualty, act of God, or any other event
shall be upon Seller. If all or a part of the Property is damaged, as aforesaid, prior to Closing and the cost to repair exceeds $25,000, Purchaser, at its option, shall have the right to terminate this Agreement, and thereupon the Earnest Money
shall be refunded to Purchaser, at which time all parties shall be relieved of all rights and responsibilities in the Agreement, at law and in equity. If Purchaser does not elect to terminate, as aforesaid, then Closing hereunder shall be
consummated as herein provided, without reduction of the Purchase Price, but all insurance proceeds payable as a result of such damage or casualty, if any, but only up to the amount of the Purchase Price (other than proceeds from loss of rent
insurance for the period prior to the Closing which shall be paid to Seller), shall be assigned to Purchaser and all causes of action of Seller arising out of said damage shall be assigned to Purchaser. In no event shall Seller be under any duty to
restore the Property following such damage or casualty. 
 ARTICLE 9: NO REAL ESTATE COMMISSION 

9.1 No Real Estate Commission. Seller and Purchaser represent and warrant to each other that neither Seller nor Purchaser has dealt
with, consulted or engaged any real estate broker, or agent. 
 9.2 Hold Harmless. Each party (an “Indemnitor”) hereby
agrees to indemnify and hold the other party (the “Indemnitee”) harmless from any liability, claim or demand, cost or expense, including reasonable attorneys’ fees the Indemnitee may suffer or incur by reason of the claims of any real
estate broker or agent other than as provided in Section 8.1 above who may claim to have dealt with, consulted or been engaged by Indemnitor in connection with this transaction. Notwithstanding anything contained herein to the contrary, this
indemnity shall survive Closing or termination of this Agreement and shall not be subject to the limitations on remedies contained in Article 9 below. 

ARTICLE 10: DEFAULT 

10.1 Default by Purchaser. In the event that Purchaser fails to perform under this Agreement, including the failure to consummate the
purchase of the Property under the terms stated in this Agreement, Seller shall have the following exclusive remedy: Seller shall terminate this Agreement after providing written notice to Purchaser and a two (2) business day period to cure,
and Seller shall retain the Earnest Money as liquidated damages. Seller agrees that the remedies set forth in this Agreement are fair and equitable and Seller agrees that it will not assert the lack of mutuality of remedies as a defense in the event
of a dispute. 
 10.2 Default by Seller. If Seller fails to perform under this Agreement, Purchaser shall have the right, after
providing written notice to Seller and a five (5) business day period to cure, either (i) to receive back the Earnest Money, and thereby terminate this Agreement, or (ii) to require specific performance on the part of Seller and
receive any attorneys’ fees and expenses related to the enforcement of Purchaser’s rights under this Agreement, but shall have no other remedies at law or in equity. Purchaser agrees that the remedies set forth in this Agreement are fair
and equitable and Purchaser agrees that it will not assert the lack of mutuality of remedies as a defense in the event of a dispute. Notwithstanding the foregoing, if specific performance is made unavailable as a remedy to Purchaser by Seller’s
affirmative acts or intentional omissions, Purchaser will be 

  
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entitled to pursue all rights and remedies available at law or in equity. The provisions of this Section 9.2 shall not limit any rights or remedies Purchaser may have after Closing with
respect to those representations, warranties, indemnities or other provisions of this Agreement that survive Closing or under the deed, assignments or other documents entered into at Closing pursuant to this Agreement. 

10.3 Indemnity Survival. The foregoing provisions relating to liquidated damages shall not apply in any way to the indemnities provided
by each party to the other pursuant to this Agreement. 
 ARTICLE 11: MISCELLANEOUS PROVISIONS 

11.1 Completeness; Waiver. This Agreement constitutes the final, complete, exclusive and entire agreement between the parties hereto
with respect to the transactions contemplated herein, and it supersedes all prior discussions, understandings or agreements between the parties. Failure by Seller and Purchaser to insist upon or enforce any of its rights hereto shall not constitute
a waiver thereof, except as provided herein. 
 11.2 Assignment and Binding Effect. This Agreement shall be binding upon and shall
inure to the benefit of each of the parties hereto, their respective heirs, permitted successors, permitted assigns, beneficial owners and representatives. The rights of Purchaser under this Agreement shall be transferable or assignable by
Purchaser, in whole or part, without Seller’s prior consent. 
 11.3 Governing Law. This Agreement shall be governed by and
construed under the laws of the State of Tennessee. The parties agree that the venue for any litigation arising out of this Agreement shall be the court of competent jurisdiction in Wilson County, Tennessee. 

11.4 Counterparts/Facsimiles/PDF. To facilitate execution, this Agreement may be executed in as many counterparts as may be required;
and it shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of the persons required to bind any party, appear on one or more such counterparts. All counterparts shall collectively constitute a single
agreement. Execution evidenced by facsimile signature and/or PDF signature shall be deemed an original for all purposes. 
 11.5
Notice. All notices, consents and other communications hereunder shall be in writing and shall be (i) personally delivered or (ii) sent by a nationally recognized overnight courier service or (iii) sent by first class,
registered or certified mail, return receipt requested, postage prepaid as follows: 
  

	 	(a)	If to Seller, to the address stated below, or to such address as may have been furnished by Seller to Purchaser in writing: 

  

							
		  	Nashville Speedway, USA, Inc.	  	
		  	Attn: Klaus M. Belohoubek, Esq.	  	
		  	Senior Vice President – General Counsel	  	
		  	3411 Silverside Road	  		  	
		  	Tatnall Bldg., Suite 201	  		  	
		  	Wilmington, DE 19810	  		  	

  

	 	(b)	If to Purchaser, to the address stated below, or to such other address as may have been furnished by Purchaser to Seller in writing: 

 

							
		  	PDC TN/FL, LLC	  		  	
		  	Attn: Whitfield Hamilton	  		  	
		  	35 Music Square East, Suite 301	  	
		  	Nashville, TN 37203	  		  	

  

  
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	with copy to:	  	C. Mark Carver, Esq.	  		  	
		  	Sherrard Roe Voigt & Harbison, PLC	  	
		  	150 Third Avenue South, Suite 1100	  	
		  	Nashville, TN 37201	  		  	

 Any such notice, request, consent or other communications shall be deemed received (i) at such time as it is personally
delivered by hand, (ii) one business day after deposit with a courier delivery service, or (iii) on the third business day after it is mailed, as the case may be. 

11.6 Further Assurances. The parties shall execute such additional documents and do such other acts as may be reasonably required to
carry out the intent of this Agreement. Without limitation, Seller shall make available resolutions, certificates of existence, by-laws, operating agreements, and such other documents as may be required to evidence Seller’s power and authority
to carry out this Agreement. 
 11.7 Time of the Essence. Time is of the essence with respect to the performance of each of the
covenants and agreements under this Agreement. 
 11.8 Attorneys’ Fees. In the event that a party hereto engages attorneys to
enforce its rights in connection with or related to this Agreement (including suits after Closing which are based on or related to this Agreement), the prevailing party in any such action shall be entitled to receive from the non-prevailing party
its reasonable attorneys’ fees and costs, and court costs. 
 11.9 Business Day. If any date or any period provided in this
Agreement ends on a Saturday, Sunday or legal holiday, the applicable period shall be extended to the first business day following such Saturday, Sunday or legal holiday. 

11.10 Representation by Counsel. The parties acknowledge that each party to this Agreement has been represented by counsel and such
counsel have participated in the negotiation and preparation of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring that it be construed or constructed against the party who has drafted or caused the
Agreement to be drafted. 
 11.11 Notice by Counsel. Anything contained in this Agreement to the contrary notwithstanding, all
notices pursuant to this Agreement, whether from Seller to Purchaser or from Purchaser to Seller, will be effective if executed by and sent by the attorney of the party sending such notice. Purchaser and Seller hereby agree that if a notice is given
hereunder by counsel, such counsel may communicate directly in writing with all principals, as may be required to comply with the notice provisions of this Agreement. 

11.12 Confidentiality. The Confidentiality Agreement between the parties dated June 22, 2015 shall remain in force, however,
Seller will be allowed to file this Agreement and material amendments thereto with the Securities Exchange Commission. 
 SIGNATURES ON FOLLOWING PAGE: 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the Effective
Date. 
  

							
	PURCHASER:	 		 	 PDC TN/FL, LLC,
 a Delaware limited
liability company

				
		 		 	By:	 	/s/ Whitfield Hamilton
		 		 		 	Whitfield Hamilton, Local Partner

  
  

							
	SELLER:	 		 	 NASHVILLE SPEEDWAY, USA, INC.,
 a
Delaware corporation

				
		 		 	By:	 	/s/ Klaus M. Belohoubek
		 		 		 	Klaus M. Belohoubek,
		 		 		 	Senior Vice President –General Counsel

  
  
  

 
  

  
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 EXHIBIT A 

DRAWING SHOWING THE APPROXIMATE LOCATION OF THE LAND 
  

 

  
 11EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT 
 THIS AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of August 17, 2017 (the “Effective Date”), by and between
Eclipse Resources Corporation, a Delaware corporation (the “Company”), and Benjamin W. Hulburt (“Executive”). 

WHEREAS, the Company and Executive previously entered into that certain Employment Agreement dated as of
August 26, 2014 (the “Previous Employment Agreement”); and 
 WHEREAS, the
Company and Executive desire to amend and restate in its entirety the Previous Employment Agreement to reflect the terms of Executive’s continued services and role with the Company. 

NOW, THEREFORE, in consideration of the mutual premises, covenants and agreements herein
contained, intending to be legally bound, the parties agree as follows: 
 1.    Employment. From and after the
Effective Date, the Company will continue to employ Executive as its President and Chief Executive Officer, and Executive will report to the Board. Executive will perform all services and acts necessary to fulfill the duties and responsibilities of
his position and agrees to devote substantially all of his business time, attention and energies to the performance of the duties assigned hereunder, and to perform such duties diligently, faithfully and to the best of his abilities. Executive
agrees to refrain from any activity that does, will or could reasonably be deemed to conflict with the best interests of the Company, unless such activity is approved in advance by the Board. 

2.    Term. The Company agrees to employ Executive, and Executive agrees to be employed by the Company, for a period
(the “Initial Term”) commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date, unless earlier terminated in accordance with Section 4.
If neither party gives the other at least ninety (90) days written notice that it intends for this Agreement to terminate at the end of the Initial Term, then this Agreement will continue for successive
one-year terms (each a “Renewal Term”), unless earlier terminated in accordance with Section 4, until either party gives the other party at least ninety (90) days written notice that
it intends for this Agreement to terminate at the end of any such Renewal Term. The Initial Term and any Renewal Terms will constitute the “Term”. If either Executive or the Company gives timely notice of termination pursuant to
this Section 2, then Executive’s employment shall end on the last day of the Term. A termination of Executive’s employment by reason of a timely notice of termination pursuant to this Section 2 shall not be considered a
termination for Cause or without Cause by the Company, or a termination for Good Reason or without Good Reason by Executive. 

3.    Compensation and Benefits. 

(a)    Base Salary. Executive will receive a base salary (“Base
Salary”) at an annual rate of six hundred thousand dollars ($600,000.00), paid in accordance with the normal payroll practices of the Company. The Base Salary shall be reviewed periodically by the Board (or a designated committee
thereof) and may be increased in its discretion but not decreased without Executive’s consent. 

 (b)    Bonus. Executive will be eligible for an annual
bonus (“Annual Bonus”) for each calendar year in which an annual cash performance bonus program is in effect. Each Annual Bonus shall be payable based on the achievement of reasonable performance targets established by the Board,
and for each calendar year Executive’s target Annual Bonus shall be equal to 100 percent of Executive’s Base Salary in effect on the last day of the applicable calendar year; provided, that the percentage of Executive’s annual
Base Salary that applies for the purposes of determining Executive’s target Annual Bonus for a given year may be increased above 100 percent (but not decreased without the Executive’s written consent) by the Board (or a designated
committee thereof) in its discretion. Executive’s Annual Bonus will be paid no later than March 15 of the year following the calendar year to which it relates. 

(c)    Long-Term Incentive Compensation. Executive may, as determined by the Board (or a designated
committee thereof) in its sole discretion, periodically receive grants of stock options or other equity or non-equity related awards pursuant to the Company’s or an affiliate’s long-term incentive
plan(s), subject to the terms and conditions of such plan(s). 
 (d)    Retirement and Welfare
Benefits. During the Term, Executive or Executive’s spouse and dependents, as the case may be, will be eligible to participate in such pension and similar benefit plans (qualified, non-qualified and
supplemental), profit sharing, 401(k), medical and dental, disability, group or executive life, accidental death and travel accident insurance, and similar benefit plans and programs of the Company, subject to the terms and conditions thereof, as
may be in effect and made available from time to time to the Company’s senior executives. 

(e)    Perquisites. Executive will be entitled to participate in the Company’s perquisite
programs, as such are made generally available to the Company’s senior executives. 

(f)    Business Expenses. The Company will reimburse Executive for all ordinary and necessary
business expenses incurred by him in connection with his employment upon timely submission by Executive of receipts and other documentation in conformance with the Company’s normal procedures. All payments for reimbursement under this
Section 3(f) will be paid promptly, but in no event later than March 15 of the calendar year following the calendar year in which Executive incurred such expenses. 

(g)    Vacation. Executive will be entitled to paid vacation in accordance with the policies and
practices of Company as in effect from time to time with respect to the Company’s senior executives, but in no event will such vacation time be less than four (4) weeks per calendar year. 

4.    Termination. This Agreement will continue in effect until the expiration of the Term unless earlier terminated
pursuant to this Section 4. 

  
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 (a)    Disability. If Executive incurs a Disability
during the Term, the Company may terminate Executive’s employment effective on the 30th day after Executive’s receipt of written notice of the Company’s intent to terminate Executive’s employment; provided that, within the 30
days after such notice Executive does not return to perform, with or without reasonable accommodation, the essential functions of his position. 

(b)    Cause. The Company may terminate the Executive’s employment at any time during the Term
for Cause or without Cause. For purposes of this Agreement, a termination “without Cause” means Executive’s termination of employment during the Term at the Company’s sole discretion for any reason other than a termination for
Cause or as a result of Executive’s death or Disability. 
 (c)    Good Reason. The
Executive’s employment may be terminated during the Term by Executive for Good Reason or without Good Reason; provided, however, that the Executive may not terminate his employment for Good Reason unless (i) the Executive has given the
Company written notice of his belief that Good Reason exists within 30 days of the initial existence of the condition(s) giving rise to Good Reason, which notice will specify the facts and circumstances giving rise to Good Reason, (ii) the
Company has not remedied such facts and circumstances giving rise to Good Reason within the 30-day period following the receipt of such notice, and (iii) the Executive separates from service on or before
the 60th day after the end of such 30-day cure period by delivering the Notice of Termination. 

(d)    Notice of Termination. Any termination by the Company for Cause or without Cause or because
of the Executive’s Disability, or by the Executive for Good Reason or without Good Reason, must be communicated by Notice of Termination to the other party. 

5.    Obligations of the Company Upon Termination. 

(a)    For Cause; Without Good Reason; Expiration of Term. If the Company terminates
Executive’s employment for Cause, Executive terminates his employment without Good Reason, or the Term expires by reason of timely notice given by either party pursuant to Section 2, the Company will have no further obligations to the
Executive or his legal representatives, except that Executive (or his legal representatives as the case may be) will be entitled to any (i) unpaid but earned Base Salary accrued up to the Termination Date or expiration of the Term,
(ii) benefits or compensation as provided under the terms of any employee benefit and compensation agreements or plans applicable to Executive, (iii) unreimbursed business expenses required to be reimbursed to Executive, (iv) if the
Term expires by reason of timely notice given by either party pursuant to Section 2, unpaid, but earned and accrued annual incentive for any completed calendar year as of the date on which the Term expires, and (v) rights to
indemnification Executive may have under the Company’s Articles of Incorporation, Bylaws, or separate indemnification agreement, as applicable (together, the “Accrued Obligations”). 

(b)    Death or Disability. If Executive’s employment is terminated by reason of the
Executive’s death or Disability, the Company will have no further obligations to the Executive or Executive’s legal representatives, except that Executive (or his legal representatives as the case may be) will be entitled to the Accrued
Obligations and the following additional payments from the Company: 

  
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 (i)    Severance Payment. The Company will pay
Executive (or his legal representatives as the case may be) an amount equal to one (1) times Executive’s Base Salary as of the Termination Date, which amount will be paid in a lump sum payment on the date that is 60 days after the
Termination Date; and 
 (ii)    Post-Employment Health Coverage. During the portion, if
any, of the 18-month period following the Termination Date that Executive, Executive’s spouse or Executive’s eligible dependents elect to continue coverage under the Company’s group health plans
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will promptly reimburse Executive or Executive’s spouse or eligible dependents, as applicable, on a monthly basis for the amount paid to
effect and continue such coverage (“COBRA Reimbursement Amounts”); provided, however, that in the event Executive’s employment is terminated by reason of Executive’s Disability, payment of the COBRA Reimbursement Amounts
will cease immediately upon the date that Executive begins providing services to a subsequent employer. Nothing contained herein is intended to limit or otherwise restrict any rights to continued group health plan coverage pursuant to COBRA
following the period described in the preceding sentence. 
 (c)    Termination Without Cause or for
Good Reason. If Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason the Company will have no further obligations to Executive or Executive’s legal representatives, except that
Executive will be entitled to the Accrued Obligations and the following: 
 (i)    Severance
Payment. The Company will pay Executive an amount equal to three (3) times the sum of (A) Executive’s Base Salary as of the Termination Date, and (B) the amount equal to Executive’s target Annual Bonus for the fiscal
year that includes the Termination Date, which amount will be paid in a lump sum payment on the date that is 60 days after the Termination Date. 

(ii)    Post-Employment Health Coverage. During the portion, if any, of the 18-month period following the Termination Date that Executive elects to continue coverage for Executive, Executive’s spouse or Executive’s eligible dependents under the Company’s group health plans
under COBRA, the Company will promptly reimburse Executive on a monthly basis for the COBRA Reimbursement Amounts; provided, however, that payment of the COBRA Reimbursement Amounts by the Company to Executive will cease immediately upon the date
that Executive begins providing services to a subsequent employer. Nothing contained herein is intended to limit or otherwise restrict any rights to continued group health plan coverage pursuant to COBRA following the period described in the
preceding sentence. 
 (iii)    Pro Rata Annual Bonus. The Company will pay Executive an amount
equal to the Annual Bonus for the calendar year in which occurs the 

  
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Termination Date, as determined in good faith by the Board in accordance with the performance criteria established for such Annual Bonus and based on the Company’s actual performance for
such calendar year, which amount will be prorated through and including the Termination Date (based on the ratio of the number of days Executive was employed by the Company during such year to the number of days in such year). This amount will be
payable in a lump sum on or before the date on which annual bonuses for the calendar year are paid to executives who have continued employment with the Company (but in no event earlier than 60 days after the Termination Date or later than the
March 15 next following such calendar year); provided, however, that if this Section 5(c)(iii) applies with respect to an Annual Bonus that is intended to constitute performance-based compensation within the meaning and for purposes of
section 162(m) of the Code, then this Section 5(c)(iii) will apply with respect to such Annual Bonus only to the extent the applicable performance criteria have been satisfied as certified in writing by a committee of the Board as required
under section 162(m) of the Code. 
 (d)    Equity Awards. There shall be no acceleration
of the vesting of any equity or long-term incentive awards granted to Executive under any Company long-term incentive plan, unless otherwise provided under the terms of the applicable long-term incentive plan or award agreement. 

(e)    Release and Compliance with this Agreement. With the exception of the Accrued Obligations,
the obligation of the Company to pay any portion of the amounts due pursuant to Section 5(c) of this Agreement is expressly conditioned on Executive’s (i) execution and non-revocation of a
release substantially in the form attached as Exhibit A (the “Release”), which Release may be may be revised to reflect changes in applicable law, no later than fifty (50) days following the Termination Date or such
shorter period as may be set out in the Release (such period, the “Release Consideration Period”) and (ii) Executive’s compliance with the requirements of Sections 6 and 7. 

(f)    Nonduplication of Benefits. It is possible that a category of payment or benefit that is paid
or provided under this Section 5 would also be paid or provided under the terms of another Company severance or change in control plan, program, or arrangement, including, without limitation, the Company’s Change in Control Severance
Policy, as the same may be amended from time to time. In such case, (i) the payment or benefit under the terms of another Company severance or change in control plan, program, or arrangement will be paid or provided in full, and (ii) the
Company’s obligation under this Section 5 will automatically be reduced (but not below zero) to the extent and only to the extent of the payment or benefit provided under clause (i). 

6.    Confidential Information. 

(a)    Executive acknowledges that the Company has trade, business and financial secrets and other
confidential and proprietary information (collectively, the “Confidential Information”) which will be provided to Executive during the Executive’s employment by the Company. Confidential information includes, but is not limited
to, the Company’s or any of its affiliates’ businesses, trade secrets, products, or services 

  
 - 5 - 

 
(including without limitation, all such information relating to corporate opportunities, strategies, business plans, product specifications, compositions, manufacturing and distribution methods
and processes, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or their requirements, the identity of key contacts within the customers’ organizations
or within the organization of acquisition prospects, or production, marketing, and merchandising techniques, prospective names and marks), and all writings or materials of any type embodying any of such information, ideas, concepts, improvements,
discoveries, inventions, and other similar forms of expression. Notwithstanding the foregoing, Confidential Information does not include any information that is generally known in the oil and gas industry, was known by Executive prior to his
employment with the Company or has been published in a form generally available to the public before the date Executive proposes to disclose or use such information, provided, that, such publishing of the Confidential Information does not result
from Executive directly or indirectly breaching Executive’s obligations under this Section 6(a) or any other similar provision by which Executive is bound, or from any third-party breaching a provision similar to that found under this
Section 6(a). For the purposes of the previous sentence, Confidential Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information have been separately published, but only if
all material features comprising such information have been published in combination. 
 (b)    Executive
acknowledges that the Confidential Information has been developed or acquired by the Company through the expenditure of substantial time, effort and money and provides the Company with an advantage over competitors who do not know or use such
Confidential Information. Executive acknowledges that all such Confidential Information is the sole and exclusive property of the Company. 

(c)    During, and all times following, Executive’s employment by the Company, Executive will hold in
confidence and not directly or indirectly disclose or use or copy or make lists of any Confidential Information except: (i) to the extent authorized in writing by the Board; (ii) where such information is, at the time of disclosure by
Executive, generally available to the public other than as a result of any direct or indirect act or omission of Executive in breach of this Agreement; or (iii) where Executive is compelled by legal process, other than to an employee of the
Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Executive of his duties as an employee of the Company. Executive agrees to use reasonable efforts to give the Company notice of any
and all attempts to compel disclosure of any Confidential Information, in such a manner so as to provide the Company with written notice at least five (5) days before disclosure or within one (1) business day after Executive is informed
that such disclosure is being or will be compelled, whichever is earlier. Such written notice must include a description of the information to be disclosed, the court, government agency, or other forum through which the disclosure is sought, and the
date by which the information is to be disclosed, and must contain a copy of the subpoena, order or other process used to compel disclosure. 

(d)    Executive will take all necessary precautions to prevent disclosure of Confidential Information to
any unauthorized individual or entity. Executive further 

  
 - 6 - 

 
agrees not to use, whether directly or indirectly, any Confidential Information for the benefit of any person, business, corporation, partnership, or any other entity other than the Company and
its affiliates, and to immediately return to the Company all Confidential Information and all copies thereof, in whatever tangible form or medium, including electronic, at the end of his employment with the Company for any reason or at the request
of the Company at any time. 
 (e)    The parties specifically acknowledge that section 18 U.S.C. §
1833(b) provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly,
notwithstanding anything to the contrary in the foregoing, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting
or investigating a suspected violation of law. 
 7.    Competition. Executive acknowledges that the Company
has provided, and the Company agrees to continue to provide Executive, with access to its confidential, proprietary, or trade secret information, including confidential information of third parties such as customers, suppliers, and business
affiliates; specialized training and knowledge regarding the Company’s methodologies and business strategies; or support in the development of goodwill such as introductions and customer relationship information. The foregoing is not contingent
on continued employment, but upon Executive’s use of the access, specialized training, or goodwill support provided by Company for the exclusive benefit of the Company and upon Executive’s full compliance with the restrictions on
Executive’s conduct provided for in this Agreement. Ancillary to the rights provided to Executive as set forth in this Agreement, the Company’s provision of confidential, proprietary, or trade secret information, specialized training,
or goodwill support to Executive, and Executive’s agreements regarding the use of same, in order to protect the value of any equity-based compensation, training, goodwill support or the confidential information described above, the Company and
Executive agree to the following provisions against unfair competition, which Executive acknowledges represent a fair balance of the Company’s rights to protect its business and Executive’s right to pursue employment: 

(a)    Executive will not, at any time during the Restriction Period, directly or indirectly engage in,
have any equity interest in, interview for a potential employment or consulting relationship with or manage or operate any person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner,
security holder, consultant or otherwise) that engages in any business which competes with any portion of the Business (as defined below) of the Company in the State of Ohio or any other state of the United States in which the Company conducts

  
 - 7 - 

 
Business as of the Termination Date or expiration of the Term, as applicable; provided, however, in the event the Company terminates Executive’s employment without Cause,
Executive’s employment terminates upon expiration of the Term by reason of the Company giving timely notice to Executive pursuant to Section 2, or Executive resigns for Good Reason, the post-termination restrictions set forth in
this Section 7(a) will be limited as follows: (a) without the prior written consent of the Company, which consent may be withheld in the discretion of the Company, Executive will not, at any time during the Restriction Period,
directly or indirectly engage in, have any equity interest in, interview for a potential employment or consulting relationship with or manage or operate any person, firm, corporation, partnership or business (whether as director, officer, employee,
agent, representative, partner, security holder, consultant or otherwise) that engages in any business which competes in any material respect with any material portion of the Business (as defined below) of the Company within six (6) miles of
(i) any oil or natural gas assets of the Company or (ii) any potential oil or natural gas assets where the Company has taken material steps to lease or purchase real property with respect to such potential assets within the six
(6) month period immediately prior to the Termination Date or expiration of the Term, as applicable. Nothing herein prohibits Executive from being a passive owner of not more than 2.5% of the outstanding equity interest in any entity that
is publicly traded, so long as Executive has no active participation in the business of such entity. 

(b)    Executive will not, at any time during the Restriction Period, directly or indirectly, either for
Executive or for any other person or entity, (i) solicit any employee of the Company to terminate his or her employment with the Company, (ii) employ any such individual during his or her employment with the Company and for a period of
three months after such individual terminates his or her employment with the Company or (iii) solicit or service any person who was a customer, supplier, licensee, licensor or other business relation of the Company in order to induce or attempt
to induce such person to cease doing business with, or reduce the amount of business conducted with, the Company, or in any way interfere with the relationship between any such customer, supplier, licensee, licensor or other business relation of the
Company. 
 (c)    In the event the terms of this Section 7 are determined by any court of
competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to, and may be modified
by a court of competent jurisdiction to, extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it
may be enforceable, all as determined by such court in such action. 
 (d)    As used in
this Section 7, (i) the term “Company” includes the Company and its affiliates; (ii) the term “Business” means the business of the Company and includes the acquisition, exploration, exploitation
and development of, oil and natural gas assets, and the acquisition of leases and other real property in connection therewith, as such business may be expanded or altered by the Company during the Term; and (iii) the term “Restriction
Period” means the period beginning on the Effective Date and ending on the date twelve (12) months following the Termination Date or expiration of the Term, 

  
 - 8 - 

 
except that if the Termination Date or expiration of the Term occurs within one year following a Change of Control, Restriction Period means the period beginning on the Effective Date and ending
on the date six (6) months following the Termination Date or expiration of the Term. 

(e)    Executive agrees, during the Term and following the Termination Date or expiration of the Term, to
refrain from disparaging the Company and its affiliates, including any of its services, technologies or practices, or any of its directors, officers, agents, representatives or stockholders, either orally or in writing. Nothing in this
Section 7(e) precludes Executive from making truthful statements that are reasonably necessary to comply with applicable law, regulation or legal process. 

(f)    The Company agrees, during the Term and following the Termination Date or expiration of the Term, to
refrain from disparaging Executive, including any of Executive’s services or practices, either orally or in writing. Nothing in this Section 7(f) precludes the Company from making truthful statements that are reasonably necessary to
comply with applicable law, regulation or legal process. 
 (g)    In the event Executive engages in
conduct in violation of his covenants in Section 7 the Restriction Period will be extended for a period of time equal to the time in which Executive engaged in competitive activity prohibited by this Agreement. 

8.    Injunctive Relief. It is recognized and acknowledged by Executive that a breach of the covenants contained in
Sections 6 and 7 will cause irreparable damage to Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Executive
agrees that in the event of a breach of any of the covenants contained in Sections 6 and 7, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to specific performance and injunctive relief
without the need to post bond. 
 9.    Protected Communications. Nothing in this Agreement is intended to, or
will be used in any way to, limit Executive’s rights to communicate with the Securities and Exchange Commission (the “SEC”) or any other governmental agency, as provided for, protected under or warranted by applicable law,
including, but not limited to, Section 21F of the Securities Exchange Act of 1934, as amended, and SEC Rule 21F-7 (the “Protected Communications”). Nothing in this Agreement requires you
to notify, or obtain permission from, the Company before engaging in any Protected Communications. 

10.    Assignment and Successors. The Company may assign its rights and obligations under this Agreement to any
successor to all or substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. This
Agreement is binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. None
of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. 

  
 - 9 - 

 11.    Section 409A. The amounts payable pursuant to this Agreement
are intended to be exempt from section 409A of the Code, and related U.S. treasury regulations or official pronouncements (“Section 409A”) and will be construed in a manner that is compliant with such
exemption; provided, however, if and to the extent that any compensation payable under this Agreement is determined to be subject to Section 409A, this Agreement will be construed in a manner that will comply with Section 409A, and
provided further, however, that no person connected with this Agreement in any capacity, including but not limited to the Company and its affiliates, and their respective directors, officers, agents and employees, makes any representation,
commitment or guarantee that any tax treatment, including but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable with respect to any amounts payable or benefits provided under this Agreement.
Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed on his Termination Date or expiration of the Term to be a “specified employee” within the meaning of Section 409A, then any payments and benefits
under this Agreement that are subject to Section 409A and paid by reason of a termination of employment will be made or provided on the later of (a) the payment date set forth in this Agreement or (b) the date that is the earliest of
(i) the expiration of the six-month period measured from the Termination Date or expiration of the Term, or (ii) the date of Executive’s death (the “Delay Period”). Payments and
benefits subject to the Delay Period will be paid or provided to Executive without interest for such delay. The terms “termination of employment” and “separate from service” as used throughout this Agreement refer to a
“separation from service” within the meaning of Section 409A. 
 12.    Maximum Payments by the
Company. Notwithstanding anything to the contrary in this Agreement, if Executive is a “disqualified individual” (as defined in section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together
with any other payments and benefits which Executive has the right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in section 280G(b)(2) of the Code), then the payments and
benefits provided for in this Agreement will be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and its affiliates will be one dollar ($1.00) less than
three times Executive’s “base amount” (as defined in section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive will be subject to the excise tax imposed by section 4999 of the
Code, or (b) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under section 4999 of the Code and any other applicable taxes).
The reduction of payments and benefits hereunder, if applicable, will be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment
or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind
hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary will be made by the Company in good faith. If a reduced payment or benefit is made or
provided, and through error or otherwise, that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less
than three times Executive’s base amount, then Executive will immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 12 requires the Company to be responsible for, or have
any liability or obligation with respect to, Executive’s excise tax liabilities under section 4999 of the Code. 

  
 - 10 - 

 13.    Clawback. Notwithstanding any other provision of this Agreement
to the contrary, Executive acknowledges and agrees that any amounts payable under this Agreement shall be subject to clawback, cancellation, recoupment, rescission, payback or other action in accordance with the terms of any policy (the
“Policy”) (whether in existence as of the Effective Date or later adopted) established by the Company providing for clawback, cancellation, recoupment, rescission, payback or other action of amounts paid to Executive. Executive
agrees and consents to the Company’s application, implementation and enforcement of (a) the Policy and (b) any provision of applicable law relating to the clawback, cancellation, recoupment, rescission or payback of Executive’s
compensation, and expressly agrees that the Company may take such actions as are necessary to effectuate the Policy or applicable law without further consent or action being required by Executive. To the extent that the terms of this Agreement and
the Policy conflict, then the terms of the Policy shall prevail. 
 14.    Miscellaneous. 

(a)    Notices. For purposes of this Agreement, notices and all other communications provided for
herein will be in writing and deemed to have been duly given (i) when received if delivered personally or by courier, or (ii) on the date receipt is acknowledged if delivered by certified mail, postage prepaid, return receipt requested, as
follows: 
  

			
	If to Executive, addressed to:	  	 Benjamin W. Hulburt
 2121 Old Gatesburg Road,
Suite 110,
 State College, PA 16803, or the last known residential address reflected in the Company’s records

		
	If to the Company, addressed to:	  	 Eclipse Resources Corporation
 2121 Old
Gatesburg Road, Suite 110
 State College, Pennsylvania 16803

Attention: General Counsel

 or to such other address as either party may furnish to the other in writing, except that notices or changes of
address are effective only upon receipt. 
 (b)    Applicable Law. This Agreement is entered into
under, and governed for all purposes by, the laws of the Commonwealth of Pennsylvania, without regard to conflicts of laws principles thereof. 

(c)    No Waiver. No failure by either party hereto at any time to give notice of any breach by the
other party of, or to require compliance with, any condition or provision of this Agreement will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

  
 - 11 - 

 (d)    Severability. If a court of competent
jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision will not affect the validity or enforceability of any other provision of this Agreement, and all
other provisions remain in full force and effect. 
 (e)    Counterparts. This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same Agreement. 

(f)    Withholding of Taxes and Other Employee Deductions. The Company or its affiliates may
withhold from any benefits and payments made pursuant to this Agreement all federal, state, city, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling and all other customary deductions made
with respect to the Company’s employees generally. 
 (g)    Headings. The section headings
have been inserted for purposes of convenience and may not be used for interpretive purposes. 

(h)    Gender and Plurals. Wherever the context so requires, the masculine gender includes the
feminine or neuter, and the singular number includes the plural and conversely. 
 (i)    Third Party
Beneficiaries. Each affiliate of the Company will be a third party beneficiary of, and may directly enforce, Executive’s obligations under Sections 6, 7 and 8. 

(j)    Survival. Termination of this Agreement will not affect any right or obligation of any party
which is accrued or vested prior to such termination. Without limiting the scope of the preceding sentence, the provisions of Sections 6, 7, 8 and 13, and those provisions necessary to interpret and apply them will survive any termination of this
Agreement. 
 (k)    Entire Agreement. Except as provided in any signed written agreement
contemporaneously or hereafter executed by the Company and Executive, this Agreement (i) constitutes the entire agreement of the parties with regard to the subject matter hereof, (ii) supersedes all prior agreements, arrangements, and
understandings, written or oral, relating to the subject matter hereof, and (iii) contains all the covenants, promises, representations, warranties, and agreements between the parties with respect to employment of Executive by the Company.
Without limiting the scope of the preceding sentence, all understandings and agreements preceding the date of execution of this Agreement and relating to the subject matter hereof are hereby null and void and of no further force and effect. As of
the Effective Date, the Previous Employment Agreement shall be void and have no legal effect and neither the Company nor Executive shall have any further liability or obligation thereunder (other than with respect to any breach thereof prior to the
Effective Date). 
 (l)    Modification; Waiver. Any modification to or waiver of this Agreement
will be effective only if it is in writing and signed by the parties to this Agreement. 

  
 - 12 - 

 (m)    Actions by the Board. Any and all
determinations or other actions required of the Board hereunder that relate specifically to Executive’s employment or the terms and conditions of such employment will be made by the members of the Board, other than Executive if Executive is a
member of the Board, and Executive will not have any right to vote or decide upon any such matter. 

(n)    Forum and Venue. With respect to any claims, legal proceeding or litigation arising in
connection with this Agreement, the parties hereto hereby consent to the exclusive jurisdiction, forum, and venue of the state and federal courts, as applicable, located in Centre County, Pennsylvania. 

15.    Certain Definitions. In addition to the terms defined in the body of this Agreement, for purposes of this
Agreement the following capitalized words have the meanings indicated below: 

(a)    “Board” means the Board of Directors of the Company. 

(b)    “Cause” means the occurrence of any of the following events, as reasonably
determined by the Board: (i) Executive’s willful or continued failure to perform his material duties for the Company; (ii) Executive’s conviction of a felony, or his guilty plea to or entry of a nolo contendere plea to a felony
charge; (iii) the willful or grossly negligent engagement by Executive in conduct that is materially injurious to the Company, financially or otherwise; or (iv) Executive’s breach of any material term of this Agreement or the
Company’s material written policies and material procedures, as in effect from time to time; provided, that, with respect to (i), (iii) or (iv) above, such termination for Cause will only be effective upon a majority vote of
the members of the Board after notice to Executive and a period of not less than thirty (30) calendar days during which time Executive will have an opportunity to appear before the Board to demonstrate that he has cured the conduct giving rise
to Cause. 
 (c)    “Change of Control” means the occurrence of any of the following
events: 
 (i)    Any one person, or more than one person acting as a group (within the meaning of
section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934), acquires ownership of the Company’s common stock that, together with stock held by such person or group, constitutes more than 40 percent of the total fair market value
or total voting power of the Company’s common stock. However, if any one person or more than one person acting as a group is considered to own more than 40 percent of the total fair market value or total voting power of the Company’s
common stock, the acquisition of additional common stock by the same person or persons will not be a Change of Control. An increase in the percentage of common stock owned by any one person, or persons acting as a group, as a result of a transaction
in which the Company acquires its stock in exchange for property will be treated as an acquisition of common stock for purposes of this Section 15(c). This section applies only when there is a transfer of common stock (or issuance of
common stock) and common stock in the Company remains outstanding after the transaction. 

  
 - 13 - 

 (ii)    A majority of the members of the Board are replaced
during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. 

(iii)    A change in the ownership of a substantial portion of the Company’s assets, which will occur
on the date that any one person, or more than one person acting as a group (within the meaning of section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) acquires (or has acquired during the 12-month period ending on the date of the
most recent acquisition by such person or group of persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately
prior to such acquisition or acquisitions; provided, however, that a sale of a substantial portion of the Company’s assets in the ordinary course of business and investment of the proceeds into similar assets for use in the business of the
Company will not constitute a change in the ownership of a substantial portion of the Company’s assets for purposes of this provision. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the
assets being disposed of, determined without regard to any liabilities associated with such assets. 

(d)    “Code” means the Internal Revenue Code of 1986, as amended. 

(e)    “Disability” means Executive’s inability to engage in any substantial gainful
activity necessary to perform his duties hereunder by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less
than twelve (12) months. Executive agrees to submit to such medical examinations as may be necessary to determine whether a Disability exists, pursuant to such reasonable requests made by the Company from time to time. Any determination as to
the existence of a Disability will be made by a physician selected by the Company. 

(f)    “Good Reason” means any of the following, but only if occurring without the
Executive’s consent: (i) a material diminution in Executive’s Base Salary; (ii) a material diminution in Executive’s authority, duties, or responsibilities; (iii) the relocation of Executive’s principal office to
an area more than 50 miles from its location immediately prior to such relocation; or (iv) the material failure of the Company to comply with any material provision of this Agreement. Such termination by Executive will not preclude the Company
from terminating the Executive’s employment prior to the Termination Date established by Executive’s Notice of Termination. 

(g)    “Notice of Termination” means a written notice which (i) indicates the
specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under that
provision, and (iii) if the Termination Date is other than the date the notice is given, specifies the Termination Date (which must not be more than 30 days or, in the case of a termination by Executive for Good Reason, 60 days after the date
on which the Notice of Termination is given). The failure 

  
 - 14 - 

 
by the Company or Executive to set forth in the Notice of Termination the facts or circumstances giving rise to Cause or Good Reason, as applicable, will not waive any right of the Company or
Executive under this Agreement or preclude the Company or Executive from asserting such fact or circumstance in enforcing the Company’s or Executive’s rights under this Agreement. 

(h)    “Termination Date” means: (i) if Executive’s employment is terminated by
death, the date of death; (ii) if Executive’s employment is terminated pursuant to Section 4(a) due to a Disability, thirty (30) days after the Notice of Termination is given; (iii) if Executive’s employment is
terminated by the Company without Cause or by Executive for Good Reason pursuant to Section 4(b) or 4(c), on the effective date of termination specified in the Notice of Termination; (iv) if Executive voluntarily terminates his employment
with the Company without Good Reason, the date of Executive’s termination of employment; or (v) if Executive’s employment is terminated by the Company for Cause pursuant to Section 4(b), the date on which the Notice of
Termination is given. 
 [Signatures begin on next page.] 

  
 - 15 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the
Effective Date. 
  

			
	ECLIPSE RESOURCES CORPORATION
		
	By:	 	/s/ Matthew R. DeNezza
	Name:	 	Matthew R. DeNezza
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	EXECUTIVE
		
	By:	 	/s/ Benjamin W. Hulburt
	Name:	 	Benjamin W. Hulburt

 EXHIBIT A 

RELEASE 

1.    In consideration of the payments and benefits to be made under the Amended and Restated Employment Agreement, dated
as of August 17, 2017 (the “Employment Agreement”), by and between Benjamin W. Hulburt (“Executive”) and Eclipse Resources Corporation (the “Company”) (each of Executive and the Company, a
“Party” and together, the “Parties”), the sufficiency of which Executive acknowledges, Executive, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release,
remise, acquit and forever discharge the Company and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, stockholders, agents, attorneys, employees and
employee benefit plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action,
complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute,
contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, arising on or prior
to the date hereof, against any Company Released Party that arises out of, or relates to, the Employment Agreement, Executive’s employment with the Company or any of its subsidiaries and affiliates, or any termination of such employment,
including claims (i) for severance or vacation or paid time off benefits, unpaid wages, salary or incentive payments, (ii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction
of emotional harm or other tort, (iii) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices) and (iv) for
employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil
Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act, the Executive Retirement Income Security Act of 1974, as amended (“ERISA”), the Age
Discrimination in Employment Act (“ADEA”), the Equal Pay Act, the Uniformed Services Employment and Reemployment Rights Act and any similar or analogous state statute. Notwithstanding the foregoing, this Release will not apply and
expressly excludes: (a) vested benefits under any plan maintained by the Company that provides for deferred compensation, equity compensation or pension or retirement benefits; (b) health benefits under any policy or plan currently
maintained by the Company that provides for health insurance continuation or conversion rights including, but not limited to, rights and benefits to continue health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended or similar state law; (c) any claim that cannot by law be waived or released by private agreement; (d) claims arising after the date of the Release; (e) to the extent not paid as of the date of this Release, payments and
benefits to be made under the Employment Agreement; (f) claims under any directors and officers insurance policies; and (g) rights to indemnification Executive may have under the by-laws or
certificate of incorporation of the Company and its Affiliates, any applicable indemnification agreements with the Company and its Affiliates or applicable law. 

2.    Executive acknowledges and agrees that the release of claims set forth in this Release is not to be construed in any
way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 

  
 Exhibit A – Page 1

 3.    The release of claims set forth in this Release applies to any relief
no matter how called, including, without limitation, (i) wages, (ii) back pay or front pay, (iii) compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, (iv) costs, (v) attorneys’ fees and
expenses, and (vi) any right to receive any compensation or benefit from any complaint, claim, or charge with any local, state or federal court, agency or board, or in any proceeding of any kind which may be brought against the Company as a
result of such a complaint, claim or charge. 
 4.    Executive specifically acknowledges that his acceptance of the
terms of the release of claims set forth in this Release is, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any
kind; provided, however, that nothing herein will be deemed, nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law Executive is not permitted to waive. 

5.    As to rights, claims and causes of action arising under the ADEA, Executive acknowledges that he has been given a
period of twenty-one (21) days1 to consider whether to execute this Release. If Executive accepts the terms hereof and executes this Release, he may
thereafter, for a period of seven (7) days following (and not including) the date of execution, revoke this Release as it relates to the release of claims arising under the ADEA. If no such revocation occurs, this Release will become
irrevocable in its entirety, and binding and enforceable against Executive, on the day next following the day on which the foregoing seven-day period has elapsed. If such a revocation occurs, Executive will
irrevocably forfeit any right to payment of the severance benefits described in Section 5 of the Employment Agreement. 

6.    Other than as to rights, claims and causes of action arising under the ADEA, the release of claims set forth in this
Release will be immediately effective upon execution by Executive. 
 7.    Executive acknowledges and agrees that he
has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

8.    Executive acknowledges that he is hereby advised to seek, and has had the opportunity to seek, the advice and
assistance of an attorney with regard to the release of claims set forth in this Release, and has been given a sufficient period within which to consider the release of claims set forth in this Release. 

9.    Executive acknowledges that the release of claims set forth in this Release relates only to claims that exist as of
the date of this Release. 
  
 1 Consideration period must be forty-five (45) days if release relates to an exit incentive or other employment termination program offered to a group or class of employees. 

  
 Exhibit A – Page 2

 10.    Executive acknowledges that the severance benefits described in
Section 5 of the Employment Agreement he will receive in connection with the release of claims set forth in this Release and his obligations under this Release are in addition to anything of value to which Executive is entitled from the
Company. 
 11.    Each provision hereof is severable from this Release, and if one or more provisions hereof are
declared invalid, the remaining provisions will nevertheless remain in full force and effect. If any provision of this Release is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision will be interpreted to be only so
broad as is enforceable. 
 12.    This Release constitutes the complete agreement of the Parties in respect of the
subject matter hereof and will supersede all prior agreements between the Parties in respect of the subject matter hereof except to the extent set forth herein. 

13.    The failure to enforce at any time any of the provisions of this Release or to require at any time performance by
another party of any of the provisions hereof will in no way be construed to be a waiver of such provisions or to affect the validity of this Release, or any part hereof, or the right of any party thereafter to enforce each and every such provision
in accordance with the terms of this Release. 
 14.    This Release may be executed in several counterparts, each of
which will be deemed to be an original, but all of which together will constitute one and the same instrument. Signatures delivered by facsimile will be deemed effective for all purposes. 

15.    This Release will be binding upon any and all successors and assigns of Executive and the Company. 

16.    Except for issues or matters as to which federal law is applicable, this Release will be governed by and construed
and enforced in accordance with the laws of the Commonwealth of Pennsylvania without resort to any principle of conflict of laws that would require application of the laws of any other jurisdiction. 

[Signature Page Follows] 

  
 Exhibit A – Page 3

 IN WITNESS WHEREOF, this Release has been signed as of ____________________, 20__. 

 

			
		
	By:	 	 
		 	Benjamin W. Hulburt

  
 Exhibit A – Page 4

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