Document:

EX-10.1

 Exhibit 10.1 

EXCHANGE AGREEMENT 

THIS EXCHANGE AGREEMENT (this “Agreement”) is made and entered into as of December 17, 2018 by and among Ultra
Resources, Inc., a Delaware corporation (the “Issuer”), the Obligors (as defined herein) and the holders, or investment advisors for the account of holders of the Old Notes (as defined below), named in
Schedule I hereto (each, a “Holder” and, collectively, the “Holders”) of the Issuer’s (i) 6.875% Senior Notes due 2022 (the “2022 Notes”) and (ii) 7.125%
Senior Notes due 2025 (the “2025 Notes” and, together with the 2022 Notes, the “Old Notes”), which were issued pursuant to the indenture, dated as of April 12, 2017 (the “Old Indenture”), among
the Issuer, Ultra Petroleum Corp., a company incorporated under the laws of the territory of Yukon, Canada (the “Company”), the subsidiary guarantors party thereto (the “Guarantors” and together with the Company and
the Issuer, the “Obligors”) and Wilmington Trust, National Association, as trustee (the “Old Notes Trustee”). 

RECITALS 
 WHEREAS,
$700,000,000 aggregate principal amount of the 2022 Notes are issued and outstanding and $500,000,000 aggregate principal amount of the 2025 Notes are issued and outstanding; 

WHEREAS, subject to the terms and conditions and other limitations set forth herein, the Issuer and the Company desire to issue to the Holders
in exchange for the Exchanged Notes (as defined herein), (a) new Senior Secured Second Lien PIK Notes due 2024 of the Issuer (the “New Notes”), which will be issued pursuant to an indenture to be dated the Closing Date (as
defined herein), by and among the Issuer, the Company, the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee (the “New Notes Trustee”), substantially in the form attached hereto as
Exhibit A (the “New Indenture”) and (b) new warrants of the Company entitling each holder thereof to purchase one common share of the Company, at a price of $0.01 per share (the
“Warrants”), in accordance with the terms of a warrant agreement to be dated the Closing Date by and between the Company, Computershare Inc. and Computershare Trust Company, N.A., as warrant agent (the “Warrant
Agent”), substantially in the form attached hereto as Exhibit B (the “Warrant Agreement”); 

WHEREAS, the New Notes will be secured by a second priority lien on all of the Collateral (as such term is defined in the Security Documents
(as defined herein) listed on Exhibit C-1, by and among the grantors thereunder, the Company and Wilmington Trust, National Association, as collateral agent (the
“Collateral Agent”)) and in accordance with an intercreditor agreement to be dated the Closing Date by and among the Issuer, Bank of Montreal, as Revolving Administrative Agent and as Collateral Agent for the Senior Secured Parties,
Barclays Bank plc, as Term Loan Administrative Agent, Wilmington Trust, National Association, as Second Lien Notes Trustee and Second Lien Collateral Trustee for the Junior Priority Parties, and the other Grantors party thereto, substantially in the
form attached hereto as Exhibit D (the “Intercreditor Agreement); 
 WHEREAS, subject to the terms and conditions of this
Agreement, the Company and Avenue Capital Management II, L.P., Capital Research and Management Company, Oaktree Opportunities Fund X Holdings (Delaware), L.P., Oaktree Opportunities Fund Xb Holdings (Delaware), L.P. and J.P. Morgan Investment
Management Inc. (the “Ad Hoc Group of Holders”) desire to enter into an agreement on the Closing Date providing for the nomination by the Ad Hoc Group of Holders of one member to the Board of Directors of the Company at the
Company’s annual meeting, in the form attached hereto as Exhibit E (the “Director Nomination Agreement”); and 

 WHEREAS, the payment by the Issuer of all amounts due on or in respect of the New Notes and
the performance of the Issuer under the New Indenture will be initially guaranteed (the “New Guarantees” and, together with the New Notes and the Warrants, the “Securities”) by the Company and each of the
Guarantors. 
 NOW, THEREFORE, subject to the premises and other conditions contained herein, the Obligors and the Holders hereby agree as
follows: 
 Article I: 

EXCHANGE 

Section 1.1 Exchange of Exchanged Notes. Subject to the terms and conditions set forth in this Agreement, at
the Closing (as defined herein) each of the Holders shall assign, transfer and deliver to the Issuer all of its right, title and interest in and to all of the Old Notes held by the Holders (or certain funds and/or accounts for which the Holders act
as investment advisor) as of the date hereof, as set forth on Schedule I hereto (the “Exchanged Notes”), free and clear of any Lien (as defined herein), and the Issuer and the Company, as applicable, shall issue and deliver
to each Holder, which shall be in full satisfaction of all obligations of the Issuer under the Exchanged Notes (including in respect of any accrued and unpaid interest), of: 

(a) for each $1,000 aggregate principal amount of 2022 Notes validly exchanged pursuant to this Section 1.1 and
Section 5.2, (i) $720 aggregate principal amount of New Notes issued by the Issuer and (ii) 14.0 Warrants issued by the Company; 

(b) for each $1,000 aggregate principal amount of 2025 Notes validly exchanged pursuant to Section 1.1 and
Section 5.2, (i) $660 aggregate principal amount of New Notes issued by the Issuer and (ii) 14.0 Warrants issued by the Company; and 

(c) in cash by wire transfer of immediately available funds to the bank account specified in writing by such Holder, all accrued and unpaid
interest on the Exchanged Notes held by such Holder (or certain funds and/or accounts for which such Holder acts as investment advisor) to, but excluding, the Closing Date. 

Notwithstanding the foregoing, (x) the aggregate principal amount of New Notes to be issued to any Holder pursuant to this agreement shall not be in an
amount less than $2,000 and shall be rounded down to the nearest integral multiple of $1,000, (y) the number of Warrants to be issued to any Holder pursuant to this Agreement shall be rounded down to the nearest whole number and (z) no
interest shall accrue on the Exchanged Notes after the Closing Date. 
 Section 1.2 Withholding. The Issuer
is entitled to deduct and withhold from the consideration otherwise payable by or deliverable by the Issuer to any Holder in connection with the transactions contemplated by this Agreement such amounts as are required to be withheld under the
Internal Revenue Code of 1986, as amended (the “Code”), or other applicable law. Any 

  
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amount properly deducted and withheld shall be treated for all purposes of this Agreement as having been paid to the Holder in respect of which such deduction and withholding was made. The Issuer
shall notify each relevant Holder its intention to withhold or deduct from the consideration payable or deliverable to such Holder at least five Business Days prior to the date of the applicable payment or delivery, which notice shall include a
statement of the amounts it intends to withhold or deduct in respect of the applicable payment or delivery and the applicable provision of law requiring such withholding or deduction. To the extent any such withholding or deduction is required by
law, the parties hereto shall cooperate in good faith to reduce or otherwise eliminate any such withholding or deduction. 
 Article
II: 
 CLOSING 

Section 2.1 Closing. The closing of the Exchange described in Section 1.1 (the
“Closing”) hereof will take place at the offices of Kirkland & Ellis LLP, 609 Main Street, Houston, Texas 77002 at 9:00 a.m., Houston time, on the second Business Day following the satisfaction or, to the extent
permitted by applicable law, waiver of the conditions set forth in Article VI below (other than those conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or, to the extent
permitted by applicable law, waiver of those conditions), unless another date, time or place is agreed to in writing by the parties hereto (such date being referred to herein as the “Closing Date”). 

Section 2.2 Closing Deliverables. 

(a) Closing Actions and Deliverables of the Obligors. At the Closing, the Obligors shall: 

(i) deliver to the New Notes Trustee: 

(A) a duly executed counterpart of the New Notes Indenture; 

(B) a duly executed counterpart of one or more global certificates representing the New Notes; and 

(C) the opinion of Kirkland & Ellis, LLP, substantially in the form attached hereto as Exhibit F-2; 
 (ii) deliver to the Warrant Agent: 

(A) a duly executed counterpart of the Warrant Agreement; and 

(B) a duly executed counterpart of the global warrant certificate; and 

  
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 (iii) deliver to the Holders: 

(A) all definitive documentation in respect of the Old Notes Indenture, the New Indenture and the Intercreditor Agreement,
including, without limitation: 
 (1) customary closing and security documentation (together with the Intercreditor
Agreement, the “Security Documents”), including: (I) executed copies of each security document listed on Exhibit C-1 that the Obligors are to execute in
connection with the issuance of the New Notes, in each case in form and substance substantially similar to the forms attached as Exhibit C-2, with such changes as are otherwise
reasonably satisfactory to the Trustee, the Holders and the Company (but in any case in form and substance substantially similar to the corresponding security documents delivered under or in connection with the Credit Facility), together with
(x), subject to the Intercreditor Agreement, certificates representing the capital stock pledged pursuant to the Security Documents, accompanied by undated stock powers executed in blank, or evidence that such certificates and related stock
powers were delivered to the First Lien Agent, (y) proper financing statements, duly prepared for filing under the Uniform Commercial Code of all relevant jurisdictions of incorporation or formation, and (z) completed lien searches, dated
on or as of a recent date before the Closing, listing all effective financing statements filed in the relevant jurisdictions of each Obligor’s jurisdiction of incorporation or formation that name any Obligor as debtor, together with copies of
such financing statements, and not evidencing any liens not permitted by the New Indenture, the Security Documents and the Intercreditor Agreement and (II) executed mortgages and deeds of trust, in each case in form and substance substantially
similar to the forms attached as Exhibit C-3, with such changes that are otherwise reasonably acceptable to the Trustee, the Holders and the Company (but in any case in form and
substance substantially similar to the corresponding mortgages and deeds of trust delivered under or in connection with the Credit Facility) (with such modifications thereto as are appropriate to reflect the second lien nature of the liens created
thereunder or as reasonably requested by the Trustee), covering the value of the oil and gas properties required to be pledged pursuant to the New Indenture and the Security Documents (except as otherwise set forth in Section 11.2 of the New
Indenture, in connection with the execution and delivery of the Security Documents, the Holders shall be reasonably satisfied that the Liens (as defined in the New Indenture) under the Security Documents will, upon the recording of the Security
Documents, be second priority, perfected Liens (subject only to Permitted Liens (as defined in the New Indenture)) on all other property purported to be pledged as Collateral pursuant to the Indenture and the Security Documents); 

  
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 (2) customary closing documentation relating to the amendment of the Old
Indenture and the cancelation of the Old Notes, including the Supplemental Indenture, duly executed and delivered by the Obligors and the Old Notes Trustee, and customary evidence as to the consent of the requisite percentage of holders of the 2022
Notes and the 2025 Notes, respectively, pursuant to the Old Indenture to the amendments pursuant to the Supplemental Indenture; and 

(3) customary closing documentation relating to the entry into the New Indenture and the issuance of the New Notes, including:
(I) the New Indenture, duly executed and delivered by the Obligors and the New Notes Trustee; (II) one or more global certificates representing the New Notes being issued in the Exchange, issued in the name of The Depository Trust Company
or its nominee (as applicable, “DTC”) and duly executed and delivered by the Issuer and duly authenticated by the New Notes Trustee; 

(B) evidence of the receipt of the Credit Facility Consent; 

(C) evidence of the receipt of the Term Loan Consent; 

(D) to such Holder’s custodian (or the custodian of certain funds and/or accounts for which such Holder acts as investment
advisor), as set forth on Schedule I hereto, by means of book-entry transfer through the facilities of DTC, (1) New Notes representing the aggregate principal amount of New Notes issuable to such Holder as determined pursuant to
Section 1.1 and (2) Warrants representing the aggregate number of Warrants issuable to such Holder as determined pursuant to Section 1.1, each, in the cases of clauses (1) and (2),
without any restricted securities legend and bearing an unrestricted CUSIP; 
 (E) a duly executed counterpart of the
Director Nomination Agreement; 
 (F) the opinions of Kirkland & Ellis, LLP, substantially in the form attached
hereto as Exhibit F-1 and Exhibit F-2; 

(G) the opinions of Lackowicz & Hoffman, Yukon counsel for the Company, substantially in the form attached hereto as
Exhibit G-1 and Exhibit G-2; and 

(H) the opinion of Bennett Jones LLP, Canadian counsel for the Company, substantially in the form attached hereto as
Exhibit H. 
 (b) Closing Actions and Deliverables of the Holders. Each Holder shall: 

(i) on the Closing Date (or on such other date as may be agreed by such Holder and the Issuer), effect by book entry, in
accordance with the applicable procedures of DTC, the delivery to the Issuer (or its trustee or designee) of the Exchanged Notes held by such Holder (or certain funds and/or accounts for which such Holder acts as investment advisor) and all other
documents and instruments reasonably requested by the Issuer to effect the transfer of such Exchanged Notes to the Issuer in accordance with the terms hereof; 

  
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 (ii) on or before the Closing Date, deliver (or cause its DTC participant to
deliver) to DTC, through DTC’s “Demand and Dissent” procedures, a consent, in the form set forth on Exhibit I, with respect to all Exchanged Notes beneficially held by such Holder (or certain funds and/or
accounts for which such Holder acts as investment advisor), to the entry into the Supplemental Indenture; provided, that, if DTC instructs that such consent to the entry into the Supplemental Indenture be delivered or made through some other
procedure, each Holder shall deliver such consent through any such other procedure in accordance with DTC’s instructions; 

(iii) at the Closing, deliver to the Company a duly executed counterpart of the Director Nomination Agreement; and 

(iv) at the Closing, deliver to the Company and the Issuer a Qualification Certificate, substantially in the form attached
hereto as Exhibit J. 
 Section 2.3 Consummation of Closing. Subject to the
satisfaction of all of the closing actions and deliverables set forth in Section 2.2 hereto other than Sections 2.2(a)(iii)(D) and 2.2(b)(i), all acts, deliveries and confirmations
comprising the Closing, regardless of chronological sequence, will be deemed to occur contemporaneously and simultaneously on the Closing Date. 

Section 2.4 No Transfer of Exchanged Notes after the Closing; no Further Ownership Rights in Exchanged Notes.
Upon consummation of the Closing, all Exchanged Notes (or interests therein) exchanged pursuant to this Agreement will cease to be transferable and there shall be no further registration of any transfer of any such Exchanged Notes or interests
therein. From and after the Closing, the Holders will cease to have any rights with respect to such Exchanged Notes, including in respect of any accrued and unpaid interest, except as otherwise provided for herein or by applicable law. Upon
consummation of the Closing, the Exchanged Notes will be deemed cancelled and no longer outstanding. 
 Article III: 

REPRESENTATIONS AND WARRANTIES OF OBLIGORS 

Each of the Obligors represents and warrants to each of the Holders, jointly and severally, as follows: 

Section 3.1 Organization and Good Standing. Each of the Obligors (i) has been duly incorporated or formed
and is validly existing as a corporation or other business entity in good standing under the laws of its respective jurisdiction of incorporation or formation, with power and authority (corporate, limited liability company or other) to own its
properties and conduct its business and (ii) has been duly qualified as a foreign corporation or other business entity for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases
properties or conducts any business so as to require such qualification, except, in the case of clause (ii) only, where the failure to be so qualified or be in good standing would not, individually or in the aggregate, have a material adverse
effect on the business, properties, management, operations or prospects, financial condition or results of operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”). 

  
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 Section 3.2 Due Authorization. Each of the Obligors has all
requisite power and authority (corporate, limited liability company and other) to execute, deliver and perform its obligations under the New Notes, the New Guarantees, the New Indenture, the Security Documents, the Warrants, the Warrant Agreement,
the Supplemental Indenture, the Director Nomination Agreement and this Agreement (collectively, the “Transaction Documents”). This Agreement has been duly and validly authorized, executed and delivered by the Obligors and, assuming
the due authorization, execution and delivery of the Holders, constitutes a valid and legally binding obligation of each Obligor enforceable against, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general
applicability relating to or affecting creditors’ rights and to general equity principles (whether considered in a proceeding in equity or at law) (collectively, the “Enforceability Exceptions”). 

Section 3.3 No Conflicts. The execution, delivery and performance by each Obligor of the Transaction
Documents to which it is a party and, subject to the satisfaction of the conditions to closing set forth in Section 6.3(a) and Section 6.3(b), the consummation of the transactions contemplated by
the Transaction Documents (including, without limitation, the grant of the security interest in the Collateral securing the New Notes and the delivery of shares upon exercise of the Warrants) will not: (i) conflict with or result in a breach,
violation or failure of (A) any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or
by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the provisions of the Articles of Incorporation, as amended, By-laws or equivalent organizational document of the Obligors or (C) any law, rule, regulation or statute, or any order, rule or regulation of any court or governmental agency or body having jurisdiction over
the Obligors or any of their properties and assets, except for, with respect to clauses (A) and (C), any such conflict, breach, violation or failure which would not, individually or in the aggregate, have a Material Adverse Effect; or
(ii) result in or require the creation or imposition of any Lien (as defined in the New Indenture) upon any of the properties or assets of any Obligor (other than any Liens created under any of the Transaction Documents (as defined herein) in
favor of the Collateral Agent, for the benefit of the Holders). 
 Section 3.4 No Consents Required. No
consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the Exchange, the execution, delivery and performance by the Obligors of the Transaction Documents and
the consummation of the transactions contemplated by the Transaction Documents (including, without limitation, the grant of the security interest in the Collateral securing the New Notes and the delivery of shares upon exercise of the Warrants),
except for such consents, approvals, authorizations, registrations or qualifications: (i) as may be required under state securities or “blue sky” laws in connection with the Exchange; (ii) that have already been obtained; and
(iii) as may be required under the securities laws of each of the provinces and territories of Canada where the Securities are offered and sold and the Yukon and the respective regulations and rules under such laws, together with applicable
published rules, policy statements, blanket rulings and orders, instruments and notices of the regulatory authorities in such provinces and territories 

  
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(“Canadian Securities Laws”) (with which the Obligors shall comply) in respect of the filing of a report of exempt distribution under National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators (“NI 45-106”) with payment of applicable filing fees
and, if applicable, delivery of an offering memorandum to the securities regulatory authorities in one or more Canadian provinces or territories in which such delivery is required. 

Section 3.5 New Notes. The New Notes have been duly and validly authorized by the Issuer and, assuming the
due authorization, execution and delivery of the New Indenture by the New Notes Trustee, when the New Notes are executed by the Issuer, authenticated by the New Notes Trustee and delivered in exchange for Old Notes pursuant to the Exchange, will be
duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Issuer, enforceable against the Issuer, subject to the Enforceability Exceptions, and will be entitled to the benefits of and be in the form
contemplated by the New Indenture. The New Guarantees contained in the New Indenture have been duly and validly authorized by each of the Company and the Guarantors and, assuming the due authorization, execution and delivery of the New Indenture by
the New Notes Trustee, when the New Notes are executed by the Issuer, authenticated by the New Notes Trustee and delivered in exchange for Old Notes pursuant to the Exchange, the New Guarantees will constitute valid and legally binding obligations
of the Company and the Guarantors, enforceable against the Company and the Guarantors, subject to the Enforceability Exceptions, and will be entitled to the benefits of the New Indenture. The New Indenture has been duly and validly authorized by the
Issuer, the Company and the Guarantors and, as of the Closing Date, will have been duly executed and delivered by the Issuer, the Company and the Guarantors and, assuming the due authorization, execution and delivery of the New Indenture by the New
Notes Trustee, will constitute a valid and legally binding obligations of the Issuer, the Company and the Guarantors, enforceable against the Issuer, the Company and the Guarantors in accordance with its terms, subject to the Enforceability
Exceptions. 
 Section 3.6 Warrants. The Warrants have been duly and validly authorized by the Company and,
assuming the due authorization, execution and delivery of the Warrant Agreement by the Warrant Agent, when the Warrants are executed by the Company, authenticated by the Warrant Agent and delivered in exchange for Old Notes pursuant to the Exchange,
will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company, enforceable against the Company, subject to the Enforceability Exceptions, and will be entitled to the benefits of and be in
the form contemplated by the Warrant Agreement. The Warrant Agreement has been duly and validly authorized by the Company and, as of the Closing Date, will have been duly executed and delivered by the Company and, assuming the due authorization,
execution and delivery of the Warrant Agreement by the Warrant Agent, will constitute a valid and legally binding obligations of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions.

 Section 3.7 Underlying Shares. Upon issuance and delivery of the Warrants in accordance with this
Agreement and the Warrant Agreement, the Warrants will be exercisable at the option of the Holder thereof into the Company’s common shares in accordance with their terms and the terms of the Warrant Agreement; the shares underlying the Warrants
(the “Underlying Shares”) have been duly authorized and reserved and, when issued upon exercise of the Warrants in accordance with their terms and the terms of the Warrant Agreement, will be validly issued, fully paid and
nonassessable and the issuance of the Underlying Shares will not be subject to any preemptive or similar rights. 

  
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 Section 3.8 Supplemental Indenture. The supplemental
indenture to the Old Indenture giving effect to proposed amendments to the Old Indenture, substantially in the form attached hereto as Exhibit K (the “Supplemental Indenture”), has been duly and validly
authorized by each Obligor and, as of the Closing Date, will have been duly executed and delivered by each Obligor party thereto and, assuming the due authorization, execution and delivery of the Supplemental Indenture by the Old Notes Trustee, will
constitute a valid and legally binding obligation of each Obligor, enforceable against each Obligor in accordance with its terms, subject to the Enforceability Exceptions. 

Section 3.9 Security Documents. Each of the Security Documents has been duly and validly authorized by the
Obligors party thereto and, as of the Closing Date, will have been duly executed and delivered by each Obligor party thereto and, assuming the due authorization, execution and delivery of each Security Documents by each other party thereto, will
constitute a valid and legally binding obligation of such Obligors, enforceable against such Obligors in accordance with its terms, subject to the Enforceability Exceptions. As of the Closing Date, the provisions of the Second Lien Guaranty and
Collateral Agreement (the “Collateral Agreement”) will create legal and valid Liens (as defined in the New Indenture) on all the Collateral (as defined in the Collateral Agreement) in favor of the Collateral Trustee, for the benefit
of the Secured Parties (as defined in the New Indenture), and so long as such filings and other actions required to be taken hereby, by the New Indenture or by the applicable Security Documents, have been taken, such Liens constitute perfected and
continuing Liens on the Collateral (to the extent that a Lien thereon can be perfected by the foregoing actions), securing the Secured Obligations (as defined in the Collateral Agreement), enforceable against each Obligor party thereto subject to
Permitted Liens (as defined in the New Indenture), except as may be limited by the effect of rules of law governing the availability of equitable remedies and subject to the Enforceability Exceptions. 

Section 3.10 Collateral. Each Obligor confirms that each of the representations and warranties of such
Obligor set forth in each Security Document to which it is a party is true and correct as of the Closing Date. 

Section 3.11 Director Nomination Agreement. The Director Nomination Agreement has been duly and validly
authorized and, as of the Closing Date, will have been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery of the Director Nomination Agreement by the other parties thereto, will constitute a valid
and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. 

Section 3.12 DTC Eligibility. As of the Closing Date, the New Notes and the Warrants will have been declared
eligible for clearance and settlement through The Depository Trust Company and will have been, at the Closing Date, delivered to the custodian for The Depository Trust Company for distribution to the accounts of applicable Depository Trust Company
participants for each Holder. 

  
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 Section 3.13 Arm’s Length. Each Obligor acknowledges
and agrees that (i) each of the Holders is acting solely in the capacity of an arm’s length contractual counterparty to such Obligor with respect to the transactions contemplated hereby and not as a financial advisor or a fiduciary to, or
an agent of, such Obligor or any of its subsidiaries and (ii) no Holder is advising any Obligor or any of such Obligor’s subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. 

Section 3.14 Material Adverse Change. Neither the Company nor any of its subsidiaries has sustained since
September 30, 2018 any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree; and, since
September 30, 2018, except as disclosed in filings made with the U.S. Securities and Exchange Commission prior to the date of this Agreement, neither the Company nor any of its subsidiaries has (i) issued or granted any securities,
(ii) incurred any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, (iii) entered into any transaction not in the ordinary course of business or
(iv) declared or paid any dividend on its capital stock and, since September 30, 2018, there has not been any change in the capital stock, membership interests or long-term debt of the Company or any of its subsidiaries or any material
adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, shareholders’ equity (or members’ interests) or results of operations of the Company
and its subsidiaries, taken as a whole. 
 Section 3.15 Investment Company Act. None of the Obligors is,
nor after giving effect to the Exchange, will be, an “investment company,” as such term is defined in the United States Investment Company Act of 1940, as amended. 

Section 3.16 No Violation or Default. Neither the Company nor any of its subsidiaries is (i) in
violation of its Articles of Incorporation, as amended, or By-laws or equivalent organizational document, (ii) in default in the performance or observance of any material obligation, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound or (iii) is in violation of any statute or any order, rule
or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties and assets, except for, with respect to clauses (ii) and (iii), any such violation or default
which would not, individually or in the aggregate, have a Material Adverse Effect. 
 Section 3.17
Insurance. The Company and each of its subsidiaries carry, or are covered by, insurance from insurers of recognized financial responsibility in such amounts and covering such risks as is adequate for the conduct of their respective businesses
and the value of their respective properties. All policies of insurance of the Company and its subsidiaries are in full force and effect; the Company and its subsidiaries are in compliance with the terms of such policies in all material respects;
and neither the Company nor any of its subsidiaries has received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance; there are no
claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; and neither the Company nor

  
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any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material Adverse Effect. 

Section 3.18 No Restrictions on Subsidiaries. Except as set forth in the Old Indenture, the Credit Facility,
the Term Loan Agreement or the Intercreditor Agreement, no subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital
stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property or assets to the Company or any other subsidiary of the Company. 

Section 3.19 Permits. The Company and each of its subsidiaries have such permits, licenses, franchises,
certificates of need and other approvals or authorizations of governmental or regulatory authorities (“Permits”) as are required under applicable law, including Environmental Laws (as defined herein), to own their properties and
conduct their businesses, except for any of the foregoing that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and each of its subsidiaries have fulfilled and performed all of its obligations with
respect to the Permits and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights of the holder or any such Permits, except for any of the
foregoing that would not reasonably be expected to have a Material Adverse Effect. None of the Obligors has received notice of any revocation or modification of any such Permits or has any reason to believe that any such Permits will not be renewed
in the ordinary course. 
 Section 3.20 Environmental Matters. Except for such matters that would not,
individually or in the aggregate, result in a Material Adverse Effect: (i) neither the Company nor any of its subsidiaries has violated any federal, state, provincial, local or foreign statute, law, rule, regulation, ordinance, code, policy or
rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of the environment (including, without limitation, ambient
air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum or petroleum products or asbestos containing materials (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of Hazardous Materials (collectively, “Environmental Laws”); (ii) none of the Company and its subsidiaries has released, disposed of, or arranged to dispose of Hazardous Materials at any location, and Hazardous Materials do not
otherwise contaminate any facility owned or operated by the Company or any of its subsidiaries, in each instance in a manner or condition that would reasonably be expected to result in liability of the Company or any of its subsidiaries under
Environmental Law; (iii) there are no pending or threatened administrative, regulatory or judicial actions, suits, written demands, claims, liens, notices of noncompliance or violation, investigation or proceedings arising pursuant to any
Environmental Law asserted against the Company or any of its subsidiaries; and (iv) to the knowledge of the Obligors, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or
Environmental Laws or the violation of any Environmental Laws. 

  
 11 

 Section 3.21 Intellectual Property. (i) The Company
and each of its subsidiaries own or possess adequate rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source identifiers, copyrights
and copyrightable works, licenses, know-how, software, systems and technology (including trade secrets and other unpatented or unpatentable proprietary or confidential information, systems, methods or
procedures) and all other worldwide intellectual property, industrial property and proprietary rights (collectively, “Intellectual Property”) used in the conduct of their respective businesses; (ii) the Company and its
subsidiaries’ conduct of their respective businesses does not infringe, misappropriate or otherwise violate any Intellectual Property of any person and no claim, action, suit or proceeding, including requests for indemnification (each, an
“Action”), is pending, or to the knowledge of the Obligors, threatened in writing, alleging same; (iii) to the knowledge of the Obligors, the Intellectual Property of the Company and its subsidiaries is not being infringed,
misappropriated or otherwise violated by any person; (iv) no Action is pending, or to the knowledge of the Obligors, threatened in writing, challenging the validity, enforceability, scope, registration, ownership or use of any Intellectual
Property of the Company or its subsidiaries (with the exception of ordinary course office actions in connection with applications for the registration or issuance of such Intellectual Property), and the Company is unaware of any facts which could
form a reasonable basis for any such Action; and (v) the Company and its subsidiaries take all reasonable measures to maintain and protect their material Intellectual Property, except in the case of clauses (ii) through (iv), as would not,
individually or in the aggregate, have a Material Adverse Effect. 
 Section 3.22 ERISA. (i) Each
employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group” (defined as
any person, trade or business which is a member of a controlled group of corporations within the meaning of Section 414 of the Code or is treated as a single employer under “common control” within the meaning of
Section 4001(b)(1) of ERISA) would have any liability (each, a “Plan”) has been maintained and administered in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including
but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a
statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to
satisfy the minimum funding standards (within the meaning of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected to be, in “at risk status” (within the meaning
of Section 303(i) of ERISA) or “endangered status” or “critical status” (within the meaning of Section 305 of ERISA); (v) the fair market value of the assets of each Plan exceeds the present value of all benefits
accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; (vii) each
Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification; and (viii) neither the Company nor
any member of its Controlled Group has incurred, 

  
 12 

 
nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and
without default) in respect of a Plan (including a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA), except in each case with respect to the events or conditions set forth in clauses (i) through (viii), as
would not, individually or in the aggregate, have a Material Adverse Effect. 
 Section 3.23 Legal
Proceedings. No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is pending or, to the knowledge of the
Obligors, threatened that (i) would reasonably be expected to have a material adverse effect on the performance by any Obligor of this Agreement or the consummation of any of the transactions contemplated hereby or (ii) would reasonably be
expected to have a Material Adverse Effect. 
 Section 3.24 No Labor Disputes. Except as would not
reasonably be expected to have a Material Adverse Effect, no labor disturbance by, or dispute with, the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Obligors, is imminent. 

Section 3.25 Taxes. Except as would not reasonably be expected to have a Material Adverse Effect, the Company
and each of its subsidiaries have (i) filed all federal, provincial, state, local and foreign tax returns required to be filed through the date hereof, subject to permitted extensions and (ii) paid all material taxes due except those being
contested in good faith and for which adequate reserves have been established in accordance with accounting principles generally accepted in the United States or the International Financial Reporting Standards. No unresolved tax deficiencies have
been, or could reasonably be expected to be, asserted against the Company or any of its subsidiaries that would, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 3.26 Compliance with Anti-Bribery Laws. None of the
Company nor any of its subsidiaries, nor, to the knowledge of the Obligors, after due inquiry, any director, officer, agent, employee, Affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has:
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of any offer, promise or authorization of any direct or
indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977,
as amended (the “FCPA”), or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions; (iv) violated or is in violation of any
provision of the Corruption of Foreign Public Officials Act (Canada) (the “CFPOA”), the Bribery Act 2010 of the United Kingdom (the “Bribery Act”), or any other applicable anti-bribery or anti-corruption laws; or
(v) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including without limitation, any rebate, payoff, influence payment, kickback or other unlawful payment or improper benefit.
The Company and its subsidiaries and, to the knowledge of the Obligors, the Company’s Affiliates, have conducted their respective businesses 

  
 13 

 
in compliance with the FCPA, the CFPOA, the Bribery Act and all other applicable anti-corruption and anti-bribery statutes and regulations, and have instituted, maintain and enforce, and will
continue to maintain and enforce, policies and procedures designed to promote and ensure, and which are reasonably expected to promote and ensure, continued compliance therewith. 

Section 3.27 Compliance with Money Laundering Laws. The operations of the Company and its subsidiaries are
and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (Canada), the money laundering statutes of all jurisdictions (including the USA PATRIOT Act of 2011), the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency having jurisdiction over the Company or any of its subsidiaries (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Obligors, threatened. 

Section 3.28 Compliance with Sanctions Laws. None of the Company, any of its subsidiaries or, to the
knowledge of the Obligors, after due inquiry, any director, officer, agent, employee or Affiliate of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government,
including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the Canadian government, the United Nations Security Council, the European Union, Her Majesty’s Treasury
or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including,
without limitation, Cuba, Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned Country”). For the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any
dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. 

Section 3.29 General Solicitation. None of the Obligors, nor any of their Affiliates or any person acting on
their behalf, has offered New Notes or Warrants in the United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act of 1933, as amended (the “Securities
Act”). 
 Section 3.30 No Integration. None of the Obligors or their Affiliates or any person
acting on its or their behalf, directly or indirectly has offered, sold or solicited any offer to buy and will not, directly or indirectly, offer, sell or solicit any offer to buy, any security of a type or in a manner which would be integrated with
the issuance of the New Notes or the Warrants and require the issuance of the New Notes or the Warrants, as applicable, to be registered under the Securities Act. 

Section 3.31 Offering. Assuming the accuracy of the representations and warranties of each Holder contained
in Article IV hereof, the offer, issue, and delivery of the New Notes and the Warrants in exchange for Exchanged Notes pursuant to the Exchange are and will be exempt from the registration and prospectus delivery requirements of the
Securities Act, and have been registered or qualified (or are exempt from registration and qualification) under the registration, 

  
 14 

 
permit, or qualification requirements of all applicable state securities laws; and it is not necessary to qualify the New Indenture under the Trust Indenture Act of 1939, as amended. Assuming the
accuracy of the representations and warranties of each Holder contained in Article IV hereof, the New Notes and the Warrants issued pursuant to the Exchange will, at the Closing, be eligible to be resold pursuant to Rule 144 under the
Securities Act without restriction thereunder by persons that are not affiliates of the Obligors. 
 Section 3.32
Solvency. Immediately after the consummation of the Exchange, the Obligors, when taken together (the “Consolidated Entity”), will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a
particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the Consolidated Entity are not less than the total amount required to pay the probable liabilities of the Consolidated
Entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) the Consolidated Entity is able to realize upon its assets and pay its debts and other liabilities, contingent
obligations and commitments as they mature and become due in the normal course of business, (iii) the Consolidated Entity is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the
Consolidated Entity is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing
practice in the industry in which the Consolidated Entity is engaged, (v) none of the Obligors is a defendant in any civil action that would result in a judgment that such Obligor is or would become unable to satisfy, (vi) the Obligors are
otherwise solvent within the meaning given to that term and similar terms under the Bankruptcy Code and applicable laws relating to fraudulent transfers and conveyances and (vii) none of the Obligors is otherwise an “insolvent person”
within the meaning of the Bankruptcy and Insolvency Act (Canada). In computing the amount of such contingent liabilities at any time, it is intended that such liabilities will be computed at the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

Section 3.33 No Other Representations or Warranties. Except for the representations and warranties contained
in this Article III, none of the Obligors nor any Affiliate or representative of any Obligor has made or is making any representation or warranty of any kind or nature whatsoever, oral or written, express or implied with respect to the
Obligors, this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby and the Obligors hereby severally disclaim any reliance on any representation or warranty of any Holder or any Affiliate or representative
thereof except for the representations and expressly set forth in Article IV. 

  
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 Article IV: 

REPRESENTATIONS AND WARRANTIES OF HOLDERS 

Each Holder represents and warrants, severally but not jointly, to the Obligors as follows; provided, that, where a Holder is an
investment advisor for the account of holders of the Old Notes, the representations and warranties made by such Holder will be deemed qualified to the best of such Holder’s knowledge: 

Section 4.1 Organization and Good Standing. Such Holder is duly organized, validly existing and in good
standing under the laws of its jurisdiction of its incorporation or formation and has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. 

Section 4.2 Due Authorization. Such Holder has all requisite power and authority (corporate, limited
liability company and other) to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered by such Holder and will constitute a valid and binding obligation of such
Holder, enforceable against such Holder in accordance with its terms, except as such enforceability may be limited by Enforceability Exceptions. 

Section 4.3 No Conflicts. The execution, delivery and performance by such Holder of this Agreement and the
consummation of the transactions herein contemplated will not conflict with or result in a breach, violation or failure of (i) any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which such Holder is a party or by which such Holder is bound or to which any of the property or assets of such Holder, (ii) the provisions of the Articles of Incorporation, as amended, By-laws or equivalent organizational document of such Holder, or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over such Holder or any of its
properties and assets, except for, with respect to clauses (i) and (iii), any for any such conflict, breach, violation or failure which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the
business, properties, operations, financial condition or results of operations of such Holder and its subsidiaries, taken as a whole. 

Section 4.4 Ownership. Such Holder is (i) the sole beneficial owner and/or the investment advisor,
authorized representative or manager for the beneficial owners of the Exchanged Notes (as defined herein), the principal amount of which is set forth on its signature page attached hereto, having the power to vote and dispose of such Exchanged Notes
on behalf of such beneficial owners and (ii) entitled (for its own account or for the account of certain funds and/or accounts for which it acts as investment advisor) to all of the rights and economic benefits of such Exchanged Notes. There
are no outstanding agreements, arrangements or understandings under which such Holder, its nominee or the beneficial owners of the Exchanged Notes for which such Holder acts as investment advisor may be obligated to transfer any of the Exchanged
Notes, other than this Agreement. On the Closing Date, such Holder will be (i) the sole beneficial owner and/or the investment advisor, authorized representative or manager for the beneficial owners of the Exchanged Notes being exchanged by
such Holder and (ii) entitled (for its own account or for the account of certain funds and/or accounts for which it acts as investment advisor) to all of the rights and economic benefits of such Exchanged Notes. 

Section 4.5 Transfers. Such Holder (and the beneficial owners of the Exchanged Notes for which such Holder
acts as investment advisor) has made no prior assignment, sale, participation, grant, conveyance or other transfer of, and has not entered into any other agreement to assign, sell, participate, grant or otherwise transfer (except for liens or
encumbrances in favor 

  
 16 

 
of a broker dealer over property in an account with such dealer generally in which an encumbrance is released upon transfer), in whole or in part, any portion of its right, title or interests in
such Holder’s Exchanged Notes, subject to this Agreement, that is inconsistent with the representations and warranties made in Section 4.4 hereof or that would render such Holder (and the beneficial owners of the
Exchanged Notes for which such Holder acts as investment advisor) otherwise unable to comply with its obligations under this Agreement. 

Section 4.6 No Liens. The Exchanged Notes held by such Holder (or the beneficial owners of the Exchanged
Notes for which such Holder acts as investment advisor, as the case may be) are not subject to any lien, pledge, mortgage, security interest, charge, option or other encumbrance of adverse claim of any kind (a “Lien”), except for
liens or encumbrances in favor of a broker dealer over property in an account with such dealer generally in which an encumbrance is released upon transfer. The execution and delivery of, and the performance by such Holder of its obligations under,
this Agreement, will not result in the creation of any Lien upon the Exchanged Notes held by such Holder (or the beneficial owners of the Exchanged Notes for which such Holder acts as investment advisor, as the case may be). Upon the consummation of
the Exchange, the Issuer will acquire the Exchanged Notes to be exchanged by such Holder (or the beneficial owners of the Exchanged Notes for which such Holder acts as investment advisor, as the case may be) free and clear of any Lien. 

Section 4.7 Investment Experience. Such Holder has such knowledge and experience in financial and business
affairs that such Holder is capable of evaluating the merits and risks of an investment in the Securities. Such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) is an “accredited
investor,” within the meaning of Rule 501 under the Securities Act and a “qualified institutional buyer” as defined in Rule 144A under the Securities Act and, if a resident in a province of territory of Canada, it is purchasing
or deemed to be purchasing the Securities as principal and is an “accredited investor”, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the
Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Such Holder (and each
beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) will acquire the Securities for its own account (or for the account of certain funds and/or accounts for which such Holder acts as investment advisor), for
investment, and not with a view to or for sale in connection with any distribution thereof in violation of the registration provisions of the Securities Act or the rules and regulations promulgated thereunder. Such Holder (and each beneficial owner
of the Exchanged Notes for which such Holder acts as investment advisor) understands that the Securities are being issued to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws
and Canadian Securities Laws and that the Obligors are relying upon the truth and accuracy of, and each Holder’s compliance (and the compliance of each beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor)
with, the representations, warranties, agreements, acknowledgments and understandings of such Holder (on its own behalf and on behalf of each beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) set forth herein
in order to determine the availability of such exemptions and the eligibility of such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) to acquire the Securities. Such Holder (and each
beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) acknowledges that no representations, express or implied, are being made with respect to 

  
 17 

 
the Obligors, the Securities, or otherwise, other than those expressly set forth herein. In making its decision to invest in the Securities hereunder, such Holder has relied upon independent
investigations made by such Holder and, to the extent believed by such Holder to be appropriate, such Holder’s representatives, including such Holder’s own professional, tax and other advisors. Such Holder and its representatives have been
given the opportunity to ask questions of, and to receive answers from, the Issuer and its representatives concerning the terms and conditions of the investment in the Securities. Such Holder has reviewed, or has had the opportunity to review, all
information it deems necessary and appropriate for such Holder to evaluate the financial risks inherent in an investment in the Securities and has had sufficient time to evaluate the Exchange. Such Holder (and each beneficial owner of the Exchanged
Notes for which such Holder acts as investment advisor) understands that its investment in the Securities involves a high degree of risk and that no governmental agency or body having jurisdiction over each Holder or any of its subsidiaries or any
of their properties and assets has passed on or made any recommendation or endorsement of the Securities. 

Section 4.8 Securities Law Matters. Each Holder has been advised by the Issuer and acknowledges that:
(i) the offer and sale of the Securities has not been registered under the Securities Act or Canadian Securities Laws; (ii) the offer and sale of the Securities is intended to be exempt from registration under the Securities Act pursuant
to Section 4(a)(2) under the Securities Act and under Canadian Securities Laws; (iii) there is currently no established market for the Securities; (iv) the Issuer is not, and currently has no intention of becoming, a reporting issuer
in any province or territory of Canada; (v) the Securities will be subject to restrictions on trading in Canada and may only be traded in Canada under limited exemptions under applicable Canadian Securities Laws with the Notes acquired by a
Holder in Canada being subject to an indefinite hold period under Applicable Canadian Securities Laws; and (vi) the Holder is acquiring the Securities for investment purposes, not for the purpose of further distribution. None of the Holders is
an Affiliate of the Issuer or has been an Affiliate of the Issuer within the three-month period prior to the date hereof. 

Section 4.9 No Other Representations or Warranties. Except for the representations and warranties contained
in this Article IV, none of the Holders nor any Affiliate or representative of any Holder has made or is making any representation or warranty of any kind or nature whatsoever, oral or written, express or implied with
respect to the Holders, this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby and the Holders hereby severally disclaim any reliance on any representation or warranty of any Obligor or any Affiliate or
representative thereof except for the representations and expressly set forth in Article III. 
 Article V:

 CERTAIN COVENANTS 

Section 5.1 Consent to Supplemental Indenture. Each Holder other than certain funds and accounts managed by
Barclays Bank PLC and certain funds and accounts managed by Capital Ventures International (each, a “Supporting Holder”) hereby: 

(a) confirms that such Supporting Holder has delivered (or caused its DTC participant to deliver), or will deliver (or cause its DTC
participant to deliver), to DTC, through DTC’s “Demand and Dissent” procedures, a consent with respect to all Exchanged Notes beneficially owned by such Supporting Holder (or certain funds and/or accounts for which such Supporting
Holder acts as investment advisor), to the entry into the Supplemental Indenture; 

  
 18 

 (b) acknowledges that any such consents with respect to the Exchanged Notes beneficially
owned by such Supporting Holder delivered to or to be delivered to DTC remain valid and in effect and such consents are hereby ratified and confirmed in all respects giving effect to this Agreement, including with respect to any changes pursuant to
this Agreement to such consents and the form of supplemental indenture attached thereto at the time of delivery to DTC; and 
 (c) ratifies
and confirms any such consents with respect to the Exchanged Notes beneficially owned by such Supporting Holder previously delivered to DTC, including with respect to any changes pursuant to this Agreement to such consents and the form of
supplemental indenture attached thereto at the time of delivery to DTC. 
 Section 5.2 Restrictions on
Transfer. 
 (a) From the date hereof until the earlier of (i) the termination of this Agreement and (ii) the Closing, each
Holder agrees that it shall not, and it shall cause each of its Affiliates not to, with respect to the securities listed in Schedule I hereto, except pursuant to the terms of this Agreement, directly or indirectly (x) sell, deliver,
transfer, give, pledge, encumber, assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the sale, delivery, transfer, gift, pledge, hypothecation, encumbrance, assignment or other
disposition (including by operation of law) of any Old Notes (or any rights or interests of any nature whatsoever in or with respect to any Old Notes), except for in respect of (A) sales, deliveries, transfers, gifts, pledges, assignments or
other dispositions to another Holder of any Exchanged Notes (in which case the aggregate principal amount of Exchanged Notes for the transferor will be automatically decreased by the aggregate principal amount of such Exchanged Notes that are
transferred pursuant to this clause (A) and the aggregate principal amount of Exchanged Notes for the transferee will be automatically increased by an equivalent amount), (B) liens or encumbrances in favor of a broker dealer over property
in an account with such dealer generally in which an encumbrance is released upon transfer, or as to voting, agreeing or consenting (or abstaining therefrom) with respect to any amendment to or waiver of any terms of, or taking any other action
whatsoever with respect to, the Old Notes and/or the Old Indenture or (C) sales, deliveries, transfers, gifts, pledges, assignments or other dispositions to any person or entity that agrees in writing, in substantially the form attached hereto
as Exhibit L (a “Transferee Joinder”), to be bound by the terms of this Agreement (each such transferee, a “Transferee Holder”) (in which case the aggregate principal amount of Exchanged Notes for the
transferor Holder will be automatically decreased by the aggregate principal amount of such Exchanged Notes that are transferred pursuant to this clause (C) and the aggregate principal amount of Exchanged Notes for the Transferee Holder will be
automatically increased by an equivalent amount) and provided that the Transferee Holder provides the Company and its counsel with a copy of any Transferee Joinder executed by such Transferee Holder within three (3) business days following such
execution; or (y) agree (whether or not in writing) to take any of the actions referred to in the foregoing clause (x) of this Section 5.2, in each case, except pursuant to or as otherwise contemplated by this
Agreement. 

  
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 (b) In the case of any transfers permitted by clause (C) of Section 5.1(a)(x)
above, upon execution and delivery of the Transferee Joinder in accordance with such clause (C), (i) the Transferee Holder shall be deemed to be a Holder hereunder with respect to all of its Exchanged Notes and all references to “Holder”
in this Agreement shall include any such Transferee Holder, (ii) the transferor Holder shall be deemed to relinquish its rights (and be released from its obligations) under this Agreement solely to the extent of such transferred Exchanged Notes
and (iii) such Transferee Holder shall be deemed to make all of the representations and warranties of a Holder set forth in this Agreement with respect to its Exchanged Notes. 

Section 5.3 Press Release. The Company and each Holder agree that the Company shall issue a press release and
a Form 8-K announcing the transactions contemplated by this Agreement and the other Transaction Documents on the date hereof and otherwise containing all material
non-public information and complying with the Confidentiality Agreements, in form and substance reasonably acceptable to the Company and the Holders. 

Section 5.4 Ratings. The Company shall use its best efforts to obtain ratings for the New Notes by each of
S&P Global Ratings, a division of S&P Global, Inc., and Moody’s Investor Services, Inc. by March 31, 2019. 

Section 5.5 Tax Treatment. 

(a) The Issuer intends to treat the exchange of the Exchanged Notes for the New Notes and Warrants as a reorganization pursuant to
Section 368 of the Code. 
 (b) The parties agree to treat the New Notes as a class of interest in the Issuer solely as a creditor for
purposes of Sections 897 and 1445 of the Code and the Treasury Regulations thereunder. The Issuer shall file all applicable tax returns in a manner consistent with such treatment unless otherwise required by a “determination” within the
meaning of Section 1313(a) of the Code. 
 Section 5.6 Expenses. The Company shall satisfy the
requirements set forth in Section 9.2 hereto on or before the date specified for such requirement. 
 Article
VI: 
 CLOSING CONDITIONS 

Section 6.1 The obligation of each party to effect the transactions contemplated by this Agreement and the other
Transaction Documents is subject to the satisfaction at or prior to the Closing of the following conditions: 
 (a) no governmental
authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, judgment, decree, injunction or other order (whether temporary, preliminary or permanent) that is in effect and precludes
consummation of the transactions contemplated hereby and by the other Transaction Documents, and no statute, rule, regulation, order, injunction or decree shall have been enacted, entered, promulgated or enforced by any governmental authority that
prohibits or makes illegal this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby; and 

  
 20 

 (b) there shall be no pending litigation, action, proceeding, investigation or labor
controversy that purports to affect the legality, validity or enforceability of this Agreement or any of the Transaction Documents. 

Section 6.2 The obligations of each Holder to effect the transactions contemplated by this Agreement and the other
Transaction Documents is subject to the satisfaction at or prior to the Closing of the following conditions: 
 (a) the representations and
warranties of the Obligors contained in Article III hereof shall be true and correct in all respects as of the date of this Agreement and as of the Closing, with the same force and effect as though made on and as of such
date; 
 (b) the applicable Obligors shall have delivered, in accordance with Section 2.2(a), each of the items
required to be delivered by them; 
 (c) the Obligors shall have received a consent of the requisite lenders under the Credit Facility to
the consummation of the transactions contemplated by this Agreement and the other Transaction Documents (the “Credit Facility Consent”); 

(d) the Obligors shall have received a consent of the requisite lenders under the Term Loan Agreement to the consummation of the transactions
contemplated by this Agreement and the other Transaction Documents (the “Term Loan Consent”); 
 (e) the aggregate
principal amount of Old Notes that will remain outstanding upon consummation of the Exchange shall not be less than (i) in the case of the 2022 Notes, $140 million aggregate principal amount of 2022 Notes, and (ii) in the case of the
2025 Notes, $225 million aggregate principal amount of 2025 Notes; 
 (f) the Company shall have paid in full the reasonable and
documented fees and disbursements payable pursuant to Section 9.2 and incurred prior to the Closing Date, as notified by the Holders to the Company at least one Business Day prior to the Closing Date; 

(g) each Obligor shall have performed or complied with, in all material respects, its covenants and agreements required to be performed or
complied with as of Closing under this Agreement, except for the covenants set forth in Section 2.2(a) hereof which each Obligor shall have performed and complied with in all respects; and 

(h) a fully executed side letter to the Director Nomination Agreement among the Ad Hoc Group of Holders and Fir Tree Value Master Fund, LP,
Fir Tree Capital Opportunity Master Fund, LP, Fir Tree Capital Opportunity Master Fund III, LP, FT COF (E) Holdings, LLC, FT SOF IV Holdings, LLC, FT SOF V Holdings, LLC and FT SOF VII Holdings, LLC, in form and substance reasonably acceptable
to the Ad Hoc Group of Holders, shall have been delivered to the Ad Hoc Group of Holders. 

  
 21 

 Section 6.3 The obligations of the Obligors to effect the
transactions contemplated by this Agreement and the other Transaction Documents is subject to the satisfaction at or prior to the Closing of the following conditions: 

(a) the Obligors shall have received the Credit Facility Consent, which shall be in form and substance satisfactory to the Obligors; 

(b) the Obligors shall have received the Term Loan Consent, which shall be in form and substance satisfactory to the Obligors; 

(c) the representations and warranties of the Holders contained in Article IV hereof shall be true and correct in
all respects as of the date of this Agreement (or the date of the relevant Transferee Joinder, as applicable) and as of the Closing, with the same force and effect as though made on and as of such date; 

(d) each of the Holders shall have delivered, in accordance with Section 2.2(b), each of the items required to be
delivered by them; and 
 (e) each Holder shall have performed or complied with, in all material respects, its covenants and agreements
required to be performed or complied with as of Closing under this Agreement, except for the covenants set forth in Section 2.2(b) hereof which each Holder shall have performed and complied with in all respects. 

Article VII: 

TERMINATION 

Section 7.1 Termination. This Agreement may be terminated: 

(a) by the Holders owning at least a majority in aggregate principal amount of each series of Old Notes, upon written notice of termination to
the Company, if (A) any of the Obligors has breached or failed to perform any of its covenants or other agreements contained in this Agreement to be complied with by them such that the closing condition set forth in
Section 6.2(g) would not be satisfied, (B) there exists a breach of any representation or warranty of any of the Obligors contained in Article III of this Agreement such that the Closing condition set forth in
Section 6.2(a) would not be satisfied, and in the case of each of clauses (A) and (B) above, such breach, failure to perform or failure to satisfy such Closing condition, as applicable, (x) has not been
waived by the Holders or cured on or before the earlier of 30 days after receipt by the Obligors of written notice thereof and December 31, 2018 or (y) is incapable of being cured by the Obligors by December 31, 2018, or
(C)(1) the Company shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other similar law now or hereafter in effect, or shall consent to the entry of an order for
relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, manager, trustee, examiner or other custodian for all or a
substantial part of its property or shall make any assignment for the benefit of creditors, or (2) the Company shall be unable, or shall fail generally, or shall admit in writing its inability, generally to pay its debts or obligations when
due; 

  
 22 

 (b) by the Company, upon written notice of termination to the Holders, if (A) a Holder
has breached or failed to perform any of its covenants or other agreements contained in this Agreement to be complied with by them such that the closing condition set forth in Section 6.3(e) would not be satisfied,
(B) there exists a breach of any representation or warranty of a Holder contained in Article IV of this Agreement such that the Closing condition set forth in Section 6.3(a) would not be satisfied, and in the
case of each of clauses (A) and (B) above, such breach, failure to perform or failure to satisfy such Closing condition, as applicable, (x) has not been waived by the Company or cured on or before the earlier of 30 days after
receipt by the Holders of written notice thereof and December 31, 2018 or (y) is incapable of being cured by the Holders by December 31, 2018; or 

(c) by any Holder with respect to itself only upon written notice of termination to the Company if the Closing has not occurred on or before
December 31, 2018; provided, that the right to terminate this Agreement pursuant to this Section 7.1(c) shall not be available to a Holder if the inability to satisfy any of the conditions to Closing was due
primarily to the failure of such Holder to perform any of its obligations under this Agreement. 
 Section 7.2
Survival. Notwithstanding the provisions of Section 7.1, the provisions of Section 3.33, Section 4.9, Section 5.6, Article VIII and
Article IX hereof shall survive the termination of this Agreement indefinitely. 
 Article VIII: 

INDEMNIFICATION 

Section 8.1 Indemnification. The Obligors agree to indemnify each of the Holders and their respective
directors, officers, partners, employees, members, managers and agents (each, a “Indemnified Party” and, collectively, the “Indemnified Parties”) from and against any costs, losses, liabilities, damages, or
expenses, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or
reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever (including the reasonable and documented fees and disbursements of counsel and all other reasonable and documented expenses incurred in
connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them) (collectively, “Losses”), as a result of, arising out of, or resulting from any
Third-Party Claim (as defined herein) asserted against such Indemnified Party arising from or in any way related to, or as a result of any action taken or purported to have been taken by such Indemnified Party in connection with the consummation of,
the transactions contemplated by this Agreement and the other Transaction Documents. 
 Section 8.2
Indemnification Procedures. Promptly after any Indemnified Party has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third Person (other than the Company and its Affiliates or
any other Holder or its Affiliates) (each a “Third-Party Claim”), which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the Company prompt written notice
of such Third-Party Claim or the commencement of such action, suit or proceeding, but failure to so notify the Company will not relieve the Indemnifying Party from any liability it 

  
 23 

 
may have to such Indemnified Party hereunder except to the extent that the Company is prejudiced by such failure. Such notice shall state the nature and the basis of such Third-Party Claim to the
extent then known. The Company shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Company pursues the same diligently and
in good faith. If the Company undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Company and its counsel in all commercially reasonable
respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Company with any books, records and other information reasonably requested by the Company and in the Indemnified
Party’s possession or control; provided, that such disclosure would not affect any privilege relating to the Indemnified Party or result in a violation of law or any confidentiality obligation; provided, further, that such
requesting party shall, if reasonably requested by the Indemnified Party, enter into a reasonably and customary confidentiality agreement relating to such request. Such cooperation of the Indemnified Party shall be at the reasonable cost of the
Company, including the reasonable and documented fees and disbursements of counsel to assist the Indemnified Party in connection with such cooperation. After the Company has notified the Indemnified Party of its intention to undertake to defend or
settle any such asserted liability, and for so long as the Company diligently pursues such defense, the Company shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of
such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if
the Company has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party, then the Indemnified Party shall have the right to select its own counsel and to assume such legal defense and otherwise to participate in
the defense of such action, with the reasonable expenses and fees of one such counsel (in addition to local counsel) and other reasonable expenses related to such participation to be reimbursed by the Company as incurred. Notwithstanding any other
provision of this Agreement, (x) the Company shall not settle any indemnified Third-Party Claim without the consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), unless the settlement
thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party and (y) the Indemnified Party shall not settle any
indemnified Third-Party Claim without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed). 

Section 8.3 Limitation on Indemnity. Notwithstanding anything to the contrary in this Agreement, none of the
Company nor its Affiliates shall be required to indemnify or hold harmless any Indemnified Party if a court of competent jurisdiction shall have finally determined that any Losses resulted from the bad faith, gross negligence or willful misconduct
of such Indemnified Party, from a willful and material breach by a Holder of its obligations under this Agreement or from a claim solely among the Indemnified Parties. To the extent that the Company or its Affiliates have provided indemnification
pursuant to this Article VIII prior to any such determination by a court of competent jurisdiction, each Indemnified Party so determined to have suffered Losses as a result of bad faith, gross negligence or willful misconduct shall promptly
refund to the Company, by wire transfer of immediately available funds, any amounts so advanced by the Company or its Affiliates. 

  
 24 

 Article IX: 

MISCELLANEOUS 

Section 9.1 Severability. The invalidity or unenforceability of any provision hereof will in no way affect the
validity or enforceability of any other provision or the validity and enforceability of this Agreement in any other jurisdiction. 

Section 9.2 Expenses. The Company shall reimburse the Holders for all reasonable and documented fees and
disbursements of Davis Polk & Wardwell LLP, primary counsel to the Holders, and Osler, Hoskin & Harcourt LLP, primary Canadian counsel to the Holders. The Company shall reimburse the Holders for all such costs and expenses
(i) on the Closing Date, if incurred prior to the Closing Date, (ii) within 90 days of the Closing Date, if incurred on or after the Closing Date or (iii) within 90 days of the termination of this Agreement if this Agreement is
terminated and the Closing does not occur. 
 Section 9.3 Governing Law; Jurisdiction. This Agreement will
in all respects be construed in accordance with and governed by the substantive laws of the State of New York, without reference to its choice of law rules. All actions or proceedings arising out of or relating to this Agreement will be heard and
determined exclusively in any federal court of the United States of America sitting in the City of New York, Borough of Manhattan; provided, that if such federal court does not have jurisdiction over such action or proceeding, such action or
proceeding will be heard and determined exclusively in any state court sitting in the City of New York, Borough of Manhattan. Consistent with the preceding sentence, the parties hereto hereby (i) submit to the exclusive jurisdiction of any
federal or state court sitting in City of New York, Borough of Manhattan, for the purpose of any action or proceeding arising out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waive, and agree not to assert
by way of motion, defense, or otherwise, in any such action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action
or proceeding is brought in an inconvenient forum, that the venue of the action or proceeding is improper, or that this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts. 

Section 9.4 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). EACH PARTY HERETO CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 25 

 Section 9.5 Headings. Section headings in this Agreement
are included herein for convenience of reference only and will not constitute a part of, or affect the interpretation of, this Agreement. 

Section 9.6 Certain Definitions. Capitalized terms in this Agreement shall have the meanings specified below,
or as specified elsewhere in this Agreement, for all purposes hereof. The following terms, as used in this Agreement, shall have the meanings as set forth below: 

(a) “Affiliate” means, with respect to a specified Person, any other Person, directly or indirectly Controlling or Controlled
by or under direct or indirect common Control with such specified Person; provided, that the Obligors, Affiliates of the Obligors, any portfolio company of the Holders or any Affiliates of any portfolio company of the Holders (which entities
are not otherwise Affiliates of the Holders and would only be deemed Affiliates pursuant to their relationship with one or more portfolio companies of the Holders) shall not be deemed an Affiliate of any Holder. 

(b) “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in
effect, or any successor statute. 
 (c) “Business Day” means any day other than a day on which banks are permitted or
required to be closed in New York City. 
 (d) “Control,” “Controlling” or “Controlled”
means, as to a specified Person, the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 

(e) “Credit Facility” means the Credit Agreement, dated as of April 12, 2017, among the Company and UP Energy
Corporation, as parent guarantors, the Issuer, as borrower, Bank of Montreal, as administrative agent, and the lenders and other parties party thereto, as amended and supplemented to date. 

(f) “Exchange” means the exchange of Old Notes for New Notes and Warrants as described in
Section 1.1 of this Agreement in accordance with the terms hereof. 
 (g) “First Lien Agent”
means the agent under the Credit Facility and the Term Loan Agreement. 
 (h) “Confidentiality Agreements” mean the
Confidentiality Agreements, dated September 25, 2018, between the Company and certain of the Holders, as amended and supplemented to date. 

(i) “Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any
Vice President, the Treasurer or the Secretary of the Company or the Issuer, as applicable. 
 (j) “Person” means any
individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

  
 26 

 (k) “Term Loan Agreement” means the Senior Secured Term Loan Agreement
dated as of April 12, 2017, among the Company and UP Energy Corporation, as parent guarantors, the Issuer, as borrower, Barclays Bank PLC, as administrative agent and the lenders and other parties party thereto. 

Section 9.7 Counterparts. This Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument, and either of the parties hereto may execute this Agreement by signing any such counterpart. A facsimile transmission of this Agreement bearing a signature on behalf of a party hereto shall be
legal and binding on such party. 
 Section 9.8 Assignment; Binding Effect. Each Holder shall not convey,
assign or otherwise transfer any of its rights or obligations under this Agreement without the express written consent of the Issuer, and none of the Obligors shall convey, assign or otherwise transfer any of its rights and obligations under this
Agreement without the express written consent of each Holder. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

Section 9.9 Waiver; Remedies. No delay on the part of any Holder or the Issuer in exercising any right, power
or privilege under this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any Holder or the Issuer of any right, power or privilege under this Agreement operate as a waiver of any other right, power or privilege of
such party under this Agreement, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege under this
Agreement. 
 Section 9.10 Specific Performance. The parties hereto agree that irreparable damage would
occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this agreement or to enforce specifically the performance
of the terms and provisions hereof in addition to any other remedy to which they are entitled at law or in equity. 

Section 9.11 Entire Agreement. This Agreement represents the entire agreement between the parties hereto with
respect to the transactions contemplated hereby. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the parties hereto with respect to the subject matter hereof. 

Section 9.12 Amendment. This Agreement may be modified or amended only by written agreement of each of the
parties to this Agreement. 

  
 27 

 Section 9.13 Notice. Any notice or communications hereunder
shall be in writing and will be deemed to have been given if delivered in person or by electronic transmission or by registered or certified first-class mail or courier service to the following addresses, or such other addresses as may be furnished
hereafter by notice in writing: 
 if to the Issuer: 

116 Inverness Drive East, Suite 400, 

Englewood, Colorado 80112 

Attention: Chief Executive Officer 

Chief Financial Officer 
 with
copies to: 
 116 Inverness Drive East, Suite 400, 

Englewood, Colorado 80112 

Attention: Legal Department 
 and

 Kirkland & Ellis LLP 

609 Main Street 
 Houston, Texas
77002 
 Attention: Matthew R. Pacey 

Brooks Antweil 
 Facsimile: (713)
836-3786 
 Email:       matt.pacey@kirkland.com 

      brooks.antweil@kirkland.com 

if to the Holders: 
 As set forth
on each Holder’s signature page hereto. 
 with copies to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention: Damian S. Schaible 

Eli J. Vonnegut 
 Email:
      damian.schaible@davispolk.com 
       eli.vonnegut@davispolk.com 

Section 9.14 Disclosure of Personal Information. Each Holder acknowledges that this Agreement requires the
Holder to provide certain personal information to the Company. That information is being collected by the Company for the purposes of completing this private placement, which includes, without limitation, determining the Subscriber’s
eligibility to acquire the Securities under the Securities Act and applicable Canadian Securities Laws and completing filings required by any securities regulatory authority. The Holder’s personal information may be disclosed by the Company to:
(a) securities regulatory authorities; (b) the Company’s registrar and 

  
 28 

 
transfer agent and the Trustee; (c) any government agency, board or other entity; and (d) the Company’s legal counsel, and may be included in record books in connection with the
transactions contemplated hereby. By executing this Agreement, each Holder is deemed to be consenting to the foregoing collection, use and disclosure of the Holder’s personal information. If the Holder is resident in the Province of Ontario,
the Holder is notified by the Company that the Company is required to provide information (“personal information”) pertaining to the Holder required to be disclosed in Schedule I of Form
45-106F1 under NI 45-106 (including the Holder’s name, residential address, telephone number, number of Securities acquired, purchase price therefor, statutory
exemption relied on and date of distribution), which Form 45-106F1 is required to be filed by the Company under NI 45-106; the personal information will be delivered to
the Ontario Securities Commission (the “OSC”) in accordance with NI 45-106; such personal information is being collected indirectly by the OSC under the authority granted to it in securities
legislation; such personal information is being collected for the purposes of the administration and enforcement of the securities legislation of Ontario; and the public official in Ontario who can answer questions about the OSC’s indirect
collection of such personal information is the Administrative Support Clerk at the OSC, Suite 1903, Box 55, 20 Queen Street West, Toronto, Ontario M5H 3S8, Telephone: (416) 593-3684. By executing this
Agreement, the Holder hereby authorizes the indirect collection of such personal information by the OSC. 

Section 9.15 Judgment Currency. Each of the Issuer and the Guarantors, jointly and severally, agree to
indemnify each Holder, its directors, officers, affiliates and each person, if any, who controls such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (each, a
“Holder Indemnified Party”), against any loss incurred by such Holder as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the
“judgment currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or
order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person; provided that neither the Issuer nor any
Guarantor (including the Company) shall have any obligation to indemnify any Holder Indemnified Party against any such loss if the judgment or order is being made pursuant to an action brought by the Issuer, the Company, any Guarantor or any of
their respective Affiliates against such Holder Indemnified Party. The foregoing indemnity shall constitute a separate and independent obligation of the Issuer and each Guarantor and shall continue in full force and effect notwithstanding any such
judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. 

[Signature pages follow] 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective duly authorized officers, as of the date first above written. 
  

			
	ULTRA RESOURCES, INC.

 
			
		
	By:	 	/s/ Brad Johnson

 
			
	Name:	 	 Brad Johnson

	Title:	 	 President and Chief Executive
Officer

  

			
	ULTRA PETROLEUM CORP.

 
			
		
	By:	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	Interim Chief Executive Officer

  

			
	UP ENERGY CORPORATION

 
			
		
	 By:
	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer

  

			
	KEYSTONE GAS GATHERING, LLC

 
			
		
	 By:
	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer

  

			
	ULTRA WYOMING, LLC

 
			
		
	 By:
	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer

  

			
	UPL PINEDALE, LLC

 
			
		
	 By:
	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer

 [Signature Page
to Exchange Agreement] 

 
			
	UPL THREE RIVERS HOLDINGS, LLC

 
			
		
	 By:
	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer

  

			
	ULTRA WYOMING LGS, LLC

 
			
		
	 By:
	 	/s/ Brad Johnson

 
			
	Name:	 	Brad Johnson
	Title:	 	President and Chief Executive Officer

 [Signature Page
to Exchange Agreement] 

 
			
	 NAME OF HOLDER:

 
 [HOLDER],

on behalf of funds and/or accounts managed and/or advised by it and/or its affiliates

			
		
	 By:
	 	/s/ Holder Representative

 
			
	 Name:
	 	
	 Title:
	 	
		
	 Address:
	 	
	
	 
	
	 
	
	 
		
	 Email:
	 	
	
	 

 [Signature Page to Exchange Agreement] 

 
			
	 NAME OF HOLDER:

 
 [HOLDER],

on behalf of funds and/or accounts managed and/or advised by it and/or its affiliates

			
		
	 By:
	 	/s/ Holder Representative

 
			
	 Name:
	 	
	 Title:
	 	
		
	 Address:
	 	
	
	 
	
	 
	
	 
		
	 Email:
	 	
	
	 

 [Signature Page to Exchange Agreement] 

 Schedule I 

[attached] 

 Exhibit A 

Form of New Indenture 

[attached] 

  
 A-1 

 Exhibit B 

Form of Warrant Agreement 

[attached] 

  
 B-1 

 Exhibit C-1 

List of Security Documents 
  

	1.	 That certain Second Lien Guaranty and Collateral Agreement, dated as of the Closing Date, among the Note
Parties (as defined therein) and the Collateral Agent. 

  

	2.	 Financing statements in respect of the foregoing. 

 

	3.	 That certain Second Lien Mortgage, Deed of Trust, Assignment of
As-Extracted Collateral, Security Agreement, Fixture filing and Financing Statement, dated as of the Closing Date among the Mortgagors (as defined therein) and the Collateral Agent as Mortgagee.

  

	4.	 That certain First Lien/Second Lien Intercreditor Agreement dated as of the Closing Date, among the Revolving
Administrative Agent (as defined therein), the Term Loan Administrative Agent (as defined therein) and the Collateral Agent. 

  
 C-1 

 Exhibit C-2 

Form of Guaranty and Collateral Agreement 

[attached] 

  
 C-2-1 

 Exhibit C-3 

Form of Mortgages 

[attached] 

  
 C-3-1 

 Exhibit D 

Form of Intercreditor Agreement 

[attached] 

  
 D-1 

 Exhibit E 

Form of Director Nomination Agreement 

[attached] 

  
 E-1 

 Exhibit F-1 

Form of Corporate Opinion of Kirkland & Ellis LLP to the Holders 

[attached] 

  
 F-1 

 Exhibit F-2 

Form of Collateral Opinion of Kirkland & Ellis LLP to the New Notes Trustee and the Holders 

[attached] 

  
 F-2 

 Exhibit G-1 

Form of Corporate Opinion of Lackowicz & Hoffman 

[attached] 

  
 G-1 

 Exhibit G-2 

Form of Collateral Opinion of Lackowicz & Hoffman 

[attached] 

  
 G-2 

 Exhibit H 

Form of Opinion of Bennett Jones LLP 

[attached] 

  
 H-1 

 Exhibit I 

Form of Consent to Supplemental Indenture 

[MONTH] [DAY], 2018 

Pursuant to Section 9.2 of the indenture, dated as of April 12, 2017 (the “Indenture”), among Ultra Resources,
Inc., a Delaware corporation (the “Issuer”), Ultra Petroleum Corp., a company incorporated under the laws of the territory of Yukon, Canada (the “Company”), the subsidiary guarantors party thereto (the
“Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”) providing for the issuance of the Company’s (i) 6.875% Senior Notes due 2022 (the “2022 Notes”) and
(ii) 7.125% Senior Notes due 2025 (together with the 2022 Notes, the “Notes”), the undersigned Holders, holding greater than a majority of the aggregate principal amount of the 2022 Notes outstanding and greater than a majority
of the aggregate principal amount of the 2025 Notes outstanding, hereby consent to the amendments to the Indenture provided for in the First Supplemental Indenture (the “Amendments”), dated as of the date of this consent (this
“Consent”), among the Issuer, the Company, the Guarantors and the Trustee, in the form attached hereto as Annex A (the “First Supplemental Indenture”). Capitalized terms used, but not defined, in this Consent shall
have the meaning defined in such First Supplemental Indenture. 
 In order to be adopted, the Amendments must be consented to by the Holders
of at least a majority of the outstanding aggregate principal amount of each of the 2022 Notes and the 2025 Notes (the “Requisite Consents”). In the event that the Issuer does not receive the Requisite Consents prior to the
termination of the Exchange Agreement, dated December 17, 2018, between the Company, the Issuer and certain of the Holders, in accordance with the terms and conditions thereof, the Indenture will remain in effect in its current form, and this
Consent will be deemed to have been automatically revoked as of such date and will be of no further force and effect. 
 [Signature page
follows] 

  
 I-1 

 IN WITNESS WHEREOF, the undersigned has caused this instrument to be duly executed as of the
date first above written. 
  

			
	 NAME OF HOLDER:
  

[HOLDER]

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  
 I-2 

 Annex A 

Form of Supplemental Indenture 

[attached] 

  
 A-1 

 Exhibit J 

Form of Qualification Certificate 
  

	TO:	 Ultra Petroleum Corp. (the “Company”) and Ultra Resources, Inc. (the
“Issuer”) 

	RE:	 Exchange Agreement dated December 17, 2018 between the Company, the Issuer and the Holders, among others
(“Exchange Agreement”) 

 Instructions: Please complete this Qualification Certificate, including Schedule A. 

In connection with the Exchange Agreement, the undersigned Holder hereby represents and warrants to the Issuer and the Company that: 

 

	6.	 The undersigned is (and at the time of purchase will be) resident in the jurisdiction in which the
“Subscriber’s Address” set forth below is located, and is not a resident of any other jurisdiction; 

  

	7.	 The undersigned is (or is deemed under applicable securities laws to be) acquiring Notes and Warrants as
principal for its own account, and not on behalf of or for the account or benefit of any other person, for investment purposes only and not with a view to the resale or distribution of all or any of such securities; 

 

	8.	 The undersigned is (and at the time of purchase will be) an “accredited investor” within the meaning
of National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) of the Canadian Securities Administrators by virtue of satisfying the
indicated criterion as set out in Schedule A attached to this certificate; 

  

	9.	 This Qualification Certificate (including Schedules A and B hereto) shall be incorporated into and form a part
of the Exchange Agreement; 

  

	10.	 All capitalized terms used but not defined herein shall have the meaning ascribed thereto in the Exchange
Agreement. 

 Without limiting any other acknowledgments and consents set forth in the Exchange Agreement of which this certificate forms
a part, the undersigned: (i) acknowledges that the Company and Issuer may be required to file with applicable securities regulatory authorities reports or forms that disclose the Holder’s name, address and contact information, and the
number and purchase price of the Securities acquired; (ii) consents to such disclosure; and (iii) acknowledges that such information is or may be made available to the public in accordance with applicable securities laws and regulatory
policy. 
 DATE:                     , 2018. 

(Name of Holder - please print) 
  

			
	By:	 	 
		 	(Authorized Signature)

  

	
	   

	(Official Capacity or Title - please print)

  

	
	   

 (Print name of individual whose signature appears above if different than name of Holder printed above.) 

 

	
	   

	(Holder’s Address – including postal code)
	
	 

  

	
	   

	(Daytime Telephone Number)    (E-Mail Address)

  

	
	   

 (Social Insurance Number / Business Number / Other Tax ID Number) 

  
 J-1 

 SCHEDULE A TO QUALIFICATION CERTIFICATE 

Accredited Investor Status – Canada 

Section 2.3 of National Instrument 45-106 of the Canadian Securities Administrators /
Section 73.3 of the Securities Act (Ontario) 
 INSTRUCTION TO INVESTOR: Complete this Schedule A by placing your initials beside each
provision of the following definition that truly and accurately describes you. 
 The investor certifies being an “Accredited
Investor” within the meaning of National Instrument 45-106 of the Canadian Securities Administrators on the basis of being: 

 

			
	         (d)	  	a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer;
		
	         (e)	  	an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d);
		
	         (e.1)	  	an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the
Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);
		
	         (j)	  	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $1,000,000; [Note—If this is the
basis on which you are an “accredited investor” you must also complete and deliver Exhibit II.]
		
	         (j.1)	  	an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000;
		
	         (k)	  	an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar
years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; [Note—If this is the basis on which you are an “accredited investor” you must also complete and deliver Exhibit
II.]
		
	         (l)	  	an individual who, either alone or with a spouse, has net assets of at least $5,000,000; [Note—If this is the basis on which you are an “accredited investor” you must also complete and deliver Exhibit
II.]
		
	         (m)	  	a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;
		
	         (n)	  	an investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the
circumstances referred to in section 2.10 [Minimum amount investment] of NI 45-106 or 2.19 [Additional investment in investment funds] of NI 45-106, or
(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106;
		
	         (o)	  	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;
		
	         (p)	  	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction,
acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be;
		
	         (q)	  	a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of
Canada or a foreign jurisdiction;
		
	         (t)	  	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;
		
	         (u)	  	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser;
		
	         (v)	  	a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or
		
	         (w)	  	a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited
investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former
spouse.

  
 J-2 

 All monetary references in this Schedule A are in Canadian dollars. 

For the purposes of this Schedule A: 

“financial assets” means (i) cash, (ii) securities, or (iii) a contract of insurance, a deposit or an evidence of a deposit
that is not a security for the purposes of securities legislation; 
 “foreign jurisdiction” means a country other than Canada or a
political subdivision of a country other than Canada; 
 “fully managed account” means an account of a client for which a person
makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction; 

“investment fund” means a mutual fund or a non-redeemable investment fund (and, for greater
certainty, in British Columbia includes an employee venture capital corporation that does not have a restricted constitution, and is registered under Part 2 of the Employee Investment Act (British Columbia) and whose business objective is
making multiple investments, and a venture capital corporation registered under Part 1 of the Small Business Venture Capital Act (British Columbia) whose business objective is making multiple investments); 

“jurisdiction” means a province or territory of Canada (except when used in the term “foreign jurisdiction”); 

“person” includes (i) an individual, (ii) a corporation, (iii) a partnership, trust, fund and an association,
syndicate, organization or other organized group of persons, whether incorporated or not, and (iv) an individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative;

 “related liabilities” means (i) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of
financial assets, or (ii) liabilities that are secured by financial assets; and 
 “spouse” means, an individual who
(i) is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual, (ii) is living with another individual in a marriage-like relationship, including a
marriage-like relationship between individuals of the same gender, or (iii) in Alberta, is an individual referred to in clause (i) or (ii), or is an adult interdependent partner within the meaning of the Adult Interdependent
Relationships Act (Alberta). 

  
 J-3 

 Exhibit K 

Form of Supplemental Indenture 

[attached] 

  
 K-1 

 Exhibit L 

Form of Transferee Joinder 
 The
undersigned (“Transferee”) hereby (i) acknowledges that it has read and understands the Exchange Agreement (the “Agreement”), dated as of December 17, 2018 among Ultra Resources, Inc., Ultra Petroleum Corp.,
certain subsidiary guarantors party thereto and [Transferor’s Name] and the other holders party thereto and (ii) agrees to be bound by the terms and conditions thereof to the extent and in the same manner as if Transferee was a Holder
thereunder, and shall be deemed a “Holder” under the terms of the Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Agreement. 

Date: 
  

			
	[Transferee’s Name]

 
			
		
	By:	 	 
	Name:
	Title:

  

			
	Aggregate Amount of Exchanged Notes held by the Transferee:
                    
	
	 [Address]

Attention: [•]

Fax: [•]

Email: [•]

  
 L-1EX-10.2

 Exhibit 10.2 

WARRANT AGREEMENT 

between 
 ULTRA PETROLEUM
CORP., 
 COMPUTERSHARE INC. 

and 
 COMPUTERSHARE TRUST
COMPANY N.A., 
 as Warrant Agent 

Dated as of December 21, 2018 

Warrants to Purchase Common Shares 
  

 TABLE OF CONTENTS 

 

											
	 	  	 	 	  	 	  	Page	 
	1.	  	 	Definitions	  	 	1	 
			
	2.	  	 	Warrant Certificates	  	 	6	 
		  	 	2.1	 	  	Original Issuance of Warrants	  	 	6	 
		  	 	2.2	 	  	Form of Warrant Certificates	  	 	7	 
		  	 	2.3	 	  	Execution and Delivery of Warrant Certificates	  	 	7	 
		  	 	2.4	 	  	Global Warrant Certificates	  	 	7	 
			
	3.	  	 	Exercise and Expiration of Warrants	  	 	9	 
		  	 	3.1	 	  	Right to Acquire Common Shares Upon Exercise	  	 	9	 
		  	 	3.2	 	  	Exercise and Expiration of Warrants	  	 	9	 
		  	 	3.3	 	  	Application of Funds upon Exercise of Warrants	  	 	12	 
		  	 	3.4	 	  	Payment of Taxes	  	 	12	 
		  	 	3.5	 	  	Cancellation of Warrant Certificates	  	 	12	 
		  	 	3.6	 	  	Shares Issuable	  	 	12	 
		  	 	3.7	 	  	Cashless Exercise	  	 	13	 
		  	 	3.8	 	  	Cost Basis Information	  	 	13	 
			
	4.	  	 	Dissolution, Liquidation or Winding up	  	 	14	 
			
	5.	  	 	Adjustments	  	 	14	 
		  	 	5.1	 	  	Adjustments	  	 	14	 
		  	 	5.2	 	  	Fractional Interest	  	 	22	 
		  	 	5.3	 	  	No Other Adjustments	  	 	22	 
	6.	  	 	Loss or Mutilation	  	 	23	 
			
	7.	  	 	Reservation and Authorization of Common Shares	  	 	23	 
			
	8.	  	 	Warrant Transfer Books	  	 	24	 
			
	9.	  	 	Warrant Holders	  	 	25	 
		  	 	9.1	 	  	No Voting or Dividend Rights	  	 	25	 
		  	 	9.2	 	  	Rights of Action	  	 	26	 
		  	 	9.3	 	  	Treatment of Holders of Warrant Certificates	  	 	26	 
			
	10.	  	 	Concerning the Warrant Agent	  	 	26	 
		  	 	10.1	 	  	Rights and Duties of the Warrant Agent.	  	 	26	 
		  	 	10.2	 	  	Limitation of Liability.	  	 	29	 
		  	 	10.3	 	  	Indemnification.	  	 	29	 
		  	 	10.4	 	  	Right to Consult Counsel	  	 	30	 
		  	 	10.5	 	  	Compensation and Reimbursement	  	 	30	 
		  	 	10.6	 	  	Warrant Agent May Hold Company Securities	  	 	30	 
		  	 	10.7	 	  	Resignation and Removal; Appointment of Successor	  	 	30	 
		  	 	10.8	 	  	Appointment of Countersigning Agent	  	 	31	 

  
 i 

											
			
	11.	  	 	Notices	  	 	32	 
		  	 	11.1	 	  	Notices Generally	  	 	32	 
		  	 	11.2	 	  	 Required Notices to Holders
	  	 	33	 
			
	12.	  	 	 Inspection
	  	 	34	 
			
	13.	  	 	 Amendments
	  	 	34	 
			
	14.	  	 	 Waivers
	  	 	35	 
			
	15.	  	 	 Successor to Company
	  	 	35	 
			
	16.	  	 	 Headings
	  	 	36	 
			
	17.	  	 	 Counterparts
	  	 	36	 
			
	18.	  	 	 Severability
	  	 	36	 
			
	19.	  	 	 No Redemption
	  	 	36	 
			
	20.	  	 	 Persons Benefiting
	  	 	36	 
			
	21.	  	 	 Applicable Law; Submission to Jurisdiction; Service of Process; Waiver of
Immunity
	  	 	37	 
			
	22.	  	 	 Entire Agreement
	  	 	38	 
			
	23.	  	 	 Force Majeure
	  	 	38	 
			
	24.	  	 	 Further Assurances
	  	 	38	 
			
	25.	  	 	 Information Rights
	  	 	38	 
			
	26.	  	 	 Confidentiality
	  	 	38	 
			
	27.	  	 	 Tax Treatment
	  	 	38	 

 EXHIBITS 
  

			
		
	Exhibit A	  	Form of Warrant Certificate
		
	Exhibit B	  	Form of Lock-Up Agreement

  
 ii 

 WARRANT AGREEMENT 

This Warrant Agreement (as may be supplemented, amended or amended and restated pursuant to the applicable provisions hereof, this
“Agreement”), dated as of December 21, 2018, between Ultra Petroleum Corp., a corporation incorporated under the Yukon Business Corporations Act (and any Successor Company that becomes successor to the Company in
accordance with Section 15) (the “Company”), Computershare Inc., a Delaware corporation (“Computershare”) and its wholly-owned subsidiary Computershare Trust Company, N.A., a
federally chartered trust company (and any successors of such Warrant Agent appointed in accordance with the terms hereof) (collectively, the “Warrant Agent”). Capitalized terms that are used in this Agreement shall have the
meanings set forth in Section 1 hereof. 
 WITNESSETH THAT: 

WHEREAS, the Corporation and the other parties thereto have entered into an Exchange Agreement, dated as of December 17, 2018 (the
“Exchange Agreement”), pursuant to which the Company proposes to issue and deliver Warrants (as defined below) to purchase up to an aggregate of 10,919,499 Common Shares (as defined below), subject to adjustment as provided
herein, and the Warrant Certificates evidencing such Warrants; 
 WHEREAS, each Warrant shall entitle the registered owner thereof to
purchase one Common Share, subject to adjustment as provided herein; and 
 WHEREAS, the Company desires that the Warrant Agent act
on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, exchange, transfer, substitution and exercise of Warrants. 

NOW THEREFORE, in consideration of the mutual agreements herein contained, the Company and the Warrant Agent agree as follows: 

 

	1.	 Definitions. 

“Action” has the meaning set forth in Section 11.2. 

“Adjustment Events” has the meaning set forth in Section 5.1. 

“Affiliate” of any specified Person, means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such specified Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent Members” has the meaning set forth in Section 2.4(b). 

“Agreement” has the meaning set forth in the preamble hereto. 

 “Applicable Procedures” means, with respect to any transfer or
exchange of, or exercise of any Warrants evidenced by, any Global Warrant Certificate, the rules and procedures of the Depositary that apply to such transfer, exchange or exercise. 

“Appropriate Officer” means the Chief Executive Officer, President, Chief Financial Officer and any Vice President,
Treasurer or Secretary of the Company. 
 “Board of Directors” means either the board of directors of the Company or
any duly authorized committee of that board. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not (i) a legal holiday in the State of New York or (ii) a day on which banking institutions and trust companies in the State of New York or the Depositary are authorized or obligated by law, regulation or executive order
to close. 
 “Cash Transaction” means any Transaction in which the holders of Common Shares receive solely cash in
respect of their Common Shares. 
 “Cashless Exercise” has the meaning set forth in
Section 3.7. 
 “Cashless Exercise Current Market Price” means the Current Market Price of
the Common Shares on the Exercise Date with respect to any Cashless Exercise. 
 “Cashless Exercise Warrant” has the
meaning set forth in Section 3.7. 
 “Commission” means the Securities and Exchange
Commission, or any other federal agency at the time administering the Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 

“Common Shares” means, subject to the provisions of Section 5.1(h), the common shares, no
par value, of the Company. 
 “Company” means the company identified in the preamble hereof. 

“Company Order” means a written request or order signed in the name of the Company by its Chairman of the
Board, its Chief Executive Officer, its President, any Vice President, its Treasurer, any Assistant Treasurer, its Secretary or any Assistant Secretary, and delivered to the Warrant Agent. 

“Company Selected Expert” has the meaning set for in Section 5.1(f)(vi)(B). 

“corporation” means a corporation, association, company (including limited liability company), joint-stock company,
business trust or other similar entity. 
 “Countersigning Agent” means any Person authorized by the Warrant Agent
to act on behalf of the Warrant Agent to countersign Warrant Certificates. 

  
 2 

 “Current Market Price” means on any date: 

(i) if the reference is to the per share price of Common Shares on any date herein specified and if on such date the Common
Shares are listed or admitted to trading on any U.S. national securities exchange or traded and quoted in the over-the-counter market in the United States: 

(A) for the purpose of any computation under this Agreement (except under Section 5.2), the average
of the Quoted Prices for the 30 consecutive Trading Days ending on the Trading Day that is or next precedes the date in question; or 

(B) for the purposes of any computation under Section 5.2, the Quoted Price for such date or, if such
date is not a Trading Day, for the next preceding Trading Day; or 
 (ii) if the reference is to the per share price of
Common Shares on any date herein specified and if on such date the Common Shares are not listed or admitted to trading on any U.S. national securities exchange or traded and quoted in the over-the-counter market in the United States, the amount which a willing buyer would pay a willing seller in an arm’s length transaction on such date (neither being under any compulsion to buy or sell)
for one Common Share as determined as of such date by the Board of Directors of the Company in good faith and in a commercially reasonable manner, whose determination shall be conclusive and evidenced by a certificate of such officer delivered to
the Warrant Agent. 
 For the avoidance of doubt, no appraisal of any Person or third-party (other than the Board of Directors of the Company as further
described in clause (ii)) above shall be permitted or required to determine the Current Market Price. 
 “Definitive Warrant
Certificate” means a Warrant Certificate registered in the name of the Holder thereof that does not bear the Global Warrant Legend and that does not have a “Schedule of Decreases of Warrants” attached thereto. 

“Depositary” means DTC and its successors as depositary hereunder. 

“DTC” means The Depository Trust Company. 

“Ex-Dividend Date” means the first date on which the Common Shares trade on
the applicable exchange or in the applicable market, regular way, without the right to receive the dividend or distribution in question, from the Company or, if applicable, from the seller of Common Shares on such exchange or market (in the form of
due bills or otherwise) as determined by such exchange or market. 
 “Exchange Act” means the Securities Exchange
Act of 1934 and any statute successor thereto, in each case, as amended from time to time. 
 “Exercise Date” has
the meaning set forth in Section 3.2(g). 
 “Exercise Form” has the meaning set forth in
Section 3.2. 

  
 3 

 “Exercise Period” means the period from and including the Original
Issue Date to and including the Expiration Date. 
 “Exercise Price” means the exercise price per Common Share,
initially set at $0.01, subject to adjustment as provided in Section 5.1. 
 “Expiration
Date” means the earliest to occur of (x) the Scheduled Expiration Date, (y) the date of consummation of a Cash Transaction to which clause (iii) of Section 5.1(h) applies and (z) a
Winding Up. 
 “Funds” has the meaning set forth in Section 3.3. 

“Global Warrant Certificate” means a Warrant Certificate deposited with or on behalf of and registered in the name of
the Depositary or its nominee, that bears the Global Warrant Legend and that has the “Schedule of Decreases of Warrants” attached thereto. 

“Global Warrant Legend” means the legend set forth in Section 2.4(a). 

“Holder” means any Person in whose name at the time any Warrant Certificate is registered upon the Warrant Register
and, when used with respect to any Warrant Certificate, the Person in whose name such Warrant Certificate is registered in the Warrant Register. 

“Independent Financial Expert” means any independent investment banking or financial valuation firm of nationally
recognized standing (x) which does not (and whose directors, officers, employees and affiliates, to the knowledge of the Company, do not) have a material direct or indirect financial interest in the Company or any of its Affiliates and
(y) which has not been, within the last two years, and, at the time it is called upon to give independent financial advice to the Company or any of its Affiliates, is not (and none of whose directors, officers, employees or affiliates, to the
knowledge of the Company, is) a promoter, director or officer of the Company or any of its Affiliates or an underwriter with respect to any of the securities of the Company or any of its Affiliates. 

“Lock-Up Agreement” means an agreement signed by a Holder in the form set
forth in Exhibit A attached hereto. 
 “Notice Date” has the meaning set forth in
Section 5.1(f)(vi)(B). 
 “Original Issue Date” means December 21, 2018, the date on
which Warrants are originally issued under this Agreement. 
 “outstanding” when used with respect to any Warrants,
means, as of the time of determination, all Warrants theretofore originally issued under this Agreement except (i) Warrants that have been exercised pursuant to Section 3.2(a), (ii) Warrants that have
expired pursuant to Section 3.2(c), Section 4 or Section 5.1(h)(iii) and (iii) Warrants that have otherwise been acquired by the Company; provided,
however, that in determining whether the Holders of the requisite amount of the outstanding Warrants have given any request, demand, authorization, direction, notice, consent or waiver under the provisions of this Agreement, Warrants held
directly or beneficially by the Company or any Subsidiary or Affiliate of the Company or any of their respective employees shall be disregarded and deemed not to be outstanding. 

  
 4 

 “Person” means any individual, corporation, limited liability
company, partnership, joint venture, trust, any other entity, unincorporated organization or government or any agency or political subdivision thereof. 

“Quoted Price” means, on any Trading Day, with respect to the Common Shares, the VWAP of the Common Shares on such
Trading Day on the principal U.S. national securities exchange on which the Common Shares are listed or admitted to trading or, if the Common Shares are not listed or admitted to trading on any U.S. national securities exchange, the average of the
closing bid and asked prices in the over-the-counter market in the United States as furnished by any New York Stock Exchange member firm that shall be selected from time
to time by the Company for that purpose. 
 “Recipient” has the meaning set forth in
Section 3.2(f). 
 “Reference Property” has the meaning set forth in
Section 5.1(h). 
 “Required Warrant Holders” means Holders of Warrant Certificates
evidencing a majority of the then-outstanding Warrants. 
 “Scheduled Expiration Date” means July 14, 2025.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Specified Dividend” has the meaning set forth in Section 5.1(d). 

“Subsidiary” means a corporation (as defined in this Section 1) more than 50% of the
outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For purposes of this definition, “voting stock” means stock
which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

“Successor Company” has the meaning set forth in Section 15. 

“Trading Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, other than any day on which securities are
not traded on the applicable securities exchange or in the applicable securities market. 
 “Transaction” has the
meaning set forth in Section 5.1(h). 
 “Trigger Event” has the meaning set forth in
Section 5.1(d)(ii). 
 “unit of Reference Property” has the meaning set forth in
Section 5.1(h)(i)(A). 

  
 5 

 “VWAP” means the volume-weighted average price for trading hours of
the regular trading session (including any extensions thereof), determined without regard to pre-open or after-hours trading or any other trading outside of the trading hours of the regular trading session
(including any extensions thereof). 
 “Warrant Agent” has the meaning set forth in the preamble hereof. 

“Warrant Certificates” means those certain warrant certificates evidencing the Warrants, substantially in the form set
forth in Exhibit A attached hereto, which, for the avoidance of doubt, are either Global Warrant Certificates or Definitive Warrant Certificates. 

“Warrant Register” has the meaning set forth in Section 8. 

“Warrants” means those certain warrants to purchase initially up to an aggregate of 10,919,499 Common Shares at the
Exercise Price, subject to adjustment pursuant to Section 5, issued hereunder. 
 “Winding
Up” has the meaning set forth in Section 4. 
  

	2.	 Warrant Certificates. 

2.1 Original Issuance of Warrants. 

(a) On the Original Issue Date, one or more Global Warrant Certificates evidencing the Warrants shall be executed by the Company and delivered
to the Warrant Agent for countersignature, and the Warrant Agent shall, upon receipt of a Company Order and at the direction of the Company set forth therein, countersign and deliver such Global Warrant Certificates for original issuance to the
Depositary, or its custodian, for crediting to the accounts of its participants for the benefit of the holders of beneficial interests in the Warrants on the Original Issue Date pursuant to the Applicable Procedures of the Depositary on the Original
Issue Date. 
 (b) Except as set forth in Section 2.4, Section 3.2(e),
Section 6 and Section 8, the Global Warrant Certificates delivered to the Depositary (or a nominee thereof) on the Original Issue Date shall be the only Warrant Certificates issued or outstanding
under this Agreement. 
 (c) Each Warrant Certificate shall evidence the number of Warrants specified therein, and each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Common Share, subject to adjustment as provided in Section 5. 

(d) Each Warrant Certificate shall at all times bear an unrestricted CUSIP. 

  
 6 

 2.2 Form of Warrant Certificates. 

The Warrant Certificates evidencing the Warrants shall be in registered form only and substantially in the form set forth in Exhibit A
hereto, shall be dated the date on which countersigned by the Warrant Agent, shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of identification and such
legends and endorsements typed, stamped, printed, lithographed or engraved thereon (which does not impact the Warrant Agent’s rights, duties or immunities) as the officers of the Company executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation pursuant thereto or with any rule or regulation of any securities
exchange on which the Warrants may be listed, or to conform to usage. 
 2.3 Execution and Delivery of Warrant Certificates. 

(a) Warrant Certificates evidencing the Warrants which may be countersigned and delivered under this Agreement are limited to Warrant
Certificates evidencing 10,919,499 Warrants except for Warrant Certificates countersigned and delivered upon registration of transfer of, or in exchange for, or in lieu of, one or more previously countersigned Warrant Certificates pursuant to
Section 2.4, Section 3.2(e), Section 6 and Section 8. 

(b) The Warrant Agent is hereby authorized to countersign and deliver Warrant Certificates as required by
Section 2.1 or by Section 2.4, Section 3.2(e), Section 6 or Section 8. 

(c) The Warrant Certificates shall be executed in the corporate name and on behalf of the Company by the Chairman (or any Co-Chairman) of the Board of Directors, the Chief Executive Officer, the President or any one of the Vice Presidents of the Company under corporate seal reproduced thereon and attested to by the Secretary, the
Treasurer or one of the Assistant Secretaries of the Company, either manually or by facsimile signature printed thereon. The Warrant Certificates shall be countersigned, either by manual or facsimile signature, by the Warrant Agent and shall not be
valid for any purpose unless so countersigned. In case any officer of the Company whose signature shall have been placed upon any of the Warrant Certificates shall cease to be such officer of the Company before countersignature by the Warrant Agent
and issue and delivery thereof, such Warrant Certificates may, nevertheless, be countersigned by the Warrant Agent and issued and delivered with the same force and effect as though such person had not ceased to be such officer of the Company, and
any Warrant Certificate may be signed on behalf of the Company by such person as, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company, although at the date of the execution of this Agreement any
such person was not such officer. 
 2.4 Global Warrant Certificates. 

(a) Any Global Warrant Certificate shall bear the legend substantially in the form set forth in Exhibit A hereto (the
“Global Warrant Legend”). 
 (b) So long as a Global Warrant Certificate is registered in the name of the Depositary
or its nominee, members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Agreement with respect to the Warrants evidenced by such Global Warrant Certificate held on their behalf by the
Depositary or its custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Warrants, and as the sole Holder of such Warrant Certificate, for all
purposes. Accordingly, any such Agent Member’s beneficial interest in such Warrants will 

  
 7 

 
be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members, and neither the Company nor the
Warrant Agent shall have any responsibility or liability with respect to such records maintained by the Depositary or its nominee or its Agent Members. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any
agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a holder of any security. 
 (c) Any holder of a beneficial interest in Warrants evidenced by a
Global Warrant Certificate registered in the name of the Depositary or its nominee shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in the Warrants evidenced by such Global Warrant Certificate may be
effected only through a book-entry system maintained by the Holder of such Global Warrant Certificate (or its agent), and that ownership of a beneficial interest in Warrants evidenced thereby shall be reflected solely in such book-entry form. 

(d) Transfers of a Global Warrant Certificate registered in the name of the Depositary or its nominee shall be limited to transfers in whole,
and not in part, to the Depositary, its successors, and their respective nominees except as set forth in Section 2.4(e). Interests of beneficial owners in a Global Warrant Certificate registered in the name of the
Depositary or its nominee shall be transferred in accordance with the Applicable Procedures of the Depositary. 
 (e) A Global Warrant
Certificate registered in the name of the Depositary or its nominee shall be exchanged for Definitive Warrant Certificates only if the Depositary (i) has notified the Company that it is unwilling or unable to continue as or ceases to be a
clearing agency registered under Section 17A of the Exchange Act and (ii) a successor to the Depositary registered as a clearing agency under Section 17A of the Exchange Act is not able to be appointed by the Company within 90 days or
the Depositary is at any time unwilling or unable to continue as Depositary and a successor to the Depositary is not able to be appointed by the Company within 90 days. In any such event, each Global Warrant Certificate registered in the name of the
Depositary or its nominee shall be surrendered to the Warrant Agent for cancellation in accordance with Section 3.5, and the Company shall execute, and the Warrant Agent shall countersign and deliver, upon the
Company’s written instruction, to each beneficial owner identified by the Depositary, in exchange for such beneficial owner’s beneficial interest in such Global Warrant Certificate, Definitive Warrant Certificates evidencing, in the
aggregate, the number of Warrants theretofore represented by such Global Warrant Certificate with respect to such beneficial owner’s respective beneficial interest. Any Definitive Warrant Certificate delivered in exchange for an interest in a
Global Warrant Certificate pursuant to this Section 2.4(e) shall not bear the Global Warrant Legend. Interests in any Global Warrant Certificate may not be exchanged for Definitive Warrant Certificates other than as
provided in this Section 2.4(e). 
 (f) The holder of a Global Warrant Certificate registered in the name of the
Depositary or its nominee may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder of a Warrant Certificate is entitled to take under
this Agreement or such Global Warrant Certificate. 

  
 8 

 (g) Each Global Warrant Certificate will evidence such of the outstanding Warrants as will
be specified therein and each shall provide that it evidences the aggregate number of outstanding Warrants from time to time endorsed thereon and that the aggregate number of outstanding Warrants evidenced thereby may from time to time be reduced,
to reflect exercises or expirations. Any endorsement of a Global Warrant Certificate to reflect the amount of any decrease in the aggregate number of outstanding Warrants evidenced thereby will be made by the Warrant Agent (i) in the case of an
exercise, in accordance with the Applicable Procedures as required by Section 3.2(d) or (ii) in the case of an expiration, in accordance with Section 3.2(c). 

(h) The Company initially appoints DTC to act as Depositary with respect to the Global Warrant Certificates. 

(i) Every Warrant Certificate authenticated and delivered in exchange for, or in lieu of, a Global Warrant Certificate or any portion thereof,
pursuant to this Section 2.4 or Section 6 or Section 8, shall be authenticated and delivered in the form of, and shall be, a Global Warrant Certificate, and a Global
Warrant Certificate may not be exchanged for a Definitive Warrant Certificate, in each case, other than as provided in Section 2.4(e). Whenever any provision herein refers to issuance by the Company and countersignature and
delivery by the Warrant Agent of a new Warrant Certificate in exchange for the portion of a surrendered Warrant Certificate that has not been exercised, in lieu of the surrender of any Global Warrant Certificate and the issuance, countersignature
and delivery of a new Global Warrant Certificate in exchange therefor, the Warrant Agent, on the Company’s written instruction, may endorse such Global Warrant Certificate to reflect a reduction in the number of Warrants evidenced thereby in
the amount of Warrants so evidenced that have been so exercised. 
 (j) Beneficial interests in any Global Warrant Certificate may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Warrant Certificate in accordance with the Applicable Procedures. 

(k) At such time as all Warrants evidenced by a particular Global Warrant Certificate have been exercised or expired in whole and not in part,
such Global Warrant Certificate shall, if not in custody of the Warrant Agent, be surrendered to or retained by the Warrant Agent for cancellation in accordance with Section 3.5. 

 

	3.	 Exercise and Expiration of Warrants. 

3.1 Right to Acquire Common Shares Upon Exercise. Each Warrant Certificate shall, when countersigned by the Warrant Agent, entitle the
Holder thereof, subject to the provisions thereof and of this Agreement, to acquire from the Company, for each Warrant evidenced thereby, one Common Share at the Exercise Price, subject to adjustment as provided in this Agreement. The Exercise
Price, and the number of Common Shares obtainable upon exercise of each Warrant, shall be adjusted from time to time as required by Section 5.1. 

3.2 Exercise and Expiration of Warrants. 

(a) Exercise of Warrants. Subject to and upon compliance with the terms and conditions set forth herein, including
Section 3.2(b), a Holder of a Warrant Certificate may exercise all or any whole number of the Warrants evidenced thereby, on any Business Day from and after the Original Issue Date until 5:00 p.m., New York time, on
the Expiration Date, for the Common Shares obtainable thereunder. 

  
 9 

 (b) Condition to Exercise of Warrants. No Holder of a Warrant Certificate may
exercise any Warrant evidenced thereby until the Current Market Price of the Common Shares has equaled or exceeded $2.50 per share (subject to adjustment in the same manner as the Exercise Price) on any Trading Day. For the avoidance of doubt,
the Warrants shall be exercisable from and after any Trading Day on which the Current Market Price of the Common Shares has equaled or exceeded $2.50 per share (subject to adjustment in the same manner as the Exercise Price), regardless of the
Current Market Price of the Common Shares on the applicable Exercise Date. 
 (c) Expiration of Warrants. The Warrants, to the extent
not exercised prior thereto, shall automatically expire, terminate and become void as of 5:00 p.m., New York time, on the Expiration Date. No further action of any Person (including by, or on behalf of, any Holder, the Company, or the Warrant
Agent) shall be required to effectuate the expiration of Warrants pursuant to this Section 3.2(c). 
 (d)
Method of Exercise. In order for a Holder to exercise all or any of the Warrants represented by a Warrant Certificate, the Holder thereof must (i) (x) in the case of a Global Warrant Certificate, comply with the Applicable
Procedures of the Depositary to provide notice of the number of Warrants being exercised and, if applicable, whether Cashless Exercise is being elected with respect thereto, and deliver such Warrants by book-entry transfer through the facilities of
the Depositary to the Warrant Agent in accordance with the Applicable Procedures and otherwise comply with the Applicable Procedures in respect of the exercise of such Warrants or (y) in the case of a Definitive Warrant Certificate, at the
office of the Warrant Agent designated for such purpose, (I) deliver to the Warrant Agent an exercise form for the election to exercise such Warrants substantially in the form set forth in Exhibit A hereto (an
“Exercise Form”), setting forth the number of Warrants being exercised and, if applicable, whether Cashless Exercise is being elected with respect thereto, and otherwise properly completed and duly executed by the Holder
thereof accompanied by a signature guarantee and such other documentation as the Warrant Agent may reasonably request, and (II) surrender to the Warrant Agent the Definitive Warrant Certificate evidencing such Warrants; (ii) pay to the
Warrant Agent an amount equal to (x) all taxes required to be paid by the Holder, if any, pursuant to Section 3.4 prior to, or concurrently with, exercise of such Warrants and (y) except in the case of a Cashless
Exercise, the aggregate of the Exercise Price in respect of each Common Share into which such Warrants are exercisable, in case of (x) and (y), by wire transfer in immediately available funds, to the account (No. 4427699265; ABA
No. 026009593; Reference: Ultra Petroleum Corp.; Attention: Abby Cowart) of the Company at the Warrant Agent or such other account of the Company at such banking institution as the Company shall have given notice to the Warrant Agent and
such Holder in accordance with Section 11.1(b); and (iii) deliver to the Company, with a copy to the Warrant Agent, a Lock-Up Agreement with respect to the Common Shares to be
received on exercise of such Warrants. 
 (e) Partial Exercise. If fewer than all the Warrants represented by a Warrant Certificate
are exercised, (i) in the case of exercise of Warrants evidenced by a Global Warrant Certificate, the Warrant Agent shall cause the custodian of DTC to endorse the “Schedule of Decreases of Warrants” attached to such Global Warrant
Certificate to reflect the Warrants being 

  
 10 

 
exercised and (ii) in the case of exercise of Warrants evidenced by a Definitive Warrant Certificate, such Definitive Warrant Certificate shall be surrendered and a new Definitive Warrant
Certificate of the same tenor and for the number of Warrants which were not exercised shall be executed by the Company. The Warrant Agent shall countersign the new Definitive Warrant Certificate, registered in such name or names, subject to the
provisions of Section 8 regarding registration of transfer and payment of governmental charges in respect thereof, as may be directed in writing by the Holder, and shall deliver the new Definitive Warrant Certificate to the
Person or Persons in whose name such new Definitive Warrant Certificate is so registered. The Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Definitive Warrant Certificates duly executed on behalf of the Company
for such purpose. 
 (f) Issuance of Common Shares. Upon due exercise of Warrants evidenced by any Warrant Certificate in conformity
with the foregoing provisions of Section 3.2(d), the Warrant Agent shall, when actions specified in Section 3.2(d)(i) have been effected and any payment specified in
Section 3.2(d)(ii) is received, deliver to the Company the Exercise Form received pursuant to Section 3.2(d)(i), deliver or deposit all funds, in accordance with
Section 3.3, received as instructed in writing by the Company and advise the Company by telephone promptly thereafter of the amount of funds so deposited to its account. The Company shall thereupon, as promptly as
practicable, and in any event within five (5) Business Days after the Exercise Date referred to below, (i) determine the number of Common Shares issuable pursuant to exercise of such Warrants pursuant to
Section 3.6 or, if Cashless Exercise applies, Section 3.7 and (ii) (x) in the case of exercise of Warrants evidenced by a Global Warrant Certificate, deliver or cause to be delivered to
the Recipient (as defined below) in accordance with the Applicable Procedures Common Shares in book-entry form to be so held through the facilities of DTC in an amount equal to, or, if the Common Shares may not then be held in book-entry form
through the facilities of DTC, duly executed certificates representing, or (y) in the case of exercise of Warrants evidenced by Definitive Warrant Certificates, execute or cause to be executed and deliver or cause to be delivered to the
Recipient (as defined below) a certificate or certificates representing, in case of (x) and (y), the aggregate number of Common Shares issuable upon such exercise (based upon the aggregate number of Warrants so exercised), as so determined,
together with an amount in cash in lieu of any fractional share(s), if the Company so elects pursuant to Section 5.2. The Common Shares in book-entry form or certificate or certificates representing Common Shares so
delivered shall be, to the extent possible, in such denomination or denominations as such Holder shall request in the applicable Exercise Form and shall be registered or otherwise placed in the name of, and delivered to, the Holder or, subject to
Section 3.4, such other Person as shall be designated by the Holder in such Exercise Form (the Holder or such other Person being referred to herein as the “Recipient”). If the Company has a
stockholder rights plan in effect upon exercise of the Warrants, each Common Share issued upon such exercise shall be entitled to receive the appropriate number of rights, if any, and any certificates representing the Common Shares issued upon such
exercise shall bear such legends, if any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. 

(g) Time of Exercise. Each exercise of a Warrant shall be deemed to have been effected immediately prior to the close of business on
the day on which each of the requirements for exercise of such Warrant specified in Section 3.2(d) has been duly satisfied (the “Exercise Date”). At such time, subject to
Section 5.1(f)(iv), Common Shares in book-entry form or the certificates for the Common Shares issuable upon such exercise as provided in Section 3.2(f) shall be deemed to have been issued and, for
all purposes of this Agreement, the Recipient shall, as between such Person and the Company, be deemed to be and entitled to all rights of the holder of record of such Common Shares. 

  
 11 

 3.3 Application of Funds upon Exercise of Warrants. All funds received by
Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of the services hereunder (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one
or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit accounts of commercial banks with
Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this Agreement, including any losses resulting from a default by any
bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to
the Company, any holder or any other party. The Warrant Agent shall forward funds received for warrant exercises in a given month by the fifth Business Day of the following month by wire transfer to an account designated by the Company. 

3.4 Payment of Taxes. The Company shall pay any and all documentary, issuance, registration, stamp and similar taxes that may be
payable in respect of the issue or delivery of Common Shares on exercise of Warrants pursuant hereto. The Company or the Warrant Agent shall not be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the
issue and delivery of Common Shares in book-entry form or any certificates for Common Shares or payment of cash or other property to any Recipient other than the Holder of the Warrant Certificate evidencing the exercised Warrant, and in case of such
transfer or payment, the Warrant Agent and the Company shall not be required to issue or deliver any Common Shares in book-entry form or any certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the
payment thereof has been delivered to the Warrant Agent or the Company or (b) it has been established to the Company’s and the Warrant Agent’s satisfaction that any such tax or other charge that is or may become due has been paid.

 3.5 Cancellation of Warrant Certificates. Any Definitive Warrant Certificate surrendered for exercise shall, if surrendered to the
Company, be delivered to the Warrant Agent. All Warrant Certificates surrendered or delivered to or received by the Warrant Agent for cancellation pursuant to this Section 3.5 or
Section 2.4(e) or Section 2.4(k) shall be promptly cancelled by the Warrant Agent and shall not be reissued by the Company. The Warrant Agent shall destroy any such cancelled Warrant
Certificates and deliver its certificate of destruction to the Company, unless the Company shall otherwise direct in writing. 
 3.6
Shares Issuable. The number of Common Shares “obtainable upon exercise” of Warrants at any time shall be the number of Common Shares into which such Warrants are then exercisable. The Company will confirm the number of shares
issuable if so requested by the Warrant Agent. The number of Common Shares “into which each Warrant is exercisable” shall be one share, subject to adjustment as provided in Section 5.1. 

  
 12 

 3.7 Cashless Exercise. Notwithstanding any provisions herein to the contrary, if, on
the Exercise Date of a Cashless Exercise, the Cashless Exercise Current Market Price of one Common Share is greater than the applicable Exercise Price on the Exercise Date, then, in lieu of paying to the Company the applicable Exercise Price by wire
transfer in immediately available funds, the Holder may elect to receive Common Shares equal to the value (as determined below) of the Warrants or any portion thereof being exercised (such portion, the “Cashless Exercise
Warrants” with respect to such date) by (i) in the case of Warrants evidenced by a Global Warrant Certificate, providing written notice to the Warrant Agent pursuant to the Applicable Procedures; or (ii) in the case of
Warrants evidenced by a Definitive Warrant Certificate, providing notice pursuant to the Exercise Form, in the case of (i) or (ii), that the Holder desires to effect a “cashless exercise” (a “Cashless
Exercise”) with respect to the Cashless Exercise Warrants, in which event the Company shall issue to the Holder a number of Common Shares with respect to Cashless Exercise Warrants computed using the following formula (it being
understood that any portion of the Warrants being exercised on such date that are not Cashless Exercise Warrants will not be affected by this calculation): 
  

			
	 	  	X = (Y × (A-B)) ÷ A
		
	 WhereX =
	  	the number of Common Shares to be issued to the Holder in respect of the Cashless Exercise Warrants
		
	 Y  =
	  	the number of Common Shares purchasable under the Cashless Exercise Warrants being exercised by the Holder (on the Exercise Date)
		
	 A  =
	  	the applicable Cashless Exercise Current Market Price of one Common Share (on the Exercise Date)
		
	 B   =
	  	the applicable Exercise Price (as adjusted through and including the Exercise Date).

 The Company shall calculate and transmit to the Warrant Agent the number of Common Shares to be issued on such Cashless
Exercise, and the Warrant Agent shall have no obligation under this Agreement to calculate, confirm or verify such amount. 
 3.8 Cost
Basis Information. 
 (a) In the event of a cash exercise, the Company hereby instructs the Warrant Agent to record cost basis for newly
issued shares at the time of such exercise in accordance with written instructions by the Company. If the Company does not provide such cost basis information to the Warrant Agent, as outlined above, then the Warrant Agent will treat those shares
issued hereunder as uncovered securities or the equivalent, and each holder of such shares must obtain such cost basis information from the Company. 

  
 13 

 (b) In the event of a Cashless Exercise, the Company shall provide cost basis for shares
issued pursuant to a Cashless Exercise at the time the Company provides the shares issued pursuant to such Cashless Exercise to the Warrant Agent pursuant to Section 3.7 hereof. 

 

	4.	 Dissolution, Liquidation or Winding up. 

Unless Section 5.1(h) applies, if, on or prior to the Expiration Date, the Company (or any other Person controlling
the Company) shall propose a voluntary or involuntary dissolution, liquidation or winding up (a “Winding Up”) of the affairs of the Company, the Company shall give written notice thereof to the Warrant Agent and all Holders
in the manner provided in Section 11.1(b) prior to the date on which such transaction is expected to become effective or, if earlier, the record date for such transaction. Such notice shall also specify the date as of which
the holders of record of the Common Shares shall be entitled to exchange their shares for securities, money or other property deliverable upon such dissolution, liquidation or winding up, as the case may be, on which date each Holder of Warrant
Certificates shall receive the securities, money or other property which such Holder would have been entitled to receive had such Holder been the holder of record of the Common Shares into which the Warrants were exercisable immediately prior to
such dissolution, liquidation or winding up (net of the then-applicable Exercise Price) and the rights to exercise the Warrants shall terminate. 

Unless Section 5.1(h) applies, in case of any such voluntary or involuntary dissolution, liquidation or winding up
of the Company, the Company shall deposit with the Warrant Agent any funds or other property which the Holders are entitled to receive pursuant to the above paragraph, together with a Company Order as to the distribution thereof. After receipt of
such deposit from the Company and after receipt of surrendered Warrant Certificates evidencing Warrants, and any such other necessary information as the Warrant Agent may reasonably require (including, but not limited to, signature guarantees), the
Warrant Agent shall make payment in appropriate amount to such Person or Persons as it may be directed in writing by the Holder surrendering such Warrant Certificate. The Warrant Agent shall not be required to pay interest on any money deposited
pursuant to the provisions of this Section 4 except such as it shall agree in writing with the Company to pay thereon. Any moneys, securities or other property which at any time shall be deposited by the Company or on its
behalf with the Warrant Agent pursuant to this Section 4 shall be, and are hereby, assigned, transferred and set over to the Warrant Agent in accordance with Section 3.3 hereof; provided,
that, moneys, securities or other property need not be segregated from other funds, securities or other property held by the Warrant Agent except to the extent required by law. 

 

	5.	 Adjustments. 

5.1 Adjustments. In order to prevent dilution of the rights granted under the Warrants and to grant the Holders certain additional
rights, the Exercise Price shall be subject to adjustment from time to time only as specifically provided in this Section 5.1 (the “Adjustment Events”) and the number of Common Shares obtainable upon
exercise of Warrants shall be subject to adjustment from time to time only as specifically provided in this Section 5.1. 

  
 14 

 (a) Subdivisions and Combinations. In the event the Company shall, at any time or
from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, effect a subdivision (by any stock split or otherwise) of the outstanding Common Shares into a greater number of Common Shares
(other than (x) a subdivision upon a Transaction to which Section 5.1(h) applies or (y) a stock split effected by means of a stock dividend or distribution to which Section 5.1(b)
applies), then and in each such event the Exercise Price in effect at the opening of business on the date upon which such subdivision becomes effective shall be proportionately decreased. Conversely, if the Company shall, at any time or from time to
time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, effect a combination (by any reverse stock split or otherwise) of the outstanding Common Shares into a smaller number of Common Shares (other
than a combination upon a Transaction to which Section 5.1(h) applies), then and in each such event the Exercise Price in effect at the opening of business on the date upon which such combination becomes effective shall be
proportionately increased. Any adjustment under this Section 5.1(a) shall become effective immediately after the opening of business on the date upon which the subdivision or combination becomes effective (or, if the
subdivision or combination does not become effective until after the opening of business on such date, the adjustment under this Section 5.1(a) shall become effective immediately after the effectiveness of such subdivision
or combination). 
 (b) Common Share Dividends. In the event the Company shall, at any time or from time to time after the Original
Issue Date while any Warrants remain outstanding and unexpired in whole or in part, make or issue to the holders of its Common Shares a dividend or distribution payable in, or otherwise make or issue a dividend or other distribution on any class of
its capital stock payable in, Common Shares (other than a dividend or distribution upon a Transaction to which Section 5.1(h) applies), then and in each such event the Exercise Price in effect immediately prior to the close
of business on the date for the determination of the holders of Common Shares entitled to receive such dividend or distribution shall be decreased by multiplying such Exercise Price by a fraction (not to be greater than 1): 

(i) the numerator of which shall be the total number of Common Shares issued and outstanding at the close of business on such
date for determination; and 
 (ii) the denominator of which shall be the total number of Common Shares issued and
outstanding at the close of business on such date for determination plus the number of Common Shares issuable in payment of such dividend or distribution. 

Any adjustment under this Section 5.1(b) shall, subject to Section 5.1(f)(iv), become
effective immediately prior to the opening of business on the day after the date for the determination of the holders of Common Shares entitled to receive such dividend or distribution. 

(c) Reclassifications. A reclassification of the Common Shares (other than any such reclassification in connection with a merger or
consolidation or sale to which Section 5.1(h) applies) into Common Shares and shares of any other class of stock shall be deemed: 

(i) a Specified Dividend by the Company to the holders of its Common Shares of such shares of such other class of stock for the
purposes and within the meaning of Section 5.1(d) (and the effective date of such reclassification shall be deemed to be “the date for the determination of the holders of Common Shares entitled to receive such dividend
or distribution” for the purposes and within the meaning of Section 5.1(d)); and 

  
 15 

 (ii) if the outstanding Common Shares shall be changed into a larger or
smaller number of Common Shares as a part of such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding Common Shares for the purposes and within the meaning of
Section 5.1(a) (and the effective date of such reclassification shall be deemed to be “the date upon which such subdivision becomes effective” or “the date upon which such combination becomes effective,”
as applicable, for the purposes and within the meaning of Section 5.1(a)). 
 (d) Specified Dividends. In
the event the Company shall, at any time or from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, make or issue any dividend of cash or other distribution of cash and/or property
(including rights, options or warrants), whether in a spin-off transaction or otherwise, to all holders of its Common Shares (other than any dividend or distribution (i) upon a Transaction to which
Section 5.1(h) applies or (ii) to which Section 5.1(b) applies) (a “Specified Dividend”), then and in each such event, the Exercise Price in effect immediately prior to the close of
business on the date for the determination of the holders of Common Shares entitled to receive such dividend or distribution shall be decreased by multiplying such Exercise Price by a fraction (not to be greater than 1): 

(i) the numerator of which shall be (x) the Quoted Price on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution minus (y) the amount of any cash and the fair market value of any non-cash property as of the Ex-Dividend Date for such dividend or distribution (as determined by the Board of Directors in good faith and in a commercially reasonable manner) to be distributed with respect to each Common Share; and 

(ii) the denominator of which shall be the Quoted Price on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution. 
 Any adjustment under this
Section 5.1(d) shall, subject to Section 5.1(f)(iv), become effective immediately prior to the opening of business on the day after the date for the determination of the holders of Common Shares
entitled to receive such Specified Dividend. 
 Rights or warrants issued by the Company to all holders of the Common Shares entitling the
holders thereof to subscribe for or purchase Common Shares, which rights or warrants (A) are deemed to be transferred with such Common Shares, (B) are not exercisable and (C) are also issued in respect of future issuances of Common
Shares, in each case in clauses (A) through (C) until the occurrence of a specified event or events (“Trigger Event”), shall not give rise to an adjustment pursuant to this Section 5.1(d) until
the occurrence of the earliest Trigger Event. 
 (e) Tender and Exchange Offers. If the Company or any of its Subsidiaries makes a
payment in respect of a tender or exchange offer for the Common Shares, to the extent that the cash and value of any other consideration (as determined by the Board of Directors of the Company acting in good faith and in a commercially reasonable
manner) included in the payment 

  
 16 

 
per share of the Common Shares exceeds the Quoted Price on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the
Exercise Price in effect immediately prior to the close of business on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer shall be decreased by multiplying such Exercise
Price by a fraction (not to be greater than 1): 
 (i) the numerator of which shall be the product of (x) the number of
Common Shares outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all Common Shares accepted for purchase or exchange in such tender or exchange offer) and (y) the Quoted
Price on the Trading Day next succeeding the date such tender or exchange offer expires; and 
 (ii) the denominator of which
shall be the sum of (x) aggregate value of all cash and any other consideration (as determined by the Board of Directors of the Company in good faith and in a commercially reasonable manner) paid or payable for Common Shares purchased in such
tender or exchange offer and (y) the product of (A) the Quoted Price on the Trading Day next succeeding the date such tender or exchange offer expires and (B) the number of Common Shares outstanding immediately after the date such
tender or exchange offer expires (after giving effect to the purchase of all Common Shares accepted for purchase or exchange in such tender or exchange offer). 

Any adjustment under this Section 5.1(e) shall, subject to Section 5.1(f)(iv), become
effective immediately prior to the opening of business on the day after the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer. 

(f) Other Provisions Applicable to Adjustments. The following provisions shall be applicable to the making of adjustments to the
Exercise Price and the number of Common Shares into which each Warrant is exercisable under Section 5.1: 

(i) Treasury Stock. The dividend or distribution of any issued Common Shares owned or held by or for the account of the
Company shall be deemed a dividend or distribution of Common Shares for purposes of Section 5.1(b). The Company shall not make or issue any dividend or distribution on Common Shares held in the treasury of the Company. For
the purposes of Section 5.1(b), the number of Common Shares at any time outstanding shall not include shares held in the treasury of the Company. 

(ii) When Adjustments Are to be Made. The adjustments required by Section 5.1(a),
Section 5.1(b), Section 5.1(c), Section 5.1(d) and Section 5.1(e) shall be made whenever and as often as any specified event requiring an
adjustment shall occur, except that no adjustment of the Exercise Price that would otherwise be required shall be made unless and until such adjustment either by itself or with other adjustments not previously made increases or decreases the
Exercise Price immediately prior to the making of such adjustment by at least 1%. Any adjustment representing a change of less than such minimum amount (except as aforesaid) shall be carried forward and made as soon as such adjustment, together with
other adjustments required by Section 5.1(a), Section 5.1(b), Section 5.1(c), Section 5.1(d) and Section 5.1(e) and not
previously made, would result in such minimum adjustment and, in any case, shall be made on any Exercise Date. 

  
 17 

 (iii) Fractional Interests. In computing adjustments under
Section 5.1, fractional interests in Common Shares shall be taken into account to the nearest one-thousandth of a share. 

(iv) Deferral of Issuance Upon Exercise. In any case in which Section 5.1(b),
Section 5.1(d) or Section 5.1(e) shall require that a decrease in the Exercise Price be made effective prior to the occurrence of a specified event and any Warrant is exercised after the time at
which the adjustment became effective but prior to the occurrence of such specified event and, in connection therewith, Section 5.1(g) shall require a corresponding increase in the number of Common Shares into which each
Warrant is exercisable, the Company may elect to defer, with written notice to the Warrant Agent (but not in any event later than the Expiration Date) until the occurrence of such specified event (A) the issuance to the Holder of the Warrant
Certificate evidencing such Warrant (or other Person entitled thereto) of, and the registration of such Holder (or other Person) as the record holder of, the Common Shares over and above the Common Shares issuable upon such exercise on the basis of
the number of Common Shares obtainable upon exercise of such Warrant immediately prior to such adjustment and to require payment in respect of such number of shares the issuance of which is not deferred on the basis of the Exercise Price in effect
immediately prior to such adjustment and (B) the corresponding reduction in the Exercise Price; provided, however, that the Company shall deliver to such Holder or other person a due bill or other appropriate instrument that meet
any applicable requirements of the principal national securities exchange or other market on which the Common Shares are then traded and evidences the right of such Holder or other Person to receive, and to become the record holder of, such
additional Common Shares, upon the occurrence of such specified event requiring such adjustment (without payment of any additional Exercise Price in respect of such additional shares). 

(v) Adjustment of Prices. Whenever any provision of this Warrant Agreement requires the calculation of the Quoted Price
over a span of multiple days (including, without limitation, for purposes of determining the Current Market Price), the Board of Directors shall make appropriate adjustments thereto to account for any adjustment to the Exercise Price that becomes
effective, or any event requiring an adjustment to the Exercise Price where the record date, effective date or Ex-Dividend Date, as the case may be, of the event occurs, at any time during the period when the
Quoted Price is to be calculated. 
 (vi) Valuation Determinations. 

(A) If the Required Warrant Holders object to any determination by the Board of Directors of the Company of (I) the fair
market value of any non-cash property distributed on the Common Shares pursuant to Section 5.1(d), (II) the value of any non-cash
consideration payable in a tender or exchange offer pursuant to Section 5.1(e), (III) the Current Market Price pursuant to clause (ii) of the definition thereof or (IV) the value of a unit of Reference
Property pursuant to Section 5.1(h)(i)(A), the Required Warrant Holders shall have the right to deliver a 

  
 18 

 
written notice to the Company within 10 days after the Company delivers written notice to Holders pursuant to Section 11.2 of such determination requesting that an
Independent Financial Expert calculate such value as of the date of determination referred to in the applicable provision. 

(B) No later than two Business Days after receiving notice from the Required Warrant Holders pursuant to
Section 5.1(f)(vi)(A) above, the Company shall provide notice to the Holders of an Independent Financial Expert selected by the Company (the “Company Selected Expert”) to make the related valuation
determination (the date on which such notice is delivered, the “Notice Date”). In the event that the Required Warrant Holders object in writing to the Company Selected Expert within seven days of the Notice Date, then the
Company and Required Warrant Holders shall jointly select an Independent Financial Expert by no later than the 17th day after the Notice Date. If the Company and the Required Warrant Holders are unable to agree on a jointly selected Independent
Financial Expert, the Required Warrant Holders shall select promptly, but no later than the 17th day after the Notice Date, a separate Independent Financial Expert and such Independent Financial Expert and the Company Selected Expert shall select
promptly, but no later than the 19th day after the Notice Date, a third Independent Financial Expert to make the relevant valuation determination. The determination of the finally selected Independent Financial Expert shall be final and conclusive,
and the fees and expenses of any such Independent Financial Experts shall be borne by the Company. The relevant determination shall be completed no later than the date that is 30 days after the date the Company receives notice from the Required
Warrant Holders pursuant to Section 5.1(f)(vi)(A) above. 
 (C) Within two Business Days after
completion of the determination of the Independent Financial Expert pursuant to Section 5.1(f)(vi)(B) above, the Company shall cause the complete written report of the Independent Financial Expert as to such determination
to be delivered to the Holders. 
 (g) Adjustment to Shares Obtainable Upon Exercise. Whenever the Exercise Price is adjusted as
provided in Section 5.1(a), (b), (c), (d) or (e), the number of Common Shares into which a Warrant is exercisable shall simultaneously be adjusted by multiplying such number of Common Shares into
which a Warrant is exercisable immediately prior to such adjustment by a fraction, the numerator of which shall be the Exercise Price immediately prior to such adjustment, and the denominator of which shall be the Exercise Price immediately
thereafter. 
 (h) Changes in Common Shares. In case at any time or from time to time after the Original Issue Date while any
Warrants remain outstanding and unexpired in whole or in part, the Company shall be a party to or shall otherwise engage in any transaction or series of related transactions constituting: (1) a merger of the Company into, a direct or indirect
sale of all of the Company’s equity to, a consolidation, amalgamation or similar transaction of the Company with, or a sale of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole) to, any other Person in
which the previously outstanding Common Shares shall be (either directly or upon subsequent liquidation) cancelled, reclassified or converted or changed into or exchanged for securities or other property (including cash) or any combination of the
foregoing, 

  
 19 

 
or (2) any merger of another Person into the Company or any recapitalization, reclassification or change of the Common Shares, in each case, in which the previously outstanding Common Shares
shall be cancelled, reclassified or converted or changed into or exchanged for securities of the Company or other property (including cash) of the Company or another Person or any combination of the foregoing (any such transaction or series of
related transactions in clauses (1) or (2), a “Transaction”) then: 
 (i) in the case of any
Transaction other than a Cash Transaction, as a condition to the consummation of such Transaction, the Company shall or shall cause such other Person, as the case may be, to execute and deliver to the Warrant Agent a written instrument providing
that: 
 (A) so long as any Warrant remains outstanding in whole or in part (including after giving effect to the changes
specified under clause (B) below), such Warrant, upon the exercise thereof at any time on or after the consummation of such Transaction, shall be exercisable (on such terms and subject to such conditions as shall be as
nearly equivalent as may be practicable to the provisions set forth in this Agreement) into, in lieu of the Common Shares issuable upon such exercise prior to such consummation, the kind and amount of shares of stock, other securities or other
property or assets (including cash or any combination thereof) that would have been receivable upon such Transaction by a holder of the number of Common Shares into which such Warrant was exercisable immediately prior to such Transaction
(“Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one Common Share is entitled to receive); provided that
(I) if the Transaction causes the Common Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), then the Reference Property
shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of Common Shares and (II) the Quoted Price and Current Market Price shall be calculated based on the value of a unit of
Reference Property, as determined by the Board of Directors of the Company acting in good faith and in a commercially reasonable manner; and 

(B) the rights and obligations of such other Person and the Holders in respect of Reference Property shall be substantially
unchanged to be as nearly equivalent as may be practicable to the rights and obligations of the Company and Holders in respect of Common Shares hereunder as set forth in Section 3.1 hereof; 

(ii) with respect to any Transaction other than a Cash Transaction, such written instrument under clause (i) above shall
provide for adjustments which, for events subsequent to the effective date of such written instrument shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 5. The above
provisions of this Section 5.1(h) shall similarly apply to successive Transactions; or 
 (iii) if
such Transaction is a Cash Transaction, then, at the effective time of the consummation of such Cash Transaction any Warrants not exercised prior to the closing of such Cash Transaction shall automatically terminate and become void and shall be
cancelled for no further consideration. 

  
 20 

 (i) Compliance with Governmental Requirements. The Company will take any corporate
action that may be necessary in order that the Company may validly and legally issue fully paid and non-assessable Common Shares at any applicable adjusted Exercise Price. 

(j) Optional Tax Adjustment. The Company may at its option, at any time during the term of the Warrants, increase the number of Common
Shares into which each Warrant is exercisable, or decrease the Exercise Price, in addition to those changes required by Section 5.1(a), Section 5.1(b), Section 5.1(c),
Section 5.1(d) and Section 5.1(e) as deemed advisable by the Board of Directors of the Company, in order that any event treated for Federal income tax purposes as a dividend of stock or stock
rights shall not be taxable to the recipients of such dividend of stock or stock rights. 
 (k) Warrants Deemed Exercisable. For
purposes solely of this Section 5, the number of Common Shares which the holder of any Warrant would have been entitled to receive had such Warrant been exercised in full at any time or into which any Warrant was
exercisable at any time shall be determined assuming such Warrant was exercisable in full at such time. 
 (l) Notice of Adjustment.
Upon the occurrence of each adjustment of the Exercise Price or the number of Common Shares into which a Warrant is exercisable pursuant to this Section 5.1, the Company at its expense shall promptly: 

(i) compute such adjustment in accordance with the terms hereof; 

(ii) after such adjustment becomes effective, deliver to all Holders, in accordance with
Section 11.1(b) and Section 11.2 (including by means of a current report on Form 8-K), a notice setting forth such adjustment and showing in detail the facts
upon which such adjustment is based; and 
 (iii) deliver to the Warrant Agent a certificate of the Chief Financial Officer
of the Company setting forth the Exercise Price and the number of Common Shares into which each Warrant is exercisable after such adjustment and setting forth a brief, reasonably detailed statement of the facts requiring such adjustment and the
computation by which such adjustment was made (including a description of the basis on which the Current Market Price of the Common Shares was determined). As provided in Section 10, the Warrant Agent shall be entitled to
rely on and shall be fully protected in relying on such certificate and on any adjustment or statement therein contained and shall be under no duty or responsibility with respect to any such certificate, except to exhibit the same from time to time
to any Holder desiring an inspection thereof during reasonable business hours. The Company hereby agrees that it will provide the Warrant Agent with reasonable written notice of any Adjustment Event set forth in this Section 5.1. The Company
further agrees that it will provide to the Warrant Agent any new or amended exercise terms. The Warrant Agent shall have no obligation under any Section of this Agreement to determine whether an Adjustment Event has occurred or to calculate any of
the adjustments set forth herein. 

  
 21 

 (m) Statement on Warrant Certificates. Irrespective of any adjustment in the Exercise
Price or amount or kind of shares into which the Warrants are exercisable, Warrant Certificates theretofore or thereafter issued may continue to express the same Exercise Price initially applicable or amount or kind of shares initially issuable upon
exercise of the Warrants evidenced thereby pursuant to this Agreement. 
 5.2 Fractional Interest. The Company shall not be required
upon the exercise of any Warrant (including, without limitation, under Section 3.7) to issue any fractional Common Shares, but may, in lieu of issuing any fractional Common Shares make an adjustment therefore in cash on the
basis of the Current Market Price per Common Share on the date of such exercise. If Warrant Certificates evidencing more than one Warrant shall be presented for exercise at the same time by the same Holder, the number of full Common Shares which
shall be issuable upon such exercise thereof shall be computed on the basis of the aggregate number of Warrants so to be exercised. The Holders, by their acceptance of the Warrant Certificates, expressly waive their right to receive any fraction of
a Common Share or a stock certificate representing a fraction of a Common Share if such amount of cash is paid in lieu thereof. If the Company shall decide that cash will be provided instead of fractional shares, then the Company shall inform the
Warrant Agent of the amount to be paid upon the fractional exercise of the Warrant. Further, if the Company shall decide that cash will be provided instead of fractional shares, then the Company shall provide an initial funding of two thousand
dollars ($2000) for the purpose of issuing cash in lieu of fractional shares. From time to time thereafter, Computershare may request additional funding to cover fractional payments. Computershare shall have no obligation to make fractional payments
unless the Company shall have provided the necessary funds to pay in full all amounts due and payable with respect thereto. 
 5.3 No
Other Adjustments. Except in accordance with Section 5.1, the applicable Exercise Price and the number of Common Shares obtainable upon exercise of any Warrant will not be adjusted for the issuance of Common Shares or
any securities convertible into or exchangeable for Common Shares or carrying the right to purchase any of the foregoing, including, without limitation 

(i) upon the issuance of any other securities by the Company on or after the Original Issue Date, or upon the issuance of
Common Shares upon the exercise of any such securities; 
 (ii) upon the issuance of any Common Shares or other securities or
any payments pursuant to any management or other equity incentive plan of the Company; 
 (iii) upon the issuance of any
Common Shares pursuant to the exercise of the Warrants; or 
 (iv) upon the issuance of any Common Shares or other securities
of the Company in connection with a business acquisition transaction. 

  
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	6.	 Loss or Mutilation. 

If (a) any mutilated Warrant Certificate is surrendered to the Warrant Agent or (b) both (i) there shall be delivered to the
Company and the Warrant Agent (A) a claim by a Holder as to the destruction, loss or wrongful taking of any Warrant Certificate of such Holder and a request thereby for a new replacement Warrant Certificate, and (B) such open penalty
surety bond and/or indemnity bond as may be required by them to save each of them and any agent of either of them harmless and (ii) such other reasonable requirements as may be imposed by the Company or Warrant Agent as permitted by Section 8-405 of the Uniform Commercial Code have been satisfied, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a “protected
purchaser” within the meaning of Section 8-405 of the Uniform Commercial Code or bona fide purchaser, the Company shall execute and upon its written request the Warrant Agent shall countersign and deliver to the registered Holder of the
lost, wrongfully taken, destroyed or mutilated Warrant Certificate, in exchange therefore or in lieu thereof, a new Warrant Certificate of the same tenor and for a like aggregate number of Warrants. At the written request of such registered Holder,
the new Warrant Certificate so issued shall be retained by the Warrant Agent as having been surrendered for exercise, in lieu of delivery thereof to such Holder, and shall be deemed for purposes of Section 3.2(d)(i)(y)(II)
to have been surrendered for exercise on the date the conditions specified in clauses (A) or (B) of the preceding sentence were first satisfied. The Warrant Agent may, at its option, issue replacement Warrants for mutilated certificates upon
presentation thereof without such indemnity. 
 Upon the issuance of any new Warrant Certificate under this
Section 6, the Company or the Warrant Agent may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and other expenses (including the fees and
expenses of the Warrant Agent and of counsel to the Company) in connection therewith. The Warrant Agent has no duty or obligation to issue a new Warrant Certificate unless it is satisfied that such tax or charge has been paid. 

Every new Warrant Certificate executed and delivered pursuant to this Section 6 in lieu of any lost, wrongfully
taken or destroyed Warrant Certificate shall constitute an additional contractual obligation of the Company, whether or not the allegedly lost, wrongfully taken or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall
be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. 

The provisions of this Section 6 are exclusive and shall preclude (to the extent lawful) all other rights or
remedies with respect to the replacement of mutilated, lost, wrongfully taken, or destroyed Warrant Certificates. 
  

	7.	 Reservation and Authorization of Common Shares. 

The Company covenants that, for the duration of the Exercise Period, the Company will at all times reserve and keep available, from its
authorized and unissued Common Shares solely for issuance and delivery upon the exercise of the Warrants and free of preemptive rights, such number of Common Shares and other securities, cash or property as from time to time shall be issuable upon
the exercise in full of all outstanding Warrants for cash. The Company further covenants that it shall, from time to time, take all steps necessary to increase the authorized number of Common Shares if at any time the authorized number of Common
Shares remaining unissued would otherwise be insufficient to allow delivery of all the Common Shares then deliverable upon the exercise in full of all outstanding Warrants. The Company covenants that all Common Shares

  
 23 

 
issuable upon exercise of the Warrants will, upon issuance, be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer and will be free from all liens
and charges in respect of the issue thereof. The Company shall take all such actions as may be necessary to ensure that all such Common Shares may be so issued without violation of any applicable law or governmental regulation or any requirements of
any U.S. national securities exchange upon which Common Shares may be listed (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance). The Company covenants that all Common Shares will, at
all times that Warrants are exercisable, be duly approved for listing subject to official notice of issuance on each securities exchange, if any, on which the Common Shares are then listed. The Company covenants that the stock certificates issued to
evidence any Common Shares issued upon exercise of Warrants, if any, will comply with the Yukon Business Corporations Act and any other applicable law. 

The Company hereby authorizes and directs its current and future transfer agents for the Common Shares at all times to reserve stock
certificates for such number of authorized shares, to the extent as, and if, required. The Company will supply such transfer agents with duly executed stock certificates for such purposes, to the extent as, and if, required. 

 

	8.	 Warrant Transfer Books. 

The Warrant Certificates evidencing the Warrants shall be issued in registered form only. The Company shall cause to be kept at the office or
offices of the Warrant Agent designated for such purpose a warrant register (the “Warrant Register”) in which, subject to such reasonable regulations as the Warrant Agent may prescribe and such regulations as may be
prescribed by law, the Company shall provide for the registration of Warrant Certificates and of transfers or exchanges of Warrant Certificates as herein provided. 

Upon surrender for registration of transfer of any Warrant Certificate at the office of the Warrant Agent designated for such purpose, the
Company shall execute, and the Warrant Agent shall countersign and deliver, in the name of the designated transferee or transferees, one or more new Warrant Certificates evidencing a like aggregate number of Warrants. 

At the option of the Holder, Warrant Certificates may be exchanged at the office or offices of the Warrant Agent upon payment of the charges
hereinafter provided for other Warrant Certificates evidencing a like aggregate number of Warrants. Whenever any Warrant Certificates are so surrendered for exchange, the Company shall execute, and the Warrant Agent shall countersign and deliver,
the Warrant Certificates of the same tenor and evidencing the same number of Warrants as evidenced by the Warrant Certificates surrendered by the Holder making the exchange. 

All Warrant Certificates issued upon any registration of transfer or exchange of Warrant Certificates shall be the valid obligations of the
Company, evidencing the same obligations, and entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for such registration of transfer or exchange. 

  
 24 

 Every Warrant Certificate surrendered for registration of transfer or exchange shall (if so
required by the Company or the Warrant Agent) be: (i) duly endorsed and containing a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, or
(ii) be accompanied by a written instrument of transfer in form satisfactory to the Company and the Warrant Agent, duly executed by the Holder thereof or his attorney duly authorized in writing, also containing a signature guarantee from an
eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. Further, to effect such transfer or exchange, all other necessary information or documentation shall be provided as the
Warrant Agent may reasonably request. 
 No service charge shall be made for any registration of transfer or exchange of Warrant
Certificates; provided, however, the Company or the Warrant Agent may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Warrant Certificates. 
 The Warrant Agent shall, upon the reasonable request of the Company from time to time, deliver to the Company such
reports of registered ownership of the Warrants and such records of transactions with respect to the Warrants and the Common Shares as the Company may reasonably request. The Warrant Agent shall, upon reasonable advance notice, also make available
to the Company for inspection by the Company’s agents or employees (at the Company’s sole cost and expense), from time to time as the Company may reasonably request, such original books of accounts and records maintained by the Warrant
Agent in connection with the issuance and exercise of Warrants hereunder, such inspections to occur at the office of the Warrant Agent designated for such purpose during normal business hours. 

The Warrant Agent shall keep copies of this Agreement and any notices given to Holders hereunder available for inspection, upon reasonable
advance notice, by the Holders during normal business hours at the office of the Warrant Agent designated for such purpose. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant
Agent may request. 
  

	9.	 Warrant Holders. 

9.1 No Voting or Dividend Rights. 

(a) No Holder of a Warrant Certificate evidencing any Warrant shall have or exercise any rights by virtue hereof as a holder of Common Shares
of the Company, including, without limitation, the right to vote, to receive dividends and other distributions as a holder of Common Shares or to receive notice of, or attend, meetings or any other proceedings of the holders of Common Shares. 

(b) The consent of any Holder of a Warrant Certificate shall not be required with respect to any action or proceeding of the Company. 

(c) Except as provided in Section 4, no Holder of a Warrant Certificate, by reason of the ownership or possession of
a Warrant or the Warrant Certificate representing the same, shall have any right to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the holders of Common
Shares prior to, or for which the relevant record date preceded, the date of the exercise of such Warrant. 

  
 25 

 (d) No Holder of a Warrant Certificate shall have any right not expressly conferred
hereunder or under, or by applicable law with respect to, the Warrant Certificate held by such Holder. 
 9.2 Rights of Action. All
rights of action against the Company in respect of this Agreement, except rights of action vested in the Warrant Agent, are vested in the Holders of the Warrant Certificates, and any Holder of any Warrant Certificate, without the consent of the
Warrant Agent or the Holder of any other Warrant Certificate, may, in such Holder’s own behalf and for such Holder’s own benefit, enforce and may institute and maintain any suit, action or proceeding against the Company suitable to
enforce, or otherwise in respect of, such Holder’s right to exercise such Holder’s Warrants in the manner provided in this Agreement. 

9.3 Treatment of Holders of Warrant Certificates. Every Holder, by virtue of accepting a Warrant Certificate, consents and agrees with
the Company, with the Warrant Agent and with every subsequent holder of such Warrant Certificate that, prior to due presentment of such Warrant Certificate for registration of transfer, the Company and the Warrant Agent may treat the Person in whose
name the Warrant Certificate is registered as the owner thereof for all purposes and as the Person entitled to exercise the rights granted under the Warrants, and neither the Company, the Warrant Agent nor any agent thereof shall be affected by any
notice to the contrary. 
  

	10.	 Concerning the Warrant Agent. Sections 10.1(d), 10.2, 10.3, 10.4,
10.5 and 10.6 shall survive termination or removal of the Warrant Agent. 

 10.1 Rights and Duties of the
Warrant Agent. 
 (a) The Company hereby appoints the Warrant Agent to act as agent of the Company as expressly set forth in this
Agreement (and no implied terms or conditions shall be read into this Agreement with respect to the Warrant Agent). The Warrant Agent hereby accepts the appointment as agent of the Company and agrees to perform that agency upon the express terms and
conditions set forth in this Agreement, by all of which the Company and the Holders of Warrant Certificates, by their acceptance thereof, shall be bound; provided, however, that the terms and conditions contained in the Warrant
Certificates are subject to and governed by this Agreement. The Warrant Agent shall act solely as agent of the Company hereunder and does not assume any obligation or relationship of agency or trust for or with any of the Holders or any beneficial
owners of Warrants. 
 (b) The Warrant Agent shall not, by countersigning this Agreement, the Warrant Certificates or by any other act
hereunder, be deemed to make any representations as to validity or authorization of (i) the Warrants or the Warrant Certificates (except as to its countersignature thereon), (ii) any securities or other property delivered upon exercise of
any Warrant, (iii) the accuracy of the computation of the number or kind or amount of stock or other securities or other property deliverable upon exercise of any Warrant, (iv) the correctness of any of the representations of the Company
made in such certificates that the Warrant Agent receives; or (v) any of the statements of fact or recitals contained in this Warrant Agreement or the Warrant Certificates. The Warrant Agent shall not at any time have any duty to calculate or
determine whether any facts exist that may require any adjustments pursuant to Section 5 hereof with respect to the kind and amount of shares or 

  
 26 

 
other securities or any property issuable to Holders upon the exercise of Warrants required from time to time. The Warrant Agent shall have no duty or responsibility to determine the accuracy or
correctness of such calculation or with respect to the methods employed in making the same. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any securities or
property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment pursuant to Section 5 hereof, and it makes no representation with respect thereto. The Warrant Agent shall not be
responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any Common Shares or stock certificates or other securities or property upon the surrender of any Warrant Certificate for the purpose of exercise or
upon any adjustment pursuant to Section 5 hereof or to comply with any of the covenants of the Company contained in Section 5 hereof. The Company shall perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable it to carry out or perform its duties under this Agreement. 

(c) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Warrant Agreement or
in the Warrant Certificates (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only. 

(d) The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Warrants
with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the
Company. 
 (e) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such
act, default, neglect or misconduct, absent gross negligence, willful misconduct, fraud or bad faith (each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued employment thereof. 

(f) The Warrant Agent may rely on and shall be held harmless and protected and shall incur no liability for or in respect of any action taken,
suffered or omitted to be taken by it absent gross negligence, willful misconduct, fraud or bad faith (each as determined by a final judgment of a court of competent jurisdiction) in reliance upon any certificate, statement, instrument, opinion,
notice, letter, facsimile transmission, telegram or other document, or any security delivered to it, and believed by it to be genuine and to have been made or signed by the proper party or parties, or upon any written or oral instructions or
statements from the Company with respect to any matter relating to its acting as Warrant Agent hereunder. 

  
 27 

 (g) The Warrant Agent shall not be obligated to expend or risk its own funds or to take any
action that it believes would expose or subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it. 

(h) The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any
registration statement filed with the Securities and Exchange Commission or this Warrant Agreement, including without limitation obligations under applicable regulation or law. 

(i) The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated by
the Warrant Agent and delivered by it to the Company pursuant to this Warrant Agreement or for the application by the Company of the proceeds of the issue and sale, or exercise, of the Warrants. 

(j) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions
hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Warrants. 

(k) The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by
an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution
for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed. 

(l) In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder of
any Warrant Certificate or any other person or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant
Agent. 
 (m) Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chairman of the Board, the Chief Executive Officer, the President, a Vice President, the Chief Financial Officer or the Secretary of the Company and delivered to the Warrant Agent. The Warrant Agent may
rely upon such statement, and will be held harmless for such reliance, and shall not be held liable in connection with any delay in receiving such statement. 

  
 28 

 10.2 Limitation of Liability. 

(a) The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith (each as determined
by a final judgment of a court of competent jurisdiction) in the performance of its duties hereunder. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Agreement with
respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts
paid hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses, during the twelve (12) months immediately preceding the event for which recovery from Warrant Agent is being sought. Neither party
to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any
act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 
 (b)
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant. The Warrant Agent shall not be responsible for any breach by the Company of
any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 5 hereof or responsible for the manner,
method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any Common Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Common Shares shall, when issued, be valid and fully paid and non-assessable. 

10.3 Indemnification. 

(a) The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable and
documented fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly, any claims or liability resulting from its actions as Warrant
Agent pursuant hereto; provided, that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as a result of,
or arising out of, its gross negligence, bad faith, or willful misconduct (each as determined by a final decision of a court of competent jurisdiction). 

(b) Instructions. From time to time, the Company may provide the Warrant Agent with instructions, by Company Order or otherwise,
concerning the services performed by the Warrant Agent hereunder. In addition, at any time the Warrant Agent may apply to any officer of Company for instruction, and may consult with legal counsel for the Warrant Agent or the Company with respect to
any matter arising in connection with the services to be performed by the Warrant Agent under this Warrant Agreement. Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by Company for any action taken,
suffered or omitted to be taken by Warrant Agent in reliance upon any Company instructions or upon the advice or opinion of such counsel. Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of
written notice thereof from Company. 

  
 29 

 10.4 Right to Consult Counsel. The Warrant Agent may at any time consult with legal
counsel satisfactory to it (who may be legal counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Holder for any action taken, suffered or omitted by it absent gross negligence, willful
misconduct, fraud or bad faith (each as determined by a final judgment of a court of competent jurisdiction) in accordance with the opinion or advice of such counsel. 

10.5 Compensation and Reimbursement. The Company agrees to pay the Warrant Agent from time to time compensation for all fees and
expenses relating to its services hereunder in accordance with a mutually agreed upon fee schedule and to reimburse the Warrant Agent for reasonable expenses and disbursements, including reasonable counsel fees incurred in connection with the
preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and performance of Warrant Agent’s duties hereunder. 

10.6 Warrant Agent May Hold Company Securities. The Warrant Agent and any stockholder, director, officer or employee of the Warrant
Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully
and freely as though it were not Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. Nothing herein shall preclude the Warrant
Agent or any Countersigning Agent from acting in any other capacity for the Company or for any other legal entity. 
 10.7 Resignation
and Removal; Appointment of Successor. 
 (a) The Warrant Agent may resign its duties and be discharged from all further duties and
liability hereunder (except liability arising prior to such resignation as a result of the Warrant Agent’s own gross negligence or willful misconduct each as determined in a final non-appealable decision
of a court of competent jurisdiction) after giving 30 days’ prior written notice to the Company. In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to
have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination. The Company may remove the Warrant Agent upon 30 days’ written notice, and the Warrant Agent shall thereupon in
like manner be discharged from all further duties and liabilities hereunder, except as aforesaid. The Warrant Agent shall, at the expense of the Company, cause notice to be given in accordance with Section 11.1(b) to the
Company of said notice of resignation. Upon such resignation or removal, the Company shall appoint in writing a new Warrant Agent. If the Company shall fail to make such appointment within a period of 30 calendar days after it has been notified in
writing of such resignation by the resigning Warrant Agent or after such removal, then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent. The new Warrant Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had been originally named herein 

  
 30 

 
as the Warrant Agent, without any further assurance, conveyance, act or deed; but if for any reason it shall be reasonably necessary or expedient to execute and deliver any further assurance,
conveyance, act or deed, the same shall be done at the reasonable expense of the Company and shall be legally and validly executed and delivered by the resigning or removed Warrant Agent. The predecessor Warrant Agent shall not be required to make
any additional expenditure (without assurance of reimbursement satisfactory to it) or assume any additional liability in connection with the foregoing. Not later than the effective date of any such appointment, the Company shall file notice thereof
with the resigning or removed Warrant Agent. Failure to give any notice provided for in this Section 10.7(a), however, or any defect therein, shall not affect the legality or validity of the resignation of the Warrant Agent
or the appointment of a new Warrant Agent as the case may be. 
 (b) Any Person into which the Warrant Agent or any new Warrant Agent may be
merged, or any Person resulting from any consolidation to which the Warrant Agent or any new Warrant Agent shall be a party, shall be a successor Warrant Agent under this Agreement without any further act. Any such successor Warrant Agent shall
promptly cause notice of its succession as Warrant Agent to be given in accordance with Section 11.1(b) to each Holder of a Warrant Certificate at such Holder’s last address as shown on the Warrant Register. 

10.8 Appointment of Countersigning Agent. 

(a) The Warrant Agent may appoint a Countersigning Agent or Agents which shall be authorized to act on behalf of the Warrant Agent to
countersign Warrant Certificates issued upon original issue and upon exchange, registration of transfer or pursuant to Section 6, and Warrant Certificates so countersigned shall be entitled to the benefits of this Agreement
equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. Wherever reference is made in this Agreement to the countersignature and delivery of Warrant Certificates by the Warrant Agent or to
Warrant Certificates countersigned by the Warrant Agent, such reference shall be deemed to include countersignature and delivery on behalf of the Warrant Agent by a Countersigning Agent and Warrant Certificates countersigned by a Countersigning
Agent. 
 (b) Any Person into which a Countersigning Agent may be merged or any corporation resulting from any consolidation to which such
Countersigning Agent shall be a party, shall be a successor Countersigning Agent without any further act; provided, that, such corporation would be eligible for appointment as a new Countersigning Agent under the provisions of
Section 10.8(a), without the execution or filing of any paper or any further act on the part of the Warrant Agent or the Countersigning Agent. Any such successor Countersigning Agent shall promptly cause notice of its
succession as Countersigning Agent to be given in accordance with Section 11.1(b) to each Holder of a Warrant Certificate at such Holder’s last address as shown on the Warrant Register. 

(c) A Countersigning Agent may resign at any time by giving 30 days’ prior written notice thereof to the Warrant Agent and to the
Company. The Warrant Agent may at any time terminate the agency of a Countersigning Agent by giving 30 days’ prior written notice thereof to such Countersigning Agent and to the Company. 

  
 31 

 (d) The Warrant Agent agrees to pay to each Countersigning Agent from time to time
reasonable compensation for its services under this Section 10.8 and the Warrant Agent shall be entitled to be reimbursed for such payments, subject to the provisions of Section 10.5. 

(e) Any Countersigning Agent shall have the same rights and immunities as those of the Warrant Agent set forth
Section 10 and this Agreement. 
  

	11.	 Notices. 

11.1 Notices Generally. 

(a) Any request, notice, direction, authorization, consent, waiver, demand or other communication permitted or authorized by this Agreement to
be made upon, given or furnished to or filed with the Company or the Warrant Agent by the other party hereto or by any Holder shall be sufficient for every purpose hereunder if in writing (including telecopy communication), sent via trackable or
first-class mail or delivered by hand (including by courier service) as follows: 
 if to the Company, to: 

Ultra Petroleum Corp. 
 116
Inverness Drive East, Suite 400 
 Englewood, Colorado 80112 

			
	 Attention:	  	Chief Financial Officer
		  	Chief Accounting Officer
		  	Legal Department

 Facsimile: 

with a copy which shall not constitute notice to: 

Kirkland & Ellis LLP 

609 Main Street, Suite 4700 

Houston, Texas 77002 

			
	 Attention:	  	Matthew R. Pacey
	 Facsimile:	  	(713) 836-3601

 if to the Warrant Agent, to: 

Computershare Inc. 
 250 Royall
Street 
 Canton, MA 02021 

			
	 Facsimile:	  	(781) 575-2549
	 Attention:	  	Corporate Actions

  
 32 

 with a copy which shall not constitute notice to: 

Computershare Inc. 
 480
Washington Boulevard, 29th Floor 
 Jersey City, New Jersey 07310 

			
	 Facsimile:	  	(201) 680-4610
	 Attention:	  	Legal Department

 or, in either case, such other address as shall have been set forth in a notice delivered in accordance with this
Section 11.1(a). 
 All such communications shall be effective when sent. 

Any Person that telecopies any communication hereunder to any Person shall, on the same date as such telecopy is transmitted, also send, by
trackable or first class mail, postage prepaid and addressed to such Person as specified above, an original copy of the communication so transmitted. 

(b) Where this Agreement provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, by trackable or first-class mail, to each Holder affected by such event, at the address of such Holder as it appears in the Warrant Register. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Agreement provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made by a method approved by the Warrant Agent as one which would be most reliable under the circumstances for successfully delivering the notice to the addressees shall constitute a sufficient notification
for every purpose hereunder. 
 Where this Agreement provides for notice of any event to a Holder of a Global Warrant Certificate, such
notice shall be sufficiently given if given to the Depositary (or its designee), pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such
notice. 
 11.2 Required Notices to Holders. In the event the Company shall: 

(a) take any action that would result in an adjustment to the Exercise Price and/or the number of Common Shares issuable upon exercise of a
Warrant pursuant to Section 5.1 or 
 (b) consummate any Transaction (each of (a) or (b), an
“Action”); 

  
 33 

 then, in each such case, unless the Company has made a filing with the Commission, including pursuant to a
Current Report on Form 8-K, which filing discloses such Action, the Company shall cause to be delivered to the Warrant Agent and shall give to each Holder of a Warrant Certificate, in accordance with Section 11.1(b) hereof,
a written notice of such Action, including, in the case of an action pursuant to Section 11.2(a), the information required under Section 5.1(k)(ii). Such notice shall be given promptly after taking
such Action. 
 If at any time the Company shall cancel any of the Actions for which notice has been given under this
Section 11.2 prior to the consummation thereof, the Company shall give each Holder prompt notice of such cancellation in accordance with Section 11.1(b), unless the Company has made a filing
with the Commission, including pursuant to a current report on Form 8-K, which filing discloses the cancellation of such Actions. 
 If at
any time the Board of Directors of the Company shall determine (I) the fair market value of any non-cash property distributed on the Common Shares pursuant to Section 5.1(d),
(II) the value of any non-cash consideration payable in a tender or exchange offer pursuant to Section 5.1(e), (III) the Current Market Price pursuant to clause (ii) of the
definition thereof or (IV) the value of a unit of Reference Property pursuant to Section 5.1(h)(i)(A), the Company shall provide written notice of such determination to each Holder of a Warrant Certificate promptly
after making such determination. 
 In addition, in the event the Company enters into any definitive agreement with respect to any
Transaction, unless the Company has made a filing with the Commission, including pursuant to a Current Report on Form 8-K, which filing discloses such agreement, the Company shall cause to be delivered to the Warrant Agent and shall give to each
Holder of a Warrant Certificate, in accordance with Section 11.1(b), a notice of the entering into such definitive agreement. 
  

	12.	 Inspection. 

The Warrant Agent shall cause a copy of this Agreement to be available for inspection by any Holder of any Warrant Certificate during the
Warrant Agent’s normal business hours at the office of the Warrant Agent designated for such purpose. The Warrant Agent may require any such Holder to submit its Warrant Certificate for inspection by the Warrant Agent. 

 

	13.	 Amendments. 

(a) This Agreement may be amended by the Company and the Warrant Agent with the consent of the Required Warrant Holders. 

(b) Notwithstanding the foregoing, the Company and the Warrant Agent may, without the consent or concurrence of the Holders of the Warrant
Certificates, by supplemental agreement or otherwise, amend this Agreement for the purpose of making any changes or corrections in this Agreement that (i) are required to cure any ambiguity or to correct or supplement any defective or
inconsistent provision or clerical omission or mistake or manifest error herein contained or (ii) add to the covenants and agreements of the Company in this Agreement further covenants and agreements of the Company thereafter to be observed, or
surrender any rights or powers reserved to or conferred upon the Company in this Agreement; provided, however, that in either case such amendment shall not adversely affect the rights or interests of the Holders of the Warrant
Certificates hereunder in any material respect. 

  
 34 

 (c) Notwithstanding anything to the contrary herein, the consent of each Holder of any
Warrant Certificate evidencing any Warrants affected thereby shall be required for any supplement or amendment to this Agreement or the Warrants, or any waiver thereof, that would: (i) increase the Exercise Price or decrease the number of
Common Shares receivable upon exercise of Warrants, in each case other than as provided in Section 5.1; (ii) change the Expiration Date to an earlier date; (iii) modify the provisions contained in
Section 5.1 in a manner adverse to the Holders of Warrant Certificates generally with respect to their Warrants; (iv) modify the provisions of this Section 13; (v) modify the provisions
of Section 3.2(b); or (vi) make any change that adversely affects the exercise rights of the Warrants. 
 (d)
The Warrant Agent shall join with the Company in the execution and delivery of any such amendment unless such amendment affects the Warrant Agent’s own rights, duties or immunities hereunder (as determined by the Warrant Agent), in which case
the Warrant Agent may, but shall not be required to, join in such execution and delivery; provided, that, as a condition precedent to the Warrant Agent’s execution of any amendment to this Agreement, the Company shall deliver to
the Warrant Agent a certificate from an Appropriate Officer that states that the proposed amendment is in compliance with the terms of this Section 13. No supplement or amendment to this Agreement shall be effective unless
duly executed by the Warrant Agent. Upon execution and delivery of any amendment pursuant to this Section 13, such amendment shall be considered a part of this Agreement for all purposes and every Holder of a Warrant
Certificate theretofore or thereafter countersigned and delivered hereunder shall be bound thereby. 
 (e) Promptly after the execution by
the Company and the Warrant Agent of any such amendment, unless the Company has made a filing with the Commission, including pursuant to a current report on Form 8-K, which filing discloses such adjustment, the Company shall give notice to the
Holders of Warrant Certificates, setting forth in general terms the substance of such amendment, in accordance with the provisions of Section 11.1(b). Any failure of the Company to mail such notice or any defect therein,
shall not, however, in any way impair or affect the validity of any such amendment. 
  

	14.	 Waivers. 

The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Required Warrant Holders, as required pursuant to Section 13, subject to Section 13(c). 

 

	15.	 Successor to Company. 

So long as Warrants remain outstanding, the Company will not consolidate with, amalgamate with, merge with or into, or sell, convey, transfer
or lease all or substantially all of its properties and assets to another Person, other than in a Cash Transaction, unless the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be
a corporation organized and existing under the laws of Canada or any of its Provinces, the United States of America, any State thereof or the District of Columbia, and shall expressly assume by a supplemental agreement, executed and delivered to the
Warrant Agent, in form reasonably satisfactory to the Warrant Agent, the due and punctual performance of every covenant of this Agreement on the part of the Company to be performed and observed and shall have provided for

  
 35 

 
exercise rights in accordance with Section 5.1(h)(i). Upon the consummation of such assumption, the Successor Company shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Agreement with the same effect as if such Successor Company had been named as the Company herein. 
  

	16.	 Headings. 

The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation
of this Agreement. 
  

	17.	 Counterparts. 

This Agreement may be executed in two or more counterparts, each of which will be deemed to be an original, but all of which together
constitute one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original signature. 

 

	18.	 Severability. 

The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision hereof will not affect the
validity or enforceability of the other provisions hereof; provided, that, if any provision of this Agreement, as applied to any party or to any circumstance, is adjudged by a court or governmental body not to be enforceable in
accordance with its terms, the parties agree that the court or governmental body making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific
words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced; provided, further, that, if any such modified or excluded provision shall adversely affect the rights, immunities, liabilities,
duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written notice to the Company. 
  

	19.	 No Redemption. 

The Warrants shall not be subject to redemption by the Company or any other Person; provided, that, the Warrants may be acquired
by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this
Agreement. 
  

	20.	 Persons Benefiting. 

This Agreement shall be binding upon and inure to the benefit of the Company, the Warrant Agent and the Holders from time to time. Nothing in
this Agreement, express or implied, is intended to confer upon any person other than the Company, the Warrant Agent and the Holders any rights or remedies under or by reason of this Agreement or any part hereof, and all covenants, conditions,
stipulations, promises and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and of the Holders. Each Holder, by acceptance of a Warrant Certificate, agrees to all of the terms and
provisions of this Agreement applicable thereto. 

  
 36 

	21.	 Applicable Law; Submission to Jurisdiction; Service of Process; Waiver of Immunity.

 THIS AGREEMENT, EACH WARRANT CERTIFICATE ISSUED HEREUNDER, EACH WARRANT EVIDENCED THEREBY AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HERETO AND THERETO, INCLUDING THE INTERPRETATION, CONSTRUCTION, VALIDITY AND ENFORCEABILITY THEREOF, SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

The Company irrevocably consents and agrees, for the benefit of the Holders from time to time of the Warrants and the Warrant Agent, that any
legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Warrant Agreement or the Warrants may be brought in the courts of the State of New York or the courts
of the United States located in the Borough of Manhattan, New York City, New York and hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally
and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 
 The
Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection
with this Warrant Agreement brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

The Company irrevocably appoints Cogency Global Inc. as its authorized agent in the Borough of Manhattan in the City of New York upon which
process may be served in any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Warrant Agreement or the Warrants, and agrees that service of process
upon such agent, and written notice of said service to the Company by the person serving the same to Ultra Petroleum Corp., 116 Inverness Drive East, Suite 400, Englewood, Colorado 80112, Attention: Legal Department, shall be deemed in every respect
effective service of process upon the Company in any such action, suit or proceeding. The Company further agrees to take any and all action as may be necessary to maintain such appointment of such agent in full force and effect for as long as any
Warrants remain outstanding. If for any reason such agent shall cease to be such agent for service of process, the Company shall forthwith appoint a new agent of recognized standing for service of process in the State of New York and deliver to the
Warrant Agent a copy of the new agent’s acceptance of that appointment within five Business Days of such acceptance. Nothing herein shall affect the right of the Warrant Agent, any agent or any Holder to serve process in any other manner
permitted by law. To the extent that the Company has or hereafter may acquire any sovereign or other immunity from jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably waives such
immunity in respect of its obligations hereunder or under any Warrant. 

  
 37 

	22.	 Entire Agreement. 

This Agreement sets forth the entire agreement of the parties hereto as to the subject matter hereof and supersedes all previous agreements
among all or some of the parties hereto with respect thereto, whether written, oral or otherwise. 
  

	23.	 Force Majeure. 

Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, disruptions in public utilities, interruptions or malfunction of computer facilities, or loss of data due to power
failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 
  

	24.	 Intentionally deleted. 

 

	25.	 Information Rights. 

Whether or not the Company is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, the Company
shall (a) make available to the Holders without cost to any Holder any reports or other information delivered to the holders of Common Shares solely in their capacity as stockholders by the Company or its Subsidiaries at the same time such
reports or other information are delivered or made available to such holders of Common Shares solely in their capacity as stockholders, and (b) provide Holders access to conference calls, webcasts or similar electronic communications to which
holders of Common Shares are provided access by the Company or its Subsidiaries solely in their capacity as stockholders, if any, at the same time such conference calls, webcasts or similar communications are made accessible to such holders of
Common Shares solely in their capacity as stockholders. 
  

	26.	 Confidentiality. 

The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the fees for services shall remain
confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

  

	27.	 Tax Treatment. 

The Warrant Agent and the Company intend to treat, for U.S. federal income tax purposes, the issuance of the Warrants as a contribution of such
Warrants by the Company to Ultra Resources, Inc., a Delaware corporation, followed by the delivery of such Warrants by Ultra Resources, Inc. to the recipients party to the Exchange Agreement. The parties hereto shall not take any action inconsistent
with such treatment, unless otherwise required by a “determination” within the meaning of Section 1313(a) of the Internal Revenue Code of 1986, as amended. 

[Remainder of Page Intentionally Left Blank] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written. 
  

			
	 ULTRA PETROLEUM CORP.

		
	 By:
	 	/s/ Brad Johnson
		 	 Name: Brad Johnson

		 	 Title:   Interim Chief Executive Officer

  

			
	 COMPUTERSHARE
INC.

 
			
		
	 By:
	 	/s/ Collin Ekeogu
		 	 Name: Collin Ekeogu

		 	 Title:   Manager, Corporate Actions

  

			
	 COMPUTERSHARE TRUST COMPANY,
N.A.

 
			
		
	 By:
	 	/s/ Collin Ekeogu
		 	 Name: Collin Ekeogu

		 	 Title:   Manager, Corporate Actions

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE]1 

ULTRA PETROLEUM CORP. 

WARRANT CERTIFICATE 

EVIDENCING 
 WARRANTS TO
PURCHASE COMMON SHARES 
 [FACE] 
  

			
	No. [___]	 	CUSIP No. [___]

 [UNLESS THIS GLOBAL WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO ULTRA PETROLEUM CORP. (THE “COMPANY”), THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFER OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR
RESPECTIVE NOMINEES.]2 
  

 

	1 	 To be removed in the versions of the Definitive Warrant Certificates printed in multiple copies for use by the
Warrant Agent in preparing Definitive Warrants Certificates for issuance and delivery from time to time to holders. 

	2 	 Include only on Global Warrant Certificate. 

  
 A-1 

 ULTRA PETROLEUM CORP. 

 

			
	No. [__]	  	[__,__,___] Warrants

 CUSIP No. [•] 

THIS CERTIFIES THAT, for value received, [_______________________], or registered assigns, is the registered owner of the number of Warrants
to purchase Common Shares of Ultra Petroleum Corp., a corporation incorporated under the Yukon Business Corporations Act (the “Company”, which term includes any successor thereto under the Warrant Agreement, dated as of
December 21, 2018 (the “Warrant Agreement”), between the Company, Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company)
specified above [or such lesser number as may from time to time be endorsed on the “Schedule of Decreases in Warrants” attached hereto]3, and is entitled, subject to and upon compliance
with the provisions hereof and of the Warrant Agreement, at such Holder’s option, at any time when the Warrants evidenced hereby are exercisable, to purchase from the Company one Common Share of the Company for each Warrant evidenced hereby, at
the purchase price of $0.01 per share (as adjusted from time to time, the “Exercise Price”), payable in full at the time of purchase, the number of Common Shares into which and the Exercise Price at which each Warrant shall
be exercisable each being subject to adjustment as provided in Section 5 of the Warrant Agreement. 
 All Common
Shares issuable by the Company upon the exercise of Warrants shall, upon such issuance, be duly and validly issued and fully paid and nonassessable. The Company shall pay any and all documentary, issuance, registration, stamp and similar taxes that
may be payable in respect of the issue or delivery of Common Shares on exercise of Warrants. The Company shall not be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the issue and delivery of Common
Shares in book-entry form or any certificates for Common Shares or payment of cash to any Person other than the Holder of the Warrant Certificate evidencing the exercised Warrant, and in case of such transfer or payment, the Warrant Agent and the
Company shall not be required to issue or deliver any Common Shares in book-entry form or any certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the
Warrant Agent or to the Company, (b) it has been established to the Company’s satisfaction that any such tax or other charge that is or may become due has been paid or (c) the receipt of any other such information as set forth in the
Warrant Agreement. 
 Subject to and upon compliance with the terms and conditions set forth herein, each Warrant evidenced hereby may be
exercised by the Holder hereof at the Exercise Price then in effect on any Business Day from and after the Original Issue Date until 5:00 p.m., New York time, on the Expiration Date in the Warrant Agreement; provided, however, that no
such Holder may exercise any Warrant evidenced hereby until the Current Market Price of the Common Shares has equaled or exceeded $2.50 per share (subject to adjustment in the same manner as the Exercise Price) on any Trading Day. For the
avoidance of doubt, the Warrants evidenced hereby shall be exercisable from and after any Trading Day on which the Current Market Price of the Common Shares has equaled or exceeded $2.50 per share (subject to adjustment in the same manner as
the Exercise Price), regardless of the Current Market Price of the Common Shares on the applicable Exercise Date. 
  

 

	3 	 Include only on Global Warrant Certificate. 

  
 A-2 

 Subject to the provisions hereof and of the Warrant Agreement, the Holder of this Warrant
Certificate may exercise all or any whole number of the Warrants evidenced hereby by, in the case of a Global Warrant Certificate, complying with the Applicable Procedures of the Depositary to provide notice of the number of Warrants being exercised
and, if applicable, whether Cashless Exercise is being elected with respect thereto, and delivering such Warrants by book-entry transfer through the facilities of the Depositary to the Warrant Agent in accordance with the Applicable Procedures and
otherwise complying with the Applicable Procedures in respect of the exercise of such Warrants or, in the case of a Definitive Warrant Certificate, delivery to the Warrant Agent of the Exercise Form on the reverse hereof, setting forth the number of
Warrants being exercised and, if applicable, whether Cashless Exercise is being elected with respect thereto, and otherwise properly completed and duly executed by the Holder thereof to the Warrant Agent, and surrendering this Warrant Certificate to
the Warrant Agent at its office maintained for such purpose, together with payment in full of the Exercise Price as then in effect for each Common Share receivable upon exercise of each Warrant being submitted for exercise unless Cashless Exercise
is being elected with respect thereto. Any such payment of the Exercise Price is to be by wire transfer in immediately available funds to such account of the Company at such banking institution as the Company shall have designated from time to time
for such purpose. 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless this Warrant Certificate has been
countersigned by the Warrant Agent by manual signature of an authorized officer on behalf of the Warrant Agent, this Warrant Certificate shall not be valid for any purpose and no Warrant evidenced hereby shall be exercisable. 

This Warrant Certificate is subject to all of the terms, provisions and conditions of the Warrant Agreement, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof and to which Warrant Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
Warrant Agent, the Company and the Holders. 
 IN WITNESS WHEREOF, the Company has caused this certificate to be duly executed under its
corporate seal. 
 Dated: [________ __], 20[__] 
  

									
		 		 	 ULTRA PETROLEUM CORP.

									
					
	 [SEAL]
	 		 		 	 By:
	 	 

									
					
	 ATTEST:
	 		 		 		 	

  
 A-3 

			
	Countersigned:	  	
		
	Computershare Trust Company, N.A., as Warrant Agent	  	[                 ]
	OR

  

									
					
	 By:
	 	 	 		 	 By:
	 	 
		 	Authorized Agent	 		 		 	as Countersigning Agent
					
		 		 		 	 By:
	 	 
		 		 		 		 	Authorized Officer

 Reverse of Warrant Certificate 

ULTRA PETROLEUM CORP. 

WARRANT CERTIFICATE 

EVIDENCING 
 WARRANTS TO
PURCHASE COMMON SHARES 
 The Warrants evidenced hereby are one of a duly authorized issue of Warrants of the Company designated as its
Warrants to Purchase Common Shares (“Warrants”), limited in aggregate number to 10,919,499 issued under and in accordance with the Warrant Agreement, dated as of December 21, 2018 (the “Warrant
Agreement”), between the Company, Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company
(collectively, the “Warrant Agent”, which term includes any successor thereto permitted under the Warrant Agreement), to which the Warrant Agreement and all amendments thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Warrant Agent, the Holders of Warrant Certificates and the owners of the Warrants evidenced thereby and of the terms upon which the Warrant Certificates
are, and are to be, countersigned and delivered. A copy of the Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent for inspection by the Holder hereof. 

The Warrant Agreement provides that, in addition to certain adjustments to the number of Common Shares into which a Warrant is exercisable and
the Exercise Price required to be made in certain circumstances, in the case of any Transaction (other than a Cash Transaction) the Company shall cause the other Person involved in such Transaction to execute and deliver to the Warrant Agent a
written instrument providing that (i) the Warrants evidenced hereby, if then outstanding, will be exercisable thereafter, during the period the Warrants evidenced hereby shall be exercisable as specified herein, only into the Reference Property
that would have been receivable upon such Transaction by a holder of the number of Common Shares that would have been issued upon exercise of such Warrant if such Warrant had been exercised in full immediately prior to such Transaction (upon certain
assumptions specified in the Warrant Agreement); and (ii) the rights and obligations of the other Person involved in such Transaction and the holders in respect of Reference Property shall be substantially unchanged to be as nearly equivalent
as may be practicable to the rights and obligations of the Company and Holders in respect of Common Shares. 

  
 A-4 

 Except as provided in the Warrant Agreement, all outstanding Warrants shall expire and all
rights of the Holders of Warrant Certificates evidencing such Warrants shall automatically terminate and cease to exist, as of 5:00 p.m., New York time, on the Expiration Date. The “Expiration Date” shall mean the earliest to
occur of (x) July 14, 2025; (y) the date of consummation of a Cash Transaction to which clause (iii) of Section 5.1(h) of the Warrant Agreement applies; and (z) a Winding Up. 

In the event of the exercise of less than all of the Warrants evidenced hereby, a new Warrant Certificate of the same tenor and for the number
of Warrants which are not exercised shall be issued by the Company in the name or upon the written order of the Holder of this Warrant Certificate upon the cancellation hereof. 

The Warrant Certificates are issuable only in registered form in denominations of whole numbers of Warrants. Upon surrender at the office of
the Warrant Agent and payment of the charges specified herein and in the Warrant Agreement, this Warrant Certificate may be exchanged for Warrant Certificates in other authorized denominations or the transfer hereof may be registered in whole or in
part in authorized denominations to one or more designated transferees; provided, however, that such other Warrant Certificates issued upon exchange or registration of transfer shall evidence the same aggregate number of Warrants as
this Warrant Certificate. The Company shall cause to be kept at the office or offices of the Warrant Agent the Warrant Register in which, subject to such reasonable regulations as the Warrant Agent may prescribe and such regulations as may be
prescribed by law, the Company shall provide for the registration of Warrant Certificates and of transfers or exchanges of Warrant Certificates. No service charge shall be made for any registration of transfer or exchange of Warrant Certificates;
provided, however, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Warrant Certificates. 

Prior to due presentment of this Warrant Certificate for registration of transfer, the Company, the Warrant Agent and any agent of the Company
or the Warrant Agent may treat the Person in whose name this Warrant Certificate is registered as the owner hereof for all purposes, and neither the Company, the Warrant Agent nor any such agent shall be affected by notice to the contrary. 

The Warrant Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of Warrant Certificates under the Warrant Agreement at any time by the Company and the Warrant Agent with the consent of the Required Warrant Holders. 

Until the exercise of any Warrant, subject to the provisions of the Warrant Agreement and except as may be specifically provided for in the
Warrant Agreement, (i) no Holder of a Warrant Certificate evidencing any Warrant shall have or exercise any rights by virtue hereof as a holder of Common Shares of the Company, including, without limitation, the right to vote, to receive
dividends and other distributions or to receive notice of, or attend meetings of, stockholders or any other proceedings of the Company; (ii) the consent of any such Holder shall not be required with

  
 A-5 

 
respect to any action or proceeding of the Company; (iii) except as provided with respect to a Winding Up of the Company, no such Holder, by reason of the ownership or possession of a
Warrant or the Warrant Certificate representing the same, shall have any right to receive any cash dividends, stock dividends, allotments or rights or other distributions (except as specifically provided in the Warrant Agreement), paid, allotted or
distributed or distributable to the stockholders of the Company prior to or for which the relevant record date preceded the date of the exercise of such Warrant; and (iv) no such Holder shall have any right not expressly conferred by the
Warrant or Warrant Certificate held by such Holder. 
 This Warrant Certificate, each Warrant evidenced thereby and the Warrant Agreement
shall be governed by and construed in accordance with the laws of the State of New York. 
 All terms used in this Warrant Certificate which
are defined in the Warrant Agreement shall have the meanings assigned to them in the Warrant Agreement. 

  
 A-6 

 Exercise Form 

Computershare Inc. 
 Address 

Attention: Transfer Department 
 Re: Ultra Petroleum Corp.
Warrant Agreement, dated as of December 21, 2018 
 In accordance with and subject to the terms and conditions hereof and of the Warrant
Agreement, the undersigned registered Holder of this Warrant Certificate hereby irrevocably elects to exercise
                         Warrants evidenced by this Warrant Certificate and represents that for each of the Warrants
evidenced hereby being exercised such Holder either has (please check one box only): 
  

	 	☐	 tendered the Exercise Price in the aggregate amount of
$                     by wire transfer in immediately available funds to such account of the Company at such banking institution as the
Company shall have designated from time to time for such purpose; or 

  

	 	☐	 elected a “Cashless Exercise”. 

The undersigned requests that the Common Shares issuable upon exercise be in fully registered form in such denominations and registered in
such names and delivered, together with any other property receivable upon exercise, in such manner as is specified in the instructions set forth below. 

If the number of Warrants exercised is less than all of the Warrants evidenced hereby, (i) if this Warrant Certificate is a Global
Warrant Certificate, the Warrant Agent shall endorse the “Schedule of Decreases in Warrants” attached hereto to reflect the Warrants being exercised or (ii) if this Warrant Certificate is a Definitive Warrant Certificate, the
undersigned requests that a new Definitive Warrant Certificate representing the remaining Warrants evidenced hereby be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

  
 A-7 

									
					
	Dated:	 	   
	 		 	Name:	 	   

					
	 	 	 	 		 		 	(Please Print)
		 	(Insert Social Security or Other Identifying Number of Holder)	 		 	Address:	 	 
				
		 		 		 	 
				
		 		 		 	 
		 		 		 	Signature
		 		 		 	(Signature must conform in all respects to name of Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member firm of a U.S. national securities
exchange.)

 Signature Guaranteed: 

Instructions (i) as to denominations and names of Common Shares issuable upon exercise and as to delivery of such securities and any other
property issuable upon exercise and (ii) if applicable, as to Definitive Warrant Certificates evidencing unexercised Warrants: 

Assignment 
 (Form of
Assignment To Be Executed If Holder Desires To Transfer Warrant Certificate) 
 FOR VALUE RECEIVED
                                         
            hereby sells, assigns and transfers unto 
 Please insert social
security or 
 other identifying number 

(Please print name and address including zip code) 
 the
Warrants represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
                                     Attorney, to transfer
said Warrant Certificate on the books of the within-named Company with full power of substitution in the premises. 
  

									
	Dated:	 	   
	 		 	Signature	 	   

				
		 		 		 	(Signature must conform in all respects to name of Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member firm of a U.S. national securities
exchange.)

  
 A-8 

 SCHEDULE A 

SCHEDULE OF DECREASES IN WARRANTS 
 The
following decreases in the number of Warrants evidenced by this Global Warrant Certificate have been made: 
  

							
	 Date
	  	 Amount of decrease in

number of Warrants

evidenced by this Global

Warrant Certificate
	  	 Number of Warrants

evidenced by this Global

Warrant Certificate

following such decrease
	  	 Signature of authorized
signatory]4

  

 

	4 	 Include only on Global Warrant Certificate. 

  
 A-9 

 EXHIBIT B 

FORM OF LOCK-UP AGREEMENT 

Lock-Up Agreement 

[Date] 
 Ultra Petroleum Corp. 

16 Inverness Drive East, Suite 400, 
 Englewood, Colorado 80112

 Attention: Legal Department 
 Computershare Trust Company
N.A. 
 250 Royall Street 
 Canton, MA 02021 

 

	 	Re:	 Ultra Petroleum Corp. - Lock-Up Agreement 

Ladies and Gentlemen: 
 In accordance with the Warrant Agreement,
dated as of December 21, 2018 (the “Warrant Agreement”), by and among Ultra Petroleum Corp., a corporation incorporated under the Yukon Business Corporations Act (and any Successor Company that becomes successor to the Company in
accordance with Section 15) (the “Company”), Computershare Inc., a Delaware corporation (“Computershare”) and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (and any
successors of such Warrant Agent appointed in accordance with the terms hereof) (collectively, the “Warrant Agent”), on or about the date first set forth above, the undersigned has exercised Warrants to purchase
[                    ] Common Shares (the “Issued Shares”). Terms capitalized but not otherwise defined in this Lock-Up Agreement shall have the meanings ascribed to such terms in the Warrant Agreement. 
 In consideration of the
issuance by the Company of the Issued Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 60 days after such date, the undersigned will not sell any of the Issued Shares. 

Notwithstanding the foregoing, the undersigned may transfer the Issued Shares (i) pursuant to an order of a court or regulatory agency or to comply with
any regulations related to the undersigned’s ownership of Common Shares, (ii) as a distribution or transfer to general partners, limited partners, members or stockholders of the undersigned, (iii) to the undersigned’s
subsidiaries, affiliates, or to any investment fund or other entity which controls or manages or is controlled or managed by, or under common control or management with, the undersigned, (iv) in connection with a tender or exchange offer,
(v) in the event of a merger, (vi) by operation of law, (vii) by way of foreclosure on a pledge of the Issued Shares, (viii) with the prior written 

  
 B-1 

 
consent of the Company or (ix) if the undersigned is given a client order to close the account that holds the Issued Shares and such order is bona fide and is not given for the purpose of
avoiding the restrictions under this Agreement. The undersigned is expressly permitted to offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any Common Shares other than the Issued
Shares. 
 This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New
York. 
  

	
	Very truly yours,
	
	   

	Exact Name of Shareholder
	
	   

	Authorized Signature
	
	   

	Title

  
 B-2

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