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Document

EXHIBIT 4.1

THIRD SUPPLEMENTAL INDENTURE
THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of August 25, 2021, among Pioneer Energy Services Corp., a Delaware corporation (the “Company”), the guarantors party hereto (the “Guarantors”), and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and security agent (in such capacity, the “Security Agent”).
RECITALS
WHEREAS, the Company and the Guarantors heretofore executed and delivered to the Trustee and the Security Agent that certain Indenture, dated as of May 29, 2020, providing for the issuance of the Company’s Senior Secured Floating Rate Notes due 2025 (the “Notes”) and such Indenture was amended by that certain First Supplemental Indenture dated as of March 3, 2021 and that certain Second Supplemental Indenture dated as of May 11, 2021 (as so amended, the “Indenture”);
WHEREAS, Section 10.02 of the Indenture provides that, in certain instances including actions which cause the Notes to be payable in currency or property other than as currently reflected in the Indenture, the Indenture may be amended or supplemented with the consent of all holders of the Notes (the “Holders”);
WHEREAS, the Company has entered into that certain Agreement and Plan of Merger, dated as of July 5, 2021 (“Merger Agreement”), with Patterson-UTI Energy, Inc., a Delaware corporation (“Acquiror Parent”), and certain of its affiliate companies which provides (i) for the Company to merge with certain of the affiliate companies and to become a wholly owned subsidiary of Acquiror Parent (the “Merger”), (ii) for the Notes to be repaid in a combination of cash and shares of common stock, par value $0.01 per share, of Acquiror Parent (“Acquiror Parent Common Stock”) and (iii) for the convertible noteholders and common shareholders of the Company to receive Acquiror Parent Common Stock upon closing of the Merger;
WHEREAS, the Company proposes to amend and supplement the Indenture as set forth herein (the “Proposed Amendments”), and has solicited consents to the Proposed Amendments from Holders by distributing to such Holders a Consent Solicitation Statement (as amended, supplemented or otherwise modified from time to time, the “Statement”) with the form of this Third Supplemental Indenture and instructions for delivery of consents through The Depository Trust Company’s ATOP system (the “Consent Solicitation”);
WHEREAS, the Company has received and delivered to the Trustee evidence of the requisite consents from Holders constituting 100% in aggregate principal amount of the outstanding Notes to effect the Proposed Amendments under the Indenture with respect to the Notes;
WHEREAS, the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that execution of this Third Supplemental Indenture is authorized or 
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permitted by the Indenture and that all conditions precedent and covenants provided for in the Indenture related thereto have been satisfied;
WHEREAS, the Company has requested that the Trustee and Security Agent execute and deliver this Third Supplemental Indenture; and
WHEREAS all requirements necessary to make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms have been done and performed, and the execution and delivery of this Third Supplemental Indenture has been duly authorized in all respects;
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Guarantors, the Trustee and the Security Agent mutually covenant and agree as follows:
ARTICLE I
DEFINITIONS
1.1       Relation to Indenture. This Third Supplemental Indenture constitutes an integral part of the Indenture.
1.2       Definition of Terms. For all purposes of this Third Supplemental Indenture:
(a)        Capitalized terms used herein without definition shall have the meanings set forth in the Indenture unless otherwise noted;
(b)        a term defined anywhere in this Third Supplemental Indenture has the same meaning throughout;
(c)        the singular includes the plural and vice versa; and
(d)       headings, subheadings and captions are for convenience of reference only and do not affect interpretation.
ARTICLE II
AMENDMENT
2.1       Amendment to the Indenture. The Proposed Amendments to the Indenture, as set forth in this Article II, shall apply to the applicable Notes Documents and be effective as of the date hereof. Any provision of the Notes Documents that conflicts with the express provisions of this Third Supplemental Indenture shall be deemed to be amended, and the provisions of this Third Supplemental Indenture shall control.
2.2       Amendment. A new “Section 3.11” is hereby added to the Indenture, which Section 3.11 reads in its entirety as follows:
“3.11   Redemption Upon Closing of the Designated Merger.
(a)    Designated Merger. The Holders acknowledge that the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Patterson-UTI 
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Energy, Inc. (“Acquiror Parent”) and certain of its affiliate companies which provides for (i) the Company to merge with certain of the affiliate companies and to become a wholly owned subsidiary of Acquiror Parent, (ii) merger consideration in the form of up to 26,275,000 shares of common stock, par value $0.01 per share, of Acquiror Parent (“Acquiror Parent Common Stock” and such consideration, “Merger Consideration”), (iii) the Notes to be repaid in a combination of cash and shares of Acquiror Parent Common Stock out of, and reducing, the Merger Consideration, and (iv) the Company’s convertible noteholders and common shareholders to receive the remaining Merger Consideration (after payment of the Notes) upon closing of the merger transactions contemplated by the Merger Agreement (collectively, the “Merger”).
(b)    Redemption Upon Closing of the Merger. Notwithstanding that the consummation of the Merger constitutes a “Change of Control” under this Indenture and notwithstanding any other conflicting provision herein (including Sections 3.07 and 3.10 of this Indenture), immediately following the effective time of the Merger on the Merger Closing Date (as defined below), the Company shall redeem the Notes at a redemption price equal to 103.000% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to, but excluding, the Merger Closing Date. The redemption price shall be paid in a combination of cash and shares of Acquiror Parent Common Stock as reflected in and pursuant to the terms set forth in Section 5.14 of the Merger Agreement and this Section 3.11. For purposes of such payment, the U.S. dollar value of each share of Acquiror Parent Common Stock shall equal the product of (i) the average of the Parent VWAP (as defined in the Merger Agreement) for the three consecutive trading days ending on the second trading day immediately preceding the Merger Closing Date (as calculated pursuant to and in accordance with the Merger Agreement) and (ii) 0.8575.
(c)    Notice to Trustee and Holders. (i) At least one Business Day prior to the closing date of the Merger (the “Merger Closing Date”), the Company will furnish to the Trustee an Officers’ Certificate (the “Officers’ Merger Certificate”) setting forth:
(A)    the Merger Closing Date;
(B)    the redemption price; and
(C)    a calculation reflecting the cash amount and the number of shares of Acquiror Parent Common Stock to be paid or delivered to each Holder pursuant to Section 3.11(d) hereof.
(ii) At least one Business Day prior to the Merger Closing Date, the Company will give or cause to be given a notice of redemption (“Notice of Redemption”) to the Depositary as the Holder of the Notes and to the exchange agent under the Merger Agreement (the “Exchange Agent”) setting forth:
(A)    the Merger Closing Date;
(B)    the redemption price;
(C)    the name and address of the Exchange Agent;
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(D)    that Notes called for redemption must be surrendered to the Trustee, in its capacity as Paying Agent, to collect the redemption price;
(E)    that unless the Company defaults in making such redemption payment, interest on the Notes ceases to accrue on and after the Merger Closing Date;
(F)    any conditions to redemption, which may include the consummation of the Merger;
(G)    that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes; and
(H)    the cash amount and the number of shares of Acquiror Parent Common Stock to be paid to the Depositary as the Holder of the Notes pursuant to Section 3.11(d).
(d)    Deposit and Payment of Redemption Price; Delivery of Shares. 
(i)    On the Merger Closing Date, the Company shall deposit or cause to be deposited with the Trustee an amount of cash sufficient to pay the cash portion of the redemption price of, and accrued and unpaid interest (to, but excluding, the Merger Closing Date) on, all Notes. The Trustee, within three Business Days following the Merger Closing Date, will distribute such cash portion of the redemption price to the Holders.
(ii)    The Company, on the Merger Closing Date, will direct the Exchange Agent to issue and deposit or cause to be deposited with the Depositary as the Holder of the Notes uncertificated shares of Acquiror Parent Common Stock represented by book entry in the amounts reflected in the Notice of Redemption within three Business Days following the Merger Closing Date.
(e)    Interest. If the Company complies with the provisions of Section 3.11(d), on and after the Merger Closing Date, interest will cease to accrue on the Notes. If the Notes are redeemed on or after a record date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the Merger Closing Date shall be paid to the Person in whose name such Note was registered at the close of business on such record date.
(f)    Absolute Redemption. Redemption of the Notes under this Section 3.11 shall be independent of the other provisions of Article III of this Indenture (other than this Section 3.11). Notwithstanding that the Merger would constitute a Change of Control under this Indenture, Article III of this Indenture (other than this Section 3.11) and particularly Section 3.10 shall not be applicable to the Merger or the redemption pursuant to this Section 3.11.

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ARTICLE III
MISCELLANEOUS
3.1    Effectiveness.
(a)    This Third Supplemental Indenture shall become effective and binding on the Company, the Guarantors, the Trustee and every Holder heretofore or hereafter authenticated and delivered under the Indenture as of the date hereof.
(b)    The Proposed Amendments, as set forth in Article II hereof, shall become operative with respect to the Notes Documents at such time as the Company, the Guarantors, the Trustee and the Security Agent shall have executed this Third Supplemental Indenture to give effect to the amendment.
(c)    Upon becoming operative (and not before), all provisions of this Third Supplemental Indenture shall be deemed to be incorporated in, and made part of, the Indenture with respect to the Notes and each reference in the Indenture to “this Indenture,” “hereunder,” “hereof,” or “herein” shall mean and be a reference to the Indenture as amended by this Third Supplemental Indenture with respect to the Notes, unless the context otherwise requires. Upon becoming operative (and not before), the Indenture as amended and supplemented by this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes.
3.2    Ratification of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed, and all of the terms, conditions and provisions thereof shall remain in full force and effect.
3.3    Trustee and Security Agent Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee or the Security Agent, and neither the Trustee nor the Security Agent assumes any responsibility for the correctness thereof. Neither the Trustee nor the Security Agent makes any representation as to the validity or sufficiency of this Third Supplemental Indenture.
3.4    Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE (AS SUPPLEMENTED BY THIS THIRD SUPPLEMENTAL INDENTURE), THE NOTES AND THE SUBSIDIARY GUARANTEES.
3.5    Severability. In case any provision in the Indenture (as supplemented by this Third Supplemental Indenture) or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.
3.6    Execution in Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by fax or .pdf transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto.
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3.7    The Trustee and the Security Agent. Wilmington Trust, National Association is entering into this Third Supplemental Indenture solely in its capacity as Trustee and Security Agent under the Indenture. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee or Security Agent by reason of this Third Supplemental Indenture. This Third Supplemental Indenture is executed and accepted by the Trustee and the Security Agent subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee and Security Agent with respect hereto. The recitals above shall constitute statements of the Company, and neither the Trustee nor the Security Agent assume any responsibility for their accuracy.
3.8    Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from this Third Supplemental Indenture and that the guarantee made by it pursuant to its respective Guarantee is knowingly made in contemplation of such benefits.
[Signature pages follow]

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IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Third Supplemental Indenture to be duly executed as of the date first written above.
PIONEER ENERGY SERVICES CORP., a Delaware corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER DRILLING SERVICES, LTD., a Texas corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER GLOBAL HOLDINGS, INC., a Delaware corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER PRODUCTION SERVICES, INC., a Delaware corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER WIRELINE SERVICES HOLDINGS, INC., a Delaware corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

Signature Page to Third Supplemental Indenture

PIONEER WIRELINE SERVICES, LLC, a Delaware corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER WELLS SERVICES, LLC, a Delaware corporation
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER FISHING & RENTAL SERVICES, LLC, as Guarantor
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

PIONEER COILED TUBING SERVICES, LLC, as Guarantor
By:    /s/Lorne E. Phillips     
Name:    Lorne E. Phillips
Title:    Executive Vice President and Chief Financial Officer

Signature Page to Third Supplemental Indenture

 
IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Third Supplemental Indenture to be duly executed as of the date first written above.
WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee and Security Agent
By:    /s/Jane Schweiger     
Name:    Jane Schweiger
Title:    Vice President  
Signature Page to Third Supplemental IndentureExhibit 10.9

 

BENSON HILL, INC. EXECUTIVE SEVERANCE
PLAN

 

ARTICLE I-
PURPOSE

 

The purpose of the Benson
Hill, Inc. Executive Severance Plan (the “Plan”) is to provide severance pay and benefits to Participants whose
employment with Benson Hill, Inc. (“Benson Hill” or the “Company”) and its Affiliates and/or
Subsidiaries (together with the Company, “Benson Hill”) is terminated under certain circumstances. The Plan is effective
___________, 2021 (the “Effective Date”) and is applicable to Participants who are notified of termination on or after
that date. Additionally, the purpose of the Plan is to attract and retain qualified executives. The Plan is intended to be a top hat welfare
benefit plan under ERISA maintained primarily for the purpose of providing benefits for a select group of management or highly compensated
employees. All benefits under the Plan will be paid solely from the general assets of Benson Hill.

 

ARTICLE II-DEFINITIONS

 

Capitalized terms used but
not otherwise defined in this Plan have the meanings set forth in this Article II.

 

“Affordable Care
Act (ACA)” has the meaning set forth in Section 4.01(b).

 

“Administrator”
means the Board, Compensation Committee of the Board or any committee thereof duly authorized by the Board to administer the Plan.

 

“Affiliate”
means any corporation or entity other than Benson Hill, Inc. which, as of a given date, is a member of the same controlled group
of corporations or the same group of trades or businesses under common control as Benson Hill, Inc.

 

“Base Salary”
means a Participant’s monthly rate of base salary as in effect immediately prior to his or her termination from employment.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
occurs when a Participant, in the Company’s good faith belief, does any of the following:

 

(a) commits,
is indicted for, is convicted of, or pleads no contest to any criminal act under federal or state law, whether such act would be a felony
or a misdemeanor;

 

(b) commits,
attempts to commit, or participates in, a fraud or act of dishonesty against the Company or any of its Affiliates;

 

(c) breaches
any (1) material provision of any agreement Participant has with the Company or any of its Affiliates (including, without limitation,
any restrictive covenant provision), or (2) statutory or fiduciary duty Participant owes to the Company or any of its Affiliates;

 

(d) violates
the Company’s policies and/or practices applicable to employees at the level of Participant relating to discrimination, harassment
or retaliation;

 

     

     

    

 

(e) violates
the Company’s policies and/or practices applicable to employees at the level of Participant not relating to discrimination, harassment
or retaliation; 

 

(f) fails to
materially perform assigned duties after receiving written notification of the failure;

 

(g) willfully
performs acts or omissions that constitute misconduct or gross negligence in connection with the performance of assigned duties; or

 

(h) willfully
disregards any lawful written instruction from the Board, the Company or any of its Affiliates.

 

The determination that a termination
is for Cause shall be made by the Company in good faith provided that, in the case of (c), (e), (f), (g), and (h) above, grounds
for a termination for Cause shall exist only if Participant fails to cure (if curable) such event within 30 days following written notice
from the Company.

 

“Change in Control”
has the meaning set forth in the Company’s 2021 Omnibus Incentive Plan.

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985.

 

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

 

“Company”
means BENSON HILL, INC. a Delaware corporation, and any successor thereto.

 

“Compensation Committee”
means the Compensation Committee of the Board.

 

“Effective Date”
has the meaning set forth in Article I.

 

“Eligible Employee”
means, except for those employees with individual employment agreements with the Company, any full-time employee of the Company with a
role of Vice President and above, and any other full-time employee of the Company who is recommended by the Chief Executive Officer to
the Administrator to be a key employee who should be eligible to participate in the Plan. Eligible Employees shall be limited to a select
group of management or highly compensated employees within the meaning of Sections 201, 301, and 404 of ERISA.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Good Reason”
means the Participant has reason to affect a termination in the event the Company:

 

(a) materially
diminishes Participant’s reporting relationship;

 

(b) breaches
its obligations to pay Participant’s Base Salary;

 

(c) reduces
Participant’s Base Salary (other than a one-time reduction of not more than 15% to the extent such reduction is equally applicable
to other Company executives);

 

     

     

    

 

(d) requires
Participant to relocate Participant’s principal place of employment to a location that is more than 50 miles from the Company’s
principal place of business (except pursuant to a Company work-from-home arrangement applicable to Participant or any stay-at-home or
similar governmental law, order, request or recommendation); or

 

(e) substantially
diminishes Participant’s duties, authority and responsibilities (other than an across-the-board and structurally equivalent diminution
for all Company executives or a diminution due to performance-based reasons).

 

Notwithstanding the foregoing,
in order for Participant’s termination to constitute a termination for “Good Reason” as a result of any of (a) through
(e) above, (1) Participant must give written notice to the Company specifying in reasonable detail the event alleged to give
rise to Good Reason within 30 days following the date on which such event first occurred, (B) the Company has to fail to provide
a reasonable cure within 30 days after its receipt of such notice, and (C) Participant must resign from all positions Participant
then holds with the Company within 30 days after the expiration of such cure period.

 

“Participant”
has the meaning set forth in Section 3.01.

 

“Plan”
means this Benson Hill, Inc. Executive Severance Plan, as may be amended and/or restated from time to time.

 

“Pro-Rata Bonus”
means a prorated annual bonus equal to the product of (i) the annual bonus, if any, that the Participant would have earned for the
entire year in which the Qualifying Termination occurs based on the lower of (x) the target level of achievement of the applicable
performance goals for such year or (y) actual Company performance based on the most recently completed quarterly performance period;
and (ii) a fraction, the numerator of which is the number of days the Participant was employed by the Company during the year in
which the Qualifying Termination occurs and the denominator of which is the number of days in such year.

 

“Qualifying Termination”
means the termination of a Participant’s employment with Benson Hill either (a) by the Company without Cause including
but not limited to job elimination, reduction in force or business restructuring; or (b) by the Participant for Good Reason.
The following is specifically excluded:

 

(i)  voluntary
termination other than for Good Reason, including but not limited to retirement;

 

(ii)  termination
of employment by Benson Hill for Cause;

 

(iii)  termination
of employment by death or disability; and

 

(iv)  failing
to return to work from an approved leave of absence and in accordance with Company policy.

 

“Release”
has the meaning set forth in Section 6.01.

 

“Release Effective
Date” has the meaning set forth in Section 6.01.

 

“Specified Employee
Payment Date” has the meaning set forth in Section 9.12(b).

 

     

     

    

 

ARTICLE III-
PARTICIPATION

 

Section 3.01         Participants.
The Administrator shall designate and provide written notice to each Eligible Employee chosen by the Administrator to participate
in the Plan (each, a “Participant”).

 

ARTICLE IV–
SEVERANCE Pay and Benefits

 

Section 4.01         Severance
Pay and Benefits. If a Participant experiences a Qualifying Termination, then, subject to Article VI and Sections 9.12 &
9.13, the Company will provide the Participant with the following:

 

(a)          Cash
severance paid in a single lump-sum within 60 days of the Qualifying Termination of the following amounts:

 

(i)            Base
Salary for the Severance Period as set forth on Exhibit A;

 

(ii)           Any
unpaid annual bonus earned for the year prior to the Qualifying Termination; and

 

(iii)          The
Participant’s Pro-Rata Bonus for the year of the Qualifying Termination.

 

(b)          If
the Participant timely and properly elects continuation coverage under COBRA for medical, dental and/or vision, the Company shall reimburse
Participant for the Company’s portion of the monthly COBRA premium for Participant and Participant’s covered dependents during
the Severance Period as forth on Exhibit A. Participant will remain responsible for the Participant’s portion of the COBRA
premium at the same level of similarly situated active employees. The Participant and Participant’s covered dependents must have
been enrolled in coverage prior to termination to be eligible for the premium subsidy. Such reimbursement may either (x) be paid
to Participant on the first payroll date of the month immediately following the month in which Participant timely remits the premium payment,
or (y) remitted directly to the COBRA administrator on Participant’s behalf. Participant shall be eligible to receive such
reimbursement until the earliest of: (A) the expiration of the Participant’s Severance Period as set forth on Exhibit A;
(B) the date Participant is no longer eligible to receive COBRA continuation coverage; (C) the date on which Participant becomes
eligible to receive substantially similar coverage from another employer or other source; or (D) the Participant fails to remit payment
for the Participant’s portion of premium. Notwithstanding the foregoing, if the Company’s providing payments under this Section 4.01(b) would
violate the nondiscrimination rules applicable to non-grandfathered plans, or would result in the imposition of penalties under the
Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010, and the related
regulations and guidance promulgated thereunder (the “ACA”), the Company shall reform this Section 4.01(b) in
a manner as is necessary to comply with the ACA.

 

     

     

    

 

ARTICLE V–
company change in control

 

Section 5.01         Additional
CIC Benefit. If a Participant has a Qualifying Termination within 12 months following a Change in Control then, subject to Article 
and Sections 9.12 & 9.13, the Participant will be entitled to the following benefits in addition to those benefits set forth
in Section 4.01:

 

(a)           The
Participant will have the additional CIC Severance Period as set forth on Exhibit A.

 

(b)           Notwithstanding
the terms of the Company’s 2021 Omnibus Incentive Plan or plans under which a Participant’s equity awards are granted or any
applicable award agreements, any unvested portion of such outstanding equity awards that are subject to time-vesting shall become fully
time-vested on the Release Effective Date. Upon a Change in Control, the price per share implied in such Change in Control will be deemed
to be the price per share for performance vesting purposes to the extent applicable to the performance target.

 

ARTICLE VI–
conditions

 

Section 6.01         Conditions.
A Participant’s entitlement to any severance benefits under this Plan is subject to the Participant’s (x) continued compliance
with any restrictive covenants, loyalty agreements and non-disparagement requirements and (y) timely execution of a release of claims
in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”),
and the Release becoming effective according to its terms within 60 days following such resignation or termination (the date the Release
becomes effective, the “Release Effective Date”). Any such Release will include, without limitation, (i) a release
of claims in favor of the Company, its affiliates and their respective officers and directors; (ii) non-solicitation, non-disparagement,
confidentiality and further cooperation provisions; and (iii) non-competition provisions.

 

ARTICLE VII– claims
procedures

 

Section 7.01         Initial
Claims. A Participant must submit a written claim for benefits to the Plan within 90 days of the event giving rise to the claim or
termination of employment, whichever is earlier. Claims should be addressed and sent to:

 

Benson Hill, Inc. 

Chief People Officer 

1001 N. Warson Road, Suite 200 

St. Louis, MO 63132

 

If the Participant’s
claim is denied, in whole or in part, the Participant will be furnished with written notice of the denial within 90 days after the Administrator’s
receipt of the Participant’s written claim, unless special circumstances require an extension of time for processing the claim,
in which case a period not to exceed 180 total days will apply. If such an extension of time is required, written notice of the extension
will be furnished to the Participant before the termination of the initial 90 day period and will describe the special circumstances requiring
the extension, and the date on which a decision is expected to be rendered. Written notice of the denial of the Participant’s claim
will contain the following information:

 

     

     

    

 

(a)           the
specific reason or reasons for the denial of the Participant’s claim;

 

(b)           references
to the specific Plan provisions on which the denial of the Participant’s claim was based;

 

(c)           a
description of any additional information or material required by the Administrator to reconsider the Participant’s claim (to the
extent applicable) and an explanation of why such material or information is necessary; and

 

(d)           a
description of the Plan’s review procedures and time limits applicable to such procedures, including a statement of the Participant’s
right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review.

 

Section 7.02         Appeal
of Denied Claims. If the Participant’s claim is denied and he or she wishes to submit a request for a review of the denied claim,
the Participant or his or her authorized representative must follow the procedures described below:

 

(a)           Upon
receipt of the denied claim, the Participant (or his or her authorized representative) may file a request for review of the claim in writing
with the Administrator. This request for review must be filed no later than 60 days after the Participant has received written notification
of the denial.

 

(b)           The
Participant has the right to submit in writing to the Administrator any comments, documents, records or other information relating to
his or her claim for benefits.

 

(c)           The
Participant has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents,
records and other information that is relevant to his or her claim for benefits.

 

(d)           The
review of the denied claim will take into account all comments, documents, records and other information that the Participant submitted
relating to his or her claim, without regard to whether such information was submitted or considered in the initial denial of his or her
claim.

 

Section 7.03         Administrator’s
Response to Appeal. The Administrator will provide the Participant with written notice of its decision within 60 days after the Administrator’s
receipt of the Participant’s written claim for review. There may be special circumstances which require an extension of this 60-day
period. In any such case, the Administrator will notify the Participant in writing within the 60-day period and the final decision will
be made no later than 120 days after the Administrator’s receipt of the Participant’s written claim for review. The Administrator’s
decision on the Participant’s claim for review will be communicated to the Participant in writing and will clearly state:

 

(a)           the
specific reason or reasons for the denial of the Participant’s claim;

 

(b)           reference
to the specific Plan provisions on which the denial of the Participant’s claim is based;

 

     

     

    

 

(c)           a
statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Plan
and all documents, records, and other information relevant to his or her claim for benefits; and

 

(d)           a
statement describing the Participant’s right to bring an action under Section 502(a) of ERISA.

 

Section 7.04         Exhaustion
of Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under
the Plan. As to such claims and disputes:

 

(a)           no
claimant shall be permitted to commence arbitration or any legal action to recover benefits or to enforce or clarify rights under the
Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims
procedures have been exhausted in their entirety; and

 

(b)           in
any such arbitration or legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations
as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted
by law.

 

Section 7.05         Arbitration.
Subject to Section 7.04, any dispute, controversy or claim arising out of or related to the Plan shall be submitted to and decided
by binding arbitration. Arbitration shall be administered exclusively by the American Arbitration Association and shall be conducted in
St. Louis County, Missouri consistent with the rules, regulations, and requirements of the American Arbitration Association in effect
at the time the arbitration is commenced, as well as any requirements imposed by state law. Any arbitral award determination shall be
final and binding. Any arbitration must be commenced within twelve (12) months after a final decision on appeal is made.

 

Section 7.06         Attorney’s
Fees. In the event any dispute in connection with this Plan arises with respect to the payment of severance benefits hereunder, all
costs, fees and expenses, including reasonable attorneys’ fees, of any legal action in connection with such matters shall be borne
by the Company, provided that a Eligible Employee prevails on at least one material issue.

 

ARTICLE VIII-Administration,
Amendment and Termination

 

Section 8.01         Administration.
The Administrator has the exclusive right, power and authority, in its sole and absolute discretion, to administer and interpret the Plan.
The Administrator has all powers reasonably necessary to carry out its responsibilities under the Plan including (but not limited to)
the sole and absolute discretionary authority to:

 

(a)           administer
the Plan according to its terms and to interpret Plan provisions;

 

(b)           resolve
and clarify inconsistencies, ambiguities, and omissions in the Plan and among and between the Plan and other related documents;

 

(c)           take
all actions and make all decisions regarding questions of eligibility and entitlement to benefits, and benefit amounts;

 

     

     

    

 

(d)           make,
amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan;

 

(e)           process
and approve or deny all claims for benefits; and

 

(f)           decide
or resolve all questions, including benefit entitlement determinations and interpretations of the Plan, as may arise in connection with
the Plan.

 

The decision of the Administrator
on any disputes arising under the Plan, including (but not limited to) questions of construction, interpretation and administration shall
be final, conclusive and binding on all persons having an interest in or under the Plan. Any determination made by the Administrator shall
be given deference in the event the determination is subject to judicial review and shall be overturned by a court of law only if it is
arbitrary and capricious.

 

Section 8.02         Amendment
and Termination. The Company reserves the right to amend or terminate the Plan at any time, in whole or in part, for any reason or
without reason; provided that no such amendment or termination that has the effect of reducing or diminishing the right to severance benefits
under Article IV of any Participant who had a Qualifying Termination prior to the effective date of such amendment or termination
will be effective without the written consent of such Participant.

 

ARTICLE IX-general
provision

 

Section 9.01         At-Will
Employment. The Plan does not alter the status of each Participant as an at-will employee of the Company. Nothing contained herein
shall be deemed to give any Participant the right to remain employed by the Company or to interfere with the rights of the Company to
terminate the employment of any Participant at any time, with or without Cause.

 

Section 9.02         Effect
on Other Plans, Agreements, and Benefits.

 

(a)           Any
severance benefits payable to a Participant under the Plan will be reduced by/in lieu of and not in addition to any severance benefits
to which the Participant would otherwise be entitled under any general severance policy or severance plan maintained by the Company or
any agreement between the Participant and the Company that provides for severance benefits (unless the policy, plan, or agreement expressly
provides for severance benefits to be in addition to those provided under the Plan); and (ii) any severance benefits payable to a
Participant under the Plan will be reduced by any severance benefits to which the Participant is entitled by operation of a statute or
government regulations.

 

(b)           Any
severance benefits payable to a Participant under the Plan will not be counted as compensation for purposes of determining benefits under
any other benefit policies or plans of the Company, except to the extent expressly provided therein.

 

Section 9.03         Mitigation
and Offset. If a Participant obtains other employment after a Qualifying Termination, such other employment will not affect the Participant’s
rights or the Company’s obligations under the Plan.

 

     

     

    

 

The Company’s obligation
to make the payments and provide the benefits required under the Plan will not be affected by any circumstances, including, without limitation,
any set-off, counterclaim, recoupment, defense, or other rights that the Company may have against the Participant.

 

Section 9.04         Severability.
The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision
of the Plan. If any provision of the Plan is held by a court of competent jurisdiction to be illegal, invalid, void or unenforceable,
such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid, and enforceable,
and the other remaining provisions of the Plan shall not be affected but shall remain in full force and effect.

 

Section 9.05         Headings
and Subheadings. Headings and subheadings contained in the Plan are intended solely for convenience and no provision of the Plan is
to be construed by reference to the heading or subheading of any section or paragraph.

 

Section 9.06         Unfunded
Obligations. The amounts to be paid to Participants under the Plan are unfunded obligations of the Company. The Company is not required
to segregate any monies or other assets from its general funds with respect to these obligations. Participants shall not have any preference
or security interest in any assets of the Company other than as a general unsecured creditor.

 

Section 9.07         Successors.
The Plan will be binding upon any successor to the Company, its assets, its businesses or its interest, in the same manner and to the
same extent that the Company would be obligated under the Plan if no succession had taken place. In the case of any transaction in which
a successor would not by the foregoing provision or by operation of law be bound by the Plan, the Company shall require any successor
to the Company to expressly and unconditionally assume the Plan in writing and honor the obligations of the Company hereunder, in the
same manner and to the same extent that the Company would be required to perform if no succession had taken place. All payments and benefits
that become due to a Participant under the Plan will inure to the benefit of his or her heirs, assigns, designees, or legal representatives.

 

Section 9.08         Transfer
and Assignment. Neither a Participant nor any other person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise
encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are paid, except that,
in the case of a Participant’s death, such amounts shall be paid to the Participant’s beneficiaries.

 

Section 9.09         Waiver.
Any party’s failure to enforce any provision or provisions of the Plan will not in any way be construed as a waiver of any such
provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Plan.

 

Section 9.10         Governing
Law. To the extent not pre-empted by federal law, the Plan shall be construed in accordance with and governed by the laws of Missouri
without regard to conflicts of law principles. Any action or proceeding to enforce the provisions of the Plan will be brought only in
a state or federal court located in the state of Missouri, county of St. Louis, and each party consents to the venue and jurisdiction
of such court. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue.

 

     

     

    

 

Section 9.11         Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes for the Company to
satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

Section 9.12         Section 409A.

 

(a)           The
Plan is intended to comply with Code §409A or an exemption thereunder and shall be construed and administered in accordance with
Code §409A. Notwithstanding any other provision of the Plan, payments provided under the Plan may only be made upon an event and
in a manner that complies with Code §409A or an applicable exemption. Any payments under the Plan that may be excluded from Code
 §409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Code
 §409A to the maximum extent possible. For purposes of Code §409A, each installment payment provided under the Plan shall be
treated as a separate payment. Any payments to be made under the Plan upon a termination of employment shall only be made upon a “separation
from service” under Code §409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits
provided under the Plan comply with Code §409A and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest, or other expenses that may be incurred by a Participant on account of non-compliance with Code §409A.

 

(b)           Notwithstanding
any other provision of the Plan, if any payment or benefit provided to a Participant in connection with his or her Qualifying Termination
is determined to constitute “nonqualified deferred compensation” within the meaning of Code §409A and the Participant
is determined to be a “specified employee” as defined in Code §409A(a)(2)(b)(i), then such payment or benefit shall not
be paid until the first payroll date to occur following the six-month anniversary of the Qualifying Termination or, if earlier, on the
Participant’s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise
have been paid before the Specified Employee Payment Date shall be paid to the Participant in a lump sum on the Specified Employee Payment
Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. Notwithstanding any
other provision of the Plan, if any payment or benefit is conditioned on the Participant’s execution of a Release, the first payment
shall include all amounts that would otherwise have been paid to the Participant during the period beginning on the date of the Qualifying
Termination and ending on the payment date if no delay had been imposed.

 

(c)           To
the extent required by Code §409A, each reimbursement or in-kind benefit provided under the Plan shall be provided in accordance
with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year
cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; and (ii) any
right to reimbursements or in-kind benefits under the Plan shall not be subject to liquidation or exchange for another benefit.

 

     

     

    

 

Section 9.13         Section 280G. Notwithstanding
any other provision of the Plan or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided
or to be provided by the Company or its affiliates to a Participant or for a Participant’s benefit pursuant to the terms of the
Plan or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within
the meaning of Code §280G and would, but for this Section 9.13, be subject to the excise tax imposed under Code §4999 (or
any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes
(collectively, the “Excise Tax”), then the Covered Payments shall be either: (i) reduced to the minimum extent
necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”);
or (ii) payable in full if the Participant’s receipt on an after-tax basis of the full amount of payments and benefits (after
taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax)) would
result in the Participant receiving an amount greater than the Reduced Amount.

 

Any such reduction shall be
made by the Company in its sole discretion consistent with the requirements of Code §409A.

 

All calculations and determinations
under this Section 9.13 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the
 “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and Participant for all purposes.
For purposes of making the calculations and determinations required by this Section 9.13, the Tax Counsel may rely on reasonable,
good faith assumptions and approximations concerning the application of Code §§280G and 4999. The Company and Participant shall
furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to make its determinations
under this Section 9.13. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services.

 

Section 9.14         Clawback. Any
amounts payable under the Plan are subject to any policy (whether in existence as of the Effective Date or later adopted) established
by the Company providing for clawback or recovery of amounts that were paid to the Participant. The Company will make any determination
for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.

 

THIS EXECUTIVE SEVERANCE
PLAN was approved by the Board of Directors of Benson Hill, Inc. on __________, 2021, to be effective as of such date.

 

	 	BENSON HILL, INC.

 

     

     

    

 

EXHIBIT A — SEVERANCE PERIOD BASIC SEVERANCE BENEFITS

 

	Title	Severance Period
	 	 
	Vice President	
    Six (6) months

     

    Additional CIC benefit: N/A

	 	 
	
    Senior Vice President

     

    Executive Vice President
	
    Nine (9) months

     

    Additional CIC benefit: Three (3) additional months

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