Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of November 30, 2021, and is made by and among Civista
Bancshares, Inc., an Ohio corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined below) identified on the signature pages to the Purchase Agreement (as defined below) (collectively, the
“Purchasers”). 
 This Agreement is made pursuant to the Subordinated Note Purchase Agreement dated November 30, 2021,
by and among the Company and each of the Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Purchasers of $75,000,000 aggregate principal amount of the Company’s 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031, which were issued on November 30, 2021 (the “Subordinated Notes”). In order to induce each of the
Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and indirect transferees and assigns
the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 

In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following capitalized defined terms shall have the following
meanings: 
 “1933 Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations
of the SEC promulgated thereunder. 
 “1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time, and the rules and regulations of the SEC promulgated thereunder. 
 “Additional Interest” shall have the meaning set
forth in Section 2(e) hereof. 
 “Agreement” shall have the meaning set forth in the preamble to
this Agreement. 
 “Business Day” shall mean any day other than a Saturday, Sunday or U.S. federal holiday or a day on
which banking institutions in the state of Ohio are authorized or obligated to be closed. 
 “Closing Date” shall mean the
date of this Agreement. 
 “Company” shall have the meaning set forth in the preamble to this Agreement and also includes
the Company’s successors. 
 “Depositary” shall mean The Depository Trust Company, or any other depositary appointed
by the Company, including any agent thereof; provided, however, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York. 

“Event Date” shall have the meaning set forth in Section 2(e). 

“Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the 1933
Act effected pursuant to Section 2(a) hereof. 

 “Exchange Offer Registration Statement” shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration statement, in each case
including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein. 

“Exchange Securities” shall mean the 3.25%
Fixed-to-Floating Rate Subordinated Notes due 2031 issued by the Company under the Indenture containing terms substantially identical to the Subordinated Notes (except
that (i) interest thereon shall accrue from the last date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for, from the Interest Accrual Date,
(ii) provisions relating to an increase in the stated rate of interest thereon upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership and
transfer thereof as a result of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated, (iv) the minimum denominations thereof shall be $100,000 and integral multiples of $1,000 in excess thereof and
(v) all of the Exchange Securities will be represented by one or more global Exchange Securities in book-entry form (unless exchanged for Exchange Securities in definitive certificated form under the circumstances provided in the Indenture) to
be offered to Holders of Registrable Securities in exchange for Registrable Securities pursuant to the Exchange Offer. 

“FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

“Holders” shall mean (i) the Purchasers and each of their respective successors, assigns and direct and indirect
transferees who become registered owners of Registrable Securities under the Indenture, for so long as they own any Registrable Securities and (ii) each Participating Broker-Dealer that holds Exchange Securities for so long as such
Participating Broker-Dealer is required to deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities. 

“Indenture” shall mean the Indenture, dated as of the date hereof by and between the Company and UMB Bank, National
Association, as trustee, under which the Subordinated Notes are to be issued, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

“Interest Accrual Date” means November 30, 2021. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities
outstanding, excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or
Exchange Securities is required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent
or approval was given by the Holders of such required percentage. 
 “Notifying Broker-Dealer” shall have the meaning set
forth in Section 3(f). 
 “Participating Broker-Dealer” shall have the meaning set forth in
Section 3(f). 
 “Person” shall mean an individual, partnership, joint venture, limited liability
company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

  
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 “Prospectus” shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable
Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated by reference
therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble to this Agreement. 

“Purchasers” shall have the meaning set forth in the preamble of this Agreement. 

“Registrable Securities” shall mean the Subordinated Notes; provided, however, that any Subordinated Notes
shall cease to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared or become effective under the 1933 Act and such Subordinated Notes shall have been exchanged or disposed
of pursuant to such Registration Statement, (ii) such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act, or are eligible to be resold
pursuant to Rule 144 without regard to the public information requirements thereunder, (iii) such Subordinated Notes shall have ceased to be outstanding, or (iv) such Subordinated Notes have been exchanged for Exchange Securities which
have been registered pursuant to the Exchange Offer Registration Statement upon consummation of the Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (iv), such Exchange Securities are held by Participating
Broker-Dealers or otherwise are not freely tradable by such Participating Broker-Dealers without any limitations or restrictions under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable Securities until such time
as such Exchange Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable without any limitations or restrictions under the 1933 Act). 

“Registration Default” shall have the meaning set forth in Section 2(e). 

“Registration Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company
with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state or other securities or blue sky laws and
compliance with the rules of FINRA (including reasonable fees and disbursements of one counsel for any Holders in connection with qualification of any of the Exchange Securities or Registrable Securities under state or other securities or blue sky
laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates
representing the Subordinated Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and expenses incurred in connection with the
listing, if any, of any of the Subordinated Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements relating to the qualification of the Indenture under applicable
securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business or assets whose financial statements are included in any
Registration Statement or Prospectus, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees and expenses of the Trustee, any registrar,
any depositary, any paying agent, any escrow agent or any custodian, in each case including fees and disbursements of their respective counsel, but excluding any underwriting discounts and commissions, brokerage commissions and transfer taxes, if
any, relating to the sale or disposition of Registrable Securities by a Holder. 

  
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 “Registration Statement” shall mean any registration statement of the
Company relating to any offering of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration Statement and any Shelf Registration Statement), and
all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by
reference therein. 
 “SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to the
provisions of Section 2(b) of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may be adopted by the SEC,
and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by
reference therein. 
 “Subordinated Notes” shall have the meaning set forth in the preamble to this Agreement. 

“TIA” shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder. 
 “Trustee” shall mean the trustee with respect to the Subordinated Notes and the Exchange
Securities under the Indenture. 
 For purposes of this Agreement, (i) all references in this Agreement to any Registration Statement,
preliminary prospectus or Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system; (ii) all references in
this Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in any Registration Statement, preliminary prospectus or Prospectus (or other references of like
import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as
the case may be; (iii) all references in this Agreement to amendments or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act which is
incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405 or Rule 415 under the 1933
Act, and all references to any sections or subsections thereof or terms defined therein, shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to Business Days) shall mean
calendar days. 
 2. Registration Under the 1933 Act. 

(a) Exchange Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to
the 90th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange all of the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use
its commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective by the SEC no later than the 150th day after the Closing Date, (C) use its commercially

  
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reasonable efforts to cause such Registration Statement to remain effective until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate the Exchange
Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer. 

In connection with the Exchange Offer, the Company shall: 
  

	 	(i)	 promptly mail or otherwise transmit, in compliance with the applicable procedures of the depositary for such
Registrable Securities, to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

 

	 	(ii)	 keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after
the date notice thereof is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange Offer the opportunity to exchange their Registrable Securities for Exchange Securities;

  

	 	(iii)	 use the services of a depositary with an address in the Borough of Manhattan, City of New York for the Exchange
Offer; 

  

	 	(iv)	 permit Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Eastern
time, on the last Business Day on which the Exchange Offer shall remain open, by sending to the institution at the address specified in the Prospectus or the related letter of transmittal or related documents a facsimile transmission or letter
setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing its election to have such Subordinated Notes exchanged, and otherwise complying with the
applicable procedures of the Depositary; 

  

	 	(v)	 notify each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue
interest, but will not retain any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and 

  

	 	(vi)	 otherwise comply in all material respects with all applicable laws relating to the Exchange Offer.

 The Exchange Securities shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture
shall provide that the Exchange Securities and the Subordinated Notes shall vote and consent together on all matters as a single class (as to which any such Exchange Securities and Subordinated Notes may vote or consent) and shall constitute a
single series of debt securities issued under the Indenture. 
 As soon as reasonably practicable after the close of the Exchange Offer, the
Company shall: 
  

	 	(vii)	 accept for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange
Offer in accordance with the terms of the Exchange Offer Registration Statement and the letter of transmittal that is an exhibit thereto; 

  
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	 	(viii)	 deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for
exchange by the Company; and 

  

	 	(ix)	 cause the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable
Securities so accepted for exchange equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange. 

For the avoidance of doubt, notwithstanding any provision herein purporting to require physical mailing, delivery or acceptance of any
document or instrument, the Company may conduct the Exchange Offer exclusively through the automated tender offer program of the Depositary, provided that this provision shall apply only to Registrable Notes held in the form of beneficial interests
in a global note deposited with (or held by a custodian for) the Depository Trust Company. 
 Interest on each Exchange Security will accrue
from the last date on which interest was paid or duly provided for on the Subordinated Notes surrendered in exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date. The
Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC,
(ii) that no action or proceeding shall have been instituted or threatened in any court or by or before any governmental agency with respect to the Exchange Offer which, in the Company’s judgment, would reasonably be expected to impair the
ability of the Company to proceed with the Exchange Offer, and (iii) that the Holders tender the Registrable Securities to the Company in accordance with the Exchange Offer. Each Holder of Registrable Securities (other than Participating
Broker-Dealers) who wishes to exchange such Registrable Securities for Exchange Securities in the Exchange Offer will be required to represent that (i) it is not an affiliate (as defined in Rule 405 under the 1933 Act) of the Company,
(ii) any Exchange Securities to be received by it will be acquired in the ordinary course of business, (iii) it has no arrangement with any Person to participate in the distribution (within the meaning of the 1933 Act) of the Exchange
Securities, and (iv) it is not acting on behalf of any Person who could not truthfully make the statements set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other representations as may be
reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act available. 

(b) Shelf Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the
Company is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if for any other reason (A) the Exchange Offer Registration Statement is not effective within 150 days
following the Closing Date or (B) the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration Statement (provided that if the Exchange Offer Registration Statement shall become effective
after such 150-day period or if the Exchange Offer shall be consummated after such 45-day period, then the Company’s obligations under this clause (ii) arising
from the failure of the Exchange Offer Registration Statement to be effective within such 150-day period or the failure of the Exchange Offer to be consummated within such
45-day period, respectively, shall terminate), or (iii) if any Holder delivers a written representation to the Company that such Holder was not eligible to participate in the Exchange Offer or validly
elects to participate in the Exchange Offer but does not receive Exchange Securities that are freely tradeable without any limitations or restrictions under the 1933 Act, then the Company shall, at its cost: 

 

	 	(A)	 use its commercially reasonable efforts to file with the SEC on or prior to (I) the 180th day after the
Closing Date or (II) the 60th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and sale of the Registrable Securities by the Holders from time to time in accordance with the
methods of distribution elected by the Majority Holders of such Registrable Securities and set forth in such Shelf Registration Statement; 

  
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	 	(B)	 use its commercially reasonable efforts to cause such Shelf Registration Statement to become effective with the
SEC as promptly as practicable, but in no event later than (I) the 225th day after the Closing Date or (II) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later. In the event that
the Company is required to file a Shelf Registration Statement pursuant to Section 2(b)(iii), the Company shall file and use its commercially reasonable efforts to become effective with the SEC both an Exchange Offer Registration Statement
pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of
Registrable Securities held by such Holder described in Section 2(b)(iii) above; 

  

	 	(C)	 use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective,
supplemented and amended as required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest date on which any Subordinated Notes are originally issued by the Company (subject to
extension pursuant to the last paragraph of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (I) have been sold pursuant to the Shelf Registration Statement
in accordance with the intended method of distribution thereunder, or (II) cease to be Registrable Securities; and 

  

	 	(D)	 notwithstanding any other provisions hereof, use its commercially reasonable efforts to ensure that
(I) any Shelf Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with the 1933 Act, (II) any Shelf Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (III) any Prospectus
forming part of any Shelf Registration Statement and any amendment or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, however, clauses (II) and (III) shall not apply to any statement in or omission from a Shelf Registration Statement or a Prospectus made in reliance
upon and conformity with information relating to any Holder or Participating Broker-Dealer of Registrable Securities furnished to the Company in writing by such Holder or Participating Broker-Dealer, respectively, expressly for use in such Shelf
Registration Statement or Prospectus. 

  
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 The Company further agrees, if necessary, to supplement or amend the Shelf Registration
Statement if reasonably requested by the Majority Holders with respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially reasonable efforts to cause any such
amendment to become effective and such Shelf Registration Statement to become usable as soon as reasonably practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its
being used or filed with the SEC. 
 (c) Expenses. The Company shall pay all Registration Expenses in connection with the
registration pursuant to Sections 2(a) and 2(b) and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel (in addition to any local counsel) designated in
writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities in connection therewith; provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements of such counsel in
an aggregate amount in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other than as set forth in the preceding sentence or in the definition of Registration Expenses and all underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration Statement. 

(d) Effective Registration Statement. 
  

	 	(i)	 The Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange Offer
Registration Statement or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth herein if the Company voluntarily takes any action that could reasonably be expected to result
in any such Registration Statement not being effective or remaining effective or in the Holders of Registrable Securities (including, under the circumstances contemplated by Section 3(f) hereof, Exchange Securities) covered
thereby not being able to exchange or offer and sell such Registrable Securities during that period unless (A) such action is required by applicable law or (B) such action is taken by the Company in good faith and for valid business
reasons (but not including avoidance of the Company’s obligations hereunder), including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction or event, or if the Company determines in good faith that
effecting or maintaining the availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public
information the disclosure of which would not be in the best interests of the Company, in each case so long as the Company promptly complies with the notification requirements of Section 3(k) hereof, if applicable. Nothing
in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities or Exchange Securities. 

  

	 	(ii)	 An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf
Registration Statement pursuant to Section 2(b) hereof shall not be deemed to have become effective unless it has been declared effective by the SEC or becomes effective in accordance with the provisions of
Section 8(a) of the 1933 Act; provided, however, that if, after such Registration Statement has become effective, the offering of Registrable Securities pursuant to a Registration

  
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Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Registration Statement shall be deemed not to
have been effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume. 

 

	 	(iii)	 During any 365-day period, the Company may, by notice as described in
Section 3(e), suspend the availability of a Shelf Registration Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of Exchange Securities by Participating Broker-Dealers
as contemplated by Section 3(f), the Exchange Offer Registration Statement) and the use of the related Prospectus for up to two periods of up to 60 consecutive days each (except for the consecutive 60-day period immediately prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days during any 365-day period, upon (A) the happening
of any event or the discovery of any fact referred to in Section 3(e)(v), or (B) if the Company determines in good faith that effecting or maintaining the availability of the registration would materially and adversely
affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would not be in the best interests of the Company, in each case
subject to compliance by the Company with its obligations under the last paragraph of Section 3. 

(e) Increase in Interest Rate. In the event that: 
  

	 	(i)	 the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 90th day following the
Closing Date, or 

  

	 	(ii)	 the Exchange Offer Registration Statement is not effective with the SEC on or prior to the 150th day following
the Closing Date, or 

  

	 	(iii)	 the Exchange Offer is not consummated on or prior to the 45th day following the effective date of the Exchange
Offer Registration Statement, or 

  

	 	(iv)	 if required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th day
following the Closing Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or 

  

	 	(v)	 if required, a Shelf Registration Statement is not effective on or prior to (a) the 225th day following
the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or 

  

	 	(vi)	 a Shelf Registration Statement is effective with the SEC but such Shelf Registration Statement ceases to be
effective or such Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities for any reason and (A) the aggregate number of days in any consecutive 365-day period for which the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus shall not be effective or
usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Shelf Registration Statement or such Prospectus shall not be effective or usable for a period of more
than 90 consecutive days, or 

  
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	 	(vii)	 the Exchange Offer Registration Statement is effective with the SEC but, if the Exchange Offer Registration
Statement is being used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the Exchange Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement or the
Prospectus included therein ceases to be usable in connection with resales of Exchange Securities for any reason during the 180-day period referred to in Section 3(f)(ii) of this Agreement (as such period
may be extended pursuant to the last paragraph of Section 3 of this Agreement) and (A) the aggregate number of days in any consecutive 365-day period for which the Exchange Offer Registration
Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any
consecutive 365-day period or (C) the Exchange Offer Registration Statement or the Prospectus shall not be effective or usable for a period of more than 90 consecutive days, 

(each of the events referred to in clauses (i) through (vii) above being hereinafter called a “Registration Default”), then the per
annum interest rate borne by the Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent (0.25%) per annum immediately following such 90-day period in the case of clause (i) above, immediately following such 150-day period in the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above, immediately following any such 180-day period or 60-day period, whichever ends
later, in the case of clause (iv) above, immediately following any such 225-day period or 105-day period, as applicable, in the case of clause (v) above,
immediately following the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or immediately following
the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause (vi) above, or
immediately following the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or immediately following
the 90th consecutive day, whichever occurs first, that the Exchange Offer Registration Statement shall not be effective or the Exchange Offer Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause
(vii) above, which rate will be increased by an additional one-quarter of one percent (0.25%) per annum immediately following each 90-day period that any Additional
Interest continues to accrue under any circumstances; provided, however, that, if at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default, the increase in
interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such date that there is no Registration Default;
provided further, that the aggregate increase in such annual interest rate may in no event exceed one-half of one percent (0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement
after the 90-day period described in clause (i) above, the effectiveness of the Exchange Offer Registration Statement after the 150-day period described in clause
(ii) above, the consummation of the Exchange Offer after the 45-day period described in clause (iii) above, the filing of the Shelf Registration Statement after the
180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a Shelf Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, or the Shelf Registration Statement once again being effective or the Shelf Registration
Statement and the Prospectus included therein becoming usable in connection with resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange Offer Registration Statement once again becoming effective
or 

  
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the Exchange Offer Registration Statement and the Prospectus included therein becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause
(vii) thereof, the interest rate borne by the Subordinated Notes from the date of such filing, effectiveness, consummation or resumption of effectiveness or usability, as the case may be, shall be reduced to the original interest rate so long
as no other Registration Default shall have occurred and shall be continuing at such time and the Company is otherwise in compliance with this paragraph; provided, however, that, if after any such reduction in interest rate, one or
more Registration Defaults shall again occur, the interest rate shall again be increased pursuant to the foregoing provisions (as if it were the original Registration Default). Notwithstanding anything in this Agreement to the contrary, the Company
will not be obligated to pay any Additional Interest in the case of a Shelf Registration Statement with respect to any Holder of Registrable Securities who fails to timely provide all information with respect to Holder that is reasonably requested
by the Company to enable it to timely comply with its obligations under Section 2(b). 
 The Company shall notify
the Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the
Trustee, in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall
be payable on each interest payment date to the record Holder of Registrable Securities entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to
accrue from and including the day following the applicable Event Date. 
 Anything herein to the contrary notwithstanding, any Holder who
was, at the time the Exchange Offer was pending and consummated, eligible to exchange, and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive any Additional Interest. 

(f) Specific Enforcement. Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company
acknowledges that any failure by the Company to comply with its obligations under Sections 2(a) and 2(b) hereof may result in material irreparable injury to the Holders or the Participating Broker-Dealers for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and any Participating Broker-Dealer may seek such relief as may be required to specifically enforce the
Company’s obligations under Sections 2(a) and 2(b). 
 3. Registration Procedures. In
connection with the obligations of the Company with respect to the Registration Statements pursuant to Sections 2(a) and 2(b) hereof, the Company shall: 

(a) prepare and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in
Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf Registration Statement, be available for the sale of the Registrable
Securities by the selling Holders thereof and (iii) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC to be filed
therewith or incorporated by reference therein, and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with
Section 2 hereof; 
 (b) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause each Prospectus to be supplemented by any
required prospectus supplement, and as so supplemented to be filed pursuant to 

  
 11 

 
Rule 424 under the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered by each Registration Statement
during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 
 (c) in the
case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least ten Business Days prior to filing, that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders
that the distribution of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish to each Holder of Registrable Securities and counsel for the Holders, without charge, as many copies of
each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably request, including financial statements and schedules and, if such Holder or counsel so
requests, all exhibits (including those incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph of this
Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, or any amendment or supplement thereto by each of the Holders of Registrable Securities in accordance with
applicable law in connection with the offering and sale of the Registrable Securities covered by and in the manner described in any Prospectus or any amendment or supplement thereto; 

(d) use its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request, to cooperate with the Holders of any Registrable Securities in connection with any filings required
to be made with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required to be effective and do any and all other acts and things which may be reasonably necessary or advisable to
enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign corporation or
entity or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any action which would subject it to general service of process or
taxation in any such jurisdiction if it is not then so subject; 
 (e) in the case of a Shelf Registration, notify each Holder of
Registrable Securities and counsel for such Holders promptly and, if requested by such Holder or counsel, confirm such advice in writing promptly (i) when a Registration Statement has become effective and when any post-effective amendments and
supplements thereto become effective, (ii) of any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement or Prospectus or for additional information after a Registration
Statement has become effective (other than comments to 1934 Act reports incorporated therein by reference), (iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement
or the initiation of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (v) of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which is contemplated in Section 2(d)(i) or which makes any
statement made in such Shelf Registration Statement or the related Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration Statement or Prospectus and (vi) of any
determination by the Company that a post-effective amendment to a Registration Statement would be appropriate. Without limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable,
mutatis mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such Prospectus is being used by Participating Broker-Dealers as contemplated by
Section 3(f); 

  
 12 

	 	(f) (i)	 in the case of an Exchange Offer, (A) include in the Exchange Offer Registration Statement (1) a
“Plan of Distribution” section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged their Registrable Securities for Exchange Securities for the resale of such
Exchange Securities and (2) a statement to the effect that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities acquired as a result of market-making or other trading activities
will be required to notify the Company to that effect, together with instructions for giving such notice (which instructions shall include a provision for giving such notice by checking a box or making another appropriate notation on the related
letter of transmittal) (each such broker-dealer who gives notice to the Company as aforesaid being hereinafter called a “Notifying Broker-Dealer”), (B) furnish to each Notifying Broker-Dealer who desires to participate in the
Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably request,
(C) include in the Exchange Offer Registration Statement a statement that any broker-dealer who holds Registrable Securities acquired for its own account as a result of market-making activities or other trading activities (a
“Participating Broker-Dealer”), and who receives Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities, (D) subject to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus forming part of the Exchange Offer Registration Statement or any
amendment or supplement thereto by any Notifying Broker-Dealer in accordance with applicable law in connection with the sale or transfer of Exchange Securities, and (E) include in the transmittal letter or similar documentation to be executed
by an exchange offeree in order to participate in the Exchange Offer the following provision: 

 “If the undersigned
is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in
exchange for Registrable Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver
a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit
that it is an “underwriter” within the meaning of the 1933 Act;” 
  

	 	    (ii)	 to the extent any Notifying Broker-Dealer participates in the Exchange Offer, (A) the Company shall use
its commercially reasonable efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180 days (subject to extension pursuant to the last paragraph of this Section 3) following the
last date on which exchanges are accepted pursuant to the 

  
 13 

 
Exchange Offer, and (B) the Company will comply, insofar as relates to the Exchange Offer Registration Statement, the Prospectus included therein and the offering and sale of Exchange
Securities pursuant thereto, with its obligations under Section 2(b)(D), the last paragraph of Section 2(b), Sections 3(c), 3(d), 3(e), 3(g), 3(i), 3(j),
3(k), 3(o), 3(p), 3(q) and 3(r), and the last three paragraphs of this Section 3 as if all references therein to a Shelf Registration Statement, the Prospectus included therein and the
Holders of Registrable Securities referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable Notifying Broker-Dealers and, for purposes of this Section 3(f),
all references in any such paragraphs or sections to the “Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f), the Notifying Broker-Dealers who are the Holders of the
majority in aggregate principal amount of the Exchange Securities which are Registrable Securities; and 
  

	 	(iii)	 the Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer
Registration Statement as would otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other action as a result of this Section 3(f), for a period exceeding 180 days (subject
to extension pursuant to the last paragraph of this Section 3) after the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers shall not be authorized by the Company to, and
shall not, deliver such Prospectus after such period in connection with resales contemplated by this Section 3; 

(g) in the case of a Shelf Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or any
state securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information (other than comments to 1934 Act reports incorporated therein by reference); 

(h) use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as
soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order; 
 (i) in the case of a Shelf
Registration, upon request furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be
incorporated therein by reference or exhibits thereto, unless requested); 
 (j) in the case of a Shelf Registration, cooperate with the
selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable Securities to be in such
denominations (consistent with the provisions of the Indenture) and in a form eligible for deposit with the Depositary and registered in such names as the selling Holders may reasonably request in writing at least two Business Days prior to the
closing of any sale of Registrable Securities; 
 (k) in the case of a Shelf Registration, upon the occurrence of any event or the discovery
of any facts as contemplated by Section 3(e)(v) hereof, use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus 

  
 14 

 
will not contain at the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. The Company agrees to notify each Holder to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and each Holder hereby agrees to suspend use of the
Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or omission. At such time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each case
to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to notify each Holder of such determination and to furnish each Holder such number of copies of the Prospectus, as amended or
supplemented, as such Holder may reasonably request; 
 (l) obtain CUSIP and ISIN numbers for all Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities or Registrable Securities, as the case may be, in a form
eligible for deposit with the Depositary; 
 (m) (i) cause the Indenture to be qualified under the TIA in connection with the registration
of the Exchange Securities or Registrable Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the TIA and (iii) execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other forms and documents required to be filed
with the SEC to enable the Indenture to be so qualified in a timely manner; 
 (n) in the case of a Shelf Registration, upon request make
available for inspection by representatives of the Holders of the Registrable Securities participating in any disposition pursuant to a Shelf Registration Statement and any one counsel or accountant retained by such Holders (with such inspection to
occur at such time as mutually agreed between the Company and such Persons), all financial statements and other records, documents and properties of the Company reasonably requested by any such Persons, and cause the respective officers, directors,
employees, and any other agents of the Company to supply all information reasonably requested by any such Persons in connection with a Shelf Registration Statement; provided, that any such Persons shall be required to execute a customary
confidentiality agreement; 
 (o) in the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement,
any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies of such document to the Holders of Registrable Securities and to counsel for any such Holders,
and make such changes in any such document prior to the filing thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request; and cause the representatives of the Company to be available for discussion of such
documents as shall be reasonably requested by the Holders of Registrable Securities and shall not at any time make any filing of any such document of which such Holders or their counsel shall not have previously been advised and furnished a copy or
to which such Holders or their counsel shall reasonably object within a reasonable time period; 
 (p) in the case of a Shelf Registration,
use its commercially reasonable efforts to cause the Registrable Securities to be rated by the same rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders of Registrable Securities, unless the Registrable
Securities are already so rated; 

  
 15 

 (q) otherwise use its commercially reasonable efforts to comply with all applicable rules
and regulations of the SEC and, with respect to each Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on Form 10-K, make available to
its security holders, as soon as reasonably practicable, an earnings statement covering at least twelve months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and 

(r) cooperate and assist in any filings required to be made with FINRA. 

In the case of a Shelf Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration)
require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in
writing and require such Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. 
 In the
case of a Shelf Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities
pursuant to Section 3(f), each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or the discovery of any facts of the kind described in Sections
3(e)(ii), 3(e)(iii) or 3(e)(iv) through 3(e)(vi) hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement
until receipt by such Holder or Participating Broker-Dealer, as the case may be, of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof or (ii) written notice from the
Company that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder or Participating
Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies then in its possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities. 

If the Company shall give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding
paragraph, the Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case of Section 3(f), the Exchange Offer Registration Statement, as the case may
be, effective during such period of suspension; provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company shall use its
commercially reasonable efforts to file and have become effective (if an amendment) as soon as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case
may be, or the Prospectus included therein and shall extend the period during which the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement
(and, if applicable, the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement pursuant to Section 3(f) hereof) by the number of days during the period
from and including the date of the giving of such notice to and including the earlier of the date when the Holders or Participating Broker-Dealers, respectively, shall have received copies of the supplemented or amended Prospectus necessary to
resume such dispositions and the effective date of written notice from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are
once again effective or that no supplement or amendment is required. 

  
 16 

 4. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls any
Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, as follows: 
  

	 	(i)	 against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the 1933 Act, including all
documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged
untrue statement of a material fact contained in any preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; 

  

	 	(ii)	 against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the
aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission described in subparagraph (i) above; provided that any such settlement is effected with the written consent of the Company; and 

 

	 	(iii)	 against any and all expense whatsoever, as incurred (including, subject to
Section 4(c) below, the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to the extent that any such
expense is not paid under subparagraph (i) or (ii) above; 

 provided, however, that this indemnity agreement shall not
apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by
any Holder or Participating Broker-Dealer with respect to such Holder, Participating Broker-Dealer, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement
thereto). 
 (b) Each Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company,
each officer of the Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person, if any, who controls the Company, any Participating Broker-Dealer or any other selling Holder within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 4(a) hereof, as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any

  
 17 

 
amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf
Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement. 
 (c) Each indemnified party
shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
Counsel to the respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers who signed the Registration Statement and all Persons, if any, who control the Company within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating Broker-Dealers) and all Persons, if any, who control any Holders (other than
any Participating Broker-Dealers) within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold, as the case may be, a majority in aggregate principal amount of the
Registrable Securities held by all such Holders; and (iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall be selected by the Participating Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of the Exchange Securities referred to in Section 3(f)
hereof held by all such Participating Broker-Dealers. In no event shall the indemnifying party or parties be liable for (A) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying
parties’ own counsel for the Company and all other Persons referred to in clause (i) of this paragraph, (B) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’
own counsel for all Holders (other than Participating Broker-Dealers) and all other Persons referred to in clause (ii) of this paragraph, and (C) the fees and expenses of more than one counsel (in addition to any local counsel) separate
from the indemnifying parties’ own counsel for all Participating Broker-Dealers and all other Persons referred to in clause (iii) of this paragraph, in each case in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. The indemnifying party shall be entitled to participate therein and, to the extent that it shall elect, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in
the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such
indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation
unless (A) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one
separate counsel, approved by the indemnifying party) or (B) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the action,

  
 18 

 
in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of any indemnified party. 
 (d) If the indemnification provided for in this Section 4 is for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or
parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party or
parties on the one hand and the indemnified party or parties on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. 
 (e) The Company and the Holders agree that it would not be just or equitable if contribution pursuant to this
Section 4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The aggregate amount of losses,
liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in
investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission
or alleged omission. 
 Notwithstanding the provisions of this Section 4, other than in the case of intentional
misrepresentation or omission of a material fact, no Holder or Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities sold by it were offered exceeds
the amount of any damages that such Holder or Participating Broker-Dealer has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 

No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this Section 4, each
Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer,
as the case may be, and each director of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act shall have the same rights to contribution as the Company. 

  
 19 

 The respective obligations of the Holders and Participating Broker-Dealers to contribute
pursuant to this Section 4 are several in proportion to the principal amount of Subordinated Notes purchased by them and not joint. 

The indemnity and contribution provisions contained in this Section 4 shall remain operative and in full force and effect regardless of
(i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or any Person controlling any Holder or Participating Broker-Dealer, or by or on behalf of the Company, its
officers or directors or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities or Exchange Securities pursuant to a Shelf Registration Statement. 

5. Miscellaneous. 

(a) Rule 144 and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the 1934 Act and the rules and regulations adopted by the SEC thereunder, that if it ceases to be so required to file such
reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly following a request by any Holder or beneficial owner of Registrable Securities or any prospective purchaser or transferee
designated by such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and
(iii) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable Securities without registration under the 1933 Act within the limitation
of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (z) any similar rules or regulations
hereafter adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

(b) No Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter into
any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof; provided that the Company will not be precluded from entering into any
agreement after the date hereof which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted to the Holders hereunder do not and will not in any way conflict in any material respects with and are not
and will not be inconsistent in any material respects with the rights granted to the holders of any of the Company’s other issued and outstanding securities under any other agreements entered into by the Company or any of its subsidiaries. 

(c) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or departure. 
 (d) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer at the
most current address set forth on the records of the registrar under the Indenture, and (ii) if to the Company, initially at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 5(d). 

  
 20 

 All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on the next Business Day if timely delivered to an air
courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by
the Person giving the same to the Trustee, at the address specified in the Indenture. 
 (e) Successors and Assigns. This Agreement
shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities,
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the
benefits hereof. 
 (f) Third Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary of
the agreements made hereunder and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. Each Holder, by its acquisition
of Subordinated Notes, shall be deemed to have agreed to the provisions of Section 5(b) hereof. 
 (g)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. In the event that any signature is delivered by facsimile transmission, or by electronic mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (i) Restriction on Resales. If the Company or any of its subsidiaries or affiliates (as defined in Rule 144 under the 1933
Act) shall redeem, purchase or otherwise acquire any Registrable Security or any Exchange Security which is a “restricted security” within the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such
Registrable Security or Exchange Security, as the case may be, to the Trustee for cancellation and neither the Company nor any of its subsidiaries or affiliates will hold or resell such Registrable Security or Exchange Security or issue any new
security or Exchange Security to replace the same. 
 (j) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 21 

 (k) Entire Agreement; Severability. This Agreement contains the entire agreement
between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

[SIGNATURE PAGES FOLLOW] 

  
 22 

 IN WITNESS WHEREOF, the Company has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	COMPANY:
	
	CIVISTA BANCSHARES, INC.
		
	By:	 	 
		 	 Name: Dennis G. Shaffer

		 	 Title: President and Chief Executive Officer

  
 [Company Signature
Page to Registration Rights Agreement] 

 IN WITNESS WHEREOF, each Purchaser has caused this Registration Rights Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

			
	PURCHASER:
	
	[NAME]
		
	By:	 	 
		 	 Name:

		 	 Title:

  
 [Purchaser Signature
Page to Registration Rights Agreement]Exhibit 10.1

 

RING ENERGY, INC.

 

FORM OF

PERFORMANCE STOCK UNIT AGREEMENT

 

This Performance Stock Unit
Agreement (this “Agreement”) is entered into as of _______________, by and between Ring Energy, Inc., a Nevada
corporation (the “Company”), and ___________________ (the “Participant”), pursuant to the Ring Energy, Inc.
2021 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”). Capitalized terms that are
not defined herein shall have the meanings given to such terms in the Plan.

 

WHEREAS, the Company has adopted
the Plan in order to grant Awards from time to time to certain key Employees, Directors and Consultants of the Company and its Subsidiaries
and Affiliates; and

 

WHEREAS, the Participant is
an Employee and therefore is an Eligible Recipient as contemplated by the Plan, and the Administrator has determined that it is in the
interest of the Company to grant this Award to the Participant.

 

NOW, THEREFORE, in consideration
of the promises and subject to the terms and conditions set forth herein and in the Plan, the parties hereto agree as follows:

 

1.             Grant
of Performance Stock Units. The Company hereby grants to the Participant ___________ performance stock units (the “PSUs”
or “Award”) as of ______________ (the “Grant Date”), subject to all of the terms and conditions
of this Agreement and the Plan. The “Performance Period” for this Award shall be the period beginning on ______________
and ending on ___________________. Such PSUs shall be credited to a separate account maintained for the Participant on the books of the
Company or the Company’s designated representative (the “Account”). On any given date, the value of each PSU
comprising the Award shall equal the Fair Market Value of one Share. The Award shall vest in accordance with Section 2 hereof and
settle in accordance with Section 3 hereof.

 

2.             Vesting.

 

(a)            General.
Except as otherwise provided in Section 2(b) below, subject to the Participant’s continued employment with the Company
or its Affiliates through the last day of the Performance Period (such date, the “Vesting Date”), the Award shall vest
on the Vesting Date. The actual number of PSUs that will become vested on the Vesting Date shall be based upon the achievement of the
Performance Goals (as defined on Exhibit A attached hereto) in accordance with the terms and conditions set forth on Exhibit A
attached hereto (such number of vested PSUs, the “Earned PSUs”). The Earned PSUs shall be settled in Shares in accordance
with Section 3 below. All determinations relating to the number of Earned PSUs that have been earned by the Participant, and all
other matters related to this Section 2 shall be made by the Administrator in its sole discretion.

 

(b)            Following
Terminations of Service. If the Participant experiences a termination of employment with the Company and its Affiliates for any reason,
then, except as may otherwise be provided herein and in the Plan (or as otherwise provided in an employment, consulting or other written
agreement between the Participant and the Company or any of its Affiliates or other controlling Company policy in effect at the time of
the termination), the PSUs shall be immediately forfeited without consideration of any kind and neither the Participant nor any of the
Participant’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such
PSUs.

 

3.             Settlement.
Subject to Section 2 above and following the end of the Performance Period, the Participant shall be entitled to receive a number
of Shares equal to the number of Earned PSUs, subject to all applicable taxes and withholdings. Delivery of such Shares will be made within
the first three (3) months following the end of the later of the calendar year or the tax year of the Company in which the Performance
Period ends (the “Settlement Date”). On the Settlement Date, the Company shall deliver to the Participant one Share
for each Earned PSU determined in accordance with Section 2 above and enter the Participant’s name as a stockholder of record
with respect to such Shares on the books of the Company or the Company’s designated representative. Upon such settlement, the PSUs
subject to the Award shall cease to be credited to the Account. Any fractional shares shall be rounded up to the nearest share on the
Settlement Date.

 

    1

     

    

 

4.             Adjustments.
Pursuant to Section 5 of the Plan, in the event of a Change in Capitalization, the Administrator shall make such equitable changes
or adjustments as it deems necessary or appropriate to the number and kind of securities or other property (including cash) issued or
issuable in respect of outstanding PSUs.

 

5.             Certain
Changes. The Administrator may accelerate the Vesting Date set forth in Section 2 hereof or otherwise adjust any of the terms
of the PSUs in accordance with, and subject to the Plan.

 

6.             Notices.
All notices or other communications required or permitted under this Agreement shall be made in writing and shall be deemed given if delivered
personally or sent by nationally recognized overnight courier service. Any notice or other communication shall be deemed given on the
date of delivery, or on the date one (1) business day after it shall have been given to a nationally recognized overnight courier
service. All such notices or communications shall be delivered at the addresses indicated below:

 

To the Company:

 

Ring Energy, Inc.

1725 Hughes
Landing Blvd. Suite 900

The Woodlands,
TX 77381

Attention: Chief
Executive Officer

 

To the Participant:
at the address as it appears in the Company’s books and records or at such other place as the Participant shall have designated
by notice as herein provided to the Company.

 

7.             Taxes.
Upon the settlement of the Award in accordance with Section 3 above, the Participant shall recognize taxable income in respect of
the Award and the Company (or its Affiliate) shall report such taxable income to the appropriate taxing authorities in respect of the
Award as it determines to be necessary and appropriate. The Company shall withhold, or, with the consent of the Administrator, require
the Participant to remit to the Company, an amount sufficient to satisfy all foreign, federal, state and local withholding tax requirements,
as applicable, and the Company may defer any payment or issuance of Shares until such requirements are satisfied; provided that the amount
of any such withholding shall not exceed the maximum statutory withholding rate applicable with respect to the Recipient. The Company
may permit the Participant to satisfy any required withholding obligation in Shares acquired in connection with the vesting of the Award.

 

8.             Restrictions.
The Award granted hereunder may not be sold, pledged or otherwise transferred (other than by will or the laws of descent and distribution
or as otherwise permitted by the Administrator) and may not be subject to lien, garnishment, attachment or other legal process.

 

9.             Failure
to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed
to be a waiver of such provision or of any other provision hereof.

 

10.           Incorporation
of Plan and Clawback. The Plan is hereby incorporated by reference into, and made a part of, this Agreement, and the PSUs and this
Agreement shall be subject to all terms and conditions of the Plan including policies incorporated by reference therein, such as any compensation
recovery and/or recoupment policies adopted by the Company in compliance with applicable law or good corporate governance practices.

 

11.           Amendments;
Construction. The Administrator may amend the terms of this Agreement prospectively or retroactively at any time in accordance with,
and subject to, the Plan.

 

12.           Survival
of Terms. Except as otherwise expressly provided herein, this Agreement shall be binding upon and inure to the benefit of the Company
and its Affiliates, and their respective successors and assigns and the Participant and the Participant’s heirs, personal representatives,
successors and assigns; provided, however, that nothing contained herein shall be construed as granting the Participant the right to transfer
any of the PSUs, except in accordance with this Agreement and any transferee shall hold the PSUs having only those rights, and being subject
to the restrictions, provided for in this Agreement.

 

    2

     

    

 

13.           Rights
as a Stockholder. Upon and following settlement of the PSUs on the Settlement Date, the Participant shall be the record owner of the
Shares delivered to the Participant on the Settlement Date unless and until such Shares are sold or otherwise disposed of, and as record
owner shall be entitled to all rights of a stockholder of the Company (including voting rights). Prior to settlement on the Settlement
Date, the Participant shall not be deemed for any purpose to be the owner of Shares.

 

14.           Dividend
Equivalents. If any cash or in-kind dividends are paid with respect to the Shares underlying the Award prior to the Settlement Date,
the amount of such cash or in-kind dividends shall be paid to the Participant (either in cash or Shares, as determined by the Administrator)
without interest upon the Settlement Date as if each Earned PSU subject to the Award were one Share.

 

15.           No
Guarantee of Employment. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or its Affiliates
to terminate the Participant’s employment at any time, or confer upon the Participant any right to continue in the employ of the
Company or its Affiliates.

 

16.           Compliance
with Code Section 409A. Notwithstanding any provision of the Plan or this Agreement to the contrary, the grant of PSUs is intended
to be exempt from or, in the alternative, comply with Code Section 409A and the interpretive guidance thereunder, including the exceptions
for stock rights and short-term deferrals. The Plan and the Agreement will be construed and interpreted in accordance with such intent.
References in the Plan and this Agreement to “termination of employment” and similar terms shall mean a “separation
from service” within the meaning of that term under Code Section 409A. Any payment or distribution that is to be made to a
Participant who is a “specified employee” of the Company within the meaning of that term under Code Section 409A and
as determined by the Administrator, on account of a “separation from service” under Code Section 409A, may not be made
before the date which is six months after the date of such “separation from service,” unless the payment or distribution is
exempt from the application of Code Section 409A by reason of the short-term deferral exemption or otherwise. The Company makes no
representation that any or all of the payments described in this Agreement will be exempt from or comply with Code Section 409A and
makes no undertaking to preclude Code Section 409A from applying to any such payment. The Participant understands and agrees that
the Participant shall be solely responsible for the payment of any taxes, penalties, interest or other expenses incurred by the Participant
on account of non-compliance with Code Section 409A.

 

17.           Plan
Terms and Administrator Authority. This Agreement and the rights of the Participant hereunder are subject to all of the terms and
conditions of the Plan, as it may be amended from time to time, as well as to such policies, rules and regulations as the Administrator
may adopt for administration of the Plan, including but not limited to any stock ownership and stock holding guidelines. It is expressly
understood that the Administrator is authorized to administer, construe and make all determinations necessary or appropriate for the administration
of the Plan and this Agreement, all of which shall be binding upon the Participant. Any inconsistency between this Agreement and the Plan
shall be resolved in favor of the Plan.

 

18.           Acceptance.
The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms
and provisions of the Plan and this Agreement, and accepts the PSUs subject to all the terms and conditions of the Plan and this Agreement.
The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any
questions arising under this Agreement.

 

    3

     

    

 

19.            Miscellaneous.

 

(a)            Amounts
credited to the Participant’s Account under this Agreement, if any, shall continue for all purposes to be part of the general assets
of the Company. The Participant’s interest in the Account shall make the Participant only a general, unsecured creditor of the Company.

 

(b)           This
Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and may not be modified or amended
except by a written agreement signed by the Company and the Participant. As of the date hereof, this Agreement shall supersede any other
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof, which have been made
by either party or any Affiliate thereof.

 

(c)            In
the event any capital stock of the Company or any other corporation shall be distributed on, with respect to, or in exchange for Shares
of the Company as a stock (or share) dividend, stock (or share) split, spin-off, reclassification or recapitalization in connection with
any merger, amalgamation, continuation into another jurisdiction or reorganization, the restrictions, rights and options set forth in
this Agreement shall apply with respect to such other capital stock to the same extent as they are, or would have been applicable, to
the Shares acquired hereunder, on or with respect to which such other capital stock was distributed.

 

(d)           No
waiver of any breach or default hereunder shall be considered valid unless in writing, and no such waiver shall be deemed a waiver of
any subsequent breach or default of the same or similar nature. Anything in this Agreement to the contrary notwithstanding, any waiver,
consent or other instrument under or pursuant to this Agreement signed by, or binding upon, the Participant shall be valid and binding
upon any and all persons or entities (other than the Company and its Affiliates) who may, at any time, have or claim any rights under
or pursuant to this Agreement in respect of the PSUs.

 

(e)            Any
provision hereof which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the fullest extent permitted
by applicable law, the parties hereby waive any provision of law which may render any provision hereof prohibited or unenforceable in
any respect.

 

(f)            The
obligations of the Company and the Participant under this Agreement which by their nature may require either partial or total performance
after the Participant’s service with the Company and its Affiliates is terminated, shall survive such termination of service.

 

(g)           Should
any party to this Agreement be required to commence any litigation concerning any provision of this Agreement or the rights and duties
of the parties hereunder, the prevailing party in such proceeding shall be entitled, in addition to such other relief as may be granted,
to the reasonable attorneys’ fees and court costs incurred by reason of such litigation.

 

(h)            The
Section headings contained herein are for the purposes of convenience only and are not intended to define or limit the contents of
said Sections.

 

(i)      
       Words in the singular shall be read and construed as though in the plural and words in the
plural shall be read and construed as though in the singular in all cases where they would so apply. Words herein of any gender are
deemed to include each other gender.

 

(j)             This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute one and the same agreement, and all signatures need not appear on any one counterpart.

 

(k)            This
Agreement shall be governed by and construed in accordance with the law of he State of Nevada, regardless of the law that might be applied
under principles of conflict of laws.

 

[signature page follows]

 

    4

     

    

 

IN WITNESS WHEREOF, the Company
and the Participant have duly executed this Agreement as of the date first above written.

 

	 	RING ENERGY, INC.
	 	 
	 	 
	 	By:	                        
	 	Name: Paul D. McKinney
	 	Title: Chairman of the Board &
    CEO
	 	 
	 	 
	 	PARTICIPANT
	 	 
	 	 
	 	By:	 
	 	Name:

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