Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED GUARANTY AND PLEDGE AGREEMENT 

THIS AMENDED AND RESTATED GUARANTY AND PLEDGE AGREEMENT (as it may be amended, restated, supplemented or modified from time to time, this
“Agreement”) is entered into as of May 7, 2014, by and among each of the undersigned identified on the signature pages hereto as Grantors (together with any other entity that may become a party hereto as provided herein, each a
“Grantor”, and collectively, the “Grantors”), and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (the “Administrative Agent”) for the Lenders and the other Secured Parties. 

PRELIMINARY STATEMENTS 

A. Approach Resources Inc., a Delaware corporation, as borrower (the “Borrower”), the banks and financial institutions party
thereto as lenders, the Administrative Agent, as administrative agent for the lenders, and the other agents party thereto, are parties to that certain Credit Agreement dated as of January 18, 2008 (such agreement, as amended, restated,
replaced, modified or supplemented prior to the date hereof, the “Existing Credit Agreement”) pursuant to which, upon the terms and conditions stated therein, such lenders agreed to make loans and other extensions of credit to the
Borrower. 
 B. As security for the obligations and indebtedness of the Borrower under the Existing Credit Agreement, the Grantors executed
certain Collateral Documents (as defined in the existing Credit Agreement) including, without limitation, certain guaranty agreements and security agreements (such Collateral Documents, other than any mortgages and deeds of trust executed and
delivered by the Grantors, in each case as amended prior to the date hereof, the “Prior Security Documents”) covering the collateral described and defined therein. 

C. The Existing Credit Agreement will be amended and restated in its entirety as an Amended and Restated Credit Agreement dated as of the date
hereof (as amended or otherwise modified from time to time, the “Credit Agreement”) by and among the Borrower, the Administrative Agent and the lenders from time to time party thereto (the “Lenders”), pursuant to
which the Lenders have agreed to make loans and extend credit on behalf of the Borrower. 
 D. The Grantors and certain Bank Products
Providers have entered or may enter into certain agreements regarding Bank Products (collectively, the “Secured Bank Products Agreements”). 

E. The Grantors and Secured Swap Providers have entered or may enter into certain Swap Agreements (collectively, “Secured Swap
Agreements” and, collectively with the Credit Agreement, the other Loan Documents and the Secured Bank Products Agreements, the “Secured Transaction Documents”). 

F. Each Grantor other than the Borrower is a direct or indirect subsidiary of the Borrower for whose benefit the Borrower may and will borrow
under the Credit Agreement, and each Grantor has determined that valuable benefits will be derived by it as a result of the Credit Agreement and the extension of credit made (and to be made) by the Lenders thereunder. 

 G. The Administrative Agent, the Lenders and the other Secured Parties have conditioned their
obligations under the Secured Transaction Documents upon the execution and delivery by the Grantors of this Agreement, and each Grantor has agreed to enter into this Agreement pursuant to which, among other things, (i) the Prior Security
Documents are amended and restated in their entirety, (ii) the liens and assignments created and granted by the Prior Security Documents are ratified, confirmed, renewed, extended, amended and restated, and (iii) the Collateral is granted
and assigned by each Grantor to the Administrative Agent to further secure all the Indebtedness owing to the Administrative Agent, the Lenders and the other Secured Parties under the Secured Transaction Documents. 

THEREFORE, in order to comply with the terms and conditions of the Secured Transaction Documents and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby agrees with the Administrative Agent, on behalf of the Secured Parties, to amend and restate the Prior Security Documents in their entirety as follows:

 ARTICLE I 

DEFINITIONS 
 1.1 Terms
Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 

1.2 Terms Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Agreement or the Credit Agreement are used
herein as defined in the UCC. 
 1.3 Definitions of Certain Terms Used Herein. As used in this Agreement, in addition to the terms
defined in the introductory paragraph hereto and in the Preliminary Statements, the following terms shall have the following meanings: 

“Article” means a numbered article of this Agreement, unless another document is specifically referenced. 

“Collateral” shall have the meaning set forth in Article II. 

“Control” shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of
Article 9 of the UCC. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America and all other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

 “Exhibit” refers to a specific exhibit to this Agreement, unless another document is specifically referenced. 

“Paid In Full” means (a) the payment in full in cash of all principal, interest (including interest accruing during the
pendency of an insolvency or liquidation proceeding, regardless of whether allowed or allowable in such insolvency or liquidation proceeding) and premium, if any, 

  
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on all Loans outstanding under the Credit Agreement, (b) the payment in full in cash or posting of cash collateral in respect of all other obligations or amounts that are outstanding under
the Credit Agreement (other than indemnity obligations not yet due and payable of which any Grantor has not received a notice of potential claim), including the posting of the cash collateral for outstanding Letters of Credit (other than Letters of
Credit as to which other arrangements satisfactory to the Issuing Bank have been made) as required by the terms of the Credit Agreement, (c) the termination of all Commitments under the Credit Agreement, (d) payment in full in cash of all
amounts due and payable at such time under each Secured Bank Products Agreement (or collateralization of any obligations under such Secured Bank Products Agreement to the satisfaction of the counterparty to such Secured Bank Products Agreement), and
(e) all Secured Swap Agreements secured hereby are either novated to the satisfaction of the counterparty to such Secured Swap Agreement or terminated and, if terminated, either all obligations thereunder are paid in full in cash or the Grantor
party thereto has collateralized its obligations under such Secured Swap Agreement to the satisfaction of the counterparty to such Secured Swap Agreement. 

“Pledged Collateral” means all Equity Interests in any Restricted Subsidiary now owned or hereafter acquired by any Grantor,
whether or not physically delivered to the Administrative Agent pursuant to this Agreement, including, without limitation, the Equity Interests set forth on Exhibit B. 

“Proceeds” shall have the meaning set forth in Article 9 of the UCC and, in any event shall include, without limitation, all
dividends or other income from the Pledged Collateral, collections thereon or distributions or payments made with respect thereto. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Securities Account” shall have the meaning set forth in Article 8 of the UCC. 

“Securities Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the
Administrative Agent, among any Grantor, a securities intermediary holding such Grantor’s assets, including funds and securities, or an issuer of Securities, and the Administrative Agent with respect to collection and control of all deposits,
securities and other balances held in a Securities Account maintained by any Grantor with such securities intermediary. 

“Security” has the meaning set forth in Article 8 of the UCC. 

“UCC” means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the
laws of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect to, Administrative Agent’s or any Secured Party’s Lien on any Collateral. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 

  
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 ARTICLE II 

GUARANTEE 
 2.1
Guarantee. 
 (a) Each Grantor hereby absolutely and unconditionally guarantees the prompt, complete and full payment when due of the
Indebtedness, no matter how such shall become due, and each Grantor other than the Borrower further guarantees that Borrower will properly and timely perform the Indebtedness and other obligations and liabilities of the Credit Parties under the
Credit Agreement, Notes and other Loan Documents. 
 (b) Each Grantor covenants that, so long as any Lender has any Commitment or any
Revolving Credit Exposure under the Credit Agreement, it will, and, if necessary and applicable, will enable the Borrower to, fully comply with the conditions, covenants, and agreements set forth in the Credit Agreement. Notwithstanding any contrary
provision in this Agreement, however, each Grantor’s maximum liability under this Article II is limited, to the extent, if any, required so that its liability is not subject to avoidance under applicable Debtor Relief Laws. 

(c) If any Grantor is or becomes liable for any indebtedness owing by any Credit Party to any Secured Party by endorsement or otherwise than
under this Agreement, such liability shall not be in any manner impaired or affected hereby, and the rights of Secured Parties hereunder shall be cumulative of any and all other rights that Secured Parties may ever have against Grantor. The exercise
by any Secured Party of any right or remedy hereunder or under any other instrument, at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

(d) In the event of default by the Borrower or any other Credit Party in payment of the Indebtedness, or any part thereof, when such
Indebtedness becomes due, either by its terms or as the result of the exercise of any power to accelerate, each Grantor shall, on demand, and without further notice of dishonor and without any notice having been given to such Grantor previous to
such demand of the acceptance by Secured Parties of this Agreement, and without any notice having been given to such Grantor previous to such demand of the creating or incurring of such Indebtedness, pay the amount due thereon to Secured Parties at
Administrative Agent’s office as set forth in the Credit Agreement, and it shall not be necessary for any Secured Party, in order to enforce such payment by any Grantor, first, to institute suit or exhaust its remedies against Borrower, any
other Grantor or others liable on such Indebtedness, to have the Borrower joined with any Grantor in any suit brought under this Agreement or to enforce its rights against any security which shall ever have been given to secure such indebtedness;
provided, however, that in the event any Secured Party elects to enforce and/or exercise any remedies it may possess with respect to any security for the Indebtedness prior to demanding payment from any Grantor, such Grantor shall nevertheless be
obligated hereunder for any and all sums still owing to Secured Parties on the Indebtedness and not repaid or recovered incident to the exercise of such remedies. 

(e) Each Grantor hereby subordinates and makes inferior any and all indebtedness now or at any time hereafter owed by any Credit Party to any
Grantor to the 

  
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Indebtedness evidenced by the Credit Agreement and agrees if an Event of Default shall have occurred and be continuing, not to permit any Credit Party to repay, or to accept payment from any
Credit Party of, such indebtedness or any part thereof without the prior written consent of Majority Lenders. Each Grantor further agrees that if Administrative Agent so requests, such indebtedness of Borrower to such Grantor shall be collected,
enforced and received by such Grantor as trustee for Administrative Agent (for the benefit of the Secured Parties) and shall be paid over to Administrative Agent (for the benefit of the Secured Parties) on account of the Indebtedness but without
reducing or affecting in any manner the liability of such Grantor under the other provisions of this Agreement. 
 (f) Each Grantor hereby
agrees that to the extent that any Grantor shall have paid more than its proportionate share of any payment made hereunder, such Grantor shall be entitled to seek and receive contribution from and against any other Grantor hereunder which has not
paid its proportionate share of such payment. Each Grantor’s right of contribution shall be subject to the terms and conditions of Section 2.1(g). The provisions of this Section 2.1(f) shall in no respect limit the
obligations and liabilities of any Grantor to the Secured Parties, and each Grantor shall remain liable to the Secured Parties for the full amount guaranteed by such Grantor hereunder. 

(g) Notwithstanding any payment made by any Grantor hereunder or any set off or application of funds of any Grantor by any Secured Party, no
Grantor shall be entitled to be subrogated to any of the rights of any Secured Party against the Borrower or any Grantor or any Collateral security or guaranty or right of offset held by any Secured Party for the payment of the Indebtedness, nor
shall any Grantor seek or be entitled to seek any indemnity, exoneration, participation, contribution or reimbursement from the Borrower or any Grantor in respect of payments made by such Grantor hereunder, until all amounts owing to the Secured
Parties by the Credit Parties on account of the Indebtedness are Paid In Full. If any amount shall be paid to any Grantor on account of such subrogation rights at any time when all of the Indebtedness shall not have been Paid In Full, such amount
shall be held by such Grantor in trust for Administrative Agent (for the benefit of the Secured Parties), segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to Administrative Agent (for the
benefit of the Secured Parties) in the exact form received by such Grantor (duly endorsed by such Grantor to Administrative Agent, if required), to be applied against the Indebtedness whether matured or unmatured. 

(h) If all or any part of the Indebtedness at any time is secured, each Grantor agrees that Administrative Agent and/or Lenders may at any
time and from time to time, at their discretion and with or without valuable consideration, allow substitution or withdrawal of Collateral or other security and release Collateral or other security or compromise or settle any amount due or owing
under the Credit Agreement or amend or modify in whole or in part the Credit Agreement or any Loan Document executed in connection with same without impairing or diminishing the Indebtedness of each Grantor hereunder. Each Grantor further agrees
that if any Credit Party executes in favor of any Secured Party any collateral agreement, mortgage or other security instrument, the exercise by any Secured Party of any right or remedy thereby conferred on such Secured Party shall be wholly
discretionary with such Secured Party, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of each Grantor hereunder. Each Grantor further agrees that Secured Parties and the

  
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Administrative Agent shall not be liable for their failure to use diligence in the collection of the Indebtedness or in preserving the liability of any person liable for the Indebtedness, and
each Grantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof (including, notice of acceleration), and diligence in bringing suits against any Person liable on the Indebtedness, or any part thereof. 

(i) Each Grantor agrees that Secured Parties, in their discretion, may (but subject to any applicable provisions of the Loan Documents)
(i) bring suit against all Grantors (including, without limitation, each Grantor hereunder) of the Indebtedness jointly and severally or against any one or more of them, (ii) compound or settle with any one or more of such Grantors for
such consideration as Secured Parties may deem proper, and (iii) release one or more of such Grantors from liability hereunder, and that no such action shall impair the rights of Secured Parties to collect the Indebtedness (or the unpaid
balance thereof) from other such Grantors of the Indebtedness, or any of them, not so sued, settled with or released. Each Grantor agrees, however, that nothing contained in this paragraph, and no action by Secured Parties permitted under this
paragraph, shall in any way affect or impair the rights or Indebtedness of such Grantors among themselves. 
 (j) Each Grantor acknowledges
and agrees that any interest on any portion of the Indebtedness which accrues after the commencement of any insolvency or bankruptcy proceeding (or, if interest on any portion of the Indebtedness ceases to accrue by operation of law by reason of the
commencement of said proceeding, such interest as would have accrued on such portion of the Indebtedness if said proceedings had not been commenced) shall be included in the Indebtedness because it is the intention of each Grantor and the Secured
Parties that the Indebtedness which is guaranteed by each Grantor pursuant to this Guaranty should be determined without regard to any rule of law or order which may relieve any Credit Party of any portion of such Indebtedness. Each Grantor will
permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person to pay the Secured Parties or Administrative Agent, or allow the claim of the Secured Parties or Administrative Agent in
respect of, any such interest accruing after the date on which such proceeding is commenced. 
 (k) Notice to any Grantor of the acceptance
of this Agreement and of the making, renewing or assignment of the Indebtedness and each item thereof, are hereby expressly waived by each Grantor. 

ARTICLE III 
 GRANT OF
SECURITY INTEREST 
 Each Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable
benefit of the Secured Parties, a security interest in all of its right, title and interest in, to and under the following property, whether now owned or hereafter acquired by or arising in favor of such Grantor (all of the following, collectively
the “Collateral”): 
 (a) all Pledged Collateral now owned or at any time hereafter acquired by such Grantor or in which
such Grantor now has or at any time in the future may acquire any right, title or interest and whether now existing or hereafter coming into existence; 

  
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 (b) all of such Grantor’s right, title and interests in all Swap Agreements to which such
Grantor is now or hereinafter becomes a party, whether now existing or hereinafter coming into existence; and 
 (c) all additions to,
substitutions for and replacements, Proceeds, insurance proceeds and products of the foregoing, together with all books and records, and other records related thereto and any General Intangibles at any time evidencing or relating to any of the
foregoing; 
 to secure the prompt and complete payment and performance of the Indebtedness. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Each
Grantor represents and warrants to the Administrative Agent and the Secured Parties that: 
 4.1 Title, Perfection and Priority. Such
Grantor has good and valid rights in or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under
Section 5.1(e), and has full power and authority to grant to the Administrative Agent the security interest in such Collateral pursuant hereto. When financing statements have been filed in the appropriate offices against such Grantor in
the locations listed on Exhibit C, the Administrative Agent will have a validly perfected security interest in that Collateral of the Grantor in which a security interest may be perfected by filing, subject only to Excepted Liens identified
in clause (a) of the definition thereof. 
 4.2 Type and Jurisdiction of Organization, Organizational and Identification
Numbers. The type of entity of such Grantor, its state of organization, the organizational number issued to it by its state of organization and its federal employer identification number are set forth on Exhibit A. Such Grantor is a
corporation, limited liability company or limited partnership duly organized and validly existing under the laws of the jurisdiction of its incorporation or formation. 

4.3 Exact Names. Such Grantor’s name in which it has executed this Agreement is the exact name as it appears in such
Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization. Such Grantor has not, during the past five years, been known by or used any other corporate or fictitious name, or been a party to
any merger or consolidation, or been a party to any acquisition. 
 4.4 No Financing Statements, Security Agreements. No financing
statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except (a) for financing statements or
security agreements naming the Administrative Agent on behalf of the Secured Parties as the secured party and (b) as permitted by Section 5.1(e). 

  
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 4.5 Pledged Collateral. 

(a) Exhibit B sets forth a complete and accurate list of all Pledged Collateral owned by such Grantor. Such Grantor is the direct, sole
beneficial owner and sole holder of record of the Pledged Collateral listed on Exhibit B as being owned by it, free and clear of any Liens, except for the security interest granted to the Administrative Agent for the benefit of the Secured
Parties hereunder and Excepted Liens of the type described in clause (a) of the definition thereof. Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting an Equity Interest has been (to the
extent such concepts are relevant with respect to such Pledged Collateral) duly authorized, validly issued, are fully paid and non-assessable, (ii) with respect to any certificates delivered to the Administrative Agent representing an Equity
Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Administrative Agent so that the
Administrative Agent may take steps to perfect its security interest therein as a General Intangible and (iii) all such Pledged Collateral held by a securities intermediary, if any, is covered by a Securities Account Control Agreement. 

(b) In addition, (i) none of the Pledged Collateral owned by it has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) there are existing no options, warrants, calls or commitments of any character whatsoever relating to such Pledged
Collateral or which obligate the issuer of any Equity Interest included in the Pledged Collateral to issue additional Equity Interests, and (iii) no consent, approval, authorization, or other action by, and no giving of notice, filing with, any
governmental authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Agreement or for the execution, delivery and performance of this Agreement by such Grantor, or for the exercise by the
Administrative Agent of the voting or other rights provided for in this Agreement or for the remedies in respect of the Pledged Collateral pursuant to this Agreement, except as may be required in connection with such disposition by laws affecting
the offering and sale of securities generally or the filing of UCC financing statements. 
 (c) Such Grantor owns the issued and outstanding
Equity Interests as set forth on Exhibit B. 
 4.6 Representations in Credit Agreement. With respect to each Grantor other
than the Borrower, the representations and warranties in the Credit Agreement are incorporated herein by reference, the same as if stated verbatim herein as representations and warranties made by each Grantor, and each Grantor, jointly and severally
represents and warrants that each of such representations and warranties are true and correct in all material respects (without duplication of any materiality qualifier contained therein), except to the extent any such representations and warranties
are expressly limited to an earlier date, in which case, such representations and warranties are true and correct in all material respects as of such specified earlier date. 

4.7 No Reliance. In executing and delivering this Agreement, each Grantor has (a) without reliance on Administrative Agent or any
information received from Administrative Agent and based upon such documents and information it deems appropriate, made an independent investigation of the transactions contemplated hereby and the Borrower, the Borrower’s business, assets,
operations, prospects and condition, financial or otherwise, and any circumstances which may bear upon such transactions, the Borrower or the obligations and risks 

  
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undertaken herein with respect to the Indebtedness; (b) adequate means to obtain from the Borrower on a continuing basis information concerning the Borrower; (c) full and complete
access to the Loan Documents and any other documents executed in connection with the Loan Documents; and (d) not relied and will not rely upon any representations or warranties of the Administrative Agent not embodied herein or any acts
heretofore or hereafter taken by the Administrative Agent (including but not limited to any review by the Administrative Agent of the affairs of the Borrower). 

ARTICLE V 
 COVENANTS

 From the date of this Agreement, and thereafter until this Agreement is terminated, each Grantor agrees that: 

5.1 General. 
 (a)
Collateral Records. Such Grantor will maintain books of record and account with respect to the Collateral owned by it in accordance with Section 8.08 of the Credit Agreement, and furnish to the Administrative Agent, with sufficient
copies for each of the Lenders, such reports relating to such Collateral in accordance with Section 8.08 of the Credit Agreement. 

(b) Authorization to File Financing Statements; Ratification. Such Grantor hereby authorizes the Administrative Agent to file, and if
requested will deliver to the Administrative Agent, all financing statements and other documents and take such other actions as may from time to time be reasonably requested by the Administrative Agent in order to maintain at least the priority
described in Section 4.1 and, if applicable, Control of, the Collateral owned by such Grantor. Any financing statement filed by the Administrative Agent may be filed in any filing office in any UCC jurisdiction and may (i) indicate such
Grantor’s Collateral (A) as all assets of the Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (B) by
any other description which reasonably approximates the description contained in this Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing
statement or amendment, including whether such Grantor is an organization, the type of organization and any organization identification number issued to such Grantor. Such Grantor also agrees to furnish any such information to the Administrative
Agent promptly upon reasonable request. Such Grantor also ratifies its authorization for the Administrative Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 

(c) Further Assurances. Such Grantor will, if so requested by the Administrative Agent, furnish to the Administrative Agent, as often
as the Administrative Agent requests, statements and schedules further identifying and describing the Collateral owned by it and such other reports and information in connection with its Collateral as the Administrative Agent may reasonably request,
all in such detail as the Administrative Agent may reasonably specify. 

  
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 (d) Disposition of Collateral. Such Grantor will not sell, assign, transfer, exchange or
otherwise dispose of the Collateral owned by it except for dispositions permitted pursuant to Section 9.11 of the Credit Agreement. 

(e) Liens. Such Grantor will not create, incur, or suffer to exist any Lien on the Collateral owned by it except (i) the security
interest created by this Agreement, (ii) Excepted Liens and (iii) any other Liens permitted by Section 9.03 of the Credit Agreement. 

(f) Other Financing Statements. Such Grantor will not authorize the filing of any financing statement naming it as debtor covering all
or any portion of the Collateral owned by it, except as permitted by Section 5.1(e). Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing
statement without the prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 

5.2 Delivery of Certificated Securities. Such Grantor will (a) deliver to the Administrative Agent immediately upon execution of
this Agreement (subject to the last two sentences of this Section), the originals of all certificated Securities constituting Collateral owned by it (if any then exist), (b) hold in trust for the Administrative Agent upon receipt and
immediately thereafter deliver to the Administrative Agent any such certificated Securities constituting Collateral, and (c) upon the Administrative Agent’s request, deliver to the Administrative Agent a duly executed amendment to this
Agreement, in the form of Exhibit D hereto (the “Amendment”), pursuant to which such Grantor will confirm the pledge such additional Collateral. Such Grantor hereby authorizes the Administrative Agent to attach each Amendment
to this Agreement and agrees that all additional Collateral owned by it set forth in such Amendments shall be considered to be part of the Collateral. Notwithstanding the foregoing to the contrary, the Borrower shall not be required to deliver
originals of all certificated Securities in respect of Equity Interests in Approach Oil & Gas Inc. until the date that this 30 days following the date hereof. In connection with such delivery referred to in the immediately preceding
sentence, the Borrower shall deliver blank stock powers in form and substance reasonably satisfactory to the Administrative Agent and an Amendment containing the applicable information regarding such certificates including the certificate number and
number of shares. 
 5.3 Uncertificated Pledged Collateral; Securities Account Control Agreements; Article 8 Securities Matters. Such
Grantor will permit the Administrative Agent from time to time during the continuance of an Event of Default to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated Securities or
other types of Pledged Collateral owned by it not represented by certificates to mark their books and records with the numbers and face amounts of all such uncertificated Securities or other types of Pledged Collateral not represented by
certificates and all rollovers and replacements therefor to reflect the Lien of the Administrative Agent granted pursuant to this Agreement. With respect to any Pledged Collateral owned by it, such Grantor will take any actions necessary to cause
(a) the issuers of uncertificated Securities which are Pledged Collateral and (b) any securities intermediary which is the holder of any such Pledged Collateral, to cause the Administrative Agent to have and retain Control over such
Pledged Collateral. Without limiting the foregoing, such Grantor will, with respect to any such Pledged Collateral held with a securities 

  
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intermediary, cause such securities intermediary to enter into a Securities Account Control Agreement. Such Grantor shall not permit (i) any Equity Interest which is included within the
Collateral to at any time constitute a Security or (ii) the issuer of any such Equity Interest to take any action to have such interests treated as a Security unless Section 5.2 and this Section 5.3 are complied with.

 5.4 Pledged Collateral. 

(a) Changes in Capital Structure of Issuers. Such Grantor will not (i) permit or suffer any issuer of an Equity Interest
constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any of its Equity Interests or Securities evidencing ownership, reduce its capital, sell or encumber all or substantially all of its assets (except for Excepted Liens
and sales of assets permitted pursuant to Section 5.1(d)) or merge or consolidate with any other entity (except as permitted by Section 9.10 of the Credit Agreement), or (ii) vote any such Pledged Collateral in favor of any of
the foregoing. 
 (b) Issuance of Additional Securities. Such Grantor will not permit or suffer the issuer of an Equity Interest
constituting Pledged Collateral owned by it to issue additional Equity Interests, any right to receive the same or any right to receive earnings, except to such Grantor. 

(c) Grantors as Issuers. In the case of each Grantor that is an issuer of Pledged Collateral, such Grantor agrees that it will be bound
by the terms of this Agreement relating to the Pledged Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 

(d) Registration of Pledged Collateral. Such Grantor will permit any registerable Pledged Collateral owned by it to be registered in
the name of the Administrative Agent or its nominee at any time at the option of the Required Lenders during the continuance of an Event of Default. 

(e) Exercise of Rights in Pledged Collateral. 
  

	 	(i)	Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all
purposes not inconsistent with this Agreement, the Credit Agreement or any other Loan Document; provided however, that no vote or other right shall be exercised or action taken which would have the effect of impairing the rights of the
Administrative Agent in respect of such Pledged Collateral. 

  

	 	(ii)	Such Grantor will permit the Administrative Agent or its nominee at any time during the continuance of an Event of Default, without notice, to exercise all voting rights or other rights relating to the Pledged
Collateral owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Equity Interest constituting such Pledged Collateral as if it were the absolute owner thereof.

  
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	 	(iii)	Such Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged Collateral owned by it to the extent not in violation of the Credit Agreement other
than any of the following distributions and payments during the continuance of an Event of Default (collectively referred to as the “Excluded Payments”): (A) dividends and interest paid or payable other than in cash in respect
of such Pledged Collateral, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral; (B) dividends and other distributions paid or payable in cash in respect of
such Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in capital of an issuer; and (C) cash paid, payable or otherwise distributed, in
respect of principal of, or in redemption of, or in exchange for, such Pledged Collateral; provided however, that until actually paid, all rights to such distributions shall remain subject to the Lien created by this Agreement; and

  

	 	(iv)	All Excluded Payments and all other distributions in respect of any of the Pledged Collateral owned by such Grantor, whenever paid or made, shall be delivered to the Administrative Agent to hold as Pledged Collateral
and shall, if received by such Grantor, be received in trust for the benefit of the Administrative Agent, be segregated from the other property or funds of such Grantor, and be forthwith delivered to the Administrative Agent as Pledged Collateral in
the same form as so received (with any necessary endorsement). 

 5.5 No Interference. Each Grantor agrees that it will
not interfere with any right, power and remedy of the Administrative Agent provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Administrative
Agent of any one or more of such rights, powers or remedies. 
 5.6 Change of Name or Location. Such Grantor shall insure that
Borrower gives the notices required in Section 8.01(j) of the Credit Agreement with respect to any change in such Grantor’s name, jurisdiction of organization, or the other matters addressed in such section of the Credit Agreement. 

5.7 [reserved.] 
 5.8
Maintain Operations. Each Grantor covenants and agrees that until the Indebtedness is paid and performed in full, except as otherwise provided in the Credit Agreement or unless the requisite Lenders give their prior written consent to any
deviation therefrom, it will 

  
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(a) at all times maintain its existence and authority to transact business in any state or jurisdiction where such Grantor has assets and operations, except where the failure to maintain such
existence or authority would not have a Material Adverse Effect, and (b) duly and punctually observe and perform all covenants applicable to such Grantor under the Credit Agreement and the other Loan Documents. 

ARTICLE VI 
 EVENTS OF
DEFAULT AND REMEDIES 
 6.1 Events of Default. The occurrence of any “Event of Default” under, and as defined in, the
Credit Agreement shall constitute an Event of Default hereunder. 
 6.2 Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, or at the direction of the Required
Lenders, shall, exercise any or all of the following rights and remedies: 
  

	 	(i)	those rights and remedies provided in this Agreement, the Credit Agreement, or any other Loan Document; provided that, this Section 6.2(a) shall not be understood to limit any rights or remedies available to
the Administrative Agent and the Secured Parties prior to an Event of Default; 

  

	 	(ii)	those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the
exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under an Agreement; 

  

	 	(iii)	give notice of sole control or any other instruction under any Securities Account Control Agreement and take any action therein with respect to such Collateral; 

 

	 	(iv)	without notice (except as specifically provided in Section 8.1 or elsewhere herein), demand or advertisement of any kind to any Grantor or any other Person, collect, receive, process, appropriate, sell,
assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to
time with or without notice and may take place at any location deemed appropriate by the Administrative Agent), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Administrative Agent
may deem commercially reasonable; and 

  

	 	(v)	concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments
representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest,
principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Administrative Agent was the outright owner thereof. 

  
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 (b) The Administrative Agent, on behalf of the Secured Parties, may comply with any applicable
state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(c) The Administrative Agent shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such
private sale or sales, to purchase for the benefit of the Administrative Agent and the Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly
releases. 
 (d) Until the Administrative Agent is able to affect a sale, lease, or other disposition of Collateral, the Administrative
Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent. The
Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Administrative Agent’s remedies (for the benefit of the Administrative Agent and Secured
Parties), with respect to such appointment without prior notice or hearing as to such appointment. 
 (e) Notwithstanding the foregoing,
neither the Administrative Agent nor any Secured Party shall be required to (i) make any demand upon, or pursue or exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with
respect to the payment of the Indebtedness or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the
Indebtedness or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral. 

(f) Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Collateral and may
be compelled to resort to one or more private sales thereof in accordance with clause (a) above. Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable to the seller than if such sale were a
public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The Administrative Agent shall be under
no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor 

  
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or the issuer of the Pledged Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable
Grantor and the issuer would agree to do so. 
 (g) Each Grantor understands and agrees that any amounts of any Grantor on account with any
Lender may, if an Event of Default shall have occurred and be continuing, be offset to satisfy the obligations of such Grantor hereunder. 

6.3 Grantor’s Obligations Upon Default. Upon the request of the Administrative Agent after the occurrence and during the
continuance of a Default, each Grantor will: 
 (a) assemble and make available to the Administrative Agent the Collateral and all books and
records relating thereto at any place or places specified by the Administrative Agent, whether at a Grantor’s premises or elsewhere; and 

(b) permit the Administrative Agent, by the Administrative Agent’s representatives and agents, to enter, occupy and use any premises
where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the
Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy. 

ARTICLE VII 
 ATTORNEY IN
FACT; PROXY 
 7.1 Authorization for Secured Party to Take Certain Action. 

(a) Each Grantor irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the
Administrative Agent and appoints the Administrative Agent as its attorney in fact (i) to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority
of the Administrative Agent’s security interest in the Collateral, (ii) during the continuance of an Event of Default to endorse and collect any cash proceeds of the Collateral, (iii) to file any financing statement or amendment of a
financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Administrative
Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated Securities which are Pledged Collateral or with securities intermediaries holding Pledged Collateral as
may be necessary or advisable to give the Administrative Agent Control over such Pledged Collateral, (v) during the continuance of an Event of Default to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except
for such Liens as are specifically permitted hereunder), and (vi) during the continuance of an Event of Default to do all other acts and things necessary to carry out this Agreement; and such Grantor agrees to reimburse the Administrative Agent
on demand for any payment made or any expense incurred by the Administrative Agent in connection with any of the foregoing as required by Section 12.03 of the Credit Agreement; provided that, this authorization shall not relieve such Grantor of
any of its obligations under this Agreement, the Credit Agreement or under any other Loan Document. 

  
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 (b) All acts of said attorney or designee are hereby ratified and approved. The powers conferred
on the Administrative Agent, for the benefit of the Administrative Agent and Secured Parties, under this Section 7.1 are solely to protect the Administrative Agent’s interests in the Collateral and shall not impose any duty upon the
Administrative Agent or any Secured Party to exercise any such powers. 
 7.2 Proxy. EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND
APPOINTS THE ADMINISTRATIVE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (TO THE EXTENT SET FORTH IN SECTION 7.1 ABOVE) WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER OF
SUBSTITUTION TO DO SO DURING THE CONTINUANCE OF AN EVENT OF DEFAULT. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE DURING
THE CONTINUANCE OF AN EVENT OF DEFAULT ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF
SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON
(INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE OCCURRENCE OF A DEFAULT. 
 7.3 Nature of
Appointment; Limitation of Duty. THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VII IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS AGREEMENT IS TERMINATED
IN ACCORDANCE WITH SECTION 8.13. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE ADMINISTRATIVE AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL
HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

  
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 ARTICLE VIII 

GENERAL PROVISIONS 
 8.1
Waivers. Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived
under applicable law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as set forth in Article IX, at least ten days prior to (a) the date of any such public sale or (b) the time after which any such
private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Administrative Agent or any Secured Party arising out of the repossession, retention
or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Administrative Agent or such Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do
so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Administrative Agent or any Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or
similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately
under the power of sale conferred by this Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any
kind in connection with this Agreement or any Collateral. 
 8.2 Limitation on Administrative Agent’s and any Secured Party’s
Duty with Respect to the Collateral. The Administrative Agent and each Secured Party shall use reasonable care with respect to the Collateral in its possession or under its control. Neither the Administrative Agent nor any Secured Party shall
have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Administrative Agent or such Secured Party, or any income thereon or as to the preservation of rights against prior
parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially
reasonable for the Administrative Agent (a) to fail to incur expenses deemed significant by the Administrative Agent to prepare Collateral for disposition, (b) to advertise dispositions of Collateral through publications or media of
general circulation, whether or not the Collateral is of a specialized nature, (c) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral,
(d) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (e) to dispose of Collateral by utilizing internet sites that provide for the auction of
assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, or (f) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other
brokers, investment bankers, consultants and other professionals to assist the Administrative Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.2 is to provide
non-exhaustive indications of what actions or omissions by the Administrative Agent would be commercially reasonable in the Administrative Agent’s exercise of remedies against the Collateral and that other actions or

  
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omissions by the Administrative Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.2. Without limitation upon the
foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Administrative Agent that would not have been granted or imposed by this Agreement or by applicable law
in the absence of this Section 8.2. 
 8.3 Specific Performance of Certain Covenants. Each Grantor acknowledges and
agrees that a breach of any of the covenants contained herein will cause irreparable injury to the Administrative Agent and the Secured Parties, that the Administrative Agent and Secured Parties have no adequate remedy at law in respect of such
breaches and therefore agrees that the covenants of the Grantors contained herein shall be specifically enforceable against the Grantors. 

8.4 Administrative Agent Performance of Grantor Obligations. Without having any obligation to do so, the Administrative Agent may
during the continuance of an Event of Default perform or pay any obligation which any Grantor has agreed to perform or pay in this Agreement and the Grantors shall reimburse the Administrative Agent for any amounts paid by the Administrative Agent
pursuant to this Section 8.4. The Grantors’ obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be Indebtedness payable on demand. 

8.5 Dispositions Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in
Section 5.1(d) and notwithstanding any course of dealing between any Grantor and the Administrative Agent or other conduct of the Administrative Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth
in Section 5.1(d)) shall be binding upon the Administrative Agent or the Secured Parties unless such authorization is in writing signed by the Administrative Agent with the consent or at the direction of the Majority Lenders. 

8.6 No Waiver; Amendments; Cumulative Remedies. No delay or omission of the Administrative Agent or any Lender to exercise any right or
remedy granted under this Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further
exercise thereof or the exercise of any other right or remedy. No notice to or demand on any Grantor in any case shall, of itself, entitle such Grantor to any other or further notice or demand in similar or other circumstances. No waiver, amendment
or other variation of the terms, conditions or provisions of this Agreement whatsoever shall be valid unless in writing signed by the Administrative Agent with the concurrence or at the direction of the Lenders required under Section 12.02 of
the Credit Agreement and then only to the extent in such writing specifically set forth. All rights and remedies contained in this Agreement or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the
Secured Parties until the Indebtedness have been Paid In Full. 
 8.7 Limitation by Law; Severability of Provisions. All rights,
remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable
mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable or not 

  
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entitled to be recorded or registered, in whole or in part. Any provision in this Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that
jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this
Agreement are declared to be severable. 
 8.8 Reinstatement. This Agreement shall remain in full force and effect and continue to be
effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed
for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Indebtedness, or any part thereof, is, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Indebtedness, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance
had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Indebtedness shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 8.9 Benefit of Agreement. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the
Grantors, the Administrative Agent and the Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Agreement), except that no Grantor shall have the right to assign its rights or
delegate its obligations under this Agreement or any interest herein, without the prior written consent of the Administrative Agent or as permitted by Section 9.10 of the Credit Agreement. No sales of participations, assignments, transfers, or
other dispositions of any agreement governing the Indebtedness or any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the benefit of the Administrative Agent and the Secured Parties,
hereunder. 
 8.10 Survival of Representations. All representations and warranties of the Grantors contained in this Agreement shall
survive the execution and delivery of this Agreement. 
 8.11 Taxes and Expenses. Any taxes (including income taxes) payable or ruled
payable by Federal or State authority in respect of this Agreement shall be paid by the Grantors, together with interest and penalties, if any, upon an pursuant to the terms set forth in Section 5.03 of the Credit Agreement. The Grantors shall
reimburse the Administrative Agent for any and all out-of-pocket expenses and internal charges (including reasonable attorneys’, auditors’ and accountants’ fees and reasonable time charges of attorneys, paralegals, auditors and
accountants who may be employees of the Administrative Agent) paid or incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Agreement and in the audit,
analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral), in each case upon and pursuant to the terms set forth in
Section 12.03 of the Credit Agreement. Any and all costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantors. 

  
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 8.12 Headings. The title of and section headings in this Agreement are for convenience of
reference only, and shall not govern the interpretation of any of the terms and provisions of this Agreement. 
 8.13 Termination.
This Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Indebtedness outstanding) until (a) the Commitments have terminated pursuant to the terms of the Credit Agreement and (b) all of the
Indebtedness has been Paid In Full. 
 8.14 Highest Lawful Rate. No provision herein or in any promissory note, instrument or any
other Loan Document executed any Grantor evidencing the Indebtedness shall require the payment or permit the collection of interest in excess of the Highest Lawful Rate. If any excess of interest in such respect is provided for herein or in any such
promissory note, instrument, or any other Loan Document, the provisions of this paragraph shall govern, and neither the Borrower nor any Grantor shall be obligated to pay the amount of such interest to the extent that it is in excess of the amount
permitted by law. The intention of the parties being to conform strictly to any applicable federal or state usury laws now in force, all promissory notes, instruments and other Loan Documents executed by Borrower or any Grantor evidencing the
Indebtedness shall be held subject to reduction to the amount allowed under said usury laws as now or hereafter construed by the courts having jurisdiction. 

8.15 Entire Agreement. This Agreement embodies the entire agreement and understanding between the Grantors and the Administrative Agent
relating to the Collateral and supersedes all prior agreements and understandings between the Grantors and the Administrative Agent relating to the Collateral. 

8.16 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 8.17 CONSENT TO JURISDICTION. EACH GRANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY
UNITED STATES FEDERAL OR NEW YORK STATE COURT, IN EITHER CASE, SITTING IN NEW YORK COUNTY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND EACH GRANTOR HEREBY IRREVOCABLY AGREES THAT
ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT
SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY SECURED PARTY TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY GRANTOR
AGAINST THE ADMINISTRATIVE AGENT OR ANY SECURED PARTY OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY SECURED PARTY INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING 

  
 20 

 
OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK COUNTY, NEW YORK. 

8.18 WAIVER OF JURY TRIAL. EACH GRANTOR, THE ADMINISTRATIVE AGENT AND EACH SECURED PARTY HEREBY WAIVE TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED
THEREUNDER. 
 8.19 Indemnity. Each Grantor hereby agrees to indemnify the Administrative Agent and the Secured Parties, and
their respective successors, assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, costs, and expenses of any kind and nature (including, without limitation, all expenses of litigation or preparation
therefor whether or not the Administrative Agent or any Secured Party is a party thereto) imposed on, incurred by or asserted against the Administrative Agent or the Secured Parties, or their respective successors, assigns, agents and employees, in
any way relating to or arising out of this Agreement, or the purchase, acceptance, rejection, ownership, delivery, possession, use, sale, or other disposition of any Collateral, in each case upon and pursuant to the terms set forth in
Section 12.03 of the Credit Agreement. 
 8.20 Counterparts. This Agreement may be executed in any number of counterparts, all
of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other
electronic transmission (e.g. .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 8.21
Obligations Absolute. All obligations of each Grantor hereunder (including, without limitation, each such Grantor’s obligations under Article II), shall be absolute and unconditional irrespective of: 

(a) any extension, renewal, settlement, compromise, waiver or release in respect of any of the Indebtedness, by operation of law or otherwise,
or any obligation of any other Grantor of any of the Indebtedness, or any default, failure or delay, willful or otherwise, in the payment or performance of the Indebtedness; 

(b) any lack of validity or enforceability relating to or against Borrower, any other Credit Party or any other guarantor of any of the
Indebtedness, for any reason related to the Credit Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Indebtedness, or any Governmental Requirements purporting to prohibit the payment by Borrower, any
other Credit Party or any other guarantor of the Indebtedness of the principal of or interest on the Indebtedness; 
 (c) any modification
or amendment of or supplement to the Credit Agreement or any other Loan Document; 

  
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 (d) any change in the time, manner or place of payment of, or in any other term of, all or any
part of the Indebtedness, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument governing or evidencing any Indebtedness, including any increase or
decrease in the rate of interest thereon; 
 (e) any release, nonperfection or invalidity of any direct or indirect security for any
obligation of any Credit Party under the Credit Agreement or any other Loan Document or any obligations of any other Grantor of any of the Indebtedness, any amendment or waiver of, or consent to departure from, any other guaranty or support
document, any exchange, release or non-perfection of any Collateral, for all or any of the Loan Documents or Indebtedness, or any action or failure to act by Administrative Agent, any Lender or any Affiliate of any Lender with respect to any
Collateral securing all or any part of the Indebtedness; 
 (f) any change in the corporate existence, structure or ownership of Borrower,
any other Credit Party or any other guarantor of any of the Indebtedness, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting Borrower, any other Credit Party or any other guarantor of the Indebtedness, or any of
their assets or any resulting release of discharge of any obligation of Borrower, any other Credit Party or any other guarantor of any of the Indebtedness; 

(g) any present or future law, regulation or order of any jurisdiction (whether of right or in fact) or of any agency thereof purporting to
reduce, amend, restructure or otherwise affect any term of any Loan Document or Indebtedness; 
 (h) any other setoff, defense or
counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect to the Credit Agreement, any other Loan Document, any other agreement or instrument or the transactions contemplated thereby which might
constitute a legal or equitable defense available to, or discharge of any Grantor; or 
 (i) any other act or omission to act or delay of
any kind by Borrower, any other Credit Party, any other guarantor of the Indebtedness, the Administrative Agent, any Lender or any other Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a
legal or equitable discharge of any Grantor’s obligations hereunder. 
 8.22 Release. Each Grantor consents and agrees that the
Administrative Agent may at any time, or from time to time, in its discretion: 
 (a) renew, extend or change the time of payment, and/or
the manner, place or terms of payment of all or any part of the Indebtedness; and 
 (b) exchange, release and/or surrender all or any of
the Collateral (including the Pledged Collateral), or any part thereof, by whomsoever deposited, which is now or may hereafter be held by the Administrative Agent in connection with all or any of the Indebtedness; all in such manner and upon such
terms as the Administrative Agent may deem proper, and without notice to or further assent from any Grantor, it being hereby agreed that each Grantor 

  
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shall be and remain bound upon this Agreement, irrespective of the value or condition of any of the Collateral, and notwithstanding any such change, exchange, settlement, compromise, surrender,
release, renewal or extension, and notwithstanding also that the Indebtedness may, at any time, exceed the aggregate principal amount thereof set forth in the Credit Agreement, or any other agreement governing any Indebtedness. 

8.23 Survival of Prior Obligations. The Credit Agreement and any Notes issued in connection therewith have been given in renewal,
extension, rearrangement and increase, and not in extinguishment of the obligations under the Existing Credit Agreement and the notes and other documents related thereto. All Liens and security interests securing the Existing Credit Agreement and
the obligations relating thereto, including the Liens, assignments and security interests of the Prior Security Documents, are hereby ratified, confirmed, renewed, extended, amended and restated as security for the Indebtedness by this Agreement
with the same priority as the Prior Security Documents. None of the Liens and security interests created pursuant to the Prior Security Documents are released or impaired hereby. Additionally, the substantive rights and obligations of the parties
hereto shall be governed by this Agreement, rather than the Prior Security Documents. 
 8.24 Commodity Exchange Act Keepwell
Provisions. To the extent that such Grantor is a Qualified ECP Guarantor, such Guarantor hereby guarantees the payment and performance of all Indebtedness of each Credit Party and absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support as may be needed from time to time by each Credit Party in order for such Credit Party to honor its obligations under its respective Security Instruments including obligations with respect to Swap Agreements (provided,
however, that each such Grantor shall only be liable under this Section 8.24 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.24, or otherwise under
this Agreement or any Loan Document, as it relates to such other Credit Parties, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of such Grantors under this
Section 8.24 shall remain in full force and effect until all Indebtedness is Paid In Full. Each such Grantor intends that this Section 8.24 constitute, and this Section 8.24 shall be deemed to constitute, a
“keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

8.25 Additional Grantors. Each Person that is required to become a party to this Agreement pursuant to Section 8.14(b) of the
Credit Agreement and is not a signatory hereto shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Person of an Assumption Agreement in the form of Annex I hereto. 

ARTICLE IX 
 NOTICES

 9.1 Sending Notices. Any notice required or permitted to be given under this Agreement shall be sent by United States mail,
facsimile, personal delivery or nationally established overnight courier service, and shall be deemed received (a) when received, if sent by hand or overnight courier service, or mailed by certified or registered mail notices or (b) when
sent, if sent by facsimile (except that, if not given during normal business hours for the recipient, 

  
 23 

 
shall be deemed to have been given at the opening of business on the next Business Day for the recipient), in each case addressed to the Grantors at the notice address set forth on Exhibit
A, and to the Administrative Agent and the Lenders at the addresses set forth in accordance with Section 12.01 of the Credit Agreement. 

9.2 Change in Address for Notices. Each of the Grantors, the Administrative Agent and the Lenders may change the address for service of
notice upon it by a notice in writing to the other parties. 
 ARTICLE X 

THE ADMINISTRATIVE AGENT 

JPMorgan Chase Bank, N.A. has been appointed Administrative Agent for the Secured Parties hereunder pursuant to Article XI of the Credit
Agreement. It is expressly understood and agreed by the parties to this Agreement that any authority conferred upon the Administrative Agent hereunder is subject to the terms of the delegation of authority made by the Secured Parties to the
Administrative Agent pursuant to the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative Agent shall act) as such hereunder only on the express conditions contained in such Article XI. Any
successor Administrative Agent appointed pursuant to Article XI of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Administrative Agent hereunder. 

[Signature Pages Follow] 

  
 24 

 IN WITNESS WHEREOF, the Borrower, the Grantors and the Administrative Agent have executed this
Agreement as of the date first above written. 
  

					
	GRANTORS:
	
	APPROACH RESOURCES INC., a Delaware corporation
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	APPROACH MIDSTREAM HOLDINGS LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	APPROACH OIL & GAS INC., a Delaware corporation
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer

 [SIGNATURE PAGE TO AMENDED AND
RESTATED GUARANTY AND PLEDGE AGREEMENT – 

APPROACH RESOURCES INC.] 

 
					
	APPROACH SERVICES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	APPROACH DELAWARE, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	APPROACH OPERATING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	APPROACH RESOURCES I, LP, a Texas limited partnership
		
	By:	 	APPROACH OPERATING, LLC, a Delaware limited liability company, its general partner
		
	By:	 	 /s/ Sergei Krylov

		 	Name:	 	Sergei Krylov
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED GUARANTY AND PLEDGE AGREEMENT – 

APPROACH RESOURCES INC.] 

 
			
	ADMINISTRATIVE AGENT:
	
	JPMORGAN CHASE BANK, N.A., as administrative agent
		
	By:	 	 /s/ Michael A. Kamauf

		 	Michael A. Kamauf
		 	Authorized Officer

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED GUARANTY AND PLEDGE AGREEMENT – 

APPROACH RESOURCES INC.] 

 EXHIBIT A 

(See Sections 4.2 and 9.1 of Amended and Restated Guaranty and Pledge Agreement) 

NOTICE AND ENTITY INFORMATION 
 Notice
Address for all Grantors: 
 c/o Approach Oil & Gas Inc. 

One Ridgmar Centre 
 6500 West Freeway, Suite 800 

Fort Worth, Texas 76116 
 Attention: Sergei Krylov 

Facsimile: (817) 989-9001 
 INFORMATION 

 

									
	 Name of Grantor
	  	 Jurisdiction of
Organization
	  	 Type of Entity
	  	 Organizational
Identification
Number
	  	 Federal Tax
Identification
Number

	Approach Resources Inc.	  	Delaware	  	Corporation	  	3568006	  	51-0424817
	Approach Midstream Holdings LLC	  	Delaware	  	Limited liability company	  	5178557	  	45-5634122
	Approach Oil & Gas Inc.	  	Delaware	  	Corporation	  	3884265	  	20-1997957
	Approach Operating, LLC	  	Delaware	  	Limited liability company	  	3726605	  	54-2131981
	Approach Delaware, LLC	  	Delaware	  	Limited liability company	  	3726606	  	20-0507483
	Approach Services, LLC	  	Delaware	  	Limited liability company	  	4666872	  	45-4733806
	Approach Resources I, LP	  	Texas	  	Limited partnership	  	800269474	  	20-0415316

  
 A-1 

 EXHIBIT B 

(See Section 4.5 of Amended and Restated Guaranty and Pledge Agreement) 

LIST OF PLEDGED COLLATERAL 

EQUITY INTERESTS 
  

													
	 Name of Grantor
	  	 Issuer
	  	 Certificate

Number(s) (if
 applicable)
	  	 Number of

Shares (if
 applicable)
	  	 Class of Equity

Interests
	  	Percentage of
Outstanding
Equity Interests
in Issuer
owned by
Grantor	 
	 Approach Resources Inc.
	  	Approach Midstream Holdings LLC	  	N/A	  	N/A	  	Membership Interests	  	 	100	% 
	 Approach Resources Inc.
	  	Approach Oil & Gas Inc.	  	Certificate to be delivered post-closing pursuant to Section 5.2	  	Certificate to be delivered post-closing pursuant to Section 5.2	  	Common Stock	  	 	100	% 
	 Approach Resources Inc.
	  	Approach Operating, LLC	  	N/A	  	N/A	  	Membership Interests	  	 	100	% 
	 Approach Resources Inc.
	  	Approach Delaware, LLC	  	N/A	  	N/A	  	Membership Interests	  	 	100	% 
	 Approach Resources Inc.
	  	Approach Services, LLC	  	N/A	  	N/A	  	Membership Interests	  	 	100	% 
	 Approach Operating, LLC
	  	Approach Resources I, LP	  	N/A	  	N/A	  	General Partner Interests	  	 	1	% 
	 Approach Delaware, LLC
	  	Approach Resources I, LP	  	N/A	  	N/A	  	Limited Partner Interests	  	 	99	% 

  
 B-1 

 EXHIBIT C 

(See Section 4.1 of Amended and Restated Guaranty and Pledge Agreement) 

FILING OFFICES 
  

			
	 Name of Grantor
	 	 Filing Office

		
	Approach Resources Inc.	 	Delaware Secretary of State
		
	Approach Midstream Holdings LLC	 	Delaware Secretary of State
		
	Approach Oil & Gas Inc.	 	Delaware Secretary of State
		
	Approach Operating, LLC	 	Delaware Secretary of State
		
	Approach Delaware, LLC	 	Delaware Secretary of State
		
	Approach Services, LLC	 	Delaware Secretary of State
		
	Approach Resources I, LP	 	Texas Secretary of State

  
 C-1 

 EXHIBIT D 

(See Section 5.2 of Amended and Restated Guaranty and Pledge Agreement) 

FORM OF AMENDMENT 
 This Amendment, dated
            ,         is delivered pursuant to Section 5.2 of the Guaranty and Pledge Agreement referred to below. All defined terms herein
shall have the meanings ascribed thereto or incorporated by reference in the Guaranty and Pledge Agreement. The undersigned hereby certifies that the representations and warranties in Article IV of the Agreement are and continue to be true and
correct. The undersigned further agrees that this Amendment may be attached to that certain Amended and Restated Guaranty and Pledge Agreement, dated May 7, 2014, between the undersigned, as a Grantor, the other Grantors party thereto, and
JPMorgan Chase Bank, N.A., as the Administrative Agent, (as amended prior to the date hereof, the “Guaranty and Pledge Agreement”) and that the Collateral listed on Schedule I to this Amendment shall be and become a part of
the Collateral referred to in said Guaranty and Pledge Agreement and shall secure all Indebtedness referred to in said Guaranty and Pledge Agreement. 
  

			
	[INSERT SIGNATURE BLOCK FOR GRANTOR PLEDGING ADDITIONAL COLLATERAL]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 D-1 

 SCHEDULE I TO AMENDMENT 

EQUITY INTERESTS 
  

											
	 Name of Grantor
	  	 Issuer
	  	 Certificate

Number(s) (if

applicable)
	  	 Number of

Shares (if
 applicable)
	  	 Class of Equity

Interests
	  	Percentage of
Outstanding
Equity Interests
in Issuer
owned by
Grantor
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  
 D-1 

 Annex 1 to 

Amended and Restated Guaranty and Pledge Agreement 

ASSUMPTION AGREEMENT, dated as of             , 20    , by
                                        , a
                     (the “Additional Grantor”), in favor of JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity,
the “Administrative Agent”) for the Secured Parties. All capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement. 

PRELIMINARY STATEMENTS 

A. Approach Resources Inc., a Delaware corporation (“Borrower”), the Lenders and the Administrative Agent have entered into
an Amended and Restated Credit Agreement, dated as of May 7, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B. In connection with the Credit Agreement, Borrower and certain other Credit Parties entered into that certain Amended and Restated Guaranty
and Pledge Agreement dated as of May 7, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty and Pledge Agreement”) with the Administrative Agent for the benefit of the Secured
Parties. 
 C. The Credit Agreement requires the Additional Grantor to become a party to the Guaranty and Pledge Agreement. 

D. The Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guaranty and Pledge
Agreement. 
 ACCORDINGLY, IT IS AGREED: 

1. Guaranty and Pledge Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in
Section 5.7 of the Guaranty and Pledge Agreement, hereby becomes a party to the Guaranty and Pledge Agreement as a “Grantor” thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting
the generality of the foregoing, hereby (a) expressly assumes all obligations and liabilities of a Grantor thereunder, (b) grants a Lien and Security Interest in all Collateral owned by it in favor of the Administrative Agent for the
benefit of the Secured Parties, in accordance with the terms of the Guaranty and Pledge Agreement, and (c) absolutely and unconditionally guarantees the prompt, complete and full payment of the Indebtedness when due, no matter how such shall
become due in accordance with the terms of the Guaranty and Pledge Agreement. The information set forth in Annex 1-A hereto is hereby added to the information set forth in the appropriate Exhibits to the Guaranty and Pledge Agreement. The
Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Article III of the Guaranty and Pledge Agreement is, as to itself, true and correct on and as the date hereof (after giving effect to this
Assumption Agreement) as if made on and as of such date. 

  
 Annex 1-1 

 2. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF,
the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written. 
  

							
	[ADDITIONAL GRANTOR]
		
	  
	 	,
	a	 	  

 

					
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Annex 1-2EX-10.5

 EXHIBIT 10.5 

FOURTEEN22, INC. 
 2011
EQUITY INCENTIVE PLAN 
 1. Purposes of the Plan. The purposes of this Plan are: 

 

	 	•	 	to attract and retain the best available personnel for positions of substantial responsibility, 

  

	 	•	 	to provide additional incentive to Employees, Directors and Consultants, and 

  

	 	•	 	to promote the success of the Company’s business. 

 The Plan permits the grant of
Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units. 
 2.
Definitions . As used herein, the following definitions will apply: 
 (a) “Administrator” means the Board or any of
its Committees as will be administering the Plan, in accordance with Section 4 of the Plan. 
 (b) “Applicable Laws”
means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and
the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
 (c)
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted Stock Units. 

(d) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each
Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 
 (e) “Board” means
the Board of Directors of the Company. 
 (f) “Change in Control” means the occurrence of any of the following events: 

(i) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that
any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change in Control; or 

(ii) Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of
the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a
majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by
the same Person will not be considered a Change in Control; or 
 (iii) Change in Ownership of a Substantial Portion of the
Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most
recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% 

 
of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value
means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the
foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code
herein will be a reference to any successor or amended section of the Code. 
 (h) “Committee” means a committee of
Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof. 

(i) “Common Stock” means the common stock of the Company. 

(j) “Company” means Fourteen22, Inc., a Delaware corporation, or any successor thereto. 

(k) “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services
to such entity. 
 (l) “Director” means a member of the Board. 

(m) “Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of
Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 (n) “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary
of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(p) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for
Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or
other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

  
 2 

 (q) “Fair Market Value” means, as of any date, the value of Common Stock
determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without
limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as
quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of
a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (iii) In the absence of an
established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator. 
 (r)
“Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder. 

(s) “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an
Incentive Stock Option. 
 (t) “Option” means a stock option granted pursuant to the Plan. 

(u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code
Section 424(e). 
 (v) “Participant” means the holder of an outstanding Award. 

(w) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to
restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the
Administrator. 
 (x) “Plan” means this 2011 Equity Incentive Plan. 

(y) “Restricted Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or
issued pursuant to the early exercise of an Option. 
 (z) “Restricted Stock Unit” means a bookkeeping entry representing
an amount equal to the Fair Market Value of one Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 

(aa) “Service Provider” means an Employee, Director or Consultant. 

(bb) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan. 

(cc) “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to
Section 7 is designated as a Stock Appreciation Right. 
 (dd) “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Code Section 424(f). 

  
 3 

 3. Stock Subject to the Plan. 

(a) Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that
may be subject to Awards and sold under the Plan is 5,584,660 Shares. The Shares may be authorized but unissued, or reacquired Common Stock. 

(b) Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an
Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the
forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock
Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued
under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are
repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations
related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for
issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number
stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 3(b). 

(c) Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
will be sufficient to satisfy the requirements of the Plan. 
 4. Administration of the Plan. 

(a) Procedure. 
 (i)
Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan. 

(ii) Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee,
which Committee will be constituted to satisfy Applicable Laws. 
 (b) Powers of the Administrator. Subject to the provisions of the
Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 

(i) to determine the Fair Market Value; 

(ii) to select the Service Providers to whom Awards may be granted hereunder; 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 

(iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time 

  
 4 

 
or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any
Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; 
 (vi) to institute and
determine the terms and conditions of an Exchange Program; 
 (vii) to construe and interpret the terms of the Plan and Awards granted
pursuant to the Plan; 
 (viii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations
relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws; 

(ix) to modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d)); 

(x) to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14; 

(xi) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator; 
 (xii) to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise
would be due to such Participant under an Award; and 
 (xiii) to make all other determinations deemed necessary or advisable for
administering the Plan. 
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and
interpretations will be final and binding on all Participants and any other holders of Awards. 
 5. Eligibility. Nonstatutory Stock
Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 

6. Stock Options. 
 (a)
Grant of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, will determine. 

(b) Option Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of
the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(c) Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock
Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under
all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options will be taken into
account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation will be performed in accordance with Code Section 422 and
Treasury Regulations promulgated thereunder. 

  
 5 

 (d) Term of Option. The term of each Option will be stated in the Award Agreement;
provided, however, that the term will be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock
representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such
shorter term as may be provided in the Award Agreement. 
 (e) Option Exercise Price and Consideration. 

(i) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined
by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more
than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date
of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to
a transaction described in, and in a manner consistent with, Code Section 424(a). 
 (ii) Waiting Period and Exercise Dates. At
the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. 

(iii) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check;
(3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will
be exercised and provided further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under cashless
exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment for the issuance of Shares to the extent permitted by
Applicable Laws, or (8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably expected
to benefit the Company. 
 (f) Exercise of Option. 

(i) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. 

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from
time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and
method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the
Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the 

  
 6 

 
Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is
prior to the date the Shares are issued, except as provided in Section 13 of the Plan. 
 Exercising an Option in any manner will
decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

(ii) Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the
Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement (but in no event later than the expiration
of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for three
(3) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of
the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 (iii) Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s
Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent the
Option is vested on the date of termination. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following the Participant’s termination. Unless otherwise provided by the
Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his
or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(iv) Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within such period of time as
is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of death, by the Participant’s designated
beneficiary, provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the
personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in
the Award Agreement, the Option shall remain exercisable for twelve (12) months following the Participant’s termination. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her
entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will
revert to the Plan. 
 7. Stock Appreciation Rights. 

(a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 
 (b) Number of
Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation Rights. 

(c) Exercise Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be
received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) 

  
 7 

 
will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to
the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. 

(d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by
the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock
Appreciation Rights. 
 (f) Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant
will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The difference between the Fair Market
Value of a Share on the date of exercise over the exercise price; times 
 (ii) The number of Shares with respect to which the Stock
Appreciation Right is exercised. 
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in
cash, in Shares of equivalent value, or in some combination thereof. 
 8. Restricted Stock. 

(a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 

(b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of
Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted
Stock until the restrictions on such Shares have lapsed. 
 (c) Transferability. Except as provided in this Section 8 or as the
Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

(d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as
it may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of
Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The
Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 
 (f) Voting Rights.
During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 

(g) Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be
entitled to receive all dividends and other distributions paid with respect to 

  
 8 

 
such Shares, unless the Administrator provides otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and
forfeitability as the Shares of Restricted Stock with respect to which they were paid. 
 (h) Return of Restricted Stock to Company.
On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 

9. Restricted Stock Units. 

(a) Gant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the
Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units. 

(b) Vesting Criteria and Other Team. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals
(including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. 

(c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. 

(d) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both. 

(e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 10. Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code
Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is
subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional
tax or interest applicable under Code Section 409A. 
 11. Leaves of Absence/Transfer Between Locations. Unless the
Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or
(ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is
guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held by the
Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 

  
 9 

 12. Limited Transferability of Awards. 

(a) Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any
manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. 

(b) Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the
Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise, the Shares subject
to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined in
Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act of 1933, as amended (the “Securities Act”)) through
gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion, may determine to
permit transfers to the Company or in connection with a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f). 

13. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure
of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be
delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award. 
 (b) Dissolution or
Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been
previously exercised, an Award will terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or Change in
Control. In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the proceeding paragraph) without a Participant’s consent, including, without
limitation, that (i) Awards will be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and
prices; (ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become
exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or
immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise
of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith
that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such Award with other rights
or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this subsection 13(c), the Administrator will not be obligated to treat all Awards, all
Awards held by a Participant, or all Awards of the same type, similarly. 

  
 10 

 In the event that the successor corporation does not assume or substitute for the Award (or
portion thereof), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all
restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target
levels and all other terms and conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or
electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.

 For the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the Award
confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal
in fair market value to the per share consideration received by holders of Common Stock in the merger or Change in Control. 

Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one
or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the
successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 

Notwithstanding anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code
Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an
amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A. 

14. Tax Withholding. 

(a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will
have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be
withheld with respect to such Award (or exercise thereof). 
 (b) Withholding Arrangements. The Administrator, in its sole discretion
and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company
withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory amount
required to be withheld, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to
the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. The amount of 

  
 11 

 
the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the
maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered
will be determined as of the date that the taxes are required to be withheld. 
 15. No Effect on Employment or Service. Neither the
Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the
Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. 
 16.
Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the
determination will be provided to each Participant within a reasonable time after the date of such grant. 
 17. Term of Plan.
Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner terminated under Section 18, it will continue in effect for a term of ten (10) years from the later of (a) the
effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan. 

18. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 

(b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to
comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the
Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect
the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

19. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to
represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
is required. 
 20. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to
which such requisite authority will not have been obtained. 

  
 12 

 21. Stockholder Approval. The Plan will be subject to approval by the stockholders of the
Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

22. Information to Participants. Beginning on the earlier of (i) the date that the aggregate number of Participants under this
Plan is five hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii) the date that the Company is required to deliver information to Participants pursuant to Rule 701
under the Securities Act, and until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no longer relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act or
is no longer required to deliver information to Participants pursuant to Rule 701 under the Securities Act, the Company shall provide to each Participant the information described in paragraphs (e)(3), (4), and (5) of Rule 701 under the
Securities Act not less frequently than every six (6) months with the financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery to the Participants or by written notice to
the Participants of the availability of the information on an Internet site that may be password-protected and of any password needed to access the information. The Company may request that Participants agree to keep the information to be provided
pursuant to this section confidential. If a Participant does not agree to keep the information to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless otherwise required pursuant
to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act. 

  
 13 

 APPENDIX A 

TO 
 FOURTEEN22, INC.
2011 EQUITY INCENTIVE PLAN 
 (for California residents only, to the extent required by 25102(o)) 

This Appendix A to the Fourteen22, Inc. 2011 Equity Incentive Plan shall apply only to the Participants who are residents of the State of
California and who are receiving an Award under the Plan. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided by this Appendix A. Notwithstanding any provisions contained in the Plan
to the contrary and to the extent required by Applicable Laws, the following terms shall apply to all Awards granted to residents of the State of California, until such time as the Administrator amends this Appendix A or the Administrator otherwise
provides. 
 (a) The term of each Option shall be stated in the Award Agreement, provided, however, that the term shall be no more than ten
(10) years from the date of grant thereof. 
 (b) Unless determined otherwise by the Administrator, Awards may not be sold, pledged,
assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award
transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as amended (the “Securities Act”). 

(c) If a Participant ceases to be a Service Provider, such Participant may exercise his or her Option within such period of time as specified
in the Award Agreement, which shall not be less than thirty (30) days following the date of the Participant’s termination, to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the
term of the Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for three (3) months following the Participant’s termination. 

(d) If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her
Option within such period of time as specified in the Award Agreement, which shall not be less than six (6) months following the date of the Participant’s termination, to the extent the Option is vested on the date of termination (but in
no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following the
Participant’s termination. 
 (e) If a Participant dies while a Service Provider, the Option may be exercised within such period of
time as specified in the Award Agreement, which shall not be less than six (6) months following the date of the Participant’s death, to the extent the Option is vested on the date of death (but in no event later than the expiration of the
term of such Option as set forth in the Award Agreement) by the Participant’s designated beneficiary, personal representative, or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with
the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for twelve (12) months following the Participant’s termination. 

(f) No Award shall be granted to a resident of California more than ten (10) years after the earlier of the date of adoption of the Plan
or the date the Plan is approved by the stockholders. 
 (g) In the event that any dividend or other distribution (whether in the form of
cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, 

  
 14 

 
spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the
Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number,
class, and price of Shares covered by each outstanding Award; provided, however, that the Administrator will make such adjustments to an Award required by Section 25102(o) of the California Corporations Code to the extent the Company is relying
upon the exemption afforded thereby with respect to the Award. 
 (h) This Appendix A shall be deemed to be part of the Plan and the
Administrator shall have the authority to amend this Appendix A in accordance with Section 18 of the Plan. 

  
 15

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