Document:

EX-10.1

 Exhibit 10.1 

Pioneer Natural Resources Company 

$1,150,000,000 0.250% Convertible Senior Notes due 2025 

Purchase Agreement 
 May 11,
2020 
 Credit Suisse Securities (USA) LLC 
 Goldman
Sachs & Co. LLC 
     As Representatives of the several Purchasers 

c/o 
 Credit Suisse Securities (USA) LLC 

Eleven Madison Avenue 
 New York, New York 10010-3629 

Ladies and Gentlemen: 
 Pioneer Natural Resources
Company, a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers named in Schedule II hereto (the “Purchasers”), for whom Credit Suisse Securities (USA) LLC and
Goldman Sachs & Co. LLC (the “Representatives”) are acting as representatives, $1,150,000,000 principal amount of its 0.250% Convertible Senior Notes due 2025 (the “Firm Securities”) and also proposes to
grant to the Purchasers an option to purchase an aggregate of up to an additional $172,500,000 principal amount of its 0.250% Convertible Senior Notes due 2025 (the “Option Securities”), to be issued under an indenture, to be dated
as of May 14, 2020 (“Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Firm Securities and the Option Securities which the Purchasers may elect to
purchase pursuant to Section 2 hereof are herein collectively called the “Offered Securities.” The Offered Securities will be convertible into cash, shares of the Company’s common stock, par value
$0.01 per share (“Common Stock”), or a combination of cash and Common Stock, at the Company’s election. 
 In
connection with the offering of the Offered Securities, the Company is entering into capped call transactions with one or more of the Purchasers or their respective affiliates (each, a “Counterparty”), in each case pursuant to a
separate capped call transaction confirmation (each, a “Base Capped Call Confirmation”), each dated the date hereof, and in connection with the issuance of any Option Securities, the Company and each Counterparty may enter into
additional capped call transactions, in each case pursuant to an additional capped call transaction confirmation (each, an “Additional Capped Call Confirmation”), to be dated the date on which the Purchasers exercise their option to
purchase such Option Securities. The Base Capped Call Confirmations and the Additional Capped Call Confirmations are referred to herein collectively as the “Capped Call Confirmations.” 

To the extent there are no additional Purchasers listed on Schedule II other than you, the term Representatives as
used herein shall mean you, as Purchasers, and the terms Representatives and Purchasers shall mean either the singular or plural as the context requires. Any references herein to the Preliminary Offering Circular or the Final Offering Circular shall
be deemed to refer to and include the filing of any document under the Exchange Act on or before the date of the Preliminary Offering Circular or the Final Offering Circular, as the case may be, deemed to be incorporated therein by reference. Any
reference herein to the terms “amend”, “amendment” or “supplement” with respect to the Preliminary Offering Circular or the Final Offering Circular shall be deemed to refer to and include the filing of any document
under the Exchange Act after the date of the Preliminary Offering Circular or the Final Offering Circular, as the case may be, deemed to be incorporated therein by reference. Certain terms used herein are defined in
Section 20 hereof. 
 1.    Representations and Warranties. The Company represents and
warrants to, and agrees with, each Purchaser as set forth below in this Section 1 that as of the Execution Time, the Initial Sale Time, the Closing Date and the Additional Closing Date, as the case may be: 

(a)    Offering Circular. The Company has prepared or will prepare the Preliminary Offering Circular and the Final
Offering Circular; 

 (b)    Incorporated Documents. The documents incorporated by
reference in the Disclosure Package and the Final Offering Circular, at the time they were filed with the Commission, as the case may be, conformed in all material respects to any applicable requirements of the Exchange Act and the Rules and
Regulations thereunder and any further documents so filed and incorporated by reference in the Final Offering Circular or any amendment or supplement thereto, at the time they are hereafter filed, will conform in all material respects to the
requirements of the Exchange Act; 
 (c)    Disclosure. The Final Offering Circular will not, as of its date and
as of the Closing Date and the Additional Closing Date, if any, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Purchaser through
the Representatives specifically for inclusion in the Disclosure Package or the Final Offering Circular, it being understood and agreed that the only such information furnished by or on behalf of any Purchaser is that described in
Section 8(b) hereof; 
 (d)    Disclosure Package. As of the Initial Sale Time and as
of the Closing Date and the Additional Closing Date, none of (i) the Disclosure Package, (ii) any individual Supplemental Marketing Material when considered together with the Disclosure Package or (iii) any permitted General
Solicitation listed on Schedule I hereto that is not a Free Writing Communication, when considered together with the Disclosure Package, included or will include any untrue statement of a material fact or omitted or will omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Preliminary Offering
Circular, the Final Offering Circular, the Disclosure Package or any Supplemental Marketing Material made in reliance upon and in conformity with information furnished in writing to the Company or on behalf of any Purchaser through the
Representatives specifically for inclusion therein, it being understood and agreed that the only such information furnished by any Purchaser consists of the information described as such in Section 8(b) hereof; 

(e)    Reserved. 

(f)    Company Good Standing. The Company has been duly incorporated and is validly existing as a corporation under
the laws of the State of Delaware with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and the Final Offering Circular, and is duly
qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in
good standing would not have a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”); 

(g)    Subsidiary Good Standing. Each subsidiary of the Company has been duly incorporated or otherwise organized
and is an existing corporation or other entity in good standing under the laws of the jurisdiction of its incorporation or organization, with power and authority (corporate and other) to own its properties and conduct its business as described in
the Disclosure Package and the Final Offering Circular (or as presently conducted, if not so described therein); and each subsidiary of the Company is duly qualified to do business as a foreign corporation or other entity in good standing in all
other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect; all
of the issued and outstanding capital stock or other ownership interest of each subsidiary of the Company has been duly authorized and validly issued and is fully paid and nonassessable; and the capital stock or other ownership interest of each
subsidiary owned by the Company, directly or through subsidiaries, is owned free from liens, encumbrances and defects, other than those arising under the Company’s bank line of credit; 

(h)    Capitalization. The Company has an authorized capitalization as described in the Disclosure Package and the
Final Offering Circular; the outstanding shares of Common Stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable; and none of the outstanding shares of capital stock of the Company have been issued by
the Company in violation of any preemptive or similar rights of any security holder; 

  
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 (i)    Agreement, Offered Securities and Indenture Authorization.
The Company has full corporate power and authority to execute, deliver and perform its obligations under this Agreement and this Agreement has been duly authorized, executed and delivered by the Company; the Offered Securities have been duly
authorized and, when the Offered Securities are issued and delivered pursuant to this Agreement, such Offered Securities will have been duly executed, authenticated, issued and delivered and, upon payment for the Offered Securities by the
Representatives to the Company, will constitute valid and legally binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be
limited by bankruptcy, insolvency, reorganization, fraudulent conveyances or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether enforceability is
considered in a proceeding in equity or at law); the Indenture has been duly authorized and when the Indenture is executed and delivered, will constitute a valid and legally binding instrument, enforceable against the Company in accordance with its
terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyances or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law); and the Indenture and the Offered Securities will conform in all material respects to the descriptions thereof contained in the Disclosure Package and the
Final Offering Circular with respect to such Offered Securities; 
 (j)    Conversion Shares. When the Offered
Securities are delivered and paid for in accordance with this Agreement on the Closing Date or Additional Closing Date, as applicable, such Offered Securities will be convertible into the Underlying Shares in accordance with the terms of the
Indenture and the Offered Securities; the maximum number of shares of Common Stock initially issuable upon conversion of such Offered Securities (including the maximum number of additional shares of Common Stock by which the Conversion Rate (as such
term is defined in the Disclosure Package) may be increased upon conversion in connection with a Make-Whole Fundamental Change (as such term is defined in the Disclosure Package) or a redemption of the Offered Securities and assuming (x) the
Company elects, upon each conversion of the Offered Securities, to deliver solely shares of Common Stock and (y) the Purchasers exercise their option to purchase the Option Securities in full) (such maximum number of shares of Common Stock, the
“Conversion Shares”) has been duly authorized and reserved for issuance upon such conversion, and when issued upon conversion of the Offered Securities in accordance with the terms of the Indenture and the Offered Securities, will
conform in all material respects to the description of the Common Stock contained in the Disclosure Package and the Final Offering Circular; when the Underlying Shares, if any, have been issued upon conversion of the Offered Securities in accordance
with the terms of the Indenture and the Offered Securities, the Underlying Shares will be validly issued, fully paid and non-assessable; no preemptive rights of stockholders exist with respect to any of the
Offered Securities or the Underlying Shares or the issue and sale thereof; 
 (k)    Capped Call
Confirmations.    The Base Capped Call Confirmations have been duly authorized, executed and delivered by the Company and are enforceable against the Company in accordance with their terms, and any Additional Capped Call
Confirmations will, on or prior to the date such Additional Capped Call Confirmations are entered into, have been duly authorized, executed and delivered by the Company and each will be enforceable against the Company in accordance with their terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 

(l)    Material Changes. Since the respective dates as of which information is given in the Disclosure Package and
the Final Offering Circular, except as may otherwise be stated therein or contemplated thereby, there has been no material adverse change, actual or to the knowledge of the Company, pending, in the condition (financial or otherwise), earnings,
business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising in the ordinary course of business (a “Material Adverse Change”); 

(m)    No Conflicts. None of (i) the offering, issuance or sale by the Company of the Offered Securities and
the Underlying Shares or (ii) the execution, delivery and performance of this Agreement, the Indenture and Capped Call Confirmations, (A) conflicts or will conflict with or constitutes or will constitute a violation of the Amended and
Restated Certificate of Incorporation, as amended, or the Fifth Amended and Restated Bylaws of the Company, (B) conflicts or will conflict with or constitutes or will constitute a breach or violation of, or a default (or an event that, with
notice or lapse of time or both, would constitute such a default) under any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which any of them
or any of their respective properties may be bound, (C) violates or will violate any statute, law or regulation or any order, judgment, decree or injunction of any court or governmental agency or body directed to the Company, its subsidiaries
or any of their properties in a proceeding to which any of them or their 

  
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property is a party or (D) results or will result in the creation or imposition of any lien upon any property or assets of the Company, which conflicts, breaches, violations, defaults or
liens, in the case of clauses (B), (C) or (D), would reasonably be expected to have a Material Adverse Effect or materially impair the ability of the Company to consummate the transactions provided for in this Agreement and the Indenture; 

(n)    No Consents. Assuming that the representations and warranties of the Purchasers contained in Section 4
hereof are true and correct in all material respects, no permit, consent, approval, authorization, order, registration, filing or qualification of or with any court, governmental agency or body having jurisdiction over the Company or any of its
subsidiaries or any of their properties or assets is required in connection with the offering, issuance or sale by the Company of the Offered Securities and the Underlying Shares, the execution, delivery and performance of this Agreement, the
Indenture and the Capped Call Confirmations by the Company, or the consummation of the transactions contemplated by this Agreement, the Indenture and the Capped Call Confirmations except for such permits, consents, approvals, authorizations, orders,
registrations, filings or qualifications required under the Act, the Exchange Act, the Trust Indenture Act or the blue sky laws of any jurisdiction; 

(o)    Financial Statements. The consolidated historical financial statements of the Company included or
incorporated by reference in the Disclosure Package and the Final Offering Circular present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated,
comply as to form with the applicable accounting requirements of the Act and have been prepared in conformity with U.S. generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted
therein). There are no financial statements that would be required to be included or incorporated by reference in the Disclosure Package and the Final Offering Circular if the offer and sale of the Offered Securities and the Underlying Shares were
registered under the Act that are not included or incorporated by reference in the Disclosure Package and the Final Offering Circular; 

(p)    Independent Public Accountants. Ernst & Young LLP, who has audited the audited financial statements
and schedules incorporated by reference in the Disclosure Package and the Final Offering Circular and delivered its reports with respect to the audited financial statements and schedules incorporated by reference in the Disclosure Package and the
Final Offering Circular, is an independent registered public accounting firm with respect to the Company within the meaning of the Act and the rules and regulations of the Public Company Accounting Oversight Board (United States); 

(q)    Independent Petroleum Engineers. Netherland, Sewell & Associates, Inc. (“NSAI”),
whose reports are referenced in the Disclosure Package and the Final Offering Circular, and who has delivered the letter referenced to in Section 6(g) hereof, was, as of the date of such reports, and is, as of the date
hereof, an independent engineering firm with respect to the Company; 
 (r)    Information Underlying Reserve
Report. The factual information underlying the estimates of proved oil and gas reserves of the Company, which was supplied by the Company to NSAI for the purposes of auditing the Company’s internally prepared reserve report and preparing
the letter (the “Reserve Report Letter”) of NSAI, including, without limitation, production volumes, costs of operation and development, current prices for production, agreements relating to current and future operations and sales
of production, was true and correct in all material respects on the dates such estimates were made and such information was supplied and was prepared in accordance with customary industry practices; and other than normal production of the reserves
and intervening market commodity price fluctuations and except as is stated or contemplated in the Disclosure Package and the Final Offering Circular, the Company is not aware of any facts or circumstances that would result in a material adverse
change in the reserves, or the present value of future net cash flows therefrom, as described in the Disclosure Package and the Final Offering Circular and as reflected in the Reserve Report Letter; 

(s)    Officers’ Certificates. Any certificate signed by any officer of the Company and delivered to the
Representatives or counsel for the Purchasers in connection with the offering of the Offered Securities shall be deemed a representation and warranty by the Company (and not a representation or warranty by the signing officer in his or her
individual capacity), as to matters covered thereby, to each Purchaser; 
 (t)    Investment Company Act. The
Company is not and, after giving effect to the offering and sale of the Offered Securities, the application of the proceeds thereof as described in the Disclosure Package and the transactions contemplated by the Capped Call Confirmations will not be
an “investment company” as defined in the Investment Company Act of 1940; 

  
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 (u)    No Unlawful Contributions or Other Payments. Neither the
Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in
a violation by the Company or any of its subsidiaries of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (“FCPA”) or any other applicable anti-bribery or anti-corruption law, and the
Company, its subsidiaries and, to the knowledge of the Company, its affiliates have conducted the businesses of the Company and its subsidiaries in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure,
and which are reasonably expected to continue to ensure, continued compliance therewith and all other applicable anti-bribery and anti-corruption laws; 

(v)    No Conflict with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the
rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened; 

(w)    No Conflict with OFAC Laws. Neither the Company nor any of its subsidiaries nor, to the knowledge of the
Company, any director, officer, agent (while acting on behalf of the Company), employee or affiliate of the Company or any of its subsidiaries is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC”) or any other relevant sanctions authority (collectively, “Sanctions”); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise
make available such proceeds, to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any Sanctions; 

(x)    Environmental Laws. Except as is stated in the Disclosure Package and the Final Offering Circular, neither
the Company nor any of the subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic
substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated with any substance
that is subject to Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation,
contamination, liability or claim would, individually or in the aggregate, have a Material Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a claim; 

(y)    Disclosure Controls. The Company has established and maintains “disclosure controls and
procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act); the Company’s “disclosure controls and procedures” are reasonably
designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and
regulations of the Exchange Act, and that all such information is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as
appropriate to allow timely decisions regarding required disclosure; 
 (z)    XBRL Information. The interactive
data in eXtensbile Business Reporting Language included or incorporated by reference in the Preliminary Offering Circular or the Final Offering Circular fairly presents the information called for in all material respects and has been prepared in
accordance with the Commission’s rules and guidelines applicable thereto; 
 (aa)    Cybersecurity. Except
as disclosed in the Disclosure Package and the Final Offering Circular or except as would not reasonably be expected to result in a Material Adverse Effect (i) there has been no security breach or incident, unauthorized access or disclosure, or
compromise relating to the Company’s or its subsidiaries’ information technology and computer systems, networks, hardware, software, data or databases (including the data and information of their respective customers, employees, suppliers,
vendors and any third party data maintained, processed or stored by the Company and its subsidiaries, and, to the Company’s knowledge, any such data processed or stored by third parties on behalf of the Company and its subsidiaries), equipment
or technology (collectively, “IT Systems and Data”); (ii) neither the Company nor its subsidiaries have been notified of, and have 

  
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no knowledge of any event or condition that would reasonably be expected to result in, a security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and
Data; and (iii) the Company and its subsidiaries are in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and
contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification. The Company and its subsidiaries have implemented
appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices,
or as required by applicable regulatory standards; 
 (bb)    Class of Securities Not Listed. No securities of
the same class (within the meaning of Rule 144A(d)(3) under the Act) as the Offered Securities are listed on any national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation
system; 
 (cc)    No Registration. The offer and sale of the Offered Securities by the Company to the several
Purchasers and the initial resale of the Offered Securities by the several Purchasers in the manner contemplated by the Final Offering Circular will be exempt from the registration requirements of the Act; and it is not necessary to qualify the
Indenture under the Trust Indenture Act; and 
 (dd)    General Solicitation. Neither the Company, nor any of its
affiliates, nor any person acting on its or their behalf (other than the Purchasers, as to whom the Company makes no representation or warranty) has (i) within the six-month period prior to the date
hereof, offered or sold in the United States or to any U.S. person (as such terms are defined in the Act) the Offered Securities or any security of the same class or series as the Offered Securities or (ii) offered or will offer or sell the
Offered Securities by means of any General Solicitation that is not a Free Writing Communication other than General Solicitations listed on Schedule I hereto or those made with the prior written consent of the Representatives. The Company has
not entered and will not enter into any contractual arrangement with respect to the distribution of the Offered Securities except for this Agreement. 

The Company acknowledges that for purposes of the opinions to be delivered to the Purchasers pursuant to Section 6
of this Agreement, counsel to the Company and counsel to the Purchasers will rely upon the accuracy and truth of the foregoing representations, and the Company hereby consents to such reliance. 

2.    Purchase and Sale. 

(a)    Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth,
(i) the Company agrees to sell to the several Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase from the Company, at the purchase price of 98.50% of the principal amount of the Firm Securities plus accrued
interest, if any, from May 14, 2020 to the Closing Date, the respective principal amounts of the Firm Securities set forth opposite the names of the several Purchasers in Schedule II hereto and (ii) in the event and to the extent
that the Purchasers shall exercise the election to purchase Option Securities as provided below, the Company agrees to issue and sell to each of the Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase from the
Company, at the same purchase price set forth in clause (i) of this Section 2(a), that portion of the aggregate principal amount of the Option Securities as to which such election shall have been exercised (to be
adjusted by the Representatives so as to eliminate fractions of $1,000), determined by multiplying such aggregate principal amount of Option Securities by a fraction, the numerator of which is the maximum aggregate principal amount of Option
Securities that such Purchaser is entitled to purchase as set forth opposite the name of such Purchaser in Schedule II hereto and the denominator of which is the maximum aggregate principal amount of Option Securities that all of the
Purchasers are entitled to purchase hereunder. 
 (b)    The Company hereby grants to the Purchasers the right to
purchase at their election up to $172,500,000 aggregate principal amount of Option Securities, at the purchase price set forth in clause (i) of Section 2(a). Any such election to purchase Option Securities may be
exercised by written notice from the Representatives to the Company setting forth the aggregate principal amount of Option Securities to be purchased and the date on which such Option Securities are to be delivered, as determined by the
Representatives but in no event (x) earlier than the Closing Date (as defined below) or, (y) later than the 13th calendar day from, and including, the Closing Date or (z) unless the
Representatives and the Company otherwise agree in writing, earlier than one or later than 10 Business Days after the date of such notice. 

  
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 3.    Delivery and Payment. Delivery of and payment for the Firm
Securities shall be made at the office of Vinson & Elkins L.L.P., 2001 Ross Avenue, Dallas, Texas 75201 at 10:00 a.m., (Eastern Time) on May 14, 2020, or at such time on such later date not more than three Business Days after the
foregoing date as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and the Company or as provided in Section 9 hereof (such date and time of delivery and
payment for the Offered Securities being herein called the “Closing Date”). Delivery of and payment for the Option Securities shall be made at the office of Vinson & Elkins L.L.P., 2001 Ross Avenue, Dallas, Texas 75201 at
10:00 a.m., (Eastern Time) on the date specified in the written notice given by the Representatives of the Purchasers’ election to purchase such Option Securities, or at such time and date as the Representatives shall designate, which date and
time may be postponed by agreement between the Representatives and the Company or as provided in Section 9 hereof (such date and time of delivery and payment for the Option Securities being herein called the
“Additional Closing Date”). Delivery of the Offered Securities shall be made to the Representatives for the respective accounts of the several Purchasers against payment by the several Purchasers through the Representatives
of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to an account specified by the Company. The Offered Securities to be delivered or evidence of their
issuance shall be made available for checking at least 24 hours prior to the Closing Date, with respect to the Firm Securities, and at least 24 hours prior to the Additional Closing Date, with respect to the Option Securities. Delivery of the
Offered Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct and agree to with the Company. 

4.    Representations by Purchasers; Resale by Purchasers. 

(a)    Each Purchaser severally represents and warrants to the Company that it is an “accredited investor” within
the meaning of Regulation D under the Act. 
 (b)    Each Purchaser severally acknowledges that the Offered Securities
have not been registered under the Act and may not be offered or sold except in accordance with Rule 144A under the Act (“Rule 144A”). Each Purchaser severally represents and agrees that it has sold the Offered Securities, and will
offer and sell the Offered Securities only to persons who it reasonably believes are “qualified institutional buyers” within the meaning of Rule 144A in transactions meetings the requirements of Rule 144A. 

(c)    Each Purchaser severally agrees that it and each of its affiliates has not entered and will not enter into any
contractual arrangement with respect to the distribution of the Offered Securities except for any such arrangements with the other Purchasers or affiliates of the other Purchasers or with the prior written consent of the Company. 

(d)    Each Purchaser severally agrees that it and each of its affiliates will not offer or sell the Offered Securities by
means of any form of General Solicitation, other than a permitted communication listed on Schedule I. 

5.    Agreements. The Company agrees with the Representatives and the several Purchasers that: 

(a)    Prior to the termination of the offering of the Offered Securities, the Company will not distribute any amendment
or supplement to the Preliminary Offering Circular or the Final Offering Circular unless the Company has furnished a copy to the Representatives for their review and will not effect any such proposed amendment or supplement to which the
Representatives reasonably object; 
 (b)    Notwithstanding the provisions of paragraph (a) above, if, at any time
prior to the Closing Date or the Additional Closing Date, if any, there occurs an event or development as a result of which any document included in the Disclosure Package, Final Offering Circular or any Supplemental Marketing Material, if
republished immediately following such event or development, included or would include an untrue statement of a material fact or omitted or would omit to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or if it is necessary at any such time to amend or supplement the Disclosure Package, Final Offering Circular or any Supplemental Marketing Material to comply with any applicable law, the
Company promptly will notify the Representative of such event and promptly will prepare and furnish, at its own expense, to the Purchasers and the dealers and to any other dealers at the request of the Representatives, an amendment or supplement
which will correct such statement or omission; 

  
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 (c)    The Company will furnish to the Representatives and counsel for
the Purchasers, without charge, as many copies of the Preliminary Offering Circular, each offer document comprising a part of the Disclosure Package and the Final Offering Circular and any supplement thereto as the Representatives may reasonably
request. The Company will pay the expenses of printing or other production of all documents relating to the offering; 

(d)    The Company will arrange, if necessary, for the qualification of the Offered Securities for sale under the laws of
such jurisdictions in the United States of America as the Representatives may designate upon consultation with the Company and will maintain such qualifications in effect so long as required for the distribution of the Offered Securities; provided
that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering
or sale of the Offered Securities, in any jurisdiction where it is not now so subject; 
 (e)    The Company will not,
and will not permit any of its “controlled” affiliates (as defined in Rule 144) to, resell any of the Offered Securities that have been reacquired by any of them; 

(f)    The Company agrees that, unless it obtains the prior written consent of the Representatives, and each Purchaser,
severally and not jointly, agrees with the Company that, unless it has obtained or will obtain, as the case may be, the prior written consent of the Company and the Representatives, it has not made and will not make any offer relating to the Offered
Securities that would constitute an Issuer Free Writing Communication; provided that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Issuer Free Writing Communication included in Schedule
III hereto; 
 (g)    During a period of 60 days from the date of this Agreement, the Company will not, without the
prior written consent of the Representatives, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or
dispose of, directly or indirectly, or file with the Commission a registration statement (other than a registration statement on Form S-8 or a registration statement on Form
S-3ASR) under the Act relating to, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or publicly disclose the intention to make any offer, sale,
pledge, disposition or filing or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Stock, whether any such swap or
transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A) the Offered Securities to be sold hereunder or any
Underlying Shares issued upon conversion thereof, (B) entry into the Base Capped Call Confirmations or the Additional Capped Call Confirmations and the Company’s performance thereunder, entered into in connection with the offering of the
Offered Securities, (C) any share of Common Stock issued by the Company upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof and referred to in the Disclosure Package and the Final Offering
Circular, or (D) any shares of Common Stock, restricted stock, restricted stock units, performance units or other equity-based awards issuable or issued, or options to purchase Common Stock to be granted or granted, pursuant to an existing
employee benefit plan of the Company referred to in the Disclosure Package and the Final Offering Circular. In addition, the Company is authorized beginning on the 15th day following the date of this Agreement to waive the restrictions in the Lock-Up Agreements for an aggregate amount of up to 350,000 shares of Common Stock for all Lock-Up Agreements combined. 

(h)    The Company will use the net proceeds received by it from the sale of any Offered Securities in the manner
specified in the Final Offering Circular and the Disclosure Package under the caption “Use of Proceeds”; 

(i)    The Company agrees to pay the costs and expenses, if any, relating to the following matters: (i) the
preparation, printing or reproduction of the Preliminary Offering Circular, any other documents comprising any part of the Disclosure Package and the Final Offering Circular and each amendment or supplement to any of them; (ii) the printing (or
reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Preliminary Offering Circular, any other documents comprising any part of the Disclosure Package and the Final Offering
Circular and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Offered Securities; (iii) the preparation, printing, authentication, issuance and
delivery of certificates for the Offered Securities, including any stamp or transfer taxes in connection with the original issuance and sale of the Offered Securities to the Purchasers; (iv) the printing (or reproduction) and delivery of this
Agreement and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Offered Securities; (v) the transportation and other 

  
 8 

 
expenses of the Company’s officers and employees in connection with presentations to prospective purchasers of the Offered Securities; (vi) the fees and expenses of the Company’s
accountants and the fees and expenses of counsel for the Company; (vii) any fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Offered
Securities; (viii) any fees charged by securities rating services for rating the Offered Securities; (ix) any costs, expenses and filing fees incurred in connection with the qualification of the Offered Securities for sale under the laws
of such jurisdictions as the Representatives designate (including the reasonable fees and disbursements of counsel relating to such qualification) and the preparation and printing of memoranda relating thereto, costs and expenses related to the
review by Financial Industry Regulatory Authority, Inc. of this offering (including filing fees and the fees and expenses of counsel and any special counsel for the Purchaser relating to such review); (x) the cost of listing a number of shares of
Common Stock equal to the Conversion Shares in accordance with the rules of the NYSE; and (xi) all other costs and expenses of the Company and its representatives incident to the performance by the Company of its obligations hereunder; 

(j)    The Company will not take, directly or indirectly, any action designed to or that would constitute or that might
reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Offered Securities; and 

(k)    The Company will prepare a final term sheet relating to the Offered Securities, containing only information that
describes the final terms of the Offered Securities and otherwise in a form consented to by the Representatives. Any such final term sheet is an Issuer Free Writing Communication for purposes of this Agreement. The Company also consents to the use
by any Purchaser of a Free Writing Communication that contains only (i)(x) information describing the preliminary terms of the Offered Securities or their offering or (y) information that describes the final terms of the Offered Securities or
their offering and that is included in the final term sheet of the Company contemplated in the first sentence of this subsection or (ii) other information that is not “issuer information,” as defined in Rule 433, it being
understood that any such Free Writing Communication referred to in clause (i) or (ii) above shall not be an Issuer Free Writing Communication for purposes of this Agreement. 

(l)    The Company will reserve and keep available at all times, free of preemptive rights, a number of shares of Common
Stock equal to the Conversion Shares for the purpose of enabling the Company to satisfy all obligations to issue any Underlying Shares upon conversion of the Offered Securities. The Company will use its best efforts to effect and maintain the
listing of a number of shares of Common Stock equal to the Conversion Shares on the NYSE. 
 6.    Conditions to the
Obligations of the Purchasers. The obligations of the Purchasers to purchase the Firm Securities on the Closing Date or the Option Securities on the Additional Closing Date, as the case may be, shall be subject to the accuracy of the
representations and warranties on the part of the Company contained herein as of the Initial Sale Time, the Closing Date and the Additional Closing Date, if any, to the accuracy of the statements of the Company made in any certificates pursuant to
the provisions of this Section, to the performance by the Company of its obligations hereunder, and to the following additional conditions: 

(a)    The Representatives shall have received from Vinson & Elkins L.L.P., counsel for the Company, their
opinion, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Representatives, to the effect set forth in Annex II hereto; 

(b)    The Representatives shall have received from Cadwalader, Wickersham & Taft LLP, special counsel for the
Company, their opinion, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Representatives, to the effect set forth in Annex III hereto; 

(c)    The Representatives shall have received from the General Counsel to the Company, his opinion, dated the Closing
Date or the Additional Closing Date, as the case may be and addressed to the Representatives, to the effect set forth in Annex IV hereto; 

(d)    The Representatives shall have received from Gibson, Dunn & Crutcher, LLP and Davis Polk &
Wardwell LLP, counsels for the Purchasers, such opinion or opinions, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Representatives, with respect to the issuance and sale of the Offered Securities,
the Indenture, the Disclosure Package, the Final Offering Circular (together with any supplement thereto) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as
they reasonably require and request for the purpose of enabling them to pass upon such matters; 

  
 9 

 (e)    The Company shall have furnished to the Representatives a
certificate of the Company, signed in his representative capacity by the Chief Financial Officer of the Company, dated the Closing Date or the Additional Closing Date, as the case may be, to the effect that: 

(i)    the representations and warranties of the Company in this Agreement are true and correct in all
material respects on and as of the Closing Date or the Additional Closing Date, as the case may be, with the same effect as if made on such Closing Date or such Additional Closing Date, as the case may be, and the Company has complied with all the
agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date or such Additional Closing Date, as the case may be; 

(ii)    since the date of the most recent financial statements included or incorporated by reference in the
Final Offering Circular, as amended or supplemented prior to the Execution Time, there has been no Material Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the
Final Offering Circular, as amended or supplemented prior to the Execution Time; 
 (f)    At the Execution Time and the
Closing Date and the Additional Closing Date, as the case may be, the Representatives shall have received from Ernst & Young LLP a letter or letters dated such date or dates, in form and substance reasonably satisfactory to the
Representatives, together with signed or reproduced copies of such letter or letters for each of the other Purchasers containing statements and information of the type ordinarily included in accountants’ “comfort letters” to
underwriters with respect to the financial statements and certain financial information contained in the Final Offering Circular, the Disclosure Package and any Issuer Free Writing Communication; 

(g)    At the Execution Time and the Closing Date and the Additional Closing Date, if any, the Representatives shall have
received from NSAI a letter, in form and substance reasonably satisfactory to the Representatives, addressed to the Purchasers covering the matters described in Annex V hereto; 

(h)    The Representatives shall have received an agreement for the benefit of the Purchasers in the form set forth as
Annex I hereto, signed by each director and executive officer listed in the Company’s Annual Report on Form 10-K, filed with the Commission on February 24, 2020 (each, a “Lock-Up Agreement”), other than any such director or officer who has resigned, has retired, or is otherwise no longer serving in such capacity before the Execution Time, and each such Lock-Up Agreement shall be in full force and effect on the Closing Date and the Additional Closing Date, as the case may be. 

(i)    Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Final Offering
Circular as amended or supplemented prior to the Execution Time or any Issuer Free Writing Communication, there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph (e) of this
Section 6 or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a
whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Final Offering Circular, as amended or supplemented prior to the Execution Time, the effect of which, in any case
referred to in clause (i) or (ii) above, is, in the sole judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Offered Securities as contemplated
by the Final Offering Circular and any Issuer Free Writing Communication; 
 (j)    Subsequent to the Execution Time,
there shall not have been any decrease in the rating of any of the Company’s debt securities by any “nationally recognized statistical rating organization” (as defined for purposes of Section 3(a)(62) under the Exchange Act) or
any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change; 

(k)    A number of shares of Common Stock equal to the Conversion Shares shall have been approved for listing on the NYSE,
subject only to notice of conversion of the Offered Securities by the Company to the NYSE at the applicable time; and 

(l)    Prior to the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished to
the Representatives such further information, certificates and documents as the Representatives may reasonably request. 

  
 10 

 If any of the conditions specified in this Section 6 shall not
have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory in form and
substance to the Representatives, this Agreement and all obligations of the Purchasers hereunder may be canceled at, or at any time prior to, the Closing Date, by the Representatives. Notice of such cancellation shall be given to the Company in
writing or by telephone or facsimile confirmed in writing. The Representatives may in their sole discretion waive on behalf of the Purchasers compliance with any conditions to the obligations of the Purchasers hereunder. 

The documents required to be delivered by this Section 6 shall be delivered to the offices of Vinson &
Elkins L.L.P. at 2001 Ross Avenue, Dallas, Texas 75201 on the Closing Date or such other place as the Representatives shall so instruct. 

7.    Reimbursement of Purchasers’ Expenses. If the sale of the Firm Securities provided for herein is not
consummated because any condition to the obligations of the Purchasers set forth in Section 6 hereof is not satisfied, or because of any refusal, inability or failure on the part of the Company to perform any agreement
herein or comply with any provision hereof other than by reason of a default by any of the Purchasers, the Company will reimburse the Purchasers severally through the Representatives on demand for all reasonable out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Offered Securities. 

8.    Indemnification and Contribution. 

(a)    The Company agrees to indemnify and hold harmless each Purchaser, the directors, officers, employees, affiliates and
agents of each Purchaser and each person, if any, who controls any Purchaser within the meaning of the Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act,
the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Preliminary Offering Circular, the Final Offering Circular or any Issuer Free Writing Communication, or in all cases any amendment thereof or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and agrees to reimburse each such
indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in
any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with
written information furnished to the Company by or on behalf of any Purchaser through the Representatives specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have to any
Purchaser or to any officer, employee or controlling person of that Purchaser; 
 (b)    Each Purchaser severally and
not jointly agrees to indemnify and hold harmless the Company, each of its directors, its officers, and each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from
the Company to each Purchaser, but only with reference to written information relating to such Purchaser furnished to the Company by or on behalf of such Purchaser through the Representatives specifically for inclusion in the documents referred to
in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any Purchaser may otherwise have. The Company acknowledges that the statements set forth in the twelfth paragraph under the heading “Plan of
Distribution” constitute the only information furnished in writing by or on behalf of the several Purchasers for inclusion in the Disclosure Package or the Final Offering Circular; 

(c)    Promptly after receipt by an indemnified party under this Section 8 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof;
but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent the indemnifying party did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation
provided 

  
 11 

 
in paragraph (a) or (b) above. The indemnifying party shall be entitled to assume the defense thereof and to appoint counsel of the indemnifying party’s choice at the indemnifying
party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the
indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the
indemnified party in an action, the indemnified party shall have the right to employ separate counsel, and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel (including local counsel) if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the
indemnifying party, (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or
(iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are
actual or potential parties to such claim or action) unless such settlement, compromise or consent (x) includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and
(y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of an indemnified party; and 

(d)    In the event that the indemnity provided in paragraph (a) or (b) of this
Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Purchasers severally agree to contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively “Losses”) to which the Company and one or more of the Purchasers may be subject in such proportion as is
appropriate to reflect the relative benefits received by the Company on the one hand and by the Purchasers on the other from the offering of the Offered Securities; provided, however, that in no case shall any Purchaser (except as may be provided in
any agreement among purchasers relating to the offering of the Offered Securities) be responsible for any amount in excess of the total price at which the Offered Securities sold and distributed by such Purchaser was offered to the qualified
institutional buyers. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company on the one hand and of the Purchasers on the other in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits
received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Purchasers shall be deemed to be equal to the total initial purchasers’
discounts and commissions received by the Purchasers with respect to the Offered Securities purchased under this Agreement. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or the Purchasers on the other, the intent of the parties and their relative knowledge, access to information
and opportunity to correct or prevent such untrue statement or omission. The Company and the Purchasers agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does
not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an Purchaser within the meaning of the Act and each director, officer,
employee, affiliate and agent of an Purchaser shall have the same rights to contribution as such Purchaser, and each person who controls the Company within the meaning of the Act, each officer of the Company and each director of the Company shall
have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d). 

  
 12 

 9.    Default by a Purchaser. If on the Closing Date any one or
more Purchasers shall fail to purchase and pay for any of the Firm Securities agreed to be purchased by such Purchaser or Purchasers hereunder and the aggregate principal amount of Firm Securities that such defaulting Purchaser or Purchasers agreed
but failed to purchase does not exceed 10% of the total principal amount of Firm Securities that the Purchasers are obligated to purchase and such failure to purchase shall constitute a default in the performance of its or their obligations under
this Agreement, then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Purchasers, or any other purchasers, to purchase all, but
not less than all of the unsold Firm Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such
24-hour period, then the non-defaulting Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Firm
Securities set forth opposite their names in Schedule II hereto bears to the aggregate principal amount of Firm Securities set forth opposite the names of all the non-defaulting Purchasers) the Firm Securities
which the defaulting Purchaser or Purchasers agreed but failed to purchase. If any Purchaser or Purchasers so default and the aggregate principal amount of Firm Securities with respect to which such default or defaults occur exceeds 10% of the total
principal amount of Firm Securities that the defaulting Purchaser is obligated to purchase on the Closing Date and arrangements satisfactory to the Representatives and the Company for the purchase of such Firm Securities by other persons are not
made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Purchaser or the Company, except as provided in Section 11. If, on the Additional
Closing Date, any one or more Purchasers shall fail to purchase and pay for any of the Option Securities agreed to be purchased by such Purchaser or Purchasers hereunder and the aggregate principal amount of Option Securities that such defaulting
Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the total principal amount of Option Securities that the Purchasers to be purchased on the Additional Closing Date, the
non-defaulting Purchasers shall have the option to (a) terminate their obligation hereunder to purchase the Option Securities to be sold on the Additional Closing Date or (b) purchase not less than
the principal amount of Option Securities that such non-defaulting Purchasers would have been obligated to purchase in the absence of such default. As used in this Agreement, the term “Purchaser”
includes any person substituted for a Purchaser under this Section. Nothing contained in this Agreement shall relieve any defaulting Purchaser of its liability, if any, to the Company and any non-defaulting
Purchaser for damages occasioned by its default hereunder. 
 10.    Termination. This Agreement shall be subject
to termination in the absolute discretion of the Representatives, by notice given to the Company prior to delivery of and payment for the Firm Securities, if at any time prior to such time, (i) trading or quotation in any of the Company’s
securities shall have been suspended or limited by the Commission or by the NYSE, (ii) trading in securities generally on the NYSE or the Nasdaq Stock Market shall have been suspended or limited or minimum prices shall have been established on
any of such exchanges, (iii) a banking moratorium shall have been declared either by authorities in the United States or New York state or there shall have occurred a material disruption in commercial banking or securities settlement or
clearance services, (iv) there shall have occurred a change or development involving a prospective change in United States taxation affecting the Offered Securities or the transfer thereof or the imposition of exchange controls by the United
States or (v) there shall have occurred any outbreak or escalation of hostilities, except as existing with similar severity on the date hereof involving the United States, declaration by the United States of a national emergency or war, or
other calamity or crisis, except as existing with similar severity on the date hereof, the effect of which on financial markets is such as to make it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the
offering or delivery of the Firm Securities as contemplated by the Disclosure Package and the Final Offering Circular. 

11.    Representations and Indemnities to Survive. The respective agreements, representations, warranties,
indemnities and other statements of the Company or its officers and of the Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Purchaser or the
Company or any of the officers, directors, employees, affiliates, agents or controlling persons referred to in Section 8 hereof, and will survive delivery of and payment for the Offered Securities. The provisions of
Sections 7, 8 and 16 hereof shall survive the termination or cancellation of this Agreement. 

12.    Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the
Representatives, will be mailed, delivered or telefaxed to Credit Suisse Securities (USA) LLC (fax no.:), Eleven Madison Avenue, New York, N.Y. 10010-3629, Attention: and Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282,
Attention: or, if sent to the Company, will be mailed, delivered or telefaxed to Pioneer Natural Resources Company (fax no.:) and confirmed to it at 777 Hidden Ridge, Irving, Texas 75038, Attention:. 

  
 13 

 In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include
the name and address of their respective clients, as well as other information that will allow the Purchasers to properly identify their respective clients. 

13.    Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors and the officers, directors, employees, agents, affiliates and controlling persons referred to in Section 8 hereof, and no other person will have any right or obligation hereunder. 

14.    Representation of Purchasers. The Representatives will act for the several Purchasers in connection with
this Agreement, and any action under this Agreement taken by the Representatives will be binding upon all the Purchasers. 

15.    No Advisory or Fiduciary Responsibility. The Company acknowledges and agrees that (i) the purchase and
sale of the Offered Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the Purchasers, on the other, (ii) in connection
therewith and with the process leading to such transaction each Purchaser is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Purchaser has assumed an advisory or fiduciary responsibility in favor of the
Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Purchaser has advised or is currently advising the Company on other matters) or any other obligation to the Company except the
obligations expressly set forth in this Agreement and (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company has been advised that the Representatives and their affiliates are
engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Representatives have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary,
advisory or agency relationship. The Company agrees that it will not claim that any Purchaser has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the
process leading thereto. The Company waives, to the fullest extent permitted by law, any claims it may have against the Representatives for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Representatives shall have
no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, employees or creditors of the
Company. 
 16.    APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO ANY APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. 

17.    Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 
 18.    Headings. The section headings used herein are for convenience only and
shall not affect the construction hereof. 
 19.    Recognition of the U.S. Special Resolution Regimes. 

(a)    In the event that any Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from such Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if
this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(b)    In the event that any Purchaser that is a Covered Entity or a BHC Act Affiliate of such Purchaser becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

  
 14 

 20.    Definitions. The terms which follow, when used in this
Agreement, shall have the meanings indicated. 
 “Act” shall mean the Securities Act of 1933 and the Rules
and Regulations promulgated thereunder. 
 “affiliate” has the meaning assigned to such term in Rule 405
under the Act. 
 “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and
shall be interpreted in accordance with, 12 U.S.C. § 1841(k). 
 “Business Day” shall mean any
day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated by law or regulation to close in New York City. 

“Commission” shall mean the Securities and Exchange Commission. 

“Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);
or 
 (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “Disclosure Package” shall
mean (i) the Preliminary Offering Circular, and (ii) the Issuer Free Writing Communication identified in Schedule I hereto issued at or prior to the Initial Sale Time. 

“Exchange Act” shall mean the Securities Exchange Act of 1934 and the Rules and Regulations promulgated
thereunder. 
 “Exchange Act Reports” means the Company’s Annual Report on Form 10-K most recently filed with the Commission and all subsequent reports (including exhibits to the extent incorporated by reference as set forth below) filed by the Company under the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof and which are incorporated by reference in the Preliminary Offering Circular, the Final Offering Circular or any Free Writing Communication, as applicable. 

“Execution Time” shall mean the date and time that this Agreement is executed and delivered by the parties
hereto. 
 “Final Offering Circular” means the Final Offering Circular relating to the Offered
Securities to be offered by the Purchasers that discloses the offering price and other final terms of the Offered Securities and is dated as of the date of this Agreement (even if finalized and issued subsequent to the date of this Agreement),
including the Exchange Act Reports and any other information incorporated by reference therein. 
 “Free Writing
Communication” means a written communication (as such term is defined in Rule 405 under the Act) that constitutes an offer to sell or a solicitation of an offer to buy the Offered Securities and is made by means other than the Preliminary
Offering Circular or the Final Offering Circular. 
 “General Solicitation” means any offer to sell or
solicitation of an offer to buy the Offered Securities by any form of general solicitation or advertising (as those terms are used in Regulation D under the Act). 

“Initial Sale Time” shall mean 8:30 am (Eastern time) on May 12, 2020, which is the time of the first
contract of sale for the Offered Securities. 
 “Issuer Free Writing Communication” means a Free Writing
Communication, identified in Schedule I hereto, prepared by or on behalf of the Company, used or referred to by the Company or containing a description of the final terms of the Offered Securities or of their offering, in the form retained in
the Company’s records. 

  
 15 

 “Preliminary Offering Circular” means the
preliminary offering circular, dated May 11, 2020, relating to the Offered Securities to be offered by the Purchasers, including the Exchange Act Reports and any other information incorporated by reference therein. 

“Rules and Regulations” shall mean the rules and regulations of the Commission. 

“Supplemental Marketing Material” means any Issuer Free Writing Communication other than any Issuer Free
Writing Communication specified in Schedule I hereto. Supplemental Marketing Material will only include the electronic roadshow slides and the accompanying audio recording, as applicable. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the Rules and Regulations
promulgated thereunder. 
 “U.S. Special Resolution Regime” means each of (i) the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

“Underlying Shares” shall mean shares of the Common Stock into which the Offered Securities are convertible

 Unless otherwise specified, a reference to a “rule” is to the indicated rule under the Act. 

[Remainder of the page intentionally left blank] 

  
 16 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Purchasers. 

 

			
	Very truly yours,
	
	PIONEER NATURAL RESOURCES COMPANY
		
	By:	 	 /s/ Richard P. Dealy

	Name:	 	Richard P. Dealy
	Title:	 	Executive Vice President
and Chief Financial Officer

 [Signature Page to the Purchase Agreement] 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

  

					
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	 /s/ Ryan Pickard

		 	Name:	 	Ryan Pickard
		 	Title:	 	Director
	
	GOLDMAN SACHS & CO. LLC
		
	By:	 	 /s/ Matthew Leavitt

		 	Name:	 	Matthew Leavitt
		 	Title:	 	Managing Director
	
	For themselves and as the Representatives of the other several Purchasers.

 [Signature Page to the Purchase Agreement] 

 SCHEDULE I 
  

	1.	 Issuer Free Writing Communications (included in the Disclosure Package). 

Final term sheet, dated May 11, 2020, a copy of which is attached hereto as Schedule III. 

 

	2.	 Permitted General Solicitation (other than Information Included Above). 

None 

  
 I-1 

 SCHEDULE II 
  

					
	 Purchasers
	  	Principal Amount of
Offered Securities to
be Purchased	 
	 Credit Suisse Securities (USA) LLC
	  	US$	441,600,000	 
	 Goldman Sachs & Co. LLC
	  	 	294,400,000	 
	 BofA Securities, Inc.
	  	 	103,500,000	 
	 Wells Fargo Securities LLC
	  	 	103,500,000	 
	 BMO Capital Markets Corp.
	  	 	51,750,000	 
	 MUFG Securities Americas Inc.
	  	 	51,750,000	 
	 TD Securities (USA) LLC
	  	 	51,750,000	 
	 Morgan Stanley & Co. LLC
	  	 	25,875,000	 
	 U.S. Bancorp Investments, Inc.
	  	 	25,875,000	 
		  	  
	  
	 
	 Total
	  	US$	1,150,000,000	 

  
 II-1 

 SCHEDULE III 

[Attached] 

  
 III-1 

			
	PRICING TERM SHEET	 	STRICTLY CONFIDENTIAL
	DATED MAY 11, 2020	 	

  
 

 
 PIONEER NATURAL RESOURCES COMPANY 

$1,150,000,000 
 0.250%
CONVERTIBLE SENIOR NOTES DUE 2025 
 The information in this pricing term sheet supplements Pioneer Natural Resources Company’s preliminary
offering circular, dated May 11, 2020 (the “Preliminary Offering Circular”), and supersedes the information in the Preliminary Offering Circular to the extent inconsistent with the information in the Preliminary Offering Circular. In
all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Circular, including all documents incorporated by reference therein. Terms used herein but not defined herein shall have the respective
meanings as set forth in the Preliminary Offering Circular. All references to dollar amounts are references to U.S. dollars. The Issuer has increased the size of the offering to $1,150,000,000 (or $1,322,500,000 if the initial purchasers’
option to purchase additional notes is exercised in full). The final offering memorandum relating to the offering will reflect conforming changes relating to such increase in the size of the offering. 

 

			
	Issuer:	  	Pioneer Natural Resources Company, a Delaware corporation (the “Issuer”).
		
	Ticker/Exchange for the Issuer’s Common Stock:	  	“PXD”/The New York Stock Exchange.
		
	Notes:	  	0.250% Convertible Senior Notes due 2025.
		
	Principal Amount:	  	$1,150,000,000, plus up to an additional $172,500,000 principal amount pursuant to the initial purchasers’ option to purchase additional Notes.
		
	Denominations:	  	$1,000 and multiples of $1,000 in excess thereof.
		
	Maturity:	  	May 15, 2025, unless earlier repurchased, redeemed or converted.
		
	Interest Rate:	  	0.250% per year.
		
	Interest Payment Dates:	  	Interest will accrue from May 14, 2020 and will be payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2020.
		
	Interest Record Dates:	  	May 1 and November 1 of each year, immediately preceding any May 15 and November 15 interest payment date, as the case may be.
		
	Issue Price:	  	100% of principal, plus accrued interest, if any, from May 14, 2020.
		
	Trade Date:	  	May 12, 2020.
		
	Expected Settlement Date:	  	May 14, 2020.
		
	Closing Sale Price of the Issuer’s Common Stock on May 11, 2020:	  	$84.44 per share.
		
	Initial Conversion Rate:	  	9.1098 shares of the Issuer’s common stock per $1,000 principal amount of Notes.

			
	Initial Conversion Price:	  	Approximately $109.77 per share of the Issuer’s common stock.
		
	Conversion Premium:	  	Approximately 30% above the last reported sale price of the Issuer’s common stock on The New York Stock Exchange on May 11, 2020.
		
	Redemption at Our Option:	  	The Issuer may not redeem the Notes prior to May 20, 2023. The Issuer may redeem for cash all or part of the Notes, at the Issuer’s option, on or after May 20, 2023 if the last reported sale price of the Issuer’s
common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and
including, the trading day immediately preceding the date on which the Issuer provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but
excluding, the redemption date. No “sinking fund” is provided for the Notes.
		
	Joint Book-Running Managers:	  	 Credit Suisse Securities (USA) LLC
 Goldman
Sachs & Co. LLC
 BofA Securities, Inc.
 Wells Fargo
Securities LLC

		
	CUSIP Number (144A):	  	723787AN7
		
	ISIN (144A):	  	US723787AN74
		
	Use of Proceeds:	  	The Issuer estimates that the net proceeds from the offering will be approximately $1.1 billion (or approximately $1.3 billion if the initial purchasers exercise their option to purchase additional Notes in full), after
deducting fees and estimated expenses. The Issuer entered into capped call transactions with certain of the initial purchasers or affiliates thereof (the “option counterparties”). The Issuer intends to use approximately $98.3 million
(or $113.1 million if the initial purchasers exercise their option to purchase additional notes in full) of the net proceeds from the offering to pay the cost of the capped call transactions. The cap price of the capped call transactions will
initially be $156.2140 per share of common stock, which represents a premium of 85% over the last reported sale price per share of our common stock on the New York Stock Exchange of $84.44 per share on May 11, 2020.
		
		  	The Issuer expects to use approximately $50.0 million of the net proceeds from the offering to repurchase shares of the Issuer’s common stock from purchasers of Notes in the offering in privately negotiated transactions
effected with or through one or more of the initial purchasers or their affiliates. The purchase price per share of the common stock repurchased in such transactions is equal to the closing sale price per share of the Issuer’s common stock on
the date of the Preliminary Offering Circular, which was $84.44 per share. These repurchases could increase, or prevent a decrease in, the market price of our common stock or the notes concurrently with the pricing of the notes, and could result in
a higher effective conversion price for the notes.
		
		  	The Issuer expects to use a portion of the net proceeds from the offering to fund all of the Issuer’s obligations under the Tender Offers, including fees and expenses incurred in connection therewith. The remaining proceeds
will be used for general corporate purposes, which may include the repayment of outstanding borrowings under the Issuer’s credit facility and other outstanding indebtedness. See “Use of Proceeds” in the Preliminary Offering
Circular.

  
 2 

			
		
		  	If the initial purchasers exercise their option to purchase additional Notes, the Issuer expects to use the net proceeds from the sale of the additional Notes to enter into additional capped call transactions with the option
counterparties and any remaining proceeds will be used for general corporate purposes.
		
	Increase in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change or a Notice of Redemption:	  	If the effective date of a “make-whole fundamental change” (as defined in the Preliminary Offering Circular) occurs prior to the maturity date of the Notes or if the Issuer gives a notice of redemption with respect to any
or all of the Notes, the Issuer will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such a make-whole fundamental change or notice of redemption, as the case may be, as
described under “Description of Notes—Conversion Rights—Increase in Conversion Rate upon Conversion upon a Make- Whole Fundamental Change or Notice of Redemption” in the Preliminary Offering Circular.
		
		  	The following table sets forth the number of additional shares by which the conversion rate will be increased per $1,000 principal amount of Notes for conversions in connection with a make-whole fundamental change or notice of
redemption, as the case may be, for each “stock price” and “effective date” set forth below:

  

																																													
	 Stock Price
	 
	 Effective Date
	  	$	84.44	 	  	$	87.50	 	  	$	90.00	 	  	$	95.00	 	  	$	100.00	 	  	$	109.77	 	  	$	125.00	 	  	$	142.70	 	  	$	150.00	 	  	$	175.00	 	  	$	200.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 May 14, 2020
	  	 	2.7329	 	  	 	2.6009	 	  	 	2.4124	 	  	 	2.0765	 	  	 	1.7880	 	  	 	1.3334	 	  	 	0.8354	 	  	 	0.4684	 	  	 	0.3622	 	  	 	0.1293	 	  	 	0.0266	 
	 May 15, 2021
	  	 	2.7329	 	  	 	2.6009	 	  	 	2.4124	 	  	 	2.0765	 	  	 	1.7880	 	  	 	1.3304	 	  	 	0.8184	 	  	 	0.4473	 	  	 	0.3416	 	  	 	0.1146	 	  	 	0.0199	 
	 May 15, 2022
	  	 	2.7329	 	  	 	2.6009	 	  	 	2.3987	 	  	 	2.0352	 	  	 	1.7259	 	  	 	1.2460	 	  	 	0.7362	 	  	 	0.3790	 	  	 	0.2806	 	  	 	0.0792	 	  	 	0.0071	 
	 May 15, 2023
	  	 	2.7329	 	  	 	2.5436	 	  	 	2.3262	 	  	 	1.9432	 	  	 	1.6202	 	  	 	1.1270	 	  	 	0.6208	 	  	 	0.2865	 	  	 	0.1999	 	  	 	0.0388	 	  	 	0.0000	 
	 May 15, 2024
	  	 	2.7329	 	  	 	2.4167	 	  	 	2.1770	 	  	 	1.7584	 	  	 	1.4111	 	  	 	0.8986	 	  	 	0.4138	 	  	 	0.1401	 	  	 	0.0807	 	  	 	0.0017	 	  	 	0.0000	 
	 May 15, 2025
	  	 	2.7329	 	  	 	2.3188	 	  	 	2.0013	 	  	 	1.4165	 	  	 	0.8902	 	  	 	0.0002	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact stock price and effective date may not be set forth in the table above, in which case: 

 

	 	•	 	 If the stock price is between two stock prices in the table above or the effective date is between two effective
dates in the table above, the number of additional shares by which the conversion rate will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and
the earlier and later effective dates, as applicable, based on a 365-day year. 

  

	 	•	 	 If the stock price is greater than $200.00 per share (subject to adjustment in the same manner as the stock
prices set forth in the column headings of the table above as described in the Preliminary Offering Circular), no additional shares will be added to the conversion rate. 

 

	 	•	 	 If the stock price is less than $84.44 per share (subject to adjustment in the same manner as the stock prices
set forth in the column headings of the table above as described in the Preliminary Offering Circular), no additional shares will be added to the conversion rate. 

Notwithstanding the foregoing, in no event will the conversion rate per $1,000 principal amount of Notes exceed 11.8427 shares of the Issuer’s common
stock, subject to adjustment in the same manner as the conversion rate as set forth under “Description of Notes—Conversion Rights—Conversion Rate Adjustments” in the Preliminary Offering Circular. 

The Preliminary Offering Circular is modified as follows: 

  
 3 

 The second paragraph under “Ranking” on page 4 and on page 23 is replaced with the following: 

At March 31, 2020, we had $2.6 billion of indebtedness for borrowed money ranking equally in right of payment with the notes, and our
subsidiaries had aggregate balance sheet liabilities of $2.6 billion, excluding intercompany liabilities, to which the notes would have been structurally subordinated. 

The third sentence in the first paragraph under “The notes are effectively subordinated to any liabilities of our subsidiaries and to any secured debt
we may incur in the future” on page 8 is replaced with the following: 
 At March 31, 2020, we had $2.6 billion of
indebtedness for borrowed money ranking equally in right of payment with the notes, none of which was secured, and our subsidiaries had aggregate balance sheet liabilities of $2.6 billion, excluding intercompany liabilities. 

 
  

This communication is intended for the sole use of the person to whom it is provided by the sender. This material is confidential and is for your
information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the Notes or the offering thereof. This communication does not constitute an offer to sell or the
solicitation of an offer to buy any Notes in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

The Notes and the shares of the Issuer’s common stock issuable upon conversion of the Notes have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws, and may not be offered or sold within the United States or any other jurisdiction, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and any other applicable securities laws. The initial purchasers are initially offering the Notes only to qualified institutional buyers as defined in, and in reliance on, Rule 144A
under the Securities Act. 
 The Notes and the shares of the Issuer’s common stock issuable upon conversion of the Notes are not transferable
except in accordance with the restrictions described under “Transfer Restrictions” in the Preliminary Offering Circular. 
 A copy of the
Preliminary Offering Circular for the offering of the Notes may be obtained by contacting Credit Suisse Securities (USA) LLC, Attention: , or email: . 

Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends,
disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system. 

  
 4 

 ANNEX I 

LOCK-UP AGREEMENT 

  
 Annex I 

 ANNEX II 

Opinion of Vinson & Elkins, L.L.P. 

Counsel to the Company 

  
 Annex II 

 ANNEX III 

Opinion of Cadwalader, Wickersham & Taft LLP 

Special Counsel to the Company 

  
 Annex III 

 ANNEX IV 

Opinion of General Counsel to the Company 

  
 Annex IV 

 ANNEX V 

FORM OF ENGINEERS’ RESERVE REPORT LETTER 

  
 Annex V 

 APPENDIX 1 to ANNEX V 

AUDIT LETTER 

  
 Annex V-1EX-10.2

 Exhibit 10.2 

Credit Suisse Capital LLC 
 c/o Credit Suisse Securities (USA)
LLC 
 Eleven Madison Avenue 
 New York, NY 10010 

May 11, 2020 
 To: Pioneer Natural
Resources Company 
 777 Hidden Ridge 
 Irving, Texas 75038 

Attention:      
 Telephone No.: 

Facsimile No.: 
 Re: Base Call Option Transaction 

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option
transaction entered into between Credit Suisse Capital LLC (“Dealer”), represented by Credit Suisse Securities (USA) LLC (“Agent”) as its agent, and Pioneer Natural Resources Company
(“Counterparty”) as of the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. Each party further
agrees that this Confirmation together with the Agreement evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior
or contemporaneous written or oral communications with respect thereto. 
 The definitions and provisions contained in the 2002 ISDA Equity
Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation. In the event of any inconsistency
between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms that are defined in the Offering Memorandum dated May 11, 2020 (the “Offering
Memorandum”) relating to the 0.250% Convertible Senior Notes due 2025 (as originally issued by Counterparty, the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible
Note”) issued by Counterparty in an aggregate initial principal amount of USD1,150,000,000 (as increased by up to an aggregate principal amount of USD172,500,000 if and to the extent that the Initial Purchasers (as defined herein) exercise
their option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture to be dated May 14, 2020 between Counterparty and Wells Fargo Bank, National Association, as trustee (the
“Indenture”). In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered
into on the date hereof with the understanding that (i) definitions set forth in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the
descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will
govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers used herein are based on the draft of the Indenture last reviewed by Dealer as of the date of this Confirmation, and if any such section
numbers are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect
on the date of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x) pursuant to Section 10.01(h) of the Indenture that, as determined by the Calculation Agent,
conforms the Indenture to the description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section 14.07 of the Indenture, subject, in the case of this clause (y), to the second paragraph under “Method of
Adjustment” in Section 3), any such amendment or supplement will be disregarded for purposes of this Confirmation (other than as provided in Section 9.(i)(iii) below) unless the parties agree otherwise in writing. 

Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in,
substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 

 1.    This Confirmation evidences a complete and binding agreement between Dealer and
Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”)
as if Dealer and Counterparty had executed an agreement in such form (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine)) on the Trade
Date and (ii) the election of the Guarantee dated May 16, 2001 made by Credit Suisse (USA), Inc. (“Guarantor”) in favor of each and every Counterparty to one or more Transactions as a Credit Support Document in relation to
Dealer. In the event of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no transaction
other than the Transaction to which this Confirmation relates shall be governed by the Agreement. 
 2.    The Transaction constitutes a
Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 

General Terms. 
  

			
	 Trade Date:
	  	May 11, 2020
		
	 Option Style:
	  	“Modified American”, as described under “Procedures for Exercise” below
		
	 Option Type:
	  	Call
		
	 Buyer:
	  	Counterparty
		
	 Seller:
	  	Dealer
		
	 Shares:
	  	The common stock of Counterparty, par value USD 0.01 per share (Exchange symbol “PXD”).
		
	 Number of Options:
	  	1,150,000. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than zero.
		
	 Applicable Percentage:
	  	50%
		
	 Option Entitlement:
	  	A number equal to the product of the Applicable Percentage and 9.1098.
		
	 Strike Price:
	  	USD 109.7719
		
	 Cap Price:
	  	USD 156.2140
		
	 Rounding of Strike Price/
	  	
	 Cap Price/Option Entitlement:
	  	In connection with any adjustment to the Option Entitlement, Strike Price or Cap Price, such term shall be rounded by the Calculation Agent in accordance with the provisions of the Indenture relating to rounding of the
“Conversion Price” (in the case of the Strike Price or Cap Price) or the “Conversion Rate” (in the case of the Option Entitlement) (each as defined in the Indenture).
		
	 Premium:
	  	USD 49,162,500
		
	 Premium Payment Date:
	  	May 14, 2020

  
 2 

			
	 Exchange:
	  	The New York Stock Exchange
		
	 Related Exchange(s):
	  	All Exchanges
		
	 Excluded Provisions:
	  	Section 14.04(i) and Section 14.03 of the Indenture.
		
	 Procedures for Exercise.
	  	
		
	 Conversion Date:
	  	With respect to any conversion of a Convertible Note (other than any conversion of Convertible Notes with a Conversion Date occurring prior to the Free Convertibility Date (any such conversion, an “Early
Conversion”), to which the provisions of Section 9.(i)(i) of this Confirmation shall apply), the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for
conversion thereof as set forth in Section 14.02(b) of the Indenture; provided that no Conversion Date shall be deemed to have occurred and no Option exercised or deemed exercised with respect to Exchanged Securities.
		
	 Exchanged Securities:
	  	With respect to any Conversion Date (including any Early Conversion), any Convertible Notes with respect to which Counterparty makes the election described in Section 14.12 of the Indenture, as long as Counterparty does not
submit a Notice of Exercise in respect thereof.
		
	 Free Convertibility Date:
	  	February 15, 2025
		
	 Expiration Time:
	  	The Valuation Time
		
	 Expiration Date:
	  	May 15, 2025, subject to earlier exercise.
		
	 Multiple Exercise:
	  	Applicable, as described under “Automatic Exercise” below.
		
	 Automatic Exercise:
	  	Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date occurring on or after the Free Convertibility Date, in respect of which a Notice of Conversion that is effective as to Counterparty has been
delivered by the relevant converting Holder, a number of Options equal to (i) the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred shall be deemed to be automatically exercised;
provided that such Options shall be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below.
		
		  	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
		
	 Notice of Exercise:
	  	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options relating to Convertible

  
 3 

			
		  	Notes with a Conversion Date occurring on or after the Free Convertibility Date, Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the Expiration Date
specifying the number of such Options; provided that if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount (as defined below) is not USD 1,000, (y) Cash Settlement or
(z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Free Convertibility Date
specifying (1) the Relevant Settlement Method for such Options, and (2) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per
Convertible Note that Counterparty has elected to deliver to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”).
		
		  	If Counterparty fails to give such notice of exercise with a Conversion Date occurring on or after the Free Convertibility Date, Automatic Exercise shall apply to the then-current Number of Options, so long as Counterparty has
delivered a Notice of Final Settlement Method for such Options.
		
		  	Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of
any election of a settlement method with respect to the Convertible Notes.
		
	 Valuation Time:
	  	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable
discretion.
		
	 Market Disruption Event:
	  	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
		
		  	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to
open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular
trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the
Shares.”

  
 4 

 Settlement Terms. 

 

			
	 Settlement Method:
	  	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement
Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option.
		
	 Relevant Settlement Method:
	  	In respect of any Option:
		
		  	(i) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares pursuant to Section 14.02(a)(iv)(A) of the Indenture (together with cash in lieu of
fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section 14.02(a)(iv)(C) of the Indenture with a Specified Cash Amount less than USD 1,000 (such settlement
method, “Low Cash Combination Settlement”) or (C) in a combination of cash and Shares pursuant to Section 14.02(a)(iv)(C) of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the
Relevant Settlement Method for such Option shall be Net Share Settlement;
		
		  	(ii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and Shares pursuant to Section 14.02(a)(iv)(C) of the Indenture with a Specified Cash
Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
		
		  	(iii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.02(a)(iv)(B) of the Indenture (such settlement method,
“Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
		
	 Net Share Settlement:
	  	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share
Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid
Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option

  
 5 

			
		  	exceed a number of Shares equal to the Applicable Limit for such Option divided by the Applicable Limit Price on the Settlement Date for such Option.
		
		  	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
		
	 Combination Settlement:
	  	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:
		
		  	 (i) cash (the “Combination Settlement Cash Amount”) equal to the sum, for
each Valid Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and
(y) the Specified Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in clause (A) above
results in zero or a negative number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and

		
		  	 (ii)  Shares (the “Combination Settlement Share Amount”) equal to the
sum, for each Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid
Day minus the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by (B) the number of Valid Days in the Settlement Averaging Period;
provided that if the calculation in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be deemed to be
zero;

		
		  	provided that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option and (y) the Combination Settlement Share Amount for such Option multiplied by the Applicable Limit Price on
the Settlement Date for such Option, exceed the Applicable Limit for such Option.
		
		  	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging
Period.

  
 6 

			
	 Cash Settlement:
	  	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an
amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number
of Valid Days in the Settlement Averaging Period.
		
	 Daily Option Value:
	  	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) (A) the lesser of the Relevant Price on such Valid Day and the Cap Price, less (B) the Strike Price
on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than
zero.
		
	 Applicable Limit:
	  	For any Option, an amount of cash equal to the Applicable Percentage multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Convertible Note upon
conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the Holder of the related Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit Price on the Settlement Date
for such Option, over (ii) USD 1,000.
		
	 Applicable Limit Price:
	  	On any day, the opening price as displayed under the heading “Op” on Bloomberg page PXD <equity> (or any successor thereto).
		
	 Valid Day:
	  	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or
regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for
trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
		
	 Scheduled Valid Day:
	  	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for
trading, “Scheduled Valid Day” means a Business Day.
		
	 Business Day:
	  	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.

  
 7 

			
	 Relevant Price:
	  	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page PXD <equity> AQR (or its equivalent successor if such page is not available) in respect
of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as
determined by the Calculation Agent using a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
		
	 Settlement Averaging Period:
	  	For any Option and regardless of the Settlement Method applicable to such Option, the 25 consecutive Valid Days commencing on, and including, the 26th Scheduled Valid Day immediately prior to the Expiration Date.
		
	 Settlement Date:
	  	For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.
		
	 Settlement Currency:
	  	USD
		
	 Other Applicable Provisions:
	  	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share
Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
		
	 Representation and Agreement:
	  	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of
delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”)).

  

	3.	 Additional Terms applicable to the Transaction. 

Adjustments applicable to the Transaction: 
  

			
	 Potential Adjustment Events:
	  	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in
an

  
 8 

			
		  	adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price” , “Daily VWAP,” “Daily Conversion
Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction,
on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to
participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of the first paragraph of Section 14.04(c) of
the Indenture or the fifth sentence of Section 14.04(d) of the Indenture).
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of
the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction.
		
		  	Notwithstanding the foregoing and “Consequences of Merger Events / Tender Offers” below:
		
		  	 (i) if the Calculation Agent in good faith disagrees with any adjustment to the Convertible
Notes that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into
thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any
one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner; provided that, notwithstanding the
foregoing, if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment was made to any Convertible Note under the Indenture because the relevant Holder (as such term is defined in the Indenture) was deemed to be
a record owner of the underlying Shares on the related Conversion Date, then the Calculation

  
 9 

			
		  	      Agent shall make an adjustment, as determined by it, to the terms
hereof in order to account for such Potential Adjustment Event;

		
		  	 (ii)  in connection with any Potential Adjustment Event as a result of an event or
condition set forth in Section 14.04(b) of the Indenture or Section 14.04(c) of the Indenture where, in either case, the period for determining “Y” (as such term is used in Section 14.04(b) of the Indenture) or
“SP0” (as such term is used in Section 14.04(c) of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation Agent
shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer
in connection with its hedging activities as a result of such event or condition not having been publicly announced prior to the beginning of such period; and

		
		  	 (iii)  if any Potential Adjustment Event is declared and (a) the event or
condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as defined in the Indenture) is otherwise not adjusted at the time or in the manner
contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the “Conversion Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential Adjustment Event Change”) then, in each case, the Calculation Agent shall have the right to adjust any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to reflect the costs (including, but not limited to, hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities as a result of such
Potential Adjustment Event Change.

		
	 Dilution Adjustment Provisions:
	  	Sections 14.04(a), (b), (c), (d) and (e) and Section 14.05 of the Indenture.
	
	 Extraordinary Events applicable to the Transaction:

		
	 Merger Events:
	  	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the

  
 10 

			
		  	occurrence of any event or condition set forth in the definition of “Merger Event” in Section 14.07(a) of the Indenture.
		
	 Tender Offers:
	  	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(e) of the
Indenture.
		
	 Consequences of Merger Events/
	  	
	 Tender Offers:
	  	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment
under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction,
subject to the second paragraph under “Method of Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded Provision; provided
further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not
organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer will not be a corporation organized under the laws of the
United States, any State thereof or the District of Columbia, then, in either case, such Merger Event or Tender Offer shall constitute an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and
Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement;
provided further that, for the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event or Tender Offer gives rise to an Early Conversion.
		
	 Consequences of Announcement Events:
	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by
references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the word “shall” in the second line shall be replaced with
“may” and the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)”

  
 11 

			
		  	shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)”, and (z) for the avoidance of doubt, the Calculation Agent may determine whether the relevant
Announcement Event has had an economic effect on the Transaction (and, if so, may adjust the Cap Price accordingly) on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early
Termination Date and/or any other date of cancellation, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative
with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement. Section 12.3(d) of the Equity Definitions is hereby modified by (x) adding the words “whether within a
commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” after “Transaction)” in the sixth line thereof and (y) deleting the text beginning
“Cancellation...” on the 11th line thereof through the end of the paragraph and inserting “such event shall constitute an Additional Termination Event with respect to which the
Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount
payable pursuant to Section 6(e) of the Agreement.” An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.
		
	 Announcement Event:
	  	(i) The public announcement by the Issuer, any affiliate or agent of the Issuer or any Valid Third-Party Entity, in each case, that has a material effect on the Shares and/or options relating to the Shares of (x) any
transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 15% of the market capitalization
of Issuer as of the date of such announcement (an “Acquisition Transaction”) or (z) the intention to enter into a Merger Event or Tender Offer or an Acquisition Transaction, (ii) the public announcement by Issuer of an
intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or an Acquisition Transaction or (iii) any subsequent public announcement by the Issuer, any
affiliate or agent of the Issuer or any Valid Third-Party Entity, as the case may be, of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including,
without

  
 12 

			
		  	limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as
determined by the Calculation Agent. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or
intention. For purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the
definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B) “Tender Offer” shall mean such term as defined under
Section 12.1(d) of the Equity Definitions.
		
	 Valid Third-Party Entity:
	  	In respect of any transaction or event, any third party that is capable of entering into or consummating such transaction or event (it being understood and agreed that in determining whether such third party is capable or entering
into or consummating such transaction or event, if the Calculation Agent determines that the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares is material, then such third party shall be
deemed to be capable of entering into or consummating such transaction or event).
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment; provided that notwithstanding Section 12.6(c)(ii) of the Equity Definitions such event shall constitute an Additional Termination Event with respect to which the Transaction is the sole Affected
Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e)
of the Agreement; provided further that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not
immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The
Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of
the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.

  
 13 

			
	 Additional Disruption Events:
	  	
		
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public
announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position” and (iii) replacing the parenthetical beginning after
the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or
mandated by existing statute)”.
		
	 Failure to Deliver:
	  	Applicable
		
	 Hedging Disruption:
	  	Applicable; provided that:
		
		  	 (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by
(a) inserting the following words at the end of clause (A) thereof: “in the manner contemplated by the Hedging Party on the Trade Date” and (b) inserting the following two phrases at the end of such Section:

		
		  	 “For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be
limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and

		
		  	 (ii)  Section 12.9(b)(iii) of the Equity Definitions is hereby amended by
inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

		
	 Increased Cost of Hedging:
	  	Applicable
		
	 Hedging Party:
	  	For all applicable Additional Disruption Events, Dealer.
		
	 Determining Party:
	  	For all applicable Extraordinary Events, Dealer.
		
	 Non-Reliance:
	  	Applicable
		
	 Agreements and Acknowledgments
	  	
	 Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	 4.  Calculation Agent.
	  	Dealer. All calculations and determinations made hereunder by the Calculation Agent and Determining Party shall be made in good faith and in a commercially reasonable manner. If an Event of Default has occurred and is continuing
pursuant to Section 5(a)(vii) of the

  
 14 

			
		  	Agreement with respect to which Dealer is the Defaulting Party, Counterparty shall have the right to appoint a successor calculation agent to replace Dealer as Calculation Agent, which shall be a nationally recognized third-party
dealer in over-the-counter corporate equity derivatives. The Calculation Agent and Determining Party agree that they will promptly, upon written notice from
Counterparty, provide a statement displaying in reasonable detail the basis for such determination or calculation, as the case may be (it being understood that neither the Calculation Agent nor the Determining Party shall be required to disclose any
confidential information or proprietary models used by it in connection with such determination or calculation, as the case may be) and use reasonable efforts to make available appropriate employees or agents of the Dealer to explain the information
provided pursuant to the foregoing.

  

	5.	 Account Details. 

 

	 	(a)	 Account for payments to Counterparty: 

Bank:                Bank of America, N.A. 

ABA#:      

Acct No.:      

Beneficiary:      Pioneer Natural Resources Co 

Account for delivery of Shares to Counterparty: 

To be provided by Counterparty. 
  

	 	(b)	 Account for payments to Dealer: 

The Bank of New York, NY 
 SWIFT:

 ABA Code: 
 Account Name:
Credit Suisse Capital LLC 
 Account No.: 

Account for delivery of Shares from Dealer: 

To be provided by Dealer. 
  

	6.	 Offices. 

 

	 	(a)	 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.

 The Office of Dealer for the Transaction is: New York, NY 

 

	7.	 Notices. 

 

	 	(a)	 Address for notices or communications to Counterparty: 

Pioneer Natural Resources Company 

777 Hidden Ridge 

  
 15 

 Irving, Texas 75038 

Attention:      

Telephone No.: 
 Facsimile No.:

 with a copy to: 
 Pioneer
Natural Resources Company 
 777 Hidden Ridge 

Irving, Texas 75038 
 Attention:
                 
 Telephone No.:

Facsimile No.:     
  

	 	(b)	 Address for notices or communications to Dealer: 

Any and all notices, demands or communications of any kind relating to the Transaction between Dealer and Counterparty shall be transmitted
exclusively through the Agent at the following address: 
 Credit Suisse Securities (USA) LLC 

11 Madison Avenue, 11th Floor 

New York, New York 10010 
 For
payments and deliveries: 
 Facsimile No.: 

Telephone No.: 
 For all other
communications: 
 Telephone: 

Facsimile: 
  

	8.	 Representations and Warranties of Counterparty. 

Each of the representations and warranties of Counterparty set forth in Section 1 of the Purchase Agreement (the “Purchase
Agreement”) dated as of May 11, 2020, between Counterparty and Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC, as representatives of the Initial Purchasers party thereto (the “Initial
Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that: 

 

	 	(a)	 Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations in
respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and
constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity) and except that rights to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto. 

  
 16 

	 	(b)	 Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of
Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent documents) of Counterparty, or any applicable law or regulation, or any order,
writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which
Counterparty or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument. 

 

	 	(c)	 No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court
is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act or state securities laws.

  

	 	(d)	 Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required to
register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  

	 	(e)	 Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18) of
the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the Commodity Exchange Act). 

 

	 	(f)	 Each of it and its affiliates is not, on the date hereof, in possession of any material non-public information with respect to Counterparty or the Shares. 

  

	 	(g)	 No state or local (including any non-U.S. jurisdiction’s) law,
rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of
Dealer or its affiliates owning or holding (however defined) Shares. 

  

	 	(h)	 Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least USD 50 million. 

  

	 	(i)	 On and immediately after the Trade Date and the Premium Payment Date, (A) the value of the total assets of
Counterparty is greater than the sum of the total liabilities (including contingent liabilities) and the capital (as such terms are defined in Section 154 and Section 244 of the General Corporation Law of the State of Delaware) of
Counterparty, (B) the capital of Counterparty is adequate to conduct the business of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital, (C) Counterparty has the ability to pay its debts and
obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature, (D) Counterparty will be able to continue as a going concern; (E) Counterparty is not
“insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and (F) Counterparty would be able to purchase the number of
Shares with respect to the Transaction in compliance with the laws of the jurisdiction of Counterparty’s incorporation (including the adequate surplus and capital requirements of Sections 154 and 160 of the General Corporation Law of the State
of Delaware). 

  

	 	(j)	 Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities. Counterparty
further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “Cares Act”), the Counterparty will be required to agree to certain time-bound restrictions on its ability to
purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the Cares Act) under section 4003(b) of 

  
 17 

	 	
the Cares Act. Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase its equity securities if it receives loans,
loan guarantees or direct loans (as that term is defined in the Cares Act) under programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system. Accordingly,
Counterparty represents and warrants that it has not applied, and throughout the term of the Transaction shall not apply, for a loan, loan guarantee, direct loan (as that term is defined in the Cares Act) or other investment, or to receive any
financial assistance or relief (howsoever defined) under any program or facility that (a) is established under applicable law, including the Cares Act and the Federal Reserve Act, as amended, and (b) requires, as a condition of such loan,
loan guarantee, direct loan (as that term is defined in the Cares Act), investment, financial assistance or relief, that the Counterparty agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or
will not repurchase, any equity security of Counterparty. Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility,
including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including
without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such
program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the
Transaction in all relevant respects). 

  

	9.	 Other Provisions. 

 

	 	(a)	 Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Premium
Payment Date, with respect to the matters set forth in Sections 8(a) through (c) of this Confirmation. Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to
each obligation of Dealer under Section 2(a)(i) of the Agreement. 

  

	 	(b)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than
145.2 million (in the case of the first such notice) or (ii) thereafter more than 15.6 million less than the number of Shares included in the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless
Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to
Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from commercially reasonable hedging activities
or cessation of commercially reasonable hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several,
which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written
request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit,
action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in
accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably

  
 18 

	 	
satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel related
to such proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such
settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in
this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

  

	 	(c)	 Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as such term is
used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Trade Date, engage in any such distribution. 

 

	 	(d)	 No Manipulation. Counterparty is not entering into the Transaction to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in
violation of the Exchange Act. 

  

	 	(e)	 Transfer or Assignment. 

 

	 	(i)	 Counterparty shall have the right to transfer or assign its rights and obligations hereunder with respect to
all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not
limited, to the following conditions: 

  

	 	(A)	 With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9.(b) or any obligations under Section 9.(n) or 9.(s) of this Confirmation; 

  

	 	(B)	 Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as
defined in the Internal Revenue Code of 1986, as amended (the “Code”)); 

  

	 	(C)	 Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third
party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as are requested and reasonably satisfactory to Dealer; 

  
 19 

	 	(D)	 Dealer will not, as a result of such transfer and assignment, be required to pay the transferee on any payment
date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment; 

 

	 	(E)	 An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such
transfer and assignment; 

  

	 	(F)	 Without limiting the generality of clause (B), Counterparty shall cause the transferee to make such Payee Tax
Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

  

	 	(G)	 Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees,
incurred by Dealer in connection with such transfer or assignment. 

  

	 	(ii)	 Dealer may transfer or assign all or any part of its rights or obligations under the Transaction
(A) without Counterparty’s consent, to any affiliate of Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of such transfer or assignment, or (2) whose
obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by Dealer or Guarantor, as applicable, or (B) with Counterparty’s consent (such consent
not to be unreasonably withheld or delayed), to any other third party with a long-term issuer rating equal to or better than A- by Standard and Poor’s Rating Group, Inc. or its successor
(“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate such debt, at least an equivalent rating or better by a substitute rating
agency mutually agreed by Counterparty and Dealer; provided that, in the case of any transfer or assignment described above, each Dealer and the transferee or assignee in any such transfer or assignment is a “dealer in securities”
within the meaning of Section 475(c)(1) of the Code or the transfer or assignment does not otherwise result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code. In addition, (A) the transferee or
assignee shall agree that following such transfer or assignment, Counterparty will not (x) receive from the transferee or assignee on any payment date or delivery date (after accounting for amounts paid by the transferee or assignee under
Section 2(d)(i)(4) of the Agreement as well as any withholding or deduction of Tax from the payment or delivery) an amount or a number of Shares, as applicable, lower than the amount or the number of Shares, as applicable, that Dealer would
have been required to pay or deliver to Counterparty in the absence of such transfer or assignment or (y) be required to pay such assignee or transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than
an amount that Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment and (B) the transferee or assignee shall make such Payee Tax Representations and shall provide such tax documentation as may be
reasonably requested by Counterparty to permit Counterparty to make any necessary determinations pursuant to clause (A) of this sentence. If at any time at which (A) the Section 16 Percentage exceeds 8.5%, (B) the Option Equity
Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using its
commercially reasonable efforts to effect a transfer or assignment of Options to a third party on pricing terms reasonably acceptable to Dealer and within a 

  
 20 

	 	
time period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a
portion of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of
the Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to
the number of Options underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of
doubt, the provisions of Section 9.(l) shall apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected Party). The “Section 16 Percentage”
as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial
ownership” test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns (within the meaning of
Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number,
such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is
the sum of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the
number of Shares outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer
Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially
owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or could
result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding. 

 

	 	(iii)	 Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to
purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or
to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent
of any such performance. 

  

	 	(f)	 Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory
requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or
all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any 

  
 21 

	 	
Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as follows:

  

	 	(i)	 in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the first of which
will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business Day following such Nominal Settlement Date) and the number of Shares that it
will deliver on each Staggered Settlement Date; 

  

	 	(ii)	 the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and 

  

	 	(iii)	 if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply on the
Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be
allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above. 

  

	 	(g)	 Role of Agent. As a broker-dealer registered with the U.S. Securities and Exchange
Commission (“SEC”), Credit Suisse Securities (USA) LLC in its capacity as Agent will be responsible for (i) effecting the Transaction, (ii) issuing all required confirmations and statements to Dealer and Counterparty,
(iii) maintaining books and records relating to the Transaction as required by Rules 17a-3 and 17a-4 under the Exchange Act and (iv) unless otherwise requested
by Counterparty, receiving, delivering, and safeguarding Counterparty’s funds and any securities in connection with the Transaction, in compliance with Rule 15c3-3 under the Exchange Act. Credit Suisse
Securities (USA) LLC is acting in connection with the Transaction solely in its capacity as Agent for Dealer and Counterparty pursuant to instructions from Dealer and Counterparty. Credit Suisse Securities (USA) LLC shall have no responsibility or
personal liability to Dealer or Counterparty arising from any failure by Dealer or Counterparty to pay or perform any obligations hereunder, or to monitor or enforce compliance by Dealer or Counterparty with any obligation hereunder, including
without limitation, any obligations to maintain collateral. Each of Dealer and Counterparty agrees to proceed solely against the other to collect or recover any securities or monies owing to it in connection with or as a result of the Transaction.
Credit Suisse Securities (USA) LLC shall otherwise have no liability in respect of the Transaction, except for its gross negligence or willful misconduct in performing its duties as Agent. 

Any and all notices, demands, or communications of any kind relating to the Transaction shall be transmitted exclusively through Agent at the
following address: 
 Credit Suisse Securities (USA) LLC 

Eleven Madison Avenue 
 New
York, NY 10010 
 Attention:                 

Telephone:                 

Facsimile:                 

Email:                  

With a copy to: 
 Credit Suisse
Securities (USA) LLC 
 11 Madison Avenue, 11th Floor 

New York, New York 10010 

  
 22 

 Attn: 

Telephone: 
 Facsimile: 

Email: 
 For payments and
deliveries: 
 Facsimile No.: 

Telephone No.: 
 For all other
communications: 
 Telephone: 

Facsimile: 
 The date and time of
the Transaction evidenced hereby will be furnished by the Agent to Dealer and Counterparty upon written request. 
 The Agent will furnish to
Counterparty upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection with the Transaction evidenced hereby. 

Dealer is not a member of the SIPC (Securities Investor Protection Corporation). 

Dealer represents that it is an “OTC derivatives dealer” as such term is defined in the Exchange Act and is an affiliate of a
broker-dealer that is registered with and fully-regulated by the SEC, Credit Suisse Securities (USA) LLC. 
  

	 	(h)	 Dividends. If at any time during the period from and including the Trade Date, to, but excluding,
the Expiration Date, (i) an ex-dividend date for a regular quarterly cash dividend occurs with respect to the Shares (an “Ex-Dividend Date”), and
that dividend is less than or greater than the Regular Dividend on a per Share basis or (ii) if no Ex- Dividend Date for a regular quarterly cash dividend occurs with respect to the Shares in any
quarterly dividend period of Counterparty, then the Calculation Agent will adjust the Cap Price as it determines appropriate to account for the economic effect on the Transaction of such dividend or lack thereof. “Regular Dividend” shall
mean USD0.55 per Share per quarter. Upon any adjustment to the Initial Dividend Threshold (as defined in the Indenture) for the Convertible Notes pursuant to the Indenture, the Calculation Agent will make a corresponding adjustment to the Regular
Dividend for the Transaction. 

  

	 	(i)	 Additional Termination Events. 

 

	 	(i)	 Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which a
Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder: 

  

	 	(A)	 Counterparty shall, within one Scheduled Trading Day of the Conversion Date for such Early Conversion, provide
written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible Notes, the “Affected Convertible Notes”), and
the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this clause (i); 

  

	 	(B)	 upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day as an Early
Termination Date (which Exchange Business Day shall be no earlier than one Scheduled Trading Day following the Conversion Date for such Early Conversion) with respect to the portion of the Transaction corresponding to a number of Options (the
“Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Notes and (y) the Number of Options as of the Conversion Date for such Early Conversion; 

  
 23 

	 	(C)	 any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the
Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole
Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction; provided that the amount payable with respect to such termination shall not be greater
than (1) the Applicable Percentage, multiplied by (2) the Affected Number of Options, multiplied by (3) (x) the sum of (i) the amount of cash paid (if any) to the Holder (as such term is defined in the Indenture) of an
Affected Convertible Note upon conversion of such Affected Convertible Note and (ii) the number of Shares delivered (if any) to the Holder (as such term is defined in the Indenture) of an Affected Convertible Note upon conversion of such
Affected Convertible Note, multiplied by the fair market value of one Share as determined by the Calculation Agent, minus (y) USD 1,000; 

  

	 	(D)	 for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant
to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had
not occurred, (y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the corresponding Convertible Notes remain outstanding; and 

 

	 	(E)	 the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such Early
Conversion, the Number of Options shall be reduced by the Affected Number of Options. 

  

	 	(ii)	 Notwithstanding anything to the contrary in this Confirmation if an event of default with respect to
Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture and the Convertible Notes are accelerated as a result of such event of default in accordance with the terms of the Indenture, then such
acceleration shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall
be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. 

 

	 	(iii)	 Notwithstanding anything to the contrary in this Confirmation, the occurrence of an Amendment Event shall
constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected
Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. “Amendment Event” means that Counterparty amends, modifies, supplements, waives or
obtains a waiver in respect of any term of the Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, redemption right of Counterparty, any term relating to conversion of the
Convertible Notes (including changes to the conversion rate, conversion rate adjustment provisions, conversion settlement dates or conversion conditions), or any term that would require consent of the holders of not less than 100% of the principal
amount of the Convertible Notes to amend 

  
 24 

	 	
(other than, in each case, any amendment or supplement (x) pursuant to Section 10.01(h) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the
description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section 14.07 of the Indenture), in each case, without the consent of Dealer. 

 

	 	(j)	 Amendments to Equity Definitions. 

 

	 	(i)	 Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “a diluting or
concentrative” and replacing them with the words “a material” and adding the phrase “or the Options” at the end of the sentence. 

  

	 	(ii)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(1)”
immediately following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon at the end of subsection (B) thereof the following words: “or (2) the occurrence of any of the
events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer”. 

  

	 	(iii)	 Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party
may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section. 

 

	 	(iv)	 Section 12.9(b)(vi) of the Equity Definitions is hereby amended by (1) adding the word “or”
immediately before subsection “(B)”, (2) deleting the comma at the end of subsection (A), (3) deleting subsection (C) in its entirety, (4) deleting the word “or” immediately preceding subsection (C) and (5)
replacing the words “either party” in the last sentence of such Section with “Dealer”. 

  

	 	(k)	 Setoff. In addition to and without limiting any rights of
set-off that a party hereto may have as a matter of law, pursuant to contract or otherwise, upon the occurrence of an Early Termination Date, Dealer (and only Dealer) shall have the right to set off any
obligation that it may have to Counterparty under this Confirmation, including without limitation any obligation to make any payment of cash or delivery of Shares to Counterparty, against any obligation Counterparty may have to Dealer under any
other agreement between Dealer and Counterparty relating to Shares (each such contract or agreement, a “Separate Agreement”), including without limitation any obligation to make a payment of cash or a delivery of Shares or any other
property or securities. For this purpose, Dealer shall be entitled to convert any obligation (or the relevant portion of such obligation) denominated in one currency into another currency at the rate of exchange at which it would be able to purchase
the relevant amount of such currency, and to convert any obligation to deliver any non-cash property into an obligation to deliver cash in an amount calculated by reference to the market value of such property
as of the Early Termination Date, as determined by the Calculation Agent; provided that in the case of a set-off of any obligation to release or deliver assets against any right to receive fungible
assets, such obligation and right shall be set off in kind and; provided further that in determining the value of any obligation to deliver Shares, the value at any time of such obligation shall be determined by reference to the market value
of the Shares at such time, as determined in good faith by the Calculation Agent. If an obligation is unascertained at the time of any such set-off, the Calculation Agent may in good faith estimate the amount
or value of such obligation, in which case set-off will be effected in respect of that estimate, and the relevant party shall account to the other party at the time such obligation or right is ascertained. For
the avoidance of doubt and notwithstanding anything to the contrary provided in this Section 9.(k), in the event of bankruptcy or liquidation of either Counterparty or Dealer neither party shall have the right to set off any obligation that it
may have to the other party under the Transaction against any obligation such other party may have to it, whether arising under the Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise.

  

	 	(l)	 Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If
(a) an Early Termination Date (whether as a result of an Event of Default or a 

  
 25 

	 	
Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result
of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists solely of cash, (ii) an Announcement Event, Merger Event or Tender Offer that is within Counterparty’s control,
or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in Section 5(a), (v), (vii) or
(viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to
Counterparty pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation
by the Share Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the date of
the Announcement Event, Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination
Alternative shall not apply, (b) Counterparty remakes the representation set forth in Section 8.(f) as of the date of such election and (c) Dealer agrees, in its commercially reasonable discretion, to such election, in which case the
provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case may be, shall apply. 

 

			
		
	 Share Termination Alternative:
	  	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant
to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
		
	 Share Termination Delivery Property:
	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery
Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	 Share Termination Unit Price:
	  	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of
notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share
Termination Delivery Property.

  
 26 

			
	 Share Termination Delivery Unit:
	  	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the
“Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of
any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
		
	 Failure to Deliver:
	  	Applicable
		
	 Other applicable provisions:
	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in
Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as
references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction.

  

	 	(m)	 Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other
things, the mutual waivers and certifications provided herein. 

  

	 	(n)	 Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment of
Dealer, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of effecting a commercially reasonable hedge of its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration
under the Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act and
enter into an agreement, in form and substance satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered secondary offering of a similar size in respect of a similar issuer; provided, however, that if
Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause
(ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of equity securities of a similar size in respect of a similar issuer, in form and substance satisfactory to Dealer (in which case, the Calculation Agent shall make any
adjustments to the terms of the Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement; provided

  
 27 

	 	
that no “comfort letter” or accountants’ consent shall be required to be delivered in connection with any such private placements), or (iii) purchase the Hedge Shares from
Dealer at the then-current market price on such Exchange Business Days, and in the amounts and at such time(s), requested by Dealer. 

  

	 	(o)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

  

	 	(p)	 Right to Extend. Dealer may postpone or add, in whole or in part, any Valid Day or Valid Days
during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in its commercially reasonable (in the case of clause
(x) below) or reasonable (in the case of clause (y) below) discretion, that such action is reasonably necessary or appropriate (x) to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light
of existing liquidity conditions or (y) to enable Dealer to effect purchases of Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or
an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer. 

 

	 	(q)	 Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is
not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that
nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction; provided, further that nothing
herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction. 

  

	 	(r)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and
560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a
“contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a
“transfer” as defined in the Bankruptcy Code. 

  

	 	(s)	 Notice of Certain Other Events. Counterparty covenants and agrees that: 

 

	 	(i)	 promptly following the public announcement of the results of any election by the holders of Shares with respect
to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the weighted average of the types and amounts of consideration received by holders of Shares upon consummation of such Merger Event (the
date of such notification, the “Consideration Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such Merger Event is consummated; and

  

	 	(ii)	 (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange
Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event
or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment. 

  
 28 

	 	(t)	 Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall
Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit
or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an
Excess Ownership Position, or Illegality (as defined in the Agreement)). 

  

	 	(u)	 Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and
agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to
adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its
own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant
Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner that may be adverse to Counterparty.

  

	 	(v)	 Early Unwind. In the event the sale of the “Underwritten Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer opinions of counsel as required pursuant to Section 9.(a), in each case by 5:00 p.m. (New York City time) on
the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early
Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be
released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either
prior to or after the Early Unwind Date. Each of Dealer and Counterparty represents and acknowledges to the other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged.

  

	 	(w)	 Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early
Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under
Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 

  

	 	(x)	 Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary in
this Confirmation, solely for the purpose of adjusting the Cap Price, the terms “Potential Adjustment Event,” “Merger Event,” and “Tender Offer” shall each have the meanings assigned to such term in the Equity
Definitions (as amended by Section 9(j)(i)), and upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, respectively, as such terms are defined
in the Equity Definitions, the Calculation Agent may, in its sole discretion, adjust the Cap Price to preserve the 

  
 29 

	 	
fair value of the Options to Dealer; provided that in no event shall the Cap Price be less than the Strike Price; provided further that any adjustment to the Cap Price made pursuant
to this Section 9(x) shall be made without duplication of any other adjustment hereunder (including, for the avoidance of doubt, adjustments made pursuant to the provisions opposite the captions “Method of Adjustment,”
“Consequences of Merger Events / Tender Offers” and “Consequence of Announcement Events” in Section 3 above or adjustments made pursuant to Section 9(h)). 

 

	 	(y)	 Adjustments. For the avoidance of doubt, whenever the Calculation Agent or the Determining Party
is called upon to make an adjustment or determine an amount pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event (other than an adjustment or determination made by reference to the
Indenture), the Calculation Agent or the Determining Party, as the case may be, shall make such adjustment or determine such amount, as the case may be, by reference to the effect of such event on the Hedging Party, assuming that the Hedging Party
maintains a commercially reasonable hedge position. 

  

	 	(z)	 [Reserved]. 

 

	 	(aa)	 [Reserved] 

 

	 	(bb)	 U.S. QFC Stay Rules. To the extent that the QFC Stay Rules are applicable hereto, then the
parties agree that (i) to the extent that prior to the date hereof both parties have adhered to the ISDA 2018 U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of
this Confirmation, and for such purposes this Confirmation shall be deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as “Regulated Entity” and/or “Adhering Party” as applicable to it
under the Protocol; (ii) to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay
Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of this Confirmation and each party shall be deemed to have the status of “Covered Entity” or “Counterparty
Entity” (or other similar term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related defined terms (together, the
“Bilateral Terms”) of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018
(currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform
with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Confirmation, and for such purposes this Confirmation shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered
Entity” and Counterparty shall be deemed a “Counterparty Entity.” In the event that, after the date of this Confirmation, both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of
this paragraph. In the event of any inconsistencies between this Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern.
Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “this Confirmation” include any related credit enhancements entered into
between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Dealer replaced by references
to the covered affiliate support provider. 

 “QFC Stay Rules” means the regulations
codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and
Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

  
 30 

	 	(cc)	 Tax Matters. 

 

	 	(i)	 Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, the
parties make the following representations: 

 (A)    Counterparty represents that it is (1) a
“U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of the U.S. Treasury Regulations) for U.S. federal income tax purposes and (2) an exempt recipient under Section 1.6049-4(c) of the U.S. Treasury Regulations. 
 (B)    (1) Dealer
represents that it is entering into the Transaction in the ordinary course of its trade as, and is a “dealer in securities” (as defined in Section 475(c)(1) (or any applicable successor provision) of the Code) within the meaning of Section 1.1001-4 of the U.S. Treasury Regulations. 
 (2) Dealer represents that it is a limited
liability company created or organized in the United States. 
 (3) Dealer represents that it is taxable as a corporation for U.S. federal
income tax purposes and is therefore a “United States person” for U.S. federal income tax purposes as that term is defined in Section 7701(a)(30) (or any applicable successor provision) of the Code. 

(4) Dealer represents that it is an exempt recipient under Section 1.6049-4(c)(1)(ii) of the U.S.
Treasury Regulations. 
 (5) Dealer’s United States taxpayer identification number is
13-4097003. 
  

	 	(ii)	 Tax Forms. For the purpose of Section 4(a)(i) of the Agreement:

  

	 	(A)	 Counterparty shall provide Dealer with a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation, (ii) promptly upon reasonable demand by Dealer and (iii) promptly upon learning that any such tax form
previously provided by Counterparty has become obsolete or incorrect. 

  

	 	(B)	 Dealer shall provide Counterparty with a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation, (ii) promptly upon reasonable demand by Counterparty and (iii) promptly upon learning that any such tax form
previously provided by Dealer has become obsolete or incorrect. 

  

	 	(iii)	 Foreign Account Tax Compliance Act. “Indemnifiable Tax”, as defined in
Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.

  
 31 

	 	(iv)	 Section 871(m) Protocol. The parties agree that the definitions
and provisions contained in the 2015 Section 871(m) Protocol, as published by ISDA, are incorporated into and shall apply to this Confirmation and the Agreement as if set forth in full herein. 

  
 32 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Confirmation and returning it to Dealer. 
 Very truly yours, 

 

			
	Credit Suisse Capital LLC
		
	By:	 	 /s/ Bik Kwan Chung

	Authorized Signatory
	Name: Bik Kwan Chung
		
	By:	 	 /s/ Erica Hryniuk

	Authorized Signatory
	Name: Erica Hryniuk
	
	 Credit Suisse Securities (USA) LLC,

As Agent for
 Credit Suisse Capital
LLC

		
	By:	 	 /s/ Bik Kwan Chung

	Authorized Signatory
	Name: Bik Kwan Chung                

 Accepted and confirmed 
 as
of the Trade Date: 
  

			
	Pioneer Natural Resources Company
		
	By:	 	 /s/ Richard P. Dealy

	Authorized Signatory
	Name: Richard P. Dealy

  
 33

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